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K4JDen

K4JDen

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2022-06-25

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Is Nvidia Stock a Buy Now?

2022-06-15

$Exela Technologies, Inc.(XELA)$rip

2021-09-09

like

Sorry, the original content has been removed

2021-09-01

please like

Wall Street's subdued finish fails to detract from strong August

2021-08-26

like

Apple Inc.: Jobs' Era Vs. Cook's Era

2021-08-26

the market is bearish

Sorry, the original content has been removed

2021-08-22

nice

Pfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine

2021-08-06

up

@K4JDen:$Dare Bioscience(DARE)$up up

2021-08-06

$Dare Bioscience(DARE)$up up

2021-08-06

hopefully can travel again soon

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2021-08-06

hopefully can travel again very soon

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2021-08-04

$Exela Technologies, Inc.(XELA)$go go go

2021-08-03

$Cinedigm(CIDM)$up up

2021-07-31

$Cinedigm(CIDM)$up up

2021-07-31

up up

2021-07-28

like and comment

Sorry, the original content has been removed

2021-07-28

$GBS Inc.(GBS)$up

2021-07-27

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7 Stocks To Watch For July 27, 2021

2021-07-26

$Exela Technologies, Inc.(XELA)$soon

2021-07-25

$Cinedigm(CIDM)$will it go uptrend this week

Go to Tiger App to see more news

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Nvidia Stock a Buy Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Nvidia Stock a Buy Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-24 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/06/22/is-nvidia-stock-a-buy-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSA recession might hurt the semiconductor industry.But Nvidia is a market leader with significant long-term growth opportunities.Buying the stock during a time of weakness could position long...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/22/is-nvidia-stock-a-buy-now/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.fool.com/investing/2022/06/22/is-nvidia-stock-a-buy-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122272925","content_text":"KEY POINTSA recession might hurt the semiconductor industry.But Nvidia is a market leader with significant long-term growth opportunities.Buying the stock during a time of weakness could position long-term investors for solid gains.Semiconductor company Nvidia has had a rough year, falling more than 50% from its high as volatility continues to shake Wall Street.Worries over a potential recession could further pressure shares; semiconductors have traditionally been an industry of booms and busts.It might feel wrong, but here's why leaning into the uncertainty rather than avoiding it could prove lucrative for Nvidia investors in the long run.Short-term industry challenges?Nvidia is the market leader in discrete graphics processing units (GPUs), which are used heavily in specific applications like gaming, cryptocurrency mining, artificial intelligence (AI), and others where high computing power is needed.There's increasing talk about a potential recession, which could mean less consumer spending and less demand for semiconductors. There's already an ongoing bear market in cryptocurrency, which could discourage people from investing in the GPUs and other resources needed for mining.Nvidia guided for solid fiscal 2023 second-quarter performance, calling for $8.1 billion in revenue, a 24% year-over-year increase. The fiscal 2023 first quarter ended May 1, so the second quarter will cover May through July; investors will want to pay close attention to management's guidance for the next quarter. It could provide a good look at how management expects the business to perform in the fall if the economy does slow down in the coming months.Long-term opportunities remain intactIt's possible that a recession does come, and Nvidia's growth will slow. But this is where having a long-term time horizon can be an investor's superpower. You don't need to worry about the short-term ups and downs of the industry; you can focus on the big picture.The long-term need for semiconductors figures to rise dramatically over time. Research firm McKinsey estimates that the global market for semiconductors could grow from $600 billion to $1 trillion by 2030.AI could play a big part in this demand. Emerging technologies like autonomous vehicles, digital-world creation, and edge computing require computing power on site and in data centers to support the immense loads of information generated.Nvidia's data center business ended fiscal 2022 on a $13 billion revenue pace, up from just $5 billion two years prior. The company was the world's market leader in discrete GPUs (meaning dedicated GPUs instead of ones being built into the computer processor) at 83% in 2021.Nvidia could capture much of this industry growth and has built an extensive ecosystem to protect its market share. It's developed a full stack for AI, providing the GPU hardware, software, and developer tools for a turnkey system to create AI technologies on top of Nvidia's products.What does all of this mean? The semiconductor market might hit the occasional bump, but Nvidia is still poised to grow over the years ahead. Semiconductors are the building blocks of technology, and the world will only need more as time goes on.Buying into the painUnderstandably, people typically hate buying when stocks go down; it can feel painful and only worsen if the stock keeps falling after you buy. Nobody knows what a stock will do tomorrow.But isn't a falling share price good if you're optimistic about the company's long-term direction? It's like getting something on sale; you should embrace the market's discount.Below, you can see Nvidia's price-to-earnings ratio (P/E), which shows you how much you're paying for a piece of Nvidia's profits. People were happy to pay more than $300 for the stock, despite getting a poor value on their investment. The stock traded at a P/E of about 105 at its peak! The S&P 500 historically trades at a P/E of about 15, so Nvidia is very expensive compared to the broader market.NVDA DATA BY YCHARTS.But now, the stock's valuation has fallen dramatically to a P/E of 42, its lowest since late 2019. Analysts expect Nvidia to grow earnings per share (EPS) by an average of 16% annually over the next three to five years, a slowdown from the 43% rate it averaged over the previous five years.It's hard to call Nvidia a bargain with that in mind, but as the market leader in discrete GPUs, growth could accelerate during the next market cycle for semiconductors. Buying cyclical companies during moments of weakness can be a great way to position your portfolio for long-term rewards.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9055411652,"gmtCreate":1655301848176,"gmtModify":1676535607825,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>rip","listText":"<a href=\"https://ttm.financial/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>rip","text":"$Exela Technologies, Inc.(XELA)$rip","images":[{"img":"https://community-static.tradeup.com/news/f0d905b95fff319444a74ad1825c9bd5","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9055411652","isVote":1,"tweetType":1,"viewCount":2090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":883310481,"gmtCreate":1631201133843,"gmtModify":1676530496068,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/883310481","repostId":"2166854349","repostType":4,"isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816031611,"gmtCreate":1630454355333,"gmtModify":1676530305998,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816031611","repostId":"2164869989","repostType":4,"repost":{"id":"2164869989","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1630442091,"share":"https://ttm.financial/m/news/2164869989?lang=en_US&edition=fundamental","pubTime":"2021-09-01 04:34","market":"us","language":"en","title":"Wall Street's subdued finish fails to detract from strong August","url":"https://stock-news.laohu8.com/highlight/detail?id=2164869989","media":"Reuters","summary":"Zoom tumbles on faster-than-expected drop in demand\nApple off lifetime high, as tech broadly weighs\n","content":"<ul>\n <li><a href=\"https://laohu8.com/S/ZM\">Zoom</a> tumbles on faster-than-expected drop in demand</li>\n <li>Apple off lifetime high, as tech broadly weighs</li>\n <li>Indexes down: Dow 0.11%, S&amp;P 0.13%, Nasdaq 0.04%</li>\n <li>All main indexes post solid monthly performances</li>\n</ul>\n<p>Aug 31 (Reuters) - Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.</p>\n<p>Having all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&amp;P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day.</p>\n<p>For the S&amp;P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July.</p>\n<p>The performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus program.</p>\n<p>\"After all the monetary and fiscal interventions, the question is where do we go from here? Does the S&amp;P go to 5,000, and how does it get there?\" said Eric Metz, chief executive officer of SpringRock Advisors.</p>\n<p>While a strong recovery in economic growth and corporate earnings have boosted U.S. stocks, investors are concerned about rising coronavirus cases and the path of Fed policy.</p>\n<p>U.S. consumer confidence fell to a six-month low in August, according to survey data from the Conference Board on Tuesday, offering a cautious note for the economic outlook.</p>\n<p>A Reuters poll last week showed strategists believe the S&amp;P 500 is likely to end 2021 not far from its current level.</p>\n<p>\"Where's leadership going to come from, for equities to power higher? Is it earnings growth, is it growth versus value, technology or energy? This needs to be defined, but I think the next leg-up for equities will be sector driven,\" Metz added.</p>\n<p>Technology stocks have continued to garner interest from investors in recent days, given the benefits which lower rates have on their future earnings, although the sector's index</p>\n<p>was among the worst performers on Tuesday.</p>\n<p>Shares of Apple fell 0.8% after hitting a lifetime high in the previous session, while Zoom Video Communications Inc tumbled 16.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom.</p>\n<p>Seven of the 11 major S&amp;P sectors retreated. Among those that did not were the real estate and the communications services indexes, which closed at record highs.</p>\n<p>On Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&amp;P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite&nbsp;dropped 6.66 points, or 0.04%, to 15,259.24.</p>\n<p>Kansas City Southern dropped 4.4% in afternoon trading after the U.S. rail regulator rejected a voting trust structure that would have allowed Canadian National Railway Co&nbsp;to proceed with its $29 billion proposed acquisition of its U.S. peer.</p>\n<p>Volume on U.S. exchanges was 9.84 billion shares, compared with the 8.98 billion average for the full session over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 119 new highs and 23 new lows.</p>\n<p>(Reporting by Shashank Nayar in Bengaluru and David French in New York; Editing by Aditya Soni and Lisa Shumaker)</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>Wall Street's subdued finish fails to detract from strong August</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street's subdued finish fails to detract from strong August\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-01 04:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li><a href=\"https://laohu8.com/S/ZM\">Zoom</a> tumbles on faster-than-expected drop in demand</li>\n <li>Apple off lifetime high, as tech broadly weighs</li>\n <li>Indexes down: Dow 0.11%, S&amp;P 0.13%, Nasdaq 0.04%</li>\n <li>All main indexes post solid monthly performances</li>\n</ul>\n<p>Aug 31 (Reuters) - Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.</p>\n<p>Having all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&amp;P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day.</p>\n<p>For the S&amp;P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July.</p>\n<p>The performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus program.</p>\n<p>\"After all the monetary and fiscal interventions, the question is where do we go from here? Does the S&amp;P go to 5,000, and how does it get there?\" said Eric Metz, chief executive officer of SpringRock Advisors.</p>\n<p>While a strong recovery in economic growth and corporate earnings have boosted U.S. stocks, investors are concerned about rising coronavirus cases and the path of Fed policy.</p>\n<p>U.S. consumer confidence fell to a six-month low in August, according to survey data from the Conference Board on Tuesday, offering a cautious note for the economic outlook.</p>\n<p>A Reuters poll last week showed strategists believe the S&amp;P 500 is likely to end 2021 not far from its current level.</p>\n<p>\"Where's leadership going to come from, for equities to power higher? Is it earnings growth, is it growth versus value, technology or energy? This needs to be defined, but I think the next leg-up for equities will be sector driven,\" Metz added.</p>\n<p>Technology stocks have continued to garner interest from investors in recent days, given the benefits which lower rates have on their future earnings, although the sector's index</p>\n<p>was among the worst performers on Tuesday.</p>\n<p>Shares of Apple fell 0.8% after hitting a lifetime high in the previous session, while Zoom Video Communications Inc tumbled 16.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom.</p>\n<p>Seven of the 11 major S&amp;P sectors retreated. Among those that did not were the real estate and the communications services indexes, which closed at record highs.</p>\n<p>On Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&amp;P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite&nbsp;dropped 6.66 points, or 0.04%, to 15,259.24.</p>\n<p>Kansas City Southern dropped 4.4% in afternoon trading after the U.S. rail regulator rejected a voting trust structure that would have allowed Canadian National Railway Co&nbsp;to proceed with its $29 billion proposed acquisition of its U.S. peer.</p>\n<p>Volume on U.S. exchanges was 9.84 billion shares, compared with the 8.98 billion average for the full session over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 119 new highs and 23 new lows.</p>\n<p>(Reporting by Shashank Nayar in Bengaluru and David French in New York; Editing by Aditya Soni and Lisa Shumaker)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","DDM":"2倍做多道指ETF-ProShares","SQQQ":"纳指三倍做空ETF","UDOW":"三倍做多道指30ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","OEX":"标普100","UPRO":"三倍做多标普500ETF-ProShares","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares","DJX":"1/100道琼斯","SSO":"2倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","TQQQ":"纳指三倍做多ETF","SDOW":"三倍做空道指30ETF-ProShares","IVV":"标普500ETF-iShares","OEF":"标普100指数ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164869989","content_text":"Zoom tumbles on faster-than-expected drop in demand\nApple off lifetime high, as tech broadly weighs\nIndexes down: Dow 0.11%, S&P 0.13%, Nasdaq 0.04%\nAll main indexes post solid monthly performances\n\nAug 31 (Reuters) - Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.\nHaving all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day.\nFor the S&P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July.\nThe performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus program.\n\"After all the monetary and fiscal interventions, the question is where do we go from here? Does the S&P go to 5,000, and how does it get there?\" said Eric Metz, chief executive officer of SpringRock Advisors.\nWhile a strong recovery in economic growth and corporate earnings have boosted U.S. stocks, investors are concerned about rising coronavirus cases and the path of Fed policy.\nU.S. consumer confidence fell to a six-month low in August, according to survey data from the Conference Board on Tuesday, offering a cautious note for the economic outlook.\nA Reuters poll last week showed strategists believe the S&P 500 is likely to end 2021 not far from its current level.\n\"Where's leadership going to come from, for equities to power higher? Is it earnings growth, is it growth versus value, technology or energy? This needs to be defined, but I think the next leg-up for equities will be sector driven,\" Metz added.\nTechnology stocks have continued to garner interest from investors in recent days, given the benefits which lower rates have on their future earnings, although the sector's index\nwas among the worst performers on Tuesday.\nShares of Apple fell 0.8% after hitting a lifetime high in the previous session, while Zoom Video Communications Inc tumbled 16.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom.\nSeven of the 11 major S&P sectors retreated. Among those that did not were the real estate and the communications services indexes, which closed at record highs.\nOn Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite dropped 6.66 points, or 0.04%, to 15,259.24.\nKansas City Southern dropped 4.4% in afternoon trading after the U.S. rail regulator rejected a voting trust structure that would have allowed Canadian National Railway Co to proceed with its $29 billion proposed acquisition of its U.S. peer.\nVolume on U.S. exchanges was 9.84 billion shares, compared with the 8.98 billion average for the full session over the last 20 trading days.\nThe S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 119 new highs and 23 new lows.\n(Reporting by Shashank Nayar in Bengaluru and David French in New York; Editing by Aditya Soni and Lisa Shumaker)","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDS":0.9,"ESmain":0.9,"OEF":0.9,"DDM":0.9,"SPXU":0.9,"UDOW":0.9,"PSQ":0.9,"DJX":0.9,"DXD":0.9,"QLD":0.9,"MNQmain":0.9,"SQQQ":0.9,"TQQQ":0.9,"DOG":0.9,"QID":0.9,"IVV":0.9,"SSO":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SDOW":0.9,"UPRO":0.9,"NQmain":0.9,"QQQ":0.9,"SH":0.9,"OEX":0.9}},"isVote":1,"tweetType":1,"viewCount":1433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810490959,"gmtCreate":1629989930371,"gmtModify":1676530195212,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810490959","repostId":"1168256001","repostType":4,"repost":{"id":"1168256001","kind":"news","pubTimestamp":1629988691,"share":"https://ttm.financial/m/news/1168256001?lang=en_US&edition=fundamental","pubTime":"2021-08-26 22:38","market":"us","language":"en","title":"Apple Inc.: Jobs' Era Vs. Cook's Era","url":"https://stock-news.laohu8.com/highlight/detail?id=1168256001","media":"seekingalpha","summary":"Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x","content":"<p><b>Summary</b></p>\n<ul>\n <li>My last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.</li>\n <li>And this article analyzes a different aspect: the timing. The analysis attempts to shed insights into the timing when Buffett pulled the trigger on his elephant gun.</li>\n <li>The results show the different profitability drivers of AAPL during Steve Jobs’ era and Tim Cook’s era and provide useful insights for value investors.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a28673a5b20078b3787241b02c6c9d4\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The investment thesis</b></p>\n<p>If you are reading this, chances are that you already know that Apple Inc. (AAPL) is the largest position in Warren Buffett's Berkshire Hathaway portfolio. My&nbsp;last article&nbsp;on AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power.