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2021-09-13

Micron!

3 Value Stocks to Buy While They're Cheap

2021-08-26

$Exela Technologies, Inc.(XELA)$Averaged down twice already… [Gosh]

2021-08-15

Ok good

How to value Nio's stock compared to Tesla, VW, Ford and other rivals

2021-08-04

Hmm

August spooks many stock investors but it’s actually one of the Dow’s best months

2021-08-01

??

You can beat stock market indexes — this fund manager has, and this is how she and her team did it

2021-07-29

$Exela Technologies, Inc.(XELA)$Quick fly us to the moon

2021-07-26

$Alibaba(09988)$So boring

2021-07-22

$Alibaba(09988)$I will hold...

2021-07-21

$Exela Technologies, Inc.(XELA)$? Bored. Can you stop dipping?

Go to Tiger App to see more news

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transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":4,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":886910817,"gmtCreate":1631542947239,"gmtModify":1676530571494,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"Micron!","listText":"Micron!","text":"Micron!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/886910817","repostId":"2167583945","repostType":4,"repost":{"id":"2167583945","kind":"highlight","pubTimestamp":1631542079,"share":"https://ttm.financial/m/news/2167583945?lang=&edition=fundamental","pubTime":"2021-09-13 22:07","market":"us","language":"en","title":"3 Value Stocks to Buy While They're Cheap","url":"https://stock-news.laohu8.com/highlight/detail?id=2167583945","media":"Motley Fool","summary":"While bears widely cite historically high valuations, there are still bargains to be found.","content":"<p>Is it time to be worried about a stock market correction? Some seem to think so. Just last week, analysts at <b>Deutsche Bank</b>&nbsp;cited the high valuation of the <b>S&amp;P 500</b> relative to its history as a potential reason for worry. And it's true that low interest rates, technological disruption, and a government stimulus have all come together to put stocks at high valuations relative to current earnings.</p>\n<p>The naysayers always have some reason the market is about to crash, but that doesn't mean it will happen, or that the market won't got on to hit new highs over time, as it always has.</p>\n<p>Still, if you're nervous about the valuations of many top stocks, there are quite a few bargains to be had. With enough looking, investors can still find quality companies trading at low valuation ratios across a range of sectors. Today, financial stock <b>Discover Financial Services</b> (NYSE:DFS), tech giant <b>Micron Technology</b> (NASDAQ:MU), and U.S. cannabis company <b>Ayr Wellness</b> (OTC:AYRW.F) all appear to fit that description.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7d37411519d470ff3c53a15776d3013c\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<h2>Discover one of the cheapest dividend stocks around</h2>\n<p>Credit card giant Discover Financial is up an impressive 33% on the year, but the stock is still one of the cheapest in the financial sector, which is also one of the lowest-valued sectors around. Yes, thanks to government stimulus and much better-than-expected loss rates coming out of the pandemic, Discover has released a lot of the extra credit reserves it took in the first two quarters of 2020, which has turbocharged its earnings this year, bringing its P/E ratio down to just 7.7. Yet the stock still trades at less than 10 times its average 2022 estimate, which doesn't incorporate any extraordinary benefits.</p>\n<p>Why so cheap? Well, investors are perennially skeptical of unsecured credit card loans, and that's where Discover makes the vast majority of its profits. Its other lending products are student loans and unsecured personal loans. Discover, of course, also has its proprietary credit card network, but its payments business, while perhaps making the business vertically integrated and more efficient, yields little in operating profit.</p>\n<p>Still, the flip side of this \"risk\" is that Discover can charge high credit card interest rates, which gives it a net interest margin over 10% -- much higher than traditional banks. And Discover has a history of managing risk very well. Its operating income showed remarkable stability for the five years before the COVID-19 pandemic, with a high return on equity consistently in the low to mid-20% range. Earnings and dividends per share grew every year with the help of generous share repurchases.</p>\n<p>Now that the pandemic is receding, those share repurchases are commencing again, with management recently authorizing a new $2.4 billion share repurchase program, which would amount to 7% of Discover's market cap, along with a 14% dividend increase, to a 1.7% yield at today's stock price. Discover is also now back in growth mode, after tightening things up last year. CEO Roger Hochschild said on the conference call with analysts that new account growth is up 26% over 2019.</p>\n<p>While the delta variant may slow the recovery, 2021 economic growth should still be strong, with consumer balance sheets in good shape. That means financials like Discover should do well, and those benefits should trickle down to its shareholders, too.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b2ac74efa1be74adc15041cd0084fa0\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<h2>Micron is confident enough to reinitiate a dividend</h2>\n<p>If I were to tell you that a company recently felt confident enough in its outlook to reinitiate a dividend for the first time in 25 years, you might be surprised that the stock would be down 22% from recent highs, and that it trades for just 7 times next year's earnings estimates. Yet that's exactly what has happened with Micron Technology, a global leader in memory and storage chips.</p>\n<p>There's no doubt that Micron's business can be highly cyclical, and that we are currently in some stage of an upswing in memory prices. Therefore, investors appear to be thinking ahead, anticipating the next downturn, which is why shares have lagged recently.</p>\n<p>However, Micron is a consistently improving business, and it should become less cyclical, for a few reasons. First, the DRAM industry, where Micron gets about two-thirds of its revenue, has consolidated to just three large players. Those three are now exercising disciplined supply growth, a contrast from the past. In addition, the ability to scale DRAM further is becoming harder, meaning that increasing supply is becoming more difficult. At the same time, DRAM demand is strong and diversified across artificial-intelligence servers, cloud growth, 5G mobile phones, more powerful laptops, and more computerized automobiles. Finally, Micron has recently caught up to competitors in leading-edge technology, while gearing its portfolio toward higher-value solutions.</p>\n<p>All of this has meant higher highs and higher lows in terms of margins through the cycles. At the beginning of the 2000s, Micron's adjusted EBITDA margins would turn negative in cyclical troughs; however, EBITDA margins bottomed around 40% in the last downcycle and are still trending upward.</p>\n<p>Combined with a strong balance sheet with more cash than debt, Micron is one of the cheapest stocks in the otherwise-expensive tech sector, despite a positive outlook for demand for the next decade. I'd expect shares to move higher once again in due course, and investors now get paid a dividend while they wait.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40098243726325d3a881e7c285bd2bee\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<h2>Ayr Wellness is a pot company repurchasing its own stock</h2>\n<p>Despite strong financial results, cannabis stocks have been decimated since March. The reason? It's a bit hard to say, but it could be several things: \"Hot money\" may have been chasing federal legislation that would end cannabis prohibition, but with no action yet this far into the year, it appears patience is wearing thin. In addition, many institutional investors still can't own U.S. pot stocks, which can only trade on Canadian exchanges or over the counter until federal decriminalization happens.