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BruceLKH

BruceLKH

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2021-06-10

Some thing to think

2021-06-10

Share

2021-06-06

Good to buy

2021-06-04

Good to buy

2021-06-03

Good to diversify

Sorry, the original content has been removed

2021-06-03

Good to diversify

Tesla files trademark, hinting at Elon Musk’s restaurant concept plans

2021-06-03

Nice

3 Great Stocks for Low-Risk Investors

2021-05-31

? buy on dip

Sorry, the original content has been removed

2021-05-29

Good news!

Apple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’

2021-05-29

Buy on dip

Tesla shares dip on recall rumors

2021-05-27

Keep going!

A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies

2021-05-27

Aluminium king

2021-05-27

Amazing

Cathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent

2021-05-27

All d best

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2021-05-24

I hope it rises

John Malone sees merged WarnerMedia-Discovery becoming No. 3 global streamer behind Netflix, Disney+

2021-05-24

Check tis

2021-05-22

Chip power

2021-05-22

I wonder when they will rise.

5 Winning Stocks and 5 Losing Stocks to Watch Right Now

2021-05-22

Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.

Roblox: Building The Metaverse, But For Whom?

2021-05-22

Russia is a country to start building! They are iron power!

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Go to Tiger App to see more news

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diversify","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111885249","repostId":"1110280969","repostType":4,"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111885333,"gmtCreate":1622675433622,"gmtModify":1704188521499,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Good to diversify","listText":"Good to diversify","text":"Good to diversify","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111885333","repostId":"1110280969","repostType":4,"repost":{"id":"1110280969","pubTimestamp":1622647352,"share":"https://ttm.financial/m/news/1110280969?lang=&edition=fundamental","pubTime":"2021-06-02 23:22","market":"us","language":"en","title":"Tesla files trademark, hinting at Elon Musk’s restaurant concept plans","url":"https://stock-news.laohu8.com/highlight/detail?id=1110280969","media":"TechCrunch","summary":"Image Credits: Tesla\nTesla has recently filed a new trademark for its brand under restaurant service","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/635ff67891ae232f0bd7f78c48d91ae0\" tg-width=\"1390\" tg-height=\"902\"><span>Image Credits: Tesla</span></p>\n<p>Tesla has recently&nbsp;filed a new trademark&nbsp;for its brand under restaurant services, a sign the company might be finally gearing up to deliver on an idea that CEO Elon Musk and other company executives have discussed publicly since at least 2017.</p>\n<p>The company applied for three new trademarks that will cover the categories of: “Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services, according to the May 27 filing with the United States Patent and Trademark Office that was first&nbsp;reported by Electrek. The application is awaiting examination and will be reviewed by an attorney around August 27.</p>\n<p>You might be thinking, how does the restaurant industry fit in with the world’s most influential luxury electric car company? Let’s take it back to 2017, when then-CTO JB Straubel said at&nbsp;a&nbsp;FSTEC restaurant-technology conference&nbsp;that the company might move into the restaurant business. The idea was to turn EV charging stations into full-service convenience stores that also serve food. Tesla has tried out a scaled down version of that idea by creating lounges like the one at its Kettleman City, California Supercharger station.</p>\n<p>Tesla CEO Elon Musk then expanded upon the convenience store idea and tossed out on Twitter — as he does — a restaurant concept.&nbsp;“Gonna put an old school drive-in, roller skates &amp; rock restaurant at one of the new Tesla Supercharger locations in LA.”</p>\n<p><img src=\"https://static.tigerbbs.com/101d08e1bbe2103209870030ff729c98\" tg-width=\"833\" tg-height=\"347\"></p>\n<p>A few months later, Tesla did in fact apply for a restaurant and supercharger station, but has been relatively quiet about the potential business venture since. The company,which recently dissolved its communications team, did not respond to requests for more information on Tesla’s plans to open a restaurant charging station, or whether other restaurants would be able to use the logo to create a similar business model.</p>\n<p>Tesla’s iconic ‘T’ logo is featured on the USTPO application to be trademarked for use by restaurants. The company also applied for trademarks for the word ‘Tesla’ itself, as well as a stylized version of the word.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bded90a182678302d65b69ffd36188d\" tg-width=\"320\" tg-height=\"133\"><span>Tesla applied for a trademark under restaurant services for a stylized version of the company name.</span></p>\n<p>With this filing, it looks like Tesla might be taking the necessary steps to move forwards with Musk’s plans to create a Sonic-meets-fueling station. This is not the first time the restaurant industry and the auto industry have collided. The Michelin Guide, in which the loss or acquisition of a star might make or break a restaurant, was originally compiled in 1900 by brothers Andre and Edouard Michelin who wanted to create demand for automobiles, and therefore, the tires they manufactured. So they created an extensive guide of restaurants and hotels, as well as mechanics and gas stations along the way, so people might be encouraged to use their newfound mobility to explore their taste buds and the world.</p>\n<p>Tesla’s supercharger restaurant isn’t quite as revolutionary as that, but it does invite creativity to the EV game by providing people with another incentive structure to purchase a new vehicle – even if that incentive is only to appear trendy while basking in the nostalgic glow of the past. And who knows, maybe the waiters will serve up burgers on electric roller skates, too.</p>","source":"lsy1602557183277","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla files trademark, hinting at Elon Musk’s restaurant concept plans</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla files trademark, hinting at Elon Musk’s restaurant concept plans\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://techcrunch.com/2021/06/01/tesla-files-trademark-hinting-at-elon-musks-restaurant-concept-plans/><strong>TechCrunch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Image Credits: Tesla\nTesla has recently filed a new trademark for its brand under restaurant services, a sign the company might be finally gearing up to deliver on an idea that CEO Elon Musk and other...</p>\n\n<a href=\"https://techcrunch.com/2021/06/01/tesla-files-trademark-hinting-at-elon-musks-restaurant-concept-plans/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://techcrunch.com/2021/06/01/tesla-files-trademark-hinting-at-elon-musks-restaurant-concept-plans/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110280969","content_text":"Image Credits: Tesla\nTesla has recently filed a new trademark for its brand under restaurant services, a sign the company might be finally gearing up to deliver on an idea that CEO Elon Musk and other company executives have discussed publicly since at least 2017.\nThe company applied for three new trademarks that will cover the categories of: “Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services, according to the May 27 filing with the United States Patent and Trademark Office that was first reported by Electrek. The application is awaiting examination and will be reviewed by an attorney around August 27.\nYou might be thinking, how does the restaurant industry fit in with the world’s most influential luxury electric car company? Let’s take it back to 2017, when then-CTO JB Straubel said at a FSTEC restaurant-technology conference that the company might move into the restaurant business. The idea was to turn EV charging stations into full-service convenience stores that also serve food. Tesla has tried out a scaled down version of that idea by creating lounges like the one at its Kettleman City, California Supercharger station.\nTesla CEO Elon Musk then expanded upon the convenience store idea and tossed out on Twitter — as he does — a restaurant concept. “Gonna put an old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in LA.”\n\nA few months later, Tesla did in fact apply for a restaurant and supercharger station, but has been relatively quiet about the potential business venture since. The company,which recently dissolved its communications team, did not respond to requests for more information on Tesla’s plans to open a restaurant charging station, or whether other restaurants would be able to use the logo to create a similar business model.\nTesla’s iconic ‘T’ logo is featured on the USTPO application to be trademarked for use by restaurants. The company also applied for trademarks for the word ‘Tesla’ itself, as well as a stylized version of the word.\nTesla applied for a trademark under restaurant services for a stylized version of the company name.\nWith this filing, it looks like Tesla might be taking the necessary steps to move forwards with Musk’s plans to create a Sonic-meets-fueling station. This is not the first time the restaurant industry and the auto industry have collided. The Michelin Guide, in which the loss or acquisition of a star might make or break a restaurant, was originally compiled in 1900 by brothers Andre and Edouard Michelin who wanted to create demand for automobiles, and therefore, the tires they manufactured. So they created an extensive guide of restaurants and hotels, as well as mechanics and gas stations along the way, so people might be encouraged to use their newfound mobility to explore their taste buds and the world.\nTesla’s supercharger restaurant isn’t quite as revolutionary as that, but it does invite creativity to the EV game by providing people with another incentive structure to purchase a new vehicle – even if that incentive is only to appear trendy while basking in the nostalgic glow of the past. And who knows, maybe the waiters will serve up burgers on electric roller skates, too.","news_type":1},"isVote":1,"tweetType":1,"viewCount":209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111882053,"gmtCreate":1622675396172,"gmtModify":1704188520176,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111882053","repostId":"2140102614","repostType":4,"repost":{"id":"2140102614","pubTimestamp":1622647855,"share":"https://ttm.financial/m/news/2140102614?lang=&edition=fundamental","pubTime":"2021-06-02 23:30","market":"us","language":"en","title":"3 Great Stocks for Low-Risk Investors","url":"https://stock-news.laohu8.com/highlight/detail?id=2140102614","media":"Motley Fool","summary":"Tired of the recent market volatility? There's a place for these enduring businesses in your portfolio.","content":"<p>The majority of business media coverage these days is focused on sexy, high-flying stocks, which makes sense as these companies attract a lot of attention and volume from market participants. But sometimes, investors are just looking for a relatively safe and steady way to grow their savings. &nbsp;</p>\n<p>The three&nbsp;large-cap stocks discussed below can provide just that combination of stability and returns. They all have a long history of success, are leaders in their industries, and operate in sectors of the economy that aren't affected as much by technological disruption.&nbsp;</p>\n<p>If you're a low-risk investor, look no further than&nbsp;<b>Home Depot</b>&nbsp;(NYSE:HD),&nbsp;<b>O'Reilly Automotive</b>&nbsp;(NASDAQ:ORLY), and&nbsp;<b>Starbucks</b>&nbsp;(NASDAQ:SBUX).&nbsp;</p>\n<p class=\"t-img-caption\"><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F628283%2Fdice-spelling-out-risk.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"413\"><span>Image source: Getty Images.</span></p>\n<h2>1. Home Depot&nbsp;</h2>\n<p>Home Depot is recognized as the world's&nbsp;largest home-improvement retailer. Sales in the most recent quarter (the first quarter of fiscal 2021) were up 32.7% year over year and totaled $37.5 billion. The stock has been a winner for some time, rising 139% over the past five years.&nbsp;</p>\n<p>The company is benefiting from a booming housing market. Low interest rates and higher home prices boost demand for Home Depot's products. Homeowners often complete renovation projects before selling a home (or after buying a new <a href=\"https://laohu8.com/S/AONE\">one</a>), and rising home values incentivize spending on improvements.&nbsp;</p>\n<p>The One Home&nbsp;Depot initiative launched three years ago has bolstered the company's omnichannel shopping experience. This has kept the business insulated from the threat of&nbsp;<b>Amazon</b>. In the most recent quarter, digital&nbsp;sales jumped 27% year over year, while the company fulfilled 55% of online orders through its brick-and-mortar stores.</p>\n<p>Home Depot's large and bulky inventory, in addition to its critical tools and supplies, are often needed for time-sensitive projects. This is especially true for professional customers, a group that is becoming increasingly important to Home Depot's success. On the fiscal first-quarter earnings call, management highlighted the accelerating growth for this customer group with project backlogs rising.&nbsp;</p>\n<p>Home Depot is a mission-critical partner for its customers. Low-risk investors should consider owning the stock, which trades at a reasonable valuation of 21 times forward earnings estimates.</p>\n<h2>2. O'Reilly Automotive</h2>\n<p>O'Reilly Automotive, like Home Depot, has so far defended itself against the threat of e-commerce. It is also an important part of consumers' lives. If a customer's car breaks down unexpectedly, getting it fixed quickly is essential, and the company makes itself readily available with a physical store footprint&nbsp;of nearly 5,700 locations.&nbsp;</p>\n<p>Revenue in 2020 increased 14.3% from the prior year, its strongest showing in at least a decade. The lasting benefit of massive government stimulus, coupled with the lack of spending opportunities for entertainment and travel, supported same-store sales (or comps) growth of 24.8% in the first quarter.</p>\n<p>O'Reilly's customers are split up between do-it-yourself (DIY) and do-it-for-me (DIFM) segments. The former is still a bigger&nbsp;contributor than the latter, but as the number of miles driven in the U.S. (a key metric for the business) returns to normalized levels, management remains confident in the company's DIFM outlook.&nbsp;</p>\n<p>From 2015 through 2020, earnings per share (EPS) have grown at a compound annual growth rate (CAGR) of over 20%, which is even more impressive given the \"boring\" industry O'Reilly operates in. This is a consistent and reliable business&nbsp;that does well in any economic environment.&nbsp;</p>\n<p>The stock has doubled over the past five years, slightly outperforming the S&amp;P 500, but trading at a forward price-to-earnings ratio (P/E) of just 20, O'Reilly is cheaper&nbsp;than the broad market index.&nbsp;</p>\n<h2>3. Starbucks</h2>\n<p>There aren't many things that Americans (or the rest of the world for that matter) love more than caffeine, and Starbucks is there to satisfy this craving. Although the company took a huge hit during the depths of the pandemic as people worked from home and drove less, the U.S. is back in expansion mode.&nbsp;</p>\n<p>Comps&nbsp;increased 9% domestically during the fiscal 2021 second quarter, and Starbucks now counts 22.9 million active rewards members in its system. These customers not only visit Starbucks locations more often and spend more at each visit, they provide the business with a valuable engagement tool too. CEO Kevin Johnson thinks&nbsp;this number can <a href=\"https://laohu8.com/S/AONE.U\">one</a> day reach 40 million.&nbsp;</p>\n<p>Overall growth will be driven heavily by China. Comps soared 91% in the region, and the country is expected to have 600 net new stores by the end of this fiscal year. If management executes on its goals announced last December, Starbucks will have an incredible 55,000&nbsp;total locations worldwide by 2030.&nbsp;</p>\n<p>The brand is extremely powerful on a&nbsp;global scale, and Starbucks has done a truly fantastic job of creating consumer habits around its products. If the drive-thru line at my local Starbucks during any time of the day is any indication, this dynamic is only getting stronger.</p>\n<p>Its stock is currently the most expensive of the three companies I've mentioned at 32 times earnings, but investors should feel comfortable paying this premium for such an outstanding business.</p>\n<h2>The final word&nbsp;</h2>\n<p>Home Depot, O'Reilly Automotive, and Starbucks don't face the technological disruption that can roil other industries, and they all have long and successful operating histories. What's just as important is the fact that they sell products that lend themselves to repeat purchases, a true competitive strength.&nbsp;</p>\n<p>These are three great stocks for low-risk investors.&nbsp;</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 Great Stocks for Low-Risk Investors</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 Great Stocks for Low-Risk Investors\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/02/3-great-stocks-for-low-risk-investors/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The majority of business media coverage these days is focused on sexy, high-flying stocks, which makes sense as these companies attract a lot of attention and volume from market participants. But ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/02/3-great-stocks-for-low-risk-investors/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORLY":"奥莱利","SBUX":"星巴克","HD":"家得宝"},"source_url":"https://www.fool.com/investing/2021/06/02/3-great-stocks-for-low-risk-investors/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140102614","content_text":"The majority of business media coverage these days is focused on sexy, high-flying stocks, which makes sense as these companies attract a lot of attention and volume from market participants. But sometimes, investors are just looking for a relatively safe and steady way to grow their savings.  \nThe three large-cap stocks discussed below can provide just that combination of stability and returns. They all have a long history of success, are leaders in their industries, and operate in sectors of the economy that aren't affected as much by technological disruption. \nIf you're a low-risk investor, look no further than Home Depot (NYSE:HD), O'Reilly Automotive (NASDAQ:ORLY), and Starbucks (NASDAQ:SBUX). \nImage source: Getty Images.\n1. Home Depot \nHome Depot is recognized as the world's largest home-improvement retailer. Sales in the most recent quarter (the first quarter of fiscal 2021) were up 32.7% year over year and totaled $37.5 billion. The stock has been a winner for some time, rising 139% over the past five years. \nThe company is benefiting from a booming housing market. Low interest rates and higher home prices boost demand for Home Depot's products. Homeowners often complete renovation projects before selling a home (or after buying a new one), and rising home values incentivize spending on improvements. \nThe One Home Depot initiative launched three years ago has bolstered the company's omnichannel shopping experience. This has kept the business insulated from the threat of Amazon. In the most recent quarter, digital sales jumped 27% year over year, while the company fulfilled 55% of online orders through its brick-and-mortar stores.\nHome Depot's large and bulky inventory, in addition to its critical tools and supplies, are often needed for time-sensitive projects. This is especially true for professional customers, a group that is becoming increasingly important to Home Depot's success. On the fiscal first-quarter earnings call, management highlighted the accelerating growth for this customer group with project backlogs rising. \nHome Depot is a mission-critical partner for its customers. Low-risk investors should consider owning the stock, which trades at a reasonable valuation of 21 times forward earnings estimates.\n2. O'Reilly Automotive\nO'Reilly Automotive, like Home Depot, has so far defended itself against the threat of e-commerce. It is also an important part of consumers' lives. If a customer's car breaks down unexpectedly, getting it fixed quickly is essential, and the company makes itself readily available with a physical store footprint of nearly 5,700 locations. \nRevenue in 2020 increased 14.3% from the prior year, its strongest showing in at least a decade. The lasting benefit of massive government stimulus, coupled with the lack of spending opportunities for entertainment and travel, supported same-store sales (or comps) growth of 24.8% in the first quarter.\nO'Reilly's customers are split up between do-it-yourself (DIY) and do-it-for-me (DIFM) segments. The former is still a bigger contributor than the latter, but as the number of miles driven in the U.S. (a key metric for the business) returns to normalized levels, management remains confident in the company's DIFM outlook. \nFrom 2015 through 2020, earnings per share (EPS) have grown at a compound annual growth rate (CAGR) of over 20%, which is even more impressive given the \"boring\" industry O'Reilly operates in. This is a consistent and reliable business that does well in any economic environment. \nThe stock has doubled over the past five years, slightly outperforming the S&P 500, but trading at a forward price-to-earnings ratio (P/E) of just 20, O'Reilly is cheaper than the broad market index. \n3. Starbucks\nThere aren't many things that Americans (or the rest of the world for that matter) love more than caffeine, and Starbucks is there to satisfy this craving. Although the company took a huge hit during the depths of the pandemic as people worked from home and drove less, the U.S. is back in expansion mode. \nComps increased 9% domestically during the fiscal 2021 second quarter, and Starbucks now counts 22.9 million active rewards members in its system. These customers not only visit Starbucks locations more often and spend more at each visit, they provide the business with a valuable engagement tool too. CEO Kevin Johnson thinks this number can one day reach 40 million. \nOverall growth will be driven heavily by China. Comps soared 91% in the region, and the country is expected to have 600 net new stores by the end of this fiscal year. If management executes on its goals announced last December, Starbucks will have an incredible 55,000 total locations worldwide by 2030. \nThe brand is extremely powerful on a global scale, and Starbucks has done a truly fantastic job of creating consumer habits around its products. If the drive-thru line at my local Starbucks during any time of the day is any indication, this dynamic is only getting stronger.\nIts stock is currently the most expensive of the three companies I've mentioned at 32 times earnings, but investors should feel comfortable paying this premium for such an outstanding business.\nThe final word \nHome Depot, O'Reilly Automotive, and Starbucks don't face the technological disruption that can roil other industries, and they all have long and successful operating histories. What's just as important is the fact that they sell products that lend themselves to repeat purchases, a true competitive strength. \nThese are three great stocks for low-risk investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110333024,"gmtCreate":1622424841468,"gmtModify":1704184140355,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"? buy on dip","listText":"? buy on dip","text":"? buy on dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110333024","repostId":"2139438981","repostType":4,"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134229656,"gmtCreate":1622243961175,"gmtModify":1704182031459,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Good news!","listText":"Good news!","text":"Good news!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134229656","repostId":"2138488613","repostType":4,"repost":{"id":"2138488613","pubTimestamp":1622212702,"share":"https://ttm.financial/m/news/2138488613?lang=&edition=fundamental","pubTime":"2021-05-28 22:38","market":"us","language":"en","title":"Apple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’","url":"https://stock-news.laohu8.com/highlight/detail?id=2138488613","media":"WWD","summary":"As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative payments partnerships to join its team.According to a job listing posted earlier this week, the business development manager will work with Apple Pay teams to bring a “deep knowledge of the alternative payments ecosystem” and will be responsible for “developing and executing strategic and tactical plans a","content":"<p>As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative payments partnerships to join its team.</p><p>According to a job listing posted earlier this week, the business development manager will work with Apple Pay teams to bring a “deep knowledge of the alternative payments ecosystem” and will be responsible for “developing and executing strategic and tactical plans across many organizational partners.”</p><p>The team, states the listing, needs help forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners,” as Apple negotiates partnerships and launches new programs.</p><p>Notably, the listing states that screening potential partners will fall under the new hire’s scope. For BNPL, this will likely include companies such as Affirm, Afterpay, Klarna, <a href=\"https://laohu8.com/S/SZL.AU\">Sezzle</a>, SplitIt, Quadpay and <a href=\"https://laohu8.com/S/PYPL\">PayPal</a>. When asked what Apple’s move in the space may mean for the future of growth in the digital wallet, executives from the companies agreed it was a great opportunity for all involved, including consumers.</p><p>“Finding partnerships in the alternative payments space makes sense for Apple on a number of levels,” said Charlie Youakim, Sezzle chief executive officer and cofounder of Sezzle. “First, the world of payments is a significant Total Addressable Market opportunity, which is underpenetrated in terms of market share from alternative providers. Second, a partnership would allow Apple to avoid credit risk on its balance sheet. And third, it would be a natural extension of some of the products Apple already provides such as its iPhone Wallet, Apple Pay, and Apple Card.”</p><p>Moreover, Brad Paterson, chief executive officer at <a href=\"https://laohu8.com/S/SPT.AU\">Splitit</a>, said, “Apple’s news is another positive sign for the buy now, pay later industry. Payments expertise is a growing need for retailers as consumers demand more flexibility, including how they pay overtime. For example, many consumers prefer to pay in installments using their existing cards instead of obtaining new debt via traditional point-of-sale financing. Appointing a payment specialist will help companies such as Apple solve for the different and evolving needs of consumers.”</p><p>According to Zahir Khoja, head of North America at Afterpay, it’s important to note that its customers of Millennials and Gen Z represent a massive shift to debit spending, with more than 90 percent of transactions being made with a debit card.</p><p>“Unlike other BNPL products, which are just a new form of a credit card, Afterpay gives shoppers the ability to avoid expensive interest, hidden fees and pernicious debt,” Khoja said. “Afterpay’s current partnership with Apple represents a significant change in the way young people want to pay.</p><p>Affirm, Klarna and Quadpay withheld comment for this story.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apple-looks-create-partnerships-alternative-143822899.html><strong>WWD</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative ...</p>\n\n<a href=\"https://finance.yahoo.com/news/apple-looks-create-partnerships-alternative-143822899.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03086":"华夏纳指","09086":"华夏纳指-U","AAPL":"苹果"},"source_url":"https://finance.yahoo.com/news/apple-looks-create-partnerships-alternative-143822899.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2138488613","content_text":"As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative payments partnerships to join its team.According to a job listing posted earlier this week, the business development manager will work with Apple Pay teams to bring a “deep knowledge of the alternative payments ecosystem” and will be responsible for “developing and executing strategic and tactical plans across many organizational partners.”The team, states the listing, needs help forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners,” as Apple negotiates partnerships and launches new programs.Notably, the listing states that screening potential partners will fall under the new hire’s scope. For BNPL, this will likely include companies such as Affirm, Afterpay, Klarna, Sezzle, SplitIt, Quadpay and PayPal. When asked what Apple’s move in the space may mean for the future of growth in the digital wallet, executives from the companies agreed it was a great opportunity for all involved, including consumers.“Finding partnerships in the alternative payments space makes sense for Apple on a number of levels,” said Charlie Youakim, Sezzle chief executive officer and cofounder of Sezzle. “First, the world of payments is a significant Total Addressable Market opportunity, which is underpenetrated in terms of market share from alternative providers. Second, a partnership would allow Apple to avoid credit risk on its balance sheet. And third, it would be a natural extension of some of the products Apple already provides such as its iPhone Wallet, Apple Pay, and Apple Card.”Moreover, Brad Paterson, chief executive officer at Splitit, said, “Apple’s news is another positive sign for the buy now, pay later industry. Payments expertise is a growing need for retailers as consumers demand more flexibility, including how they pay overtime. For example, many consumers prefer to pay in installments using their existing cards instead of obtaining new debt via traditional point-of-sale financing. Appointing a payment specialist will help companies such as Apple solve for the different and evolving needs of consumers.”According to Zahir Khoja, head of North America at Afterpay, it’s important to note that its customers of Millennials and Gen Z represent a massive shift to debit spending, with more than 90 percent of transactions being made with a debit card.“Unlike other BNPL products, which are just a new form of a credit card, Afterpay gives shoppers the ability to avoid expensive interest, hidden fees and pernicious debt,” Khoja said. “Afterpay’s current partnership with Apple represents a significant change in the way young people want to pay.Affirm, Klarna and Quadpay withheld comment for this story.","news_type":1},"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134220259,"gmtCreate":1622243909471,"gmtModify":1704182030139,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Buy on dip","listText":"Buy on dip","text":"Buy on dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134220259","repostId":"2138765488","repostType":4,"repost":{"id":"2138765488","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1622215232,"share":"https://ttm.financial/m/news/2138765488?lang=&edition=fundamental","pubTime":"2021-05-28 23:20","market":"us","language":"en","title":"Tesla shares dip on recall rumors","url":"https://stock-news.laohu8.com/highlight/detail?id=2138765488","media":"Reuters","summary":"May 28  - Shares of Tesla Inc fell more than 1% on Friday after an unverified tweet said the electric carmaker had decided to recall some of its Model Y and Model 3 vehicles, citing a note from the company.Tesla did not immediately respond to a Reuters request for comment and Reuters was unable to verify the statement from the company that was shown in the tweet.","content":"<p>May 28 (Reuters) - Shares of Tesla Inc&nbsp;fell more than 1% on Friday after an unverified tweet&nbsp;said the electric carmaker had decided to recall some of its Model Y and Model 3 vehicles, citing a note from the company.</p><p><img src=\"https://static.tigerbbs.com/ba675bb3c29017bd5165f1d31830b19e\" tg-width=\"794\" tg-height=\"614\" referrerpolicy=\"no-referrer\"></p><p>Tesla did not immediately respond to a Reuters request for comment and Reuters was unable to verify the statement from the company that was shown in the tweet.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla shares dip on recall rumors</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla shares dip on recall rumors\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-28 23:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>May 28 (Reuters) - Shares of Tesla Inc&nbsp;fell more than 1% on Friday after an unverified tweet&nbsp;said the electric carmaker had decided to recall some of its Model Y and Model 3 vehicles, citing a note from the company.</p><p><img src=\"https://static.tigerbbs.com/ba675bb3c29017bd5165f1d31830b19e\" tg-width=\"794\" tg-height=\"614\" referrerpolicy=\"no-referrer\"></p><p>Tesla did not immediately respond to a Reuters request for comment and Reuters was unable to verify the statement from the company that was shown in the tweet.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138765488","content_text":"May 28 (Reuters) - Shares of Tesla Inc fell more than 1% on Friday after an unverified tweet said the electric carmaker had decided to recall some of its Model Y and Model 3 vehicles, citing a note from the company.Tesla did not immediately respond to a Reuters request for comment and Reuters was unable to verify the statement from the company that was shown in the tweet.","news_type":1},"isVote":1,"tweetType":1,"viewCount":464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135925621,"gmtCreate":1622127188863,"gmtModify":1704180019837,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Keep going!&nbsp;","listText":"Keep going!&nbsp;","text":"Keep going!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/135925621","repostId":"1175049399","repostType":4,"repost":{"id":"1175049399","pubTimestamp":1622127032,"share":"https://ttm.financial/m/news/1175049399?lang=&edition=fundamental","pubTime":"2021-05-27 22:50","market":"us","language":"en","title":"A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies","url":"https://stock-news.laohu8.com/highlight/detail?id=1175049399","media":"benzinga","summary":"As thecannabisindustry keeps pushing forward, more companies are moving to list their stock on a maj","content":"<p>As thecannabisindustry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small.</p><p>Given the federal uncertainty that still surrounds cannabis in America and in most of the world, few cannabis companies choose the path of a public listing in order to raise funds and even fewer among them are pure-play marijuana stocks.</p><p>Listing a stock allows enables fundraising from a larger pool of investors. At the same time, a publicly-traded stock can be volatile, and even more so in an emerging sector like cannabis.</p><p>Even though listing on a major exchange such as the NYSE and NASDAQ requires a company to comply with strict transparency and accountability rules, it also sends investors a sign that the company is serious about its business.</p><p>Benzinga has compiled a list of NYSE- and NASDAQ-listed cannabis companies, as well as a short description of the company's involvement in the sector. In the first part of the list, we focused on pure-play stocks: companies for which cannabis is their core business.</p><p>22nd Century Group, Inc. (NYSE:XXII)</p><p>This plant biotechnology company is mostly known for its workings in the tobacco industry, more precisely for its efforts to make smoking less unhealthy by minimizing the levels of nicotine in the tobacco plant. The company developed its own proprietary, reduced-nicotine tobacco varieties ending up with a tobacco product that looks, smokes and tastes like a usual cigarette but contains 95% less nicotine.</p><p>22nd Century Group entered the cannabis space for the first time back in 2014 via a research collaboration with Anandia Labs, obtaining in that manner the U.S. right from Anandia to core patents covering the cannabinoid biosynthetic pathway in hemp/cannabis plants. Furthermore, the company got access to many new hemp-cannabis plant lines such as those with no THC, and those with higher levels of CBD or CBG, which are still part of its plant development pipeline. 22nd Century Group works on developing new hemp/cannabis plants with optimized and unique cannabinoid profiles and advantageous agronomic features.</p><p>The company said its most valuable current partnership covering the hemp/cannabis industry is with KeyGene, an<i>AgBiotech company</i>with a specialty in crop enhancement by molecular breeding.</p><p>Akerna Corp (NASDAQ:KERN)</p><p>Akerna was launched on June 17, 2019, following the merger of cannabis-focused blank check company MTech Acquisition Corp and MJ Freeway, a provider of seed-to-sale regulatory compliance technology and Enterprise Resource Planning platform.</p><p>Akerna is the first cannabis compliance technology company to be traded on NASDAQ and is the first NASDAQ-listed cannabis company led by a woman. The company allows cannabis businesses to connect data points in their supply chain making it more transparent and accountable.</p><p><b>Amyris (NASDAQ:AMRS)</b></p><p>Amyris is a science and technology company that creates and manufactures sustainable ingredients for various markets, such as Clean Health &amp; Beauty, and Flavors &amp; Fragrances. Its connection to the cannabis industry is through the research and production of biosynthetic cannabinoids, including CBG.</p><p><i>(*Note – the company hasinked a dealwith the biotech startup Lavvan to research and develop synthetic cannabinoids in 2019. Last September, Lavvansued the companyfor “wrongful use of Lavvan intellectual property in connection with their development, testing, and production of biosynthetic cannabinoids, including CBG.”)</i></p><p><b>Aphria Inc (NYSE:APHA)</b></p><p>Canadian medical marijuana producer Aphria became the first pure-play cannabis company to trade on the NYSE. The stock debuted on the major exchange on Nov. 2, 2018.</p><p>Prior to that, Aphria's stock had been listed on the over-the-counter market in the U.S. and on the Toronto Stock Exchange. Listing on the NYSE was a major step for Aphria, opening the company to a larger pool of investors.</p><p><b>Applied DNA Sciences Inc. (NASDAQ:APDN)</b></p><p>Applied DNA Sciences is a biotechnology company that provides molecular technologies that promote supply chain security, anti-counterfeiting and anti-theft technology. Last year, the companyentered a $5 million agreementwith a Canadian cannabis consultancy TheraCann International Benchmark to use the company’s “molecular tagging” technology in the cannabis industry. Last year, at an international cannabis conference in Panama, Applied DNA presented its new marijuana tracking technology.</p><p>Arena Pharmaceuticals (NASDAQ:ARNA)</p><p>Arena Pharmaceuticals is a biotech company located in San Diego, which has one segment of its drug pipeline dedicated to cannabinoid-type therapeutics. Other parts of its drug pipeline are focused on non-cannabinoid drugs. The core of its cannabis biotech operations is the research and development of its investigational drug candidate called Olorinab (APD371)<i>.</i>This is an oral full agonist of the cannabinoid receptor 2 that is being researched for the treatment of various symptoms, mainly concentrated on visceral pain connected with gastrointestinal illnesses.</p><p>Aurora Cannabis Inc (NYSE:ACB)</p><p>Canadian marijuana producer Aurora Cannabis is considered one of the best stocks for full exposure to the cannabis industry. Aurora is one of the largest cannabis companies in the world. It operates eight licensed production facilities, with&nbsp;five sales licenses and operations in 18 countries. The company has a funded production capacity of over 500,000 kilograms. Aurora recently acquired MedReleaf in a $2.5-billion merger, the industry’s largest.</p><p>Canopy Growth Corp (NYSE:CGC)</p><p>Canopy Growth is the largest marijuana company in the world by market capitalization. It’s also one of&nbsp;the largest in terms of funded production capacity, with a figure of over 500,000 kg. The company is moving fast in expanding its licensed grow space. It started the year with&nbsp;around 800,000 square feet, but recently it has said it reached a licensed platform of 4.3 million feet. Overall, Canopy has a production platform of 5.6 million feet, of which now 75 percent&nbsp;is licensed.</p><p>CannTrust Holdings Inc. (NYSE:CTST)</p><p><i><b>Delisted</b></i></p><p>On Feb. 25, CannTrust Holdings joined its peers on the New York Stock Exchange. CannTrust provides medical and recreational cannabis and cannabis products, operating a 450,000 square-foot facility in Pelham Ontario, which it plans to expand by another 390,000 square feet. CannTrust has a 60,000 square-foot packaging facility in Vaughan, Ontario. Outside of Canada, CannTrust works with Cannatrek Ltd in Australia and has a joint venture with STENOCARE in Denmark.</p><p>Cara Therapeutics (NASDAQ:CARA)</p><p>Clinical-stage biotechnology company, Cara Therapeutics, is involved in the research and design of various chemical entities to help treat pain and itching, with most of them created to address opioid receptors. In previous years the company was examining the potential of CR-701, a synthetic cannabinoid receptor agonist for treating neuropathic pain and its ability to minimize hyperalgesia and allodynia.</p><p>cbdMD Inc (NYSE:YCBD)</p><p>cbdMD offers a range of CBD products, such as tinctures, oil, gummies, topicals and pet products. Recently, the company has partnered with a number of athletes, such as retired UFC champion Quinton “Rampage” Jackson and professional golfer Bubba Watson.</p><p>On May 1, cbdMD changed its name from Level Brands and the ticker from LEVB to YCBD following a vote from shareholders. It's the only CBD-focused U.S. company traded on a major exchange.</p><p><b>Coffee Holding Co., Inc. (NASDAQ:JVA)</b></p><p>A family-run coffee business that has been operating since 1971, providing a plethora of coffee products across the U.S. and Canada, Coffee Holdings joined the cannabis industry this year. In October, the companysigned binding agreementsto attain a 49% ownership of The Jordre Well, LLC, a cannabidiol beverage company, run by founders of Cannuka, a popular CBD skin brand. Under the deal, The Jordre Well will help Coffee Holding in the creation and commercialization of CBD-infused line extensions for the current coffee brands in the company’s portfolio.</p><p><b>Compass Diversified Holdings (NYSE</b>:CODI)</p><p>Compass Diversified Holdings is an investment and holdings company, concentrated on North American middle-market enterprises. It is run by Compass Group Management LLC, which has more than 20 years of experience in the field. Its interest in the cannabis industry is seen through its holdings of Manitoba Harvest and Hemp Oil Canada.</p><p>Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP)</p><p>Corbus Pharmaceuticals is a Phase 3 clinical-stage pharmaceutical company concentrated on the development of new drugs to help with inflammatory and fibrotic illnessesby targeting the endocannabinoid system.Its principal drug candidate is called Lenabasum, and it is an oral, cannabinoid receptor type 2 agonist formed to help with chronic inflammation and fibrotic processes. The drug is also being tested for its potential in treating cystic fibrosis, systemic lupus erythematosus, and some other illnesses. Furthermore, the company is working on creating a pipeline of drug candidates that address the endocannabinoid system.</p><p>Cronos Group Inc (NASDAQ:CRON)</p><p>In February, Cronos Group became the first pure-play cannabis stock to list on a major U.S. exchange. Based in Canada, Cronos is a vertically&nbsp;integrated cannabis company whose core business is medical marijuana, but it is also involved in the recreational space following the full legalization of weed in Canada earlier this month. Similar to its peers, Cronos has been ramping up its production capacity and expects to grow over 47,000 kilograms in early 2019. In addition, Cronos owns Peace Naturals and Original BC, which are licensed to grow and sell medical marijuana in Ontario and British Columbia, respectively.</p><p><b>Eastside Distilling, Inc. (NASDAQ:EAST)</b></p><p>Eastside Distilling, Inc. is a producer of award-winning craft spirits in Portland, Oregon, operating for 12 years. It is known for its specially designed product portfolio containing Burnside Bourbon, West End American Whiskey, Portland Potato Vodka, andHue-Hue Coffee Rum, among others.It is linked to the cannabis space through its ownership of Outlandish Beverages LLC, which manufactures and sells CBD-infused non-alcohol beverages.</p><p><b>Evogene (NASDAQ:EVGN)</b>Evogene is a Rehovot, Israel–headquartered computational biology company. It's also listed on Isreal’s Tel Aviv Stock Exchange under the ticker symbol “EVGN.”The company is involved in the creation of new products for life-science-based industries such as human health, agriculture and industrial applications. It has created a Computational Predictive Biology (CPB)&nbsp;platform, which enables computational design of microbes, small molecules and genes as key elements for life-science products. Its several subsidiaries rely on this platform for the development of various products, including medical cannabis (Canonic Ltd – subsidiary).FSD Pharma Inc. (NASDAQ:HUGE)</p><p>FSD Pharma is a biotech pharmaceutical research and development company that works on a pipeline of FDA-approved synthetic compounds directed at affecting the endocannabinoid system to help with various disorders of the central nervous system and autoimmune illnesses of the GI tract, skin, and the musculoskeletal system. Its subsidiary, FV Pharma, is a licensed producer under Canada’s Cannabis Act regulations with the license to grow cannabis in its facility in Cobourg, Ontario.</p><p>Greenlane Holdings, Inc. (NASDAQ:GNLN)</p><p>Greenlane went public on April 18. It's a Florida-based company that distributes over 140 brands of vaporizers and smoking accessories across the world through dispensaries, smoke shops, as well as through its e-commerce platforms.</p><p>The company doesn't provide any cannabis products, but it has major exposure to the industry and is betting big on its growth. Greenlane’s products are distributed across hundreds of licensed cannabis cultivators, processors&nbsp;and dispensaries.</p><p><b>GrowGeneration Corp. (NASDAQ:GRWG)</b></p><p>GroGeneration Corp. is a Denver-based hydroponics innovator and a distributor of agricultural products that also serves U.S. cannabis companies. It runs retail hydroponic and organic specialty gardening retail stores, providing plant nutrition, advanced lighting technology, and farming soils, among others. GrowGeneration recently announced the completion of its acquisition of California-based GrowBiz, one of the largest hydroponic garden centers in the U.S.6</p><p>GW Pharmaceuticals PLC (NASDAQ:GWPH)</p><p>Among pharmaceutical companies, UK-based GW Pharmaceutical is the closest to being a pure-play cannabis company.</p><p>GW is focused on developing cannabis-based drugs. Its Sativex drug, for the treatment of multiple sclerosis, was the first-ever natural cannabis plant derivative to be approved by regulators in any country, receiving UK approval in 2010. Earlier this year, Epidiolex, for the treatment of epilepsy, became the first cannabis-derived drug to bag FDA approval.</p><p>HEXO Corp (NYSE:HEXO)</p><p>Hexo is a Gatineau, Quebec-based adult-use cannabis company that focuses on innovative, smoke-free and traditional cannabis products. The company was previously known as Hydropothecary Corp, but changed its name to HEXO in August 2018 following the launch of the HEXO brand for the adult-use market (medical products retained the Hydropothecary brand).</p><p>In August 2018, HEXO and<b>Molson Coors Brewing Co</b>(NYSE:TAP)’s Canadian division agreed to form a joint venture (later revealed as Truss) to develop non-alcoholic, cannabis-infused beverages for the Canadian market. HEXO’s stock debuted on the NYSE American on Jan. 23.</p><p>India Globalization Capital, Inc. (NYSEAMERICAN: IGC)</p><p>India Globalization Capital is a Maryland-based company with two lines of operations – infrastructure, and cannabinoid-based products. Its cannabis-based products are designed to help with pain, seizures, post-traumatic stress disorder, and various other ailments.The company offers patent-pending products that provide micro-doses of cannabinoids mixed with other natural components.</p><p>Innovative Industrial Properties Inc (NYSE:IIPR)</p><p>Innovative Industrial Properties is the only publicly traded cannabis-focused Real Estate Investment Trust. The company manages a portfolio of real estate properties that it leases to medical cannabis companies in the U.S. Among its lessees are PharmaCann (New York and Massachusetts), The Pharm (Arizona), Holistic Industries (Maryland and Massachusetts), Green Peak (Michigan) and Vireo Health (Minnesota, New York, and Pennsylvania).</p><p>Intec Pharma Ltd. (NASDAQ:NTEC)</p><p>Intec Pharma is a biopharmaceutical company that works on creating a variety of therapeutics relying on its proprietary According Pill technology. Among, the company’s product pipeline candidates in clinical development are AP-cannabinoids. They are being examined for helping with various conditions such as cancer pain and opioid-sparing pain, by delivering one or both of the main cannabinoids naturally found in Cannabis sativa, CBD and THC.</p><p><b>Marrone Bio Innovations, Inc. (NASDAQ:MBII)</b></p><p>Marrone Bio Innovations, Inc. provides bio-based pest management and plant health products for various markets, such as agriculture and water treatment. The company’s three active ingredients are legalized for use on cannabis crops in California.</p><p><b>Neptune Wellness Solutions Inc.(NASDAQ:NEPT)</b></p><p>Neptune Wellness Solutions Inc. is a diversified wellness company. Through its 9354-7537 Quebec Inc., Neptune is licensed by Health Canada to process cannabis for the production of cannabis extracts and oils at its facility in Quebec. It is known for its proprietary recreational product line that includes High CBD Oil, High CBD Capsules, Classic Hashish, and Legacy Hashish.</p><p>NEWAGE (NASDAQ:NBEV)</p><p>NewAge is a Colorado-based omnichannel company that tries to motivate consumers to “live healthy.” It is the only one-stop shop of healthy beverages, with famous brands such as Nestea, Evian, Búcha Live Kombucha, Illy Coffee, and Volvic. Recently the company has announced that its Noni+CBD product has obtained sales approval by the Japanese Ministry of Health and the Japanese Narcotics Control Division. The company also offers a portfolio of hemp products, such as oils, body creams, and roll-on gels, which has reached Australia and New Zealand.</p><p><b>NIC Inc. (NASDAQ:EGOV)</b></p><p>The Olathe, Kansas-based provider of digital government services, NIC Inc. has reached the cannabis space through the acquisition of Complia, a Denver-based technology platform for regulating cannabis and hemp industries.</p><p><b>OrganiGram Holdings Inc (NASDAQ:OGI)</b></p><p>After announcing it had applied to list its stock on NASDAQ on April 26, it took slightly more than two weeks for the Canadian cannabis producer to get approved and another week for it to start trading on May 21.</p><p>OrganiGram produces indoor-grown medical and adult-use cannabis in Canada and has distribution across all 10 provinces. The company’s plants for recreational use have recently received organic certification from the Pro-Cert Organic Systems Ltd. In anticipation of the legalization of edibles in Canada later this year, OrganiGram has invested $15 million into an automated production line for cannabis-infused chocolate that has a capacity of 4.0 million kilograms per year, which will be delivered this fall.</p><p>Pyxus International Inc (NYSE:PYX)</p><p><b><i>Delisted</i></b></p><p>Until recently, Pyxus International was known as Alliance One International and was involved in tobacco growing and packaging. Earlier this year, the company rebranded into Pyxus as it embraced&nbsp;cannabis. In January, Pyxus’s subsidiary Canadian Cultivated Products acquired 75 percent&nbsp;of Canada’s Island Garden and 80 percent&nbsp;of Goldleaf Pharm. Later, Canadian Cultivated Products was rebranded into FIGR Cannabis.</p><p>At the beginning of October, Goldleaf received a cultivation license from Health Canada. In addition, Canada’s Island Garden has received a license to sell marijuana and signed an agreement with the province of Prince Edward Island for 1,000 kilograms of cannabis products. Moreover, Pyxus International’s Korent subsidiary is involved in the production of industrial hemp and hemp-derived CBD oil and liquid for e-cigarettes.</p><p>Sundial Growers Inc. (NASDAQ:SNDL)</p><p>Alberta-based cannabis company, Sundial Growers is known for cultivating a specific range of cannabis strains. It has established cannabis brands to Heal, Help and Play, with Heal symbolizing cannabis products consumed as prescribed medical therapies, Help products that support overall health and wellbeing via CBD, and Play that includes products for empowering social and spiritual occasions. The company runs two locations in Alberta, but it has announced plans to expand to British Columbia by building a new facility.</p><p>Therapix Biosciences Ltd (NASDAQ:TRPX)</p><p><b><i>Delisted</i></b></p><p>Israel-based Therapix Biosciences is involved in developing a pipeline of drugs based on the FDA-approved cannabinoid Dronabinol, such as THX-110 for the treatment of Tourette syndrome and obstructive sleep apnea, THX-130 for mild cognitive impairments&nbsp;and THX-150 for the treatment of infectious diseases. Recently, Canadian marijuana producer<b>FSD Pharma</b>(OTC:FSDDF) announced that it would acquire Therapix Biosciences for $48 million in stock.</p><p>Tilray Inc (NASDAQ:TLRY)</p><p>In July 2018, Tilray became the first pure-play cannabis company to list on NASDAQ, and its stock quickly captured attention as it surged eightfold in just two months after the IPO.</p><p>The company was founded in 2013, and in 2016 it became the first medical marijuana producer in North America to receive a good manufacturing practices certification. Tilray’s production capacity currently lags behind giants like Aurora or Canopy Growth at around 15,000 kilograms. It has been investing in expansion and aims to have over 900,000 square feet of production capacity by the end of the year.</p><p><b>Urban-gro, Inc.</b>&nbsp;(NASDAQ:UGRO)</p><p>An engineering company, urban-gro is primarily focused on the popular horticulture market. It offers integration and design services of advanced environmental equipment systems into high-performance facilities. It has already operated in hundreds of Controlled Environment Agriculture (CEA)&nbsp;facilities.</p><p>With its crop-agnostic solutions, it reaches the cannabis CEA sphere. The company provides “turn-key commercial cannabis grow room design services and solutions” to help its clients attain their goals working in sync with the environment, plants, and people. &nbsp;Cannabis grow room designs can be carefully crafted to meet various regulatory demands, including energy efficiency goals, Good Agricultural Practices, and/or Good Manufacturing Practice certification.