</p>\n<p>And this article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017: a total of 661M shares, about 4% of the total shares currently outstanding. However, as to be seen in the remainder of this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.</p>\n<p>The analysis shares my attempts to answer my own question using a so-called DuPont analysis. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era. As to be seen by the results later, as a person, I love and even idolize Steve Jobs for his vision and relentless innovation-first style. His vision and innovation - when worked - created an astronomical level of profitability, but is difficult to sustain. But as an investor, especially a long-term and value-driven investor, I feel more comfortable with Tim Cook with his focus on operation and existing products. As to be seen by the results, profitability seemed to be lower on the surface, but upon a closer look, the quality of the earnings is actually improved and became more sustainable. I hope these results provide useful insights not only for AAPL investors but also for investors interested in other stocks.</p>\n<p><b>Overview and recap</b></p>\n<p>Here, I will first provide a brief recap of my last article to facilitate the new discussion today. If you're a devout Buffett cultist like this author, you must have noticed or heard that the grandmaster paid ~10x pretax earnings for many of his largest and best deals. The list is a really long one, ranging from Coca-Cola, American Express, Wells Fargo, Walmart, Burlington Northern, and of course the more recent AAPL purchase and his recent $25B&nbsp;repurchases of BRK&nbsp;shares as analyzed in my earlier article.</p>\n<p>The following chart shows the price history of AAPL and its 10x pretax earnings since 2010. Pretax earnings are also referred to as \"EBT\", Earnings Before Taxes, in this article. As seen, Buffett made his purchases during 2016-2017 when the price is below or near 10x EBT. I was lucky enough to have made the AAPL purchases at that time myself too.</p>\n<p>And the thesis was that if we paid 10x pretax and bought a business that stagnates forever, it is an investment that offers a 10% pretax return already, equivalent to a 10% bond. Not the best investment ever, but not that bad either. If we get a business that offers<i>any</i>growth like AAPL, then we will be buying an above-average business at an average price. It is now equivalent to buying a 10% yield bond with a built-in growth of coupon payments. And we will have a large chance of a double-digit return compounding for a long time (if you hold onto it long enough like Buffett).</p>\n<p>And AAPL is a business that is very like to keep growing as to be elaborated next.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eec812a3eda60f950a1890eebc7dd34\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Author based on Seeking Alpha data</span></p>\n<p>So are there any reasons fundamental to this 10x pretax rule, or is it only a bunch of pure coincidences? I think it is the former and there are indeed many good reasons for this rule, as listed below.</p>\n<p><b>ROCE and perpetual autonomous growth potential</b></p>\n<p>When we think like a long-term business owner, not a stock trader, a key metric (the most important metric in my opinion) is the return on capital employed (ROCE). ROCE measures the return of capital<i>actually</i>employed in a business. And it, therefore, provides fundamental insights into profitability. ROCE is fundamentally important in many ways. A consistent and high ROCE is the hallmark of a business with a sustainable moat. A consistent and high ROCE also shows how effectively the reinvested income can be used to fuel further earnings growth because, in the long term, the growth rate is given by:</p>\n<p>Long term growth rate = ROCE * Reinvestment Rate</p>\n<p>Thus a higher ROCE allows a business to reinvest less of its earnings and grow more at the same time. A key combination for a long-term compounder. To estimate the ROCE of businesses like AAPL, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. Research and development expenses (an essential expense for a business like AAPL).</p>\n<p>Based on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE at the beginning of the decade, when Steve Jobs left the CEO position. The average ROCE between 2010 to 2012 was near a level of around 443%. Every $1 reinvested in the business can generate more than $4 of additional earning! Since Tim Cook took over, the profitability gradually lowered to the current level of 183%.</p>\n<p>To help put things under perspective, the next chart shows the ROCE of a few other Buffett-style stocks. The ROCE data are directly pulled from my previous analyses. And in case you want to see the details of how I got these numbers, you can look up my recent articles under these tickers.</p>\n<p>As seen, the profitability during Jobs' era was truly astronomical, thanks to all the innovations that profoundly changed the world. And the current level of 183%, the \"declined\" level, is still very competitive relative to other high-quality businesses.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb073458b1726a64be72be41af90a7b6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/773b42d84964aa81732fe7e60ce2e815\" tg-width=\"640\" tg-height=\"311\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p>\n<p><b>Why Buffett bought at a time with rapidly declining profitability?</b></p>\n<p>With the above results, the question that puzzled me was why Buffett bought at a time with rapidly declining profitability? As seen from the results above, the profitability of the business was in rapid decline during 2016 and 2017, when Buffett bought the majority of his shares. The following analysis shares my attempts to answer this question using a so-called DuPont framework. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era.</p>\n<p>The DuPont framework is a tool for analyzing profitability at a fundamental level. It was a general tool and by no means specific to the DuPont business. However, it was popularized by the DuPont Corporation and the name stuck. The DuPont was originally developed to pinpoint issues to improve return on equity (\"ROE\"). In the application here, I made a few modifications to suit the unique situation of AAPL (and modern corporations in general). I will detail the modifications as we go.</p>\n<p>The first modification is that I will use the framework to analyze ROCE instead of ROE. The reasons are aforementioned. And to recap, the first main reason is that ROCE is more fundamentally important than ROE. And secondly, the ROE concept is not even applicable at all to many modern corporations where their share equity is very small or even negative, because more and more corporations have decided to return all share equity to shareholders as they rely more and more on their intangible assets to make a profit.</p>\n<p>Under the DuPont framework, there are three knobs that management can turn to drive up ROCE: profit margin (\"PM\"), asset turnover ratio (\"ATR\"), and leverage. Through simple math, we can show that ROCE is just the product of these three things, i.e.,</p>\n<p>ROCE = PM x ATR x leverage.</p>\n<p>Where PM here is defined as operating income divided by total revenue, ATR is defined as total revenue divided by total asset, and leverage is defined as total asset divided by total capital employed. And here is the second modification that I made to the original DuPont method. I defined leverage as the ratio between total asset divided and total capital employed, instead of the total asset divided by share equity. And again, the reason is that the original definition is not even applicable at all to many modern corporations where their share equity is very small or even negative. The new definition could be understood as effective leverage. It's leverage against the business' working capital (payables, receivables, and inventory), gross property, plant, equipment, et al. If these things represent the share equity in an accounting sense, then the effective leverage will be the same as the original definition. If not, then the effective leverage makes more sense to me. No matter what is the share equity in the accounting sense, a corporation always requires capital to make a profit.</p>\n<p><b>AAPL's profitability drivers</b></p>\n<p>Based on the above discussions, the following three charts show the three knobs for AAPL over the past decade. As can be seen from the first chart, the profit margin has declined from about 32.9% at the beginning of the decade to the current level of 26.7% - a 20.9% decrease. On average, the profit margin for the overall economy fluctuates around 8% and rarely goes above 10%. Of course, this is an average across all business sectors. Nonetheless, as a rule of thumb, 10% is a very healthy profit margin and 20% is a very high margin. AAPL's 32.9% margin at the beginning of the decade was due to the innovations that profoundly changed the world and their near-monopoly status. It is difficult to sustain. You cannot expect to invent a new earthshaking product like the iPhone before 2011 every a few years. And the current level of 26.7% is still very high.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62fc5d093753a57ae672d3726f14afec\" tg-width=\"640\" tg-height=\"343\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p>The second chart shows the ATR driver. The ATR measures how efficiently a company uses its assets to generate revenue. The higher the ATR, the better the company is performing, since higher ratios imply that the company is generating more revenue per dollar of assets. As seen, AAPL's ATR started around 0.88 at the beginning of the decade, declined to about 0.6 in the mid, and bounced back to the current level of 0.94. Overall, the ATR has improved 6.4% over the decade. Unlike innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook, with his tremendous experiences and insights as the former Chief Operating Officer, certainly has done an excellent job. A notable example was his decision to replace Apple's own factories and warehouses with contractors, a decision that led to a reduction of the company's inventory from months to days.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccbba3d838ca6ffb8b0e4574e2908eed\" tg-width=\"640\" tg-height=\"345\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p>This third and last chart shows the biggest driver for the profitability change. It shows that Tim Cook reduced the effective leverage from an average level of ~15x at the beginning of the decade, to the current level of 7.3, a 74% decrease. So the ROCE declined from 443% in the Jobs' era to the current level of 183% was largely due to the decrease in leverage. As a result, the decline of ROCE is not as bad as it seemed on the surface. The quality of the profit has been improved and became more sustainable.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1c7f2ce039418c7258342046a887042\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p><b>Putting it all together</b></p>\n<p>The following table summarizes the above profitability drivers. And for more visual-oriented readers, the chart below it visualizes the numbers in a waterfall plot. Note that all the changes quoted here are the so-called logarithm changes. For readers who are not familiar with logarithm changes, it is the \"more scientific\" way of measuring changes when there are multiple factors involved - more scientific than the simple arithmetic changes we routinely quote.</p>\n<p>Let's use a simple example to illustrate. Let's consider the calculation of dividend yield for a stock. The dividend yield depends on two things - the dividend and the price, so it will illustrate why the logarithm change is the \"more scientific\" way of measuring change when multiple factors are involved. Consider an example when a stock's dividend increases by 10% and price drops by 10% - in the arithmetic sense we talked about. The dividend yield would increase, but it will<i>not</i>increase by 20%. It would actually increase by 22.22%. In other words, the dividend yield change is not equal to the sum of the arithmetic change in the dividend and the price.</p>\n<p>Now in logarithm terms, things become simpler and more intuitive in a certain way. The logarithm changes involved in this example are: 9.52% for the dividend (logarithm of 110% = 9.52%), -10.54% for the price (logarithm of 90% = -10.54%), and 20.06% for the dividend yield (logarithm of 122.22% = 20.06%). So as you can see, the change of dividend yield is now equal to the sum of the changes in the dividend and the price (20.06% = 9.52% + 10.54%).</p>\n<p>With this digression, now the summary of the profitability drivers for AAPL. As seen from the table and the chart, the ROCE has decreased by 88.4% over the decade (again we are talking in the logarithm terms here and hereafter). It seems pretty bad until we look at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. The next biggest contributor came from the decrease in PM, a 20.9% decrease. It is unfortunate, never a good thing to see profit margin decrease. But I would like to argue the level of PM enjoyed by AAPL (or any business) during a period of technological monopoly is not really sustainable. And lastly, the ATR has contributed a positive 6.4% to the change. As aforementioned, unlike technological innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook certainly is an operation master (not implying that he is not fantastic in other ways).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8ab37ef43d6df7e215214aaf8e33eb\" tg-width=\"640\" tg-height=\"303\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03243108e67063bf027112a201a0cac9\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p><b>Conclusion and final thought</b></p>\n<p>Mylast articleon AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power. The thesis was that when Buffett bought AAPL during 2016~2017 at a price around 10x pretax earnings, it was equivalent to buying a 10% yield bond even if the business stagnates forever. If he gets ANY growth, then he will be buying a 10% yield bond with a built-in growth of coupon payments. And as shown in my last article, AAPL is a business that is very like to keep growing due to its high ROCE and capital allocation flexibility.</p>\n<p>This article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017. However, as seen in this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.</p>\n<p>Using the so-called DuPont analysis (with some modifications), the results show that the profitability drivers of AAPL have changed substantially from Steve Jobs' era and Tim Cook's era. The ROCE has decreased by 88.4% over the decade, which seems pretty bad until we look closer at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. Tim Cook also stabilized (slightly improved) the asset turnover rate, which contributed a positive 6.4% to the change of ROCE. Unlike technological innovations, ATR is a knob that management can consistently tweak and improve. The decreased leverage and improved ATR have actually improved ROCE in a way and made it more sustainable. I think this is in line with Buffett's philosophy of buying businesses that can be run by a fool one day - or at least buying business that does not require a once-in-a-generation genius to run.</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>Apple Inc.: Jobs' Era Vs. Cook's Era</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Inc.: Jobs' Era Vs. Cook's Era\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article ...</p>\n\n<a href=\"https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168256001","content_text":"Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article analyzes a different aspect: the timing. The analysis attempts to shed insights into the timing when Buffett pulled the trigger on his elephant gun.\nThe results show the different profitability drivers of AAPL during Steve Jobs’ era and Tim Cook’s era and provide useful insights for value investors.\n\nNikada/iStock Unreleased via Getty Images\nThe investment thesis\nIf you are reading this, chances are that you already know that Apple Inc. (AAPL) is the largest position in Warren Buffett's Berkshire Hathaway portfolio. My last article on AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017: a total of 661M shares, about 4% of the total shares currently outstanding. However, as to be seen in the remainder of this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.\nThe analysis shares my attempts to answer my own question using a so-called DuPont analysis. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era. As to be seen by the results later, as a person, I love and even idolize Steve Jobs for his vision and relentless innovation-first style. His vision and innovation - when worked - created an astronomical level of profitability, but is difficult to sustain. But as an investor, especially a long-term and value-driven investor, I feel more comfortable with Tim Cook with his focus on operation and existing products. As to be seen by the results, profitability seemed to be lower on the surface, but upon a closer look, the quality of the earnings is actually improved and became more sustainable. I hope these results provide useful insights not only for AAPL investors but also for investors interested in other stocks.\nOverview and recap\nHere, I will first provide a brief recap of my last article to facilitate the new discussion today. If you're a devout Buffett cultist like this author, you must have noticed or heard that the grandmaster paid ~10x pretax earnings for many of his largest and best deals. The list is a really long one, ranging from Coca-Cola, American Express, Wells Fargo, Walmart, Burlington Northern, and of course the more recent AAPL purchase and his recent $25B repurchases of BRK shares as analyzed in my earlier article.\nThe following chart shows the price history of AAPL and its 10x pretax earnings since 2010. Pretax earnings are also referred to as \"EBT\", Earnings Before Taxes, in this article. As seen, Buffett made his purchases during 2016-2017 when the price is below or near 10x EBT. I was lucky enough to have made the AAPL purchases at that time myself too.\nAnd the thesis was that if we paid 10x pretax and bought a business that stagnates forever, it is an investment that offers a 10% pretax return already, equivalent to a 10% bond. Not the best investment ever, but not that bad either. If we get a business that offersanygrowth like AAPL, then we will be buying an above-average business at an average price. It is now equivalent to buying a 10% yield bond with a built-in growth of coupon payments. And we will have a large chance of a double-digit return compounding for a long time (if you hold onto it long enough like Buffett).\nAnd AAPL is a business that is very like to keep growing as to be elaborated next.\nSource: Author based on Seeking Alpha data\nSo are there any reasons fundamental to this 10x pretax rule, or is it only a bunch of pure coincidences? I think it is the former and there are indeed many good reasons for this rule, as listed below.\nROCE and perpetual autonomous growth potential\nWhen we think like a long-term business owner, not a stock trader, a key metric (the most important metric in my opinion) is the return on capital employed (ROCE). ROCE measures the return of capitalactuallyemployed in a business. And it, therefore, provides fundamental insights into profitability. ROCE is fundamentally important in many ways. A consistent and high ROCE is the hallmark of a business with a sustainable moat. A consistent and high ROCE also shows how effectively the reinvested income can be used to fuel further earnings growth because, in the long term, the growth rate is given by:\nLong term growth rate = ROCE * Reinvestment Rate\nThus a higher ROCE allows a business to reinvest less of its earnings and grow more at the same time. A key combination for a long-term compounder. To estimate the ROCE of businesses like AAPL, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. Research and development expenses (an essential expense for a business like AAPL).