</p>\n<p>Up-and-coming cannabis company Ayr Wellness was already one of the cheapest stocks in the space, and the recent sector sell-off has made it even more of a bargain. The sell-off doesn't have much to do with earnings results, as Ayr just reported heady 222% revenue growth in its recent quarter, while raising its 2022 guidance to $800 million in revenue and $300 million in adjusted EBITDA. That means its stock, with a market cap just under $1.5 billion, trades at a forward enterprise value-to-EBITDA multiple of just 5.</p>\n<p>That's a really cheap valuation for a high-growth company. In fact, it's so cheap that Ayr's management just initiated a repurchase program&nbsp;for up to 5% of Ayr's shares outstanding over the next 12 months. With so much opportunity for growth, devoting cash to repurchasing shares says something about what management thinks of the current stock price.</p>\n<p>While cannabis legislation hasn't come as fast as many had hoped, it's still in play. The deadline just passed for stakeholders to give comments that will inform the final Senate legalization bill, co-sponsored by Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden, and Sen. Cory Booker. Perhaps some forward momentum on federal legislation this fall will break this super-cheap pot stock out of its recent malaise.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks to Buy While They're Cheap</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Value Stocks to Buy While They're Cheap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-13 22:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/13/3-value-stocks-to-buy-while-theyre-cheap/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Is it time to be worried about a stock market correction? Some seem to think so. Just last week, analysts at Deutsche Bank cited the high valuation of the S&P 500 relative to its history as a ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/13/3-value-stocks-to-buy-while-theyre-cheap/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AYRWF":"AYR WELLNESS INC.","MU":"美光科技","DFS":"发现金融"},"source_url":"https://www.fool.com/investing/2021/09/13/3-value-stocks-to-buy-while-theyre-cheap/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167583945","content_text":"Is it time to be worried about a stock market correction? Some seem to think so. Just last week, analysts at Deutsche Bank cited the high valuation of the S&P 500 relative to its history as a potential reason for worry. And it's true that low interest rates, technological disruption, and a government stimulus have all come together to put stocks at high valuations relative to current earnings.\nThe naysayers always have some reason the market is about to crash, but that doesn't mean it will happen, or that the market won't got on to hit new highs over time, as it always has.\nStill, if you're nervous about the valuations of many top stocks, there are quite a few bargains to be had. With enough looking, investors can still find quality companies trading at low valuation ratios across a range of sectors. Today, financial stock Discover Financial Services (NYSE:DFS), tech giant Micron Technology (NASDAQ:MU), and U.S. cannabis company Ayr Wellness (OTC:AYRW.F) all appear to fit that description.\nImage source: Getty Images.\nDiscover one of the cheapest dividend stocks around\nCredit card giant Discover Financial is up an impressive 33% on the year, but the stock is still one of the cheapest in the financial sector, which is also one of the lowest-valued sectors around. Yes, thanks to government stimulus and much better-than-expected loss rates coming out of the pandemic, Discover has released a lot of the extra credit reserves it took in the first two quarters of 2020, which has turbocharged its earnings this year, bringing its P/E ratio down to just 7.7. Yet the stock still trades at less than 10 times its average 2022 estimate, which doesn't incorporate any extraordinary benefits.\nWhy so cheap? Well, investors are perennially skeptical of unsecured credit card loans, and that's where Discover makes the vast majority of its profits. Its other lending products are student loans and unsecured personal loans. Discover, of course, also has its proprietary credit card network, but its payments business, while perhaps making the business vertically integrated and more efficient, yields little in operating profit.\nStill, the flip side of this \"risk\" is that Discover can charge high credit card interest rates, which gives it a net interest margin over 10% -- much higher than traditional banks. And Discover has a history of managing risk very well. Its operating income showed remarkable stability for the five years before the COVID-19 pandemic, with a high return on equity consistently in the low to mid-20% range. Earnings and dividends per share grew every year with the help of generous share repurchases.\nNow that the pandemic is receding, those share repurchases are commencing again, with management recently authorizing a new $2.4 billion share repurchase program, which would amount to 7% of Discover's market cap, along with a 14% dividend increase, to a 1.7% yield at today's stock price. Discover is also now back in growth mode, after tightening things up last year. CEO Roger Hochschild said on the conference call with analysts that new account growth is up 26% over 2019.\nWhile the delta variant may slow the recovery, 2021 economic growth should still be strong, with consumer balance sheets in good shape. That means financials like Discover should do well, and those benefits should trickle down to its shareholders, too.\nImage source: Getty Images.\nMicron is confident enough to reinitiate a dividend\nIf I were to tell you that a company recently felt confident enough in its outlook to reinitiate a dividend for the first time in 25 years, you might be surprised that the stock would be down 22% from recent highs, and that it trades for just 7 times next year's earnings estimates. Yet that's exactly what has happened with Micron Technology, a global leader in memory and storage chips.\nThere's no doubt that Micron's business can be highly cyclical, and that we are currently in some stage of an upswing in memory prices. Therefore, investors appear to be thinking ahead, anticipating the next downturn, which is why shares have lagged recently.\nHowever, Micron is a consistently improving business, and it should become less cyclical, for a few reasons. First, the DRAM industry, where Micron gets about two-thirds of its revenue, has consolidated to just three large players. Those three are now exercising disciplined supply growth, a contrast from the past. In addition, the ability to scale DRAM further is becoming harder, meaning that increasing supply is becoming more difficult. At the same time, DRAM demand is strong and diversified across artificial-intelligence servers, cloud growth, 5G mobile phones, more powerful laptops, and more computerized automobiles. Finally, Micron has recently caught up to competitors in leading-edge technology, while gearing its portfolio toward higher-value solutions.\nAll of this has meant higher highs and higher lows in terms of margins through the cycles. At the beginning of the 2000s, Micron's adjusted EBITDA margins would turn negative in cyclical troughs; however, EBITDA margins bottomed around 40% in the last downcycle and are still trending upward.\nCombined with a strong balance sheet with more cash than debt, Micron is one of the cheapest stocks in the otherwise-expensive tech sector, despite a positive outlook for demand for the next decade. I'd expect shares to move higher once again in due course, and investors now get paid a dividend while they wait.\nImage source: Getty Images.\nAyr Wellness is a pot company repurchasing its own stock\nDespite strong financial results, cannabis stocks have been decimated since March. The reason? It's a bit hard to say, but it could be several things: \"Hot money\" may have been chasing federal legislation that would end cannabis prohibition, but with no action yet this far into the year, it appears patience is wearing thin. In addition, many institutional investors still can't own U.S. pot stocks, which can only trade on Canadian exchanges or over the counter until federal decriminalization happens.