</p><p>It also offers its gro-care managed services platform that aims to help with facility optimization. &nbsp;With its services, urban-gro pushes building performances to another level.</p><p>Village Farms International, Inc.&nbsp; (NASDAQ:VFF)</p><p>Village Farms International is a vertically integrated greenhouse grower and the only publicly traded greenhouse business in Canada. It manufactures and sells fresh produce from its large greenhouses located in Texas and British Columbia and its partner greenhouses in British Columbia, Mexico, and Ontario. The company is connected to the cannabis industry via its majority ownership position in Pure Sunfarms, a Canada-based cannabis growing operations. Furthermore, the company has plans to establish itself as a vertically integrated leader in the U.S hemp-derived CBD market, already having two joint ventures – Village Fields Hemp USA, LLC and Arkansas Valley Green and Gold Hemp LLC.</p><p>Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)</p><p>Zynerba Pharmaceuticals is focused on developing transdermal cannabinoid therapies for rare and near-rare neuropsychiatric diseases. Among its product candidates is ZYN002 CBD for children and adolescents with Fragile X syndrome, a genetic condition that causes intellectual disability, behavioral and learning challenges and is the most commonly known single-gene cause of autism spectrum disorder. Other targeted conditions include developmental and epileptic encephalopathies and adult epilepsy.</p><p>Non-Cannabis Companies With Interests In The SpaceAbbVie, Inc. (NYSE:ABBV)</p><p>This biopharmaceutical company works on creating solutions to help treat various health conditions, from those life-threatening diseases to other chronic disorders. Its core focus is on four therapeutic fields – oncology, neurosciences, virology, and immunology. Its main connection to the cannabis industry lies in its drug, called Marinol, or Dronabinol, which is created of a synthetic form of marijuana. Marinol is used to help with nausea and vomiting caused by chemotherapy, and also to treat the loss of appetite in patients suffering from AIDS.</p><p>Altria Group, Inc. (NYSE:MO)</p><p>Altria Group is known as one of the biggest manufacturers and advertisers of tobacco, cigarettes and similar products in the world. While it runs its operations across the world, its main headquarters are located in Virgina, outside of the city of Richmond. Its connection to the cannabis sector is through its considerable stake in a Canada-based pure-play cannabis stock Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON).</p><p>Scotts Miracle-Gro Company (NYSE:SMG)</p><p>This is a company that produces and sells consumer lawn, garden and pest control products, but some websites consider it a cannabis stock, only because its products can be used in the cannabis industry. In its 2019 Annual Report, the company also states under the ‘risks’ section that end user may buy their products to cultivate cannabis. “Our gardening products, including our hydroponic gardening products, are multi-purpose products designed and intended for growing a wide range of plants and are generally purchased from retailers by end-users who may grow any variety of plants, including cannabis.”</p><p>Psychemedics Corporation (NASDAQ:PMD)</p><p>This is a provider of hair testing services for the detection of drugs of abuse, offering marijuana hair drug tests as well.</p>","source":"lsy1606299360108","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>A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies</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\">\nA Complete List Of NYSE And NASDAQ-Listed Cannabis Companies\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-27 22:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cannabis/21/05/12591805/a-complete-list-of-nyse-and-nasdaq-listed-cannabis-companies-updated><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As thecannabisindustry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small.Given the ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cannabis/21/05/12591805/a-complete-list-of-nyse-and-nasdaq-listed-cannabis-companies-updated\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/markets/cannabis/21/05/12591805/a-complete-list-of-nyse-and-nasdaq-listed-cannabis-companies-updated","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175049399","content_text":"As thecannabisindustry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small.Given the federal uncertainty that still surrounds cannabis in America and in most of the world, few cannabis companies choose the path of a public listing in order to raise funds and even fewer among them are pure-play marijuana stocks.Listing a stock allows enables fundraising from a larger pool of investors. At the same time, a publicly-traded stock can be volatile, and even more so in an emerging sector like cannabis.Even though listing on a major exchange such as the NYSE and NASDAQ requires a company to comply with strict transparency and accountability rules, it also sends investors a sign that the company is serious about its business.Benzinga has compiled a list of NYSE- and NASDAQ-listed cannabis companies, as well as a short description of the company's involvement in the sector. In the first part of the list, we focused on pure-play stocks: companies for which cannabis is their core business.22nd Century Group, Inc. (NYSE:XXII)This plant biotechnology company is mostly known for its workings in the tobacco industry, more precisely for its efforts to make smoking less unhealthy by minimizing the levels of nicotine in the tobacco plant. The company developed its own proprietary, reduced-nicotine tobacco varieties ending up with a tobacco product that looks, smokes and tastes like a usual cigarette but contains 95% less nicotine.22nd Century Group entered the cannabis space for the first time back in 2014 via a research collaboration with Anandia Labs, obtaining in that manner the U.S. right from Anandia to core patents covering the cannabinoid biosynthetic pathway in hemp/cannabis plants. Furthermore, the company got access to many new hemp-cannabis plant lines such as those with no THC, and those with higher levels of CBD or CBG, which are still part of its plant development pipeline. 22nd Century Group works on developing new hemp/cannabis plants with optimized and unique cannabinoid profiles and advantageous agronomic features.The company said its most valuable current partnership covering the hemp/cannabis industry is with KeyGene, anAgBiotech companywith a specialty in crop enhancement by molecular breeding.Akerna Corp (NASDAQ:KERN)Akerna was launched on June 17, 2019, following the merger of cannabis-focused blank check company MTech Acquisition Corp and MJ Freeway, a provider of seed-to-sale regulatory compliance technology and Enterprise Resource Planning platform.Akerna is the first cannabis compliance technology company to be traded on NASDAQ and is the first NASDAQ-listed cannabis company led by a woman. The company allows cannabis businesses to connect data points in their supply chain making it more transparent and accountable.Amyris (NASDAQ:AMRS)Amyris is a science and technology company that creates and manufactures sustainable ingredients for various markets, such as Clean Health & Beauty, and Flavors & Fragrances. Its connection to the cannabis industry is through the research and production of biosynthetic cannabinoids, including CBG.(*Note – the company hasinked a dealwith the biotech startup Lavvan to research and develop synthetic cannabinoids in 2019. Last September, Lavvansued the companyfor “wrongful use of Lavvan intellectual property in connection with their development, testing, and production of biosynthetic cannabinoids, including CBG.”)Aphria Inc (NYSE:APHA)Canadian medical marijuana producer Aphria became the first pure-play cannabis company to trade on the NYSE. The stock debuted on the major exchange on Nov. 2, 2018.Prior to that, Aphria's stock had been listed on the over-the-counter market in the U.S. and on the Toronto Stock Exchange. Listing on the NYSE was a major step for Aphria, opening the company to a larger pool of investors.Applied DNA Sciences Inc. (NASDAQ:APDN)Applied DNA Sciences is a biotechnology company that provides molecular technologies that promote supply chain security, anti-counterfeiting and anti-theft technology. Last year, the companyentered a $5 million agreementwith a Canadian cannabis consultancy TheraCann International Benchmark to use the company’s “molecular tagging” technology in the cannabis industry. Last year, at an international cannabis conference in Panama, Applied DNA presented its new marijuana tracking technology.Arena Pharmaceuticals (NASDAQ:ARNA)Arena Pharmaceuticals is a biotech company located in San Diego, which has one segment of its drug pipeline dedicated to cannabinoid-type therapeutics. Other parts of its drug pipeline are focused on non-cannabinoid drugs. The core of its cannabis biotech operations is the research and development of its investigational drug candidate called Olorinab (APD371).This is an oral full agonist of the cannabinoid receptor 2 that is being researched for the treatment of various symptoms, mainly concentrated on visceral pain connected with gastrointestinal illnesses.Aurora Cannabis Inc (NYSE:ACB)Canadian marijuana producer Aurora Cannabis is considered one of the best stocks for full exposure to the cannabis industry. Aurora is one of the largest cannabis companies in the world. It operates eight licensed production facilities, with five sales licenses and operations in 18 countries. The company has a funded production capacity of over 500,000 kilograms. Aurora recently acquired MedReleaf in a $2.5-billion merger, the industry’s largest.Canopy Growth Corp (NYSE:CGC)Canopy Growth is the largest marijuana company in the world by market capitalization. It’s also one of the largest in terms of funded production capacity, with a figure of over 500,000 kg. The company is moving fast in expanding its licensed grow space. It started the year with around 800,000 square feet, but recently it has said it reached a licensed platform of 4.3 million feet. Overall, Canopy has a production platform of 5.6 million feet, of which now 75 percent is licensed.CannTrust Holdings Inc. (NYSE:CTST)DelistedOn Feb. 25, CannTrust Holdings joined its peers on the New York Stock Exchange. CannTrust provides medical and recreational cannabis and cannabis products, operating a 450,000 square-foot facility in Pelham Ontario, which it plans to expand by another 390,000 square feet. CannTrust has a 60,000 square-foot packaging facility in Vaughan, Ontario. Outside of Canada, CannTrust works with Cannatrek Ltd in Australia and has a joint venture with STENOCARE in Denmark.Cara Therapeutics (NASDAQ:CARA)Clinical-stage biotechnology company, Cara Therapeutics, is involved in the research and design of various chemical entities to help treat pain and itching, with most of them created to address opioid receptors. In previous years the company was examining the potential of CR-701, a synthetic cannabinoid receptor agonist for treating neuropathic pain and its ability to minimize hyperalgesia and allodynia.cbdMD Inc (NYSE:YCBD)cbdMD offers a range of CBD products, such as tinctures, oil, gummies, topicals and pet products. Recently, the company has partnered with a number of athletes, such as retired UFC champion Quinton “Rampage” Jackson and professional golfer Bubba Watson.On May 1, cbdMD changed its name from Level Brands and the ticker from LEVB to YCBD following a vote from shareholders. It's the only CBD-focused U.S. company traded on a major exchange.Coffee Holding Co., Inc. (NASDAQ:JVA)A family-run coffee business that has been operating since 1971, providing a plethora of coffee products across the U.S. and Canada, Coffee Holdings joined the cannabis industry this year. In October, the companysigned binding agreementsto attain a 49% ownership of The Jordre Well, LLC, a cannabidiol beverage company, run by founders of Cannuka, a popular CBD skin brand. Under the deal, The Jordre Well will help Coffee Holding in the creation and commercialization of CBD-infused line extensions for the current coffee brands in the company’s portfolio.Compass Diversified Holdings (NYSE:CODI)Compass Diversified Holdings is an investment and holdings company, concentrated on North American middle-market enterprises. It is run by Compass Group Management LLC, which has more than 20 years of experience in the field. Its interest in the cannabis industry is seen through its holdings of Manitoba Harvest and Hemp Oil Canada.Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP)Corbus Pharmaceuticals is a Phase 3 clinical-stage pharmaceutical company concentrated on the development of new drugs to help with inflammatory and fibrotic illnessesby targeting the endocannabinoid system.Its principal drug candidate is called Lenabasum, and it is an oral, cannabinoid receptor type 2 agonist formed to help with chronic inflammation and fibrotic processes. The drug is also being tested for its potential in treating cystic fibrosis, systemic lupus erythematosus, and some other illnesses. Furthermore, the company is working on creating a pipeline of drug candidates that address the endocannabinoid system.Cronos Group Inc (NASDAQ:CRON)In February, Cronos Group became the first pure-play cannabis stock to list on a major U.S. exchange. Based in Canada, Cronos is a vertically integrated cannabis company whose core business is medical marijuana, but it is also involved in the recreational space following the full legalization of weed in Canada earlier this month. Similar to its peers, Cronos has been ramping up its production capacity and expects to grow over 47,000 kilograms in early 2019. In addition, Cronos owns Peace Naturals and Original BC, which are licensed to grow and sell medical marijuana in Ontario and British Columbia, respectively.Eastside Distilling, Inc. (NASDAQ:EAST)Eastside Distilling, Inc. is a producer of award-winning craft spirits in Portland, Oregon, operating for 12 years. It is known for its specially designed product portfolio containing Burnside Bourbon, West End American Whiskey, Portland Potato Vodka, andHue-Hue Coffee Rum, among others.It is linked to the cannabis space through its ownership of Outlandish Beverages LLC, which manufactures and sells CBD-infused non-alcohol beverages.Evogene (NASDAQ:EVGN)Evogene is a Rehovot, Israel–headquartered computational biology company. It's also listed on Isreal’s Tel Aviv Stock Exchange under the ticker symbol “EVGN.”The company is involved in the creation of new products for life-science-based industries such as human health, agriculture and industrial applications. It has created a Computational Predictive Biology (CPB) platform, which enables computational design of microbes, small molecules and genes as key elements for life-science products. Its several subsidiaries rely on this platform for the development of various products, including medical cannabis (Canonic Ltd – subsidiary).FSD Pharma Inc. (NASDAQ:HUGE)FSD Pharma is a biotech pharmaceutical research and development company that works on a pipeline of FDA-approved synthetic compounds directed at affecting the endocannabinoid system to help with various disorders of the central nervous system and autoimmune illnesses of the GI tract, skin, and the musculoskeletal system. Its subsidiary, FV Pharma, is a licensed producer under Canada’s Cannabis Act regulations with the license to grow cannabis in its facility in Cobourg, Ontario.Greenlane Holdings, Inc. (NASDAQ:GNLN)Greenlane went public on April 18. It's a Florida-based company that distributes over 140 brands of vaporizers and smoking accessories across the world through dispensaries, smoke shops, as well as through its e-commerce platforms.The company doesn't provide any cannabis products, but it has major exposure to the industry and is betting big on its growth. Greenlane’s products are distributed across hundreds of licensed cannabis cultivators, processors and dispensaries.GrowGeneration Corp. (NASDAQ:GRWG)GroGeneration Corp. is a Denver-based hydroponics innovator and a distributor of agricultural products that also serves U.S. cannabis companies. It runs retail hydroponic and organic specialty gardening retail stores, providing plant nutrition, advanced lighting technology, and farming soils, among others. GrowGeneration recently announced the completion of its acquisition of California-based GrowBiz, one of the largest hydroponic garden centers in the U.S.6GW Pharmaceuticals PLC (NASDAQ:GWPH)Among pharmaceutical companies, UK-based GW Pharmaceutical is the closest to being a pure-play cannabis company.GW is focused on developing cannabis-based drugs. Its Sativex drug, for the treatment of multiple sclerosis, was the first-ever natural cannabis plant derivative to be approved by regulators in any country, receiving UK approval in 2010. Earlier this year, Epidiolex, for the treatment of epilepsy, became the first cannabis-derived drug to bag FDA approval.HEXO Corp (NYSE:HEXO)Hexo is a Gatineau, Quebec-based adult-use cannabis company that focuses on innovative, smoke-free and traditional cannabis products. The company was previously known as Hydropothecary Corp, but changed its name to HEXO in August 2018 following the launch of the HEXO brand for the adult-use market (medical products retained the Hydropothecary brand).In August 2018, HEXO andMolson Coors Brewing Co(NYSE:TAP)’s Canadian division agreed to form a joint venture (later revealed as Truss) to develop non-alcoholic, cannabis-infused beverages for the Canadian market. HEXO’s stock debuted on the NYSE American on Jan. 23.India Globalization Capital, Inc. (NYSEAMERICAN: IGC)India Globalization Capital is a Maryland-based company with two lines of operations – infrastructure, and cannabinoid-based products. Its cannabis-based products are designed to help with pain, seizures, post-traumatic stress disorder, and various other ailments.The company offers patent-pending products that provide micro-doses of cannabinoids mixed with other natural components.Innovative Industrial Properties Inc (NYSE:IIPR)Innovative Industrial Properties is the only publicly traded cannabis-focused Real Estate Investment Trust. The company manages a portfolio of real estate properties that it leases to medical cannabis companies in the U.S. Among its lessees are PharmaCann (New York and Massachusetts), The Pharm (Arizona), Holistic Industries (Maryland and Massachusetts), Green Peak (Michigan) and Vireo Health (Minnesota, New York, and Pennsylvania).Intec Pharma Ltd. (NASDAQ:NTEC)Intec Pharma is a biopharmaceutical company that works on creating a variety of therapeutics relying on its proprietary According Pill technology. Among, the company’s product pipeline candidates in clinical development are AP-cannabinoids. They are being examined for helping with various conditions such as cancer pain and opioid-sparing pain, by delivering one or both of the main cannabinoids naturally found in Cannabis sativa, CBD and THC.Marrone Bio Innovations, Inc. (NASDAQ:MBII)Marrone Bio Innovations, Inc. provides bio-based pest management and plant health products for various markets, such as agriculture and water treatment. The company’s three active ingredients are legalized for use on cannabis crops in California.Neptune Wellness Solutions Inc.(NASDAQ:NEPT)Neptune Wellness Solutions Inc. is a diversified wellness company. Through its 9354-7537 Quebec Inc., Neptune is licensed by Health Canada to process cannabis for the production of cannabis extracts and oils at its facility in Quebec. It is known for its proprietary recreational product line that includes High CBD Oil, High CBD Capsules, Classic Hashish, and Legacy Hashish.NEWAGE (NASDAQ:NBEV)NewAge is a Colorado-based omnichannel company that tries to motivate consumers to “live healthy.” It is the only one-stop shop of healthy beverages, with famous brands such as Nestea, Evian, Búcha Live Kombucha, Illy Coffee, and Volvic. Recently the company has announced that its Noni+CBD product has obtained sales approval by the Japanese Ministry of Health and the Japanese Narcotics Control Division. The company also offers a portfolio of hemp products, such as oils, body creams, and roll-on gels, which has reached Australia and New Zealand.NIC Inc. (NASDAQ:EGOV)The Olathe, Kansas-based provider of digital government services, NIC Inc. has reached the cannabis space through the acquisition of Complia, a Denver-based technology platform for regulating cannabis and hemp industries.OrganiGram Holdings Inc (NASDAQ:OGI)After announcing it had applied to list its stock on NASDAQ on April 26, it took slightly more than two weeks for the Canadian cannabis producer to get approved and another week for it to start trading on May 21.OrganiGram produces indoor-grown medical and adult-use cannabis in Canada and has distribution across all 10 provinces. The company’s plants for recreational use have recently received organic certification from the Pro-Cert Organic Systems Ltd. In anticipation of the legalization of edibles in Canada later this year, OrganiGram has invested $15 million into an automated production line for cannabis-infused chocolate that has a capacity of 4.0 million kilograms per year, which will be delivered this fall.Pyxus International Inc (NYSE:PYX)DelistedUntil recently, Pyxus International was known as Alliance One International and was involved in tobacco growing and packaging. Earlier this year, the company rebranded into Pyxus as it embraced cannabis. In January, Pyxus’s subsidiary Canadian Cultivated Products acquired 75 percent of Canada’s Island Garden and 80 percent of Goldleaf Pharm. Later, Canadian Cultivated Products was rebranded into FIGR Cannabis.At the beginning of October, Goldleaf received a cultivation license from Health Canada. In addition, Canada’s Island Garden has received a license to sell marijuana and signed an agreement with the province of Prince Edward Island for 1,000 kilograms of cannabis products. Moreover, Pyxus International’s Korent subsidiary is involved in the production of industrial hemp and hemp-derived CBD oil and liquid for e-cigarettes.Sundial Growers Inc. (NASDAQ:SNDL)Alberta-based cannabis company, Sundial Growers is known for cultivating a specific range of cannabis strains. It has established cannabis brands to Heal, Help and Play, with Heal symbolizing cannabis products consumed as prescribed medical therapies, Help products that support overall health and wellbeing via CBD, and Play that includes products for empowering social and spiritual occasions. The company runs two locations in Alberta, but it has announced plans to expand to British Columbia by building a new facility.Therapix Biosciences Ltd (NASDAQ:TRPX)DelistedIsrael-based Therapix Biosciences is involved in developing a pipeline of drugs based on the FDA-approved cannabinoid Dronabinol, such as THX-110 for the treatment of Tourette syndrome and obstructive sleep apnea, THX-130 for mild cognitive impairments and THX-150 for the treatment of infectious diseases. Recently, Canadian marijuana producerFSD Pharma(OTC:FSDDF) announced that it would acquire Therapix Biosciences for $48 million in stock.Tilray Inc (NASDAQ:TLRY)In July 2018, Tilray became the first pure-play cannabis company to list on NASDAQ, and its stock quickly captured attention as it surged eightfold in just two months after the IPO.The company was founded in 2013, and in 2016 it became the first medical marijuana producer in North America to receive a good manufacturing practices certification. Tilray’s production capacity currently lags behind giants like Aurora or Canopy Growth at around 15,000 kilograms. It has been investing in expansion and aims to have over 900,000 square feet of production capacity by the end of the year.Urban-gro, Inc. (NASDAQ:UGRO)An engineering company, urban-gro is primarily focused on the popular horticulture market. It offers integration and design services of advanced environmental equipment systems into high-performance facilities. It has already operated in hundreds of Controlled Environment Agriculture (CEA) facilities.With its crop-agnostic solutions, it reaches the cannabis CEA sphere. The company provides “turn-key commercial cannabis grow room design services and solutions” to help its clients attain their goals working in sync with the environment, plants, and people.  Cannabis grow room designs can be carefully crafted to meet various regulatory demands, including energy efficiency goals, Good Agricultural Practices, and/or Good Manufacturing Practice certification.It also offers its gro-care managed services platform that aims to help with facility optimization.  With its services, urban-gro pushes building performances to another level.Village Farms International, Inc.  (NASDAQ:VFF)Village Farms International is a vertically integrated greenhouse grower and the only publicly traded greenhouse business in Canada. It manufactures and sells fresh produce from its large greenhouses located in Texas and British Columbia and its partner greenhouses in British Columbia, Mexico, and Ontario. The company is connected to the cannabis industry via its majority ownership position in Pure Sunfarms, a Canada-based cannabis growing operations. Furthermore, the company has plans to establish itself as a vertically integrated leader in the U.S hemp-derived CBD market, already having two joint ventures – Village Fields Hemp USA, LLC and Arkansas Valley Green and Gold Hemp LLC.Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE)Zynerba Pharmaceuticals is focused on developing transdermal cannabinoid therapies for rare and near-rare neuropsychiatric diseases. Among its product candidates is ZYN002 CBD for children and adolescents with Fragile X syndrome, a genetic condition that causes intellectual disability, behavioral and learning challenges and is the most commonly known single-gene cause of autism spectrum disorder. Other targeted conditions include developmental and epileptic encephalopathies and adult epilepsy.Non-Cannabis Companies With Interests In The SpaceAbbVie, Inc. (NYSE:ABBV)This biopharmaceutical company works on creating solutions to help treat various health conditions, from those life-threatening diseases to other chronic disorders. Its core focus is on four therapeutic fields – oncology, neurosciences, virology, and immunology. Its main connection to the cannabis industry lies in its drug, called Marinol, or Dronabinol, which is created of a synthetic form of marijuana. Marinol is used to help with nausea and vomiting caused by chemotherapy, and also to treat the loss of appetite in patients suffering from AIDS.Altria Group, Inc. (NYSE:MO)Altria Group is known as one of the biggest manufacturers and advertisers of tobacco, cigarettes and similar products in the world. While it runs its operations across the world, its main headquarters are located in Virgina, outside of the city of Richmond. Its connection to the cannabis sector is through its considerable stake in a Canada-based pure-play cannabis stock Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON).Scotts Miracle-Gro Company (NYSE:SMG)This is a company that produces and sells consumer lawn, garden and pest control products, but some websites consider it a cannabis stock, only because its products can be used in the cannabis industry. In its 2019 Annual Report, the company also states under the ‘risks’ section that end user may buy their products to cultivate cannabis. “Our gardening products, including our hydroponic gardening products, are multi-purpose products designed and intended for growing a wide range of plants and are generally purchased from retailers by end-users who may grow any variety of plants, including cannabis.”Psychemedics Corporation (NASDAQ:PMD)This is a provider of hair testing services for the detection of drugs of abuse, offering marijuana hair drug tests as well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135922924,"gmtCreate":1622127120368,"gmtModify":1704180018058,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Aluminium king","listText":"Aluminium king","text":"Aluminium king","images":[{"img":"https://static.tigerbbs.com/557b4ddd8303114ccf4cadade26e0a6d","width":"1080","height":"3021"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135922924","isVote":1,"tweetType":1,"viewCount":61,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":135928769,"gmtCreate":1622127070651,"gmtModify":1704180016114,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Amazing&nbsp;","listText":"Amazing&nbsp;","text":"Amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135928769","repostId":"1183505680","repostType":4,"repost":{"id":"1183505680","pubTimestamp":1622110621,"share":"https://ttm.financial/m/news/1183505680?lang=&edition=fundamental","pubTime":"2021-05-27 18:17","market":"us","language":"en","title":"Cathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent","url":"https://stock-news.laohu8.com/highlight/detail?id=1183505680","media":"Bloomberg","summary":"Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bo","content":"<p>Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bold bets on Tesla and Bitcoin have faltered. But for the superstar portfolio manager, there’s always five years from now.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/635880405de664b5f1b1aba431293df6\" tg-width=\"1000\" tg-height=\"1333\"><span>Wood PHOTOGRAPHER: REED YOUNG</span></p>\n<p>In the weirdest year of our lives, the rise of Cathie Wood is hardly the weirdest thing to happen. But still. She’s the first star in an industry, the $6.3 trillion world of exchange-traded funds, that wasn’t supposed to have any. She’s a throwback—a money manager who’s actually famous among regular investors, like Peter Lynch or Warren Buffett. And not only is she the first woman to play that role, she’s taken a throne in the pantheon of meme stock demigods, up there with the Elon Musks and shiba inus.</p>\n<p>Wood moves stocks with her trades andher tweets. On social media and in online forums around the world, her name is synonymous with a certain brand of technophilia, an enthusiasm for the next big thing, whether that’s robotics or gene editing or digital currencies. Some of her bolder predictions forBitcoinand Tesla came true, to the shock of Wall Street analysts who found them ridiculous.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a726aefb59abf1bf29c40f55e85accba\" tg-width=\"1511\" tg-height=\"1999\"><span>Featured in Bloomberg Businessweek, May 31, 2021. Subscribe now.PHOTO ILLUSTRATION BY RAD MORA; PHOTO: REED YOUNG</span></p>\n<p>The company she founded,ARK Investment Management, went from an unprofitable niche operator to arunaway success&nbsp;in just a few years. Her flagship ARK Innovation fund gained almost 150% in 2020, then as much as 26% more in the new year. Droves of investors, many of them young novices, bet on Wood, pouring almost $21 billion into ARK in 2020.</p>\n<p>In the depths of the pandemic, she championed a beautiful future where technology would make everything better and more profitable. It was part of a rising subculture of belief, in both technological change and financial risk-taking, that reached a fever pitch in the dark winter of 2021. Stocks soared even as the coronavirus carnage mounted: joblessness, business closures, deaths. Retail traders with stimulus checks shocked hedge funds by bidding up GameStop Corp. and other meme stocks. Wood’s swift ascent was emblematic of a struggle playing out in financial markets, where investors giddy over the promises (and entertainment value) of innovations such as cryptocurrency seemed to be winning out over skeptics. Dogecoin, created&nbsp;as a joke, surged 20,000%.</p>\n<p>Sooner or later, the market was bound toturn on her. Vaccinations accelerated, and the economy reopened. Investors responded by turning from speculative high-tech stocks toward boring ones that would benefit from a broader recovery. Wood’s flagship fund gave up all its 2021 gains and then some. As broad stock indexes continued to climb, she went from having one of the best performances among money managers to losing money year-to-date. She blamed fears of inflation for sending “the innovation-oriented part of the stock market”—her bread and butter—into a correction.Tesla Inc.tumbled more than 30%&nbsp;from its peak, the same amount Bitcoin fell in one shocking morning in mid-May.</p>\n<p>Wood’s always-online fans are sticking by her. Investors who poured a net $34 billion into ARK’s eight funds in the past 12 months have withdrawn only about $1.2 billion since the end of February. They’re betting that the world, emerging from Covid-19, will catch up to the future she proselytizes for. To the true believers, her sudden fame won’t be an oddball footnote in market history, like GameStop, but a forerunner to decades of glorious change. Just as Mary Meeker cheered early internet companies Yahoo! and Priceline.com as a Morgan Stanley analyst during the dot-com boom, Wood preaches a peculiarly American gospel of utopian change powered by capitalism.</p>\n<p>She drives home her message with repetition. “We have a five-year investment time horizon,” she says over and over again, especially when her funds are dropping in value. Other Cathie catchphrases get emblazoned on ARK merchandise, sold to the company’s more devoted clients with all profits going to charity. A T-shirt reads “Truth Wins Out”; a baby onesie says “Invest in the Future Today.” She spreads the word in a steady stream of videos, webinars, and commentaries posted on ARK’s website, along with frequent appearances at conferences andon mediaincluding CNBC, Bloomberg TV, and a variety of investing podcasts. Despite this, ARK turned down requests for an in-depth interview for this story.</p>\n<p>As Wood and her company’s research frequently remind investors, electrification, the telephone, and the internal combustion engine turned the world upside down a century ago. Now, she tells anyone who will listen,five technologies—artificial intelligence, blockchain, DNA sequencing, energy storage, and robotics—are bringing about an equally profound transformation of the economy. These innovations will converge, recombine into things like autonomous taxis and whatnot, and create a perfect economic storm of higher wages, falling prices, and wider profit margins. That leads to “virtuous cycles” of more investment in faster innovation.</p>\n<p>It’s a lot. And it may be familiar to anyone who remembers that other spasm of tech-stock fever, the dot-com bubble. But Wood’s got a riff ready for that, too. “The dream was right. It was just 20 to 25 years too early,” she often says. Now, “the seeds are beginning to flourish. We are ready for prime time.”</p>\n<p>In some ways, Wood is an unlikely evangelist for change. She’s 65 and conservative, both politically and economically. For decades she’s championed green investments, but she rarely uses the terms “climate change” or “clean energy.” After donating $1,000 to elect Donald Trump in 2016, she gave $25,000 to his presidential campaign and associated Republican political action committees in 2020, Federal Election Commission records show. Her mentor is Arthur Laffer, the 80-year-old economist who’s pushed his tax-cutting philosophy on Republican presidents since Ronald Reagan, ideas many modern economic thinkers blame for ballooning inequality.</p>\n<p>Wood has bemoaned President Joe Biden’s plans to spend big and tax the wealthy, even though many of his proposals are designed to bring the economy closer to her futuristic vision for it, and though higher capital-gains taxes could push more money into tax-efficient funds like hers. She warns that higher taxes on companies and investors will discourage future innovation.</p>\n<p>She surrounds herself with an unusually young and diverse team at ARK, some of whom openly disagree with her politics. Director of Research Brett Winton, whose work Wood often cites, gave $2,800 donations (the individual maximum) to Biden and other Democrats, including both of Georgia’s successful Senate candidates. About a quarter of ARK’s staff of about 35 are people of color, including the chief financial officer and chief compliance officer, who are Black men. One-third are women, and most are younger than 35. The youngest are the analysts, who produce the research that gets so much online attention for being gutsy or delusional, depending on who’s tweeting. Only a few have finance backgrounds; they’ve more likely been cancer researchers and sailboat captains. The office culture is, by all accounts, collegial, casual, and collaborative. “Cathie believes in a circle table as opposed to a rectangular table,” Kellen Carter, ARK’s chief compliance officer, told Bloomberg last year. “She wants everyone around the table offering their ideas.”</p>\n<p>Wood can be combative, too, especially when mocking the low-effort, passive index strategies that have gained popularity at the expense of active managers like her. “Many investors appear to be afraid of companies that offer newer, faster, cheaper, and creative products and services,” says the narrator in an ARK parody of a pharmaceutical ad. “Ask your adviser today if investing in a traditional broad-based index is right for you.”</p>\n<p>Every Friday morning, she convenes an investment ideas meeting with her analysts and outside experts that’s part business school seminar and part free-form futurist bull session. They’re “a wind tunnel for the analysts,” allowing them to test assumptions and defend themselves against critics, says David Bodde, a retired engineering professor who’s been attending them for years. “The lovely thing about it is you don’t have to talk the party line. You can say things that are heretical.” But Wood’s techno-utopianism comes through loud and clear, occasionally to a degree that surprises her employees. “I thought I was a tech obsessive,” said James Wang, who was until February ARK’s artificial intelligence analyst, last year. “Cathie, it turns out, is even more aggressive than I am in imagining future outcomes. She sees things management itself hasn’t even considered.”</p>\n<p>By her own description, Wood spent her childhood as “a very serious little girl.” Her parents, Gerald and Mary Duddy, immigrated to the U.S. from Ireland. Gerald worked on military radar systems, and so Cathie, the oldest of four children, grew up on U.S. Air Force bases in England, Ireland, Alabama, upstate New York, and California. Her father’s interest in technology and investing made an impression on her.</p>\n<p>She got to know Laffer at the University of Southern California, where she majored in finance and economics and he was a professor of graduate-level classes. “You could tell there wasn’t a lot that was going to get in her way,” he says. Wood graduated summa cum laude in 1981, and Laffer helped her land a job at Capital Group in Los Angeles as an assistant economist. He soon introduced her to Jennison Associates—“where I effectively grew up,” she has said. She joined AllianceBernstein Holding LP in 2001, where she oversaw more than $5 billion focused on innovative growth investments. Then as now, Wood’s fund was volatile, causing rifts with the company’s distribution teams, who at times found the performance hard to sell.</p>\n<p>At AllianceBernstein, she first hit on the idea that would transform her career.Exchange-traded funds, or ETFs, are mutual funds that trade throughout the day like stocks. Their flexible, tax-efficient structure allows anyone to buy in, with shares that can be created depending on demand. They’re typically fully transparent, eliminating any confusion around why prices are going up or down, and based on a set list of investments rather than the judgment of a human manager.</p>\n<p>The ETF boom was just beginning when Wood suggested AllianceBernstein introduce its own, with a twist: an ETF that would be actively managed. The idea never went anywhere because, she said later, executives “weren’t quite sure what it would mean for their business model.” For one thing, ETFs, which usually have lower fees, could have created cheaper competition for the company’s existing mutual funds. AllianceBernstein declined to comment.</p>\n<p>By 2014, Wood had left and started her company, ARK. The name officially stands for Active Research Knowledge, though she has also said it’s inspired by the Old Testament Ark of the Covenant. The early years were rough. Wood, then 58 and not well known, financed the company out of her life savings, and had a hard time finding investors willing to take a chance on an actively managed ETF. “When I first met her a couple months before she launched, I was sure she would be gone within a year or two,” says Bloomberg Intelligence ETF analyst Eric Balchunas. The inherent transparency of ETFs didn’t help the pitch: Wall Street traders typically guard their brilliant investment ideas like the crown jewels. With ARK, any investor can see what Wood’s funds own and copy her ideas day by day.</p>\n<p>A rare source of capital was her friend Bill Hwang, a hedge fund trader and fellow Christian who had founded his family office, Archegos Capital Management, a year before she started ARK. She and Hwang met in 2013 when both were advisers to Financial Services Ministry, a group for Christians in finance affiliated with New York’s Redeemer Presbyterian Church. They swapped stock tips, and, according to Wood, he was “very intrigued” by her plans to start ARK. The ARK Innovation ETF debuted in October 2014, along with specialized funds focusing on autonomous technology and robotics, the internet, and genomics. Hwang provided seed capital for all four. His risky bets caused Archegos and his $20 billion fortune toimplode in a couple daysin late March 2021.</p>\n<p>ARK eventually stopped losing money for Wood, posting strong if volatile returns from 2017 through 2019. But few investors paid much attention—until last spring.</p>\n<p><b>Cathie Wood’s ETFs</b></p>\n<p><img src=\"https://static.tigerbbs.com/722011b25d5c81e7dc5c6b554860ad4f\" tg-width=\"725\" tg-height=\"801\"></p>\n<p>Wood had been preparing for something like the pandemic for a long time. “The best thing that can happen for us—and this is going to sound odd—is a crisis,” she said on a podcast in February 2019. “It’s usually when innovation takes root and gains traction.” Previous crises had taught her that fearful and uncertain consumers and companies are willing to try new things. She was optimistic even during the financial crisis, according to a former colleague at AllianceBernstein who spoke on the condition of anonymity. The disruptions of the 2007-09 recession ultimately boosted some of her favorite stocks then, such as Salesforce.com Inc. and Amazon.com Inc.</p>\n<p>When Wood stopped by Bloomberg’s New York headquarters&nbsp;on March 9, 2020, Covid cases were spreading exponentially. Stock indexes crashed 8%, the biggest one-day drop since 2008. But she was confident about what it all meant: Biotech holdings would get a lift, she said, along with Illumina Inc., a long-standing holding that makes gene-sequencing technology. Worries about international supply chains would finally popularize 3D printing, after decades of predictions that it was about to take off.</p>\n<p>What’s remarkable, looking back, is how much pre-Covid Cathie Wood sounds like herself today. She sticks to the same talking points in interviews years apart. Her vision of the future hasn’t appreciably changed, even if her timeline has accelerated.</p>\n<p>“You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right’ ”</p>\n<p>She frequently mentions Wright’s law, the theory that the more of something that gets produced, the faster its cost goes down. For example, the price of screening a patient’s genes for multiple cancers has fallen from $30,000 to $1,500 in five years, and should drop to $250 by 2025, ARK estimates. That would make annual genetic screenings affordable, saving 66,000 lives each year—more than “any medical intervention in history,” she says, with characteristic understatement. The same principle would slash the costs and inconveniences of transportation, as cheaper and cheaper batteries rapidly replace the internal combustion engine. ARK expects electric vehicle sales to soar from 2.2 million worldwide in 2020 to 40 million in 2025.</p>\n<p>The pandemic turned out to be the transformative crisis Wood had been predicting—at least for her investment returns. From its March 2020 low to its February 2021 peak, the ARK Innovation fund jumped more than 350%. (Even after its recent selloff, the fund is still up about 220% from then.)</p>\n<p>Nonetheless, she underestimated the virus itself. “I do think there is a lot of hysteria out there around the coronavirus,” she said during her Bloomberg visit in March 2020. Echoing Trump, she compared Covid to the flu.</p>\n<p>A month later, she worried that the federal government’s stimulus law, the $2.2 trillion Cares Act, was too generous and might hold back the economic recovery by giving workers incentives not to work. Ironically, those stimulus checks would get credit for luring a generation of young people into stock trading. And when they signed up for Robinhood accounts, or logged onto Reddit or Twitter, and started seeing performance charts, they quickly learned about ARK.</p>\n<p>Wood’s profile soared. Her Twitter following multiplied 28-fold since late 2019; she surpassed 900,000 followers after an interaction with Elon Musk’s 56 million-follower account. From a global fan base, she acquired a range of nicknames including“Money Tree”in South Korea and “The Godmother” in Hong Kong. TikTok and Twitter are full of videos and memes celebrating her as a stockpicker and a female role model. “Wherever I go in the ETF world, Cathie comes up, Cathie is always in the conversation,” Balchunas says.</p>\n<p>Her willingness to err on the side of being too early, rather than too late, has clearly hit a FOMO nerve. “I want to be part of the next Apple,” says Mark LeClair, a 43-year-old ARK investor who works in software support near Houston. He says he’s not worried about temporary drops in her funds’ share prices. “Over the next 10 years, these innovators are going to dominate these spaces, and I think Cathie is on the right track.”</p>\n<p>The investing industry’s response to ARK’s success was, of course, to copy it. Giants including BlackRock, which manages $9 trillion, launched products built around themes such as robotics and self-driving cars. MSCI, one of the largest creators of the sort of indexes that Wood has spent years critiquing, collaborated with ARK on new ones inspired by her approach.</p>\n<p>Financial advisers, tasked with steering customers to prudent investments, struggle to handle the Wood phenomenon. Earlier this year, Leon LaBrecque, chief growth officer for Sequoia Financial Group, said clients couldn’t stop asking about her, even as her performance was beginning to falter. “Everybody wants to be with the rock star,” he said. He bought shares of the ARK Innovation ETF and ARK Genomic Revolution ETF for his own portfolio in 2019. After driving a Tesla and becoming fascinated by the car, he loved the idea of investing in an ARK fund and capturing some of the benefits of Tesla without shouldering 100% of the risk. In some ways, Wood reminded him of Tesla’s CEO. “She’s got that Musk confidence,” LaBrecque said. “You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right.’ ”</p>\n<p>But LaBrecque sold his personal ARK positions this year, saying he’s uncertain whether the company can continue growing at the rate it did in 2020. He doesn’t recommend ARK funds to clients, though he will buy shares if they specifically request it.</p>\n<p>In 2020 and early 2021, Wood and her online defenders had an easy response to detractors: Look at her record. Her 2018 prediction that Tesla would hit $4,000 a share—which much of Wall Street found laughable—came true in early 2021. When Wood first bet on Bitcoin, in 2015, the cryptocurrency traded around $230. It peaked at over $63,000 in April.</p>\n<p>Since then, Tesla has tumbled back below her 2018 target, which would now be $800 a share adjusted for a 5-for-1 stock split. As an unforgiving market has pushed ARK’s flagship fund down a third from its peak, the skeptics have gotten louder. They were especially vociferous in March when ARK unveiled its&nbsp;new price target for Tesla, a 2025 “base case” of $3,000 a share, a fivefold increase. ARK was ridiculed for, among other things, saying Tesla could elbow into the car insurance industry, building a $23 billion business in a few years—an assertion, critics said, that showed the company just didn’t understand how insurers are regulated and how much capital they require. Equally baffling to many auto experts are ARK’s projections for electric vehicles, which suppose a tenfold increase in production in just a few years, and for Tesla’s creation of an autonomous taxi network, based on a technology—driverless cars—that doesn’t really exist yet. Wood says traditional auto analysts don’t understand Tesla, which she sees as a technology company far more than a carmaker. “Tesla has pulled together the right people with the right data with the right vision,” she says.</p>\n<p>As for her crypto enthusiasms, her company projects Bitcoin will become a sizable part of mainstream portfolios, including 401(k)s and pensions. In February, Wood said Bitcoin could even replace bonds in the traditional 60/40 stock-bond portfolio—in other words, investors en masse would swap the stability of bonds for a new, untested, and highly volatile asset. That seems like a stretch, even by 2021 standards.</p>\n<p>ARK has also made some policy changes that haven’t exactly allayed concerns about Wood’s appetite for risk. It used to impose a 20% limit on the amount of a company’s shares any ARK ETF could own. It&nbsp;scrapped that cap&nbsp;in late March, giving her the flexibility to make even bolder, more concentrated bets in the future. In the same filing, ARK said it may buy into special purpose acquisition companies, or&nbsp;SPACs, the blank-check companies that have also become a stock market craze in the past year. The Securities and Exchange Commission has warned investors about buying shares of SPACs backed by celebrities, including professional athletes, and Wood has said some SPACs “are going to end badly.” In March, though, the ARK Autonomous Technology &amp; Robotics ETF (ticker ARKQ) bought shares of a SPAC&nbsp;backed by tennis star Serena Williams&nbsp;that merged with 3D-printing company Velo3D Inc. to take it public.</p>\n<p>As her returns dip, Wood has urged everyone to keep the faith. “I know there’s a lot of fear, uncertainty, and doubt evolving in the world out there,” she said in a video posted on a Friday after a particularly brutal week for her funds. Look on the bright side, she told her investors. Lower stock prices now mean even bigger returns later for companies like Tesla with—another favorite phrase—“exponential growth opportunities.”On Bloomberg TV, she said: “We keep our eye on the prize.”</p>\n<p>Wood may survive being wrong about the little things if she’s right about the big stuff. She and her clients may still make money if we really are at the beginning of a new economy that looks nothing like our pre-pandemic reality. With fears of inflation running rampant, she predicts the opposite, a sort of golden age for companies, workers, and investors. The economy can grow rapidly without triggering inflation, according to Wood, because these new technologies—batteries, DNA sequencing, robots, and others, all plunging in price—can make companies and workers so much more efficient.</p>\n<p>An economy transforming this rapidly will have plenty of victims. An ARK“&nbsp;Bad Ideas” report&nbsp;published in October listed several: physical stores and bank branches, linear TV, freight rail and other forms of traditional transportation. Almost half of the S&amp;P 500 is threatened, Wood has said. The hardest hit will be those who spent the past decade juicing earnings rather than investing in the future. “The other side of disruptive innovation is creative destruction.”</p>\n<p>Workers don’t face the same threat, says Wood, who has predicted a coming labor shortage. Technology will create vast categories of jobs that “we cannot imagine today,” she has said. Meanwhile, people will outsource tasks such as driving, grocery shopping, and food preparation to others, both robotic and human. “The more repetitive jobs are going to succumb to mechanization, and the more interesting jobs will go to human beings who will be helped by robots.”</p>\n<p>Even assuming the future she envisions does come true, she also has to be right on the timing. Epic breakthroughs can be costly and slow to deploy in the real world. “This is something that plays out over a period of decades, not months or years,” says Erik Brynjolfsson, a Stanford professor specializing in technological change. For example, it took a generation after the invention of electric motors before they became incorporated in assembly lines. And with any technological change, “it’s a lot easier to identify the companies that are vulnerable than the companies that are going to come out ahead,” Brynjolfsson says. “The winners, a lot of them, are going to come out of left field.” Meanwhile, history is full of hot investors whose luck eventually ran out.</p>\n<p>To make money on the “five-year time horizon” that she mentions at every opportunity, Wood must somehow glean what technologies, supply chains, regulations, competitive dynamics, and the broader economy will look like years into the future. But operating in the future has its advantages. Hope springs eternal. No matter what’s happening in the present—a global pandemic, for example—there’s always five years from now. Listening to her, it’s clear that technological change represents something more to Wood than an investment strategy. It’s an open question whether making money is even her primary goal. ARK, especially given its substantial startup costs, has not made her fabulously wealthy, certainly not at the scale of billionaire hedge fund managers who are far less famous.</p>\n<p>The dawning of a high-tech future is central to Wood’s life philosophy, closely connected to her religious and political views. In starting ARK, her goal was “encouraging the new creation, God’s new creation,” she said on a Christian podcast last year, by investing in “transformative technologies that were going to change the world.” The triumph of innovation also fits well with her free-market views. To a younger generation tempted by socialism, she’s hoping to show that capitalism can still work its magic.</p>\n<p>As stocks dropped and Bitcoin suffered a 30% crash on the morning of May 19, its worst decline in seven years, Wood said it “pains me more than anything” to think clients might be panicking and selling at the wrong time. Even when her funds were doing well, she said&nbsp;at a recent&nbsp;<i>Bloomberg Businessweek</i>&nbsp;event, she had tried to “stay humble,” warning colleagues that a severe correction might be ahead. Now that it had arrived, “we’re looking at this and saying innovation is on sale,” she said. “I know it’s been hard for our clients in recent months. Keep the faith.” She still expected the stocks in her portfolios to more than triple in the next five years, she assured viewers. And Bitcoin, which almost fell to $30,000 that morning? She still believed her favorite cryptocurrency could someday hit $500,000.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent</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\">\nCathie Wood’s Bad Spring Is Only a Blip When the Future Is So Magnificent\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-27 18:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-05-27/cathie-wood-is-a-believer-from-bitcoin-to-tesla-even-as-arkk-fund-stumbles?