\nBased on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE at the beginning of the decade, when Steve Jobs left the CEO position. The average ROCE between 2010 to 2012 was near a level of around 443%. Every $1 reinvested in the business can generate more than $4 of additional earning! Since Tim Cook took over, the profitability gradually lowered to the current level of 183%.\nTo help put things under perspective, the next chart shows the ROCE of a few other Buffett-style stocks. The ROCE data are directly pulled from my previous analyses. And in case you want to see the details of how I got these numbers, you can look up my recent articles under these tickers.\nAs seen, the profitability during Jobs' era was truly astronomical, thanks to all the innovations that profoundly changed the world. And the current level of 183%, the \"declined\" level, is still very competitive relative to other high-quality businesses.\nSource: Author and Seeking Alpha.\nSource: Author and Seeking Alpha.\nWhy Buffett bought at a time with rapidly declining profitability?\nWith the above results, the question that puzzled me was why Buffett bought at a time with rapidly declining profitability? As seen from the results above, the profitability of the business was in rapid decline during 2016 and 2017, when Buffett bought the majority of his shares. The following analysis shares my attempts to answer this question using a so-called DuPont framework. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era.\nThe DuPont framework is a tool for analyzing profitability at a fundamental level. It was a general tool and by no means specific to the DuPont business. However, it was popularized by the DuPont Corporation and the name stuck. The DuPont was originally developed to pinpoint issues to improve return on equity (\"ROE\"). In the application here, I made a few modifications to suit the unique situation of AAPL (and modern corporations in general). I will detail the modifications as we go.\nThe first modification is that I will use the framework to analyze ROCE instead of ROE. The reasons are aforementioned. And to recap, the first main reason is that ROCE is more fundamentally important than ROE. And secondly, the ROE concept is not even applicable at all to many modern corporations where their share equity is very small or even negative, because more and more corporations have decided to return all share equity to shareholders as they rely more and more on their intangible assets to make a profit.\nUnder the DuPont framework, there are three knobs that management can turn to drive up ROCE: profit margin (\"PM\"), asset turnover ratio (\"ATR\"), and leverage. Through simple math, we can show that ROCE is just the product of these three things, i.e.,\nROCE = PM x ATR x leverage.\nWhere PM here is defined as operating income divided by total revenue, ATR is defined as total revenue divided by total asset, and leverage is defined as total asset divided by total capital employed. And here is the second modification that I made to the original DuPont method. I defined leverage as the ratio between total asset divided and total capital employed, instead of the total asset divided by share equity. And again, the reason is that the original definition is not even applicable at all to many modern corporations where their share equity is very small or even negative. The new definition could be understood as effective leverage. It's leverage against the business' working capital (payables, receivables, and inventory), gross property, plant, equipment, et al. If these things represent the share equity in an accounting sense, then the effective leverage will be the same as the original definition. If not, then the effective leverage makes more sense to me. No matter what is the share equity in the accounting sense, a corporation always requires capital to make a profit.\nAAPL's profitability drivers\nBased on the above discussions, the following three charts show the three knobs for AAPL over the past decade. As can be seen from the first chart, the profit margin has declined from about 32.9% at the beginning of the decade to the current level of 26.7% - a 20.9% decrease. On average, the profit margin for the overall economy fluctuates around 8% and rarely goes above 10%. Of course, this is an average across all business sectors. Nonetheless, as a rule of thumb, 10% is a very healthy profit margin and 20% is a very high margin. AAPL's 32.9% margin at the beginning of the decade was due to the innovations that profoundly changed the world and their near-monopoly status. It is difficult to sustain. You cannot expect to invent a new earthshaking product like the iPhone before 2011 every a few years. And the current level of 26.7% is still very high.\nSource: Author and Seeking Alpha data.\nThe second chart shows the ATR driver. The ATR measures how efficiently a company uses its assets to generate revenue. The higher the ATR, the better the company is performing, since higher ratios imply that the company is generating more revenue per dollar of assets. As seen, AAPL's ATR started around 0.88 at the beginning of the decade, declined to about 0.6 in the mid, and bounced back to the current level of 0.94. Overall, the ATR has improved 6.4% over the decade. Unlike innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook, with his tremendous experiences and insights as the former Chief Operating Officer, certainly has done an excellent job. A notable example was his decision to replace Apple's own factories and warehouses with contractors, a decision that led to a reduction of the company's inventory from months to days.\nSource: Author and Seeking Alpha data.\nThis third and last chart shows the biggest driver for the profitability change. It shows that Tim Cook reduced the effective leverage from an average level of ~15x at the beginning of the decade, to the current level of 7.3, a 74% decrease. So the ROCE declined from 443% in the Jobs' era to the current level of 183% was largely due to the decrease in leverage. As a result, the decline of ROCE is not as bad as it seemed on the surface. The quality of the profit has been improved and became more sustainable.\nSource: Author and Seeking Alpha data.\nPutting it all together\nThe following table summarizes the above profitability drivers. And for more visual-oriented readers, the chart below it visualizes the numbers in a waterfall plot. Note that all the changes quoted here are the so-called logarithm changes. For readers who are not familiar with logarithm changes, it is the \"more scientific\" way of measuring changes when there are multiple factors involved - more scientific than the simple arithmetic changes we routinely quote.\nLet's use a simple example to illustrate. Let's consider the calculation of dividend yield for a stock. The dividend yield depends on two things - the dividend and the price, so it will illustrate why the logarithm change is the \"more scientific\" way of measuring change when multiple factors are involved. Consider an example when a stock's dividend increases by 10% and price drops by 10% - in the arithmetic sense we talked about. The dividend yield would increase, but it willnotincrease by 20%. It would actually increase by 22.22%. In other words, the dividend yield change is not equal to the sum of the arithmetic change in the dividend and the price.\nNow in logarithm terms, things become simpler and more intuitive in a certain way. The logarithm changes involved in this example are: 9.52% for the dividend (logarithm of 110% = 9.52%), -10.54% for the price (logarithm of 90% = -10.54%), and 20.06% for the dividend yield (logarithm of 122.22% = 20.06%). So as you can see, the change of dividend yield is now equal to the sum of the changes in the dividend and the price (20.06% = 9.52% + 10.54%).\nWith this digression, now the summary of the profitability drivers for AAPL. As seen from the table and the chart, the ROCE has decreased by 88.4% over the decade (again we are talking in the logarithm terms here and hereafter). It seems pretty bad until we look at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. The next biggest contributor came from the decrease in PM, a 20.9% decrease. It is unfortunate, never a good thing to see profit margin decrease. But I would like to argue the level of PM enjoyed by AAPL (or any business) during a period of technological monopoly is not really sustainable. And lastly, the ATR has contributed a positive 6.4% to the change. As aforementioned, unlike technological innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook certainly is an operation master (not implying that he is not fantastic in other ways).\nSource: Author and Seeking Alpha data.\nSource: Author and Seeking Alpha data.\nConclusion and final thought\nMylast articleon AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power. The thesis was that when Buffett bought AAPL during 2016~2017 at a price around 10x pretax earnings, it was equivalent to buying a 10% yield bond even if the business stagnates forever. If he gets ANY growth, then he will be buying a 10% yield bond with a built-in growth of coupon payments. And as shown in my last article, AAPL is a business that is very like to keep growing due to its high ROCE and capital allocation flexibility.\nThis article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017. However, as seen in this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.\nUsing the so-called DuPont analysis (with some modifications), the results show that the profitability drivers of AAPL have changed substantially from Steve Jobs' era and Tim Cook's era. The ROCE has decreased by 88.4% over the decade, which seems pretty bad until we look closer at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. Tim Cook also stabilized (slightly improved) the asset turnover rate, which contributed a positive 6.4% to the change of ROCE. Unlike technological innovations, ATR is a knob that management can consistently tweak and improve. The decreased leverage and improved ATR have actually improved ROCE in a way and made it more sustainable. I think this is in line with Buffett's philosophy of buying businesses that can be run by a fool one day - or at least buying business that does not require a once-in-a-generation genius to run.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810404257,"gmtCreate":1629989842879,"gmtModify":1676530195173,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"the market is bearish","listText":"the market is bearish","text":"the market is bearish","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/810404257","repostId":"1177456051","repostType":4,"isVote":1,"tweetType":1,"viewCount":1559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832210895,"gmtCreate":1629637141517,"gmtModify":1676530083517,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/832210895","repostId":"2161745179","repostType":4,"repost":{"id":"2161745179","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1629500040,"share":"https://ttm.financial/m/news/2161745179?lang=en_US&edition=fundamental","pubTime":"2021-08-21 06:54","market":"hk","language":"en","title":"Pfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine","url":"https://stock-news.laohu8.com/highlight/detail?id=2161745179","media":"Dow Jones","summary":"Pfizer Inc. $(PFE)$ and U.S. shares of BioNTech SE (BNTX) rose in the extended session Friday follow","content":"<p>Pfizer Inc. <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and U.S. shares of <a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> (BNTX) rose in the extended session Friday following a report that the drug makers will likely get full Food and Drug Administration approval for their COVID-19 vaccine sometime next week. Pfizer shares rose more than 2% after hours, following a 0.2% decline to close at $48.72, and BioNTech's ADRs rallied more than 5%, following a 5.1% gain to close at $348.68. Late Friday, The New York Times reported targeting the delta variant of the virus.</p>\n<p></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>Pfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine</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\">\nPfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-08-21 06:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Pfizer Inc. <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and U.S. shares of <a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> (BNTX) rose in the extended session Friday following a report that the drug makers will likely get full Food and Drug Administration approval for their COVID-19 vaccine sometime next week. Pfizer shares rose more than 2% after hours, following a 0.2% decline to close at $48.72, and BioNTech's ADRs rallied more than 5%, following a 5.1% gain to close at $348.68. Late Friday, The New York Times reported targeting the delta variant of the virus.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161745179","content_text":"Pfizer Inc. $(PFE)$ and U.S. shares of BioNTech SE (BNTX) rose in the extended session Friday following a report that the drug makers will likely get full Food and Drug Administration approval for their COVID-19 vaccine sometime next week. Pfizer shares rose more than 2% after hours, following a 0.2% decline to close at $48.72, and BioNTech's ADRs rallied more than 5%, following a 5.1% gain to close at $348.68. Late Friday, The New York Times reported targeting the delta variant of the 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soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893143538","repostId":"1196354962","repostType":4,"isVote":1,"tweetType":1,"viewCount":1233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893149887,"gmtCreate":1628250183149,"gmtModify":1703503939510,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"hopefully can travel again very soon","listText":"hopefully can travel again very soon","text":"hopefully can travel again very 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Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1627377481,"share":"https://ttm.financial/m/news/2154899497?lang=en_US&edition=fundamental","pubTime":"2021-07-27 17:18","market":"us","language":"en","title":"7 Stocks To Watch For July 27, 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2154899497","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:\n\tWall Street expects  General Electric Company (NYSE: GE) to report quarterly earnings at $0.04 per share on revenue of $18.13 billion before the opening bell. GE shares rose 0.8% to $13.02 in after-hours trading.\n","content":"<p>Some of the stocks that may grab investor focus today are:</p>\n<ul>\n <li>Wall Street expects <b>General Electric Company</b> (NYSE:GE) to report quarterly earnings at $0.04 per share on revenue of $18.13 billion before the opening bell. GE shares rose 0.8% to $13.02 in after-hours trading.</li>\n <li>Analysts are expecting <b>Apple Inc</b> (NASDAQ:AAPL) to have earned $1.00 per share on revenue of $72.93 billion for the latest quarter. The company will release earnings after the markets close. Apple shares gained 0.2% to $149.26 in after-hours trading.</li>\n <li><b>Tesla Inc</b> (NASDAQ:TSLA) reported stronger-than-expected results for its second quarter on Monday. Total vehicle production totaled 206,421, up 151% year over year. Deliveries in the second quarter were up 121% year-over-year to 201,304. Tesla shares gained 1% to $664.16 in the after-hours trading session.</li>\n</ul>\n<ul>\n <li>After the closing bell, <b>Alphabet Inc</b> (NASDAQ:GOOGL) is projected to post quarterly earnings at $19.21 per share on revenue of $56.02 billion. Alphabet shares gained 0.5% to $2,694.00 in after-hours trading.</li>\n <li>Analysts expect <b><a href=\"https://laohu8.com/S/MMM\">3M</a> Co</b> (NYSE:MMM) to report quarterly earnings at $2.26 per share on revenue of $8.55 billion before the opening bell. 3M shares slipped 0.1% to $201.50 in after-hours trading.</li>\n <li><b>F5 Networks</b> (NASDAQ:FFIV) reported upbeat results for its third quarter. The company also said it sees Q4 adjusted earnings of $2.68 to $2.80 per share on sales of $660 million to $680 million. F5 Networks shares surged 6.1% to $204.27 in the after-hours trading session.</li>\n <li>Analysts expect <b>Microsoft Corporation</b> (NASDAQ:MSFT) to post quarterly earnings at $1.90 per share on revenue of $44.10 billion after the closing bell. Microsoft shares rose 0.2% to $289.62 in after-hours trading.</li>\n</ul>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>7 Stocks To Watch For July 27, 2021</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n7 Stocks To Watch For July 27, 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-27 17:18</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p>\n<ul>\n <li>Wall Street expects <b>General Electric Company</b> (NYSE:GE) to report quarterly earnings at $0.04 per share on revenue of $18.13 billion before the opening bell. GE shares rose 0.8% to $13.02 in after-hours trading.</li>\n <li>Analysts are expecting <b>Apple Inc</b> (NASDAQ:AAPL) to have earned $1.00 per share on revenue of $72.93 billion for the latest quarter. The company will release earnings after the markets close. Apple shares gained 0.2% to $149.26 in after-hours trading.</li>\n <li><b>Tesla Inc</b> (NASDAQ:TSLA) reported stronger-than-expected results for its second quarter on Monday. Total vehicle production totaled 206,421, up 151% year over year. Deliveries in the second quarter were up 121% year-over-year to 201,304. Tesla shares gained 1% to $664.16 in the after-hours trading session.</li>\n</ul>\n<ul>\n <li>After the closing bell, <b>Alphabet Inc</b> (NASDAQ:GOOGL) is projected to post quarterly earnings at $19.21 per share on revenue of $56.02 billion. Alphabet shares gained 0.5% to $2,694.00 in after-hours trading.</li>\n <li>Analysts expect <b><a href=\"https://laohu8.com/S/MMM\">3M</a> Co</b> (NYSE:MMM) to report quarterly earnings at $2.26 per share on revenue of $8.55 billion before the opening bell. 3M shares slipped 0.1% to $201.50 in after-hours trading.</li>\n <li><b>F5 Networks</b> (NASDAQ:FFIV) reported upbeat results for its third quarter. The company also said it sees Q4 adjusted earnings of $2.68 to $2.80 per share on sales of $660 million to $680 million. F5 Networks shares surged 6.1% to $204.27 in the after-hours trading session.</li>\n <li>Analysts expect <b>Microsoft Corporation</b> (NASDAQ:MSFT) to post quarterly earnings at $1.90 per share on revenue of $44.10 billion after the closing bell. Microsoft shares rose 0.2% to $289.62 in after-hours trading.</li>\n</ul>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MMM":"3M","QNETCN":"纳斯达克中美互联网老虎指数","GE":"GE航空航天","03086":"华夏纳指","09086":"华夏纳指-U","FFIV":"F5 Inc","TSLA":"特斯拉","GOOG":"谷歌"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154899497","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects General Electric Company (NYSE:GE) to report quarterly earnings at $0.04 per share on revenue of $18.13 billion before the opening bell. GE shares rose 0.8% to $13.02 in after-hours trading.