\nUp-and-coming cannabis company Ayr Wellness was already one of the cheapest stocks in the space, and the recent sector sell-off has made it even more of a bargain. The sell-off doesn't have much to do with earnings results, as Ayr just reported heady 222% revenue growth in its recent quarter, while raising its 2022 guidance to $800 million in revenue and $300 million in adjusted EBITDA. That means its stock, with a market cap just under $1.5 billion, trades at a forward enterprise value-to-EBITDA multiple of just 5.\nThat's a really cheap valuation for a high-growth company. In fact, it's so cheap that Ayr's management just initiated a repurchase program for up to 5% of Ayr's shares outstanding over the next 12 months. With so much opportunity for growth, devoting cash to repurchasing shares says something about what management thinks of the current stock price.\nWhile cannabis legislation hasn't come as fast as many had hoped, it's still in play. The deadline just passed for stakeholders to give comments that will inform the final Senate legalization bill, co-sponsored by Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden, and Sen. Cory Booker. Perhaps some forward momentum on federal legislation this fall will break this super-cheap pot stock out of its recent malaise.","news_type":1},"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810240939,"gmtCreate":1629983671521,"gmtModify":1676530191771,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Averaged down twice already…&nbsp;[Gosh]&nbsp;","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Averaged down twice already…&nbsp;[Gosh]&nbsp;","text":"$Exela Technologies, Inc.(XELA)$Averaged down twice already… [Gosh]","images":[{"img":"https://static.tigerbbs.com/9f839ede23a1e1868bcdb0ceb3f5645a","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810240939","isVote":1,"tweetType":1,"viewCount":1116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":830044719,"gmtCreate":1628996236531,"gmtModify":1676529906607,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"Ok good&nbsp;","listText":"Ok good&nbsp;","text":"Ok good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830044719","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://ttm.financial/m/news/2159214569?lang=&edition=fundamental","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p>\n<p>Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p>\n<p>That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p>\n<p>So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p>\n<p><b>Doubling car production</b></p>\n<p>For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p>\n<p>Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p>\n<img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\">\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>\n<p>You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p>\n<p>For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p>\n<p>One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p>\n<p>Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p>\n<p>For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p>\n<p>Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p>\n<p>For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p>\n<p><b>Valuation to earnings estimates</b></p>\n<p>For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p>\n<p>A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p>\n<p>Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p>\n<p>Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p>\n<p>First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p>\n<img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\">\n<p>Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p>\n<p><b>Valuation to sales</b></p>\n<table>\n <tbody>\n  <tr></tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p>\n<p>Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p>\n<img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\">\n<p>For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p>\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>\n<p><b>Analysts' opinions</b></p>\n<p>Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p>\n<img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\">\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>","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>How to value Nio's stock compared to Tesla, VW, Ford and other rivals</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\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-15 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news><strong>MarkeWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio ...</p>\n\n<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车","F":"福特汽车","TSLA":"特斯拉","STLA":"Stellantis NV","NIO":"蔚来","HMC":"本田汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1},"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807254339,"gmtCreate":1628040458521,"gmtModify":1703500057123,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807254339","repostId":"1152790915","repostType":4,"repost":{"id":"1152790915","kind":"news","pubTimestamp":1628039400,"share":"https://ttm.financial/m/news/1152790915?lang=&edition=fundamental","pubTime":"2021-08-04 09:10","market":"us","language":"en","title":"August spooks many stock investors but it’s actually one of the Dow’s best months","url":"https://stock-news.laohu8.com/highlight/detail?id=1152790915","media":"MarketWatch","summary":"August has delivered investors above-average gains over much of the U.S. market’s history\nSo many in","content":"<p>August has delivered investors above-average gains over much of the U.S. market’s history</p>\n<p>So many investors believe that stocks perform poorly in August that a shrewd contrarian bet would be that the market will be up this month. Moreover, August is typically a positive month for U.S. stocks. In fact, August has been the best month for stocks over much of the U.S. market’s history.</p>\n<p>Consider the monthly average returns for the Dow Jones Industrial Average&nbsp;back to its creation in 1896. Over the 90 years until 1986, August was the best-performing month with an average gain of 1.8%, compared to 0.4% for the other months of the calendar.</p>\n<p>Yet since 1986 the reverse has been true, with August being the worst month — posting an average loss of 0.7%, versus an average gain of 0.9% for the other months.</p>\n<p>Investors who are wary of August’s terrible seasonal tendencies are focusing on this more recent history and ignoring the long-ago record.</p>\n<p>There’s nothing magical about 1986, by the way. I chose that as the year to divide the historical sample because that was the end date of an early academic analysis of the Dow’s seasonal tendencies. That study, by Josef Lakonishok of the University of Illinois at Urbana-Champaign, and Seymour Smidt of Cornell University, was entitled “Are Seasonal Anomalies Real? A Ninety-Year Perspective.” It appeared in<i>The Review of Financial Studies</i>in 1988 and reported that August was indeed the best month for U.S. stocks, on average.</p>\n<p>It perhaps is not surprising that the market’s August’s fortunes turned south almost immediately after that study appeared. Stock market patterns often stop working once too many investors become aware of them.</p>\n<p>Investors who bet on August because of that study didn’t read it very carefully, however. The authors wrote that, even though August came out on top in a ranking of average monthly returns up until then, “there is no consistent monthly pattern in the stock market.” Their conclusion is even truer today, of course.</p>\n<p>Still, it’s worth noting that, when focusing on all years since 1896, August remains an above-average month. Its average gain is 1.1%, nearly double the 0.6% average for all other months. So if you had to bet on history repeating itself, you’d expect August to be an above-average month for stocks.</p>\n<p>The investment lesson from this discussion is the importance of focusing on more than the recent past. It’s human nature to violate this rule, of course; this violation has even been given a name by behavioral economists — “recency bias.” But the long-ago history is no less important.</p>\n<p>Always focus on as much data as are available when trying to read historical tea leaves. Upon doing that, you discover that the stock market in August is not, from a strict statistical perspective, destined to be better or worse than average. That doesn’t mean the stock market won’t rise a lot this month — or plunge. But if it does, it won’t be because it’s August.