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bold bets on Tesla and Bitcoin have faltered. But for the superstar portfolio manager, there’s always ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-05-27/cathie-wood-is-a-believer-from-bitcoin-to-tesla-even-as-arkk-fund-stumbles?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKX":"ARK Space Exploration & Innovation ETF","ARKR":"Ark Restaurants Corp","ARKF":"ARK Fintech Innovation ETF","ARKW":"ARK Next Generation Internation ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKO":"ARKO Corp","ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF"},"source_url":"https://www.bloomberg.com/news/features/2021-05-27/cathie-wood-is-a-believer-from-bitcoin-to-tesla-even-as-arkk-fund-stumbles?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183505680","content_text":"Her flagship fund ARKK, which had a dramatic breakout during the pandemic, is way off its peak as bold bets on Tesla and Bitcoin have faltered. But for the superstar portfolio manager, there’s always five years from now.\nWood PHOTOGRAPHER: REED YOUNG\nIn the weirdest year of our lives, the rise of Cathie Wood is hardly the weirdest thing to happen. But still. She’s the first star in an industry, the $6.3 trillion world of exchange-traded funds, that wasn’t supposed to have any. She’s a throwback—a money manager who’s actually famous among regular investors, like Peter Lynch or Warren Buffett. And not only is she the first woman to play that role, she’s taken a throne in the pantheon of meme stock demigods, up there with the Elon Musks and shiba inus.\nWood moves stocks with her trades andher tweets. On social media and in online forums around the world, her name is synonymous with a certain brand of technophilia, an enthusiasm for the next big thing, whether that’s robotics or gene editing or digital currencies. Some of her bolder predictions forBitcoinand Tesla came true, to the shock of Wall Street analysts who found them ridiculous.\nFeatured in Bloomberg Businessweek, May 31, 2021. Subscribe now.PHOTO ILLUSTRATION BY RAD MORA; PHOTO: REED YOUNG\nThe company she founded,ARK Investment Management, went from an unprofitable niche operator to arunaway success in just a few years. Her flagship ARK Innovation fund gained almost 150% in 2020, then as much as 26% more in the new year. Droves of investors, many of them young novices, bet on Wood, pouring almost $21 billion into ARK in 2020.\nIn the depths of the pandemic, she championed a beautiful future where technology would make everything better and more profitable. It was part of a rising subculture of belief, in both technological change and financial risk-taking, that reached a fever pitch in the dark winter of 2021. Stocks soared even as the coronavirus carnage mounted: joblessness, business closures, deaths. Retail traders with stimulus checks shocked hedge funds by bidding up GameStop Corp. and other meme stocks. Wood’s swift ascent was emblematic of a struggle playing out in financial markets, where investors giddy over the promises (and entertainment value) of innovations such as cryptocurrency seemed to be winning out over skeptics. Dogecoin, created as a joke, surged 20,000%.\nSooner or later, the market was bound toturn on her. Vaccinations accelerated, and the economy reopened. Investors responded by turning from speculative high-tech stocks toward boring ones that would benefit from a broader recovery. Wood’s flagship fund gave up all its 2021 gains and then some. As broad stock indexes continued to climb, she went from having one of the best performances among money managers to losing money year-to-date. She blamed fears of inflation for sending “the innovation-oriented part of the stock market”—her bread and butter—into a correction.Tesla Inc.tumbled more than 30% from its peak, the same amount Bitcoin fell in one shocking morning in mid-May.\nWood’s always-online fans are sticking by her. Investors who poured a net $34 billion into ARK’s eight funds in the past 12 months have withdrawn only about $1.2 billion since the end of February. They’re betting that the world, emerging from Covid-19, will catch up to the future she proselytizes for. To the true believers, her sudden fame won’t be an oddball footnote in market history, like GameStop, but a forerunner to decades of glorious change. Just as Mary Meeker cheered early internet companies Yahoo! and Priceline.com as a Morgan Stanley analyst during the dot-com boom, Wood preaches a peculiarly American gospel of utopian change powered by capitalism.\nShe drives home her message with repetition. “We have a five-year investment time horizon,” she says over and over again, especially when her funds are dropping in value. Other Cathie catchphrases get emblazoned on ARK merchandise, sold to the company’s more devoted clients with all profits going to charity. A T-shirt reads “Truth Wins Out”; a baby onesie says “Invest in the Future Today.” She spreads the word in a steady stream of videos, webinars, and commentaries posted on ARK’s website, along with frequent appearances at conferences andon mediaincluding CNBC, Bloomberg TV, and a variety of investing podcasts. Despite this, ARK turned down requests for an in-depth interview for this story.\nAs Wood and her company’s research frequently remind investors, electrification, the telephone, and the internal combustion engine turned the world upside down a century ago. Now, she tells anyone who will listen,five technologies—artificial intelligence, blockchain, DNA sequencing, energy storage, and robotics—are bringing about an equally profound transformation of the economy. These innovations will converge, recombine into things like autonomous taxis and whatnot, and create a perfect economic storm of higher wages, falling prices, and wider profit margins. That leads to “virtuous cycles” of more investment in faster innovation.\nIt’s a lot. And it may be familiar to anyone who remembers that other spasm of tech-stock fever, the dot-com bubble. But Wood’s got a riff ready for that, too. “The dream was right. It was just 20 to 25 years too early,” she often says. Now, “the seeds are beginning to flourish. We are ready for prime time.”\nIn some ways, Wood is an unlikely evangelist for change. She’s 65 and conservative, both politically and economically. For decades she’s championed green investments, but she rarely uses the terms “climate change” or “clean energy.” After donating $1,000 to elect Donald Trump in 2016, she gave $25,000 to his presidential campaign and associated Republican political action committees in 2020, Federal Election Commission records show. Her mentor is Arthur Laffer, the 80-year-old economist who’s pushed his tax-cutting philosophy on Republican presidents since Ronald Reagan, ideas many modern economic thinkers blame for ballooning inequality.\nWood has bemoaned President Joe Biden’s plans to spend big and tax the wealthy, even though many of his proposals are designed to bring the economy closer to her futuristic vision for it, and though higher capital-gains taxes could push more money into tax-efficient funds like hers. She warns that higher taxes on companies and investors will discourage future innovation.\nShe surrounds herself with an unusually young and diverse team at ARK, some of whom openly disagree with her politics. Director of Research Brett Winton, whose work Wood often cites, gave $2,800 donations (the individual maximum) to Biden and other Democrats, including both of Georgia’s successful Senate candidates. About a quarter of ARK’s staff of about 35 are people of color, including the chief financial officer and chief compliance officer, who are Black men. One-third are women, and most are younger than 35. The youngest are the analysts, who produce the research that gets so much online attention for being gutsy or delusional, depending on who’s tweeting. Only a few have finance backgrounds; they’ve more likely been cancer researchers and sailboat captains. The office culture is, by all accounts, collegial, casual, and collaborative. “Cathie believes in a circle table as opposed to a rectangular table,” Kellen Carter, ARK’s chief compliance officer, told Bloomberg last year. “She wants everyone around the table offering their ideas.”\nWood can be combative, too, especially when mocking the low-effort, passive index strategies that have gained popularity at the expense of active managers like her. “Many investors appear to be afraid of companies that offer newer, faster, cheaper, and creative products and services,” says the narrator in an ARK parody of a pharmaceutical ad. “Ask your adviser today if investing in a traditional broad-based index is right for you.”\nEvery Friday morning, she convenes an investment ideas meeting with her analysts and outside experts that’s part business school seminar and part free-form futurist bull session. They’re “a wind tunnel for the analysts,” allowing them to test assumptions and defend themselves against critics, says David Bodde, a retired engineering professor who’s been attending them for years. “The lovely thing about it is you don’t have to talk the party line. You can say things that are heretical.” But Wood’s techno-utopianism comes through loud and clear, occasionally to a degree that surprises her employees. “I thought I was a tech obsessive,” said James Wang, who was until February ARK’s artificial intelligence analyst, last year. “Cathie, it turns out, is even more aggressive than I am in imagining future outcomes. She sees things management itself hasn’t even considered.”\nBy her own description, Wood spent her childhood as “a very serious little girl.” Her parents, Gerald and Mary Duddy, immigrated to the U.S. from Ireland. Gerald worked on military radar systems, and so Cathie, the oldest of four children, grew up on U.S. Air Force bases in England, Ireland, Alabama, upstate New York, and California. Her father’s interest in technology and investing made an impression on her.\nShe got to know Laffer at the University of Southern California, where she majored in finance and economics and he was a professor of graduate-level classes. “You could tell there wasn’t a lot that was going to get in her way,” he says. Wood graduated summa cum laude in 1981, and Laffer helped her land a job at Capital Group in Los Angeles as an assistant economist. He soon introduced her to Jennison Associates—“where I effectively grew up,” she has said. She joined AllianceBernstein Holding LP in 2001, where she oversaw more than $5 billion focused on innovative growth investments. Then as now, Wood’s fund was volatile, causing rifts with the company’s distribution teams, who at times found the performance hard to sell.\nAt AllianceBernstein, she first hit on the idea that would transform her career.Exchange-traded funds, or ETFs, are mutual funds that trade throughout the day like stocks. Their flexible, tax-efficient structure allows anyone to buy in, with shares that can be created depending on demand. They’re typically fully transparent, eliminating any confusion around why prices are going up or down, and based on a set list of investments rather than the judgment of a human manager.\nThe ETF boom was just beginning when Wood suggested AllianceBernstein introduce its own, with a twist: an ETF that would be actively managed. The idea never went anywhere because, she said later, executives “weren’t quite sure what it would mean for their business model.” For one thing, ETFs, which usually have lower fees, could have created cheaper competition for the company’s existing mutual funds. AllianceBernstein declined to comment.\nBy 2014, Wood had left and started her company, ARK. The name officially stands for Active Research Knowledge, though she has also said it’s inspired by the Old Testament Ark of the Covenant. The early years were rough. Wood, then 58 and not well known, financed the company out of her life savings, and had a hard time finding investors willing to take a chance on an actively managed ETF. “When I first met her a couple months before she launched, I was sure she would be gone within a year or two,” says Bloomberg Intelligence ETF analyst Eric Balchunas. The inherent transparency of ETFs didn’t help the pitch: Wall Street traders typically guard their brilliant investment ideas like the crown jewels. With ARK, any investor can see what Wood’s funds own and copy her ideas day by day.\nA rare source of capital was her friend Bill Hwang, a hedge fund trader and fellow Christian who had founded his family office, Archegos Capital Management, a year before she started ARK. She and Hwang met in 2013 when both were advisers to Financial Services Ministry, a group for Christians in finance affiliated with New York’s Redeemer Presbyterian Church. They swapped stock tips, and, according to Wood, he was “very intrigued” by her plans to start ARK. The ARK Innovation ETF debuted in October 2014, along with specialized funds focusing on autonomous technology and robotics, the internet, and genomics. Hwang provided seed capital for all four. His risky bets caused Archegos and his $20 billion fortune toimplode in a couple daysin late March 2021.\nARK eventually stopped losing money for Wood, posting strong if volatile returns from 2017 through 2019. But few investors paid much attention—until last spring.\nCathie Wood’s ETFs\n\nWood had been preparing for something like the pandemic for a long time. “The best thing that can happen for us—and this is going to sound odd—is a crisis,” she said on a podcast in February 2019. “It’s usually when innovation takes root and gains traction.” Previous crises had taught her that fearful and uncertain consumers and companies are willing to try new things. She was optimistic even during the financial crisis, according to a former colleague at AllianceBernstein who spoke on the condition of anonymity. The disruptions of the 2007-09 recession ultimately boosted some of her favorite stocks then, such as Salesforce.com Inc. and Amazon.com Inc.\nWhen Wood stopped by Bloomberg’s New York headquarters on March 9, 2020, Covid cases were spreading exponentially. Stock indexes crashed 8%, the biggest one-day drop since 2008. But she was confident about what it all meant: Biotech holdings would get a lift, she said, along with Illumina Inc., a long-standing holding that makes gene-sequencing technology. Worries about international supply chains would finally popularize 3D printing, after decades of predictions that it was about to take off.\nWhat’s remarkable, looking back, is how much pre-Covid Cathie Wood sounds like herself today. She sticks to the same talking points in interviews years apart. Her vision of the future hasn’t appreciably changed, even if her timeline has accelerated.\n“You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right’ ”\nShe frequently mentions Wright’s law, the theory that the more of something that gets produced, the faster its cost goes down. For example, the price of screening a patient’s genes for multiple cancers has fallen from $30,000 to $1,500 in five years, and should drop to $250 by 2025, ARK estimates. That would make annual genetic screenings affordable, saving 66,000 lives each year—more than “any medical intervention in history,” she says, with characteristic understatement. The same principle would slash the costs and inconveniences of transportation, as cheaper and cheaper batteries rapidly replace the internal combustion engine. ARK expects electric vehicle sales to soar from 2.2 million worldwide in 2020 to 40 million in 2025.\nThe pandemic turned out to be the transformative crisis Wood had been predicting—at least for her investment returns. From its March 2020 low to its February 2021 peak, the ARK Innovation fund jumped more than 350%. (Even after its recent selloff, the fund is still up about 220% from then.)\nNonetheless, she underestimated the virus itself. “I do think there is a lot of hysteria out there around the coronavirus,” she said during her Bloomberg visit in March 2020. Echoing Trump, she compared Covid to the flu.\nA month later, she worried that the federal government’s stimulus law, the $2.2 trillion Cares Act, was too generous and might hold back the economic recovery by giving workers incentives not to work. Ironically, those stimulus checks would get credit for luring a generation of young people into stock trading. And when they signed up for Robinhood accounts, or logged onto Reddit or Twitter, and started seeing performance charts, they quickly learned about ARK.\nWood’s profile soared. Her Twitter following multiplied 28-fold since late 2019; she surpassed 900,000 followers after an interaction with Elon Musk’s 56 million-follower account. From a global fan base, she acquired a range of nicknames including“Money Tree”in South Korea and “The Godmother” in Hong Kong. TikTok and Twitter are full of videos and memes celebrating her as a stockpicker and a female role model. “Wherever I go in the ETF world, Cathie comes up, Cathie is always in the conversation,” Balchunas says.\nHer willingness to err on the side of being too early, rather than too late, has clearly hit a FOMO nerve. “I want to be part of the next Apple,” says Mark LeClair, a 43-year-old ARK investor who works in software support near Houston. He says he’s not worried about temporary drops in her funds’ share prices. “Over the next 10 years, these innovators are going to dominate these spaces, and I think Cathie is on the right track.”\nThe investing industry’s response to ARK’s success was, of course, to copy it. Giants including BlackRock, which manages $9 trillion, launched products built around themes such as robotics and self-driving cars. MSCI, one of the largest creators of the sort of indexes that Wood has spent years critiquing, collaborated with ARK on new ones inspired by her approach.\nFinancial advisers, tasked with steering customers to prudent investments, struggle to handle the Wood phenomenon. Earlier this year, Leon LaBrecque, chief growth officer for Sequoia Financial Group, said clients couldn’t stop asking about her, even as her performance was beginning to falter. “Everybody wants to be with the rock star,” he said. He bought shares of the ARK Innovation ETF and ARK Genomic Revolution ETF for his own portfolio in 2019. After driving a Tesla and becoming fascinated by the car, he loved the idea of investing in an ARK fund and capturing some of the benefits of Tesla without shouldering 100% of the risk. In some ways, Wood reminded him of Tesla’s CEO. “She’s got that Musk confidence,” LaBrecque said. “You listen to her and you go, ‘Wow. Either she’s right or she really thinks she’s right.’ ”\nBut LaBrecque sold his personal ARK positions this year, saying he’s uncertain whether the company can continue growing at the rate it did in 2020. He doesn’t recommend ARK funds to clients, though he will buy shares if they specifically request it.\nIn 2020 and early 2021, Wood and her online defenders had an easy response to detractors: Look at her record. Her 2018 prediction that Tesla would hit $4,000 a share—which much of Wall Street found laughable—came true in early 2021. When Wood first bet on Bitcoin, in 2015, the cryptocurrency traded around $230. It peaked at over $63,000 in April.\nSince then, Tesla has tumbled back below her 2018 target, which would now be $800 a share adjusted for a 5-for-1 stock split. As an unforgiving market has pushed ARK’s flagship fund down a third from its peak, the skeptics have gotten louder. They were especially vociferous in March when ARK unveiled its new price target for Tesla, a 2025 “base case” of $3,000 a share, a fivefold increase. ARK was ridiculed for, among other things, saying Tesla could elbow into the car insurance industry, building a $23 billion business in a few years—an assertion, critics said, that showed the company just didn’t understand how insurers are regulated and how much capital they require. Equally baffling to many auto experts are ARK’s projections for electric vehicles, which suppose a tenfold increase in production in just a few years, and for Tesla’s creation of an autonomous taxi network, based on a technology—driverless cars—that doesn’t really exist yet. Wood says traditional auto analysts don’t understand Tesla, which she sees as a technology company far more than a carmaker. “Tesla has pulled together the right people with the right data with the right vision,” she says.\nAs for her crypto enthusiasms, her company projects Bitcoin will become a sizable part of mainstream portfolios, including 401(k)s and pensions. In February, Wood said Bitcoin could even replace bonds in the traditional 60/40 stock-bond portfolio—in other words, investors en masse would swap the stability of bonds for a new, untested, and highly volatile asset. That seems like a stretch, even by 2021 standards.\nARK has also made some policy changes that haven’t exactly allayed concerns about Wood’s appetite for risk. It used to impose a 20% limit on the amount of a company’s shares any ARK ETF could own. It scrapped that cap in late March, giving her the flexibility to make even bolder, more concentrated bets in the future. In the same filing, ARK said it may buy into special purpose acquisition companies, or SPACs, the blank-check companies that have also become a stock market craze in the past year. The Securities and Exchange Commission has warned investors about buying shares of SPACs backed by celebrities, including professional athletes, and Wood has said some SPACs “are going to end badly.” In March, though, the ARK Autonomous Technology & Robotics ETF (ticker ARKQ) bought shares of a SPAC backed by tennis star Serena Williams that merged with 3D-printing company Velo3D Inc. to take it public.\nAs her returns dip, Wood has urged everyone to keep the faith. “I know there’s a lot of fear, uncertainty, and doubt evolving in the world out there,” she said in a video posted on a Friday after a particularly brutal week for her funds. Look on the bright side, she told her investors. Lower stock prices now mean even bigger returns later for companies like Tesla with—another favorite phrase—“exponential growth opportunities.”On Bloomberg TV, she said: “We keep our eye on the prize.”\nWood may survive being wrong about the little things if she’s right about the big stuff. She and her clients may still make money if we really are at the beginning of a new economy that looks nothing like our pre-pandemic reality. With fears of inflation running rampant, she predicts the opposite, a sort of golden age for companies, workers, and investors. The economy can grow rapidly without triggering inflation, according to Wood, because these new technologies—batteries, DNA sequencing, robots, and others, all plunging in price—can make companies and workers so much more efficient.\nAn economy transforming this rapidly will have plenty of victims. An ARK“ Bad Ideas” report published in October listed several: physical stores and bank branches, linear TV, freight rail and other forms of traditional transportation. Almost half of the S&P 500 is threatened, Wood has said. The hardest hit will be those who spent the past decade juicing earnings rather than investing in the future. “The other side of disruptive innovation is creative destruction.”\nWorkers don’t face the same threat, says Wood, who has predicted a coming labor shortage. Technology will create vast categories of jobs that “we cannot imagine today,” she has said. Meanwhile, people will outsource tasks such as driving, grocery shopping, and food preparation to others, both robotic and human. “The more repetitive jobs are going to succumb to mechanization, and the more interesting jobs will go to human beings who will be helped by robots.”\nEven assuming the future she envisions does come true, she also has to be right on the timing. Epic breakthroughs can be costly and slow to deploy in the real world. “This is something that plays out over a period of decades, not months or years,” says Erik Brynjolfsson, a Stanford professor specializing in technological change. For example, it took a generation after the invention of electric motors before they became incorporated in assembly lines. And with any technological change, “it’s a lot easier to identify the companies that are vulnerable than the companies that are going to come out ahead,” Brynjolfsson says. “The winners, a lot of them, are going to come out of left field.” Meanwhile, history is full of hot investors whose luck eventually ran out.\nTo make money on the “five-year time horizon” that she mentions at every opportunity, Wood must somehow glean what technologies, supply chains, regulations, competitive dynamics, and the broader economy will look like years into the future. But operating in the future has its advantages. Hope springs eternal. No matter what’s happening in the present—a global pandemic, for example—there’s always five years from now. Listening to her, it’s clear that technological change represents something more to Wood than an investment strategy. It’s an open question whether making money is even her primary goal. ARK, especially given its substantial startup costs, has not made her fabulously wealthy, certainly not at the scale of billionaire hedge fund managers who are far less famous.\nThe dawning of a high-tech future is central to Wood’s life philosophy, closely connected to her religious and political views. In starting ARK, her goal was “encouraging the new creation, God’s new creation,” she said on a Christian podcast last year, by investing in “transformative technologies that were going to change the world.” The triumph of innovation also fits well with her free-market views. To a younger generation tempted by socialism, she’s hoping to show that capitalism can still work its magic.\nAs stocks dropped and Bitcoin suffered a 30% crash on the morning of May 19, its worst decline in seven years, Wood said it “pains me more than anything” to think clients might be panicking and selling at the wrong time. Even when her funds were doing well, she said at a recent Bloomberg Businessweek event, she had tried to “stay humble,” warning colleagues that a severe correction might be ahead. Now that it had arrived, “we’re looking at this and saying innovation is on sale,” she said. “I know it’s been hard for our clients in recent months. Keep the faith.” She still expected the stocks in her portfolios to more than triple in the next five years, she assured viewers. And Bitcoin, which almost fell to $30,000 that morning? She still believed her favorite cryptocurrency could someday hit $500,000.","news_type":1},"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135921322,"gmtCreate":1622126947866,"gmtModify":1704180013522,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"All d best&nbsp;","listText":"All d best&nbsp;","text":"All d best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135921322","repostId":"1146459355","repostType":2,"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131252282,"gmtCreate":1621864609446,"gmtModify":1704363510586,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"I hope it rises&nbsp;","listText":"I hope it rises&nbsp;","text":"I hope it rises","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131252282","repostId":"1188481425","repostType":4,"repost":{"id":"1188481425","pubTimestamp":1621862957,"share":"https://ttm.financial/m/news/1188481425?lang=&edition=fundamental","pubTime":"2021-05-24 21:29","market":"us","language":"en","title":"John Malone sees merged WarnerMedia-Discovery becoming No. 3 global streamer behind Netflix, Disney+","url":"https://stock-news.laohu8.com/highlight/detail?id=1188481425","media":"cnbc","summary":"The block buster Warner Media-Discovery dealis especially good news for HBO Max, billionaire media m","content":"<div>\n<p>The block buster Warner Media-Discovery dealis especially good news for HBO Max, billionaire media mogul John Malone told CNBC'sDavid Faber.In an interview that aired Monday, Malone said hisprevious ...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/24/john-malone-sees-warnermedia-discovery-as-no-3-streamer-behind-netflix-disney.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>John Malone sees merged WarnerMedia-Discovery becoming No. 3 global streamer behind Netflix, Disney+</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJohn Malone sees merged WarnerMedia-Discovery becoming No. 3 global streamer behind Netflix, Disney+\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 21:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/05/24/john-malone-sees-warnermedia-discovery-as-no-3-streamer-behind-netflix-disney.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The block buster Warner Media-Discovery dealis especially good news for HBO Max, billionaire media mogul John Malone told CNBC'sDavid Faber.In an interview that aired Monday, Malone said hisprevious ...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/24/john-malone-sees-warnermedia-discovery-as-no-3-streamer-behind-netflix-disney.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"T":"美国电话电报","DISCA":"探索传播","DIS":"迪士尼","NFLX":"奈飞"},"source_url":"https://www.cnbc.com/2021/05/24/john-malone-sees-warnermedia-discovery-as-no-3-streamer-behind-netflix-disney.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1188481425","content_text":"The block buster Warner Media-Discovery dealis especially good news for HBO Max, billionaire media mogul John Malone told CNBC'sDavid Faber.In an interview that aired Monday, Malone said hisprevious reservationsabout HBO Max's ability to be a dominant player in the crowded digital-streaming landscape will be addressed once theAT&T-owned service is under the same roof as Discovery.\"I thought they were going to struggle with getting the kind of subscriber growth in the U.S. that they were hoping for. And I think, in fact, that's true,\" said Malone, aDiscovery board memberwhose voting stake in the company is more than25%.Malone thinks the new firm could join Netflix and Disney+ as a true global powerhouse.\"I think we are not only going to be the third such platform, but I think we'll be very competitive with the other two in terms of being able to satisfy the entertainment and curiosity and information needs of the world, basically, a worldwide platform,\" Malone said.Disney+ ended the fiscal second quarter with 103.6 million subscribers, according to the company. Netflix said last month it had almost 208 million subscribers worldwide.AT&T said in April that HBO and HBO Max had a combined  44.2 million subscribers in the U.S. and nearly 64 million globally.HBO Max, WarnerMedia's flagship streaming property, debuted in the U.S.last Mayand plans aninternational expansion. In Malone's view, that push will be aided by Discovery's global know-how.\"For me, the problem with HBO Max is it had no ability to go international at the time. The combination with Discovery, given Discovery's existing presence, large presence in 200 countries around the world with a great brand, ... to me, that's the great upside,\" said the cable TV pioneer and longtime chairman of Liberty Media.Malone made his comments in a wide-ranging interview with CNBC about the deal announced last week involving Discovery and AT&T's WarnerMedia, which the telecom giantacquired less than three years ago.If the transaction receives regulatory approval, WarnerMedia's various media and entertainment properties including CNN, HBO and the Warner Bros. studio would be spun out of AT&T and combined with Discovery's brands including HGTV, Food Network and Discovery Channel.It would position the new company — which has yet to receive a new name — as a more formidable competitor in the fiercely competitive streaming video wars. In addition to WarnerMedia's HBO Max, Discovery's signature direct-to-consumer platform, Discovery+,launched in January.Malone confident in David Zaslav's leadershipDiscovery CEO David Zaslav told CNBC last week he thinks the combined company couldultimately garner 400 million global streaming video subscribers— significantly more than any rivals.\"Netflix is a great company, Disney is a great company, but we have a portfolio of content that is very diverse and broadly appealing,\" said Zaslav, who will lead the new company.Malone said he has confidence in Zaslav's management capabilities and believes in general that the tie-up between Discovery and WarnerMedia is beneficial. He also said he had no qualms about giving up his super-voting Discovery shares as part of the deal.According to FactSet, Malone owns more than 93% of Discovery'sclass B shares, which account for 10 votes per share compared with one vote per share for class A. His ownership of those shares enables his significant voting power in the company. Discovery also has a third class of stock known as series C.The combined WarnerMedia-Discovery will have just one type of stock.\"My reaction was fine, that I thought that the alphabet soup that we have had served its purpose, had protected the company and given it a long view for a number of years. It was time when its usefulness was coming to an end, so I was fine with that,\" said Malone, whose Liberty Media spun out its ownership stake in Discovery Communicationsinto a separate entity in 2005.Malone on AT&T CEO John Stankey's 'brave decision'AT&T's decision to spin out WarnerMediasignaled the end of its attemptto pair a content-producing asset alongside a wireless phone company.Malone praised AT&T CEO John Stankey for pulling the plug on that integrated experiment, which some observers questioned from the moment the deal wasinitially announced in 2016. AT&T completed its acquisition of what was known as Time Warner in 2018 following a regulatory and court battle.\"John Stankey showed a hell of a lot of courage in making this decision at this time because he found himself really chasing two capital intensive, very competitive rabbits,\" Malone said.Stankey replaced Randall Stephenson as AT&T CEOin July 2020. He had been president and chief operating officer.\"[Stankey's] idea to refocus AT&T on their primary, traditional business and allowing other management to pursue, with a different balance sheet, the direct consumer opportunity was a brave decision,\" Malone said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131259985,"gmtCreate":1621864356447,"gmtModify":1704363503603,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Check tis","listText":"Check tis","text":"Check tis","images":[{"img":"https://static.tigerbbs.com/64b78405225f51899c0206f305567755","width":"1080","height":"3021"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131259985","isVote":1,"tweetType":1,"viewCount":71,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":133973922,"gmtCreate":1621690968366,"gmtModify":1704361507710,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Chip power","listText":"Chip power","text":"Chip power","images":[{"img":"https://static.tigerbbs.com/f514ef4b9eada8acdfefffd248b1db10","width":"1080","height":"3120"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133973922","isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":133979622,"gmtCreate":1621690928166,"gmtModify":1704361506901,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"I wonder when they will rise.&nbsp;","listText":"I wonder when they will rise.&nbsp;","text":"I wonder when they will rise.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133979622","repostId":"1108503848","repostType":4,"repost":{"id":"1108503848","pubTimestamp":1621588268,"share":"https://ttm.financial/m/news/1108503848?lang=&edition=fundamental","pubTime":"2021-05-21 17:11","market":"us","language":"en","title":"5 Winning Stocks and 5 Losing Stocks to Watch Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1108503848","media":"InvestorPlace","summary":"Even the losers from this past week are stocks to watch in the coming months and years\nSource: Shutt","content":"<p>Even the losers from this past week are stocks to watch in the coming months and years</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c1b96841fd1fab78d26e207f9b18338\" tg-width=\"1024\" tg-height=\"576\"><span>Source: Shutterstock</span></p>\n<p>Around this time last year, I wrote up a gallery of stocks to watch that had caught investor interest over a week’s worth of trading. In that example, the<b>S&amp;P 500</b>had gained 3.5% over the previous five days of trading.</p>\n<p>As a result, out of my 10 stocks to watch,seven were burning up the track&nbsp;while three were lagging the index.</p>\n<p>Now that we’re in 2021, I thought I would do the same thing.</p>\n<p>Only this time, I’ll find five winners and losers from the past five days of trading who’ve either outperformed or underperformed the index. For this article, I’ll use May 12 through May 18 (five days and a weekend) and limit the companies to stocks with market capitalizations of $10 billion or higher.</p>\n<p>If you’re wondering, the 10 stocks to watch from my article (both good and bad weekly performances) had lights-out returns over the past year.</p>\n<p>Between May 12 and May 18, the S&amp;P 500 had a total return of -0.6%. Based on that, here are my five winning stocks and five losing stocks to watch right now.</p>\n<ul>\n <li><b>NortonLifeLock</b>(NASDAQ:<b><u>NLOK</u></b>)</li>\n <li><b>Occidental Petroleum</b>(NYSE:<b><u>OXY</u></b>)</li>\n <li><b>Ulta Beauty</b>(NASDAQ:<b><u>ULTA</u></b>)</li>\n <li><b>Royal Caribbean</b>(NYSE:<b><u>RCL</u></b>)</li>\n <li><b>Hershey</b>(NYSE:<b><u>HSY</u></b>)</li>\n <li><b>AT&amp;T</b>(NYSE:<b><u>T</u></b>)</li>\n <li><b>Lennar</b>(NYSE:<b><u>LEN</u></b>)</li>\n <li><b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>)</li>\n <li><b>Chipotle Mexican Grill</b>(NYSE:<b><u>CMG</u></b>)</li>\n <li><b>MSCI</b>(NYSE:<b><u>MSCI</u></b>)</li>\n</ul>\n<p><b>NortonLifeLock (NLOK)</b></p>\n<p><b>Five-day performance:</b>13.5%</p>\n<p>The cybersecurity software and services company got a nice boost on May 12 when BofA analyst Tal Liani upgraded NLOK stock to “buy” from “underperform.” More importantly, the analyst increased its target price by 58%, from&nbsp;$19 to $30. Currently trading below the target, it’s possible future quarterly results could push that higher.</p>\n<p>Liani believes that the consumer market, NortonLifeLock’s bread and butter, provides it with a long runway of growth. The company itself expects 2022 revenue growth of at least 8% and adjusted earnings per share of $1.70, which would be 60% higher year-over-year.</p>\n<p>“Management believes the consumer cybersecurity market is heavily underpenetrated, which leaves room for growing the subscriber base as well,” Liani wrote.“Lastly, international expansion is another key element, with international sales accounting for 30% of revenues, and management outlined a country-by-country strategy to address the remaining potential.”</p>\n<p>NortonLifeLock’s been on a strong run the past five years with an annualized total return of 18.8%. But it looks as though the next five could be equally rewarding for shareholders.</p>\n<p><b>Occidental Petroleum (OXY)</b></p>\n<p><b>Five-day performance:</b>5.6%</p>\n<p><i>Investor’s Business Daily</i>&nbsp;commented in early May that the Occidental corporate jet was&nbsp;spotted in Omaha&nbsp;days before Warren Buffett invested&nbsp;$10 billion&nbsp;in the oil company in 2019.</p>\n<p>At times in the past couple of years, I’m sure Buffett would have preferred the jet go almost anywhere else except Omaha, as the price of oil tanked. As part of his $10 billion preferred-share investment, Buffett got&nbsp;83.86 million warrants&nbsp;to buy OXY stock at $59.62.</p>\n<p>Starting in 2029, Occidental can redeem the 8% preferreds at a redemption price equal to 105% of the liquidation preference plus any unpaid dividends. The dividends Buffett was paid in 2020 were made in Oxy stock. The Oracle of Omaha&nbsp;sold those shares&nbsp;in August 2020.</p>\n<p>Thanks to a rebound in oil prices, Occidental’s got a total return of almost 72% over the past year, significantly higher than the U.S. markets as a whole. However, as I write this, OXY stock is still trading at less than half Buffett’s exercise price.</p>\n<p>He’s got until one year after Occidental were to redeem its preferred shares. That means at least another nine years to move into the money.</p>\n<p><b>Ulta Beauty (ULTA)</b></p>\n<p><b>Five-day performance:</b>4.7%</p>\n<p>The specialty retailer of cosmetics, skin and hair care products, fragrances, and a provider of beauty salon services, reports its&nbsp;Q1 2021 results&nbsp;on May 27. The 27 analysts who cover ULTA estimate&nbsp;$1.90 per share&nbsp;on the bottom line and $1.63 billion in sales on the top line. Both will be marked improvements from a year ago when Covid-19 stay-at-home orders were kicking in.</p>\n<p>In mid-May, JPMorgan analysts named Ulta to its list of&nbsp;favorite retail stocks. The bank gives ULTA an overweight rating and has it on its Analyst Focus List. Interestingly,<b>Target</b>(NYSE:<b><u>TGT</u></b>) is also a favorite of JPM due to its inventory control and overall strength during the important back-to-school season.</p>\n<p>In November, Ulta announced that it would open&nbsp;1,000-square-foot shops&nbsp;within Target. They will be staffed by the discount retailer with training from Ulta.</p>\n<p>Both Ulta CEO Mary Dillon and Target CEO Brian Cornell believe the arrangement will help drive traffic to both stores. Two of the best CEOs in retail, this partnership is sure to be a success, making ULTA one of our stocks to watch.</p>\n<p><b>Royal Caribbean (RCL)</b></p>\n<p><b>Five-day performance:</b>4.6%</p>\n<p>It wasn’t just Royal Caribbean that had a good five days of trading. All of the cruise operators did.<b>Carnival</b>&nbsp;(NYSE:<b><u>CCL</u></b>) and&nbsp;<b>Norwegian Cruise Line Holdings</b>&nbsp;(NYSE:<b><u>NCLH</u></b>) were up 8.2% and 5.7%, respectively. I happen to prefer RCL over the other two.</p>\n<p>The cruise operator got&nbsp;excellent news&nbsp;in late April when the Centers for Disease Control and Prevention clarified its position on cruise ships setting sail from American ports of call this summer. Royal Caribbean figures it can restart its U.S. cruise departures in mid-July.</p>\n<p>Considering it lost&nbsp;$1.1 billion&nbsp;in its latest quarter, the news couldn’t have come at a better time. Plus, its balance sheet is currently bolstered by more than $5 billion in cash. As cruise-goers appear to be ready to spend more on cruises than in past years, they should be able to get back to pre-Covid revenues by the end of 2022, perhaps earlier.</p>\n<p>In 2020, while RCL was getting pummeled, I continued to say it was&nbsp;a long-term winner. Up almost double in the past year, RCL should top $100 before the end of 2021.</p>\n<p><b>Hershey (HSY)</b></p>\n<p><b>Five-day performance:</b>2.3%</p>\n<p>I know what you’re thinking. When considering stocks to watch, why include a company that gained a measly 2.3% over the past five days? Especially when there were 46 stocks ($10 billion market cap or higher) with a better return?</p>\n<p>Simple. I like the job CEO Michele Buck has done since&nbsp;taking the top job&nbsp;in March 2017. It’s why I included Hershey on my October 2020&nbsp;list of companies&nbsp;with top-notch women CEOs. Since that article, HSY stock is up 18% since.</p>\n<p>&nbsp;In late April, Buck said that she expects&nbsp;Halloween to be very strong&nbsp;this coming October as vaccinations make it possible for trick-or-treaters to get out in the evening air to collect their annual haul of candy and chocolate. I, for one, will be loading up this year.</p>\n<p>“Consumers are participating in seasons, they are telling us they’re doing more movie nights at home, they’re making more s’mores at home [and] at the same time, we’re seeing growth in our food service and our own retail businesses, which are away from home,” Buck told<i>CNBC.</i></p>\n<p>As a result, HSY sees higher earnings and sales in 2021 than originally expected. It’s good to know consumers haven’t lost their taste for sweets during the pandemic.</p>\n<p><b>AT&amp;T</b><b>(T)</b></p>\n<p><b>Five-day performance:</b>-8.4%</p>\n<p>Back in July 2018, I wrote about the&nbsp;<i>7 Reasons AT&amp;T Is Going to Blow the Time Warner Merger.</i>At the time, the Department of Justice was trying to block the mega-merger.</p>\n<p>In hindsight, I’m sure long-time shareholders wish the DOJ had been successful in blocking the acquisition. It’s been both a time waster and a serious blow to AT&amp;T’s reputation with dividend investors.</p>\n<p><i>CNBC</i>host Jim Cramer has been&nbsp;very critical&nbsp;of the mistakes made by AT&amp;T.</p>\n<p>“I am not calling it a transformational deal. I am calling it the denouement of a ridiculously stupid deal, the $85 billion acquisition of Time Warner, a deal that closed less than three years ago,” Cramer stated in his<i>Real Money</i>column on May 17, the day AT&amp;T threw in the towel on WarnerMedia.</p>\n<p>The reality is that T paid $85 billion for WarnerMedia. It’s getting&nbsp;$43 billion&nbsp;in cash, debt, and WarnerMedia retains some of the debt. AT&amp;T shareholders will also own 71% of the new business.</p>\n<p>The downside is that AT&amp;T will cut the dividend&nbsp;in half.</p>\n<p>All these dividend chasers are left holding squat and hoping for dear life that the merged entity can deliver at least $42 billion in additional value to get back to square one before the ridiculously stupid merger took place.</p>\n<p>It was one of the dumbest deals of the 21st century.</p>\n<p><b>Lennar (LEN)</b></p>\n<p><b>Five-day performance:</b>-7.9%</p>\n<p>Lennar makes our list of stocks to watch because over the past five days, the homebuilder lost almost 8% of its value. The&nbsp;<b>iShares U.S. Home Construction ETF</b>&nbsp;(BATS:<b><u>ITB</u></b>), which has a&nbsp;Lennar weighting&nbsp;of 12.2%, lost 5.4% over the past five days.</p>\n<p>Let’s call it a cooling-off period. The ITB has an annualized total return of 75.9% over the past year and is up 25.8% year-to-date. Over the past decade, it’s got an annualized total return of 19%, 468 basis points better than its consumer cyclical peers.</p>\n<p>For those who believe there is a housing bubble right around the corner, consider Ben Carlson’s&nbsp;<i>Fortune</i>&nbsp;article from April. It suggests&nbsp;home loans&nbsp;are mostly being made by people with good credit scores and large down payments, the opposite of the subprime meltdown in 2008.</p>\n<p>If you combine this fact with the reality that the housing supply isn’t nearly as abundant as it ought to be, you get the picture of a supply issue rather than one of excess demand.</p>\n<p>Here’s what Lennar Executive Chairman Stuart Miller had to say in its Q1 2021 conference call in March.</p>\n<blockquote>\n So, from a macro perspective, the housing market remains strong. Demand has continued to strengthen as the millennial generation, which had previously postponed its entry into the housing market, has now continued to drive family formation, while at the same time, the supply of new and existing homes remains constrained.\n</blockquote>\n<p>Take advantage of these pullbacks. The housing boom hardly seems ready to end anytime soon.</p>\n<p><b>Tesla (TSLA)</b></p>\n<p><b>Five-day performance:</b>-6.4%</p>\n<p>Innovation costs money. That’s especially true when it comes to the electrification of transportation. It took Tesla&nbsp;15 years&nbsp;to post its first annual profit after Elon Musk&nbsp;took control&nbsp;of it in 2004.</p>\n<p>After running up huge returns in 2020, Tesla is off almost 27% in the past three months due to many different reasons, including the fact Michael Burry, the man behind the&nbsp;<i>Big Short,</i>has taken a&nbsp;short position&nbsp;using put options on 800,100 shares of TSLA stock.</p>\n<p>And while Musk has gone hot and cold over&nbsp;<b>Bitcoin</b>&nbsp;(CCC:<b><u>BTC-USD</u></b>), Tesla shareholders ought to be more worried about the&nbsp;bureaucratic nightmare&nbsp;happening across the pond in Germany as it tries to get its Berlin Gigafactory built.</p>\n<p>“Although things looked good regarding the Tesla facility up to a few weeks ago, a different reality can lie behind a facade,” says Berlin-based auto analyst Matthias Schmidt.</p>\n<p>The new Berlin airport, which is very close to the Tesla factory, took almost a decade to get regulatory approval from the German authorities. If Tesla takes that long, Musk can forget about becoming the richest person in the world.</p>\n<p>I’m a fan of Musk’s innovative bent, but 2021 could turn out to be one of his most challenging years on record. That makes Tesla one of our stocks to watch.</p>\n<p><b>Chipotle Mexican Grill (CMG)</b></p>\n<p><b>Five-day performance:</b>-4.9%</p>\n<p>A piece of news that probably got lost in the shuffle was Chipotle’s March announcement that it plans to&nbsp;accelerate its expansionin&nbsp;to Canada. Over the next year, it will open eight more locations in Canada, including one Chipotlane, the company’s digital drive-up. The openings will be the first since October 2018.</p>\n<p>As a Canadian, all I can say is, it’s about time.</p>\n<p>“Given the rising popularity of Chipotle’s real food in Canada, we believe there is a massive growth opportunity in this international market,” said Anat Davidzon, Chipotle’s managing director – Canada. “Our team is focused on continuing to find ways to increase access to Chipotle for our Canadian fans.”</p>\n<p>With only 23 Chipotle locations in four Canadian cities at the moment (Toronto, Vancouver, Ottawa and London) there is plenty of room for expansion. Hopefully, they’ll open one in Halifax in the next couple of years.</p>\n<p>In the meantime, Chipotle stock has recovered nicely in recent years. A $5,000 investment three years ago is worth $15,338 today. That’s tasty.</p>\n<p>Keep in mind CMG isn’t cheap at almost&nbsp;6x sales. However, compared to&nbsp;<b>McDonald’s</b>&nbsp;(NYSE:<b><u>MCD</u></b>) at&nbsp;8.9x sales, it’s a bargain.</p>\n<p><b>MSCI (MSCI)</b></p>\n<p><b>Five-day performance:</b>-3.8%</p>\n<p>I don’t know if it’s just me and my self-diagnosed dyslexia, but I always seem to get MSCI confused with&nbsp;<b>S&amp;P Global</b>&nbsp;(NYSE:<b><u>SPGI</u></b>). They’re both financial services companies, they both have four-letter stock symbols, and over the past five days of trading, they’re both down a lot more than the index.</p>\n<p>And not to be too easy on me, but both companies have index businesses that generate significant revenue and profits for their shareholders. In the past, I’ve recommended both stocks.</p>\n<p>In May 2020, I recommended MSCI stock as one of&nbsp;seven stocks to buy&nbsp;from the&nbsp;<b>TrimTabs All Cap US Free-Cash Flow ETF</b>(BATS:<b><u>TTAC</u></b>). I picked MSCI because its free cash flow had almost doubled from $360 million in 2017 to $660 million in 2019.</p>\n<p>Well, in the trailing 12 months, it was&nbsp;$863 million, a compound annual growth rate of 31% over the past 3.25 years. Frankly, I don’t think you can go wrong owning either MSCI or SPGI.</p>\n<p>However, over the past five years, the former has doubled the performance of the latter. Take that to the bank.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Winning Stocks and 5 Losing Stocks to Watch Right Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Winning Stocks and 5 Losing Stocks to Watch Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 17:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/05/5-winning-losing-stocks-to-watch-right-now/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Even the losers from this past week are stocks to watch in the coming months and years\nSource: Shutterstock\nAround this time last year, I wrote up a gallery of stocks to watch that had caught investor...</p>\n\n<a href=\"https://investorplace.com/2021/05/5-winning-losing-stocks-to-watch-right-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RCL":"皇家加勒比邮轮","LEN":"莱纳建筑公司","MSCI":"MSCI Inc","HSY":"好时","T":"美国电话电报","TSLA":"特斯拉","CMG":"墨式烧烤","ULTA":"Ulta美容","OXY":"西方石油"},"source_url":"https://investorplace.com/2021/05/5-winning-losing-stocks-to-watch-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108503848","content_text":"Even the losers from this past week are stocks to watch in the coming months and years\nSource: Shutterstock\nAround this time last year, I wrote up a gallery of stocks to watch that had caught investor interest over a week’s worth of trading. In that example, theS&P 500had gained 3.5% over the previous five days of trading.\nAs a result, out of my 10 stocks to watch,seven were burning up the track while three were lagging the index.\nNow that we’re in 2021, I thought I would do the same thing.\nOnly this time, I’ll find five winners and losers from the past five days of trading who’ve either outperformed or underperformed the index. For this article, I’ll use May 12 through May 18 (five days and a weekend) and limit the companies to stocks with market capitalizations of $10 billion or higher.\nIf you’re wondering, the 10 stocks to watch from my article (both good and bad weekly performances) had lights-out returns over the past year.\nBetween May 12 and May 18, the S&P 500 had a total return of -0.6%. Based on that, here are my five winning stocks and five losing stocks to watch right now.\n\nNortonLifeLock(NASDAQ:NLOK)\nOccidental Petroleum(NYSE:OXY)\nUlta Beauty(NASDAQ:ULTA)\nRoyal Caribbean(NYSE:RCL)\nHershey(NYSE:HSY)\nAT&T(NYSE:T)\nLennar(NYSE:LEN)\nTesla(NASDAQ:TSLA)\nChipotle Mexican Grill(NYSE:CMG)\nMSCI(NYSE:MSCI)\n\nNortonLifeLock (NLOK)\nFive-day performance:13.5%\nThe cybersecurity software and services company got a nice boost on May 12 when BofA analyst Tal Liani upgraded NLOK stock to “buy” from “underperform.” More importantly, the analyst increased its target price by 58%, from $19 to $30. Currently trading below the target, it’s possible future quarterly results could push that higher.\nLiani believes that the consumer market, NortonLifeLock’s bread and butter, provides it with a long runway of growth. The company itself expects 2022 revenue growth of at least 8% and adjusted earnings per share of $1.70, which would be 60% higher year-over-year.\n“Management believes the consumer cybersecurity market is heavily underpenetrated, which leaves room for growing the subscriber base as well,” Liani wrote.“Lastly, international expansion is another key element, with international sales accounting for 30% of revenues, and management outlined a country-by-country strategy to address the remaining potential.”\nNortonLifeLock’s been on a strong run the past five years with an annualized total return of 18.8%. But it looks as though the next five could be equally rewarding for shareholders.\nOccidental Petroleum (OXY)\nFive-day performance:5.6%\nInvestor’s Business Daily commented in early May that the Occidental corporate jet was spotted in Omaha days before Warren Buffett invested $10 billion in the oil company in 2019.\nAt times in the past couple of years, I’m sure Buffett would have preferred the jet go almost anywhere else except Omaha, as the price of oil tanked. As part of his $10 billion preferred-share investment, Buffett got 83.86 million warrants to buy OXY stock at $59.62.\nStarting in 2029, Occidental can redeem the 8% preferreds at a redemption price equal to 105% of the liquidation preference plus any unpaid dividends. The dividends Buffett was paid in 2020 were made in Oxy stock. The Oracle of Omaha sold those shares in August 2020.\nThanks to a rebound in oil prices, Occidental’s got a total return of almost 72% over the past year, significantly higher than the U.S. markets as a whole. However, as I write this, OXY stock is still trading at less than half Buffett’s exercise price.\nHe’s got until one year after Occidental were to redeem its preferred shares. That means at least another nine years to move into the money.\nUlta Beauty (ULTA)\nFive-day performance:4.7%\nThe specialty retailer of cosmetics, skin and hair care products, fragrances, and a provider of beauty salon services, reports its Q1 2021 results on May 27. The 27 analysts who cover ULTA estimate $1.90 per share on the bottom line and $1.63 billion in sales on the top line. Both will be marked improvements from a year ago when Covid-19 stay-at-home orders were kicking in.