\nAnalysts are expecting Apple Inc (NASDAQ:AAPL) to have earned $1.00 per share on revenue of $72.93 billion for the latest quarter. The company will release earnings after the markets close. Apple shares gained 0.2% to $149.26 in after-hours trading.\nTesla Inc (NASDAQ:TSLA) reported stronger-than-expected results for its second quarter on Monday. Total vehicle production totaled 206,421, up 151% year over year. Deliveries in the second quarter were up 121% year-over-year to 201,304. Tesla shares gained 1% to $664.16 in the after-hours trading session.\n\n\nAfter the closing bell, Alphabet Inc (NASDAQ:GOOGL) is projected to post quarterly earnings at $19.21 per share on revenue of $56.02 billion. Alphabet shares gained 0.5% to $2,694.00 in after-hours trading.\nAnalysts expect 3M Co (NYSE:MMM) to report quarterly earnings at $2.26 per share on revenue of $8.55 billion before the opening bell. 3M shares slipped 0.1% to $201.50 in after-hours trading.\nF5 Networks (NASDAQ:FFIV) reported upbeat results for its third quarter. The company also said it sees Q4 adjusted earnings of $2.68 to $2.80 per share on sales of $660 million to $680 million. F5 Networks shares surged 6.1% to $204.27 in the after-hours trading session.\nAnalysts expect Microsoft Corporation (NASDAQ:MSFT) to post quarterly earnings at $1.90 per share on revenue of $44.10 billion after the closing bell. Microsoft shares rose 0.2% to $289.62 in after-hours trading.","news_type":1,"symbols_score_info":{"09086":0.9,"MMM":0.9,"GOOG":0.9,"QNETCN":0.9,"GE":0.9,"TSLA":0.9,"03086":0.9,"FFIV":0.9}},"isVote":1,"tweetType":1,"viewCount":192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800360486,"gmtCreate":1627278842245,"gmtModify":1703486602118,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>soon","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>soon","text":"$Exela Technologies, Inc.(XELA)$soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800360486","isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177030199,"gmtCreate":1627165132611,"gmtModify":1703484841238,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CIDM\">$Cinedigm(CIDM)$</a>will it go uptrend this week","listText":"<a href=\"https://laohu8.com/S/CIDM\">$Cinedigm(CIDM)$</a>will it go uptrend this week","text":"$Cinedigm(CIDM)$will it go uptrend this week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177030199","isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":893141480,"gmtCreate":1628250312740,"gmtModify":1703503942787,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DARE\">$Dare Bioscience(DARE)$</a>up up","listText":"<a href=\"https://laohu8.com/S/DARE\">$Dare Bioscience(DARE)$</a>up up","text":"$Dare Bioscience(DARE)$up up","images":[{"img":"https://static.tigerbbs.com/a2dac6709950c5d137a88f3a2192d5f0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":1,"link":"https://ttm.financial/post/893141480","isVote":1,"tweetType":1,"viewCount":1918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":801068083,"gmtCreate":1627474246942,"gmtModify":1703490626871,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/801068083","repostId":"2154405999","repostType":4,"isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148833376,"gmtCreate":1625965769295,"gmtModify":1703751251401,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"nice. please like","listText":"nice. please like","text":"nice. please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148833376","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://ttm.financial/m/news/1185154176?lang=en_US&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\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804546386,"gmtCreate":1627967784745,"gmtModify":1703498799087,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CIDM\">$Cinedigm(CIDM)$</a>up up","listText":"<a href=\"https://laohu8.com/S/CIDM\">$Cinedigm(CIDM)$</a>up up","text":"$Cinedigm(CIDM)$up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/804546386","isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800360486,"gmtCreate":1627278842245,"gmtModify":1703486602118,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>soon","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>soon","text":"$Exela Technologies, Inc.(XELA)$soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800360486","isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178097654,"gmtCreate":1626770583378,"gmtModify":1703764867819,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"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":2,"repostSize":0,"link":"https://ttm.financial/post/178097654","repostId":"1172880433","repostType":4,"repost":{"id":"1172880433","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626768648,"share":"https://ttm.financial/m/news/1172880433?lang=en_US&edition=fundamental","pubTime":"2021-07-20 16:10","market":"us","language":"en","title":"Some meme stocks rose in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1172880433","media":"Tiger Newspress","summary":"(July 20 ) Some meme stocks rose in premarket trading. AMC Entertainment was up 1.5%, AMC strikes de","content":"<p>(July&nbsp;20&nbsp;)&nbsp;Some&nbsp;meme&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading.&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> was&nbsp;up&nbsp;1.5%,&nbsp;AMC strikes deal that will see it reopen two of top-grossing movie theaters in Los Angeles.</p>\n<p><img src=\"https://static.tigerbbs.com/3e66ca1367712d869d8da9ae95505b37\" tg-width=\"306\" tg-height=\"245\" referrerpolicy=\"no-referrer\"></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>Some meme stocks rose in premarket trading</title>\n<style 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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\">\nSome meme stocks rose in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-20 16:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(July&nbsp;20&nbsp;)&nbsp;Some&nbsp;meme&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading.&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> was&nbsp;up&nbsp;1.5%,&nbsp;AMC strikes deal that will see it reopen two of top-grossing movie theaters in Los Angeles.</p>\n<p><img src=\"https://static.tigerbbs.com/3e66ca1367712d869d8da9ae95505b37\" tg-width=\"306\" tg-height=\"245\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172880433","content_text":"(July 20 ) Some meme stocks rose in premarket trading. AMC Entertainment was up 1.5%, AMC strikes deal that will see it reopen two of top-grossing movie theaters in Los Angeles.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9055411652,"gmtCreate":1655301848176,"gmtModify":1676535607825,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>rip","listText":"<a href=\"https://ttm.financial/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>rip","text":"$Exela Technologies, Inc.(XELA)$rip","images":[{"img":"https://community-static.tradeup.com/news/f0d905b95fff319444a74ad1825c9bd5","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9055411652","isVote":1,"tweetType":1,"viewCount":2090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":883310481,"gmtCreate":1631201133843,"gmtModify":1676530496068,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/883310481","repostId":"2166854349","repostType":4,"isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141085190,"gmtCreate":1625824791010,"gmtModify":1703749310552,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141085190","repostId":"2150980376","repostType":4,"repost":{"id":"2150980376","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625823947,"share":"https://ttm.financial/m/news/2150980376?lang=en_US&edition=fundamental","pubTime":"2021-07-09 17:45","market":"hk","language":"en","title":"China cuts reserve requirements to support economic recovery","url":"https://stock-news.laohu8.com/highlight/detail?id=2150980376","media":"Reuters","summary":"BEIJING, July 9 (Reuters) - China's central bank said on Friday it would cut the amount of cash that","content":"<p>BEIJING, July 9 (Reuters) - China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity to help underpin an economic recovery that is starting to lose momentum.</p>\n<p>The People's Bank of China (PBOC) said on its website it would cut the reserve requirement ratio <a href=\"https://laohu8.com/S/RRR\">$(RRR)$</a> for all banks by 50 basis points (bps), effective on July 15.</p>\n<p>Banks that are subject to an RRR of 5% will be exempted from the new cut.</p>\n<p>The PBOC last cut the RRR in April last year, when the Chinese economy was still badly jolted by the coronavirus crisis. As the economy staged a strong rebound, aided by the surprisingly resilient exports, the PBOC had since shifted to a moderately tightening bias.</p>\n<p>The country's cabinet said on Wednesday that authorities will use timely cuts in RRR to help small firms cope with the negative impact from rising commodity prices, which came as a surprise to the market.</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>China cuts reserve requirements to support economic recovery</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\">\nChina cuts reserve requirements to support economic recovery\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-09 17:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, July 9 (Reuters) - China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity to help underpin an economic recovery that is starting to lose momentum.</p>\n<p>The People's Bank of China (PBOC) said on its website it would cut the reserve requirement ratio <a href=\"https://laohu8.com/S/RRR\">$(RRR)$</a> for all banks by 50 basis points (bps), effective on July 15.</p>\n<p>Banks that are subject to an RRR of 5% will be exempted from the new cut.</p>\n<p>The PBOC last cut the RRR in April last year, when the Chinese economy was still badly jolted by the coronavirus crisis. As the economy staged a strong rebound, aided by the surprisingly resilient exports, the PBOC had since shifted to a moderately tightening bias.</p>\n<p>The country's cabinet said on Wednesday that authorities will use timely cuts in RRR to help small firms cope with the negative impact from rising commodity prices, which came as a surprise to the market.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"000001.SH":"上证指数","CAAS":"中汽系统"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150980376","content_text":"BEIJING, July 9 (Reuters) - China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity to help underpin an economic recovery that is starting to lose momentum.\nThe People's Bank of China (PBOC) said on its website it would cut the reserve requirement ratio $(RRR)$ for all banks by 50 basis points (bps), effective on July 15.\nBanks that are subject to an RRR of 5% will be exempted from the new cut.\nThe PBOC last cut the RRR in April last year, when the Chinese economy was still badly jolted by the coronavirus crisis. As the economy staged a strong rebound, aided by the surprisingly resilient exports, the PBOC had since shifted to a moderately tightening bias.\nThe country's cabinet said on Wednesday that authorities will use timely cuts in RRR to help small firms cope with the negative impact from rising commodity prices, which came as a surprise to the market.","news_type":1,"symbols_score_info":{"000001.SH":0.9,"CAAS":0.9}},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153202020,"gmtCreate":1625025375460,"gmtModify":1703850412723,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"great","listText":"great","text":"great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/153202020","repostId":"1122418477","repostType":4,"isVote":1,"tweetType":1,"viewCount":111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156623530,"gmtCreate":1625219653220,"gmtModify":1703738612340,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"comment and like please","listText":"comment and like please","text":"comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156623530","repostId":"1107527256","repostType":4,"repost":{"id":"1107527256","kind":"news","pubTimestamp":1625218747,"share":"https://ttm.financial/m/news/1107527256?lang=en_US&edition=fundamental","pubTime":"2021-07-02 17:39","market":"us","language":"en","title":"Why Zoom Video Stock Jumped 17% in June","url":"https://stock-news.laohu8.com/highlight/detail?id=1107527256","media":"Motley Fool","summary":"Shares of the videoconferencing platform gained last month on a solid earnings report and other tail","content":"<p>Shares of the videoconferencing platform gained last month on a solid earnings report and other tailwinds.</p>\n<p><b>What happened</b></p>\n<p>Shares of&nbsp;<b>Zoom Video Communications</b>(NASDAQ:ZM)jumped 17% last month, according to data from&nbsp;S&amp;P Global Market Intelligence.</p>\n<p>The videoconferencing leader benefited from a strong first-quarter earnings report, some bullish analyst notes, an acquisition, and concerns about the spreading COVID-19 Delta variant.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c45583694304bcdd2e20c758dcee810\" tg-width=\"2000\" tg-height=\"1355\"><span>IMAGE SOURCE: ZOOM.</span></p>\n<p>As you can see from the chart below, the&nbsp;cloud stock&nbsp;gained steadily over the course of the month, riding a broader trend in growth and tech stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/49688704c96624e4f0979ac01ea9016f\" tg-width=\"720\" tg-height=\"387\"><span>ZM DATA BY YCHARTS.</span></p>\n<p><b>So what</b></p>\n<p>Zoom kicked off the month with another round of smashing growth as revenue rose 191% to $956.2 million in its first-quarter earnings report, easily beating estimates at $906.3 million. Customers with more than 10 employees nearly doubled to 497,000.</p>\n<p>Its bottom-line performance was also impressive as adjusted operating income jumped more than seven times from the year-ago quarter to $400.9 million, equal to a 41.9% adjusted operating profit margin. Adjusted earnings per share reached $1.32, topping the consensus at $0.99.</p>\n<p>Despite the strong results, investors shrugged off the results as the stock was mostly unchanged on the news. However, it jumped at the end of the month's first week on news that Cathie Wood's ARK Invest bought 96,100 shares.</p>\n<p>The following week, the&nbsp;stock gained&nbsp;on a pair of bullish analyst notes as it was upgraded to buy at Argus, and RBC Capital analyst Rishi Jaluria rated Zoom outperform and called it a top pick.</p>\n<p>Lastly, Zoom jumped at the end of the month after saying it would acquire Kites, a real-time machine translation start-up to help Zoom with its machine translation, a valuable add-on service for videoconferencing.</p>\n<p><b>Now what</b></p>\n<p>Zoom will face difficult comparisons over the rest of the year as the company laps its blowout performance during the pandemic. But it hiked its guidance for the full year in the first-quarter report, calling for revenue of $3.975 billion to $3.99 billion, above its prior range of $3.76 billion to $3.78 billion. It also expects adjusted earnings per share of $4.56 to $4.61, up from an earlier forecast of $3.59 to $3.65.</p>\n<p>With that forecast, Zoom doesn't even look that expensive at a price-to-earnings ratio of less than 90, especially compared to some of its software-as-a-service peers that aren't even profitable. Though last year's growth was certainly an anomaly, the future still looks bright for Zoom.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Zoom Video Stock Jumped 17% in June</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Zoom Video Stock Jumped 17% in June\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 17:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/01/why-zoom-video-stock-jumped-17/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of the videoconferencing platform gained last month on a solid earnings report and other tailwinds.\nWhat happened\nShares of Zoom Video Communications(NASDAQ:ZM)jumped 17% last month, according ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/01/why-zoom-video-stock-jumped-17/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://www.fool.com/investing/2021/07/01/why-zoom-video-stock-jumped-17/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107527256","content_text":"Shares of the videoconferencing platform gained last month on a solid earnings report and other tailwinds.\nWhat happened\nShares of Zoom Video Communications(NASDAQ:ZM)jumped 17% last month, according to data from S&P Global Market Intelligence.\nThe videoconferencing leader benefited from a strong first-quarter earnings report, some bullish analyst notes, an acquisition, and concerns about the spreading COVID-19 Delta variant.\nIMAGE SOURCE: ZOOM.\nAs you can see from the chart below, the cloud stock gained steadily over the course of the month, riding a broader trend in growth and tech stocks.\nZM DATA BY YCHARTS.\nSo what\nZoom kicked off the month with another round of smashing growth as revenue rose 191% to $956.2 million in its first-quarter earnings report, easily beating estimates at $906.3 million. Customers with more than 10 employees nearly doubled to 497,000.\nIts bottom-line performance was also impressive as adjusted operating income jumped more than seven times from the year-ago quarter to $400.9 million, equal to a 41.9% adjusted operating profit margin. Adjusted earnings per share reached $1.32, topping the consensus at $0.99.\nDespite the strong results, investors shrugged off the results as the stock was mostly unchanged on the news. However, it jumped at the end of the month's first week on news that Cathie Wood's ARK Invest bought 96,100 shares.\nThe following week, the stock gained on a pair of bullish analyst notes as it was upgraded to buy at Argus, and RBC Capital analyst Rishi Jaluria rated Zoom outperform and called it a top pick.\nLastly, Zoom jumped at the end of the month after saying it would acquire Kites, a real-time machine translation start-up to help Zoom with its machine translation, a valuable add-on service for videoconferencing.\nNow what\nZoom will face difficult comparisons over the rest of the year as the company laps its blowout performance during the pandemic. But it hiked its guidance for the full year in the first-quarter report, calling for revenue of $3.975 billion to $3.99 billion, above its prior range of $3.76 billion to $3.78 billion. It also expects adjusted earnings per share of $4.56 to $4.61, up from an earlier forecast of $3.59 to $3.65.\nWith that forecast, Zoom doesn't even look that expensive at a price-to-earnings ratio of less than 90, especially compared to some of its software-as-a-service peers that aren't even profitable. Though last year's growth was certainly an anomaly, the future still looks bright for Zoom.","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":63,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144369375,"gmtCreate":1626268556697,"gmtModify":1703756697958,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"please like my comment","listText":"please like my comment","text":"please like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144369375","repostId":"1130085793","repostType":4,"repost":{"id":"1130085793","kind":"news","pubTimestamp":1626268245,"share":"https://ttm.financial/m/news/1130085793?lang=en_US&edition=fundamental","pubTime":"2021-07-14 21:10","market":"us","language":"en","title":"Apple says it has deployed $1 billion from $2.5 billion California housing fund","url":"https://stock-news.laohu8.com/highlight/detail?id=1130085793","media":"Reuters","summary":"(Reuters) - Apple Inc on Wednesday said it had committed more than $1 billion out of a $2.5 billion ","content":"<p>(Reuters) - Apple Inc on Wednesday said it had committed more than $1 billion out of a $2.5 billion fund aimed at addressing California's affordable housing crisis.