</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>August spooks many stock investors but it’s actually one of the Dow’s best months</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\">\nAugust spooks many stock investors but it’s actually one of the Dow’s best months\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-04 09:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/you-may-not-believe-it-but-august-actually-is-a-great-time-to-be-in-stocks-11627980066?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>August has delivered investors above-average gains over much of the U.S. market’s history\nSo many investors believe that stocks perform poorly in August that a shrewd contrarian bet would be that the ...</p>\n\n<a href=\"https://www.marketwatch.com/story/you-may-not-believe-it-but-august-actually-is-a-great-time-to-be-in-stocks-11627980066?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-may-not-believe-it-but-august-actually-is-a-great-time-to-be-in-stocks-11627980066?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152790915","content_text":"August has delivered investors above-average gains over much of the U.S. market’s history\nSo many investors believe that stocks perform poorly in August that a shrewd contrarian bet would be that the market will be up this month. Moreover, August is typically a positive month for U.S. stocks. In fact, August has been the best month for stocks over much of the U.S. market’s history.\nConsider the monthly average returns for the Dow Jones Industrial Average back to its creation in 1896. Over the 90 years until 1986, August was the best-performing month with an average gain of 1.8%, compared to 0.4% for the other months of the calendar.\nYet since 1986 the reverse has been true, with August being the worst month — posting an average loss of 0.7%, versus an average gain of 0.9% for the other months.\nInvestors who are wary of August’s terrible seasonal tendencies are focusing on this more recent history and ignoring the long-ago record.\nThere’s nothing magical about 1986, by the way. I chose that as the year to divide the historical sample because that was the end date of an early academic analysis of the Dow’s seasonal tendencies. That study, by Josef Lakonishok of the University of Illinois at Urbana-Champaign, and Seymour Smidt of Cornell University, was entitled “Are Seasonal Anomalies Real? A Ninety-Year Perspective.” It appeared inThe Review of Financial Studiesin 1988 and reported that August was indeed the best month for U.S. stocks, on average.\nIt perhaps is not surprising that the market’s August’s fortunes turned south almost immediately after that study appeared. Stock market patterns often stop working once too many investors become aware of them.\nInvestors who bet on August because of that study didn’t read it very carefully, however. The authors wrote that, even though August came out on top in a ranking of average monthly returns up until then, “there is no consistent monthly pattern in the stock market.” Their conclusion is even truer today, of course.\nStill, it’s worth noting that, when focusing on all years since 1896, August remains an above-average month. Its average gain is 1.1%, nearly double the 0.6% average for all other months. So if you had to bet on history repeating itself, you’d expect August to be an above-average month for stocks.\nThe investment lesson from this discussion is the importance of focusing on more than the recent past. It’s human nature to violate this rule, of course; this violation has even been given a name by behavioral economists — “recency bias.” But the long-ago history is no less important.\nAlways focus on as much data as are available when trying to read historical tea leaves. Upon doing that, you discover that the stock market in August is not, from a strict statistical perspective, destined to be better or worse than average. That doesn’t mean the stock market won’t rise a lot this month — or plunge. But if it does, it won’t be because it’s August.","news_type":1},"isVote":1,"tweetType":1,"viewCount":728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802252883,"gmtCreate":1627784086942,"gmtModify":1703495788963,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802252883","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://ttm.financial/m/news/1147779023?lang=&edition=fundamental","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<blockquote>\n <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>\n</blockquote>\n<p>Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p>\n<p>So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p>\n<p>The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p>\n<p>The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p>\n<p>Here are the five key takeaways, with examples of specific stocks.</p>\n<p><b>1. Own companies that can “land and expand” in big markets</b></p>\n<p>Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p>\n<p>Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p>\n<p>Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p>\n<p>“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p>\n<p>Founder-run companies such as this one are worth considering because they often outperform.</p>\n<p><b>2. Seek out innovators</b></p>\n<p>Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p>\n<p>Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p>\n<p>Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p>\n<p>“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p>\n<p>This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p>\n<p>A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p>\n<p>They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p>\n<p>But don’t count out this innovator yet.</p>\n<p>“We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p>\n<p><b>3. Look for companies that can create and dominate a niche</b></p>\n<p>For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p>\n<p>This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p>\n<p><b>4. Buy companies in the early stages of rapid growth</b></p>\n<p>One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p>\n<p>Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p>\n<p>“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p>\n<p><b>5. Hold stocks for the long term</b></p>\n<p>All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-31 15:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when ...</p>\n\n<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1},"isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808139555,"gmtCreate":1627563704877,"gmtModify":1703492426462,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Quick fly us to the&nbsp;moon","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Quick fly us to the&nbsp;moon","text":"$Exela Technologies, Inc.(XELA)$Quick fly us to the moon","images":[{"img":"https://static.tigerbbs.com/acca9428d4a57ad2833c85a7cc0cccb9","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808139555","isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":177784910,"gmtCreate":1627262063230,"gmtModify":1703486161793,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>So boring","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>So boring","text":"$Alibaba(09988)$So boring","images":[{"img":"https://static.tigerbbs.com/2d5f5786011697218532bfda3c961087","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177784910","isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":176722284,"gmtCreate":1626917127148,"gmtModify":1703480504053,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>I will hold...","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>I will hold...","text":"$Alibaba(09988)$I will hold...","images":[{"img":"https://static.tigerbbs.com/3eec63769dd9a4509b7e7c7f0709970c","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176722284","isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":176109020,"gmtCreate":1626868221060,"gmtModify":1703479553018,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578897083763534","authorIdStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>? Bored.