\nIn mid-May, JPMorgan analysts named Ulta to its list of favorite retail stocks. The bank gives ULTA an overweight rating and has it on its Analyst Focus List. Interestingly,Target(NYSE:TGT) is also a favorite of JPM due to its inventory control and overall strength during the important back-to-school season.\nIn November, Ulta announced that it would open 1,000-square-foot shops within Target. They will be staffed by the discount retailer with training from Ulta.\nBoth Ulta CEO Mary Dillon and Target CEO Brian Cornell believe the arrangement will help drive traffic to both stores. Two of the best CEOs in retail, this partnership is sure to be a success, making ULTA one of our stocks to watch.\nRoyal Caribbean (RCL)\nFive-day performance:4.6%\nIt wasn’t just Royal Caribbean that had a good five days of trading. All of the cruise operators did.Carnival (NYSE:CCL) and Norwegian Cruise Line Holdings (NYSE:NCLH) were up 8.2% and 5.7%, respectively. I happen to prefer RCL over the other two.\nThe cruise operator got excellent news in late April when the Centers for Disease Control and Prevention clarified its position on cruise ships setting sail from American ports of call this summer. Royal Caribbean figures it can restart its U.S. cruise departures in mid-July.\nConsidering it lost $1.1 billion in its latest quarter, the news couldn’t have come at a better time. Plus, its balance sheet is currently bolstered by more than $5 billion in cash. As cruise-goers appear to be ready to spend more on cruises than in past years, they should be able to get back to pre-Covid revenues by the end of 2022, perhaps earlier.\nIn 2020, while RCL was getting pummeled, I continued to say it was a long-term winner. Up almost double in the past year, RCL should top $100 before the end of 2021.\nHershey (HSY)\nFive-day performance:2.3%\nI know what you’re thinking. When considering stocks to watch, why include a company that gained a measly 2.3% over the past five days? Especially when there were 46 stocks ($10 billion market cap or higher) with a better return?\nSimple. I like the job CEO Michele Buck has done since taking the top job in March 2017. It’s why I included Hershey on my October 2020 list of companies with top-notch women CEOs. Since that article, HSY stock is up 18% since.\n In late April, Buck said that she expects Halloween to be very strong this coming October as vaccinations make it possible for trick-or-treaters to get out in the evening air to collect their annual haul of candy and chocolate. I, for one, will be loading up this year.\n“Consumers are participating in seasons, they are telling us they’re doing more movie nights at home, they’re making more s’mores at home [and] at the same time, we’re seeing growth in our food service and our own retail businesses, which are away from home,” Buck toldCNBC.\nAs a result, HSY sees higher earnings and sales in 2021 than originally expected. It’s good to know consumers haven’t lost their taste for sweets during the pandemic.\nAT&T(T)\nFive-day performance:-8.4%\nBack in July 2018, I wrote about the 7 Reasons AT&T Is Going to Blow the Time Warner Merger.At the time, the Department of Justice was trying to block the mega-merger.\nIn hindsight, I’m sure long-time shareholders wish the DOJ had been successful in blocking the acquisition. It’s been both a time waster and a serious blow to AT&T’s reputation with dividend investors.\nCNBChost Jim Cramer has been very critical of the mistakes made by AT&T.\n“I am not calling it a transformational deal. I am calling it the denouement of a ridiculously stupid deal, the $85 billion acquisition of Time Warner, a deal that closed less than three years ago,” Cramer stated in hisReal Moneycolumn on May 17, the day AT&T threw in the towel on WarnerMedia.\nThe reality is that T paid $85 billion for WarnerMedia. It’s getting $43 billion in cash, debt, and WarnerMedia retains some of the debt. AT&T shareholders will also own 71% of the new business.\nThe downside is that AT&T will cut the dividend in half.\nAll these dividend chasers are left holding squat and hoping for dear life that the merged entity can deliver at least $42 billion in additional value to get back to square one before the ridiculously stupid merger took place.\nIt was one of the dumbest deals of the 21st century.\nLennar (LEN)\nFive-day performance:-7.9%\nLennar makes our list of stocks to watch because over the past five days, the homebuilder lost almost 8% of its value. The iShares U.S. Home Construction ETF (BATS:ITB), which has a Lennar weighting of 12.2%, lost 5.4% over the past five days.\nLet’s call it a cooling-off period. The ITB has an annualized total return of 75.9% over the past year and is up 25.8% year-to-date. Over the past decade, it’s got an annualized total return of 19%, 468 basis points better than its consumer cyclical peers.\nFor those who believe there is a housing bubble right around the corner, consider Ben Carlson’s Fortune article from April. It suggests home loans are mostly being made by people with good credit scores and large down payments, the opposite of the subprime meltdown in 2008.\nIf you combine this fact with the reality that the housing supply isn’t nearly as abundant as it ought to be, you get the picture of a supply issue rather than one of excess demand.\nHere’s what Lennar Executive Chairman Stuart Miller had to say in its Q1 2021 conference call in March.\n\n So, from a macro perspective, the housing market remains strong. Demand has continued to strengthen as the millennial generation, which had previously postponed its entry into the housing market, has now continued to drive family formation, while at the same time, the supply of new and existing homes remains constrained.\n\nTake advantage of these pullbacks. The housing boom hardly seems ready to end anytime soon.\nTesla (TSLA)\nFive-day performance:-6.4%\nInnovation costs money. That’s especially true when it comes to the electrification of transportation. It took Tesla 15 years to post its first annual profit after Elon Musk took control of it in 2004.\nAfter running up huge returns in 2020, Tesla is off almost 27% in the past three months due to many different reasons, including the fact Michael Burry, the man behind the Big Short,has taken a short position using put options on 800,100 shares of TSLA stock.\nAnd while Musk has gone hot and cold over Bitcoin (CCC:BTC-USD), Tesla shareholders ought to be more worried about the bureaucratic nightmare happening across the pond in Germany as it tries to get its Berlin Gigafactory built.\n“Although things looked good regarding the Tesla facility up to a few weeks ago, a different reality can lie behind a facade,” says Berlin-based auto analyst Matthias Schmidt.\nThe new Berlin airport, which is very close to the Tesla factory, took almost a decade to get regulatory approval from the German authorities. If Tesla takes that long, Musk can forget about becoming the richest person in the world.\nI’m a fan of Musk’s innovative bent, but 2021 could turn out to be one of his most challenging years on record. That makes Tesla one of our stocks to watch.\nChipotle Mexican Grill (CMG)\nFive-day performance:-4.9%\nA piece of news that probably got lost in the shuffle was Chipotle’s March announcement that it plans to accelerate its expansionin to Canada. Over the next year, it will open eight more locations in Canada, including one Chipotlane, the company’s digital drive-up. The openings will be the first since October 2018.\nAs a Canadian, all I can say is, it’s about time.\n“Given the rising popularity of Chipotle’s real food in Canada, we believe there is a massive growth opportunity in this international market,” said Anat Davidzon, Chipotle’s managing director – Canada. “Our team is focused on continuing to find ways to increase access to Chipotle for our Canadian fans.”\nWith only 23 Chipotle locations in four Canadian cities at the moment (Toronto, Vancouver, Ottawa and London) there is plenty of room for expansion. Hopefully, they’ll open one in Halifax in the next couple of years.\nIn the meantime, Chipotle stock has recovered nicely in recent years. A $5,000 investment three years ago is worth $15,338 today. That’s tasty.\nKeep in mind CMG isn’t cheap at almost 6x sales. However, compared to McDonald’s (NYSE:MCD) at 8.9x sales, it’s a bargain.\nMSCI (MSCI)\nFive-day performance:-3.8%\nI don’t know if it’s just me and my self-diagnosed dyslexia, but I always seem to get MSCI confused with S&P Global (NYSE:SPGI). They’re both financial services companies, they both have four-letter stock symbols, and over the past five days of trading, they’re both down a lot more than the index.\nAnd not to be too easy on me, but both companies have index businesses that generate significant revenue and profits for their shareholders. In the past, I’ve recommended both stocks.\nIn May 2020, I recommended MSCI stock as one of seven stocks to buy from the TrimTabs All Cap US Free-Cash Flow ETF(BATS:TTAC). I picked MSCI because its free cash flow had almost doubled from $360 million in 2017 to $660 million in 2019.\nWell, in the trailing 12 months, it was $863 million, a compound annual growth rate of 31% over the past 3.25 years. Frankly, I don’t think you can go wrong owning either MSCI or SPGI.\nHowever, over the past five years, the former has doubled the performance of the latter. Take that to the bank.","news_type":1},"isVote":1,"tweetType":1,"viewCount":317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133979065,"gmtCreate":1621690842957,"gmtModify":1704361506255,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.","listText":"Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.","text":"Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/133979065","repostId":"1170860218","repostType":2,"repost":{"id":"1170860218","pubTimestamp":1621583624,"share":"https://ttm.financial/m/news/1170860218?lang=&edition=fundamental","pubTime":"2021-05-21 15:53","market":"us","language":"en","title":"Roblox: Building The Metaverse, But For Whom?","url":"https://stock-news.laohu8.com/highlight/detail?id=1170860218","media":"seekingalpha","summary":"Summary\n\nRoblox is effectively the YouTube of game development and game consumption.\nGame creators, ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Roblox is effectively the YouTube of game development and game consumption.</li>\n <li>Game creators, who are often just average people with little in the way of coding skills, can build games on the platform and sell those games to users of the platform.</li>\n <li>The platform has something of its own economy, in which Robux are used as currency to purchase games and for micro-purchases within those games.</li>\n <li>Historically, a very young demographic has found the platform appealing, leading to questions about its ability to evolve upstream and create a true metaverse.</li>\n <li>Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform. Ultimately, we rate the company a modest buy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a50e6bae4d28d9fb1a3a3b477be5436\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Ian Tuttle/Getty Images Entertainment via Getty Images</span></p>\n<p><b>Investment Thesis</b></p>\n<p>Roblox (RBLX) is a social gaming marketplace platform that connects gamers and developers. Through its global community of 8 million-plus developers, Roblox provides immersive gaming experiences that are shared by millions of gamers. In 2020, mobile gaming platforms like Roblox saw explosive growth in revenue as users flocked to these platforms during coronavirus-enforced lockdowns. A year of bookings stagnation awaits Roblox as demand for mobile gaming normalizes. However, AR/VR is just getting started, and the company has a long growth runway due to the large size of its TAM. Roblox is a free cash flow generation machine, as we will learn in this article, but the current valuation is a little too steep considering the weak guidance for 2021.</p>\n<p><i><b>Here's our investment thesis for Roblox:</b></i></p>\n<ul>\n <li><p>Roblox is a platform that enables users to enjoy millions of immersive 3D experiences (primarily games). Like YouTube, Roblox's content is user generated. Today, Roblox has more than 32M daily active users and 8M+ developers on its platform.</p></li>\n <li><p>Right from its inception in 2006, Roblox has been led by its visionary founder - David Baszucki. His vision for social gaming and shared virtual experiences is the driving force behind the company's admirable success.</p></li>\n <li><p>Roblox is a highly profitable business that's growing like a weed at scale. In 2020, Roblox's business was boosted by the coronavirus pandemic as mobile gaming saw exponential growth. However, the rise in mobile gaming is a secular growth trend. Furthermore, AR/VR technology is set to go mainstream over the coming years, which will likely help Roblox drive future revenue growth.</p></li>\n <li><p>The Roblox platform is powered by advanced proprietary technology. Developers create content using Roblox Studio, and consumers (gamers) access this content through Roblox Client (interface to 3D digital worlds). Money is made through the sale of Roblox's virtual currency - Robux, which players use to make in-game purchases.</p></li>\n <li><p>For 2021, Roblox is expecting revenue to grow from $923M to ~$1450M. However, the bookings are projected to rise by just 10% year-over-year (near-stagnation), and free cash flow is set to decline too. The company is well capitalized, and it's already free cash flow generative, so I do not foresee any significant dilutionary events for Roblox.</p></li>\n <li><p>During the recent correction in high-growth tech stocks, Roblox has surprisingly held on to its IPO bounce. There are many great deals out there in the market right now. However, Roblox is not one of them. The stock is trading at a premium of 20% to its fair value. Since the expected returns for Roblox is less than BTM's investment hurdle rate, I rate it hold at $70.</p></li>\n <li><p>Roblox is a great company, which I would buy on dips. At BTM, we will initiate a starter position below $60 (if we get such an opportunity). For now, Roblox is being added to our primary portfolio as a hold.</p></li>\n</ul>\n<p>In today's article, we will study Roblox's business in detail, analyze its financials, and determine its fair value.</p>\n<p><b>Introducing Roblox</b></p>\n<p>Roblox is a social gaming platform where an average of 37.1 million people from around the world come to play games with friends on a daily basis. While on Roblox, users can play, learn, explore, and communicate in user-generated virtual realities (games with 3D digital worlds) created by Roblox's community of 8M+ game developers. Roblox terms this emerging category as \"human co-experience\", which it considers to be the new form of social interaction (and this idea was envisioned by Roblox way back in 2004).</p>\n<p>The Roblox platform is powered by user-generated content (like YouTube (GOOG)(NASDAQ:GOOGL)) and draws inspiration from gaming, entertainment, social media, and even toys. This emerging category is also referred to as the metaverse - a term often used to describe the concept of persistent, shared, 3D virtual spaces in a virtual universe. I discussed this concept in a note entitled, \"Introducing President Mark Zuckerberg.\"</p>\n<p>The idea of a metaverse has been written about by futurists and science fiction authors for over 30 years. With the advent of increasingly powerful consumer computing devices, cloud computing, and high bandwidth internet connections, the concept of the metaverse is materializing.</p>\n<p>The Roblox human co-experience platform serves as the underlying technology and infrastructure that supports shared experiences for millions of users, and it consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud.</p>\n<ul>\n <li><p><i><b>Roblox Client</b></i>- The application that allows users to explore 3D digital worlds.</p></li>\n <li><p><i>Roblox Studio</i>- The toolset that allows developers and creators to build, publish, and operate 3D experiences and other content accessed with the Roblox Client.</p></li>\n <li><p><i>Roblox Cloud</i>- The services and infrastructure that power the human co-experience platform.</p></li>\n</ul>\n<p>Roblox's mission is to build a human co-experience platform that enables shared experiences among billions of users. Since its inception, Roblox has invested heavily in building the Roblox platform, and ~80% of Roblox's employees are dedicated to maintaining, improving, and expanding the platform. The company is constantly improving the ways in which the Roblox platform supports shared experiences, ranging from how these experiences are built by an engaged community of developers to how they are enjoyed and safely accessed by users across the globe.</p>\n<p>According to Roblox's&nbsp;S-1 filing, the Roblox platform is differentiated through a number of key characteristics, which are mentioned below (the following are quoted from the company's S-1 linked just a moment ago):</p>\n<blockquote>\n <i>Identity:All users have unique identities in the form of avatars that allow them to express themselves as whoever or whatever they want to be. These avatars are portable across experiences.</i>\n</blockquote>\n<blockquote>\n <i>Friends: Users interact with friends, some of whom they know in the real world, and others who they meet on Roblox.</i>\n</blockquote>\n<blockquote>\n <i>Immersive</i>\n <i><b>:</b></i>\n <i>The experiences on Roblox are 3D and immersive. As we continue to improve the Roblox Platform, these experiences will become increasingly engaging and indistinguishable from the real world.</i>\n</blockquote>\n<blockquote>\n <i>Anywhere: Users, developers, and creators on Roblox are from all over the world, including North America, Europe, South America, Asia, Australia, and Africa. In 2019, we entered into a joint venture agreement with Songhua River Investment Limited, or Songhua, an affiliate of Tencent, to operate a Chinese version of the Roblox Platform that will be operated and published in China by Tencent under the name “Luobulesi.” Further, as of December 31, 2020, the Roblox Client operates on iOS, Android, PC, Mac, and Xbox, and supports VR experiences on PC using Oculus Rift and HTC Vive headsets.</i>\n</blockquote>\n<blockquote>\n <i>Low Friction: It is simple to set up an account on Roblox and free for users to enjoy experiences on the platform. Users can quickly traverse between and within experiences either on their own or with their friends. It is also easy for developers to build experiences and then publish them to the Roblox Cloud so that they are then accessible to users on the Roblox Client across all platforms. On behalf of the developers and creators, Roblox also provides critical services such as user acquisition, billing, collections, content moderation, translation, safety, regulatory compliance, and customer support. This makes it easier and simpler for even individual developers and creators and small studios to be successful developers and creators.</i>\n</blockquote>\n<blockquote>\n <i>Variety of Content: Roblox is a vast and expanding universe of developer and creator-built content. As of Dec. 31, 2020, there were over 20 million experiences on Roblox, and in the year ended Dec. 31, 2020, over 13 million of these were experienced by our community. These ranged from experiences that simulate building and operating a theme park to adopting a pet, scuba diving, creating and playing your own superhero, and more. There also are millions of creator-built virtual items, such as hats, shirts, and pants, with which users can personalize their avatars and 3D virtual items, assets, and sounds that creators can incorporate into experiences. Historically, Roblox has also created virtual items with which users can personalize their avatars. Our focus today and going forward, however, is on user-generated content.</i>\n</blockquote>\n<blockquote>\n <i>Economy: Roblox has a vibrant economy built on a currency called Robux. Users who choose to purchase Robux can spend the currency on experiences and on items for their avatar. Developers and creators earn Robux by building engaging experiences and compelling items that users want to purchase. Roblox enables developers and creators to convert Robux back into real-world currency.</i>\n</blockquote>\n<blockquote>\n <i>Safety: Multiple systems are integrated into the Roblox Platform to promote civility and ensure the safety of our users. These systems are designed to enforce real-world laws and are designed to extend beyond minimum regulatory requirements.</i>\n</blockquote>\n<p>The revenue growth at Roblox has been driven primarily by significant investments in technology and two mutually reinforcing network effects: content and social.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d5e601c76dc33b042de56f0d000fecc\" tg-width=\"640\" tg-height=\"194\"><span>Source:Roblox S-1</span></p>\n<p>Roblox's platform is powered by user-generated content that's built by an engaged community of developers and creators. As Roblox's developers and creators build increasingly high-quality content, more users are attracted to their platform. The more users on the platform, the higher the engagement and the more attractive Roblox becomes to developers and creators. With more users, more Robux (Roblox's virtual currency) is spent on the platform, which in turn incentivizes developers to build more engaging content for users and attracts new developers and content creators to the Roblox developer community.</p>\n<p>The social nature of Roblox's platform makes it special. Roblox's users typically play with friends, and this inspires them to invite more friends to the platform, who, in turn, invite their friends, driving organic growth. A higher number of friends on the platform leads to increased long-term user engagement. Therefore, more and more users join Roblox's platform through word-of-mouth marketing from their existing friends using the platform.</p>\n<p>Now that we have an understanding of Roblox's platform, let's see how Roblox's economy functions, in other words, how Roblox makes money:</p>\n<p>Roblox is powered by exclusive user-generated games that include personalized avatars. Upon joining Roblox, gamers can personalize their avatars by choosing body types, clothes, and other accessories. To do so, the gamers purchase a virtual currency (Robux) from within Roblox's platform. Game developers and content creators earn Robux through microtransactions in their games, such as selling in-game virtual items and engagement-based rewards. Through Roblox's Developer Exchange Program, developers can exchange Robux for real-world currency. This is how money flows from gamers to developers on Roblox's platform.</p>\n<p>The income generated through Roblox empowers game developers (individuals and game studios) to invest in higher-quality content, which attracts more gamers to Roblox. Having enjoyed Roblox, users tend to invite more friends to play on the platform, and this helps game developers attract larger audiences. According to Roblox, many users eventually become developers on the platform, and nearly all Roblox developers started as users. Therefore, Roblox has a robust community and a vibrant economy.</p>\n<p>Roblox supports its developer community by providing tools to create, publish, operate, and monetize content (games and experiences). In 2020, more than 1.25M developers earned Robux, and ~4,300 developers qualified for Roblox's Developer Exchange Program, making them eligible to exchange their earned Robux for real-world currency. To qualify for the Developer Exchange Program, the developers need to meet certain conditions, such as:</p>\n<ul>\n <li><p>Earn at least 100,000 Robux,</p></li>\n <li><p>Verified developer account, and</p></li>\n <li><p>Account must be in good standing.</p></li>\n</ul>\n<p>In 2020, more than 3300 developers exchanged Robux for real-world currency. According to Roblox's disclosures, 1,250-plus developers earned more than $10K in 2020, whereas 300-plus developers made more than $100K in the same period.</p>\n<p>Generally, Roblox users can create an avatar and explore experiences for free after joining the platform. However, the business model for any given game is decided by its developer. Within these free games, users can spend Robux to purchase in-game enhancements and items such as clothing, gear and emotes, from Roblox's Avatar Marketplace. As you may already know, Roblox retains a portion of every Robux transaction and distributes the rest to developers.</p>\n<p>Important Note: Robux can only be purchased from Roblox at a price set by Roblox and can only be spent within its platform.</p>\n<p><i><b>Key Disclosure from Roblox in relation to Robux:</b></i></p>\n<p>Other than daily and monthly limitations to prevent fraud, there's no cap on the number of Robux that any user or users in the aggregate can purchase. Robux has no monetary or intrinsic value outside of our platform and can only be converted to US dollars through our Developer Exchange Program. We're aware that some users seek to use unauthorized third-party websites to exchange Robux for real-world currency, which is not permitted under our terms of use. We regularly monitor and screen usage of our platform with the aim of identifying and preventing these activities, as well as regularly send cease-and-desist letters to operators of third-party websites offering fraudulent Robux or digital goods offers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ede644886149994d8bf4d76e109903da\" tg-width=\"640\" tg-height=\"183\"><span>Source:Roblox S-1</span></p>\n<p>Gamers primarily purchase Robux in two ways: 1. One-time purchases or 2. Roblox Premium subscription service. Roblox accepts payments through (Apple’s and Google’s) app stores, credit cards, and debit cards. In 2020, the average price for a Robux was $0.01. Roblox Premium is billed monthly, and this subscription service includes discounts on Robux purchases, exclusive access to certain in-experience benefits, some exclusive and discounted marketplace items, and the ability to buy, sell and trade certain Avatar items. In 2020, Roblox’s bookings (sale of Robux) came in at $1.8B, which means that Roblox’s ~140M users spent an average of $12.85 on the platform (the average revenue per daily active users is much higher at about $60).</p>\n<p>For developers, Robux is considered \"earned\" if and when a developer receives them as payments for a bonafide third-party transaction for virtual goods through the Roblox Platform. Currently, developers can earn Robux via the following mechanisms:</p>\n<ul>\n <li><p>Sale of access to experiences (games) and in-game enhancements,</p></li>\n <li><p>Engagement-based payouts for the amount of time that Roblox Premium subscribers spend in their experiences,</p></li>\n <li><p>Sale of content and tools within the developer community, and</p></li>\n <li><p>Sale of virtual items to gamers through the Avatar Marketplace.</p></li>\n</ul>\n<p>As Roblox users’ purchase and spend Robux on the platform, developers receive 70% of the Robux spent within their games and 70% of the Robux spent on Roblox's Studio Marketplace items. Content creators receive only 30% of the Robux spent for their Avatar Marketplace items. The earned Robux are deposited into the virtual accounts of the developers and creators, who (if qualified) can convert Robux into U.S. dollars at an exchange rate which is (again) set by Roblox (in its sole discretion) at 1 Robux to $0.0035 (conversion price as of Dec. 31, 2020).</p>\n<p>As you may remember, the average purchase price of a Robux was $0.01 in 2020, and now we know that developers can exchange a Robux for $0.0035 (35% of Robux’s purchase price). Therefore, the unit economics are undoubtedly tilted in favor of Roblox, and the virtual economy built within Roblox’s ecosystem gives the company massive controlling power.</p>\n<p>In 2020, Roblox’s qualified developers (Developer Exchange Program) earned $328.7M, up from $112M in 2019. The growth in developer earnings resulted from a growth in qualified developers, a rise in DAUs, and higher engagement with consumers. As an aside, Roblox’s developers do not always cash out their Robux into real-world currency as they can reinvest their Robux into developer tools available in the Studio Marketplace, promote their games through Roblox’s internal ad network, or spend the Robux as any other Roblox gamer would (on experiences and in-game purchases).</p>\n<p>The Roblox platform combines significant bookings (sale of Robux) (and, by extension, revenue) with strong unit economics to generate massive amounts of free cash flow.</p>\n<p><b>Roblox Had A Great 2020, But What Next?</b></p>\n<p>In 2020, the coronavirus pandemic boosted the mobile gaming industry as people (kids, to be precise) stayed home during lockdowns. Roblox's social gaming platform saw an influx of new users, and bookings shot up to over $2B. As you can see, Roblox's revenues grew by 81% y/y to $923M last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fc0cfffc9c8d80819d91a250992a9898\" tg-width=\"578\" tg-height=\"211\"><span>Source:Roblox S-1</span></p>\n<p>The rapid revenue growth is attributable to an increase in numbers of active users and higher user engagement (and spending). Roblox's DAUs went up from 19M to 37M within a year, while average bookings per DAU shot up to $17.30 from $12.37. For Q4, total hours engaged came in at 8.4B hours, a figure that represented substantial growth on a y/y basis; however, it also represented a q/q decline.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/177a566cf075069e89d034c2be758743\" tg-width=\"640\" tg-height=\"97\"><span>Source:Roblox S-1</span></p>\n<p>Although Roblox's operations continue to lose money, the company is actually generating massive amounts of free cash flow. The bookings made on Roblox's platform convert to revenue over time as in-game virtual goods are consumed or amortized (in accordance with the average life of the consumer).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f39e4d22bafd479e902ab3f1665fdc8\" tg-width=\"638\" tg-height=\"253\"><span>Source:Roblox S-1</span></p>\n<p>On the back of ultra-strong numbers in 2020, Roblox's public listing seems to be timed to perfection. From a reference price of $45, the stock rallied higher on the direct listing day and has continued to trade up at ~$65-80 range. Here's what Roblox's CEO had to say on the listing:</p>\n<p>Source:Roblox CEO David Baszucki on the company's Wall Street debut</p>\n<p>Roblox's growth numbers for 2020 were mind boggling. However, the expectations for 2021 are lukewarm (and rightly so). With the pandemic fading away, people are returning towards normality, and a reduction in hours spent on gaming is a certainty.</p>\n<p>For 2021, Roblox is expecting DAU growth of just 6%, with flat numbers for hours engaged. Although the company expects revenue to grow by 60% y/y, bookings (closer estimation of Roblox's actual growth) are expected to grow at just 10% y/y.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45e3095d76d9eae90689957db0de751e\" tg-width=\"640\" tg-height=\"477\"><span>Source:Roblox S-1</span></p>\n<p>As bookings growth moderates and the company spends more on R&amp;D to drive future growth, the company's free cash flow is set to decline in 2021. Therefore, I would not expect fireworks to continue for Roblox's stock over the coming year as it faces tough comps.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00d25029806cc3b0dad1e9efd61ffa8c\" tg-width=\"362\" tg-height=\"279\"><span>Source:Roblox S-1</span></p>\n<p>With that being said, Roblox's growth story is far from over. In fact, I can envision a very long growth runway for Roblox (similar to Unity). The growth of interactive, real-time 3D content across numerous industries (like Gaming, Architecture, 3D printing/Intelligent Manufacturing, AR/VR, and many more) will drive the demand for Roblox's platform higher over the coming years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb11e9e1f7a643251919f7571ebe5b76\" tg-width=\"800\" tg-height=\"389\"><span>Source:Newzoo</span></p>\n<p>In 2020, mobile gaming was the fastest-growing industry among all forms of gaming, and it's now believed to be worth $77.2B. And by 2025, it's expected to be worth$150B per annum. Naturally, Roblox will benefit from the rapid growth in mobile gaming. Therefore, Roblox is supported by a very powerful secular growth trend, i.e., the rise of mobile gaming.</p>\n<p>However, the real upside for Roblox's platform will come from the mainstream adoption of AR/VR technology. These markets are set to see explosive growth over upcoming years:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33223820bc4aa2314eaa98345d74820c\" tg-width=\"900\" tg-height=\"466\"><span>Source:DevTeam</span></p>\n<p>Economically viable virtual realities are already all around us in that games are massively profitable and are pseudo-virtual realities. I believe that this market will actually accelerate as wide-scale adopted virtual realities begin popping up over the next decade or two, many of which will likely be built atop platforms such as Roblox and Unity.</p>\n<p>Although I like Unity, I believe that Roblox's platform has greater potential due to the democratization of content generation. Roblox is transforming the world of interactive gaming by changing how people express themselves, play, socialize, learn, and transact together. According to the management, Roblox is currently focused on the following growth initiatives:</p>\n<ul>\n <li><p>Platform Extension: Roblox is continually investing to extend its platform. These investments include high fidelity avatars, 3D spatial audio technology, and additional social features. In the future, Roblox can expand into other areas like entertainment, e-learning (education), and enterprise work communications. For example, developers will be able to create and host virtual meetings, classrooms, concerts, and conferences on the Roblox platform.</p></li>\n <li><p>Age Demographics Expansion: Today, a large chunk of Roblox’s users are kids below the age of 13. However, platform extension will enable developers to build higher quality experiences (games and other content) that are curated to meet the needs of an older age demographic. If Roblox can successfully increase its penetration among other older age categories, then it can easily grow at swashbuckling rates for years to come.</p></li>\n <li><p>International Reach: Roblox already is a global platform. However, there's still significant potential for the company to grow in international markets. Today, almost all of Roblox’s revenue comes from the United States, Canada, and United Kingdom. Hence, there are big markets for Roblox to expand its presence. Roblox is expecting the same organic, word-of-mouth user and developer growth in international markets that the platform has experienced in its primary markets. Additionally, Roblox is making massive investments in technology to enhance growth across the globe. For example, features such as built-in regional compliance and automated language translation can enable Roblox to scale operations in global markets, allowing developers to publish games (or content) in multiple languages and allowing users (speaking different languages) to communicate effectively. Roblox’s greatest international opportunity today is China, and the company is addressing this opportunity through a joint venture with Songhua (an affiliate of Tencent, which is one of the leading internet companies in China).</p></li>\n <li><p>Monetization: Roblox believes that its platform has massive monetization potential. To improve monetization, Roblox is actively working with the developer community. Furthermore, Roblox is taking up new strategic initiatives such as the Roblox Premium subscription service to enhance retention of paying users and conversion of free users to paying users. Finally, Roblox is working with leading brands (like Warner Bros, NFL, Netflix, Marvel, WWE, and FC Barcelona) to build unique marketing opportunities on the Roblox Platform through branded content.</p></li>\n</ul>\n<p>Hence, Roblox will likely resume robust bookings growth after the projected slowdown in 2021. As you may know, Roblox competes for both users, developers, and creators. Roblox competes to attract and retain its users' attention on the basis of content and user experiences. Therefore, Roblox competes for users and their engagement hours with global technology leaders such as Amazon, Apple, Google, Microsoft, Facebook, and Tencent, global entertainment companies such as Disney, Comcast, and ViacomCBS, global gaming companies such as Electronic Arts, Activision Blizzard, Take-Two, Unity, Valve, and Zynga, online content platforms including Spotify, Netflix, and YouTube, as well as social platforms such as Facebook, Snap, and Pinterest.</p>\n<p>For now, Roblox is out-competing its rivals due to many factors such as personalization of user experience, content variety, and social features. However, Roblox is heavily reliant on developers for the content that leads to the creation and maintenance of user engagement on its platform. Hence, Roblox has to compete with other platforms like Unity to attract and retain developers. Therefore, Roblox has to provide advanced tools needed to build, publish, operate, and monetize content (more efficiently and more lucratively than its rivals).</p>\n<p>Hence, Roblox directly competes for developers, creators, and engineering talent with gaming platforms (such as Epic Games, Unity, and Valve Corporation) that provide developers and creators the ability to create or distribute interactive content. I believe Roblox's comprehensive offering to build, publish, and operate experiences on its platform, free and easy-to-use technology, broad user reach, economic rewards system, brand, reputation for innovation, developer-centric culture, and Roblox's vision differentiates the company from its rivals.</p>\n<p>Now, let's find the fair value and expected returns for Roblox.</p>\n<p><b>Fair Value and Expected Return</b></p>\n<p>Roblox's bookings are the true reflection of its business, and so we will be analyzing the company using its bookings and not its revenue. In this case, the potential free cash flow margin is also based on bookings.</p>\n<p>Assumptions:</p>\n<table>\n <tbody>\n  <tr>\n   <td><p>Forward 12-month bookings [A]</p></td>\n   <td><p>$2000 million</p></td>\n  </tr>\n  <tr>\n   <td><p>Potential Free Cash Flow Margin [B]</p></td>\n   <td><p>30%</p></td>\n  </tr>\n  <tr>\n   <td><p>Average fully-diluted shares outstanding [C]</p></td>\n   <td><p>~650 million</p></td>\n  </tr>\n  <tr>\n   <td><p>Free cash flow per share [ D = (A * B) / C ]</p></td>\n   <td><p>$0.923</p></td>\n  </tr>\n  <tr>\n   <td><p>Free cash flow per share growth rate (conservative estimate)</p></td>\n   <td><p>25%</p></td>\n  </tr>\n  <tr>\n   <td><p>Terminal growth rate</p></td>\n   <td><p>3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Years of elevated growth</p></td>\n   <td><p>10</p></td>\n  </tr>\n  <tr>\n   <td><p>Total years to stimulate</p></td>\n   <td><p>100</p></td>\n  </tr>\n  <tr>\n   <td><p>Discount Rate (Our \"Next Best Alternative\")</p></td>\n   <td><p>9.8%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Results:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cd75274e4a1451cb432b96e0a8cfafb\" tg-width=\"611\" tg-height=\"734\"><span>Source: L.A. Stevens Valuation Model</span></p>\n<p>According to my estimation, Roblox's fair value is ~$58, i.e., it's trading at a premium of ~20%. In this market, high-growth tech stocks have been hammered, and there are great deals out there. And so buying Roblox at a premium doesn't make a lot of sense.</p>\n<p>To determine the expected returns, our model calculates a projected FCF per share value (year-10) and multiplies it with an assumed Price to FCF multiple (35x here), thereby generating a 2031 price target. Using this price target, the model generates an expected CAGR return for a ten-year investment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/345f634512883a157361c590884202ee\" tg-width=\"611\" tg-height=\"432\"><span>Source: L.A. Stevens Valuation Model</span></p>\n<p>As you can see above, Roblox's share price could grow from ~$70 to ~$240 (~3.5x) at a CAGR of ~13.15% over the next decade. Since the expected return is lower than BTM's investment hurdle rate of 15%, I rate Robloxa modest buy to hold at $70.</p>\n<p>At such a large market cap, the company will require a few years for growth to catch up with its current valuation.</p>\n<p><b>Concluding Thoughts</b></p>\n<p>Let's conclude our discussion with a BTM Crucial Characteristics Check for Roblox:</p>\n<table>\n <tbody>\n  <tr>\n   <td><p>Crucial Characteristic</p></td>\n   <td><p>Notes</p></td>\n  </tr>\n  <tr>\n   <td><p>Visionary Founder/CEO</p></td>\n   <td><p>David Baszucki (co-founder of Roblox) is a visionary technologist who has led Roblox as its CEO since its launch in 2006. Over the last five years, Roblox's popularity has exploded. However, David and his team are aggressively reinvesting in the Roblox platform (especially in engineering) to drive the next leg of growth for the company. Roblox's vision is to become a platform where billions of people share experiences (not just gaming) on a daily basis.</p><p>David is now 58, so we might have his leadership only for a few more years. Furthermore, all other C-suite executives (barring one or two) at Roblox are also well into their 50s. Therefore, I expect significant management changes at Roblox over the next decade. With that being said, I believe the Roblox platform is incredibly powerful, and the company's business model is so robust that even a chimp can run it successfully.</p></td>\n  </tr>\n  <tr>\n   <td><p>Proprietary Tech</p></td>\n   <td><p>Roblox's platform (Client, Studio, and Cloud) is powered by highly proprietary technology built over the last three decades. On any given day, more than 32M people use Roblox (DAUs) to connect via play.</p></td>\n  </tr>\n  <tr>\n   <td><p>Network Effects</p></td>\n   <td><p>The social component built into Roblox allows users to invite their friends and family to play with them and share experiences on the platform. A higher number of users attracts more developers to Roblox, which leads to more games (better content by variety and quality). These network effects remain the primary driver of Roblox's tremendous growth.</p></td>\n  </tr>\n  <tr>\n   <td><p>Powerful Secular Growth Trend</p></td>\n   <td><p>The growth of interactive, real-time 3D content across numerous industries (like Gaming, AR/VR, Architecture, 3D printing/Intelligent Manufacturing, etc.) is a powerful secular growth driver for Roblox.</p></td>\n  </tr>\n  <tr>\n   <td><p>Sounds Financials</p></td>\n   <td><p>In 2020, Roblox reported mind-boggling numbers in terms of revenue (~$923M, up ~82% y/y), bookings (~$1.8B, up ~181% y/y), and free cash flow (~$411M). However, the company expects stagnation in bookings in 2021 as the pandemic boost to gaming disappears. Roblox is already a free cash flow generative business, and the company has $800M+ on its balance sheet. Therefore, a direct listing made sense.</p><p>With 650M fully-diluted shares outstanding, Roblox's numbers fall short relative to its market cap. The stock is currently trading at a premium of 20% to its fair value, and its expected CAGR return of 13% falls below our investment hurdle rate.</p></td>\n  </tr>\n  <tr>\n   <td><p>Branding</p></td>\n   <td><p>Roblox is a global platform that has 130M Users (32.6M Daily Active Users). The Roblox platform gives individuals a strong sense of community and belonging through the rich, immersive co-experiences it provides. Roblox's growth is entirely organic (word-of-mouth), and this shows how the brand is truly loved by its customers.</p></td>\n  </tr>\n  <tr>\n   <td><p>International Expansion</p></td>\n   <td><p>Roblox is available globally; however, it has significant room to expand in underpenetrated geographies such as Europe, Latin America, Africa, and Asia. The joint venture with Tencent to bring Roblox to China will probably be the biggest growth driver for the company within the next few years.</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Roblox satisfies almost all of BTM's investment criteria, but at a market cap of $45B+, the valuation looks stretched. We do not shy away from paying a premium for a high-quality business if the expected return exceeds our hurdle rate; however, the expected return for Roblox is only 13% after the massive bounce in its price after going public.</p>\n<p>In recent years, direct listings (like Spotify(NYSE:SPOT)and Slack(NYSE:WORK)) have failed to generate massive performance in their first year as public companies and I expect Roblox to follow suit. The company's guidance for 2021 points to stagnation in bookings as the mobile gaming frenzy of 2020 fades away along with the pandemic. Therefore, I think we can wait for a better entry point on Roblox, which would be around its direct listing price of $45.</p>\n<p>Key Takeaway: I rate Roblox a hold to modest buy at $70.</p>\n<p>Thanks for reading. Please share your thoughts, questions, and/or concerns in the comments section.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Roblox: Building The Metaverse, But For Whom?</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\">\nRoblox: Building The Metaverse, But For Whom?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 15:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430330-roblox-building-the-metaverse-but-for-whom><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nRoblox is effectively the YouTube of game development and game consumption.\nGame creators, who are often just average people with little in the way of coding skills, can build games on the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4430330-roblox-building-the-metaverse-but-for-whom\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://seekingalpha.com/article/4430330-roblox-building-the-metaverse-but-for-whom","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1170860218","content_text":"Summary\n\nRoblox is effectively the YouTube of game development and game consumption.\nGame creators, who are often just average people with little in the way of coding skills, can build games on the platform and sell those games to users of the platform.\nThe platform has something of its own economy, in which Robux are used as currency to purchase games and for micro-purchases within those games.\nHistorically, a very young demographic has found the platform appealing, leading to questions about its ability to evolve upstream and create a true metaverse.\nRoblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform. Ultimately, we rate the company a modest buy.\n\nPhoto by Ian Tuttle/Getty Images Entertainment via Getty Images\nInvestment Thesis\nRoblox (RBLX) is a social gaming marketplace platform that connects gamers and developers. Through its global community of 8 million-plus developers, Roblox provides immersive gaming experiences that are shared by millions of gamers. In 2020, mobile gaming platforms like Roblox saw explosive growth in revenue as users flocked to these platforms during coronavirus-enforced lockdowns. A year of bookings stagnation awaits Roblox as demand for mobile gaming normalizes. However, AR/VR is just getting started, and the company has a long growth runway due to the large size of its TAM. Roblox is a free cash flow generation machine, as we will learn in this article, but the current valuation is a little too steep considering the weak guidance for 2021.\nHere's our investment thesis for Roblox:\n\nRoblox is a platform that enables users to enjoy millions of immersive 3D experiences (primarily games). Like YouTube, Roblox's content is user generated. Today, Roblox has more than 32M daily active users and 8M+ developers on its platform.\nRight from its inception in 2006, Roblox has been led by its visionary founder - David Baszucki. His vision for social gaming and shared virtual experiences is the driving force behind the company's admirable success.\nRoblox is a highly profitable business that's growing like a weed at scale. In 2020, Roblox's business was boosted by the coronavirus pandemic as mobile gaming saw exponential growth. However, the rise in mobile gaming is a secular growth trend. Furthermore, AR/VR technology is set to go mainstream over the coming years, which will likely help Roblox drive future revenue growth.\nThe Roblox platform is powered by advanced proprietary technology. Developers create content using Roblox Studio, and consumers (gamers) access this content through Roblox Client (interface to 3D digital worlds). Money is made through the sale of Roblox's virtual currency - Robux, which players use to make in-game purchases.\nFor 2021, Roblox is expecting revenue to grow from $923M to ~$1450M. However, the bookings are projected to rise by just 10% year-over-year (near-stagnation), and free cash flow is set to decline too. The company is well capitalized, and it's already free cash flow generative, so I do not foresee any significant dilutionary events for Roblox.\nDuring the recent correction in high-growth tech stocks, Roblox has surprisingly held on to its IPO bounce. There are many great deals out there in the market right now. However, Roblox is not one of them. The stock is trading at a premium of 20% to its fair value. Since the expected returns for Roblox is less than BTM's investment hurdle rate, I rate it hold at $70.\nRoblox is a great company, which I would buy on dips. At BTM, we will initiate a starter position below $60 (if we get such an opportunity). For now, Roblox is being added to our primary portfolio as a hold.\n\nIn today's article, we will study Roblox's business in detail, analyze its financials, and determine its fair value.\nIntroducing Roblox\nRoblox is a social gaming platform where an average of 37.1 million people from around the world come to play games with friends on a daily basis. While on Roblox, users can play, learn, explore, and communicate in user-generated virtual realities (games with 3D digital worlds) created by Roblox's community of 8M+ game developers. Roblox terms this emerging category as \"human co-experience\", which it considers to be the new form of social interaction (and this idea was envisioned by Roblox way back in 2004).\nThe Roblox platform is powered by user-generated content (like YouTube (GOOG)(NASDAQ:GOOGL)) and draws inspiration from gaming, entertainment, social media, and even toys. This emerging category is also referred to as the metaverse - a term often used to describe the concept of persistent, shared, 3D virtual spaces in a virtual universe. I discussed this concept in a note entitled, \"Introducing President Mark Zuckerberg.\"\nThe idea of a metaverse has been written about by futurists and science fiction authors for over 30 years. With the advent of increasingly powerful consumer computing devices, cloud computing, and high bandwidth internet connections, the concept of the metaverse is materializing.\nThe Roblox human co-experience platform serves as the underlying technology and infrastructure that supports shared experiences for millions of users, and it consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud.\n\nRoblox Client- The application that allows users to explore 3D digital worlds.\nRoblox Studio- The toolset that allows developers and creators to build, publish, and operate 3D experiences and other content accessed with the Roblox Client.\nRoblox Cloud- The services and infrastructure that power the human co-experience platform.\n\nRoblox's mission is to build a human co-experience platform that enables shared experiences among billions of users. Since its inception, Roblox has invested heavily in building the Roblox platform, and ~80% of Roblox's employees are dedicated to maintaining, improving, and expanding the platform. The company is constantly improving the ways in which the Roblox platform supports shared experiences, ranging from how these experiences are built by an engaged community of developers to how they are enjoyed and safely accessed by users across the globe.\nAccording to Roblox's S-1 filing, the Roblox platform is differentiated through a number of key characteristics, which are mentioned below (the following are quoted from the company's S-1 linked just a moment ago):\n\nIdentity:All users have unique identities in the form of avatars that allow them to express themselves as whoever or whatever they want to be. These avatars are portable across experiences.\n\n\nFriends: Users interact with friends, some of whom they know in the real world, and others who they meet on Roblox.\n\n\nImmersive\n:\nThe experiences on Roblox are 3D and immersive. As we continue to improve the Roblox Platform, these experiences will become increasingly engaging and indistinguishable from the real world.\n\n\nAnywhere: Users, developers, and creators on Roblox are from all over the world, including North America, Europe, South America, Asia, Australia, and Africa. In 2019, we entered into a joint venture agreement with Songhua River Investment Limited, or Songhua, an affiliate of Tencent, to operate a Chinese version of the Roblox Platform that will be operated and published in China by Tencent under the name “Luobulesi.” Further, as of December 31, 2020, the Roblox Client operates on iOS, Android, PC, Mac, and Xbox, and supports VR experiences on PC using Oculus Rift and HTC Vive headsets.\n\n\nLow Friction: It is simple to set up an account on Roblox and free for users to enjoy experiences on the platform. Users can quickly traverse between and within experiences either on their own or with their friends. It is also easy for developers to build experiences and then publish them to the Roblox Cloud so that they are then accessible to users on the Roblox Client across all platforms. On behalf of the developers and creators, Roblox also provides critical services such as user acquisition, billing, collections, content moderation, translation, safety, regulatory compliance, and customer support. This makes it easier and simpler for even individual developers and creators and small studios to be successful developers and creators.\n\n\nVariety of Content: Roblox is a vast and expanding universe of developer and creator-built content. As of Dec. 31, 2020, there were over 20 million experiences on Roblox, and in the year ended Dec. 31, 2020, over 13 million of these were experienced by our community. These ranged from experiences that simulate building and operating a theme park to adopting a pet, scuba diving, creating and playing your own superhero, and more. There also are millions of creator-built virtual items, such as hats, shirts, and pants, with which users can personalize their avatars and 3D virtual items, assets, and sounds that creators can incorporate into experiences. Historically, Roblox has also created virtual items with which users can personalize their avatars. Our focus today and going forward, however, is on user-generated content.\n\n\nEconomy: Roblox has a vibrant economy built on a currency called Robux. Users who choose to purchase Robux can spend the currency on experiences and on items for their avatar. Developers and creators earn Robux by building engaging experiences and compelling items that users want to purchase. Roblox enables developers and creators to convert Robux back into real-world currency.\n\n\nSafety: Multiple systems are integrated into the Roblox Platform to promote civility and ensure the safety of our users. These systems are designed to enforce real-world laws and are designed to extend beyond minimum regulatory requirements.