</p>\n<p>Apple, whose Northern California home has one of highest housing costs the United States, created the fund in 2019, saying that $1 billion would go toward a state-run affordable housing investment fund, another $1 billion toward first-time home buyer assistance and the remainder toward programs aimed at building new affordable housing and nonprofit groups in the San Francisco Bay Area.</p>\n<p>Apple said Wednesday that the funding has supported the creation of affordable housing in 25 of California's 58 counties, including rural counties such as Amador.</p>\n<p>Apple did not disclose specific figures but said that it had provided mortgage and down payment assistance to \"thousands\" of low- and moderate-income first-time home purchasers through the California Housing Finance Authority, up from several hundred a year before.</p>\n<p>Apple said that nearly two-thirds of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian. About 10 percent of borrowers were also benefits for teachers, military veterans or firefighters, Apple said.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple says it has deployed $1 billion from $2.5 billion California housing fund</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple says it has deployed $1 billion from $2.5 billion California housing fund\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 21:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apple-says-deployed-1-billion-130308775.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Apple Inc on Wednesday said it had committed more than $1 billion out of a $2.5 billion fund aimed at addressing California's affordable housing crisis.\nApple, whose Northern California ...</p>\n\n<a href=\"https://finance.yahoo.com/news/apple-says-deployed-1-billion-130308775.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://finance.yahoo.com/news/apple-says-deployed-1-billion-130308775.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130085793","content_text":"(Reuters) - Apple Inc on Wednesday said it had committed more than $1 billion out of a $2.5 billion fund aimed at addressing California's affordable housing crisis.\nApple, whose Northern California home has one of highest housing costs the United States, created the fund in 2019, saying that $1 billion would go toward a state-run affordable housing investment fund, another $1 billion toward first-time home buyer assistance and the remainder toward programs aimed at building new affordable housing and nonprofit groups in the San Francisco Bay Area.\nApple said Wednesday that the funding has supported the creation of affordable housing in 25 of California's 58 counties, including rural counties such as Amador.\nApple did not disclose specific figures but said that it had provided mortgage and down payment assistance to \"thousands\" of low- and moderate-income first-time home purchasers through the California Housing Finance Authority, up from several hundred a year before.\nApple said that nearly two-thirds of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian. About 10 percent of borrowers were also benefits for teachers, military veterans or firefighters, Apple said.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146067271,"gmtCreate":1626045388493,"gmtModify":1703752136716,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"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":1,"repostSize":0,"link":"https://ttm.financial/post/146067271","repostId":"1135090843","repostType":4,"isVote":1,"tweetType":1,"viewCount":74,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141402273,"gmtCreate":1625883496892,"gmtModify":1703750386448,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"amazon","listText":"amazon","text":"amazon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141402273","repostId":"1162091150","repostType":4,"repost":{"id":"1162091150","kind":"news","pubTimestamp":1625882272,"share":"https://ttm.financial/m/news/1162091150?lang=en_US&edition=fundamental","pubTime":"2021-07-10 09:57","market":"us","language":"en","title":"Coupang Vs. Amazon Stock: Which Is The Better Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162091150","media":"seekingalpha","summary":"Summary\n\nE-commerce has benefitted from the pandemic, but will continue to enjoy healthy growth in t","content":"<p><b>Summary</b></p>\n<ul>\n <li>E-commerce has benefitted from the pandemic, but will continue to enjoy healthy growth in the coming years.</li>\n <li>Both Amazon and Coupang are generating strong growth, with CPNG growing faster, but from a much slower base.</li>\n <li>There are advantages for both companies, and ultimately, which stock you prefer will depend on your investment goals and approach.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/892697f4211267c99a72ea0a86b7e464\" tg-width=\"1536\" tg-height=\"1024\"><span>blackCAT/E+ via Getty Images</span></p>\n<p><b>Article Thesis</b></p>\n<p>E-commerce has benefitted a lot from pandemic-related shopping trends that favored online shopping versus in-store shopping, but even apart from that, e-commerce is here to stay and will enjoy healthy growth for many years. Amazon.com, Inc.(NASDAQ:AMZN)is the most dominant online retailer in the West, but other markets are primarily served by other online shopping companies. Coupang Inc.(NYSE:CPNG)from South Korea recently IPO'd in the US, and in this article, we will pitch the two against each other. Amazon looks like the more complete company with a wider moat to me, but Coupang is also an interesting play due to its position in an attractive, high-growth market.</p>\n<p><b>Coupang Stock Price</b></p>\n<p>Coupang Inc. has IPO'd in the US in March, raising more than&nbsp;$4 billion. Shares are currently trading for $40, which is below the prices of ~$50 that the stock traded at shortly following its IPO:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc6beaaae203d6b0db64793dd67bbbc9\" tg-width=\"635\" tg-height=\"417\"><span>Data by YCharts</span></p>\n<p>Shares have, however, risen considerably from the lows that the company hit in May, which could be the result of improving sentiment as the company reported&nbsp;very solid Q1 results&nbsp;that showed the company grew faster than expected. The current consensus price target is $44, which indicates that analysts are expecting an upside potential of around 10% over the next year -- solid, but not spectacular. Coupang is backed by major investors including&nbsp;the Gates Foundation&nbsp;and Softbank(OTCPK:SFTBY), which indicates that this is much more than a hyped-up IPO.</p>\n<p><b>Amazon Stock Price</b></p>\n<p>Amazon.com, Inc. has been trading for a much longer period than Coupang, and it is a way larger company already. Over the years, shares generated strong returns for investors that held onto shares, the 10-year return is north of 1,600%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6be201519c9538851784f110ef0f13f3\" tg-width=\"635\" tg-height=\"450\"><span>Data by YCharts</span></p>\n<p>In 2021, however, shares have so far not risen by a lot, as investors do seem to favor stocks with exposure to economic reopening right now. Energy names, hospitality, etc. have been hot so far this year, whereas the big tech names such as Amazon, which had been strong performers in 2020, have not experienced huge gains year-to-date. The current analyst consensus price target for Amazon's shares is $4240, which suggests upside potential of around 15%, a little more than what analysts are expecting from Coupang right now.</p>\n<p><b>Coupang's Size Relative To Amazon?</b></p>\n<p>It's pretty obvious that Coupang is not bigger than Amazon. It doesn't matter whether you look at market capitalizations, revenue, profits, cash flows, or the employee count, Amazon is a giant and significantly larger than its South Korean peer:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/13e93ec2cee718b6836730e5b0d94cd2\" tg-width=\"635\" tg-height=\"577\"><span>Data by YCharts</span></p>\n<p>This isn't too much of a surprise, as Amazon has been founded 27 years ago and has had a lot of time to grow, whereas Coupang has only been around for a little over a decade. Amazon in 2005, when it was 11 years old, was a way smaller company than it is today, and it also was still unprofitable -- as Coupang is today. There is, however, no need to always buy the biggest companies, thus Amazon being larger than Coupang today does not necessarily equate to Amazon being a better investment. Other factors have to be considered for that as well.</p>\n<p><b>Is Coupang Better Than Amazon?</b></p>\n<p>When considering an investment, things that should be factored in are the growth outlook for a company, the stock's valuation, the company's risk profile and standing relative to competitors, and the overall quality.</p>\n<p>Looking at Coupang and Amazon, both companies are naturally poised to benefit from a long-term megatrend -- shopping shifting from brick-and-mortar to e-commerce. Note that this doesn't mean that brick-and-mortar retailers are all poised to die out, as we believe that higher-quality brick-and-mortar retailers (e.g. Home Depot(NYSE:HD)) and higher-quality brick-and-mortar real estate (e.g. Simon Property Group(NYSE:SPG)) will continue to do well. It is nevertheless relatively clear that, overall, e-commerce will continue to gain market share versus brick-and-mortar, with lower-quality traditional retailers taking the majority of the hit. Some goods are just very easily bought online, e.g. everyday clothes, books, etc. and online retailers should continue to make gains in these areas. On top of that, the overall consumer market continues to grow in both the US and internationally, which benefits online retailers as well.</p>\n<p>Amazon and Coupang also have the ability to boost their growth by expanding into additional markets, either geographically, or by building out new businesses. Amazon has very successfully done so and has become a major retailer not only in the US, but in many additional markets on top of that, and Amazon has also successfully built out a high-growth cloud computing business and is becoming a major player in online advertising.</p>\n<p>Coupang, as a much smaller and younger company, has not had the ability to expand its business as much as Amazon yet. Still, the Korean online retailer has managed to grow its business at a highly attractive pace, and one might even say that Coupang has outperformed Amazon in its home market South Korea. The company's success can be attributed to a smart and customer-focused approach that includes<i>Dawn Delivery</i>, a service that allows customers to order before midnight and receiving their order before 7 am the next day. Coupang also has reduced cardboard packaging significantly relative to how other online retailers operate, a move that resonates well with environmentally conscious customers. Through these measures and others, Coupang has been able to deliver rapid revenue growth in the recent past, which includes a massive 75% revenue increase during the most recent quarter. Amazon grew its revenue by 44% in the most recent quarter, although it should be noted that Amazon is growing from a much larger base. The law of large numbers means that Amazon, due to its already very large size, can't grow at the rapid rates Coupang is currently seeing any longer, and the fact that Amazon is, despite its size, still growing at an attractive 40%+ pace is testament to its strong business model.</p>\n<p>Coupang is the higher-growth company today, and one can expect that this will remain the case in the foreseeable future, with the smaller size being a key factor for that -- growing revenue from $20 billion to $40 billion is easier than growing revenue from $500 billion to $1 trillion. Coupang is, however, unlike Amazon, not profitable yet, which may result in share count dilution as Coupang could do a secondary offering to access additional capital. Coupang is also less diversified than Amazon, both geographically and when it comes to different industries. Amazon, with its marketing and cloud computing platforms, is more of a diversified company than Coupang, which is fully reliant on e-commerce.</p>\n<p>I don't think that there is a clear 'better buy' here, as both companies have their pros and cons. Coupang is growing faster and could double or triple its revenue more easily, but Amazon could be called the more dominant, wider-moat, more diversified pick that is also profitable and generates huge cash flows already.</p>\n<p>Looking at valuations, we can't value Coupang based on profits, as those are not existent yet. Taking a look at the two companies' respective market capitalizations relative to the revenues that they generate, we get the following picture:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38b42b77df5f43ac7316fdb87ed98010\" tg-width=\"635\" tg-height=\"447\"><span>Data by YCharts</span></p>\n<p>We see that both companies trade around 3.5x forward revenue, thus from a valuation perspective, there is no major difference here, except for the fact that AMZN is, unlike CPNG, generating profits with these revenues. One could thus argue that AMZN's revenues are of a higher quality compared to the revenues generated by CPNG.</p>\n<p>Comparing the P/S valuations of AMZN and CPNG trade at compared to some other online retailers, both companies do seem relatively inexpensive:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c9a55a87fb44372d3e5b188f34ff98e\" tg-width=\"635\" tg-height=\"467\"><span>Data by YCharts</span></p>\n<p>Many other online retailers trade at significantly higher sales multiples, including Shopify(NYSE:SHOP), which seems ultra-expensive at more than 40x forward. In Shopify's defense, one can argue that its more \"techy\" business deserves a higher sales multiple compared to the pure retailers. But even when one compares AMZN and CPNG to more similar companies such as Pinduoduo(NASDAQ:PDD)or MercadoLibre(NASDAQ:MELI), both AMZN and CPNG do seem inexpensive.</p>\n<p><b>Is Coupang Or Amazon Stock The Better Buy?</b></p>\n<p>As shown above, both companies do have their advantages, and which company you ultimately will prefer depends on what things you value the most when choosing an investment. Due to its larger scale, profitability, and strong diversification AMZN seems like the lower-risk choice to me, and its dominant position in its home market and the highly attractive cloud computing market position it well for the future, I believe. Coupang is not unattractive, either, however, and its higher revenue growth rate, coupled with an inexpensive sales multiple, could allow for considerable long-term upside.</p>\n<p>Neither company is risk-less, and due to the online retailers' exposure to consumer spending, both companies could be exposed to an economic downturn -- which I don't see as likely in the foreseeable future, however. On top of that, regulation seems like a possible risk, which may be more pronounced for Amazon due to its much larger size. On the other hand, Amazon is less dependent on a single geographic market, which results in some built-in diversification relative to the more focused Coupang.</p>\n<p>Depending on whether you want a diversified giant that is entrenched in many different markets, or whether you prefer a pure-play on consumers in South Korea, Amazon and/or Coupang could both be solid choices for your portfolio. I personally am long Amazon and see this stock&nbsp;delivering solid gains&nbsp;in the long run, even though shares aren't especially cheap at 67x this year's profits.</p>\n<p>Coupang is definitely an interesting choice as well, however, especially when we consider that its shares do trade at a massive discount relative to other regionally-focused mid-sized online retailers such as MercadoLibre and Pinduoduo.</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>Coupang Vs. Amazon Stock: Which Is The Better Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Vs. Amazon Stock: Which Is The Better Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 09:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4438343-coupang-vs-amazon-stock-better-buy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nE-commerce has benefitted from the pandemic, but will continue to enjoy healthy growth in the coming years.\nBoth Amazon and Coupang are generating strong growth, with CPNG growing faster, but...</p>\n\n<a href=\"https://seekingalpha.com/article/4438343-coupang-vs-amazon-stock-better-buy\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc.","AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4438343-coupang-vs-amazon-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162091150","content_text":"Summary\n\nE-commerce has benefitted from the pandemic, but will continue to enjoy healthy growth in the coming years.\nBoth Amazon and Coupang are generating strong growth, with CPNG growing faster, but from a much slower base.\nThere are advantages for both companies, and ultimately, which stock you prefer will depend on your investment goals and approach.\n\nblackCAT/E+ via Getty Images\nArticle Thesis\nE-commerce has benefitted a lot from pandemic-related shopping trends that favored online shopping versus in-store shopping, but even apart from that, e-commerce is here to stay and will enjoy healthy growth for many years. Amazon.com, Inc.(NASDAQ:AMZN)is the most dominant online retailer in the West, but other markets are primarily served by other online shopping companies. Coupang Inc.(NYSE:CPNG)from South Korea recently IPO'd in the US, and in this article, we will pitch the two against each other. Amazon looks like the more complete company with a wider moat to me, but Coupang is also an interesting play due to its position in an attractive, high-growth market.\nCoupang Stock Price\nCoupang Inc. has IPO'd in the US in March, raising more than $4 billion. Shares are currently trading for $40, which is below the prices of ~$50 that the stock traded at shortly following its IPO:\nData by YCharts\nShares have, however, risen considerably from the lows that the company hit in May, which could be the result of improving sentiment as the company reported very solid Q1 results that showed the company grew faster than expected. The current consensus price target is $44, which indicates that analysts are expecting an upside potential of around 10% over the next year -- solid, but not spectacular. Coupang is backed by major investors including the Gates Foundation and Softbank(OTCPK:SFTBY), which indicates that this is much more than a hyped-up IPO.\nAmazon Stock Price\nAmazon.com, Inc. has been trading for a much longer period than Coupang, and it is a way larger company already. Over the years, shares generated strong returns for investors that held onto shares, the 10-year return is north of 1,600%.\nData by YCharts\nIn 2021, however, shares have so far not risen by a lot, as investors do seem to favor stocks with exposure to economic reopening right now. Energy names, hospitality, etc. have been hot so far this year, whereas the big tech names such as Amazon, which had been strong performers in 2020, have not experienced huge gains year-to-date. The current analyst consensus price target for Amazon's shares is $4240, which suggests upside potential of around 15%, a little more than what analysts are expecting from Coupang right now.\nCoupang's Size Relative To Amazon?