&nbsp;Can you stop dipping?","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>? Bored.&nbsp;Can you stop dipping?","text":"$Exela Technologies, Inc.(XELA)$? Bored. Can you stop dipping?","images":[{"img":"https://static.tigerbbs.com/32dd4f61ffb52c65fbd1ed36a806e423","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176109020","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":810240939,"gmtCreate":1629983671521,"gmtModify":1676530191771,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Averaged down twice already…&nbsp;[Gosh]&nbsp;","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Averaged down twice already…&nbsp;[Gosh]&nbsp;","text":"$Exela Technologies, Inc.(XELA)$Averaged down twice already… [Gosh]","images":[{"img":"https://static.tigerbbs.com/9f839ede23a1e1868bcdb0ceb3f5645a","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810240939","isVote":1,"tweetType":1,"viewCount":1116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":886910817,"gmtCreate":1631542947239,"gmtModify":1676530571494,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"Micron!","listText":"Micron!","text":"Micron!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/886910817","repostId":"2167583945","repostType":4,"repost":{"id":"2167583945","kind":"highlight","pubTimestamp":1631542079,"share":"https://ttm.financial/m/news/2167583945?lang=&edition=fundamental","pubTime":"2021-09-13 22:07","market":"us","language":"en","title":"3 Value Stocks to Buy While They're Cheap","url":"https://stock-news.laohu8.com/highlight/detail?id=2167583945","media":"Motley Fool","summary":"While bears widely cite historically high valuations, there are still bargains to be found.","content":"<p>Is it time to be worried about a stock market correction? Some seem to think so. Just last week, analysts at <b>Deutsche Bank</b>&nbsp;cited the high valuation of the <b>S&amp;P 500</b> relative to its history as a potential reason for worry. And it's true that low interest rates, technological disruption, and a government stimulus have all come together to put stocks at high valuations relative to current earnings.</p>\n<p>The naysayers always have some reason the market is about to crash, but that doesn't mean it will happen, or that the market won't got on to hit new highs over time, as it always has.</p>\n<p>Still, if you're nervous about the valuations of many top stocks, there are quite a few bargains to be had. With enough looking, investors can still find quality companies trading at low valuation ratios across a range of sectors. Today, financial stock <b>Discover Financial Services</b> (NYSE:DFS), tech giant <b>Micron Technology</b> (NASDAQ:MU), and U.S. cannabis company <b>Ayr Wellness</b> (OTC:AYRW.F) all appear to fit that description.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7d37411519d470ff3c53a15776d3013c\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<h2>Discover one of the cheapest dividend stocks around</h2>\n<p>Credit card giant Discover Financial is up an impressive 33% on the year, but the stock is still one of the cheapest in the financial sector, which is also one of the lowest-valued sectors around. Yes, thanks to government stimulus and much better-than-expected loss rates coming out of the pandemic, Discover has released a lot of the extra credit reserves it took in the first two quarters of 2020, which has turbocharged its earnings this year, bringing its P/E ratio down to just 7.7. Yet the stock still trades at less than 10 times its average 2022 estimate, which doesn't incorporate any extraordinary benefits.</p>\n<p>Why so cheap? Well, investors are perennially skeptical of unsecured credit card loans, and that's where Discover makes the vast majority of its profits. Its other lending products are student loans and unsecured personal loans. Discover, of course, also has its proprietary credit card network, but its payments business, while perhaps making the business vertically integrated and more efficient, yields little in operating profit.</p>\n<p>Still, the flip side of this \"risk\" is that Discover can charge high credit card interest rates, which gives it a net interest margin over 10% -- much higher than traditional banks. And Discover has a history of managing risk very well. Its operating income showed remarkable stability for the five years before the COVID-19 pandemic, with a high return on equity consistently in the low to mid-20% range. Earnings and dividends per share grew every year with the help of generous share repurchases.</p>\n<p>Now that the pandemic is receding, those share repurchases are commencing again, with management recently authorizing a new $2.4 billion share repurchase program, which would amount to 7% of Discover's market cap, along with a 14% dividend increase, to a 1.7% yield at today's stock price. Discover is also now back in growth mode, after tightening things up last year. CEO Roger Hochschild said on the conference call with analysts that new account growth is up 26% over 2019.</p>\n<p>While the delta variant may slow the recovery, 2021 economic growth should still be strong, with consumer balance sheets in good shape. That means financials like Discover should do well, and those benefits should trickle down to its shareholders, too.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b2ac74efa1be74adc15041cd0084fa0\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<h2>Micron is confident enough to reinitiate a dividend</h2>\n<p>If I were to tell you that a company recently felt confident enough in its outlook to reinitiate a dividend for the first time in 25 years, you might be surprised that the stock would be down 22% from recent highs, and that it trades for just 7 times next year's earnings estimates. Yet that's exactly what has happened with Micron Technology, a global leader in memory and storage chips.</p>\n<p>There's no doubt that Micron's business can be highly cyclical, and that we are currently in some stage of an upswing in memory prices. Therefore, investors appear to be thinking ahead, anticipating the next downturn, which is why shares have lagged recently.</p>\n<p>However, Micron is a consistently improving business, and it should become less cyclical, for a few reasons. First, the DRAM industry, where Micron gets about two-thirds of its revenue, has consolidated to just three large players. Those three are now exercising disciplined supply growth, a contrast from the past. In addition, the ability to scale DRAM further is becoming harder, meaning that increasing supply is becoming more difficult. At the same time, DRAM demand is strong and diversified across artificial-intelligence servers, cloud growth, 5G mobile phones, more powerful laptops, and more computerized automobiles. Finally, Micron has recently caught up to competitors in leading-edge technology, while gearing its portfolio toward higher-value solutions.</p>\n<p>All of this has meant higher highs and higher lows in terms of margins through the cycles. At the beginning of the 2000s, Micron's adjusted EBITDA margins would turn negative in cyclical troughs; however, EBITDA margins bottomed around 40% in the last downcycle and are still trending upward.</p>\n<p>Combined with a strong balance sheet with more cash than debt, Micron is one of the cheapest stocks in the otherwise-expensive tech sector, despite a positive outlook for demand for the next decade. I'd expect shares to move higher once again in due course, and investors now get paid a dividend while they wait.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40098243726325d3a881e7c285bd2bee\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<h2>Ayr Wellness is a pot company repurchasing its own stock</h2>\n<p>Despite strong financial results, cannabis stocks have been decimated since March. The reason? It's a bit hard to say, but it could be several things: \"Hot money\" may have been chasing federal legislation that would end cannabis prohibition, but with no action yet this far into the year, it appears patience is wearing thin. In addition, many institutional investors still can't own U.S. pot stocks, which can only trade on Canadian exchanges or over the counter until federal decriminalization happens.