\n\nThe revenue growth at Roblox has been driven primarily by significant investments in technology and two mutually reinforcing network effects: content and social.\nSource:Roblox S-1\nRoblox's platform is powered by user-generated content that's built by an engaged community of developers and creators. As Roblox's developers and creators build increasingly high-quality content, more users are attracted to their platform. The more users on the platform, the higher the engagement and the more attractive Roblox becomes to developers and creators. With more users, more Robux (Roblox's virtual currency) is spent on the platform, which in turn incentivizes developers to build more engaging content for users and attracts new developers and content creators to the Roblox developer community.\nThe social nature of Roblox's platform makes it special. Roblox's users typically play with friends, and this inspires them to invite more friends to the platform, who, in turn, invite their friends, driving organic growth. A higher number of friends on the platform leads to increased long-term user engagement. Therefore, more and more users join Roblox's platform through word-of-mouth marketing from their existing friends using the platform.\nNow that we have an understanding of Roblox's platform, let's see how Roblox's economy functions, in other words, how Roblox makes money:\nRoblox is powered by exclusive user-generated games that include personalized avatars. Upon joining Roblox, gamers can personalize their avatars by choosing body types, clothes, and other accessories. To do so, the gamers purchase a virtual currency (Robux) from within Roblox's platform. Game developers and content creators earn Robux through microtransactions in their games, such as selling in-game virtual items and engagement-based rewards. Through Roblox's Developer Exchange Program, developers can exchange Robux for real-world currency. This is how money flows from gamers to developers on Roblox's platform.\nThe income generated through Roblox empowers game developers (individuals and game studios) to invest in higher-quality content, which attracts more gamers to Roblox. Having enjoyed Roblox, users tend to invite more friends to play on the platform, and this helps game developers attract larger audiences. According to Roblox, many users eventually become developers on the platform, and nearly all Roblox developers started as users. Therefore, Roblox has a robust community and a vibrant economy.\nRoblox supports its developer community by providing tools to create, publish, operate, and monetize content (games and experiences). In 2020, more than 1.25M developers earned Robux, and ~4,300 developers qualified for Roblox's Developer Exchange Program, making them eligible to exchange their earned Robux for real-world currency. To qualify for the Developer Exchange Program, the developers need to meet certain conditions, such as:\n\nEarn at least 100,000 Robux,\nVerified developer account, and\nAccount must be in good standing.\n\nIn 2020, more than 3300 developers exchanged Robux for real-world currency. According to Roblox's disclosures, 1,250-plus developers earned more than $10K in 2020, whereas 300-plus developers made more than $100K in the same period.\nGenerally, Roblox users can create an avatar and explore experiences for free after joining the platform. However, the business model for any given game is decided by its developer. Within these free games, users can spend Robux to purchase in-game enhancements and items such as clothing, gear and emotes, from Roblox's Avatar Marketplace. As you may already know, Roblox retains a portion of every Robux transaction and distributes the rest to developers.\nImportant Note: Robux can only be purchased from Roblox at a price set by Roblox and can only be spent within its platform.\nKey Disclosure from Roblox in relation to Robux:\nOther than daily and monthly limitations to prevent fraud, there's no cap on the number of Robux that any user or users in the aggregate can purchase. Robux has no monetary or intrinsic value outside of our platform and can only be converted to US dollars through our Developer Exchange Program. We're aware that some users seek to use unauthorized third-party websites to exchange Robux for real-world currency, which is not permitted under our terms of use. We regularly monitor and screen usage of our platform with the aim of identifying and preventing these activities, as well as regularly send cease-and-desist letters to operators of third-party websites offering fraudulent Robux or digital goods offers.\nSource:Roblox S-1\nGamers primarily purchase Robux in two ways: 1. One-time purchases or 2. Roblox Premium subscription service. Roblox accepts payments through (Apple’s and Google’s) app stores, credit cards, and debit cards. In 2020, the average price for a Robux was $0.01. Roblox Premium is billed monthly, and this subscription service includes discounts on Robux purchases, exclusive access to certain in-experience benefits, some exclusive and discounted marketplace items, and the ability to buy, sell and trade certain Avatar items. In 2020, Roblox’s bookings (sale of Robux) came in at $1.8B, which means that Roblox’s ~140M users spent an average of $12.85 on the platform (the average revenue per daily active users is much higher at about $60).\nFor developers, Robux is considered \"earned\" if and when a developer receives them as payments for a bonafide third-party transaction for virtual goods through the Roblox Platform. Currently, developers can earn Robux via the following mechanisms:\n\nSale of access to experiences (games) and in-game enhancements,\nEngagement-based payouts for the amount of time that Roblox Premium subscribers spend in their experiences,\nSale of content and tools within the developer community, and\nSale of virtual items to gamers through the Avatar Marketplace.\n\nAs Roblox users’ purchase and spend Robux on the platform, developers receive 70% of the Robux spent within their games and 70% of the Robux spent on Roblox's Studio Marketplace items. Content creators receive only 30% of the Robux spent for their Avatar Marketplace items. The earned Robux are deposited into the virtual accounts of the developers and creators, who (if qualified) can convert Robux into U.S. dollars at an exchange rate which is (again) set by Roblox (in its sole discretion) at 1 Robux to $0.0035 (conversion price as of Dec. 31, 2020).\nAs you may remember, the average purchase price of a Robux was $0.01 in 2020, and now we know that developers can exchange a Robux for $0.0035 (35% of Robux’s purchase price). Therefore, the unit economics are undoubtedly tilted in favor of Roblox, and the virtual economy built within Roblox’s ecosystem gives the company massive controlling power.\nIn 2020, Roblox’s qualified developers (Developer Exchange Program) earned $328.7M, up from $112M in 2019. The growth in developer earnings resulted from a growth in qualified developers, a rise in DAUs, and higher engagement with consumers. As an aside, Roblox’s developers do not always cash out their Robux into real-world currency as they can reinvest their Robux into developer tools available in the Studio Marketplace, promote their games through Roblox’s internal ad network, or spend the Robux as any other Roblox gamer would (on experiences and in-game purchases).\nThe Roblox platform combines significant bookings (sale of Robux) (and, by extension, revenue) with strong unit economics to generate massive amounts of free cash flow.\nRoblox Had A Great 2020, But What Next?\nIn 2020, the coronavirus pandemic boosted the mobile gaming industry as people (kids, to be precise) stayed home during lockdowns. Roblox's social gaming platform saw an influx of new users, and bookings shot up to over $2B. As you can see, Roblox's revenues grew by 81% y/y to $923M last year.\nSource:Roblox S-1\nThe rapid revenue growth is attributable to an increase in numbers of active users and higher user engagement (and spending). Roblox's DAUs went up from 19M to 37M within a year, while average bookings per DAU shot up to $17.30 from $12.37. For Q4, total hours engaged came in at 8.4B hours, a figure that represented substantial growth on a y/y basis; however, it also represented a q/q decline.\nSource:Roblox S-1\nAlthough Roblox's operations continue to lose money, the company is actually generating massive amounts of free cash flow. The bookings made on Roblox's platform convert to revenue over time as in-game virtual goods are consumed or amortized (in accordance with the average life of the consumer).\nSource:Roblox S-1\nOn the back of ultra-strong numbers in 2020, Roblox's public listing seems to be timed to perfection. From a reference price of $45, the stock rallied higher on the direct listing day and has continued to trade up at ~$65-80 range. Here's what Roblox's CEO had to say on the listing:\nSource:Roblox CEO David Baszucki on the company's Wall Street debut\nRoblox's growth numbers for 2020 were mind boggling. However, the expectations for 2021 are lukewarm (and rightly so). With the pandemic fading away, people are returning towards normality, and a reduction in hours spent on gaming is a certainty.\nFor 2021, Roblox is expecting DAU growth of just 6%, with flat numbers for hours engaged. Although the company expects revenue to grow by 60% y/y, bookings (closer estimation of Roblox's actual growth) are expected to grow at just 10% y/y.\nSource:Roblox S-1\nAs bookings growth moderates and the company spends more on R&D to drive future growth, the company's free cash flow is set to decline in 2021. Therefore, I would not expect fireworks to continue for Roblox's stock over the coming year as it faces tough comps.\nSource:Roblox S-1\nWith that being said, Roblox's growth story is far from over. In fact, I can envision a very long growth runway for Roblox (similar to Unity). The growth of interactive, real-time 3D content across numerous industries (like Gaming, Architecture, 3D printing/Intelligent Manufacturing, AR/VR, and many more) will drive the demand for Roblox's platform higher over the coming years.\nSource:Newzoo\nIn 2020, mobile gaming was the fastest-growing industry among all forms of gaming, and it's now believed to be worth $77.2B. And by 2025, it's expected to be worth$150B per annum. Naturally, Roblox will benefit from the rapid growth in mobile gaming. Therefore, Roblox is supported by a very powerful secular growth trend, i.e., the rise of mobile gaming.\nHowever, the real upside for Roblox's platform will come from the mainstream adoption of AR/VR technology. These markets are set to see explosive growth over upcoming years:\nSource:DevTeam\nEconomically viable virtual realities are already all around us in that games are massively profitable and are pseudo-virtual realities. I believe that this market will actually accelerate as wide-scale adopted virtual realities begin popping up over the next decade or two, many of which will likely be built atop platforms such as Roblox and Unity.\nAlthough I like Unity, I believe that Roblox's platform has greater potential due to the democratization of content generation. Roblox is transforming the world of interactive gaming by changing how people express themselves, play, socialize, learn, and transact together. According to the management, Roblox is currently focused on the following growth initiatives:\n\nPlatform Extension: Roblox is continually investing to extend its platform. These investments include high fidelity avatars, 3D spatial audio technology, and additional social features. In the future, Roblox can expand into other areas like entertainment, e-learning (education), and enterprise work communications. For example, developers will be able to create and host virtual meetings, classrooms, concerts, and conferences on the Roblox platform.\nAge Demographics Expansion: Today, a large chunk of Roblox’s users are kids below the age of 13. However, platform extension will enable developers to build higher quality experiences (games and other content) that are curated to meet the needs of an older age demographic. If Roblox can successfully increase its penetration among other older age categories, then it can easily grow at swashbuckling rates for years to come.\nInternational Reach: Roblox already is a global platform. However, there's still significant potential for the company to grow in international markets. Today, almost all of Roblox’s revenue comes from the United States, Canada, and United Kingdom. Hence, there are big markets for Roblox to expand its presence. Roblox is expecting the same organic, word-of-mouth user and developer growth in international markets that the platform has experienced in its primary markets. Additionally, Roblox is making massive investments in technology to enhance growth across the globe. For example, features such as built-in regional compliance and automated language translation can enable Roblox to scale operations in global markets, allowing developers to publish games (or content) in multiple languages and allowing users (speaking different languages) to communicate effectively. Roblox’s greatest international opportunity today is China, and the company is addressing this opportunity through a joint venture with Songhua (an affiliate of Tencent, which is one of the leading internet companies in China).\nMonetization: Roblox believes that its platform has massive monetization potential. To improve monetization, Roblox is actively working with the developer community. Furthermore, Roblox is taking up new strategic initiatives such as the Roblox Premium subscription service to enhance retention of paying users and conversion of free users to paying users. Finally, Roblox is working with leading brands (like Warner Bros, NFL, Netflix, Marvel, WWE, and FC Barcelona) to build unique marketing opportunities on the Roblox Platform through branded content.\n\nHence, Roblox will likely resume robust bookings growth after the projected slowdown in 2021. As you may know, Roblox competes for both users, developers, and creators. Roblox competes to attract and retain its users' attention on the basis of content and user experiences. Therefore, Roblox competes for users and their engagement hours with global technology leaders such as Amazon, Apple, Google, Microsoft, Facebook, and Tencent, global entertainment companies such as Disney, Comcast, and ViacomCBS, global gaming companies such as Electronic Arts, Activision Blizzard, Take-Two, Unity, Valve, and Zynga, online content platforms including Spotify, Netflix, and YouTube, as well as social platforms such as Facebook, Snap, and Pinterest.\nFor now, Roblox is out-competing its rivals due to many factors such as personalization of user experience, content variety, and social features. However, Roblox is heavily reliant on developers for the content that leads to the creation and maintenance of user engagement on its platform. Hence, Roblox has to compete with other platforms like Unity to attract and retain developers. Therefore, Roblox has to provide advanced tools needed to build, publish, operate, and monetize content (more efficiently and more lucratively than its rivals).\nHence, Roblox directly competes for developers, creators, and engineering talent with gaming platforms (such as Epic Games, Unity, and Valve Corporation) that provide developers and creators the ability to create or distribute interactive content. I believe Roblox's comprehensive offering to build, publish, and operate experiences on its platform, free and easy-to-use technology, broad user reach, economic rewards system, brand, reputation for innovation, developer-centric culture, and Roblox's vision differentiates the company from its rivals.\nNow, let's find the fair value and expected returns for Roblox.\nFair Value and Expected Return\nRoblox's bookings are the true reflection of its business, and so we will be analyzing the company using its bookings and not its revenue. In this case, the potential free cash flow margin is also based on bookings.\nAssumptions:\n\n\n\nForward 12-month bookings [A]\n$2000 million\n\n\nPotential Free Cash Flow Margin [B]\n30%\n\n\nAverage fully-diluted shares outstanding [C]\n~650 million\n\n\nFree cash flow per share [ D = (A * B) / C ]\n$0.923\n\n\nFree cash flow per share growth rate (conservative estimate)\n25%\n\n\nTerminal growth rate\n3%\n\n\nYears of elevated growth\n10\n\n\nTotal years to stimulate\n100\n\n\nDiscount Rate (Our \"Next Best Alternative\")\n9.8%\n\n\n\nResults:\nSource: L.A. Stevens Valuation Model\nAccording to my estimation, Roblox's fair value is ~$58, i.e., it's trading at a premium of ~20%. In this market, high-growth tech stocks have been hammered, and there are great deals out there. And so buying Roblox at a premium doesn't make a lot of sense.\nTo determine the expected returns, our model calculates a projected FCF per share value (year-10) and multiplies it with an assumed Price to FCF multiple (35x here), thereby generating a 2031 price target. Using this price target, the model generates an expected CAGR return for a ten-year investment.\nSource: L.A. Stevens Valuation Model\nAs you can see above, Roblox's share price could grow from ~$70 to ~$240 (~3.5x) at a CAGR of ~13.15% over the next decade. Since the expected return is lower than BTM's investment hurdle rate of 15%, I rate Robloxa modest buy to hold at $70.\nAt such a large market cap, the company will require a few years for growth to catch up with its current valuation.\nConcluding Thoughts\nLet's conclude our discussion with a BTM Crucial Characteristics Check for Roblox:\n\n\n\nCrucial Characteristic\nNotes\n\n\nVisionary Founder/CEO\nDavid Baszucki (co-founder of Roblox) is a visionary technologist who has led Roblox as its CEO since its launch in 2006. Over the last five years, Roblox's popularity has exploded. However, David and his team are aggressively reinvesting in the Roblox platform (especially in engineering) to drive the next leg of growth for the company. Roblox's vision is to become a platform where billions of people share experiences (not just gaming) on a daily basis.David is now 58, so we might have his leadership only for a few more years. Furthermore, all other C-suite executives (barring one or two) at Roblox are also well into their 50s. Therefore, I expect significant management changes at Roblox over the next decade. With that being said, I believe the Roblox platform is incredibly powerful, and the company's business model is so robust that even a chimp can run it successfully.\n\n\nProprietary Tech\nRoblox's platform (Client, Studio, and Cloud) is powered by highly proprietary technology built over the last three decades. On any given day, more than 32M people use Roblox (DAUs) to connect via play.\n\n\nNetwork Effects\nThe social component built into Roblox allows users to invite their friends and family to play with them and share experiences on the platform. A higher number of users attracts more developers to Roblox, which leads to more games (better content by variety and quality). These network effects remain the primary driver of Roblox's tremendous growth.\n\n\nPowerful Secular Growth Trend\nThe growth of interactive, real-time 3D content across numerous industries (like Gaming, AR/VR, Architecture, 3D printing/Intelligent Manufacturing, etc.) is a powerful secular growth driver for Roblox.\n\n\nSounds Financials\nIn 2020, Roblox reported mind-boggling numbers in terms of revenue (~$923M, up ~82% y/y), bookings (~$1.8B, up ~181% y/y), and free cash flow (~$411M). However, the company expects stagnation in bookings in 2021 as the pandemic boost to gaming disappears. Roblox is already a free cash flow generative business, and the company has $800M+ on its balance sheet. Therefore, a direct listing made sense.With 650M fully-diluted shares outstanding, Roblox's numbers fall short relative to its market cap. The stock is currently trading at a premium of 20% to its fair value, and its expected CAGR return of 13% falls below our investment hurdle rate.\n\n\nBranding\nRoblox is a global platform that has 130M Users (32.6M Daily Active Users). The Roblox platform gives individuals a strong sense of community and belonging through the rich, immersive co-experiences it provides. Roblox's growth is entirely organic (word-of-mouth), and this shows how the brand is truly loved by its customers.\n\n\nInternational Expansion\nRoblox is available globally; however, it has significant room to expand in underpenetrated geographies such as Europe, Latin America, Africa, and Asia. The joint venture with Tencent to bring Roblox to China will probably be the biggest growth driver for the company within the next few years.\n\n\n\nRoblox satisfies almost all of BTM's investment criteria, but at a market cap of $45B+, the valuation looks stretched. We do not shy away from paying a premium for a high-quality business if the expected return exceeds our hurdle rate; however, the expected return for Roblox is only 13% after the massive bounce in its price after going public.\nIn recent years, direct listings (like Spotify(NYSE:SPOT)and Slack(NYSE:WORK)) have failed to generate massive performance in their first year as public companies and I expect Roblox to follow suit. The company's guidance for 2021 points to stagnation in bookings as the mobile gaming frenzy of 2020 fades away along with the pandemic. Therefore, I think we can wait for a better entry point on Roblox, which would be around its direct listing price of $45.\nKey Takeaway: I rate Roblox a hold to modest buy at $70.\nThanks for reading. Please share your thoughts, questions, and/or concerns in the comments section.","news_type":1},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133970158,"gmtCreate":1621690797674,"gmtModify":1704361504799,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Russia is a country to start building! They are iron power!&nbsp;","listText":"Russia is a country to start building! They are iron power!&nbsp;","text":"Russia is a country to start building! They are iron power!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133970158","repostId":"2137908951","repostType":4,"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":110333024,"gmtCreate":1622424841468,"gmtModify":1704184140355,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"? buy on dip","listText":"? buy on dip","text":"? buy on dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/110333024","repostId":"2139438981","repostType":4,"repost":{"id":"2139438981","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622423066,"share":"https://ttm.financial/m/news/2139438981?lang=&edition=fundamental","pubTime":"2021-05-31 09:04","market":"us","language":"en","title":"Bitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'","url":"https://stock-news.laohu8.com/highlight/detail?id=2139438981","media":"Dow Jones","summary":"Rough month provides a buying opportunity, Robert Kiyosaki says. Bitcoin prices are headed for their worst month since 2011 -- and $one$ prominent investor says that's \"great news.\". \"Bitcoin crashing. Great news,\" tweeted \"Rich Dad, Poor Dad\" author Robert Kiyosaki on Sunday , saying it provides a good buying opportunity. \"When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompe","content":"<p>MW Bitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'</p><p>By Mike <a href=\"https://laohu8.com/S/MUR\">Murphy</a></p><p>Rough month provides a buying opportunity, Robert Kiyosaki says</p><p>Bitcoin prices are headed for their worst month since 2011 -- and <a href=\"https://laohu8.com/S/AONE\">one</a> prominent investor says that's \"great news.\"</p><p>\"Bitcoin crashing. Great news,\" tweeted \"Rich Dad, Poor Dad\" author Robert Kiyosaki on Sunday , saying it provides a good buying opportunity. \"When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed &amp; Wall Street. Remember gold was $300 in 2000.\"</p><p>In April, Kiyosaki predicted in an interview  that bitcoin's price would top $1 million in the next five years. Still, he said he prefers gold and silver as an investment, calling it \"God's money.\"</p><p>Gold futures  are currently trading above $1,900, up 8% this month , while silver  is above $28, also up about 8% in May.</p><p>Kiyosaki is an outspoken critic of the Fed, the Treasury Department and the Biden administration, calling them \"losers\" , and predicting the demise of the dollar.</p><p>Crypto prices seesawed moderately over the Memorial Day weekend, avoiding the worst fears of some investors who predicted a \"bloody\" weekend of bearishness .</p><p>While bitcoin  fell about 5% on Saturday, it rebounded Sunday and was up about 4% over the previous 24 hours, as of Sunday evening, trading in a range between $33,000 and $37,000. Ethereum  prices similarly slid about 6% Saturday and recovered Sunday, up more than 5% over the previous 24 hours. Dogecoin  also bounced around Saturday and Sunday, and prices were last about even with Friday's end of session.</p><p>Cryptocurrencies trade 24 hours a day -- including Memorial Day on Monday -- and each day's session ends at 5 p.m. <a href=\"https://laohu8.com/S/EML\">Eastern</a>.</p><p>But bitcoin is down more than 37% so far in May, the digital currency's worst monthly performance since September 2011. Bitcoin prices later bottomed out around $2 in October 2011.</p><p>Since its mid-April peak near $65,000, bitcoin has tumbled about 45%.</p><p>Despite a rough couple of months, bitcoin is still up 24% year to date, and up about 270% over the past year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'</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\">\nBitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-31 09:04</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Bitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'</p><p>By Mike <a href=\"https://laohu8.com/S/MUR\">Murphy</a></p><p>Rough month provides a buying opportunity, Robert Kiyosaki says</p><p>Bitcoin prices are headed for their worst month since 2011 -- and <a href=\"https://laohu8.com/S/AONE\">one</a> prominent investor says that's \"great news.\"</p><p>\"Bitcoin crashing. Great news,\" tweeted \"Rich Dad, Poor Dad\" author Robert Kiyosaki on Sunday , saying it provides a good buying opportunity. \"When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed &amp; Wall Street. Remember gold was $300 in 2000.\"</p><p>In April, Kiyosaki predicted in an interview  that bitcoin's price would top $1 million in the next five years. Still, he said he prefers gold and silver as an investment, calling it \"God's money.\"</p><p>Gold futures  are currently trading above $1,900, up 8% this month , while silver  is above $28, also up about 8% in May.</p><p>Kiyosaki is an outspoken critic of the Fed, the Treasury Department and the Biden administration, calling them \"losers\" , and predicting the demise of the dollar.</p><p>Crypto prices seesawed moderately over the Memorial Day weekend, avoiding the worst fears of some investors who predicted a \"bloody\" weekend of bearishness .</p><p>While bitcoin  fell about 5% on Saturday, it rebounded Sunday and was up about 4% over the previous 24 hours, as of Sunday evening, trading in a range between $33,000 and $37,000. Ethereum  prices similarly slid about 6% Saturday and recovered Sunday, up more than 5% over the previous 24 hours. Dogecoin  also bounced around Saturday and Sunday, and prices were last about even with Friday's end of session.</p><p>Cryptocurrencies trade 24 hours a day -- including Memorial Day on Monday -- and each day's session ends at 5 p.m. <a href=\"https://laohu8.com/S/EML\">Eastern</a>.</p><p>But bitcoin is down more than 37% so far in May, the digital currency's worst monthly performance since September 2011. Bitcoin prices later bottomed out around $2 in October 2011.</p><p>Since its mid-April peak near $65,000, bitcoin has tumbled about 45%.</p><p>Despite a rough couple of months, bitcoin is still up 24% year to date, and up about 270% over the past year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2139438981","content_text":"MW Bitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'By Mike MurphyRough month provides a buying opportunity, Robert Kiyosaki saysBitcoin prices are headed for their worst month since 2011 -- and one prominent investor says that's \"great news.\"\"Bitcoin crashing. Great news,\" tweeted \"Rich Dad, Poor Dad\" author Robert Kiyosaki on Sunday , saying it provides a good buying opportunity. \"When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.\"In April, Kiyosaki predicted in an interview  that bitcoin's price would top $1 million in the next five years. Still, he said he prefers gold and silver as an investment, calling it \"God's money.\"Gold futures  are currently trading above $1,900, up 8% this month , while silver  is above $28, also up about 8% in May.Kiyosaki is an outspoken critic of the Fed, the Treasury Department and the Biden administration, calling them \"losers\" , and predicting the demise of the dollar.Crypto prices seesawed moderately over the Memorial Day weekend, avoiding the worst fears of some investors who predicted a \"bloody\" weekend of bearishness .While bitcoin  fell about 5% on Saturday, it rebounded Sunday and was up about 4% over the previous 24 hours, as of Sunday evening, trading in a range between $33,000 and $37,000. Ethereum  prices similarly slid about 6% Saturday and recovered Sunday, up more than 5% over the previous 24 hours. Dogecoin  also bounced around Saturday and Sunday, and prices were last about even with Friday's end of session.Cryptocurrencies trade 24 hours a day -- including Memorial Day on Monday -- and each day's session ends at 5 p.m. Eastern.But bitcoin is down more than 37% so far in May, the digital currency's worst monthly performance since September 2011. Bitcoin prices later bottomed out around $2 in October 2011.Since its mid-April peak near $65,000, bitcoin has tumbled about 45%.Despite a rough couple of months, bitcoin is still up 24% year to date, and up about 270% over the past year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134220259,"gmtCreate":1622243909471,"gmtModify":1704182030139,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Buy on dip","listText":"Buy on dip","text":"Buy on dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134220259","repostId":"2138765488","repostType":4,"isVote":1,"tweetType":1,"viewCount":464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107645725,"gmtCreate":1620487946667,"gmtModify":1704344308015,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"I also need money","listText":"I also need money","text":"I also need money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/107645725","repostId":"1160802774","repostType":2,"repost":{"id":"1160802774","pubTimestamp":1620442206,"share":"https://ttm.financial/m/news/1160802774?lang=&edition=fundamental","pubTime":"2021-05-08 10:50","market":"other","language":"en","title":"Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’","url":"https://stock-news.laohu8.com/highlight/detail?id=1160802774","media":"Marketwatch","summary":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue Un","content":"<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p>Which cryptocurrency does Musk mention first:</p><p>1. Bitcoin: -200</p><p>2. Dogecoin: +600</p><p>3. FIELD: +450</p><p>4. Does Not Mention Bitcoin: +400</p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p>How it all plays out for dogecoin is anyone’s guess.</p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nDogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-08 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press><strong>Marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged...</p>\n\n<a href=\"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160802774","content_text":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.Now, the product manager for a startup in New York is dabbling in dogecoin ,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn cheers and jeers.Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin and Ethereum ,the two largest cryptos in the world.Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.Oddsmakers at betting platformSportsBettingDime.com have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.Which cryptocurrency does Musk mention first:1. Bitcoin: -2002. Dogecoin: +6003. FIELD: +4504. Does Not Mention Bitcoin: +400Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.“Post-SNL, some crypto traders could abandon short-term Dogecoin bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.How it all plays out for dogecoin is anyone’s guess.“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures are down 3% so far this year, the Dow Jones Industrial Average and the S&P 500 index are up by nearly 13% in 2021, while the Nasdaq Composite Index has gained about over 6% so far this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133979065,"gmtCreate":1621690842957,"gmtModify":1704361506255,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.","listText":"Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.","text":"Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/133979065","repostId":"1170860218","repostType":2,"repost":{"id":"1170860218","pubTimestamp":1621583624,"share":"https://ttm.financial/m/news/1170860218?lang=&edition=fundamental","pubTime":"2021-05-21 15:53","market":"us","language":"en","title":"Roblox: Building The Metaverse, But For Whom?","url":"https://stock-news.laohu8.com/highlight/detail?id=1170860218","media":"seekingalpha","summary":"Summary\n\nRoblox is effectively the YouTube of game development and game consumption.\nGame creators, ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Roblox is effectively the YouTube of game development and game consumption.</li>\n <li>Game creators, who are often just average people with little in the way of coding skills, can build games on the platform and sell those games to users of the platform.</li>\n <li>The platform has something of its own economy, in which Robux are used as currency to purchase games and for micro-purchases within those games.</li>\n <li>Historically, a very young demographic has found the platform appealing, leading to questions about its ability to evolve upstream and create a true metaverse.</li>\n <li>Roblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform. Ultimately, we rate the company a modest buy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a50e6bae4d28d9fb1a3a3b477be5436\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Ian Tuttle/Getty Images Entertainment via Getty Images</span></p>\n<p><b>Investment Thesis</b></p>\n<p>Roblox (RBLX) is a social gaming marketplace platform that connects gamers and developers. Through its global community of 8 million-plus developers, Roblox provides immersive gaming experiences that are shared by millions of gamers. In 2020, mobile gaming platforms like Roblox saw explosive growth in revenue as users flocked to these platforms during coronavirus-enforced lockdowns. A year of bookings stagnation awaits Roblox as demand for mobile gaming normalizes. However, AR/VR is just getting started, and the company has a long growth runway due to the large size of its TAM. Roblox is a free cash flow generation machine, as we will learn in this article, but the current valuation is a little too steep considering the weak guidance for 2021.</p>\n<p><i><b>Here's our investment thesis for Roblox:</b></i></p>\n<ul>\n <li><p>Roblox is a platform that enables users to enjoy millions of immersive 3D experiences (primarily games). Like YouTube, Roblox's content is user generated. Today, Roblox has more than 32M daily active users and 8M+ developers on its platform.</p></li>\n <li><p>Right from its inception in 2006, Roblox has been led by its visionary founder - David Baszucki. His vision for social gaming and shared virtual experiences is the driving force behind the company's admirable success.</p></li>\n <li><p>Roblox is a highly profitable business that's growing like a weed at scale. In 2020, Roblox's business was boosted by the coronavirus pandemic as mobile gaming saw exponential growth. However, the rise in mobile gaming is a secular growth trend. Furthermore, AR/VR technology is set to go mainstream over the coming years, which will likely help Roblox drive future revenue growth.</p></li>\n <li><p>The Roblox platform is powered by advanced proprietary technology. Developers create content using Roblox Studio, and consumers (gamers) access this content through Roblox Client (interface to 3D digital worlds). Money is made through the sale of Roblox's virtual currency - Robux, which players use to make in-game purchases.</p></li>\n <li><p>For 2021, Roblox is expecting revenue to grow from $923M to ~$1450M. However, the bookings are projected to rise by just 10% year-over-year (near-stagnation), and free cash flow is set to decline too. The company is well capitalized, and it's already free cash flow generative, so I do not foresee any significant dilutionary events for Roblox.</p></li>\n <li><p>During the recent correction in high-growth tech stocks, Roblox has surprisingly held on to its IPO bounce. There are many great deals out there in the market right now. However, Roblox is not one of them. The stock is trading at a premium of 20% to its fair value. Since the expected returns for Roblox is less than BTM's investment hurdle rate, I rate it hold at $70.</p></li>\n <li><p>Roblox is a great company, which I would buy on dips. At BTM, we will initiate a starter position below $60 (if we get such an opportunity). For now, Roblox is being added to our primary portfolio as a hold.</p></li>\n</ul>\n<p>In today's article, we will study Roblox's business in detail, analyze its financials, and determine its fair value.</p>\n<p><b>Introducing Roblox</b></p>\n<p>Roblox is a social gaming platform where an average of 37.1 million people from around the world come to play games with friends on a daily basis. While on Roblox, users can play, learn, explore, and communicate in user-generated virtual realities (games with 3D digital worlds) created by Roblox's community of 8M+ game developers. Roblox terms this emerging category as \"human co-experience\", which it considers to be the new form of social interaction (and this idea was envisioned by Roblox way back in 2004).</p>\n<p>The Roblox platform is powered by user-generated content (like YouTube (GOOG)(NASDAQ:GOOGL)) and draws inspiration from gaming, entertainment, social media, and even toys. This emerging category is also referred to as the metaverse - a term often used to describe the concept of persistent, shared, 3D virtual spaces in a virtual universe. I discussed this concept in a note entitled, \"Introducing President Mark Zuckerberg.\"</p>\n<p>The idea of a metaverse has been written about by futurists and science fiction authors for over 30 years. With the advent of increasingly powerful consumer computing devices, cloud computing, and high bandwidth internet connections, the concept of the metaverse is materializing.</p>\n<p>The Roblox human co-experience platform serves as the underlying technology and infrastructure that supports shared experiences for millions of users, and it consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud.</p>\n<ul>\n <li><p><i><b>Roblox Client</b></i>- The application that allows users to explore 3D digital worlds.</p></li>\n <li><p><i>Roblox Studio</i>- The toolset that allows developers and creators to build, publish, and operate 3D experiences and other content accessed with the Roblox Client.</p></li>\n <li><p><i>Roblox Cloud</i>- The services and infrastructure that power the human co-experience platform.</p></li>\n</ul>\n<p>Roblox's mission is to build a human co-experience platform that enables shared experiences among billions of users. Since its inception, Roblox has invested heavily in building the Roblox platform, and ~80% of Roblox's employees are dedicated to maintaining, improving, and expanding the platform. The company is constantly improving the ways in which the Roblox platform supports shared experiences, ranging from how these experiences are built by an engaged community of developers to how they are enjoyed and safely accessed by users across the globe.</p>\n<p>According to Roblox's&nbsp;S-1 filing, the Roblox platform is differentiated through a number of key characteristics, which are mentioned below (the following are quoted from the company's S-1 linked just a moment ago):</p>\n<blockquote>\n <i>Identity:All users have unique identities in the form of avatars that allow them to express themselves as whoever or whatever they want to be. These avatars are portable across experiences.</i>\n</blockquote>\n<blockquote>\n <i>Friends: Users interact with friends, some of whom they know in the real world, and others who they meet on Roblox.</i>\n</blockquote>\n<blockquote>\n <i>Immersive</i>\n <i><b>:</b></i>\n <i>The experiences on Roblox are 3D and immersive. As we continue to improve the Roblox Platform, these experiences will become increasingly engaging and indistinguishable from the real world.</i>\n</blockquote>\n<blockquote>\n <i>Anywhere: Users, developers, and creators on Roblox are from all over the world, including North America, Europe, South America, Asia, Australia, and Africa. In 2019, we entered into a joint venture agreement with Songhua River Investment Limited, or Songhua, an affiliate of Tencent, to operate a Chinese version of the Roblox Platform that will be operated and published in China by Tencent under the name “Luobulesi.” Further, as of December 31, 2020, the Roblox Client operates on iOS, Android, PC, Mac, and Xbox, and supports VR experiences on PC using Oculus Rift and HTC Vive headsets.</i>\n</blockquote>\n<blockquote>\n <i>Low Friction: It is simple to set up an account on Roblox and free for users to enjoy experiences on the platform. Users can quickly traverse between and within experiences either on their own or with their friends. It is also easy for developers to build experiences and then publish them to the Roblox Cloud so that they are then accessible to users on the Roblox Client across all platforms. On behalf of the developers and creators, Roblox also provides critical services such as user acquisition, billing, collections, content moderation, translation, safety, regulatory compliance, and customer support. This makes it easier and simpler for even individual developers and creators and small studios to be successful developers and creators.</i>\n</blockquote>\n<blockquote>\n <i>Variety of Content: Roblox is a vast and expanding universe of developer and creator-built content. As of Dec. 31, 2020, there were over 20 million experiences on Roblox, and in the year ended Dec. 31, 2020, over 13 million of these were experienced by our community. These ranged from experiences that simulate building and operating a theme park to adopting a pet, scuba diving, creating and playing your own superhero, and more. There also are millions of creator-built virtual items, such as hats, shirts, and pants, with which users can personalize their avatars and 3D virtual items, assets, and sounds that creators can incorporate into experiences. Historically, Roblox has also created virtual items with which users can personalize their avatars. Our focus today and going forward, however, is on user-generated content.</i>\n</blockquote>\n<blockquote>\n <i>Economy: Roblox has a vibrant economy built on a currency called Robux. Users who choose to purchase Robux can spend the currency on experiences and on items for their avatar. Developers and creators earn Robux by building engaging experiences and compelling items that users want to purchase. Roblox enables developers and creators to convert Robux back into real-world currency.</i>\n</blockquote>\n<blockquote>\n <i>Safety: Multiple systems are integrated into the Roblox Platform to promote civility and ensure the safety of our users. These systems are designed to enforce real-world laws and are designed to extend beyond minimum regulatory requirements.</i>\n</blockquote>\n<p>The revenue growth at Roblox has been driven primarily by significant investments in technology and two mutually reinforcing network effects: content and social.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d5e601c76dc33b042de56f0d000fecc\" tg-width=\"640\" tg-height=\"194\"><span>Source:Roblox S-1</span></p>\n<p>Roblox's platform is powered by user-generated content that's built by an engaged community of developers and creators. As Roblox's developers and creators build increasingly high-quality content, more users are attracted to their platform. The more users on the platform, the higher the engagement and the more attractive Roblox becomes to developers and creators. With more users, more Robux (Roblox's virtual currency) is spent on the platform, which in turn incentivizes developers to build more engaging content for users and attracts new developers and content creators to the Roblox developer community.</p>\n<p>The social nature of Roblox's platform makes it special. Roblox's users typically play with friends, and this inspires them to invite more friends to the platform, who, in turn, invite their friends, driving organic growth. A higher number of friends on the platform leads to increased long-term user engagement. Therefore, more and more users join Roblox's platform through word-of-mouth marketing from their existing friends using the platform.</p>\n<p>Now that we have an understanding of Roblox's platform, let's see how Roblox's economy functions, in other words, how Roblox makes money:</p>\n<p>Roblox is powered by exclusive user-generated games that include personalized avatars. Upon joining Roblox, gamers can personalize their avatars by choosing body types, clothes, and other accessories. To do so, the gamers purchase a virtual currency (Robux) from within Roblox's platform. Game developers and content creators earn Robux through microtransactions in their games, such as selling in-game virtual items and engagement-based rewards. Through Roblox's Developer Exchange Program, developers can exchange Robux for real-world currency. This is how money flows from gamers to developers on Roblox's platform.</p>\n<p>The income generated through Roblox empowers game developers (individuals and game studios) to invest in higher-quality content, which attracts more gamers to Roblox. Having enjoyed Roblox, users tend to invite more friends to play on the platform, and this helps game developers attract larger audiences. According to Roblox, many users eventually become developers on the platform, and nearly all Roblox developers started as users. Therefore, Roblox has a robust community and a vibrant economy.</p>\n<p>Roblox supports its developer community by providing tools to create, publish, operate, and monetize content (games and experiences). In 2020, more than 1.25M developers earned Robux, and ~4,300 developers qualified for Roblox's Developer Exchange Program, making them eligible to exchange their earned Robux for real-world currency. To qualify for the Developer Exchange Program, the developers need to meet certain conditions, such as:</p>\n<ul>\n <li><p>Earn at least 100,000 Robux,</p></li>\n <li><p>Verified developer account, and</p></li>\n <li><p>Account must be in good standing.</p></li>\n</ul>\n<p>In 2020, more than 3300 developers exchanged Robux for real-world currency. According to Roblox's disclosures, 1,250-plus developers earned more than $10K in 2020, whereas 300-plus developers made more than $100K in the same period.</p>\n<p>Generally, Roblox users can create an avatar and explore experiences for free after joining the platform. However, the business model for any given game is decided by its developer. Within these free games, users can spend Robux to purchase in-game enhancements and items such as clothing, gear and emotes, from Roblox's Avatar Marketplace. As you may already know, Roblox retains a portion of every Robux transaction and distributes the rest to developers.</p>\n<p>Important Note: Robux can only be purchased from Roblox at a price set by Roblox and can only be spent within its platform.</p>\n<p><i><b>Key Disclosure from Roblox in relation to Robux:</b></i></p>\n<p>Other than daily and monthly limitations to prevent fraud, there's no cap on the number of Robux that any user or users in the aggregate can purchase. Robux has no monetary or intrinsic value outside of our platform and can only be converted to US dollars through our Developer Exchange Program. We're aware that some users seek to use unauthorized third-party websites to exchange Robux for real-world currency, which is not permitted under our terms of use. We regularly monitor and screen usage of our platform with the aim of identifying and preventing these activities, as well as regularly send cease-and-desist letters to operators of third-party websites offering fraudulent Robux or digital goods offers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ede644886149994d8bf4d76e109903da\" tg-width=\"640\" tg-height=\"183\"><span>Source:Roblox S-1</span></p>\n<p>Gamers primarily purchase Robux in two ways: 1. One-time purchases or 2. Roblox Premium subscription service. Roblox accepts payments through (Apple’s and Google’s) app stores, credit cards, and debit cards. In 2020, the average price for a Robux was $0.01. Roblox Premium is billed monthly, and this subscription service includes discounts on Robux purchases, exclusive access to certain in-experience benefits, some exclusive and discounted marketplace items, and the ability to buy, sell and trade certain Avatar items. In 2020, Roblox’s bookings (sale of Robux) came in at $1.8B, which means that Roblox’s ~140M users spent an average of $12.85 on the platform (the average revenue per daily active users is much higher at about $60).</p>\n<p>For developers, Robux is considered \"earned\" if and when a developer receives them as payments for a bonafide third-party transaction for virtual goods through the Roblox Platform. Currently, developers can earn Robux via the following mechanisms:</p>\n<ul>\n <li><p>Sale of access to experiences (games) and in-game enhancements,</p></li>\n <li><p>Engagement-based payouts for the amount of time that Roblox Premium subscribers spend in their experiences,</p></li>\n <li><p>Sale of content and tools within the developer community, and</p></li>\n <li><p>Sale of virtual items to gamers through the Avatar Marketplace.</p></li>\n</ul>\n<p>As Roblox users’ purchase and spend Robux on the platform, developers receive 70% of the Robux spent within their games and 70% of the Robux spent on Roblox's Studio Marketplace items. Content creators receive only 30% of the Robux spent for their Avatar Marketplace items. The earned Robux are deposited into the virtual accounts of the developers and creators, who (if qualified) can convert Robux into U.S. dollars at an exchange rate which is (again) set by Roblox (in its sole discretion) at 1 Robux to $0.0035 (conversion price as of Dec. 31, 2020).</p>\n<p>As you may remember, the average purchase price of a Robux was $0.01 in 2020, and now we know that developers can exchange a Robux for $0.0035 (35% of Robux’s purchase price). Therefore, the unit economics are undoubtedly tilted in favor of Roblox, and the virtual economy built within Roblox’s ecosystem gives the company massive controlling power.</p>\n<p>In 2020, Roblox’s qualified developers (Developer Exchange Program) earned $328.7M, up from $112M in 2019. The growth in developer earnings resulted from a growth in qualified developers, a rise in DAUs, and higher engagement with consumers. As an aside, Roblox’s developers do not always cash out their Robux into real-world currency as they can reinvest their Robux into developer tools available in the Studio Marketplace, promote their games through Roblox’s internal ad network, or spend the Robux as any other Roblox gamer would (on experiences and in-game purchases).</p>\n<p>The Roblox platform combines significant bookings (sale of Robux) (and, by extension, revenue) with strong unit economics to generate massive amounts of free cash flow.</p>\n<p><b>Roblox Had A Great 2020, But What Next?</b></p>\n<p>In 2020, the coronavirus pandemic boosted the mobile gaming industry as people (kids, to be precise) stayed home during lockdowns. Roblox's social gaming platform saw an influx of new users, and bookings shot up to over $2B. As you can see, Roblox's revenues grew by 81% y/y to $923M last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fc0cfffc9c8d80819d91a250992a9898\" tg-width=\"578\" tg-height=\"211\"><span>Source:Roblox S-1</span></p>\n<p>The rapid revenue growth is attributable to an increase in numbers of active users and higher user engagement (and spending). Roblox's DAUs went up from 19M to 37M within a year, while average bookings per DAU shot up to $17.30 from $12.37. For Q4, total hours engaged came in at 8.4B hours, a figure that represented substantial growth on a y/y basis; however, it also represented a q/q decline.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/177a566cf075069e89d034c2be758743\" tg-width=\"640\" tg-height=\"97\"><span>Source:Roblox S-1</span></p>\n<p>Although Roblox's operations continue to lose money, the company is actually generating massive amounts of free cash flow. The bookings made on Roblox's platform convert to revenue over time as in-game virtual goods are consumed or amortized (in accordance with the average life of the consumer).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f39e4d22bafd479e902ab3f1665fdc8\" tg-width=\"638\" tg-height=\"253\"><span>Source:Roblox S-1</span></p>\n<p>On the back of ultra-strong numbers in 2020, Roblox's public listing seems to be timed to perfection. From a reference price of $45, the stock rallied higher on the direct listing day and has continued to trade up at ~$65-80 range. Here's what Roblox's CEO had to say on the listing:</p>\n<p>Source:Roblox CEO David Baszucki on the company's Wall Street debut</p>\n<p>Roblox's growth numbers for 2020 were mind boggling. However, the expectations for 2021 are lukewarm (and rightly so). With the pandemic fading away, people are returning towards normality, and a reduction in hours spent on gaming is a certainty.</p>\n<p>For 2021, Roblox is expecting DAU growth of just 6%, with flat numbers for hours engaged. Although the company expects revenue to grow by 60% y/y, bookings (closer estimation of Roblox's actual growth) are expected to grow at just 10% y/y.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45e3095d76d9eae90689957db0de751e\" tg-width=\"640\" tg-height=\"477\"><span>Source:Roblox S-1</span></p>\n<p>As bookings growth moderates and the company spends more on R&amp;D to drive future growth, the company's free cash flow is set to decline in 2021. Therefore, I would not expect fireworks to continue for Roblox's stock over the coming year as it faces tough comps.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00d25029806cc3b0dad1e9efd61ffa8c\" tg-width=\"362\" tg-height=\"279\"><span>Source:Roblox S-1</span></p>\n<p>With that being said, Roblox's growth story is far from over. In fact, I can envision a very long growth runway for Roblox (similar to Unity). The growth of interactive, real-time 3D content across numerous industries (like Gaming, Architecture, 3D printing/Intelligent Manufacturing, AR/VR, and many more) will drive the demand for Roblox's platform higher over the coming years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb11e9e1f7a643251919f7571ebe5b76\" tg-width=\"800\" tg-height=\"389\"><span>Source:Newzoo</span></p>\n<p>In 2020, mobile gaming was the fastest-growing industry among all forms of gaming, and it's now believed to be worth $77.2B. And by 2025, it's expected to be worth$150B per annum. Naturally, Roblox will benefit from the rapid growth in mobile gaming. Therefore, Roblox is supported by a very powerful secular growth trend, i.e., the rise of mobile gaming.