\nIt's pretty obvious that Coupang is not bigger than Amazon. It doesn't matter whether you look at market capitalizations, revenue, profits, cash flows, or the employee count, Amazon is a giant and significantly larger than its South Korean peer:\nData by YCharts\nThis isn't too much of a surprise, as Amazon has been founded 27 years ago and has had a lot of time to grow, whereas Coupang has only been around for a little over a decade. Amazon in 2005, when it was 11 years old, was a way smaller company than it is today, and it also was still unprofitable -- as Coupang is today. There is, however, no need to always buy the biggest companies, thus Amazon being larger than Coupang today does not necessarily equate to Amazon being a better investment. Other factors have to be considered for that as well.\nIs Coupang Better Than Amazon?\nWhen considering an investment, things that should be factored in are the growth outlook for a company, the stock's valuation, the company's risk profile and standing relative to competitors, and the overall quality.\nLooking at Coupang and Amazon, both companies are naturally poised to benefit from a long-term megatrend -- shopping shifting from brick-and-mortar to e-commerce. Note that this doesn't mean that brick-and-mortar retailers are all poised to die out, as we believe that higher-quality brick-and-mortar retailers (e.g. Home Depot(NYSE:HD)) and higher-quality brick-and-mortar real estate (e.g. Simon Property Group(NYSE:SPG)) will continue to do well. It is nevertheless relatively clear that, overall, e-commerce will continue to gain market share versus brick-and-mortar, with lower-quality traditional retailers taking the majority of the hit. Some goods are just very easily bought online, e.g. everyday clothes, books, etc. and online retailers should continue to make gains in these areas. On top of that, the overall consumer market continues to grow in both the US and internationally, which benefits online retailers as well.\nAmazon and Coupang also have the ability to boost their growth by expanding into additional markets, either geographically, or by building out new businesses. Amazon has very successfully done so and has become a major retailer not only in the US, but in many additional markets on top of that, and Amazon has also successfully built out a high-growth cloud computing business and is becoming a major player in online advertising.\nCoupang, as a much smaller and younger company, has not had the ability to expand its business as much as Amazon yet. Still, the Korean online retailer has managed to grow its business at a highly attractive pace, and one might even say that Coupang has outperformed Amazon in its home market South Korea. The company's success can be attributed to a smart and customer-focused approach that includesDawn Delivery, a service that allows customers to order before midnight and receiving their order before 7 am the next day. Coupang also has reduced cardboard packaging significantly relative to how other online retailers operate, a move that resonates well with environmentally conscious customers. Through these measures and others, Coupang has been able to deliver rapid revenue growth in the recent past, which includes a massive 75% revenue increase during the most recent quarter. Amazon grew its revenue by 44% in the most recent quarter, although it should be noted that Amazon is growing from a much larger base. The law of large numbers means that Amazon, due to its already very large size, can't grow at the rapid rates Coupang is currently seeing any longer, and the fact that Amazon is, despite its size, still growing at an attractive 40%+ pace is testament to its strong business model.\nCoupang is the higher-growth company today, and one can expect that this will remain the case in the foreseeable future, with the smaller size being a key factor for that -- growing revenue from $20 billion to $40 billion is easier than growing revenue from $500 billion to $1 trillion. Coupang is, however, unlike Amazon, not profitable yet, which may result in share count dilution as Coupang could do a secondary offering to access additional capital. Coupang is also less diversified than Amazon, both geographically and when it comes to different industries. Amazon, with its marketing and cloud computing platforms, is more of a diversified company than Coupang, which is fully reliant on e-commerce.\nI don't think that there is a clear 'better buy' here, as both companies have their pros and cons. Coupang is growing faster and could double or triple its revenue more easily, but Amazon could be called the more dominant, wider-moat, more diversified pick that is also profitable and generates huge cash flows already.\nLooking at valuations, we can't value Coupang based on profits, as those are not existent yet. Taking a look at the two companies' respective market capitalizations relative to the revenues that they generate, we get the following picture:\nData by YCharts\nWe see that both companies trade around 3.5x forward revenue, thus from a valuation perspective, there is no major difference here, except for the fact that AMZN is, unlike CPNG, generating profits with these revenues. One could thus argue that AMZN's revenues are of a higher quality compared to the revenues generated by CPNG.\nComparing the P/S valuations of AMZN and CPNG trade at compared to some other online retailers, both companies do seem relatively inexpensive:\nData by YCharts\nMany other online retailers trade at significantly higher sales multiples, including Shopify(NYSE:SHOP), which seems ultra-expensive at more than 40x forward. In Shopify's defense, one can argue that its more \"techy\" business deserves a higher sales multiple compared to the pure retailers. But even when one compares AMZN and CPNG to more similar companies such as Pinduoduo(NASDAQ:PDD)or MercadoLibre(NASDAQ:MELI), both AMZN and CPNG do seem inexpensive.\nIs Coupang Or Amazon Stock The Better Buy?\nAs shown above, both companies do have their advantages, and which company you ultimately will prefer depends on what things you value the most when choosing an investment. Due to its larger scale, profitability, and strong diversification AMZN seems like the lower-risk choice to me, and its dominant position in its home market and the highly attractive cloud computing market position it well for the future, I believe. Coupang is not unattractive, either, however, and its higher revenue growth rate, coupled with an inexpensive sales multiple, could allow for considerable long-term upside.\nNeither company is risk-less, and due to the online retailers' exposure to consumer spending, both companies could be exposed to an economic downturn -- which I don't see as likely in the foreseeable future, however. On top of that, regulation seems like a possible risk, which may be more pronounced for Amazon due to its much larger size. On the other hand, Amazon is less dependent on a single geographic market, which results in some built-in diversification relative to the more focused Coupang.\nDepending on whether you want a diversified giant that is entrenched in many different markets, or whether you prefer a pure-play on consumers in South Korea, Amazon and/or Coupang could both be solid choices for your portfolio. I personally am long Amazon and see this stock delivering solid gains in the long run, even though shares aren't especially cheap at 67x this year's profits.\nCoupang is definitely an interesting choice as well, however, especially when we consider that its shares do trade at a massive discount relative to other regionally-focused mid-sized online retailers such as MercadoLibre and Pinduoduo.","news_type":1,"symbols_score_info":{"CPNG":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151209997,"gmtCreate":1625092271219,"gmtModify":1703735802037,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"latest","listText":"latest","text":"latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151209997","repostId":"1105779613","repostType":4,"isVote":1,"tweetType":1,"viewCount":133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816031611,"gmtCreate":1630454355333,"gmtModify":1676530305998,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816031611","repostId":"2164869989","repostType":4,"repost":{"id":"2164869989","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1630442091,"share":"https://ttm.financial/m/news/2164869989?lang=en_US&edition=fundamental","pubTime":"2021-09-01 04:34","market":"us","language":"en","title":"Wall Street's subdued finish fails to detract from strong August","url":"https://stock-news.laohu8.com/highlight/detail?id=2164869989","media":"Reuters","summary":"Zoom tumbles on faster-than-expected drop in demand\nApple off lifetime high, as tech broadly weighs\n","content":"<ul>\n <li><a href=\"https://laohu8.com/S/ZM\">Zoom</a> tumbles on faster-than-expected drop in demand</li>\n <li>Apple off lifetime high, as tech broadly weighs</li>\n <li>Indexes down: Dow 0.11%, S&amp;P 0.13%, Nasdaq 0.04%</li>\n <li>All main indexes post solid monthly performances</li>\n</ul>\n<p>Aug 31 (Reuters) - Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.</p>\n<p>Having all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&amp;P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day.</p>\n<p>For the S&amp;P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July.</p>\n<p>The performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus program.</p>\n<p>\"After all the monetary and fiscal interventions, the question is where do we go from here? Does the S&amp;P go to 5,000, and how does it get there?\" said Eric Metz, chief executive officer of SpringRock Advisors.</p>\n<p>While a strong recovery in economic growth and corporate earnings have boosted U.S. stocks, investors are concerned about rising coronavirus cases and the path of Fed policy.</p>\n<p>U.S. consumer confidence fell to a six-month low in August, according to survey data from the Conference Board on Tuesday, offering a cautious note for the economic outlook.</p>\n<p>A Reuters poll last week showed strategists believe the S&amp;P 500 is likely to end 2021 not far from its current level.</p>\n<p>\"Where's leadership going to come from, for equities to power higher? Is it earnings growth, is it growth versus value, technology or energy? This needs to be defined, but I think the next leg-up for equities will be sector driven,\" Metz added.</p>\n<p>Technology stocks have continued to garner interest from investors in recent days, given the benefits which lower rates have on their future earnings, although the sector's index</p>\n<p>was among the worst performers on Tuesday.</p>\n<p>Shares of Apple fell 0.8% after hitting a lifetime high in the previous session, while Zoom Video Communications Inc tumbled 16.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom.</p>\n<p>Seven of the 11 major S&amp;P sectors retreated. Among those that did not were the real estate and the communications services indexes, which closed at record highs.</p>\n<p>On Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&amp;P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite&nbsp;dropped 6.66 points, or 0.04%, to 15,259.24.</p>\n<p>Kansas City Southern dropped 4.4% in afternoon trading after the U.S. rail regulator rejected a voting trust structure that would have allowed Canadian National Railway Co&nbsp;to proceed with its $29 billion proposed acquisition of its U.S. peer.</p>\n<p>Volume on U.S. exchanges was 9.84 billion shares, compared with the 8.98 billion average for the full session over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 119 new highs and 23 new lows.</p>\n<p>(Reporting by Shashank Nayar in Bengaluru and David French in New York; Editing by Aditya Soni and Lisa Shumaker)</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>Wall Street's subdued finish fails to detract from strong August</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street's subdued finish fails to detract from strong August\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-01 04:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li><a href=\"https://laohu8.com/S/ZM\">Zoom</a> tumbles on faster-than-expected drop in demand</li>\n <li>Apple off lifetime high, as tech broadly weighs</li>\n <li>Indexes down: Dow 0.11%, S&amp;P 0.13%, Nasdaq 0.04%</li>\n <li>All main indexes post solid monthly performances</li>\n</ul>\n<p>Aug 31 (Reuters) - Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.</p>\n<p>Having all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&amp;P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day.</p>\n<p>For the S&amp;P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July.</p>\n<p>The performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus program.</p>\n<p>\"After all the monetary and fiscal interventions, the question is where do we go from here? Does the S&amp;P go to 5,000, and how does it get there?\" said Eric Metz, chief executive officer of SpringRock Advisors.</p>\n<p>While a strong recovery in economic growth and corporate earnings have boosted U.S. stocks, investors are concerned about rising coronavirus cases and the path of Fed policy.</p>\n<p>U.S. consumer confidence fell to a six-month low in August, according to survey data from the Conference Board on Tuesday, offering a cautious note for the economic outlook.</p>\n<p>A Reuters poll last week showed strategists believe the S&amp;P 500 is likely to end 2021 not far from its current level.</p>\n<p>\"Where's leadership going to come from, for equities to power higher? Is it earnings growth, is it growth versus value, technology or energy? This needs to be defined, but I think the next leg-up for equities will be sector driven,\" Metz added.</p>\n<p>Technology stocks have continued to garner interest from investors in recent days, given the benefits which lower rates have on their future earnings, although the sector's index</p>\n<p>was among the worst performers on Tuesday.</p>\n<p>Shares of Apple fell 0.8% after hitting a lifetime high in the previous session, while Zoom Video Communications Inc tumbled 16.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom.</p>\n<p>Seven of the 11 major S&amp;P sectors retreated. Among those that did not were the real estate and the communications services indexes, which closed at record highs.</p>\n<p>On Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&amp;P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite&nbsp;dropped 6.66 points, or 0.04%, to 15,259.24.</p>\n<p>Kansas City Southern dropped 4.4% in afternoon trading after the U.S. rail regulator rejected a voting trust structure that would have allowed Canadian National Railway Co&nbsp;to proceed with its $29 billion proposed acquisition of its U.S. peer.</p>\n<p>Volume on U.S. exchanges was 9.84 billion shares, compared with the 8.98 billion average for the full session over the last 20 trading days.</p>\n<p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 119 new highs and 23 new lows.</p>\n<p>(Reporting by Shashank Nayar in Bengaluru and David French in New York; Editing by Aditya Soni and Lisa Shumaker)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","DDM":"2倍做多道指ETF-ProShares","SQQQ":"纳指三倍做空ETF","UDOW":"三倍做多道指30ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","OEX":"标普100","UPRO":"三倍做多标普500ETF-ProShares","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares","DJX":"1/100道琼斯","SSO":"2倍做多标普500ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","TQQQ":"纳指三倍做多ETF","SDOW":"三倍做空道指30ETF-ProShares","IVV":"标普500ETF-iShares","OEF":"标普100指数ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164869989","content_text":"Zoom tumbles on faster-than-expected drop in demand\nApple off lifetime high, as tech broadly weighs\nIndexes down: Dow 0.11%, S&P 0.13%, Nasdaq 0.04%\nAll main indexes post solid monthly performances\n\nAug 31 (Reuters) - Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.\nHaving all posted lifetime highs in the second half of the month, including four record closings in five sessions for the S&P 500 prior to Tuesday, the three benchmarks were weighed by technology stocks on the final day.\nFor the S&P, which rose 2.9% in August, it was a seventh straight month of gains, while the Dow and the Nasdaq advanced 1.2% and 4%, respectively, since the end of July.\nThe performance reflects the level of investor confidence in U.S. equities derived from the Federal Reserve's continued dovish tone toward tapering its massive stimulus program.\n\"After all the monetary and fiscal interventions, the question is where do we go from here? Does the S&P go to 5,000, and how does it get there?\" said Eric Metz, chief executive officer of SpringRock Advisors.\nWhile a strong recovery in economic growth and corporate earnings have boosted U.S. stocks, investors are concerned about rising coronavirus cases and the path of Fed policy.\nU.S. consumer confidence fell to a six-month low in August, according to survey data from the Conference Board on Tuesday, offering a cautious note for the economic outlook.\nA Reuters poll last week showed strategists believe the S&P 500 is likely to end 2021 not far from its current level.\n\"Where's leadership going to come from, for equities to power higher? Is it earnings growth, is it growth versus value, technology or energy? This needs to be defined, but I think the next leg-up for equities will be sector driven,\" Metz added.\nTechnology stocks have continued to garner interest from investors in recent days, given the benefits which lower rates have on their future earnings, although the sector's index\nwas among the worst performers on Tuesday.\nShares of Apple fell 0.8% after hitting a lifetime high in the previous session, while Zoom Video Communications Inc tumbled 16.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom.\nSeven of the 11 major S&P sectors retreated. Among those that did not were the real estate and the communications services indexes, which closed at record highs.\nOn Tuesday, the Dow Jones Industrial Average fell 39.11 points, or 0.11%, to 35,360.73, the S&P 500 lost 6.11 points, or 0.13%, to 4,522.68 and the Nasdaq Composite dropped 6.66 points, or 0.04%, to 15,259.24.\nKansas City Southern dropped 4.4% in afternoon trading after the U.S. rail regulator rejected a voting trust structure that would have allowed Canadian National Railway Co to proceed with its $29 billion proposed acquisition of its U.S. peer.\nVolume on U.S. exchanges was 9.84 billion shares, compared with the 8.98 billion average for the full session over the last 20 trading days.\nThe S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 119 new highs and 23 new lows.\n(Reporting by Shashank Nayar in Bengaluru and David French in New York; Editing by Aditya Soni and Lisa Shumaker)","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDS":0.9,"ESmain":0.9,"OEF":0.9,"DDM":0.9,"SPXU":0.9,"UDOW":0.9,"PSQ":0.9,"DJX":0.9,"DXD":0.9,"QLD":0.9,"MNQmain":0.9,"SQQQ":0.9,"TQQQ":0.9,"DOG":0.9,"QID":0.9,"IVV":0.9,"SSO":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SDOW":0.9,"UPRO":0.9,"NQmain":0.9,"QQQ":0.9,"SH":0.9,"OEX":0.9}},"isVote":1,"tweetType":1,"viewCount":1433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810490959,"gmtCreate":1629989930371,"gmtModify":1676530195212,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810490959","repostId":"1168256001","repostType":4,"repost":{"id":"1168256001","kind":"news","pubTimestamp":1629988691,"share":"https://ttm.financial/m/news/1168256001?lang=en_US&edition=fundamental","pubTime":"2021-08-26 22:38","market":"us","language":"en","title":"Apple Inc.: Jobs' Era Vs. Cook's Era","url":"https://stock-news.laohu8.com/highlight/detail?id=1168256001","media":"seekingalpha","summary":"Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x","content":"<p><b>Summary</b></p>\n<ul>\n <li>My last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.