</p>\n<p>Up-and-coming cannabis company Ayr Wellness was already one of the cheapest stocks in the space, and the recent sector sell-off has made it even more of a bargain. The sell-off doesn't have much to do with earnings results, as Ayr just reported heady 222% revenue growth in its recent quarter, while raising its 2022 guidance to $800 million in revenue and $300 million in adjusted EBITDA. That means its stock, with a market cap just under $1.5 billion, trades at a forward enterprise value-to-EBITDA multiple of just 5.</p>\n<p>That's a really cheap valuation for a high-growth company. In fact, it's so cheap that Ayr's management just initiated a repurchase program&nbsp;for up to 5% of Ayr's shares outstanding over the next 12 months. With so much opportunity for growth, devoting cash to repurchasing shares says something about what management thinks of the current stock price.</p>\n<p>While cannabis legislation hasn't come as fast as many had hoped, it's still in play. The deadline just passed for stakeholders to give comments that will inform the final Senate legalization bill, co-sponsored by Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden, and Sen. Cory Booker. Perhaps some forward momentum on federal legislation this fall will break this super-cheap pot stock out of its recent malaise.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks to Buy While They're Cheap</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Value Stocks to Buy While They're Cheap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-13 22:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/13/3-value-stocks-to-buy-while-theyre-cheap/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Is it time to be worried about a stock market correction? Some seem to think so. Just last week, analysts at Deutsche Bank cited the high valuation of the S&P 500 relative to its history as a ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/13/3-value-stocks-to-buy-while-theyre-cheap/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AYRWF":"AYR WELLNESS INC.","MU":"美光科技","DFS":"发现金融"},"source_url":"https://www.fool.com/investing/2021/09/13/3-value-stocks-to-buy-while-theyre-cheap/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167583945","content_text":"Is it time to be worried about a stock market correction? Some seem to think so. Just last week, analysts at Deutsche Bank cited the high valuation of the S&P 500 relative to its history as a potential reason for worry. And it's true that low interest rates, technological disruption, and a government stimulus have all come together to put stocks at high valuations relative to current earnings.\nThe naysayers always have some reason the market is about to crash, but that doesn't mean it will happen, or that the market won't got on to hit new highs over time, as it always has.\nStill, if you're nervous about the valuations of many top stocks, there are quite a few bargains to be had. With enough looking, investors can still find quality companies trading at low valuation ratios across a range of sectors. Today, financial stock Discover Financial Services (NYSE:DFS), tech giant Micron Technology (NASDAQ:MU), and U.S. cannabis company Ayr Wellness (OTC:AYRW.F) all appear to fit that description.\nImage source: Getty Images.\nDiscover one of the cheapest dividend stocks around\nCredit card giant Discover Financial is up an impressive 33% on the year, but the stock is still one of the cheapest in the financial sector, which is also one of the lowest-valued sectors around. Yes, thanks to government stimulus and much better-than-expected loss rates coming out of the pandemic, Discover has released a lot of the extra credit reserves it took in the first two quarters of 2020, which has turbocharged its earnings this year, bringing its P/E ratio down to just 7.7. Yet the stock still trades at less than 10 times its average 2022 estimate, which doesn't incorporate any extraordinary benefits.\nWhy so cheap? Well, investors are perennially skeptical of unsecured credit card loans, and that's where Discover makes the vast majority of its profits. Its other lending products are student loans and unsecured personal loans. Discover, of course, also has its proprietary credit card network, but its payments business, while perhaps making the business vertically integrated and more efficient, yields little in operating profit.\nStill, the flip side of this \"risk\" is that Discover can charge high credit card interest rates, which gives it a net interest margin over 10% -- much higher than traditional banks. And Discover has a history of managing risk very well. Its operating income showed remarkable stability for the five years before the COVID-19 pandemic, with a high return on equity consistently in the low to mid-20% range. Earnings and dividends per share grew every year with the help of generous share repurchases.\nNow that the pandemic is receding, those share repurchases are commencing again, with management recently authorizing a new $2.4 billion share repurchase program, which would amount to 7% of Discover's market cap, along with a 14% dividend increase, to a 1.7% yield at today's stock price. Discover is also now back in growth mode, after tightening things up last year. CEO Roger Hochschild said on the conference call with analysts that new account growth is up 26% over 2019.\nWhile the delta variant may slow the recovery, 2021 economic growth should still be strong, with consumer balance sheets in good shape. That means financials like Discover should do well, and those benefits should trickle down to its shareholders, too.\nImage source: Getty Images.\nMicron is confident enough to reinitiate a dividend\nIf I were to tell you that a company recently felt confident enough in its outlook to reinitiate a dividend for the first time in 25 years, you might be surprised that the stock would be down 22% from recent highs, and that it trades for just 7 times next year's earnings estimates. Yet that's exactly what has happened with Micron Technology, a global leader in memory and storage chips.\nThere's no doubt that Micron's business can be highly cyclical, and that we are currently in some stage of an upswing in memory prices. Therefore, investors appear to be thinking ahead, anticipating the next downturn, which is why shares have lagged recently.\nHowever, Micron is a consistently improving business, and it should become less cyclical, for a few reasons. First, the DRAM industry, where Micron gets about two-thirds of its revenue, has consolidated to just three large players. Those three are now exercising disciplined supply growth, a contrast from the past. In addition, the ability to scale DRAM further is becoming harder, meaning that increasing supply is becoming more difficult. At the same time, DRAM demand is strong and diversified across artificial-intelligence servers, cloud growth, 5G mobile phones, more powerful laptops, and more computerized automobiles. Finally, Micron has recently caught up to competitors in leading-edge technology, while gearing its portfolio toward higher-value solutions.\nAll of this has meant higher highs and higher lows in terms of margins through the cycles. At the beginning of the 2000s, Micron's adjusted EBITDA margins would turn negative in cyclical troughs; however, EBITDA margins bottomed around 40% in the last downcycle and are still trending upward.\nCombined with a strong balance sheet with more cash than debt, Micron is one of the cheapest stocks in the otherwise-expensive tech sector, despite a positive outlook for demand for the next decade. I'd expect shares to move higher once again in due course, and investors now get paid a dividend while they wait.\nImage source: Getty Images.\nAyr Wellness is a pot company repurchasing its own stock\nDespite strong financial results, cannabis stocks have been decimated since March. The reason? It's a bit hard to say, but it could be several things: \"Hot money\" may have been chasing federal legislation that would end cannabis prohibition, but with no action yet this far into the year, it appears patience is wearing thin. In addition, many institutional investors still can't own U.S. pot stocks, which can only trade on Canadian exchanges or over the counter until federal decriminalization happens.