</p>\n<p>However, the real upside for Roblox's platform will come from the mainstream adoption of AR/VR technology. These markets are set to see explosive growth over upcoming years:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33223820bc4aa2314eaa98345d74820c\" tg-width=\"900\" tg-height=\"466\"><span>Source:DevTeam</span></p>\n<p>Economically viable virtual realities are already all around us in that games are massively profitable and are pseudo-virtual realities. I believe that this market will actually accelerate as wide-scale adopted virtual realities begin popping up over the next decade or two, many of which will likely be built atop platforms such as Roblox and Unity.</p>\n<p>Although I like Unity, I believe that Roblox's platform has greater potential due to the democratization of content generation. Roblox is transforming the world of interactive gaming by changing how people express themselves, play, socialize, learn, and transact together. According to the management, Roblox is currently focused on the following growth initiatives:</p>\n<ul>\n <li><p>Platform Extension: Roblox is continually investing to extend its platform. These investments include high fidelity avatars, 3D spatial audio technology, and additional social features. In the future, Roblox can expand into other areas like entertainment, e-learning (education), and enterprise work communications. For example, developers will be able to create and host virtual meetings, classrooms, concerts, and conferences on the Roblox platform.</p></li>\n <li><p>Age Demographics Expansion: Today, a large chunk of Roblox’s users are kids below the age of 13. However, platform extension will enable developers to build higher quality experiences (games and other content) that are curated to meet the needs of an older age demographic. If Roblox can successfully increase its penetration among other older age categories, then it can easily grow at swashbuckling rates for years to come.</p></li>\n <li><p>International Reach: Roblox already is a global platform. However, there's still significant potential for the company to grow in international markets. Today, almost all of Roblox’s revenue comes from the United States, Canada, and United Kingdom. Hence, there are big markets for Roblox to expand its presence. Roblox is expecting the same organic, word-of-mouth user and developer growth in international markets that the platform has experienced in its primary markets. Additionally, Roblox is making massive investments in technology to enhance growth across the globe. For example, features such as built-in regional compliance and automated language translation can enable Roblox to scale operations in global markets, allowing developers to publish games (or content) in multiple languages and allowing users (speaking different languages) to communicate effectively. Roblox’s greatest international opportunity today is China, and the company is addressing this opportunity through a joint venture with Songhua (an affiliate of Tencent, which is one of the leading internet companies in China).</p></li>\n <li><p>Monetization: Roblox believes that its platform has massive monetization potential. To improve monetization, Roblox is actively working with the developer community. Furthermore, Roblox is taking up new strategic initiatives such as the Roblox Premium subscription service to enhance retention of paying users and conversion of free users to paying users. Finally, Roblox is working with leading brands (like Warner Bros, NFL, Netflix, Marvel, WWE, and FC Barcelona) to build unique marketing opportunities on the Roblox Platform through branded content.</p></li>\n</ul>\n<p>Hence, Roblox will likely resume robust bookings growth after the projected slowdown in 2021. As you may know, Roblox competes for both users, developers, and creators. Roblox competes to attract and retain its users' attention on the basis of content and user experiences. Therefore, Roblox competes for users and their engagement hours with global technology leaders such as Amazon, Apple, Google, Microsoft, Facebook, and Tencent, global entertainment companies such as Disney, Comcast, and ViacomCBS, global gaming companies such as Electronic Arts, Activision Blizzard, Take-Two, Unity, Valve, and Zynga, online content platforms including Spotify, Netflix, and YouTube, as well as social platforms such as Facebook, Snap, and Pinterest.</p>\n<p>For now, Roblox is out-competing its rivals due to many factors such as personalization of user experience, content variety, and social features. However, Roblox is heavily reliant on developers for the content that leads to the creation and maintenance of user engagement on its platform. Hence, Roblox has to compete with other platforms like Unity to attract and retain developers. Therefore, Roblox has to provide advanced tools needed to build, publish, operate, and monetize content (more efficiently and more lucratively than its rivals).</p>\n<p>Hence, Roblox directly competes for developers, creators, and engineering talent with gaming platforms (such as Epic Games, Unity, and Valve Corporation) that provide developers and creators the ability to create or distribute interactive content. I believe Roblox's comprehensive offering to build, publish, and operate experiences on its platform, free and easy-to-use technology, broad user reach, economic rewards system, brand, reputation for innovation, developer-centric culture, and Roblox's vision differentiates the company from its rivals.</p>\n<p>Now, let's find the fair value and expected returns for Roblox.</p>\n<p><b>Fair Value and Expected Return</b></p>\n<p>Roblox's bookings are the true reflection of its business, and so we will be analyzing the company using its bookings and not its revenue. In this case, the potential free cash flow margin is also based on bookings.</p>\n<p>Assumptions:</p>\n<table>\n <tbody>\n  <tr>\n   <td><p>Forward 12-month bookings [A]</p></td>\n   <td><p>$2000 million</p></td>\n  </tr>\n  <tr>\n   <td><p>Potential Free Cash Flow Margin [B]</p></td>\n   <td><p>30%</p></td>\n  </tr>\n  <tr>\n   <td><p>Average fully-diluted shares outstanding [C]</p></td>\n   <td><p>~650 million</p></td>\n  </tr>\n  <tr>\n   <td><p>Free cash flow per share [ D = (A * B) / C ]</p></td>\n   <td><p>$0.923</p></td>\n  </tr>\n  <tr>\n   <td><p>Free cash flow per share growth rate (conservative estimate)</p></td>\n   <td><p>25%</p></td>\n  </tr>\n  <tr>\n   <td><p>Terminal growth rate</p></td>\n   <td><p>3%</p></td>\n  </tr>\n  <tr>\n   <td><p>Years of elevated growth</p></td>\n   <td><p>10</p></td>\n  </tr>\n  <tr>\n   <td><p>Total years to stimulate</p></td>\n   <td><p>100</p></td>\n  </tr>\n  <tr>\n   <td><p>Discount Rate (Our \"Next Best Alternative\")</p></td>\n   <td><p>9.8%</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Results:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9cd75274e4a1451cb432b96e0a8cfafb\" tg-width=\"611\" tg-height=\"734\"><span>Source: L.A. Stevens Valuation Model</span></p>\n<p>According to my estimation, Roblox's fair value is ~$58, i.e., it's trading at a premium of ~20%. In this market, high-growth tech stocks have been hammered, and there are great deals out there. And so buying Roblox at a premium doesn't make a lot of sense.</p>\n<p>To determine the expected returns, our model calculates a projected FCF per share value (year-10) and multiplies it with an assumed Price to FCF multiple (35x here), thereby generating a 2031 price target. Using this price target, the model generates an expected CAGR return for a ten-year investment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/345f634512883a157361c590884202ee\" tg-width=\"611\" tg-height=\"432\"><span>Source: L.A. Stevens Valuation Model</span></p>\n<p>As you can see above, Roblox's share price could grow from ~$70 to ~$240 (~3.5x) at a CAGR of ~13.15% over the next decade. Since the expected return is lower than BTM's investment hurdle rate of 15%, I rate Robloxa modest buy to hold at $70.</p>\n<p>At such a large market cap, the company will require a few years for growth to catch up with its current valuation.</p>\n<p><b>Concluding Thoughts</b></p>\n<p>Let's conclude our discussion with a BTM Crucial Characteristics Check for Roblox:</p>\n<table>\n <tbody>\n  <tr>\n   <td><p>Crucial Characteristic</p></td>\n   <td><p>Notes</p></td>\n  </tr>\n  <tr>\n   <td><p>Visionary Founder/CEO</p></td>\n   <td><p>David Baszucki (co-founder of Roblox) is a visionary technologist who has led Roblox as its CEO since its launch in 2006. Over the last five years, Roblox's popularity has exploded. However, David and his team are aggressively reinvesting in the Roblox platform (especially in engineering) to drive the next leg of growth for the company. Roblox's vision is to become a platform where billions of people share experiences (not just gaming) on a daily basis.</p><p>David is now 58, so we might have his leadership only for a few more years. Furthermore, all other C-suite executives (barring one or two) at Roblox are also well into their 50s. Therefore, I expect significant management changes at Roblox over the next decade. With that being said, I believe the Roblox platform is incredibly powerful, and the company's business model is so robust that even a chimp can run it successfully.</p></td>\n  </tr>\n  <tr>\n   <td><p>Proprietary Tech</p></td>\n   <td><p>Roblox's platform (Client, Studio, and Cloud) is powered by highly proprietary technology built over the last three decades. On any given day, more than 32M people use Roblox (DAUs) to connect via play.</p></td>\n  </tr>\n  <tr>\n   <td><p>Network Effects</p></td>\n   <td><p>The social component built into Roblox allows users to invite their friends and family to play with them and share experiences on the platform. A higher number of users attracts more developers to Roblox, which leads to more games (better content by variety and quality). These network effects remain the primary driver of Roblox's tremendous growth.</p></td>\n  </tr>\n  <tr>\n   <td><p>Powerful Secular Growth Trend</p></td>\n   <td><p>The growth of interactive, real-time 3D content across numerous industries (like Gaming, AR/VR, Architecture, 3D printing/Intelligent Manufacturing, etc.) is a powerful secular growth driver for Roblox.</p></td>\n  </tr>\n  <tr>\n   <td><p>Sounds Financials</p></td>\n   <td><p>In 2020, Roblox reported mind-boggling numbers in terms of revenue (~$923M, up ~82% y/y), bookings (~$1.8B, up ~181% y/y), and free cash flow (~$411M). However, the company expects stagnation in bookings in 2021 as the pandemic boost to gaming disappears. Roblox is already a free cash flow generative business, and the company has $800M+ on its balance sheet. Therefore, a direct listing made sense.</p><p>With 650M fully-diluted shares outstanding, Roblox's numbers fall short relative to its market cap. The stock is currently trading at a premium of 20% to its fair value, and its expected CAGR return of 13% falls below our investment hurdle rate.</p></td>\n  </tr>\n  <tr>\n   <td><p>Branding</p></td>\n   <td><p>Roblox is a global platform that has 130M Users (32.6M Daily Active Users). The Roblox platform gives individuals a strong sense of community and belonging through the rich, immersive co-experiences it provides. Roblox's growth is entirely organic (word-of-mouth), and this shows how the brand is truly loved by its customers.</p></td>\n  </tr>\n  <tr>\n   <td><p>International Expansion</p></td>\n   <td><p>Roblox is available globally; however, it has significant room to expand in underpenetrated geographies such as Europe, Latin America, Africa, and Asia. The joint venture with Tencent to bring Roblox to China will probably be the biggest growth driver for the company within the next few years.</p></td>\n  </tr>\n </tbody>\n</table>\n<p>Roblox satisfies almost all of BTM's investment criteria, but at a market cap of $45B+, the valuation looks stretched. We do not shy away from paying a premium for a high-quality business if the expected return exceeds our hurdle rate; however, the expected return for Roblox is only 13% after the massive bounce in its price after going public.</p>\n<p>In recent years, direct listings (like Spotify(NYSE:SPOT)and Slack(NYSE:WORK)) have failed to generate massive performance in their first year as public companies and I expect Roblox to follow suit. The company's guidance for 2021 points to stagnation in bookings as the mobile gaming frenzy of 2020 fades away along with the pandemic. Therefore, I think we can wait for a better entry point on Roblox, which would be around its direct listing price of $45.</p>\n<p>Key Takeaway: I rate Roblox a hold to modest buy at $70.</p>\n<p>Thanks for reading. Please share your thoughts, questions, and/or concerns in the comments section.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Roblox: Building The Metaverse, But For Whom?</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\">\nRoblox: Building The Metaverse, But For Whom?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 15:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430330-roblox-building-the-metaverse-but-for-whom><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nRoblox is effectively the YouTube of game development and game consumption.\nGame creators, who are often just average people with little in the way of coding skills, can build games on the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4430330-roblox-building-the-metaverse-but-for-whom\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://seekingalpha.com/article/4430330-roblox-building-the-metaverse-but-for-whom","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1170860218","content_text":"Summary\n\nRoblox is effectively the YouTube of game development and game consumption.\nGame creators, who are often just average people with little in the way of coding skills, can build games on the platform and sell those games to users of the platform.\nThe platform has something of its own economy, in which Robux are used as currency to purchase games and for micro-purchases within those games.\nHistorically, a very young demographic has found the platform appealing, leading to questions about its ability to evolve upstream and create a true metaverse.\nRoblox has rapidly grown, and in this note, we provide a very deep and comprehensive exploration of the platform. Ultimately, we rate the company a modest buy.\n\nPhoto by Ian Tuttle/Getty Images Entertainment via Getty Images\nInvestment Thesis\nRoblox (RBLX) is a social gaming marketplace platform that connects gamers and developers. Through its global community of 8 million-plus developers, Roblox provides immersive gaming experiences that are shared by millions of gamers. In 2020, mobile gaming platforms like Roblox saw explosive growth in revenue as users flocked to these platforms during coronavirus-enforced lockdowns. A year of bookings stagnation awaits Roblox as demand for mobile gaming normalizes. However, AR/VR is just getting started, and the company has a long growth runway due to the large size of its TAM. Roblox is a free cash flow generation machine, as we will learn in this article, but the current valuation is a little too steep considering the weak guidance for 2021.\nHere's our investment thesis for Roblox:\n\nRoblox is a platform that enables users to enjoy millions of immersive 3D experiences (primarily games). Like YouTube, Roblox's content is user generated. Today, Roblox has more than 32M daily active users and 8M+ developers on its platform.\nRight from its inception in 2006, Roblox has been led by its visionary founder - David Baszucki. His vision for social gaming and shared virtual experiences is the driving force behind the company's admirable success.\nRoblox is a highly profitable business that's growing like a weed at scale. In 2020, Roblox's business was boosted by the coronavirus pandemic as mobile gaming saw exponential growth. However, the rise in mobile gaming is a secular growth trend. Furthermore, AR/VR technology is set to go mainstream over the coming years, which will likely help Roblox drive future revenue growth.\nThe Roblox platform is powered by advanced proprietary technology. Developers create content using Roblox Studio, and consumers (gamers) access this content through Roblox Client (interface to 3D digital worlds). Money is made through the sale of Roblox's virtual currency - Robux, which players use to make in-game purchases.\nFor 2021, Roblox is expecting revenue to grow from $923M to ~$1450M. However, the bookings are projected to rise by just 10% year-over-year (near-stagnation), and free cash flow is set to decline too. The company is well capitalized, and it's already free cash flow generative, so I do not foresee any significant dilutionary events for Roblox.\nDuring the recent correction in high-growth tech stocks, Roblox has surprisingly held on to its IPO bounce. There are many great deals out there in the market right now. However, Roblox is not one of them. The stock is trading at a premium of 20% to its fair value. Since the expected returns for Roblox is less than BTM's investment hurdle rate, I rate it hold at $70.\nRoblox is a great company, which I would buy on dips. At BTM, we will initiate a starter position below $60 (if we get such an opportunity). For now, Roblox is being added to our primary portfolio as a hold.\n\nIn today's article, we will study Roblox's business in detail, analyze its financials, and determine its fair value.\nIntroducing Roblox\nRoblox is a social gaming platform where an average of 37.1 million people from around the world come to play games with friends on a daily basis. While on Roblox, users can play, learn, explore, and communicate in user-generated virtual realities (games with 3D digital worlds) created by Roblox's community of 8M+ game developers. Roblox terms this emerging category as \"human co-experience\", which it considers to be the new form of social interaction (and this idea was envisioned by Roblox way back in 2004).\nThe Roblox platform is powered by user-generated content (like YouTube (GOOG)(NASDAQ:GOOGL)) and draws inspiration from gaming, entertainment, social media, and even toys. This emerging category is also referred to as the metaverse - a term often used to describe the concept of persistent, shared, 3D virtual spaces in a virtual universe. I discussed this concept in a note entitled, \"Introducing President Mark Zuckerberg.\"\nThe idea of a metaverse has been written about by futurists and science fiction authors for over 30 years. With the advent of increasingly powerful consumer computing devices, cloud computing, and high bandwidth internet connections, the concept of the metaverse is materializing.\nThe Roblox human co-experience platform serves as the underlying technology and infrastructure that supports shared experiences for millions of users, and it consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud.\n\nRoblox Client- The application that allows users to explore 3D digital worlds.\nRoblox Studio- The toolset that allows developers and creators to build, publish, and operate 3D experiences and other content accessed with the Roblox Client.\nRoblox Cloud- The services and infrastructure that power the human co-experience platform.\n\nRoblox's mission is to build a human co-experience platform that enables shared experiences among billions of users. Since its inception, Roblox has invested heavily in building the Roblox platform, and ~80% of Roblox's employees are dedicated to maintaining, improving, and expanding the platform. The company is constantly improving the ways in which the Roblox platform supports shared experiences, ranging from how these experiences are built by an engaged community of developers to how they are enjoyed and safely accessed by users across the globe.\nAccording to Roblox's S-1 filing, the Roblox platform is differentiated through a number of key characteristics, which are mentioned below (the following are quoted from the company's S-1 linked just a moment ago):\n\nIdentity:All users have unique identities in the form of avatars that allow them to express themselves as whoever or whatever they want to be. These avatars are portable across experiences.\n\n\nFriends: Users interact with friends, some of whom they know in the real world, and others who they meet on Roblox.\n\n\nImmersive\n:\nThe experiences on Roblox are 3D and immersive. As we continue to improve the Roblox Platform, these experiences will become increasingly engaging and indistinguishable from the real world.\n\n\nAnywhere: Users, developers, and creators on Roblox are from all over the world, including North America, Europe, South America, Asia, Australia, and Africa. In 2019, we entered into a joint venture agreement with Songhua River Investment Limited, or Songhua, an affiliate of Tencent, to operate a Chinese version of the Roblox Platform that will be operated and published in China by Tencent under the name “Luobulesi.” Further, as of December 31, 2020, the Roblox Client operates on iOS, Android, PC, Mac, and Xbox, and supports VR experiences on PC using Oculus Rift and HTC Vive headsets.\n\n\nLow Friction: It is simple to set up an account on Roblox and free for users to enjoy experiences on the platform. Users can quickly traverse between and within experiences either on their own or with their friends. It is also easy for developers to build experiences and then publish them to the Roblox Cloud so that they are then accessible to users on the Roblox Client across all platforms. On behalf of the developers and creators, Roblox also provides critical services such as user acquisition, billing, collections, content moderation, translation, safety, regulatory compliance, and customer support. This makes it easier and simpler for even individual developers and creators and small studios to be successful developers and creators.\n\n\nVariety of Content: Roblox is a vast and expanding universe of developer and creator-built content. As of Dec. 31, 2020, there were over 20 million experiences on Roblox, and in the year ended Dec. 31, 2020, over 13 million of these were experienced by our community. These ranged from experiences that simulate building and operating a theme park to adopting a pet, scuba diving, creating and playing your own superhero, and more. There also are millions of creator-built virtual items, such as hats, shirts, and pants, with which users can personalize their avatars and 3D virtual items, assets, and sounds that creators can incorporate into experiences. Historically, Roblox has also created virtual items with which users can personalize their avatars. Our focus today and going forward, however, is on user-generated content.\n\n\nEconomy: Roblox has a vibrant economy built on a currency called Robux. Users who choose to purchase Robux can spend the currency on experiences and on items for their avatar. Developers and creators earn Robux by building engaging experiences and compelling items that users want to purchase. Roblox enables developers and creators to convert Robux back into real-world currency.\n\n\nSafety: Multiple systems are integrated into the Roblox Platform to promote civility and ensure the safety of our users. These systems are designed to enforce real-world laws and are designed to extend beyond minimum regulatory requirements.\n\nThe revenue growth at Roblox has been driven primarily by significant investments in technology and two mutually reinforcing network effects: content and social.\nSource:Roblox S-1\nRoblox's platform is powered by user-generated content that's built by an engaged community of developers and creators. As Roblox's developers and creators build increasingly high-quality content, more users are attracted to their platform. The more users on the platform, the higher the engagement and the more attractive Roblox becomes to developers and creators. With more users, more Robux (Roblox's virtual currency) is spent on the platform, which in turn incentivizes developers to build more engaging content for users and attracts new developers and content creators to the Roblox developer community.\nThe social nature of Roblox's platform makes it special. Roblox's users typically play with friends, and this inspires them to invite more friends to the platform, who, in turn, invite their friends, driving organic growth. A higher number of friends on the platform leads to increased long-term user engagement. Therefore, more and more users join Roblox's platform through word-of-mouth marketing from their existing friends using the platform.\nNow that we have an understanding of Roblox's platform, let's see how Roblox's economy functions, in other words, how Roblox makes money:\nRoblox is powered by exclusive user-generated games that include personalized avatars. Upon joining Roblox, gamers can personalize their avatars by choosing body types, clothes, and other accessories. To do so, the gamers purchase a virtual currency (Robux) from within Roblox's platform. Game developers and content creators earn Robux through microtransactions in their games, such as selling in-game virtual items and engagement-based rewards. Through Roblox's Developer Exchange Program, developers can exchange Robux for real-world currency. This is how money flows from gamers to developers on Roblox's platform.\nThe income generated through Roblox empowers game developers (individuals and game studios) to invest in higher-quality content, which attracts more gamers to Roblox. Having enjoyed Roblox, users tend to invite more friends to play on the platform, and this helps game developers attract larger audiences. According to Roblox, many users eventually become developers on the platform, and nearly all Roblox developers started as users. Therefore, Roblox has a robust community and a vibrant economy.\nRoblox supports its developer community by providing tools to create, publish, operate, and monetize content (games and experiences). In 2020, more than 1.25M developers earned Robux, and ~4,300 developers qualified for Roblox's Developer Exchange Program, making them eligible to exchange their earned Robux for real-world currency. To qualify for the Developer Exchange Program, the developers need to meet certain conditions, such as:\n\nEarn at least 100,000 Robux,\nVerified developer account, and\nAccount must be in good standing.\n\nIn 2020, more than 3300 developers exchanged Robux for real-world currency. According to Roblox's disclosures, 1,250-plus developers earned more than $10K in 2020, whereas 300-plus developers made more than $100K in the same period.\nGenerally, Roblox users can create an avatar and explore experiences for free after joining the platform. However, the business model for any given game is decided by its developer. Within these free games, users can spend Robux to purchase in-game enhancements and items such as clothing, gear and emotes, from Roblox's Avatar Marketplace. As you may already know, Roblox retains a portion of every Robux transaction and distributes the rest to developers.\nImportant Note: Robux can only be purchased from Roblox at a price set by Roblox and can only be spent within its platform.\nKey Disclosure from Roblox in relation to Robux:\nOther than daily and monthly limitations to prevent fraud, there's no cap on the number of Robux that any user or users in the aggregate can purchase. Robux has no monetary or intrinsic value outside of our platform and can only be converted to US dollars through our Developer Exchange Program. We're aware that some users seek to use unauthorized third-party websites to exchange Robux for real-world currency, which is not permitted under our terms of use. We regularly monitor and screen usage of our platform with the aim of identifying and preventing these activities, as well as regularly send cease-and-desist letters to operators of third-party websites offering fraudulent Robux or digital goods offers.\nSource:Roblox S-1\nGamers primarily purchase Robux in two ways: 1. One-time purchases or 2. Roblox Premium subscription service. Roblox accepts payments through (Apple’s and Google’s) app stores, credit cards, and debit cards. In 2020, the average price for a Robux was $0.01. Roblox Premium is billed monthly, and this subscription service includes discounts on Robux purchases, exclusive access to certain in-experience benefits, some exclusive and discounted marketplace items, and the ability to buy, sell and trade certain Avatar items. In 2020, Roblox’s bookings (sale of Robux) came in at $1.8B, which means that Roblox’s ~140M users spent an average of $12.85 on the platform (the average revenue per daily active users is much higher at about $60).\nFor developers, Robux is considered \"earned\" if and when a developer receives them as payments for a bonafide third-party transaction for virtual goods through the Roblox Platform. Currently, developers can earn Robux via the following mechanisms:\n\nSale of access to experiences (games) and in-game enhancements,\nEngagement-based payouts for the amount of time that Roblox Premium subscribers spend in their experiences,\nSale of content and tools within the developer community, and\nSale of virtual items to gamers through the Avatar Marketplace.\n\nAs Roblox users’ purchase and spend Robux on the platform, developers receive 70% of the Robux spent within their games and 70% of the Robux spent on Roblox's Studio Marketplace items. Content creators receive only 30% of the Robux spent for their Avatar Marketplace items. The earned Robux are deposited into the virtual accounts of the developers and creators, who (if qualified) can convert Robux into U.S. dollars at an exchange rate which is (again) set by Roblox (in its sole discretion) at 1 Robux to $0.0035 (conversion price as of Dec. 31, 2020).\nAs you may remember, the average purchase price of a Robux was $0.01 in 2020, and now we know that developers can exchange a Robux for $0.0035 (35% of Robux’s purchase price). Therefore, the unit economics are undoubtedly tilted in favor of Roblox, and the virtual economy built within Roblox’s ecosystem gives the company massive controlling power.\nIn 2020, Roblox’s qualified developers (Developer Exchange Program) earned $328.7M, up from $112M in 2019. The growth in developer earnings resulted from a growth in qualified developers, a rise in DAUs, and higher engagement with consumers. As an aside, Roblox’s developers do not always cash out their Robux into real-world currency as they can reinvest their Robux into developer tools available in the Studio Marketplace, promote their games through Roblox’s internal ad network, or spend the Robux as any other Roblox gamer would (on experiences and in-game purchases).\nThe Roblox platform combines significant bookings (sale of Robux) (and, by extension, revenue) with strong unit economics to generate massive amounts of free cash flow.\nRoblox Had A Great 2020, But What Next?\nIn 2020, the coronavirus pandemic boosted the mobile gaming industry as people (kids, to be precise) stayed home during lockdowns. Roblox's social gaming platform saw an influx of new users, and bookings shot up to over $2B. As you can see, Roblox's revenues grew by 81% y/y to $923M last year.\nSource:Roblox S-1\nThe rapid revenue growth is attributable to an increase in numbers of active users and higher user engagement (and spending). Roblox's DAUs went up from 19M to 37M within a year, while average bookings per DAU shot up to $17.30 from $12.37. For Q4, total hours engaged came in at 8.4B hours, a figure that represented substantial growth on a y/y basis; however, it also represented a q/q decline.\nSource:Roblox S-1\nAlthough Roblox's operations continue to lose money, the company is actually generating massive amounts of free cash flow. The bookings made on Roblox's platform convert to revenue over time as in-game virtual goods are consumed or amortized (in accordance with the average life of the consumer).\nSource:Roblox S-1\nOn the back of ultra-strong numbers in 2020, Roblox's public listing seems to be timed to perfection. From a reference price of $45, the stock rallied higher on the direct listing day and has continued to trade up at ~$65-80 range. Here's what Roblox's CEO had to say on the listing:\nSource:Roblox CEO David Baszucki on the company's Wall Street debut\nRoblox's growth numbers for 2020 were mind boggling. However, the expectations for 2021 are lukewarm (and rightly so). With the pandemic fading away, people are returning towards normality, and a reduction in hours spent on gaming is a certainty.\nFor 2021, Roblox is expecting DAU growth of just 6%, with flat numbers for hours engaged. Although the company expects revenue to grow by 60% y/y, bookings (closer estimation of Roblox's actual growth) are expected to grow at just 10% y/y.\nSource:Roblox S-1\nAs bookings growth moderates and the company spends more on R&D to drive future growth, the company's free cash flow is set to decline in 2021. Therefore, I would not expect fireworks to continue for Roblox's stock over the coming year as it faces tough comps.\nSource:Roblox S-1\nWith that being said, Roblox's growth story is far from over. In fact, I can envision a very long growth runway for Roblox (similar to Unity). The growth of interactive, real-time 3D content across numerous industries (like Gaming, Architecture, 3D printing/Intelligent Manufacturing, AR/VR, and many more) will drive the demand for Roblox's platform higher over the coming years.\nSource:Newzoo\nIn 2020, mobile gaming was the fastest-growing industry among all forms of gaming, and it's now believed to be worth $77.2B. And by 2025, it's expected to be worth$150B per annum. Naturally, Roblox will benefit from the rapid growth in mobile gaming. Therefore, Roblox is supported by a very powerful secular growth trend, i.e., the rise of mobile gaming.\nHowever, the real upside for Roblox's platform will come from the mainstream adoption of AR/VR technology. These markets are set to see explosive growth over upcoming years:\nSource:DevTeam\nEconomically viable virtual realities are already all around us in that games are massively profitable and are pseudo-virtual realities. I believe that this market will actually accelerate as wide-scale adopted virtual realities begin popping up over the next decade or two, many of which will likely be built atop platforms such as Roblox and Unity.\nAlthough I like Unity, I believe that Roblox's platform has greater potential due to the democratization of content generation. Roblox is transforming the world of interactive gaming by changing how people express themselves, play, socialize, learn, and transact together. According to the management, Roblox is currently focused on the following growth initiatives:\n\nPlatform Extension: Roblox is continually investing to extend its platform. These investments include high fidelity avatars, 3D spatial audio technology, and additional social features. In the future, Roblox can expand into other areas like entertainment, e-learning (education), and enterprise work communications. For example, developers will be able to create and host virtual meetings, classrooms, concerts, and conferences on the Roblox platform.\nAge Demographics Expansion: Today, a large chunk of Roblox’s users are kids below the age of 13. However, platform extension will enable developers to build higher quality experiences (games and other content) that are curated to meet the needs of an older age demographic. If Roblox can successfully increase its penetration among other older age categories, then it can easily grow at swashbuckling rates for years to come.\nInternational Reach: Roblox already is a global platform. However, there's still significant potential for the company to grow in international markets. Today, almost all of Roblox’s revenue comes from the United States, Canada, and United Kingdom. Hence, there are big markets for Roblox to expand its presence. Roblox is expecting the same organic, word-of-mouth user and developer growth in international markets that the platform has experienced in its primary markets. Additionally, Roblox is making massive investments in technology to enhance growth across the globe. For example, features such as built-in regional compliance and automated language translation can enable Roblox to scale operations in global markets, allowing developers to publish games (or content) in multiple languages and allowing users (speaking different languages) to communicate effectively. Roblox’s greatest international opportunity today is China, and the company is addressing this opportunity through a joint venture with Songhua (an affiliate of Tencent, which is one of the leading internet companies in China).\nMonetization: Roblox believes that its platform has massive monetization potential. To improve monetization, Roblox is actively working with the developer community. Furthermore, Roblox is taking up new strategic initiatives such as the Roblox Premium subscription service to enhance retention of paying users and conversion of free users to paying users. Finally, Roblox is working with leading brands (like Warner Bros, NFL, Netflix, Marvel, WWE, and FC Barcelona) to build unique marketing opportunities on the Roblox Platform through branded content.\n\nHence, Roblox will likely resume robust bookings growth after the projected slowdown in 2021. As you may know, Roblox competes for both users, developers, and creators. Roblox competes to attract and retain its users' attention on the basis of content and user experiences. Therefore, Roblox competes for users and their engagement hours with global technology leaders such as Amazon, Apple, Google, Microsoft, Facebook, and Tencent, global entertainment companies such as Disney, Comcast, and ViacomCBS, global gaming companies such as Electronic Arts, Activision Blizzard, Take-Two, Unity, Valve, and Zynga, online content platforms including Spotify, Netflix, and YouTube, as well as social platforms such as Facebook, Snap, and Pinterest.\nFor now, Roblox is out-competing its rivals due to many factors such as personalization of user experience, content variety, and social features. However, Roblox is heavily reliant on developers for the content that leads to the creation and maintenance of user engagement on its platform. Hence, Roblox has to compete with other platforms like Unity to attract and retain developers. Therefore, Roblox has to provide advanced tools needed to build, publish, operate, and monetize content (more efficiently and more lucratively than its rivals).\nHence, Roblox directly competes for developers, creators, and engineering talent with gaming platforms (such as Epic Games, Unity, and Valve Corporation) that provide developers and creators the ability to create or distribute interactive content. I believe Roblox's comprehensive offering to build, publish, and operate experiences on its platform, free and easy-to-use technology, broad user reach, economic rewards system, brand, reputation for innovation, developer-centric culture, and Roblox's vision differentiates the company from its rivals.\nNow, let's find the fair value and expected returns for Roblox.\nFair Value and Expected Return\nRoblox's bookings are the true reflection of its business, and so we will be analyzing the company using its bookings and not its revenue. In this case, the potential free cash flow margin is also based on bookings.\nAssumptions:\n\n\n\nForward 12-month bookings [A]\n$2000 million\n\n\nPotential Free Cash Flow Margin [B]\n30%\n\n\nAverage fully-diluted shares outstanding [C]\n~650 million\n\n\nFree cash flow per share [ D = (A * B) / C ]\n$0.923\n\n\nFree cash flow per share growth rate (conservative estimate)\n25%\n\n\nTerminal growth rate\n3%\n\n\nYears of elevated growth\n10\n\n\nTotal years to stimulate\n100\n\n\nDiscount Rate (Our \"Next Best Alternative\")\n9.8%\n\n\n\nResults:\nSource: L.A. Stevens Valuation Model\nAccording to my estimation, Roblox's fair value is ~$58, i.e., it's trading at a premium of ~20%. In this market, high-growth tech stocks have been hammered, and there are great deals out there. And so buying Roblox at a premium doesn't make a lot of sense.\nTo determine the expected returns, our model calculates a projected FCF per share value (year-10) and multiplies it with an assumed Price to FCF multiple (35x here), thereby generating a 2031 price target. Using this price target, the model generates an expected CAGR return for a ten-year investment.\nSource: L.A. Stevens Valuation Model\nAs you can see above, Roblox's share price could grow from ~$70 to ~$240 (~3.5x) at a CAGR of ~13.15% over the next decade. Since the expected return is lower than BTM's investment hurdle rate of 15%, I rate Robloxa modest buy to hold at $70.\nAt such a large market cap, the company will require a few years for growth to catch up with its current valuation.\nConcluding Thoughts\nLet's conclude our discussion with a BTM Crucial Characteristics Check for Roblox:\n\n\n\nCrucial Characteristic\nNotes\n\n\nVisionary Founder/CEO\nDavid Baszucki (co-founder of Roblox) is a visionary technologist who has led Roblox as its CEO since its launch in 2006. Over the last five years, Roblox's popularity has exploded. However, David and his team are aggressively reinvesting in the Roblox platform (especially in engineering) to drive the next leg of growth for the company. Roblox's vision is to become a platform where billions of people share experiences (not just gaming) on a daily basis.David is now 58, so we might have his leadership only for a few more years. Furthermore, all other C-suite executives (barring one or two) at Roblox are also well into their 50s. Therefore, I expect significant management changes at Roblox over the next decade. With that being said, I believe the Roblox platform is incredibly powerful, and the company's business model is so robust that even a chimp can run it successfully.\n\n\nProprietary Tech\nRoblox's platform (Client, Studio, and Cloud) is powered by highly proprietary technology built over the last three decades. On any given day, more than 32M people use Roblox (DAUs) to connect via play.\n\n\nNetwork Effects\nThe social component built into Roblox allows users to invite their friends and family to play with them and share experiences on the platform. A higher number of users attracts more developers to Roblox, which leads to more games (better content by variety and quality). These network effects remain the primary driver of Roblox's tremendous growth.\n\n\nPowerful Secular Growth Trend\nThe growth of interactive, real-time 3D content across numerous industries (like Gaming, AR/VR, Architecture, 3D printing/Intelligent Manufacturing, etc.) is a powerful secular growth driver for Roblox.\n\n\nSounds Financials\nIn 2020, Roblox reported mind-boggling numbers in terms of revenue (~$923M, up ~82% y/y), bookings (~$1.8B, up ~181% y/y), and free cash flow (~$411M). However, the company expects stagnation in bookings in 2021 as the pandemic boost to gaming disappears. Roblox is already a free cash flow generative business, and the company has $800M+ on its balance sheet. Therefore, a direct listing made sense.With 650M fully-diluted shares outstanding, Roblox's numbers fall short relative to its market cap. The stock is currently trading at a premium of 20% to its fair value, and its expected CAGR return of 13% falls below our investment hurdle rate.\n\n\nBranding\nRoblox is a global platform that has 130M Users (32.6M Daily Active Users). The Roblox platform gives individuals a strong sense of community and belonging through the rich, immersive co-experiences it provides. Roblox's growth is entirely organic (word-of-mouth), and this shows how the brand is truly loved by its customers.\n\n\nInternational Expansion\nRoblox is available globally; however, it has significant room to expand in underpenetrated geographies such as Europe, Latin America, Africa, and Asia. The joint venture with Tencent to bring Roblox to China will probably be the biggest growth driver for the company within the next few years.\n\n\n\nRoblox satisfies almost all of BTM's investment criteria, but at a market cap of $45B+, the valuation looks stretched. We do not shy away from paying a premium for a high-quality business if the expected return exceeds our hurdle rate; however, the expected return for Roblox is only 13% after the massive bounce in its price after going public.\nIn recent years, direct listings (like Spotify(NYSE:SPOT)and Slack(NYSE:WORK)) have failed to generate massive performance in their first year as public companies and I expect Roblox to follow suit. The company's guidance for 2021 points to stagnation in bookings as the mobile gaming frenzy of 2020 fades away along with the pandemic. Therefore, I think we can wait for a better entry point on Roblox, which would be around its direct listing price of $45.\nKey Takeaway: I rate Roblox a hold to modest buy at $70.\nThanks for reading. Please share your thoughts, questions, and/or concerns in the comments section.","news_type":1},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193902563,"gmtCreate":1620743088652,"gmtModify":1704347745415,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Lots to understand&nbsp;","listText":"Lots to understand&nbsp;","text":"Lots to understand","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/193902563","repostId":"1191876953","repostType":2,"repost":{"id":"1191876953","pubTimestamp":1620719091,"share":"https://ttm.financial/m/news/1191876953?lang=&edition=fundamental","pubTime":"2021-05-11 15:44","market":"us","language":"en","title":"Palantir: Highly Favourable Reward-To-Risk","url":"https://stock-news.laohu8.com/highlight/detail?id=1191876953","media":"seekingalpha","summary":"SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Pal","content":"<p>Summary</p><ul><li>A look at the relationship between P/S and Total Addressable Market and what it means for Palantir.</li><li>In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 looks way off.</li><li>A deep-dive into the impressive underlying economics of Palantir’s business.</li><li>A simple valuation analysis to outline it's extremely unlikely investors will lose money even by investing at these levels.</li></ul><p><img src=\"https://static.tigerbbs.com/eab06bd9956d953235cc7975b0de6995\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><b>Contents</b></p><ul><li>Multiples &amp; TAM</li><li>&gt; P/S &amp; TAM Penetration</li><li>&gt;&gt; PLTR’s TAM and Ability to Enter New Markets?</li><li>&gt; Expanding TAM Fueling Expanding Multiple</li><li>&gt;&gt; ServiceNow vs Workday</li><li>&gt;&gt; Cloudflare</li><li>Multiples &amp; TAM Recap</li><li>What is PLTR Actually Good At?</li><li>What’s Not Being Talked About</li><li>Impressive Underlying Economics</li><li>Valuation</li><li>Conclusion</li></ul><p><b>Multiples &amp; TAM</b></p><p>It’s commonly known that multiples are closely correlated with revenue growth expectations – higher growth usually equals higher P/S and P/E. Though we wanted to explore the relationship between multiples and a company’s Total Addressable Market, aka TAM. Firstly, we investigated the correlation between P/S and TAM penetration. Then secondly, we used a qualitative approach to assess how increases in TAM tends to affect a company’s P/S. The reason for delving into this is to gain a better insight into Palantir's (PLTR) ongoing valuation, whether the stock’s P/S will persist, extend, or decline, and ultimately what this means for investors’ returns.</p><p>P/S &amp; TAM Penetration</p><p>We already had metrics for a group of stocks we put together for some other PLTR analysis, therefore we used these to work on the P/S and TAM penetration correlation. To arrive at a TAM for each stock, if we didn’t know beforehand, we reviewed company websites to understand which markets they serve, and then we looked for independent market research (from the likes of Grand View Research and Mordor Intelligence, etc.) estimating the size and growth projections of the subject market. If the size of market estimate seemed odd compared to the company’s revenues and P/S, then we resorted to the company’s investor presentations that usually offer a TAM.</p><p>As this was quite time-consuming, in addition to PLTR we only conducted this process for 15 stocks, so the sample size is 16. Therefore, the statistics shown in the table below should be viewed with caution because the sample is relatively small and adding more to the sample may significantly change the correlation. Nonetheless, you might still be interested despite the sample being on the small side. From this research we found that the P/S and the TAM penetration (defined as LTM revenue divided by the TAM) for this group of stocks had an inverse correlation of -0.6281. The negative sign indicates that a smaller TAM penetration is associated with a higher P/S. The correlation equates to an R-squared of -0.6281 ^ 2 =<b>0.3945</b>. This means that the TAM penetration explains 39.45% of the variability of the P/S within this group. And considering the nature of financial variables, this is a moderately strong correlation. As expected, there is a stronger correlation between P/S and LTM revenue growth. The 0.9248 correlation equates to an R-squared of 85.55%.</p><p>Figure 1 - Correlation between P/S and TAM Penetration</p><p><img src=\"https://static.tigerbbs.com/6b8853eadde7cac4e62059f7961af215\" tg-width=\"385\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>This is far from conclusive and requires further research but it certainly looks likely that TAM penetration is inversely correlated to P/S multiples. So, what does this have to do with PLTR’s valuation? Well, the market is currently pricing in the management guided TAM of $119bn, yet in reality the TAM is a lot greater. Once investors realize this the 33x P/S at the time of writing will offer extremely good value.</p><p><b>PLTR’s TAM and Ability to Enter New Markets?</b></p><p>A high stock multiple often results in poor future returns because there are already high growth expectations priced in, and as the growth outlook naturally decelerates, the multiple will decline too. However, we believe PLTR, like other best-in-breed cloud-oriented stocks, are a special case, because they can rotate and enter new markets with relative ease.</p><p>Showcased by theDouble-Clickevent, PLTR is already emerging as a formidable player in the life sciences analytics industry which is projected to grow from$22bn in 2020 to $42bn by 2025. TheERPmarket, in which they’ve smoothly entered via a AWS partnership, is projected to grow from $43bn today up to $60bn by 2026. Despite these markets being heavily competed for by established players, PLTR’s software-defined approach is displacing many incumbents and in due course will grab a sizeable chunk of market share. And these are just two markets that make up over half of PLTR’s supposed TAM of $119bn.</p><p>In reality, PLTR’s TAM is the entire software industry. They have an ability like no other software vendor in history to pivot into new markets as they see fit. They have the programming skills and the thoughtfulness in interface design, along with a deep understanding of how users need to interact with software, that affords them the capability to turn their focus to any software market worthwhile. With this in mind, it is reasonable to assume that whenever PLTR needs a revenue growth and/or share price booster, they can formulate a plan to penetrate a new market and provide that catalyst.</p><p>Below we highlight PLTR’s true potential TAM with reference to a Gartner estimate. The IT services might be a stretch but they certainly have the ability to fully expand within the $483bn Enterprise Software market. With current TTM revenue a little over $1bn, the current TAM penetration of &lt; 0.3% offers high growth for many years which will help prevent a sharp P/S deceleration and support strong future shareholder returns. And in all likelihood, the P/S will probably expand in the interim before beginning a downward trajectory.</p><p>Figure 2 - Worldwide IT Spending Forecasts</p><p><img src=\"https://static.tigerbbs.com/9dda4329ffe8f2cead662503bd5cd8a8\" tg-width=\"466\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>Expanding TAM Fueling Expanding Multiple</p><p>With this TAM correlation in mind, it might be interesting for investors to visualize how PLTR’s share price and P/S will respond when management inevitably announce that they’re entering new markets – CRM, Risk Management, Productivity, or whatever it may be. To illustrate this, we’ll review the P/S paths of ServiceNow (NOW) and Workday (WDAY) during the past few years.</p><p><b>ServiceNow vs Workday</b></p><p>Comparing the P/S trends of these two stocks in relation to their TAM development is interesting to observe. To observe the changing TAM, we’ve used research giant Gartner’s Magic Quadrant. Here is the Magic Quadrant template for those unfamiliar.</p><p>Figure 3 - Gartner's Magic Quadrant Template</p><p><img src=\"https://static.tigerbbs.com/26acf1d90d9c7bc6f9c912e1e938cff7\" tg-width=\"377\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>Source:gartner.com</p><p>Back in 2016, in reference to Gartner’s Magic Quadrant, Workday (WDAY) was the outright leader in Human Capital Management (HCM) and ServiceNow (NOW) was the same for IT Services Management (ITSM). Both firms had similar revenue growth and gross, operating, and FCF margins, and also neither were serving any other markets. Therefore, as shown in the following chart, WDAY’s higher P/S appeared to be largely attributed to HCM being a larger market than ITSM. During 2017, according to Gartner’s HCM Magic Quadrant WDAY lost its competitive distance as the space became crowded. During the same period, NOW extended their leadership status in the ITSM Magic Quadrant. As a result, the P/S differential closed and the two stocks were trading at almost identical multiples throughout 2017. Despite the same growth rates in 2018, NOW’s P/S pulled sharply higher than WDAY’s because they expanded TAM by entering into two new markets – Integrated Risk Management and CRM Customer Engagement – whilst WDAY didn’t expand their TAM.</p><p>Figure 4 - NOW vs WDAY P/S Multiple Journey, Part 1</p><p><img src=\"https://static.tigerbbs.com/819428f5fd07f5be31e2e242101675e8\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>In early 2019, the P/S differential tightened with WDAY’s multiple climbing partly attributable to expanding into the Cloud Financial Management market; NOW also entered a new market in early 2019. Then in 2020, the difference widened further as a result of NOW expanding into 3 more markets and turning from visionary to leader in the Magic Quadrant for Software Asset Management (SAM) whilst WDAY did not even enter one new market.</p><p>Figure 5 - Figure 1 - NOW vs WDAY P/S Multiple Journey, Part 2</p><p><img src=\"https://static.tigerbbs.com/671154b03eb210d553999cf81e22632c\" tg-width=\"640\" tg-height=\"316\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>This is a classic example of how entering new markets raises expectations for growth and long-term profitability, thereby raising multiples and ultimately increasing returns for shareholders. We don’t claim that inclusion into Gartner’s Magic Quadrants were the sole factor at play, however, given that both firms’ growth and margins were similar for most of the period under review, it certainly appears to have had a significant influence.</p><p>Cloudflare</p><p>Cloudflare (NET) offers another good example of how TAM expansion influences a stock’s multiple. NET certainly benefitted from the general COVID-induced WFH dynamic during 2020, however, their new product launches also contributed to multiple expansion in a significant way. NET have moved so fast that Gartner haven’t even had time to update their Magic Quadrants, therefore we shall leave Gartner out of this observation. In just 16 months, NET has tripled their P/S mainly as a result of entering new markets. In January 2020, they entered into a $20bn market by announcing their offerings for Secure Web Gateways and Zero Trust products. In July 2020, they made a big move by making their edge compute Workers platform accessible to all developers; in October 2020 they officially launched their SASE offering; and then in March 2021, they introduced Magic WAN which has kind of created a new market altogether because NET is the first to offer a global private WAN.