</li>\n <li>And this article analyzes a different aspect: the timing. The analysis attempts to shed insights into the timing when Buffett pulled the trigger on his elephant gun.</li>\n <li>The results show the different profitability drivers of AAPL during Steve Jobs’ era and Tim Cook’s era and provide useful insights for value investors.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4a28673a5b20078b3787241b02c6c9d4\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The investment thesis</b></p>\n<p>If you are reading this, chances are that you already know that Apple Inc. (AAPL) is the largest position in Warren Buffett's Berkshire Hathaway portfolio. My&nbsp;last article&nbsp;on AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power.</p>\n<p>And this article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017: a total of 661M shares, about 4% of the total shares currently outstanding. However, as to be seen in the remainder of this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.</p>\n<p>The analysis shares my attempts to answer my own question using a so-called DuPont analysis. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era. As to be seen by the results later, as a person, I love and even idolize Steve Jobs for his vision and relentless innovation-first style. His vision and innovation - when worked - created an astronomical level of profitability, but is difficult to sustain. But as an investor, especially a long-term and value-driven investor, I feel more comfortable with Tim Cook with his focus on operation and existing products. As to be seen by the results, profitability seemed to be lower on the surface, but upon a closer look, the quality of the earnings is actually improved and became more sustainable. I hope these results provide useful insights not only for AAPL investors but also for investors interested in other stocks.</p>\n<p><b>Overview and recap</b></p>\n<p>Here, I will first provide a brief recap of my last article to facilitate the new discussion today. If you're a devout Buffett cultist like this author, you must have noticed or heard that the grandmaster paid ~10x pretax earnings for many of his largest and best deals. The list is a really long one, ranging from Coca-Cola, American Express, Wells Fargo, Walmart, Burlington Northern, and of course the more recent AAPL purchase and his recent $25B&nbsp;repurchases of BRK&nbsp;shares as analyzed in my earlier article.</p>\n<p>The following chart shows the price history of AAPL and its 10x pretax earnings since 2010. Pretax earnings are also referred to as \"EBT\", Earnings Before Taxes, in this article. As seen, Buffett made his purchases during 2016-2017 when the price is below or near 10x EBT. I was lucky enough to have made the AAPL purchases at that time myself too.</p>\n<p>And the thesis was that if we paid 10x pretax and bought a business that stagnates forever, it is an investment that offers a 10% pretax return already, equivalent to a 10% bond. Not the best investment ever, but not that bad either. If we get a business that offers<i>any</i>growth like AAPL, then we will be buying an above-average business at an average price. It is now equivalent to buying a 10% yield bond with a built-in growth of coupon payments. And we will have a large chance of a double-digit return compounding for a long time (if you hold onto it long enough like Buffett).</p>\n<p>And AAPL is a business that is very like to keep growing as to be elaborated next.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9eec812a3eda60f950a1890eebc7dd34\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Author based on Seeking Alpha data</span></p>\n<p>So are there any reasons fundamental to this 10x pretax rule, or is it only a bunch of pure coincidences? I think it is the former and there are indeed many good reasons for this rule, as listed below.</p>\n<p><b>ROCE and perpetual autonomous growth potential</b></p>\n<p>When we think like a long-term business owner, not a stock trader, a key metric (the most important metric in my opinion) is the return on capital employed (ROCE). ROCE measures the return of capital<i>actually</i>employed in a business. And it, therefore, provides fundamental insights into profitability. ROCE is fundamentally important in many ways. A consistent and high ROCE is the hallmark of a business with a sustainable moat. A consistent and high ROCE also shows how effectively the reinvested income can be used to fuel further earnings growth because, in the long term, the growth rate is given by:</p>\n<p>Long term growth rate = ROCE * Reinvestment Rate</p>\n<p>Thus a higher ROCE allows a business to reinvest less of its earnings and grow more at the same time. A key combination for a long-term compounder. To estimate the ROCE of businesses like AAPL, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. Research and development expenses (an essential expense for a business like AAPL).</p>\n<p>Based on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE at the beginning of the decade, when Steve Jobs left the CEO position. The average ROCE between 2010 to 2012 was near a level of around 443%. Every $1 reinvested in the business can generate more than $4 of additional earning! Since Tim Cook took over, the profitability gradually lowered to the current level of 183%.</p>\n<p>To help put things under perspective, the next chart shows the ROCE of a few other Buffett-style stocks. The ROCE data are directly pulled from my previous analyses. And in case you want to see the details of how I got these numbers, you can look up my recent articles under these tickers.</p>\n<p>As seen, the profitability during Jobs' era was truly astronomical, thanks to all the innovations that profoundly changed the world. And the current level of 183%, the \"declined\" level, is still very competitive relative to other high-quality businesses.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb073458b1726a64be72be41af90a7b6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/773b42d84964aa81732fe7e60ce2e815\" tg-width=\"640\" tg-height=\"311\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha.</span></p>\n<p><b>Why Buffett bought at a time with rapidly declining profitability?</b></p>\n<p>With the above results, the question that puzzled me was why Buffett bought at a time with rapidly declining profitability? As seen from the results above, the profitability of the business was in rapid decline during 2016 and 2017, when Buffett bought the majority of his shares. The following analysis shares my attempts to answer this question using a so-called DuPont framework. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era.</p>\n<p>The DuPont framework is a tool for analyzing profitability at a fundamental level. It was a general tool and by no means specific to the DuPont business. However, it was popularized by the DuPont Corporation and the name stuck. The DuPont was originally developed to pinpoint issues to improve return on equity (\"ROE\"). In the application here, I made a few modifications to suit the unique situation of AAPL (and modern corporations in general). I will detail the modifications as we go.</p>\n<p>The first modification is that I will use the framework to analyze ROCE instead of ROE. The reasons are aforementioned. And to recap, the first main reason is that ROCE is more fundamentally important than ROE. And secondly, the ROE concept is not even applicable at all to many modern corporations where their share equity is very small or even negative, because more and more corporations have decided to return all share equity to shareholders as they rely more and more on their intangible assets to make a profit.</p>\n<p>Under the DuPont framework, there are three knobs that management can turn to drive up ROCE: profit margin (\"PM\"), asset turnover ratio (\"ATR\"), and leverage. Through simple math, we can show that ROCE is just the product of these three things, i.e.,</p>\n<p>ROCE = PM x ATR x leverage.</p>\n<p>Where PM here is defined as operating income divided by total revenue, ATR is defined as total revenue divided by total asset, and leverage is defined as total asset divided by total capital employed. And here is the second modification that I made to the original DuPont method. I defined leverage as the ratio between total asset divided and total capital employed, instead of the total asset divided by share equity. And again, the reason is that the original definition is not even applicable at all to many modern corporations where their share equity is very small or even negative. The new definition could be understood as effective leverage. It's leverage against the business' working capital (payables, receivables, and inventory), gross property, plant, equipment, et al. If these things represent the share equity in an accounting sense, then the effective leverage will be the same as the original definition. If not, then the effective leverage makes more sense to me. No matter what is the share equity in the accounting sense, a corporation always requires capital to make a profit.</p>\n<p><b>AAPL's profitability drivers</b></p>\n<p>Based on the above discussions, the following three charts show the three knobs for AAPL over the past decade. As can be seen from the first chart, the profit margin has declined from about 32.9% at the beginning of the decade to the current level of 26.7% - a 20.9% decrease. On average, the profit margin for the overall economy fluctuates around 8% and rarely goes above 10%. Of course, this is an average across all business sectors. Nonetheless, as a rule of thumb, 10% is a very healthy profit margin and 20% is a very high margin. AAPL's 32.9% margin at the beginning of the decade was due to the innovations that profoundly changed the world and their near-monopoly status. It is difficult to sustain. You cannot expect to invent a new earthshaking product like the iPhone before 2011 every a few years. And the current level of 26.7% is still very high.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62fc5d093753a57ae672d3726f14afec\" tg-width=\"640\" tg-height=\"343\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p>The second chart shows the ATR driver. The ATR measures how efficiently a company uses its assets to generate revenue. The higher the ATR, the better the company is performing, since higher ratios imply that the company is generating more revenue per dollar of assets. As seen, AAPL's ATR started around 0.88 at the beginning of the decade, declined to about 0.6 in the mid, and bounced back to the current level of 0.94. Overall, the ATR has improved 6.4% over the decade. Unlike innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook, with his tremendous experiences and insights as the former Chief Operating Officer, certainly has done an excellent job. A notable example was his decision to replace Apple's own factories and warehouses with contractors, a decision that led to a reduction of the company's inventory from months to days.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccbba3d838ca6ffb8b0e4574e2908eed\" tg-width=\"640\" tg-height=\"345\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p>This third and last chart shows the biggest driver for the profitability change. It shows that Tim Cook reduced the effective leverage from an average level of ~15x at the beginning of the decade, to the current level of 7.3, a 74% decrease. So the ROCE declined from 443% in the Jobs' era to the current level of 183% was largely due to the decrease in leverage. As a result, the decline of ROCE is not as bad as it seemed on the surface. The quality of the profit has been improved and became more sustainable.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1c7f2ce039418c7258342046a887042\" tg-width=\"640\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p><b>Putting it all together</b></p>\n<p>The following table summarizes the above profitability drivers. And for more visual-oriented readers, the chart below it visualizes the numbers in a waterfall plot. Note that all the changes quoted here are the so-called logarithm changes. For readers who are not familiar with logarithm changes, it is the \"more scientific\" way of measuring changes when there are multiple factors involved - more scientific than the simple arithmetic changes we routinely quote.</p>\n<p>Let's use a simple example to illustrate. Let's consider the calculation of dividend yield for a stock. The dividend yield depends on two things - the dividend and the price, so it will illustrate why the logarithm change is the \"more scientific\" way of measuring change when multiple factors are involved. Consider an example when a stock's dividend increases by 10% and price drops by 10% - in the arithmetic sense we talked about. The dividend yield would increase, but it will<i>not</i>increase by 20%. It would actually increase by 22.22%. In other words, the dividend yield change is not equal to the sum of the arithmetic change in the dividend and the price.</p>\n<p>Now in logarithm terms, things become simpler and more intuitive in a certain way. The logarithm changes involved in this example are: 9.52% for the dividend (logarithm of 110% = 9.52%), -10.54% for the price (logarithm of 90% = -10.54%), and 20.06% for the dividend yield (logarithm of 122.22% = 20.06%). So as you can see, the change of dividend yield is now equal to the sum of the changes in the dividend and the price (20.06% = 9.52% + 10.54%).</p>\n<p>With this digression, now the summary of the profitability drivers for AAPL. As seen from the table and the chart, the ROCE has decreased by 88.4% over the decade (again we are talking in the logarithm terms here and hereafter). It seems pretty bad until we look at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. The next biggest contributor came from the decrease in PM, a 20.9% decrease. It is unfortunate, never a good thing to see profit margin decrease. But I would like to argue the level of PM enjoyed by AAPL (or any business) during a period of technological monopoly is not really sustainable. And lastly, the ATR has contributed a positive 6.4% to the change. As aforementioned, unlike technological innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook certainly is an operation master (not implying that he is not fantastic in other ways).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8ab37ef43d6df7e215214aaf8e33eb\" tg-width=\"640\" tg-height=\"303\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03243108e67063bf027112a201a0cac9\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Source: Author and Seeking Alpha data.</span></p>\n<p><b>Conclusion and final thought</b></p>\n<p>Mylast articleon AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power. The thesis was that when Buffett bought AAPL during 2016~2017 at a price around 10x pretax earnings, it was equivalent to buying a 10% yield bond even if the business stagnates forever. If he gets ANY growth, then he will be buying a 10% yield bond with a built-in growth of coupon payments. And as shown in my last article, AAPL is a business that is very like to keep growing due to its high ROCE and capital allocation flexibility.</p>\n<p>This article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017. However, as seen in this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.</p>\n<p>Using the so-called DuPont analysis (with some modifications), the results show that the profitability drivers of AAPL have changed substantially from Steve Jobs' era and Tim Cook's era. The ROCE has decreased by 88.4% over the decade, which seems pretty bad until we look closer at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. Tim Cook also stabilized (slightly improved) the asset turnover rate, which contributed a positive 6.4% to the change of ROCE. Unlike technological innovations, ATR is a knob that management can consistently tweak and improve. The decreased leverage and improved ATR have actually improved ROCE in a way and made it more sustainable. I think this is in line with Buffett's philosophy of buying businesses that can be run by a fool one day - or at least buying business that does not require a once-in-a-generation genius to run.</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>Apple Inc.: Jobs' Era Vs. Cook's Era</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Inc.: Jobs' Era Vs. Cook's Era\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article ...</p>\n\n<a href=\"https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4451809-apple-inc-jobs-era-vs-cooks-era","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168256001","content_text":"Summary\n\nMy last article on Apple Inc. was performed under a framework that I call the Buffett’s 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article analyzes a different aspect: the timing. The analysis attempts to shed insights into the timing when Buffett pulled the trigger on his elephant gun.\nThe results show the different profitability drivers of AAPL during Steve Jobs’ era and Tim Cook’s era and provide useful insights for value investors.\n\nNikada/iStock Unreleased via Getty Images\nThe investment thesis\nIf you are reading this, chances are that you already know that Apple Inc. (AAPL) is the largest position in Warren Buffett's Berkshire Hathaway portfolio. My last article on AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power.\nAnd this article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017: a total of 661M shares, about 4% of the total shares currently outstanding. However, as to be seen in the remainder of this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.\nThe analysis shares my attempts to answer my own question using a so-called DuPont analysis. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era. As to be seen by the results later, as a person, I love and even idolize Steve Jobs for his vision and relentless innovation-first style. His vision and innovation - when worked - created an astronomical level of profitability, but is difficult to sustain. But as an investor, especially a long-term and value-driven investor, I feel more comfortable with Tim Cook with his focus on operation and existing products. As to be seen by the results, profitability seemed to be lower on the surface, but upon a closer look, the quality of the earnings is actually improved and became more sustainable. I hope these results provide useful insights not only for AAPL investors but also for investors interested in other stocks.\nOverview and recap\nHere, I will first provide a brief recap of my last article to facilitate the new discussion today. If you're a devout Buffett cultist like this author, you must have noticed or heard that the grandmaster paid ~10x pretax earnings for many of his largest and best deals. The list is a really long one, ranging from Coca-Cola, American Express, Wells Fargo, Walmart, Burlington Northern, and of course the more recent AAPL purchase and his recent $25B repurchases of BRK shares as analyzed in my earlier article.\nThe following chart shows the price history of AAPL and its 10x pretax earnings since 2010. Pretax earnings are also referred to as \"EBT\", Earnings Before Taxes, in this article. As seen, Buffett made his purchases during 2016-2017 when the price is below or near 10x EBT. I was lucky enough to have made the AAPL purchases at that time myself too.