\nUp-and-coming cannabis company Ayr Wellness was already one of the cheapest stocks in the space, and the recent sector sell-off has made it even more of a bargain. The sell-off doesn't have much to do with earnings results, as Ayr just reported heady 222% revenue growth in its recent quarter, while raising its 2022 guidance to $800 million in revenue and $300 million in adjusted EBITDA. That means its stock, with a market cap just under $1.5 billion, trades at a forward enterprise value-to-EBITDA multiple of just 5.\nThat's a really cheap valuation for a high-growth company. In fact, it's so cheap that Ayr's management just initiated a repurchase program for up to 5% of Ayr's shares outstanding over the next 12 months. With so much opportunity for growth, devoting cash to repurchasing shares says something about what management thinks of the current stock price.\nWhile cannabis legislation hasn't come as fast as many had hoped, it's still in play. The deadline just passed for stakeholders to give comments that will inform the final Senate legalization bill, co-sponsored by Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden, and Sen. Cory Booker. Perhaps some forward momentum on federal legislation this fall will break this super-cheap pot stock out of its recent malaise.","news_type":1},"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176109020,"gmtCreate":1626868221060,"gmtModify":1703479553018,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>? Bored.&nbsp;Can you stop dipping?","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>? Bored.&nbsp;Can you stop dipping?","text":"$Exela Technologies, Inc.(XELA)$? Bored. Can you stop dipping?","images":[{"img":"https://static.tigerbbs.com/32dd4f61ffb52c65fbd1ed36a806e423","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176109020","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807254339,"gmtCreate":1628040458521,"gmtModify":1703500057123,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807254339","repostId":"1152790915","repostType":4,"repost":{"id":"1152790915","kind":"news","pubTimestamp":1628039400,"share":"https://ttm.financial/m/news/1152790915?lang=&edition=fundamental","pubTime":"2021-08-04 09:10","market":"us","language":"en","title":"August spooks many stock investors but it’s actually one of the Dow’s best months","url":"https://stock-news.laohu8.com/highlight/detail?id=1152790915","media":"MarketWatch","summary":"August has delivered investors above-average gains over much of the U.S. market’s history\nSo many in","content":"<p>August has delivered investors above-average gains over much of the U.S. market’s history</p>\n<p>So many investors believe that stocks perform poorly in August that a shrewd contrarian bet would be that the market will be up this month. Moreover, August is typically a positive month for U.S. stocks. In fact, August has been the best month for stocks over much of the U.S. market’s history.</p>\n<p>Consider the monthly average returns for the Dow Jones Industrial Average&nbsp;back to its creation in 1896. Over the 90 years until 1986, August was the best-performing month with an average gain of 1.8%, compared to 0.4% for the other months of the calendar.</p>\n<p>Yet since 1986 the reverse has been true, with August being the worst month — posting an average loss of 0.7%, versus an average gain of 0.9% for the other months.</p>\n<p>Investors who are wary of August’s terrible seasonal tendencies are focusing on this more recent history and ignoring the long-ago record.</p>\n<p>There’s nothing magical about 1986, by the way. I chose that as the year to divide the historical sample because that was the end date of an early academic analysis of the Dow’s seasonal tendencies. That study, by Josef Lakonishok of the University of Illinois at Urbana-Champaign, and Seymour Smidt of Cornell University, was entitled “Are Seasonal Anomalies Real? A Ninety-Year Perspective.” It appeared in<i>The Review of Financial Studies</i>in 1988 and reported that August was indeed the best month for U.S. stocks, on average.</p>\n<p>It perhaps is not surprising that the market’s August’s fortunes turned south almost immediately after that study appeared. Stock market patterns often stop working once too many investors become aware of them.</p>\n<p>Investors who bet on August because of that study didn’t read it very carefully, however. The authors wrote that, even though August came out on top in a ranking of average monthly returns up until then, “there is no consistent monthly pattern in the stock market.” Their conclusion is even truer today, of course.</p>\n<p>Still, it’s worth noting that, when focusing on all years since 1896, August remains an above-average month. Its average gain is 1.1%, nearly double the 0.6% average for all other months. So if you had to bet on history repeating itself, you’d expect August to be an above-average month for stocks.</p>\n<p>The investment lesson from this discussion is the importance of focusing on more than the recent past. It’s human nature to violate this rule, of course; this violation has even been given a name by behavioral economists — “recency bias.” But the long-ago history is no less important.</p>\n<p>Always focus on as much data as are available when trying to read historical tea leaves. Upon doing that, you discover that the stock market in August is not, from a strict statistical perspective, destined to be better or worse than average. That doesn’t mean the stock market won’t rise a lot this month — or plunge. But if it does, it won’t be because it’s August.</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>August spooks many stock investors but it’s actually one of the Dow’s best months</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\">\nAugust spooks many stock investors but it’s actually one of the Dow’s best months\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-04 09:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/you-may-not-believe-it-but-august-actually-is-a-great-time-to-be-in-stocks-11627980066?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>August has delivered investors above-average gains over much of the U.S. market’s history\nSo many investors believe that stocks perform poorly in August that a shrewd contrarian bet would be that the ...</p>\n\n<a href=\"https://www.marketwatch.com/story/you-may-not-believe-it-but-august-actually-is-a-great-time-to-be-in-stocks-11627980066?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-may-not-believe-it-but-august-actually-is-a-great-time-to-be-in-stocks-11627980066?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152790915","content_text":"August has delivered investors above-average gains over much of the U.S. market’s history\nSo many investors believe that stocks perform poorly in August that a shrewd contrarian bet would be that the market will be up this month. Moreover, August is typically a positive month for U.S. stocks. In fact, August has been the best month for stocks over much of the U.S. market’s history.\nConsider the monthly average returns for the Dow Jones Industrial Average back to its creation in 1896. Over the 90 years until 1986, August was the best-performing month with an average gain of 1.8%, compared to 0.4% for the other months of the calendar.\nYet since 1986 the reverse has been true, with August being the worst month — posting an average loss of 0.7%, versus an average gain of 0.9% for the other months.\nInvestors who are wary of August’s terrible seasonal tendencies are focusing on this more recent history and ignoring the long-ago record.\nThere’s nothing magical about 1986, by the way. I chose that as the year to divide the historical sample because that was the end date of an early academic analysis of the Dow’s seasonal tendencies. That study, by Josef Lakonishok of the University of Illinois at Urbana-Champaign, and Seymour Smidt of Cornell University, was entitled “Are Seasonal Anomalies Real? A Ninety-Year Perspective.” It appeared inThe Review of Financial Studiesin 1988 and reported that August was indeed the best month for U.S. stocks, on average.\nIt perhaps is not surprising that the market’s August’s fortunes turned south almost immediately after that study appeared. Stock market patterns often stop working once too many investors become aware of them.