</p><p>Figure 6 - NET's P/S Journey</p><p><img src=\"https://static.tigerbbs.com/12bc7ba8e1617c02699be8a7509ec27d\" tg-width=\"640\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>There are plenty of other recent examples in which stocks have expanded multiples thanks to TAM expansion - Zscaler and Twilio to name a couple. An underlying driving factor enabling software companies to enter new markets with relative ease is the growth of cloud computing. The required capex to move into new markets is minimal in comparison to the pre-cloud era because software firms don’t need to purchase and implement more servers. Once an application is developed and ready to be deployed, they can scale it across the elastic supply of AWS, Azure, or GCP servers that provide all the necessary compute, networking, and storage requirements – and ramp-up or decrease capacity according to demand.</p><p>As we point out in our articleS&amp;P 500 is Undervalued, Tech is in a New Paradigm, cloud computing has altered the software industry’s competitive dynamics. It has radically lowered the entry barriers thereby making many software markets overcrowded - in 2007 there were 115 U.S. software stocks and today there are 284. This isn’t alarming as the numbers suggest because the cloud has opened up many greenfield markets, however, the cloud has ushered in a winner-takes-all dynamic into various markets also. And given the reach enabled by the cloud, the prize for the market winners is larger than it’s ever been before. At Asymmetric Tech Investments we aim to identify these future winners.</p><p><b>Multiples &amp; TAM Recap</b></p><p>Here is a quick recap:</p><ul><li>There is evidence that a stock’s P/S is moderately correlated to revenue divided by TAM, or TAM penetration. This may appear obvious to some investors though doing this bit of research has helped us refine how we view a company’s market opportunity and shareholder investment prospects.</li><li>There are many examples that illustrate how TAM expansion tends to increase stock multiples, or at least play a significant part.</li><li>Cloud computing has made it easier than ever before for software firms to expand TAM.</li></ul><p>Taking this into account, the future looks incredibly bright for PLTR’s share price. As and when PLTR enter new markets and expand the company’s TAM, there is a high probability that the share price will climb driven by altering growth expectations. If it can be argued that PLTR’s software is already effectively doing stuff like Software Asset Management, Integrated Risk Management, and CRM, then the TAM should be higher than the current $119bn priced in. And if this is the case, PLTR’s multiple should adjust higher to reflect this in due course. Either way despite the perceived high P/S at present, it will probably persist or even rise from here, and over a longer timeframe we suspect PLTR’s multiple will decelerate at a much slower pace than many other high-growth software stocks.</p><p>Lastly, not only does PLTR have the core software skills to enter almost any market, they are well and truly cloud-enabled following their partnerships with AWS and IBM. This will accelerate the TAM expansion for sure.</p><p><b>What is PLTR Actually Good At?</b></p><p>It might be easier to try and answer what they aren’t good at. All the information given in the S-1, the 10-k, and investor presentations, pertaining to what PLTR do can be somewhat overwhelming. At the same time, just labelling them a data analysis company is a gross oversimplification. To help us refine our understanding of PLTR’s scope, below we’ve categorized 4 areas, or pillars, in which we believe lays the foundation for all they do – Data Connectivity, Data, Analysis, Data Governance, and User Interface. We’re probably not alone in inferring that the underpinning to PLTR’s superior advantages is closely associated with these 4 pillars. Each of which appear to be in a transformative stage due to the world delving deeper into an era of hyperconnectivity. Within each category we listed things that PLTR are good at dealing with. By the time we had finished we realized the depth and sheer breadth of what they can do.</p><p>Figure 7 – The 4 Pillars to PLTR’s Competitive Edge</p><p><img src=\"https://static.tigerbbs.com/a8e17daf500fc82224591acb8ed9bee2\" tg-width=\"555\" tg-height=\"343\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>And the only way we can surmise as to how they are capable of such depth and scope, is that they have the deepest understanding of the core principles of software engineering and have an amazing ability to leverage this to various platforms and technologies. Elon Musk’s advocacy for First Principles thinking springs to mind.</p><p>Figure 8 - First Principles Thinking</p><p><img src=\"https://static.tigerbbs.com/f9bda1fb57abaf33eff8dfacd2457aa2\" tg-width=\"513\" tg-height=\"401\" referrerpolicy=\"no-referrer\"></p><p>Source:safalniveshak.com</p><p>It is these 4 pillars in which PLTR are building their moat around, and this foundation can be leveraged to enter almost any software market. Throw in the network effects within enterprise customers’ organization, across verticals (life sciences, airline industry, etc.), and within PLTR itself, it’s hard to envisage them losing their competitive lead.</p><p>Recently I spoke to a friend who is an engineer at Rolls Royce who shed some light on how PLTR could help him in his job. Below is what he told me.</p><blockquote><i>“When designing a product, a RR engineer will spend ~25% of their time gathering and pre-processing data in order to perform a design study. Typically, the data is created by multiple teams, each working in different systems and supplying the data in different formats by differing means. For example, the stress engineer will supply speeds/temperatures/pressures in the form of an emailed spreadsheet. The aero engineer will supply geometry as a CAD file and a pressure map as a .csv file via a shared drive. The designer will supply geometric information and tolerances as a printed word document. All this data must be extracted and processed into a single format before the designer can do any analysis. Having all this data in one system would massively reduce the time spent processing data and would free up the designer to do the actual engineering.”</i></blockquote><p>Foundry would solve his problem by connecting to all the relevant data sources and standardizing the data ready for immediate analysis. The ramp-up in my friend’s productivity would be profound. Generally, it seems as though this type of problem involving data located across disjointed systems and existing in different formats has up until now been the main use case for Foundry. Increasingly, however, we’re hearing cases whereby Foundry has been laid atop an enterprise’s legacy systems and deliver what works like a brand-new IT infrastructure built from the ground up. For example, in the Double Click event, Forward Deploy Engineer, Liam Mawe, explained how a Foundry ERP archetype was installed for one industrial client that already had 25 ERP systems in operation that were largely siloed from each other. After a few hours of configuration, Foundry’s ERP had every single piece of data readily available. Mawe didn’t elaborate, though we presume Foundry’s ERP could carry on working in conjunction with the other ERP systems or work just as well should the client decide to remove them – which is more probable. This incredible flexibility is the key to the seemingly rapid customer acquisition of late – there is no rip and replace required, so the stakes are lower and as a result decision-makers are more willing to give PLTR a try.</p><p><b>What’s Not Being Talked About</b></p><p>From what we’ve read about PLTR, there hasn’t been any mention of the fact that they only added 6 customers in FY20 whilst growing revenue by 47%. This is staggering; and achieved by the 41% increase in revenue per customer, as shown in the chart below. When we think about the AWS and IBM cloud partnerships and the various press releases thus far into 2021, they could have tripled the FY20 new customer number in the first quarter alone. Couple that with another &gt;20% increase in per customer revenue, it’s not beyond the realm of possibility for PLTR to grow revenue by 60% this year.</p><p>Figure 9 - Net New Customer Additions in FY20</p><p><img src=\"https://static.tigerbbs.com/a5c6b020093a59492fcc6c4c50812b65\" tg-width=\"314\" tg-height=\"128\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p>We thought we’d have a go at forecasting 1Q21 revenue – which will be released before the market open on Tuesday 11thMay. We began by building up the revenue estimate based on available information such as the press releases thus far in 2021, balance sheet items such as deferred revenue and customer deposits, as well as off-balance sheet deal value which includes remaining performance obligations and contract renewal options. In the 3Q20 investor presentation we noticed the average contract duration was 3.6 years, so we used this to estimate what might come off deferred revenue and customer deposits and be recorded as income statement revenue. To estimate how much deal value might be transferred into revenue for 1Q21, we used a longer duration of 4.6 years. We infer that a small portion of deal value could skip the balance sheet and land straight on the income statement when customers renew their contracts. Of course, this is an oversimplification of how these financial items are linked together so the estimate might be way off. Nonetheless, based on all this, as shown below, we estimate 1Q21 revenue of $259m which, as a reminder, is derived from available information and has not accounted for unknowns. This is a shortfall of $73m versus the $332m consensus estimate. Given all the unknown revenue sources from the AWS and IBM deals and elsewhere, and the general confidence from management, it looks like PLTR are going to blow these forecasts out the water.</p><p>Figure 10 - 1Q21 Revenue Estimates Based on Available Information</p><p><img src=\"https://static.tigerbbs.com/5c976ca3fc200ad63eb7ee9595b6b8a5\" tg-width=\"633\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p><b>Impressive Underlying Economics</b></p><p>We believe the greatest investment catalyst is tied to PLTR’s profitability potential; and this is because of the pervasive doubt of the business model viability at present. Management have heavily focused on contribution margin (that we’ll refer to as CM) in previous investor presentations. As the they presented in the 4Q20 presentation shown below, CM margin has more than doubled from FY19 to FY20. However, this could be skewed due to the low number of customer additions – only 6 in FY20. With this in mind we wanted to dig deeper in understanding how the underlying economics have really improved.</p><p>Figure 11 - High-Level View of Contribution Margin and Gross Margin</p><p><img src=\"https://static.tigerbbs.com/d46bd90bbcfcc1028ec0417d858ec8f8\" tg-width=\"640\" tg-height=\"270\" referrerpolicy=\"no-referrer\"></p><p>Source:4Q20 Investor Presentation</p><p>Management have presented the efficiency of the business by grouping customers into 3 phases – Acquire, Expand, and Scale – and in each phase, show how the CM changes within each group. To illustrate, take a look at the figures below, extracted from the S-1 and the 10-k. The customers in the Acquire Phase in FY19 (fiscal year-end 31stDec-21) generated a very negative CM. Those same customers, generated a 17% CM in FY20. The customers in the Expand Phase in FY19 generated -43% CM, and those same customers generated 47% CM in the following year. What’s important to note here, is that the Acquire Phase customers in FY19 will not be the same Acquire Phase customers in FY20 – they will become the Expand Phase customers (or potentially even the Scale Phase customers).</p><p>Figure 12 - PLTR's Customer Phases</p><p><img src=\"https://static.tigerbbs.com/349bc44eeb8317f08f36bb9da9a2d261\" tg-width=\"640\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Source: PLTR’s S-1 and FY20 10-k</p><p>On the face of it, this looks impressive, but when we think deeper about it, this is what most SaaS/software firms are doing nowadays. The S&amp;M expenditure to bring the customer to a company and the initial deployment and operational costs make the Acquire phase the costliest. At the same time, free trial or preliminary testing periods don’t generate much revenue. So, for any SaaS-type firm, negative CM is the case for the Acquire and the Expand phases and those same customers will become profitable at a later point in the relationship. We think investors are aware of this and this is why there doesn’t seem to be much online discussion about PLTR’s CM. Of course, investors could simply take the higher-level view of overall CM more than doubling in FY20, however, as aforementioned this is potentially skewed because of the few new customers acquired.</p><p>What can be instantly gleaned from the above CM metrics, is that when the proportion of new customers joining PLTR is small in relation to existing customers the overall CM will be close to the Scale Phase CM. But perhaps that still doesn’t impressive investors enough, because it may take a few years to reach that state.</p><p>Let’s go back to notion that the Acquire Phase customers in FY19 go on to be the Expand (or even Scale) Phase customers in FY20. This is useful but we wanted to see if we could compare the FY20 Acquire Phase with the FY19 Acquire Phase; and the FY20 Expand Phase with the FY19 Expand Phase; and the same for the Scale Phase. This cannot be derived from the data above. Therefore, we’ve had to dig deeper, scan for more information, and make some educated guesses to piece this together. Because knowing by how much the Expand Phase CM has improved from FY19 to FY20 would be really insightful and we don’t suspect many analysts have tried this so far so there is probably an information edge to be gained over the market.</p><p>We show the analysis we did on this below, however,it may be easier for readers to access the actual spreadsheetto take a closer look. If you click the link make sure to download the spreadsheet to see all the comment boxes.</p><p>What interests us the most in the spreadsheet, is the Expand Phase comparisons in FY19 and FY20. The 28% CM highlighted in yellow, under the FY20 Expand Cohort, is what we think the Expand Phase CM must have been in FY20. The equivalent CM in FY19 was -43%. This is a huge like-for-like improvement in the CM and indicates how PLTR has/is radically shortening the deployment phase of their software by utilizing their Apollo SaaS-installation. Personally, we think this is more insightful and meaningful than the overall CM presented which could be skewed, and also versus management’s presentation of the Acquire/Expand/Scale CMs.</p><p>Figure 13 - Contribution Margin Like-for-Like Comparisons</p><p><img src=\"https://static.tigerbbs.com/14c581fd6fbbccea3d7a5da87480edf5\" tg-width=\"640\" tg-height=\"694\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p>Another way to view this is that customers are classified as Expand Phase customers when they’ve exceeded $100k in annualized revenue but CM is negative. If the FY19 Expand Phase CM was -43%, it indicates that the majority of these customers remained negative CM customers throughout FY19. If the FY20 Expand Phase CM is 28%, it indicates that the majority of these customers turned from negative to positive within the same year. Again, in our opinion, this is way more impressive than what PLTR’s management has presented to date.</p><p>Lastly, in the final section of the spreadsheet, the Total CMs highlighted in gold text are actual and the ones in red are composed of actual and estimated figures. We can see that all the FY19 customers generated a weighted average CM of 23% in FY19, and then those same customers generated 58% CM in FY20. Going into FY21 we forecast that these same FY19 customers will generate 68% in CM. All the FY20 customers generated a CM of 54% in FY20, though had PLTR brought on board more new customers in FY20, the CM would be considerably lower. These same customers are estimated to generate 65% in CM in FY21 and then 75% in FY22.</p><p>To conclude, PLTR’s current CM of 54% is already high, especially for a high growth software stock, yet it’s likely to move higher. We expect the AWS and IBM partnerships to give PLTR the scale to expand its margins. We think this should erase the doubt that PLTR will be highly profitable. The huge nonrecurring expenses related to the DPO and associated stock-based compensation and other opex categories have contributed to the appearance of an unprofitable business. As these costs normalize and PLTR further leverage Apollo’s SaaS installation/deployment, the CM will continue to rise and PLTR’s margins lower down the income statement will also look attractive.</p><p><b>Valuation</b></p><p>In our previous article on PLTR we presented our DCF valuation for PLTR which arrived at a value per share of $47. We still have full faith in this valuation; however, it may take longer than we initially anticipated. And we partly assign this to the misunderstanding of the potential profitability of the stock. Therefore, for this section, we approached the valuation through a different lens. We’ve projected PLTR’s average revenue growth rate through FY25 and used possible P/S multiples in FY25.</p><p>In the 4Q20 earnings call, management stated that they believe revenue growth will be above 30% each year through to FY25 – quite incredible considering the current TTM revenue of $1.1bn. Knowing this, below we’ve projected some arbitrary growth rates. We know FY20 growth was 47% and based off what management has stated, we’ll put FY25 growth as 30% as a minimum. Therefore, we’ve randomly decelerated from 47% to 30% for each year. The Compounded Annual Growth Rate, or CAGR, of this series of growth rates equals 34%. We shall use this for the valuation exercise.</p><p>Figure 14 - Estimate for Average Revenue Growth Through FY25</p><p><img src=\"https://static.tigerbbs.com/b76e91d228a978ddd8a18a8a102ea495\" tg-width=\"449\" tg-height=\"109\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>By using this 34% average revenue growth rate (or CAGR) we calculate revenue will be $4.784bn in FY25/2025. Due to the natural growth expectations decline, we guess that the P/S will be 20x in 2025. ServiceNow’s is currently 20x whilst having TTM revenue of $4,500m, so this is plausible for exceptional companies. These parameters calculate a 2025 market cap of $96bn, a share price of $53.39, and an annualized return of 21%.</p><p>Figure 15 - 2025 Market Cap Forecast</p><p><img src=\"https://static.tigerbbs.com/ef9e349e3ba5ffdd5f413a5c857fcb18\" tg-width=\"640\" tg-height=\"47\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>Below we show the 2025 share price sensitivity table with the 2025 P/S and the CAGR being the two variables. The probabilities are arbitrary just to express how likely we think the respective P/S metrics are in 2025. The share prices in purple text represent the range of what we think our estimation error is likely to be.</p><p>Figure 16 - PLTR's 2025 Share Price Sensitivity Table</p><p><img src=\"https://static.tigerbbs.com/c7192c1e4fcda23289de59a09c242fec\" tg-width=\"640\" tg-height=\"203\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>If management are correct with their growth prediction, then a P/S toward 30x would be fairer than a &lt;20x P/S. However, even if PLTR only generate an average growth rate of 24% and the P/S is 14x at the end of 2025, at the current share price of ~$20 investors still wouldn’t have lost capital. Indeed, it would have been a disappointing investment, but it wouldn’t have lost money. This sensitivity table shows that, despite PLTR’s high multiple at present, the future returns look very appetizing.</p><p>The next sensitivity table replaces the share price with the annualized return through to 2025.</p><p>Figure 17 - PLTR's 2025 Annualized Return Sensitivity Table</p><p><img src=\"https://static.tigerbbs.com/5f3a6e9d761e6e7fcb3fb918df9b8503\" tg-width=\"640\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>In summary, even at the current high P/S of 34x, we consider it extremely unlikely that investors will lose money investing in PLTR now and holding through to 2025 – simply because of growth projections. Add in the impressive underlying economics, we believe this will prove to be a very good long-term investment.</p><p>So, given the minimal downside and the attractive upside, PLTR is one of the most favourable reward-to-risk holdings in the Convequity Portfolio.</p><p><b>Conclusion</b></p><p>PLTR’s stock is going to be driven by a combination of changing TAM expectations, high growth, and impressive profitability in due course. Currently, it looks as though the market is underestimating all of these, so the future looks very bright, indeed.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Highly Favourable Reward-To-Risk</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\">\nPalantir: Highly Favourable Reward-To-Risk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 15:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Palantir.In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1191876953","content_text":"SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Palantir.In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 looks way off.A deep-dive into the impressive underlying economics of Palantir’s business.A simple valuation analysis to outline it's extremely unlikely investors will lose money even by investing at these levels.ContentsMultiples & TAM> P/S & TAM Penetration>> PLTR’s TAM and Ability to Enter New Markets?> Expanding TAM Fueling Expanding Multiple>> ServiceNow vs Workday>> CloudflareMultiples & TAM RecapWhat is PLTR Actually Good At?What’s Not Being Talked AboutImpressive Underlying EconomicsValuationConclusionMultiples & TAMIt’s commonly known that multiples are closely correlated with revenue growth expectations – higher growth usually equals higher P/S and P/E. Though we wanted to explore the relationship between multiples and a company’s Total Addressable Market, aka TAM. Firstly, we investigated the correlation between P/S and TAM penetration. Then secondly, we used a qualitative approach to assess how increases in TAM tends to affect a company’s P/S. The reason for delving into this is to gain a better insight into Palantir's (PLTR) ongoing valuation, whether the stock’s P/S will persist, extend, or decline, and ultimately what this means for investors’ returns.P/S & TAM PenetrationWe already had metrics for a group of stocks we put together for some other PLTR analysis, therefore we used these to work on the P/S and TAM penetration correlation. To arrive at a TAM for each stock, if we didn’t know beforehand, we reviewed company websites to understand which markets they serve, and then we looked for independent market research (from the likes of Grand View Research and Mordor Intelligence, etc.) estimating the size and growth projections of the subject market. If the size of market estimate seemed odd compared to the company’s revenues and P/S, then we resorted to the company’s investor presentations that usually offer a TAM.As this was quite time-consuming, in addition to PLTR we only conducted this process for 15 stocks, so the sample size is 16. Therefore, the statistics shown in the table below should be viewed with caution because the sample is relatively small and adding more to the sample may significantly change the correlation. Nonetheless, you might still be interested despite the sample being on the small side. From this research we found that the P/S and the TAM penetration (defined as LTM revenue divided by the TAM) for this group of stocks had an inverse correlation of -0.6281. The negative sign indicates that a smaller TAM penetration is associated with a higher P/S. The correlation equates to an R-squared of -0.6281 ^ 2 =0.3945. This means that the TAM penetration explains 39.45% of the variability of the P/S within this group. And considering the nature of financial variables, this is a moderately strong correlation. As expected, there is a stronger correlation between P/S and LTM revenue growth. The 0.9248 correlation equates to an R-squared of 85.55%.Figure 1 - Correlation between P/S and TAM PenetrationSource: Convequity analysisThis is far from conclusive and requires further research but it certainly looks likely that TAM penetration is inversely correlated to P/S multiples. So, what does this have to do with PLTR’s valuation? Well, the market is currently pricing in the management guided TAM of $119bn, yet in reality the TAM is a lot greater. Once investors realize this the 33x P/S at the time of writing will offer extremely good value.PLTR’s TAM and Ability to Enter New Markets?A high stock multiple often results in poor future returns because there are already high growth expectations priced in, and as the growth outlook naturally decelerates, the multiple will decline too. However, we believe PLTR, like other best-in-breed cloud-oriented stocks, are a special case, because they can rotate and enter new markets with relative ease.Showcased by theDouble-Clickevent, PLTR is already emerging as a formidable player in the life sciences analytics industry which is projected to grow from$22bn in 2020 to $42bn by 2025. TheERPmarket, in which they’ve smoothly entered via a AWS partnership, is projected to grow from $43bn today up to $60bn by 2026. Despite these markets being heavily competed for by established players, PLTR’s software-defined approach is displacing many incumbents and in due course will grab a sizeable chunk of market share. And these are just two markets that make up over half of PLTR’s supposed TAM of $119bn.In reality, PLTR’s TAM is the entire software industry. They have an ability like no other software vendor in history to pivot into new markets as they see fit. They have the programming skills and the thoughtfulness in interface design, along with a deep understanding of how users need to interact with software, that affords them the capability to turn their focus to any software market worthwhile. With this in mind, it is reasonable to assume that whenever PLTR needs a revenue growth and/or share price booster, they can formulate a plan to penetrate a new market and provide that catalyst.Below we highlight PLTR’s true potential TAM with reference to a Gartner estimate. The IT services might be a stretch but they certainly have the ability to fully expand within the $483bn Enterprise Software market. With current TTM revenue a little over $1bn, the current TAM penetration of < 0.3% offers high growth for many years which will help prevent a sharp P/S deceleration and support strong future shareholder returns. And in all likelihood, the P/S will probably expand in the interim before beginning a downward trajectory.Figure 2 - Worldwide IT Spending ForecastsExpanding TAM Fueling Expanding MultipleWith this TAM correlation in mind, it might be interesting for investors to visualize how PLTR’s share price and P/S will respond when management inevitably announce that they’re entering new markets – CRM, Risk Management, Productivity, or whatever it may be. To illustrate this, we’ll review the P/S paths of ServiceNow (NOW) and Workday (WDAY) during the past few years.ServiceNow vs WorkdayComparing the P/S trends of these two stocks in relation to their TAM development is interesting to observe. To observe the changing TAM, we’ve used research giant Gartner’s Magic Quadrant. Here is the Magic Quadrant template for those unfamiliar.Figure 3 - Gartner's Magic Quadrant TemplateSource:gartner.comBack in 2016, in reference to Gartner’s Magic Quadrant, Workday (WDAY) was the outright leader in Human Capital Management (HCM) and ServiceNow (NOW) was the same for IT Services Management (ITSM). Both firms had similar revenue growth and gross, operating, and FCF margins, and also neither were serving any other markets. Therefore, as shown in the following chart, WDAY’s higher P/S appeared to be largely attributed to HCM being a larger market than ITSM. During 2017, according to Gartner’s HCM Magic Quadrant WDAY lost its competitive distance as the space became crowded. During the same period, NOW extended their leadership status in the ITSM Magic Quadrant. As a result, the P/S differential closed and the two stocks were trading at almost identical multiples throughout 2017. Despite the same growth rates in 2018, NOW’s P/S pulled sharply higher than WDAY’s because they expanded TAM by entering into two new markets – Integrated Risk Management and CRM Customer Engagement – whilst WDAY didn’t expand their TAM.Figure 4 - NOW vs WDAY P/S Multiple Journey, Part 1Source: Koyfin chart, Convequity analysisIn early 2019, the P/S differential tightened with WDAY’s multiple climbing partly attributable to expanding into the Cloud Financial Management market; NOW also entered a new market in early 2019. Then in 2020, the difference widened further as a result of NOW expanding into 3 more markets and turning from visionary to leader in the Magic Quadrant for Software Asset Management (SAM) whilst WDAY did not even enter one new market.Figure 5 - Figure 1 - NOW vs WDAY P/S Multiple Journey, Part 2Source: Koyfin chart, Convequity analysisThis is a classic example of how entering new markets raises expectations for growth and long-term profitability, thereby raising multiples and ultimately increasing returns for shareholders. We don’t claim that inclusion into Gartner’s Magic Quadrants were the sole factor at play, however, given that both firms’ growth and margins were similar for most of the period under review, it certainly appears to have had a significant influence.CloudflareCloudflare (NET) offers another good example of how TAM expansion influences a stock’s multiple. NET certainly benefitted from the general COVID-induced WFH dynamic during 2020, however, their new product launches also contributed to multiple expansion in a significant way. NET have moved so fast that Gartner haven’t even had time to update their Magic Quadrants, therefore we shall leave Gartner out of this observation. In just 16 months, NET has tripled their P/S mainly as a result of entering new markets. In January 2020, they entered into a $20bn market by announcing their offerings for Secure Web Gateways and Zero Trust products. In July 2020, they made a big move by making their edge compute Workers platform accessible to all developers; in October 2020 they officially launched their SASE offering; and then in March 2021, they introduced Magic WAN which has kind of created a new market altogether because NET is the first to offer a global private WAN.Figure 6 - NET's P/S JourneySource: Koyfin chart, Convequity analysisThere are plenty of other recent examples in which stocks have expanded multiples thanks to TAM expansion - Zscaler and Twilio to name a couple. An underlying driving factor enabling software companies to enter new markets with relative ease is the growth of cloud computing. The required capex to move into new markets is minimal in comparison to the pre-cloud era because software firms don’t need to purchase and implement more servers. Once an application is developed and ready to be deployed, they can scale it across the elastic supply of AWS, Azure, or GCP servers that provide all the necessary compute, networking, and storage requirements – and ramp-up or decrease capacity according to demand.As we point out in our articleS&P 500 is Undervalued, Tech is in a New Paradigm, cloud computing has altered the software industry’s competitive dynamics. It has radically lowered the entry barriers thereby making many software markets overcrowded - in 2007 there were 115 U.S. software stocks and today there are 284. This isn’t alarming as the numbers suggest because the cloud has opened up many greenfield markets, however, the cloud has ushered in a winner-takes-all dynamic into various markets also. And given the reach enabled by the cloud, the prize for the market winners is larger than it’s ever been before. At Asymmetric Tech Investments we aim to identify these future winners.Multiples & TAM RecapHere is a quick recap:There is evidence that a stock’s P/S is moderately correlated to revenue divided by TAM, or TAM penetration. This may appear obvious to some investors though doing this bit of research has helped us refine how we view a company’s market opportunity and shareholder investment prospects.There are many examples that illustrate how TAM expansion tends to increase stock multiples, or at least play a significant part.Cloud computing has made it easier than ever before for software firms to expand TAM.Taking this into account, the future looks incredibly bright for PLTR’s share price. As and when PLTR enter new markets and expand the company’s TAM, there is a high probability that the share price will climb driven by altering growth expectations. If it can be argued that PLTR’s software is already effectively doing stuff like Software Asset Management, Integrated Risk Management, and CRM, then the TAM should be higher than the current $119bn priced in. And if this is the case, PLTR’s multiple should adjust higher to reflect this in due course. Either way despite the perceived high P/S at present, it will probably persist or even rise from here, and over a longer timeframe we suspect PLTR’s multiple will decelerate at a much slower pace than many other high-growth software stocks.Lastly, not only does PLTR have the core software skills to enter almost any market, they are well and truly cloud-enabled following their partnerships with AWS and IBM. This will accelerate the TAM expansion for sure.What is PLTR Actually Good At?It might be easier to try and answer what they aren’t good at. All the information given in the S-1, the 10-k, and investor presentations, pertaining to what PLTR do can be somewhat overwhelming. At the same time, just labelling them a data analysis company is a gross oversimplification. To help us refine our understanding of PLTR’s scope, below we’ve categorized 4 areas, or pillars, in which we believe lays the foundation for all they do – Data Connectivity, Data, Analysis, Data Governance, and User Interface. We’re probably not alone in inferring that the underpinning to PLTR’s superior advantages is closely associated with these 4 pillars. Each of which appear to be in a transformative stage due to the world delving deeper into an era of hyperconnectivity. Within each category we listed things that PLTR are good at dealing with. By the time we had finished we realized the depth and sheer breadth of what they can do.Figure 7 – The 4 Pillars to PLTR’s Competitive EdgeSource: Convequity analysisAnd the only way we can surmise as to how they are capable of such depth and scope, is that they have the deepest understanding of the core principles of software engineering and have an amazing ability to leverage this to various platforms and technologies. Elon Musk’s advocacy for First Principles thinking springs to mind.Figure 8 - First Principles ThinkingSource:safalniveshak.comIt is these 4 pillars in which PLTR are building their moat around, and this foundation can be leveraged to enter almost any software market. Throw in the network effects within enterprise customers’ organization, across verticals (life sciences, airline industry, etc.), and within PLTR itself, it’s hard to envisage them losing their competitive lead.Recently I spoke to a friend who is an engineer at Rolls Royce who shed some light on how PLTR could help him in his job. Below is what he told me.“When designing a product, a RR engineer will spend ~25% of their time gathering and pre-processing data in order to perform a design study. Typically, the data is created by multiple teams, each working in different systems and supplying the data in different formats by differing means. For example, the stress engineer will supply speeds/temperatures/pressures in the form of an emailed spreadsheet. The aero engineer will supply geometry as a CAD file and a pressure map as a .csv file via a shared drive. The designer will supply geometric information and tolerances as a printed word document. All this data must be extracted and processed into a single format before the designer can do any analysis. Having all this data in one system would massively reduce the time spent processing data and would free up the designer to do the actual engineering.”Foundry would solve his problem by connecting to all the relevant data sources and standardizing the data ready for immediate analysis. The ramp-up in my friend’s productivity would be profound. Generally, it seems as though this type of problem involving data located across disjointed systems and existing in different formats has up until now been the main use case for Foundry. Increasingly, however, we’re hearing cases whereby Foundry has been laid atop an enterprise’s legacy systems and deliver what works like a brand-new IT infrastructure built from the ground up. For example, in the Double Click event, Forward Deploy Engineer, Liam Mawe, explained how a Foundry ERP archetype was installed for one industrial client that already had 25 ERP systems in operation that were largely siloed from each other. After a few hours of configuration, Foundry’s ERP had every single piece of data readily available. Mawe didn’t elaborate, though we presume Foundry’s ERP could carry on working in conjunction with the other ERP systems or work just as well should the client decide to remove them – which is more probable. This incredible flexibility is the key to the seemingly rapid customer acquisition of late – there is no rip and replace required, so the stakes are lower and as a result decision-makers are more willing to give PLTR a try.What’s Not Being Talked AboutFrom what we’ve read about PLTR, there hasn’t been any mention of the fact that they only added 6 customers in FY20 whilst growing revenue by 47%. This is staggering; and achieved by the 41% increase in revenue per customer, as shown in the chart below. When we think about the AWS and IBM cloud partnerships and the various press releases thus far into 2021, they could have tripled the FY20 new customer number in the first quarter alone. Couple that with another >20% increase in per customer revenue, it’s not beyond the realm of possibility for PLTR to grow revenue by 60% this year.Figure 9 - Net New Customer Additions in FY20Source: 10-k, Convequity analysisWe thought we’d have a go at forecasting 1Q21 revenue – which will be released before the market open on Tuesday 11thMay. We began by building up the revenue estimate based on available information such as the press releases thus far in 2021, balance sheet items such as deferred revenue and customer deposits, as well as off-balance sheet deal value which includes remaining performance obligations and contract renewal options. In the 3Q20 investor presentation we noticed the average contract duration was 3.6 years, so we used this to estimate what might come off deferred revenue and customer deposits and be recorded as income statement revenue. To estimate how much deal value might be transferred into revenue for 1Q21, we used a longer duration of 4.6 years. We infer that a small portion of deal value could skip the balance sheet and land straight on the income statement when customers renew their contracts. Of course, this is an oversimplification of how these financial items are linked together so the estimate might be way off. Nonetheless, based on all this, as shown below, we estimate 1Q21 revenue of $259m which, as a reminder, is derived from available information and has not accounted for unknowns. This is a shortfall of $73m versus the $332m consensus estimate. Given all the unknown revenue sources from the AWS and IBM deals and elsewhere, and the general confidence from management, it looks like PLTR are going to blow these forecasts out the water.Figure 10 - 1Q21 Revenue Estimates Based on Available InformationSource: 10-k, Convequity analysisImpressive Underlying EconomicsWe believe the greatest investment catalyst is tied to PLTR’s profitability potential; and this is because of the pervasive doubt of the business model viability at present. Management have heavily focused on contribution margin (that we’ll refer to as CM) in previous investor presentations. As the they presented in the 4Q20 presentation shown below, CM margin has more than doubled from FY19 to FY20. However, this could be skewed due to the low number of customer additions – only 6 in FY20. With this in mind we wanted to dig deeper in understanding how the underlying economics have really improved.Figure 11 - High-Level View of Contribution Margin and Gross MarginSource:4Q20 Investor PresentationManagement have presented the efficiency of the business by grouping customers into 3 phases – Acquire, Expand, and Scale – and in each phase, show how the CM changes within each group. To illustrate, take a look at the figures below, extracted from the S-1 and the 10-k. The customers in the Acquire Phase in FY19 (fiscal year-end 31stDec-21) generated a very negative CM. Those same customers, generated a 17% CM in FY20. The customers in the Expand Phase in FY19 generated -43% CM, and those same customers generated 47% CM in the following year. What’s important to note here, is that the Acquire Phase customers in FY19 will not be the same Acquire Phase customers in FY20 – they will become the Expand Phase customers (or potentially even the Scale Phase customers).Figure 12 - PLTR's Customer PhasesSource: PLTR’s S-1 and FY20 10-kOn the face of it, this looks impressive, but when we think deeper about it, this is what most SaaS/software firms are doing nowadays. The S&M expenditure to bring the customer to a company and the initial deployment and operational costs make the Acquire phase the costliest. At the same time, free trial or preliminary testing periods don’t generate much revenue. So, for any SaaS-type firm, negative CM is the case for the Acquire and the Expand phases and those same customers will become profitable at a later point in the relationship. We think investors are aware of this and this is why there doesn’t seem to be much online discussion about PLTR’s CM. Of course, investors could simply take the higher-level view of overall CM more than doubling in FY20, however, as aforementioned this is potentially skewed because of the few new customers acquired.What can be instantly gleaned from the above CM metrics, is that when the proportion of new customers joining PLTR is small in relation to existing customers the overall CM will be close to the Scale Phase CM. But perhaps that still doesn’t impressive investors enough, because it may take a few years to reach that state.Let’s go back to notion that the Acquire Phase customers in FY19 go on to be the Expand (or even Scale) Phase customers in FY20. This is useful but we wanted to see if we could compare the FY20 Acquire Phase with the FY19 Acquire Phase; and the FY20 Expand Phase with the FY19 Expand Phase; and the same for the Scale Phase. This cannot be derived from the data above. Therefore, we’ve had to dig deeper, scan for more information, and make some educated guesses to piece this together. Because knowing by how much the Expand Phase CM has improved from FY19 to FY20 would be really insightful and we don’t suspect many analysts have tried this so far so there is probably an information edge to be gained over the market.We show the analysis we did on this below, however,it may be easier for readers to access the actual spreadsheetto take a closer look. If you click the link make sure to download the spreadsheet to see all the comment boxes.What interests us the most in the spreadsheet, is the Expand Phase comparisons in FY19 and FY20. The 28% CM highlighted in yellow, under the FY20 Expand Cohort, is what we think the Expand Phase CM must have been in FY20. The equivalent CM in FY19 was -43%. This is a huge like-for-like improvement in the CM and indicates how PLTR has/is radically shortening the deployment phase of their software by utilizing their Apollo SaaS-installation. Personally, we think this is more insightful and meaningful than the overall CM presented which could be skewed, and also versus management’s presentation of the Acquire/Expand/Scale CMs.Figure 13 - Contribution Margin Like-for-Like ComparisonsSource: 10-k, Convequity analysisAnother way to view this is that customers are classified as Expand Phase customers when they’ve exceeded $100k in annualized revenue but CM is negative. If the FY19 Expand Phase CM was -43%, it indicates that the majority of these customers remained negative CM customers throughout FY19. If the FY20 Expand Phase CM is 28%, it indicates that the majority of these customers turned from negative to positive within the same year. Again, in our opinion, this is way more impressive than what PLTR’s management has presented to date.Lastly, in the final section of the spreadsheet, the Total CMs highlighted in gold text are actual and the ones in red are composed of actual and estimated figures. We can see that all the FY19 customers generated a weighted average CM of 23% in FY19, and then those same customers generated 58% CM in FY20. Going into FY21 we forecast that these same FY19 customers will generate 68% in CM. All the FY20 customers generated a CM of 54% in FY20, though had PLTR brought on board more new customers in FY20, the CM would be considerably lower. These same customers are estimated to generate 65% in CM in FY21 and then 75% in FY22.To conclude, PLTR’s current CM of 54% is already high, especially for a high growth software stock, yet it’s likely to move higher. We expect the AWS and IBM partnerships to give PLTR the scale to expand its margins. We think this should erase the doubt that PLTR will be highly profitable. The huge nonrecurring expenses related to the DPO and associated stock-based compensation and other opex categories have contributed to the appearance of an unprofitable business. As these costs normalize and PLTR further leverage Apollo’s SaaS installation/deployment, the CM will continue to rise and PLTR’s margins lower down the income statement will also look attractive.ValuationIn our previous article on PLTR we presented our DCF valuation for PLTR which arrived at a value per share of $47. We still have full faith in this valuation; however, it may take longer than we initially anticipated. And we partly assign this to the misunderstanding of the potential profitability of the stock. Therefore, for this section, we approached the valuation through a different lens. We’ve projected PLTR’s average revenue growth rate through FY25 and used possible P/S multiples in FY25.In the 4Q20 earnings call, management stated that they believe revenue growth will be above 30% each year through to FY25 – quite incredible considering the current TTM revenue of $1.1bn. Knowing this, below we’ve projected some arbitrary growth rates. We know FY20 growth was 47% and based off what management has stated, we’ll put FY25 growth as 30% as a minimum. Therefore, we’ve randomly decelerated from 47% to 30% for each year. The Compounded Annual Growth Rate, or CAGR, of this series of growth rates equals 34%. We shall use this for the valuation exercise.Figure 14 - Estimate for Average Revenue Growth Through FY25Source: Convequity analysisBy using this 34% average revenue growth rate (or CAGR) we calculate revenue will be $4.784bn in FY25/2025. Due to the natural growth expectations decline, we guess that the P/S will be 20x in 2025. ServiceNow’s is currently 20x whilst having TTM revenue of $4,500m, so this is plausible for exceptional companies. These parameters calculate a 2025 market cap of $96bn, a share price of $53.39, and an annualized return of 21%.Figure 15 - 2025 Market Cap ForecastSource: Convequity analysisBelow we show the 2025 share price sensitivity table with the 2025 P/S and the CAGR being the two variables. The probabilities are arbitrary just to express how likely we think the respective P/S metrics are in 2025. The share prices in purple text represent the range of what we think our estimation error is likely to be.Figure 16 - PLTR's 2025 Share Price Sensitivity TableSource: Convequity analysisIf management are correct with their growth prediction, then a P/S toward 30x would be fairer than a <20x P/S. However, even if PLTR only generate an average growth rate of 24% and the P/S is 14x at the end of 2025, at the current share price of ~$20 investors still wouldn’t have lost capital. Indeed, it would have been a disappointing investment, but it wouldn’t have lost money. This sensitivity table shows that, despite PLTR’s high multiple at present, the future returns look very appetizing.The next sensitivity table replaces the share price with the annualized return through to 2025.Figure 17 - PLTR's 2025 Annualized Return Sensitivity TableSource: Convequity analysisIn summary, even at the current high P/S of 34x, we consider it extremely unlikely that investors will lose money investing in PLTR now and holding through to 2025 – simply because of growth projections. Add in the impressive underlying economics, we believe this will prove to be a very good long-term investment.So, given the minimal downside and the attractive upside, PLTR is one of the most favourable reward-to-risk holdings in the Convequity Portfolio.ConclusionPLTR’s stock is going to be driven by a combination of changing TAM expectations, high growth, and impressive profitability in due course. Currently, it looks as though the market is underestimating all of these, so the future looks very bright, indeed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135925621,"gmtCreate":1622127188863,"gmtModify":1704180019837,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Keep going!&nbsp;","listText":"Keep going!&nbsp;","text":"Keep going!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/135925621","repostId":"1175049399","repostType":4,"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104516725,"gmtCreate":1620397652267,"gmtModify":1704343151069,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Think they can do it","listText":"Think they can do it","text":"Think they can do it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/104516725","repostId":"1180288217","repostType":4,"repost":{"id":"1180288217","pubTimestamp":1620397178,"share":"https://ttm.financial/m/news/1180288217?lang=&edition=fundamental","pubTime":"2021-05-07 22:19","market":"us","language":"en","title":"Nikola Beats Estimates, Details Additional SEC Probe Inquiry","url":"https://stock-news.laohu8.com/highlight/detail?id=1180288217","media":"Bloomberg","summary":"(Bloomberg) -- Nikola Corp. posted a narrower-than-expected loss for its latest quarter as the troub","content":"<p>(Bloomberg) -- Nikola Corp. posted a narrower-than-expected loss for its latest quarter as the troubled electric-vehicle startup ramped up testing of its debut battery-electric semi trucks and made progress on building factories in the U.S. and Germany.</p><p>The clean-energy big rig maker reported an adjusted loss Friday of 14 cents a share in the first three months of the year, which was better than analysts’ consensus estimate for a 28 cents loss. Nikola said in a statement it’s nearing completion of a second batch of battery-powered prototypes and has begun the assembly of a fuel-cell test vehicle at its headquarters in Arizona.</p><p>The Phoenix-based company has yet to build a vehicle for sale but wants to establish itself as a competitor in the emerging clean-energy commercial truck market. It has been dogged by allegations it misled investors, something an internal probe partially confirmed. Nikola said in a separate filing Friday that securities regulators investigating the company issued an additional subpoena in March.</p><p>Nikola was one of the first of many EV startups targeted by special purpose acquisition companies and at one time saw its valuation surpass the market capitalization surpass of established automakers such as Ford Motor Co. But its shares have plunged in recent months.</p><p>The stock pared a gain of as 7.7% to trade up 3.9% to $10.53 as of 9:57 a.m. in New York. It had fallen about 33% this year as of the close on Thursday.</p><p><b>New SEC Subpoena</b></p><p>Nikola said the new subpoena issued by the U.S. Securities and Exchange Commission on March 24 relates to its projected 2021 cash flow and how it plans to use funds from capital raises this year. The company, which had previously disclosed investigations by the SEC and the Department of Justice, said its committed to complying with all investigation.</p><p>The company also disclosed that it paid $3 million in legal fees in the first quarter for Trevor Milton, its founder and former executive chairman, who resigned in September. The payments were made under the terms of an indemnification agreement.</p><p>While not yet revenue-generating, Nikola plans to launch its first hydrogen-powered fuel cell truck in 2023. It also plans to start production of battery-electric trucks this year in Germany in a joint venture with CNH Industrial NV’s Iveco unit and start deliveries in the fourth quarter. And the company has said it’s on track to complete the first phase of a factory under construction in Arizona by year-end, with trial production starting in July.</p><p>“We have had continued success in commissioning and validating the Nikola Tre BEVs, and are nearing completion of both our Ulm, Germany and Coolidge, Arizona manufacturing facilities,” Nikola’s Chief Executive Officer Mark Russell said in a statement.</p><p>Nikola is one of several players seeking to commercialize hydrogen-fuel cell powertrains for long-distance transportation. Others include larger rivals such as Toyota Motor Corp., Hyundai Motor Co. and General Motors Co. GM, which scaled back its once-ambitious plans to partner with Nikola, still plans to supply the startup with its proprietary fuel cell technology.</p><p><b>Hydrogen Fueling Stations</b></p><p>Production of short- and long-range fuel cell trucks is expected to start at the Arizona plant in the second half of 2023 and 2024, respectively. Nikola also plans to develop as many as 700 hydrogen stations in the U.S. to power the trucks and originally promised to find a co-development partner in 2020.</p><p>Last month the company signed a deal to build hydrogen fueling stations with TravelCenters of America Inc. The deal was a small sign of progress on its business plan after several blown deadlines for announcing a partner. Nikola announced a letter of intent Thursday to supply Total Transportation Services with 100 trucks -- 30 battery-electric and 70 fuel-cell big rigs -- by 2023.</p><p>Nikola said it still aims to find additional hydrogen infrastructure partners this year, as well as more fleet customers to test its vehicles.</p><p>The aspiring truckmaker said it aims to deliver 1,200 BEV trucks next year and 3,500 in 2023. In February, Nikola lowered its target for delivering battery-electric Tre semis to customers this year to 100 vehicles, down from a previous target of 600. It lost a major order in December when Republic Services Inc. canceled a non-binding contract for 2,500 battery-electric garbage trucks.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nikola Beats Estimates, Details Additional SEC Probe Inquiry</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\">\nNikola Beats Estimates, Details Additional SEC Probe Inquiry\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-07 22:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/nikola-beats-estimates-details-additional-140412165.