\nAnd the thesis was that if we paid 10x pretax and bought a business that stagnates forever, it is an investment that offers a 10% pretax return already, equivalent to a 10% bond. Not the best investment ever, but not that bad either. If we get a business that offersanygrowth like AAPL, then we will be buying an above-average business at an average price. It is now equivalent to buying a 10% yield bond with a built-in growth of coupon payments. And we will have a large chance of a double-digit return compounding for a long time (if you hold onto it long enough like Buffett).\nAnd AAPL is a business that is very like to keep growing as to be elaborated next.\nSource: Author based on Seeking Alpha data\nSo are there any reasons fundamental to this 10x pretax rule, or is it only a bunch of pure coincidences? I think it is the former and there are indeed many good reasons for this rule, as listed below.\nROCE and perpetual autonomous growth potential\nWhen we think like a long-term business owner, not a stock trader, a key metric (the most important metric in my opinion) is the return on capital employed (ROCE). ROCE measures the return of capitalactuallyemployed in a business. And it, therefore, provides fundamental insights into profitability. ROCE is fundamentally important in many ways. A consistent and high ROCE is the hallmark of a business with a sustainable moat. A consistent and high ROCE also shows how effectively the reinvested income can be used to fuel further earnings growth because, in the long term, the growth rate is given by:\nLong term growth rate = ROCE * Reinvestment Rate\nThus a higher ROCE allows a business to reinvest less of its earnings and grow more at the same time. A key combination for a long-term compounder. To estimate the ROCE of businesses like AAPL, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. Research and development expenses (an essential expense for a business like AAPL).\nBased on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE at the beginning of the decade, when Steve Jobs left the CEO position. The average ROCE between 2010 to 2012 was near a level of around 443%. Every $1 reinvested in the business can generate more than $4 of additional earning! Since Tim Cook took over, the profitability gradually lowered to the current level of 183%.\nTo help put things under perspective, the next chart shows the ROCE of a few other Buffett-style stocks. The ROCE data are directly pulled from my previous analyses. And in case you want to see the details of how I got these numbers, you can look up my recent articles under these tickers.\nAs seen, the profitability during Jobs' era was truly astronomical, thanks to all the innovations that profoundly changed the world. And the current level of 183%, the \"declined\" level, is still very competitive relative to other high-quality businesses.\nSource: Author and Seeking Alpha.\nSource: Author and Seeking Alpha.\nWhy Buffett bought at a time with rapidly declining profitability?\nWith the above results, the question that puzzled me was why Buffett bought at a time with rapidly declining profitability? As seen from the results above, the profitability of the business was in rapid decline during 2016 and 2017, when Buffett bought the majority of his shares. The following analysis shares my attempts to answer this question using a so-called DuPont framework. The results show the different profitability drivers of AAPL during Steve Jobs' era and Tim Cook's era.\nThe DuPont framework is a tool for analyzing profitability at a fundamental level. It was a general tool and by no means specific to the DuPont business. However, it was popularized by the DuPont Corporation and the name stuck. The DuPont was originally developed to pinpoint issues to improve return on equity (\"ROE\"). In the application here, I made a few modifications to suit the unique situation of AAPL (and modern corporations in general). I will detail the modifications as we go.\nThe first modification is that I will use the framework to analyze ROCE instead of ROE. The reasons are aforementioned. And to recap, the first main reason is that ROCE is more fundamentally important than ROE. And secondly, the ROE concept is not even applicable at all to many modern corporations where their share equity is very small or even negative, because more and more corporations have decided to return all share equity to shareholders as they rely more and more on their intangible assets to make a profit.\nUnder the DuPont framework, there are three knobs that management can turn to drive up ROCE: profit margin (\"PM\"), asset turnover ratio (\"ATR\"), and leverage. Through simple math, we can show that ROCE is just the product of these three things, i.e.,\nROCE = PM x ATR x leverage.\nWhere PM here is defined as operating income divided by total revenue, ATR is defined as total revenue divided by total asset, and leverage is defined as total asset divided by total capital employed. And here is the second modification that I made to the original DuPont method. I defined leverage as the ratio between total asset divided and total capital employed, instead of the total asset divided by share equity. And again, the reason is that the original definition is not even applicable at all to many modern corporations where their share equity is very small or even negative. The new definition could be understood as effective leverage. It's leverage against the business' working capital (payables, receivables, and inventory), gross property, plant, equipment, et al. If these things represent the share equity in an accounting sense, then the effective leverage will be the same as the original definition. If not, then the effective leverage makes more sense to me. No matter what is the share equity in the accounting sense, a corporation always requires capital to make a profit.\nAAPL's profitability drivers\nBased on the above discussions, the following three charts show the three knobs for AAPL over the past decade. As can be seen from the first chart, the profit margin has declined from about 32.9% at the beginning of the decade to the current level of 26.7% - a 20.9% decrease. On average, the profit margin for the overall economy fluctuates around 8% and rarely goes above 10%. Of course, this is an average across all business sectors. Nonetheless, as a rule of thumb, 10% is a very healthy profit margin and 20% is a very high margin. AAPL's 32.9% margin at the beginning of the decade was due to the innovations that profoundly changed the world and their near-monopoly status. It is difficult to sustain. You cannot expect to invent a new earthshaking product like the iPhone before 2011 every a few years. And the current level of 26.7% is still very high.\nSource: Author and Seeking Alpha data.\nThe second chart shows the ATR driver. The ATR measures how efficiently a company uses its assets to generate revenue. The higher the ATR, the better the company is performing, since higher ratios imply that the company is generating more revenue per dollar of assets. As seen, AAPL's ATR started around 0.88 at the beginning of the decade, declined to about 0.6 in the mid, and bounced back to the current level of 0.94. Overall, the ATR has improved 6.4% over the decade. Unlike innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook, with his tremendous experiences and insights as the former Chief Operating Officer, certainly has done an excellent job. A notable example was his decision to replace Apple's own factories and warehouses with contractors, a decision that led to a reduction of the company's inventory from months to days.\nSource: Author and Seeking Alpha data.\nThis third and last chart shows the biggest driver for the profitability change. It shows that Tim Cook reduced the effective leverage from an average level of ~15x at the beginning of the decade, to the current level of 7.3, a 74% decrease. So the ROCE declined from 443% in the Jobs' era to the current level of 183% was largely due to the decrease in leverage. As a result, the decline of ROCE is not as bad as it seemed on the surface. The quality of the profit has been improved and became more sustainable.\nSource: Author and Seeking Alpha data.\nPutting it all together\nThe following table summarizes the above profitability drivers. And for more visual-oriented readers, the chart below it visualizes the numbers in a waterfall plot. Note that all the changes quoted here are the so-called logarithm changes. For readers who are not familiar with logarithm changes, it is the \"more scientific\" way of measuring changes when there are multiple factors involved - more scientific than the simple arithmetic changes we routinely quote.\nLet's use a simple example to illustrate. Let's consider the calculation of dividend yield for a stock. The dividend yield depends on two things - the dividend and the price, so it will illustrate why the logarithm change is the \"more scientific\" way of measuring change when multiple factors are involved. Consider an example when a stock's dividend increases by 10% and price drops by 10% - in the arithmetic sense we talked about. The dividend yield would increase, but it willnotincrease by 20%. It would actually increase by 22.22%. In other words, the dividend yield change is not equal to the sum of the arithmetic change in the dividend and the price.\nNow in logarithm terms, things become simpler and more intuitive in a certain way. The logarithm changes involved in this example are: 9.52% for the dividend (logarithm of 110% = 9.52%), -10.54% for the price (logarithm of 90% = -10.54%), and 20.06% for the dividend yield (logarithm of 122.22% = 20.06%). So as you can see, the change of dividend yield is now equal to the sum of the changes in the dividend and the price (20.06% = 9.52% + 10.54%).\nWith this digression, now the summary of the profitability drivers for AAPL. As seen from the table and the chart, the ROCE has decreased by 88.4% over the decade (again we are talking in the logarithm terms here and hereafter). It seems pretty bad until we look at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. The next biggest contributor came from the decrease in PM, a 20.9% decrease. It is unfortunate, never a good thing to see profit margin decrease. But I would like to argue the level of PM enjoyed by AAPL (or any business) during a period of technological monopoly is not really sustainable. And lastly, the ATR has contributed a positive 6.4% to the change. As aforementioned, unlike technological innovations, ATR is a knob that management can consistently tweak and improve. And Tim Cook certainly is an operation master (not implying that he is not fantastic in other ways).\nSource: Author and Seeking Alpha data.\nSource: Author and Seeking Alpha data.\nConclusion and final thought\nMylast articleon AAPL was performed under a framework that I call Buffett's 10x Pretax Rule, with a particular focus on its valuation and compounding power. The thesis was that when Buffett bought AAPL during 2016~2017 at a price around 10x pretax earnings, it was equivalent to buying a 10% yield bond even if the business stagnates forever. If he gets ANY growth, then he will be buying a 10% yield bond with a built-in growth of coupon payments. And as shown in my last article, AAPL is a business that is very like to keep growing due to its high ROCE and capital allocation flexibility.\nThis article analyzes a different aspect: the timing. Buffett bought the majority of his APPL shares during 2016 and 2017. However, as seen in this article, the profitability of the business was in rapid decline during 2016 and 2017 as measured by the return on capital employed (\"ROCE\"). So I was intrigued by the timing of Buffett's purchase.\nUsing the so-called DuPont analysis (with some modifications), the results show that the profitability drivers of AAPL have changed substantially from Steve Jobs' era and Tim Cook's era. The ROCE has decreased by 88.4% over the decade, which seems pretty bad until we look closer at the knobs that Cook turned. Out of the 88.4% decrease, 74% of it came from the decreased leverage, which is actually a good thing to me. Tim Cook also stabilized (slightly improved) the asset turnover rate, which contributed a positive 6.4% to the change of ROCE. Unlike technological innovations, ATR is a knob that management can consistently tweak and improve. The decreased leverage and improved ATR have actually improved ROCE in a way and made it more sustainable. I think this is in line with Buffett's philosophy of buying businesses that can be run by a fool one day - or at least buying business that does not require a once-in-a-generation genius to run.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147800427,"gmtCreate":1626346774569,"gmtModify":1703758330547,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/147800427","repostId":"1131130245","repostType":4,"repost":{"id":"1131130245","kind":"news","pubTimestamp":1626340636,"share":"https://ttm.financial/m/news/1131130245?lang=en_US&edition=fundamental","pubTime":"2021-07-15 17:17","market":"us","language":"en","title":"Tesla's Powerwall Backlog Exceeds Production Capacity, Musk Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1131130245","media":"Thestreet","summary":"Tesla Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than","content":"<p>Tesla&nbsp;Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.</p>\n<p>But Musk also said Tesla can produce only 30,000 to 35,000 Powerwalls this quarter.&nbsp;The company says it can't ramp up production to meet demand due to the global chip shortage.</p>\n<p>CEO Elon Musk made his comments about the backlog yesterday in court, Electrek reports.</p>\n<p>Musk was sued by certain Tesla shareholders over the company's acquisition of SolarCity in 2016.</p>\n<p>The case, in the Court of Chancery in Wilmington, Del., pits Musk against some pension funds and asset managers. They allege that Musk used his control of Tesla to force the electric-vehicle company in 2016 to rescue solar panel maker SolarCity,saving it and Musk's investment in the company from bankruptcy.</p>\n<p>The pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock.</p>\n<p>Electrek reports that Tesla in about five years deployed the first 100,000 Powerwalls and then deployed 100,000 more over the past year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla's Powerwall Backlog Exceeds Production Capacity, Musk Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nTesla's Powerwall Backlog Exceeds Production Capacity, Musk Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 17:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/tesla-powerwall-backlog-exceeds-production-capacity?puc=yahoo&cm_ven=YAHOO><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.\nBut Musk also said Tesla can ...</p>\n\n<a href=\"https://www.thestreet.com/investing/tesla-powerwall-backlog-exceeds-production-capacity?puc=yahoo&cm_ven=YAHOO\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/tesla-powerwall-backlog-exceeds-production-capacity?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131130245","content_text":"Tesla Chief Executive Elon Musk says his company has a backlog of 80,000 orders, valued at more than $500 million, for its Powerwall home solar-energy-storage system.\nBut Musk also said Tesla can produce only 30,000 to 35,000 Powerwalls this quarter. The company says it can't ramp up production to meet demand due to the global chip shortage.\nCEO Elon Musk made his comments about the backlog yesterday in court, Electrek reports.\nMusk was sued by certain Tesla shareholders over the company's acquisition of SolarCity in 2016.\nThe case, in the Court of Chancery in Wilmington, Del., pits Musk against some pension funds and asset managers. They allege that Musk used his control of Tesla to force the electric-vehicle company in 2016 to rescue solar panel maker SolarCity,saving it and Musk's investment in the company from bankruptcy.\nThe pension funds and asset managers leading the case want Musk to repay to Tesla the cost of the $2.6 billion deal and to disgorge the profits on his SolarCity stock.\nElectrek reports that Tesla in about five years deployed the first 100,000 Powerwalls and then deployed 100,000 more over the past year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":73,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832210895,"gmtCreate":1629637141517,"gmtModify":1676530083517,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/832210895","repostId":"2161745179","repostType":4,"repost":{"id":"2161745179","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1629500040,"share":"https://ttm.financial/m/news/2161745179?lang=en_US&edition=fundamental","pubTime":"2021-08-21 06:54","market":"hk","language":"en","title":"Pfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine","url":"https://stock-news.laohu8.com/highlight/detail?id=2161745179","media":"Dow Jones","summary":"Pfizer Inc. $(PFE)$ and U.S. shares of BioNTech SE (BNTX) rose in the extended session Friday follow","content":"<p>Pfizer Inc. <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and U.S. shares of <a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> (BNTX) rose in the extended session Friday following a report that the drug makers will likely get full Food and Drug Administration approval for their COVID-19 vaccine sometime next week. Pfizer shares rose more than 2% after hours, following a 0.2% decline to close at $48.72, and BioNTech's ADRs rallied more than 5%, following a 5.1% gain to close at $348.68. Late Friday, The New York Times reported targeting the delta variant of the virus.</p>\n<p></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>Pfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine</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\">\nPfizer, BioNTech stocks rises on report FDA could fully approve COVID-19 vaccine\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-08-21 06:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Pfizer Inc. <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and U.S. shares of <a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> (BNTX) rose in the extended session Friday following a report that the drug makers will likely get full Food and Drug Administration approval for their COVID-19 vaccine sometime next week. Pfizer shares rose more than 2% after hours, following a 0.2% decline to close at $48.72, and BioNTech's ADRs rallied more than 5%, following a 5.1% gain to close at $348.68. Late Friday, The New York Times reported targeting the delta variant of the virus.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161745179","content_text":"Pfizer Inc. $(PFE)$ and U.S. shares of BioNTech SE (BNTX) rose in the extended session Friday following a report that the drug makers will likely get full Food and Drug Administration approval for their COVID-19 vaccine sometime next week. Pfizer shares rose more than 2% after hours, following a 0.2% decline to close at $48.72, and BioNTech's ADRs rallied more than 5%, following a 5.1% gain to close at $348.68. Late Friday, The New York Times reported targeting the delta variant of the virus.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893143538,"gmtCreate":1628250247524,"gmtModify":1703503941476,"author":{"id":"3578441800686387","authorId":"3578441800686387","name":"K4JDen","avatar":"https://static.tigerbbs.com/17627b26c81658ffa6ba42fa7fa41b67","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578441800686387","idStr":"3578441800686387"},"themes":[],"htmlText":"hopefully can travel again soon","listText":"hopefully can travel again soon","text":"hopefully can travel again soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/893143538","repostId":"1196354962","repostType":4,"isVote":1,"tweetType":1,"viewCount":1233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}