\nInvestors who bet on August because of that study didn’t read it very carefully, however. The authors wrote that, even though August came out on top in a ranking of average monthly returns up until then, “there is no consistent monthly pattern in the stock market.” Their conclusion is even truer today, of course.\nStill, it’s worth noting that, when focusing on all years since 1896, August remains an above-average month. Its average gain is 1.1%, nearly double the 0.6% average for all other months. So if you had to bet on history repeating itself, you’d expect August to be an above-average month for stocks.\nThe investment lesson from this discussion is the importance of focusing on more than the recent past. It’s human nature to violate this rule, of course; this violation has even been given a name by behavioral economists — “recency bias.” But the long-ago history is no less important.\nAlways focus on as much data as are available when trying to read historical tea leaves. Upon doing that, you discover that the stock market in August is not, from a strict statistical perspective, destined to be better or worse than average. That doesn’t mean the stock market won’t rise a lot this month — or plunge. But if it does, it won’t be because it’s August.","news_type":1},"isVote":1,"tweetType":1,"viewCount":728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808139555,"gmtCreate":1627563704877,"gmtModify":1703492426462,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Quick fly us to the&nbsp;moon","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Quick fly us to the&nbsp;moon","text":"$Exela Technologies, Inc.(XELA)$Quick fly us to the moon","images":[{"img":"https://static.tigerbbs.com/acca9428d4a57ad2833c85a7cc0cccb9","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808139555","isVote":1,"tweetType":1,"viewCount":894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":830044719,"gmtCreate":1628996236531,"gmtModify":1676529906607,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"Ok good&nbsp;","listText":"Ok good&nbsp;","text":"Ok good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830044719","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://ttm.financial/m/news/2159214569?lang=&edition=fundamental","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p>\n<p>Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p>\n<p>That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p>\n<p>So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p>\n<p><b>Doubling car production</b></p>\n<p>For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p>\n<p>Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p>\n<img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\">\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>\n<p>You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p>\n<p>For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p>\n<p>One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p>\n<p>Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p>\n<p>For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p>\n<p>Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p>\n<p>For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p>\n<p><b>Valuation to earnings estimates</b></p>\n<p>For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p>\n<p>A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p>\n<p>Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p>\n<p>Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p>\n<p>First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p>\n<img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\">\n<p>Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p>\n<p><b>Valuation to sales</b></p>\n<table>\n <tbody>\n  <tr></tr>\n  <tr></tr>\n </tbody>\n</table>\n<p>Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p>\n<p>Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p>\n<img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\">\n<p>For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p>\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>\n<p><b>Analysts' opinions</b></p>\n<p>Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p>\n<img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\">\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>","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>How to value Nio's stock compared to Tesla, VW, Ford and other rivals</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\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-15 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news><strong>MarkeWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio ...</p>\n\n<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车","F":"福特汽车","TSLA":"特斯拉","STLA":"Stellantis NV","NIO":"蔚来","HMC":"本田汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1},"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802252883,"gmtCreate":1627784086942,"gmtModify":1703495788963,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802252883","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://ttm.financial/m/news/1147779023?lang=&edition=fundamental","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<blockquote>\n <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>\n</blockquote>\n<p>Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p>\n<p>So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p>\n<p>The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p>\n<p>The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p>\n<p>Here are the five key takeaways, with examples of specific stocks.</p>\n<p><b>1. Own companies that can “land and expand” in big markets</b></p>\n<p>Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p>\n<p>Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p>\n<p>Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p>\n<p>“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p>\n<p>Founder-run companies such as this one are worth considering because they often outperform.</p>\n<p><b>2. Seek out innovators</b></p>\n<p>Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p>\n<p>Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p>\n<p>Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p>\n<p>“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p>\n<p>This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p>\n<p>A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p>\n<p>They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p>\n<p>But don’t count out this innovator yet.</p>\n<p>“We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p>\n<p><b>3. Look for companies that can create and dominate a niche</b></p>\n<p>For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p>\n<p>This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p>\n<p><b>4. Buy companies in the early stages of rapid growth</b></p>\n<p>One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p>\n<p>Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p>\n<p>“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p>\n<p><b>5. Hold stocks for the long term</b></p>\n<p>All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-31 15:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when ...</p>\n\n<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1},"isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177784910,"gmtCreate":1627262063230,"gmtModify":1703486161793,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>So boring","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>So boring","text":"$Alibaba(09988)$So boring","images":[{"img":"https://static.tigerbbs.com/2d5f5786011697218532bfda3c961087","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177784910","isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":176722284,"gmtCreate":1626917127148,"gmtModify":1703480504053,"author":{"id":"3578897083763534","authorId":"3578897083763534","name":"VPan","avatar":"https://static.tigerbbs.com/dd770f3df76391637ea1887ecf288d32","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578897083763534","idStr":"3578897083763534"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>I will hold...","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>I will hold...","text":"$Alibaba(09988)$I will hold...","images":[{"img":"https://static.tigerbbs.com/3eec63769dd9a4509b7e7c7f0709970c","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176722284","isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}