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Nikola Corp. posted a narrower-than-expected loss for its latest quarter as the troubled electric-vehicle startup ramped up testing of its debut battery-electric semi trucks and made ...</p>\n\n<a href=\"https://finance.yahoo.com/news/nikola-beats-estimates-details-additional-140412165.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKLA":"Nikola Corporation"},"source_url":"https://finance.yahoo.com/news/nikola-beats-estimates-details-additional-140412165.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180288217","content_text":"(Bloomberg) -- Nikola Corp. posted a narrower-than-expected loss for its latest quarter as the troubled electric-vehicle startup ramped up testing of its debut battery-electric semi trucks and made progress on building factories in the U.S. and Germany.The clean-energy big rig maker reported an adjusted loss Friday of 14 cents a share in the first three months of the year, which was better than analysts’ consensus estimate for a 28 cents loss. Nikola said in a statement it’s nearing completion of a second batch of battery-powered prototypes and has begun the assembly of a fuel-cell test vehicle at its headquarters in Arizona.The Phoenix-based company has yet to build a vehicle for sale but wants to establish itself as a competitor in the emerging clean-energy commercial truck market. It has been dogged by allegations it misled investors, something an internal probe partially confirmed. Nikola said in a separate filing Friday that securities regulators investigating the company issued an additional subpoena in March.Nikola was one of the first of many EV startups targeted by special purpose acquisition companies and at one time saw its valuation surpass the market capitalization surpass of established automakers such as Ford Motor Co. But its shares have plunged in recent months.The stock pared a gain of as 7.7% to trade up 3.9% to $10.53 as of 9:57 a.m. in New York. It had fallen about 33% this year as of the close on Thursday.New SEC SubpoenaNikola said the new subpoena issued by the U.S. Securities and Exchange Commission on March 24 relates to its projected 2021 cash flow and how it plans to use funds from capital raises this year. The company, which had previously disclosed investigations by the SEC and the Department of Justice, said its committed to complying with all investigation.The company also disclosed that it paid $3 million in legal fees in the first quarter for Trevor Milton, its founder and former executive chairman, who resigned in September. The payments were made under the terms of an indemnification agreement.While not yet revenue-generating, Nikola plans to launch its first hydrogen-powered fuel cell truck in 2023. It also plans to start production of battery-electric trucks this year in Germany in a joint venture with CNH Industrial NV’s Iveco unit and start deliveries in the fourth quarter. And the company has said it’s on track to complete the first phase of a factory under construction in Arizona by year-end, with trial production starting in July.“We have had continued success in commissioning and validating the Nikola Tre BEVs, and are nearing completion of both our Ulm, Germany and Coolidge, Arizona manufacturing facilities,” Nikola’s Chief Executive Officer Mark Russell said in a statement.Nikola is one of several players seeking to commercialize hydrogen-fuel cell powertrains for long-distance transportation. Others include larger rivals such as Toyota Motor Corp., Hyundai Motor Co. and General Motors Co. GM, which scaled back its once-ambitious plans to partner with Nikola, still plans to supply the startup with its proprietary fuel cell technology.Hydrogen Fueling StationsProduction of short- and long-range fuel cell trucks is expected to start at the Arizona plant in the second half of 2023 and 2024, respectively. Nikola also plans to develop as many as 700 hydrogen stations in the U.S. to power the trucks and originally promised to find a co-development partner in 2020.Last month the company signed a deal to build hydrogen fueling stations with TravelCenters of America Inc. The deal was a small sign of progress on its business plan after several blown deadlines for announcing a partner. Nikola announced a letter of intent Thursday to supply Total Transportation Services with 100 trucks -- 30 battery-electric and 70 fuel-cell big rigs -- by 2023.Nikola said it still aims to find additional hydrogen infrastructure partners this year, as well as more fleet customers to test its vehicles.The aspiring truckmaker said it aims to deliver 1,200 BEV trucks next year and 3,500 in 2023. In February, Nikola lowered its target for delivering battery-electric Tre semis to customers this year to 100 vehicles, down from a previous target of 600. It lost a major order in December when Republic Services Inc. canceled a non-binding contract for 2,500 battery-electric garbage trucks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":58,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108071485,"gmtCreate":1619968266947,"gmtModify":1704336862759,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Hope they sell more cars","listText":"Hope they sell more cars","text":"Hope they sell more cars","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/108071485","repostId":"1146129324","repostType":4,"repost":{"id":"1146129324","pubTimestamp":1619795610,"share":"https://ttm.financial/m/news/1146129324?lang=&edition=fundamental","pubTime":"2021-04-30 23:13","market":"us","language":"en","title":"1 Question Tesla Investors Need to Ask Themselves","url":"https://stock-news.laohu8.com/highlight/detail?id=1146129324","media":"Motley Fool","summary":"Electric-car companyTeslahas now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle  pioneer is on the right track in terms of profitability.The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter fro","content":"<p>Electric-car company<b>Tesla</b>(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.</p>\n<p>The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.</p>\n<p>Regulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.</p>\n<p>Tesla's bottom line got an additional boost in the first quarter from a gain onthe sale of<b>Bitcoin</b>to the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:</p>\n<p><img src=\"https://static.tigerbbs.com/b0906160cab581f4c8a599b7d0965d34\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n<p>DATA SOURCE: TESLA. CHART BY AUTHOR.</p>\n<p>There's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?</p>\n<p>A ton of competition is coming</p>\n<p>Tesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.</p>\n<p>The number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.<b>General Motors</b>(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.</p>\n<p>Those models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.</p>\n<p><img src=\"https://static.tigerbbs.com/c651279799dfdf96552379a7b5d448a9\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>IMAGE SOURCE: GM.</p>\n<p><b>Ford</b>(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.</p>\n<p>Other car companies have big plans, as well.<b>Volkswagen</b>(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.<b>Toyota</b>(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.</p>\n<p>Not only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.</p>\n<p>None of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>1 Question Tesla Investors Need to Ask Themselves</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\">\n1 Question Tesla Investors Need to Ask Themselves\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 23:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Electric-car companyTesla(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146129324","content_text":"Electric-car companyTesla(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.\nThe problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.\nRegulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.\nTesla's bottom line got an additional boost in the first quarter from a gain onthe sale ofBitcointo the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:\n\nDATA SOURCE: TESLA. CHART BY AUTHOR.\nThere's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?\nA ton of competition is coming\nTesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.\nThe number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.General Motors(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.\nThose models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.\n\nIMAGE SOURCE: GM.\nFord(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.\nOther car companies have big plans, as well.Volkswagen(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.Toyota(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.\nNot only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.\nNone of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108079365,"gmtCreate":1619967969257,"gmtModify":1704336859599,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Nicely explained&nbsp;","listText":"Nicely explained&nbsp;","text":"Nicely explained","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/108079365","repostId":"1103106179","repostType":4,"repost":{"id":"1103106179","pubTimestamp":1619917622,"share":"https://ttm.financial/m/news/1103106179?lang=&edition=fundamental","pubTime":"2021-05-02 09:07","market":"us","language":"en","title":"Berkshire Hathaway Annual Meeting 2021: Highlights and storylines","url":"https://stock-news.laohu8.com/highlight/detail?id=1103106179","media":"Tiger Newspress","summary":"Emily McCormick·ReporterSun, May 2, 2021, 5:03 AMWarren Buffett addressed investors around the world","content":"<p>Emily McCormick·ReporterSun, May 2, 2021, 5:03 AM</p><p>Warren Buffett addressed investors around the world on Saturday at Berkshire Hathaway's 2021 Annual Shareholder Meeting.</p><p><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata={&quot;liveId&quot;:&quot;16196040827650&quot;}\" target=\"_blank\"><b>Playback Live Here！</b></a></p><p>In an hours-long event, the investing legend fielded questions on Berkshire's business and investment decisions,offered advice for first-time investorsand touted the strength of American corporations in a characteristically optimistic tone.Buffett nodded to the Federal Reserveand Congress for their swift response to the COVID-19 crisis, and underscored the rebound in the U.S. economy. And the Oracle of Omaha also addressed the recent rise in retail trading andonline brokerage firmslike Robinhood,the rally in bitcoinand the boom in SPAC mergers.</p><p>In many ways, this year's meeting looked different from those in the past. The annual event took placein a hotel conference room in Los Angelesrather than in an arena in Omaha, Nebraska, due to the ongoing pandemic.</p><p>Buffett's long-time business partner Charlie Munger also returned onstage this year to co-lead the event, after sitting out last year because of the pandemic. And in a new move, Buffett and Munger were joined by Berkshire's Vice Chairmen Gregory Abel and Ajit Jain,in a signal of potential succession plans at the company.</p><p>Here were some of the highlights from the event.</p><p>—</p><p>Buffett said Berkshire Hathaway is seeing signs of rising price pressures during the COVID-19 recovery, corroborating many market participants' concerns about increasing inflationary pressures.</p><p>\"We're seeing substantial inflation. We're raising prices, people are raising prices to us. And it's being accepted,\" Buffett said. \"We really do a lot of housing. The costs are just up, up, up. Steel costs. You know, just every day they're going up.\"</p><p>\"It's an economy – really, it's red hot. And we weren't expecting it,\" he added.</p><p>—</p><p>Buffett said trading apps like Robinhoodhave contributed to the \"casino aspect\" of the stock market as of late, exploiting individuals' inclinations to gamble.</p><p>“It’s become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year, year and a half,\" Buffett said of Robinhood. \"There’s nothing, you know, there’s nothing illegal about it, there’s nothing immoral. But I don’t think you’d build a society around people doing it.\"</p><p>\"I think the degree to which a very rich society can reward people who know how to take advantage, essentially, of the gambling instincts of the American public, the worldwide public – it’s not the most admirable part of the accomplishment,\" Buffett added. \"But I think what America has accomplished is pretty admirable overall. And I think actually American corporations have turned out to be a wonderful place for people to put their money and save. But they also make terrific gambling chips, and if you cater to those gambling chips when people have money in their pocket for the first time and you tell them take my 30 or 40 or 50 trades a day and you’re not charging commission ... I hope we don’t have more of it.”</p><p>—</p><p>Buffett explained that Berkshire's move to unload many of its bank shares last year was not due to a lack of confidence in the banking industry, but more a decision to re-balance the portfolio and avoid being too heavily tilted toward one area.</p><p>\"I like banks generally, I just didn't like the proportion compared to the possible risk,\" Buffett said. \"We were over 10% of Bank of America. It's a real pain in the neck, more to the banks than us.\"</p><p>Berkshire held 1,032,952,006 shares of Bank of America as of the end of 2020, after adding 85.1 million shares in the third quarter alone. This gave Berkshire Hathaway an ownership stake of 11.9%. Berkshire cut its holdings of Wells Fargo from 345.7 million shares at year-end 2019 to 52.4 million by year-end 2020, and completely exited its holdings in JPMorgan Chase (JPM) and M&amp;T Bank Corp (MTB).</p><p>\"The banking business is way better than it was in the United States 10 or 15 years ago,\" he added. \"The banking business around the world in various places might worry me, but our banks are in far, far better shape than 10 or 15 years ago.\"</p><p>—</p><p>A shareholder asked Jain, who leads Berkshire's insurance business, whether he would be hypothetically willing to write an insurance policy for SpaceX founder Elon Musk for his proposed colonization of Mars.</p><p>\"This is an easy one. No thank you, I’ll pass,\" Jain said.</p><p>“Well I would say it would depend on the premium,” Buffett interjected with a laugh. \"And I would say that I would probably have a somewhat different rate if Elon was on board or not on board. It makes a difference if someone is asking to insure something.”</p><p>—</p><p>Warren Buffett declined to directly offer an opinion in response to a question on bitcoin, an assethe previously likened to \"rat poison squared.\"</p><p>\"I knew there’d be a question on bitcoin or crypto and I thought to myself well, I watch these politicians dodge questions all the time … The truth is, I’m going to dodge that question,\" Buffett said. \"Because the truth is, we’ve probably got hundreds of thousands of people that are watching this that own bitcoin. And we’ve probably got two people that are short. So we’ve got a choice of making 400,000 people mad at us and unhappy, and making two people happy. And it’s just a dumb equation.\"</p><p>Munger, however, issued a more direct attack.</p><p>\"Those who know me well are just waving the red flag at the bull. Of course I hate the bitcoin success,\" he said. \"And I don’t welcome a currency that’s so useful kidnappers and extortionists and so forth. Nor do I like shoveling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So I think I should say modestly that the whole damn development is disgusting and contrary to the interest of civilization.\"</p><p>—</p><p>Both Buffett and Munger issued strong words of support for share repurchases, especially after Berkshire reported repurchasing an additional $6.6 billion in stock in the first three months of 2021.</p><p>\"They're a way, essentially, of distributing the cash to the people that want the cash when other co-owners mostly want you to reinvest,\" Buffett said. \"It's a savings vehicle.\"</p><p>\"I find it almost impossible to believe some of the arguments that are made that it's terrible to repurchase shares from a partner if they want to get out of something, and you're able to do it at prices that are advantages to the people that are staying,\" Buffett said. \"And it helps slightly the person that wants out.\"</p><p>Munger offered a similar view.</p><p>\"You're repurchasing stock. Just a bullet higher, it's deeply immoral,\" Munger said. \"But if you're repurchasing stock because it's a fair thing to do in the interest of your existing shareholders, it's a highly moral act and the people who are criticizing it are bonkers.\"</p><p>—</p><p>Low interest rates have catalyzed a surge in valuations across equities, giving those who invest in the markets an opportunity to create wealth, Munger said during the Berkshire Hathaway question and answer segment.</p><p>\"I think one consequence of this present situation is, Bernie Sanders has basically won,\" Munger says. \"Because with everything boomed out so high and interest rates so low, what's going to happen is, the millennial generation is going to have a hell of a time getting rich compared to our generation ... He did it by accident, but he won.\"</p><p>\"And so the difference between the difference between the rich and the poor in the generation that's rising is going to be a lot less,\" he added. \"So Bernie has won.\"</p><p>—</p><p>Buffett received a question around special purpose acquisition companies, or blank-check companies, which have become a hugely popular means for firms to go public over the past year.</p><p>\"The SPACs generally have to spend their money in two years, as I understand it. If you have to buy a business in two years, you put a gun to my head and said you've got to buy a business in two years, I'd buy one but it wouldn't be much of one,\" Buffett.</p><p>\"If you're running money from somebody else and you get a fee and you get the upside and you don't have the downside, you're going to buy something,\" he added. \"And frankly we're not competitive with that.\"</p><p>\"It's an exaggerated version of what we've seen in kind of a gambling-type market,\" he added.</p><p>—</p><p>Buffett conceded that selling some of Apple's stock in 2020 was \"probably a mistake,\" with shares rising even further this year following the tech-led 2020 in the markets.</p><p>\"The brand and the product — it's an incredible product,\" Buffett said of Apple. \"It is indispensable to people.\"</p><p>\"I sold some stock last year, although our shareholders still saw their shares go up because we repurchased shares,\" he added. \"But that was probably a mistake.\"</p><p>Berkshire owned 907,559,761 shares of Appleas of the end of December for a total market value of $120.4 billion. By contrast, the firm spent just $31 billion accumulating this stake since late 2016.</p><p>—</p><p>A shareholder directed a question to Ajit Jain and Greg Abel asking about the relationship the two likely next leaders of Berkshire Hathaway have with one another, given how iconic the relationship between Warren Buffett and Charlie Munger has been over the course of the company's history.</p><p>\"There's no question the relationship Warren has with Charlie is unique,\" Jain said. \"It's not going to be duplicated, certainly not by me and Greg. I can't think of anybody that can duplicate it.\"</p><p>\"I certainly have a lot of respect, both at a professional level and personal level, in terms of what Greg's abilities are,\" Jain added. \"We do not interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective decision.\"</p><p>\"Even though the interaction may be different than say how Warren and Charlie do it ... we make sure we're always following up with each other but it goes beyond that,\" Abel said. \"Ajit has a great understanding of the Berkshire culture. I strongly believe I do too.\"</p><p>—</p><p>One shareholder asked Buffett about Berkshire's decision to invest in the oil and gas industry, and queried whether we might have \"build our own unrealistic consensus on the pace of change\" to clean energy solutions. Buffett defended the company's investment in the industry and in Chevron specifically, whichwas a relatively recent investment for the firm.</p><p>\"I would say that people are on the extremes of both sides are a little nuts. I would hate to have all the hydrocarbons banned in three years,\" Buffett said. \"You wouldn't want a world — it wouldn't work. And on the other hand, what's happening will be adapted to over time just as we've adapted to all kinds of things.\"</p><p>\"We have no problem owning Costco or Walmart and a substantial number of their stores. And they sell cigarettes, it's a big item,\" he added as an analogy. \"It's a very tough situation ... It's a very tough time to decide what companies benefit societies more than others.\"</p><p>\"I don't like making the moral judgments on stocks in terms of actually running the businesses, but there's something about every business that you knew that you wouldn't like,\" he added. \"If you expect perfection in your spouse or in your friends or in companies you're not going to find it.\"</p><p>\"Chevron is not an evil company in the least, and I have no compunction about owning it in the least, about owning Chevron,\" Buffett concluded. \"And if we owned the entire business I would not feel uncomfortable about being in that business.\"</p><p>Answering a subsequent question about the Berkshire board of directors' recommendation to voteagainst reporting climate-related risks, Munger added, \"I don't know we know the answer to all these questions about global warming.\"</p><p>\"The people who ask the questions think they know the answer. We're just more modest.\"</p><p>—</p><p>Most investors would benefit from simply purchasing an S&amp;P 500 index fund over the long run rather than picking individual stocks, even including Berkshire Hathaway, Buffett said during the question-and-answer session Saturday.</p><p>\"I recommend the S&amp;P 500 index fund … I’ve never recommended Berkshire to anybody because I don’t want people to buy it because they think I’m tipping them into something,\" he said. \"On my death there's a fund for my then-widow and 90% will go into an S&amp;P 500 index fund.\"</p><p>\"I do not think the average person can pick stocks,\" he added. \"We happen to have a large group of people that didn't pick stocks but they picked Charlie and me to manage money for them 50, 60 years ago. So we have a very unusual group of shareholders I think who look at Berkshire as a lifetime savings vehicle and one that they don’t have to think about and one that they'll, you know, they don't look at it again for 10 to 20 years.\"</p><p>Charlie Munger, on the other hand, had a different perspective.</p><p>\"I personally prefer holding Berkshire to holding the market,\" he said in response to the same question. \"I’m quite comfortable holding Berkshire. I think our businesses are better than the average in the market.\"</p><p>—</p><p>Buffett reiterated a staunchly supportive stance of U.S. corporations and capitalism in his opening remarks, highlighting that five of the six largest companies in the world by market capitalization currently comprise domestic companies. Those five companies are Apple, Microsoft, Amazon, Alphabet and Facebook, with only Saudi Aramco of Saudi Arabia coming in as a non-U.S. mega-cap company in the top six.</p><p>But only a couple hundred years ago, the U.S. looked like the underdog.</p><p>\"In 1790 we had one-half of 1% of the world's population,\" Buffett said. \"600,000 of them were slaves. Ireland had more people than the United States had. Russia had five times as many people. Ukraine had twice as many people.\"</p><p>\"But here we were. What did we have? We had a map for the future, an aspirational map that somehow now only 232 years later, leaves us with five of the top six companies in the world,\" he said. \"It's not an accident. And it's not because we were way smarter, way stronger or anything of the sort. We had good soil, decent climate, but so did some of the other countries I named. This system has worked very well.\"</p><p>—</p><p>In opening remarks at the start of Berkshire Hathaway's annual shareholder meeting, Buffett credited the U.S. economic recovery from the COVID-19 crisis toswift action by the Federal Reserve and Congress.</p><p>\"The economy went off a cliff in March. It was resurrected in an extraordinarily effective way by Federal Reserve action and later on the fiscal front by Congress,\" Buffett said in opening remarks at Berkshire's annual shareholder meeting.\"</p><p>He added that Berkshire Hathaway's own business has picked up tremendously alongside the broader economy, and suggested businesses like airlines were still among those most deeply affected by lingering effects from the pandemic.</p><p>\"Our businesses have done really quite well. This has been a very, very, very unusual recession in that it's been localized ... to an extraordinary extent. Right now business is really very good in a great many segments of the economy,\" he added. \"But there's still problems if you're in a few types of businesses that have been decimated such as international air travel or something of the sort.\"</p><p>—</p><p>The CEO of See's Candies, one of the longstanding companies owned by Berkshire Hathaway, told Yahoo Finance that the companyhas seen a strong rebound at the start of 2021. However, last year, business virtually ground to a halt.</p><p>\"This has been the longest decade of my life. We've been through a lot. Last year – it's a tale of a couple of different quarters. The first quarter was tremendous,\" See's Candies CEO Pat Egan said in an interview with Yahoo Finance's Julia La Roche ahead of the start of Berkshire's annual shareholder meeting. \"In the middle of March, when this [pandemic] really hit, we shut down all of our stores in a span of five days. So about 245 stores we closed in a matter of days. And then about a week and a half later, we closed our e-commerce fulfillment center down in Southern California. So for a period of time there, we essentially completely stopped.\"</p><p>\"We just said, we're not going to reopen stores or reopen plants until we can create a safe operating environment for our employees,\" he added. \"That took a while, and by the time we restored over the summer we saw customers coming back in. But for that period of time, it was pretty rough.\"</p><p>See's Candies just completed its \"best first quarter ever\" at the start of 2021, Egan added.</p><p>—</p><p>Berkshire Hathawayreported first-quarter results Saturday morning, underscoring arebound in profits across the firm's businesses amid the COVID-19 recovery. Berkshire also reported that it conducted another $6.6 billion of stock buybacks, extending its ramped-up share repurchase program from 2020.</p><p>Operating income during the first three months of the year increased to $7.02 billion, rising 19.5% compared to the $5.87 billion posted in the first quarter of 2020. Net earnings attributable to Berkshire shareholders swung back to a profit of $11.71 billion, compared to a loss of $49.75 billion in the same quarter last year.</p><p>Consolidated shareholders' equity rose by $4.8 billion to $448 billion by the end of March compared to the fourth quarter of 2020.</p><p><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata={&quot;liveId&quot;:&quot;16196040827650&quot;}\" target=\"_blank\">If you want to watch the full live video, please click here.</a></p>","source":"yahoofinance_sg","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>Berkshire Hathaway Annual Meeting 2021: Highlights and storylines</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Annual Meeting 2021: Highlights and storylines\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-02 09:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.forbes.com/sites/garymishuris/2020/05/03/3-insights-from-warren-buffett-at-berkshire-hathaways-2020-annual-meeting/?sh=565c65856d50><strong>Tiger Newspress</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Emily McCormick·ReporterSun, May 2, 2021, 5:03 AMWarren Buffett addressed investors around the world on Saturday at Berkshire Hathaway's 2021 Annual Shareholder Meeting.Playback Live Here！In an hours-...</p>\n\n<a href=\"https://www.forbes.com/sites/garymishuris/2020/05/03/3-insights-from-warren-buffett-at-berkshire-hathaways-2020-annual-meeting/?sh=565c65856d50\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔"},"source_url":"https://www.forbes.com/sites/garymishuris/2020/05/03/3-insights-from-warren-buffett-at-berkshire-hathaways-2020-annual-meeting/?sh=565c65856d50","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103106179","content_text":"Emily McCormick·ReporterSun, May 2, 2021, 5:03 AMWarren Buffett addressed investors around the world on Saturday at Berkshire Hathaway's 2021 Annual Shareholder Meeting.Playback Live Here！In an hours-long event, the investing legend fielded questions on Berkshire's business and investment decisions,offered advice for first-time investorsand touted the strength of American corporations in a characteristically optimistic tone.Buffett nodded to the Federal Reserveand Congress for their swift response to the COVID-19 crisis, and underscored the rebound in the U.S. economy. And the Oracle of Omaha also addressed the recent rise in retail trading andonline brokerage firmslike Robinhood,the rally in bitcoinand the boom in SPAC mergers.In many ways, this year's meeting looked different from those in the past. The annual event took placein a hotel conference room in Los Angelesrather than in an arena in Omaha, Nebraska, due to the ongoing pandemic.Buffett's long-time business partner Charlie Munger also returned onstage this year to co-lead the event, after sitting out last year because of the pandemic. And in a new move, Buffett and Munger were joined by Berkshire's Vice Chairmen Gregory Abel and Ajit Jain,in a signal of potential succession plans at the company.Here were some of the highlights from the event.—Buffett said Berkshire Hathaway is seeing signs of rising price pressures during the COVID-19 recovery, corroborating many market participants' concerns about increasing inflationary pressures.\"We're seeing substantial inflation. We're raising prices, people are raising prices to us. And it's being accepted,\" Buffett said. \"We really do a lot of housing. The costs are just up, up, up. Steel costs. You know, just every day they're going up.\"\"It's an economy – really, it's red hot. And we weren't expecting it,\" he added.—Buffett said trading apps like Robinhoodhave contributed to the \"casino aspect\" of the stock market as of late, exploiting individuals' inclinations to gamble.“It’s become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year, year and a half,\" Buffett said of Robinhood. \"There’s nothing, you know, there’s nothing illegal about it, there’s nothing immoral. But I don’t think you’d build a society around people doing it.\"\"I think the degree to which a very rich society can reward people who know how to take advantage, essentially, of the gambling instincts of the American public, the worldwide public – it’s not the most admirable part of the accomplishment,\" Buffett added. \"But I think what America has accomplished is pretty admirable overall. And I think actually American corporations have turned out to be a wonderful place for people to put their money and save. But they also make terrific gambling chips, and if you cater to those gambling chips when people have money in their pocket for the first time and you tell them take my 30 or 40 or 50 trades a day and you’re not charging commission ... I hope we don’t have more of it.”—Buffett explained that Berkshire's move to unload many of its bank shares last year was not due to a lack of confidence in the banking industry, but more a decision to re-balance the portfolio and avoid being too heavily tilted toward one area.\"I like banks generally, I just didn't like the proportion compared to the possible risk,\" Buffett said. \"We were over 10% of Bank of America. It's a real pain in the neck, more to the banks than us.\"Berkshire held 1,032,952,006 shares of Bank of America as of the end of 2020, after adding 85.1 million shares in the third quarter alone. This gave Berkshire Hathaway an ownership stake of 11.9%. Berkshire cut its holdings of Wells Fargo from 345.7 million shares at year-end 2019 to 52.4 million by year-end 2020, and completely exited its holdings in JPMorgan Chase (JPM) and M&T Bank Corp (MTB).\"The banking business is way better than it was in the United States 10 or 15 years ago,\" he added. \"The banking business around the world in various places might worry me, but our banks are in far, far better shape than 10 or 15 years ago.\"—A shareholder asked Jain, who leads Berkshire's insurance business, whether he would be hypothetically willing to write an insurance policy for SpaceX founder Elon Musk for his proposed colonization of Mars.\"This is an easy one. No thank you, I’ll pass,\" Jain said.“Well I would say it would depend on the premium,” Buffett interjected with a laugh. \"And I would say that I would probably have a somewhat different rate if Elon was on board or not on board. It makes a difference if someone is asking to insure something.”—Warren Buffett declined to directly offer an opinion in response to a question on bitcoin, an assethe previously likened to \"rat poison squared.\"\"I knew there’d be a question on bitcoin or crypto and I thought to myself well, I watch these politicians dodge questions all the time … The truth is, I’m going to dodge that question,\" Buffett said. \"Because the truth is, we’ve probably got hundreds of thousands of people that are watching this that own bitcoin. And we’ve probably got two people that are short. So we’ve got a choice of making 400,000 people mad at us and unhappy, and making two people happy. And it’s just a dumb equation.\"Munger, however, issued a more direct attack.\"Those who know me well are just waving the red flag at the bull. Of course I hate the bitcoin success,\" he said. \"And I don’t welcome a currency that’s so useful kidnappers and extortionists and so forth. Nor do I like shoveling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So I think I should say modestly that the whole damn development is disgusting and contrary to the interest of civilization.\"—Both Buffett and Munger issued strong words of support for share repurchases, especially after Berkshire reported repurchasing an additional $6.6 billion in stock in the first three months of 2021.\"They're a way, essentially, of distributing the cash to the people that want the cash when other co-owners mostly want you to reinvest,\" Buffett said. \"It's a savings vehicle.\"\"I find it almost impossible to believe some of the arguments that are made that it's terrible to repurchase shares from a partner if they want to get out of something, and you're able to do it at prices that are advantages to the people that are staying,\" Buffett said. \"And it helps slightly the person that wants out.\"Munger offered a similar view.\"You're repurchasing stock. Just a bullet higher, it's deeply immoral,\" Munger said. \"But if you're repurchasing stock because it's a fair thing to do in the interest of your existing shareholders, it's a highly moral act and the people who are criticizing it are bonkers.\"—Low interest rates have catalyzed a surge in valuations across equities, giving those who invest in the markets an opportunity to create wealth, Munger said during the Berkshire Hathaway question and answer segment.\"I think one consequence of this present situation is, Bernie Sanders has basically won,\" Munger says. \"Because with everything boomed out so high and interest rates so low, what's going to happen is, the millennial generation is going to have a hell of a time getting rich compared to our generation ... He did it by accident, but he won.\"\"And so the difference between the difference between the rich and the poor in the generation that's rising is going to be a lot less,\" he added. \"So Bernie has won.\"—Buffett received a question around special purpose acquisition companies, or blank-check companies, which have become a hugely popular means for firms to go public over the past year.\"The SPACs generally have to spend their money in two years, as I understand it. If you have to buy a business in two years, you put a gun to my head and said you've got to buy a business in two years, I'd buy one but it wouldn't be much of one,\" Buffett.\"If you're running money from somebody else and you get a fee and you get the upside and you don't have the downside, you're going to buy something,\" he added. \"And frankly we're not competitive with that.\"\"It's an exaggerated version of what we've seen in kind of a gambling-type market,\" he added.—Buffett conceded that selling some of Apple's stock in 2020 was \"probably a mistake,\" with shares rising even further this year following the tech-led 2020 in the markets.\"The brand and the product — it's an incredible product,\" Buffett said of Apple. \"It is indispensable to people.\"\"I sold some stock last year, although our shareholders still saw their shares go up because we repurchased shares,\" he added. \"But that was probably a mistake.\"Berkshire owned 907,559,761 shares of Appleas of the end of December for a total market value of $120.4 billion. By contrast, the firm spent just $31 billion accumulating this stake since late 2016.—A shareholder directed a question to Ajit Jain and Greg Abel asking about the relationship the two likely next leaders of Berkshire Hathaway have with one another, given how iconic the relationship between Warren Buffett and Charlie Munger has been over the course of the company's history.\"There's no question the relationship Warren has with Charlie is unique,\" Jain said. \"It's not going to be duplicated, certainly not by me and Greg. I can't think of anybody that can duplicate it.\"\"I certainly have a lot of respect, both at a professional level and personal level, in terms of what Greg's abilities are,\" Jain added. \"We do not interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective decision.\"\"Even though the interaction may be different than say how Warren and Charlie do it ... we make sure we're always following up with each other but it goes beyond that,\" Abel said. \"Ajit has a great understanding of the Berkshire culture. I strongly believe I do too.\"—One shareholder asked Buffett about Berkshire's decision to invest in the oil and gas industry, and queried whether we might have \"build our own unrealistic consensus on the pace of change\" to clean energy solutions. Buffett defended the company's investment in the industry and in Chevron specifically, whichwas a relatively recent investment for the firm.\"I would say that people are on the extremes of both sides are a little nuts. I would hate to have all the hydrocarbons banned in three years,\" Buffett said. \"You wouldn't want a world — it wouldn't work. And on the other hand, what's happening will be adapted to over time just as we've adapted to all kinds of things.\"\"We have no problem owning Costco or Walmart and a substantial number of their stores. And they sell cigarettes, it's a big item,\" he added as an analogy. \"It's a very tough situation ... It's a very tough time to decide what companies benefit societies more than others.\"\"I don't like making the moral judgments on stocks in terms of actually running the businesses, but there's something about every business that you knew that you wouldn't like,\" he added. \"If you expect perfection in your spouse or in your friends or in companies you're not going to find it.\"\"Chevron is not an evil company in the least, and I have no compunction about owning it in the least, about owning Chevron,\" Buffett concluded. \"And if we owned the entire business I would not feel uncomfortable about being in that business.\"Answering a subsequent question about the Berkshire board of directors' recommendation to voteagainst reporting climate-related risks, Munger added, \"I don't know we know the answer to all these questions about global warming.\"\"The people who ask the questions think they know the answer. We're just more modest.\"—Most investors would benefit from simply purchasing an S&P 500 index fund over the long run rather than picking individual stocks, even including Berkshire Hathaway, Buffett said during the question-and-answer session Saturday.\"I recommend the S&P 500 index fund … I’ve never recommended Berkshire to anybody because I don’t want people to buy it because they think I’m tipping them into something,\" he said. \"On my death there's a fund for my then-widow and 90% will go into an S&P 500 index fund.\"\"I do not think the average person can pick stocks,\" he added. \"We happen to have a large group of people that didn't pick stocks but they picked Charlie and me to manage money for them 50, 60 years ago. So we have a very unusual group of shareholders I think who look at Berkshire as a lifetime savings vehicle and one that they don’t have to think about and one that they'll, you know, they don't look at it again for 10 to 20 years.\"Charlie Munger, on the other hand, had a different perspective.\"I personally prefer holding Berkshire to holding the market,\" he said in response to the same question. \"I’m quite comfortable holding Berkshire. I think our businesses are better than the average in the market.\"—Buffett reiterated a staunchly supportive stance of U.S. corporations and capitalism in his opening remarks, highlighting that five of the six largest companies in the world by market capitalization currently comprise domestic companies. Those five companies are Apple, Microsoft, Amazon, Alphabet and Facebook, with only Saudi Aramco of Saudi Arabia coming in as a non-U.S. mega-cap company in the top six.But only a couple hundred years ago, the U.S. looked like the underdog.\"In 1790 we had one-half of 1% of the world's population,\" Buffett said. \"600,000 of them were slaves. Ireland had more people than the United States had. Russia had five times as many people. Ukraine had twice as many people.\"\"But here we were. What did we have? We had a map for the future, an aspirational map that somehow now only 232 years later, leaves us with five of the top six companies in the world,\" he said. \"It's not an accident. And it's not because we were way smarter, way stronger or anything of the sort. We had good soil, decent climate, but so did some of the other countries I named. This system has worked very well.\"—In opening remarks at the start of Berkshire Hathaway's annual shareholder meeting, Buffett credited the U.S. economic recovery from the COVID-19 crisis toswift action by the Federal Reserve and Congress.\"The economy went off a cliff in March. It was resurrected in an extraordinarily effective way by Federal Reserve action and later on the fiscal front by Congress,\" Buffett said in opening remarks at Berkshire's annual shareholder meeting.\"He added that Berkshire Hathaway's own business has picked up tremendously alongside the broader economy, and suggested businesses like airlines were still among those most deeply affected by lingering effects from the pandemic.\"Our businesses have done really quite well. This has been a very, very, very unusual recession in that it's been localized ... to an extraordinary extent. Right now business is really very good in a great many segments of the economy,\" he added. \"But there's still problems if you're in a few types of businesses that have been decimated such as international air travel or something of the sort.\"—The CEO of See's Candies, one of the longstanding companies owned by Berkshire Hathaway, told Yahoo Finance that the companyhas seen a strong rebound at the start of 2021. However, last year, business virtually ground to a halt.\"This has been the longest decade of my life. We've been through a lot. Last year – it's a tale of a couple of different quarters. The first quarter was tremendous,\" See's Candies CEO Pat Egan said in an interview with Yahoo Finance's Julia La Roche ahead of the start of Berkshire's annual shareholder meeting. \"In the middle of March, when this [pandemic] really hit, we shut down all of our stores in a span of five days. So about 245 stores we closed in a matter of days. And then about a week and a half later, we closed our e-commerce fulfillment center down in Southern California. So for a period of time there, we essentially completely stopped.\"\"We just said, we're not going to reopen stores or reopen plants until we can create a safe operating environment for our employees,\" he added. \"That took a while, and by the time we restored over the summer we saw customers coming back in. But for that period of time, it was pretty rough.\"See's Candies just completed its \"best first quarter ever\" at the start of 2021, Egan added.—Berkshire Hathawayreported first-quarter results Saturday morning, underscoring arebound in profits across the firm's businesses amid the COVID-19 recovery. Berkshire also reported that it conducted another $6.6 billion of stock buybacks, extending its ramped-up share repurchase program from 2020.Operating income during the first three months of the year increased to $7.02 billion, rising 19.5% compared to the $5.87 billion posted in the first quarter of 2020. Net earnings attributable to Berkshire shareholders swung back to a profit of $11.71 billion, compared to a loss of $49.75 billion in the same quarter last year.Consolidated shareholders' equity rose by $4.8 billion to $448 billion by the end of March compared to the fourth quarter of 2020.If you want to watch the full live video, please click here.","news_type":1},"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103678747,"gmtCreate":1619782602789,"gmtModify":1704272283876,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Unexpected&nbsp;","listText":"Unexpected&nbsp;","text":"Unexpected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/103678747","repostId":"1124481303","repostType":4,"repost":{"id":"1124481303","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619770862,"share":"https://ttm.financial/m/news/1124481303?lang=&edition=fundamental","pubTime":"2021-04-30 16:21","market":"us","language":"en","title":"Barclays fell more than 6% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1124481303","media":"Tiger Newspress","summary":"Barclays fell more than 6% in premarket trading, and increased costs and bad debt provisions in the ","content":"<p>Barclays fell more than 6% in premarket trading, and increased costs and bad debt provisions in the first quarter.</p><p><img src=\"https://static.tigerbbs.com/81891c96f7426441fb0808f8f74c5ff5\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Barclays beats expectations in the first quarter as loan impairment charges slide</b></p><p>Barclays&nbsp;on Friday reported first-quarter net profit of £1.7 billion ($2.37 billion), helped by a rebound in equity trading and investment banking.</p><p>The British bank also said credit impairment charges had fallen “significantly” to £100 million, down from £2.1 billion in the first quarter of 2020.</p><p>Analysts had expected net income to come in at £1.3 billion for the first three months of the year, according to Refinitiv. The British bankpostednet income of £220 million for the fourth quarter of 2020.</p><p>Shares of Barclays are up about 31% since the start of the year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Barclays fell more than 6% in premarket trading</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\">\nBarclays fell more than 6% in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-30 16:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Barclays fell more than 6% in premarket trading, and increased costs and bad debt provisions in the first quarter.</p><p><img src=\"https://static.tigerbbs.com/81891c96f7426441fb0808f8f74c5ff5\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><b>Barclays beats expectations in the first quarter as loan impairment charges slide</b></p><p>Barclays&nbsp;on Friday reported first-quarter net profit of £1.7 billion ($2.37 billion), helped by a rebound in equity trading and investment banking.</p><p>The British bank also said credit impairment charges had fallen “significantly” to £100 million, down from £2.1 billion in the first quarter of 2020.</p><p>Analysts had expected net income to come in at £1.3 billion for the first three months of the year, according to Refinitiv. The British bankpostednet income of £220 million for the fourth quarter of 2020.</p><p>Shares of Barclays are up about 31% since the start of the year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BCS":"巴克莱银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124481303","content_text":"Barclays fell more than 6% in premarket trading, and increased costs and bad debt provisions in the first quarter.Barclays beats expectations in the first quarter as loan impairment charges slideBarclays on Friday reported first-quarter net profit of £1.7 billion ($2.37 billion), helped by a rebound in equity trading and investment banking.The British bank also said credit impairment charges had fallen “significantly” to £100 million, down from £2.1 billion in the first quarter of 2020.Analysts had expected net income to come in at £1.3 billion for the first three months of the year, according to Refinitiv. The British bankpostednet income of £220 million for the fourth quarter of 2020.Shares of Barclays are up about 31% since the start of the year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103671266,"gmtCreate":1619782454255,"gmtModify":1704272282062,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"It will sort out.&nbsp;","listText":"It will sort out.&nbsp;","text":"It will sort out.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/103671266","repostId":"1180690637","repostType":4,"repost":{"id":"1180690637","pubTimestamp":1619780056,"share":"https://ttm.financial/m/news/1180690637?lang=&edition=fundamental","pubTime":"2021-04-30 18:54","market":"us","language":"en","title":"EU says Apple’s App Store breaks competition rules after Spotify complaint","url":"https://stock-news.laohu8.com/highlight/detail?id=1180690637","media":"CNBC","summary":"Applehas “abused its dominant position” in the distribution of music streaming apps through its App Store, the European Commission said Friday.“The European Commission has informed Apple of its preliminary view that it distorted competition in the music streaming market as it abused its dominant position for the distribution of music streaming apps through its App Store,” it said in a “statement of objections” sent to Apple.On Friday, the EU said it took issue with the “mandatory use of Apple’s ","content":"<div>\n<p>Applehas “abused its dominant position” in the distribution of music streaming apps through its App Store, the European Commission said Friday.“The European Commission has informed Apple of its ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/30/eu-says-apples-app-store-breaches-competition-rules.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EU says Apple’s App Store breaks competition rules after Spotify complaint</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\">\nEU says Apple’s App Store breaks competition rules after Spotify complaint\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 18:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/30/eu-says-apples-app-store-breaches-competition-rules.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Applehas “abused its dominant position” in the distribution of music streaming apps through its App Store, the European Commission said Friday.“The European Commission has informed Apple of its ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/30/eu-says-apples-app-store-breaches-competition-rules.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.cnbc.com/2021/04/30/eu-says-apples-app-store-breaches-competition-rules.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1180690637","content_text":"Applehas “abused its dominant position” in the distribution of music streaming apps through its App Store, the European Commission said Friday.“The European Commission has informed Apple of its preliminary view that it distorted competition in the music streaming market as it abused its dominant position for the distribution of music streaming apps through its App Store,” it said in a “statement of objections” sent to Apple.The European Commission, the EU’s executive arm,opened an antitrust investigationinto the App Store last year, after the music streaming platformSpotifycomplained in 2019 about Apple’s license agreements. These mean that app developers have to pay a 30% commission on all subscription fees that come through the App Store.On Friday, the EU said it took issue with the “mandatory use of Apple’s own in-app purchase mechanism imposed on music streaming app developers to distribute their apps via Apple’s App Store.”App developers are also unable to inform users of alternative ways to purchase the same apps elsewhere — another issue the Commission said it was concerned with.In response, Apple said the EU’s case was the “opposite of fair competition,” according to a statement cited by Reuters.“Spotify has become the largest music subscription service in the world, and we’re proud of the role we played in that,” Apple said in the statement. “Once again, they want all the benefits of the App Store but don’t think they should have to pay anything for that.”A statement of objections is part of the formal process in an antitrust investigation, but it does not conclude the probe. Apple now has to reply to the Commission’s concerns either in writing or via a oral hearing.‘Apple is a gatekeeper’It comes after an e-book and audiobook distributor filed a similar complaint against Apple March 2020, while Epic Games —which is already locking horns with Apple in a U.S. legal battle— filed an antitrust complaint against the iPhone maker with the European Commission earlier this year.Margrethe Vestager, the head of competition policy in the EU, said app stores play a “central role” in today’s digital economy.“Our preliminary finding is that Apple is a gatekeeper to users of iPhones and iPads via the App Store. With Apple Music, Apple also competes with music streaming providers,” she said in a statement Friday.“By setting strict rules on the App store that disadvantage competing music streaming services, Apple deprives users of cheaper music streaming choices and distorts competition. This is done by charging high commission fees on each transaction in the App store for rivals and by forbidding them from informing their customers of alternative subscription options,” she added.Legal battlesThis is not the first investigation that the European Commission has brought against Apple.The commission decided in Septemberto take Apple and the Irish government to the highest court in the European Union for what Brussels deems unfair taxation practices.The EU ruled in 2016 that Apple had to repay 13 billion euros ($15.7 billion) in unpaid taxes to the Irish government, after the latter granted “undue tax benefits.”Apple and the Irish government have contested the decisionand the case is still in court.Hoping to overcome long legal battles and make its markets fairer, the European Union is working on new regulation that could ultimately impact many of the U.S. tech giants.TheDigital Markets Actis likely to end what’s known as self-preferencing — when, for instance, app search results in an Apple product prioritize those developed by the tech giant. The idea is to give smaller app developers the same chance of being found and chosen by consumers.The legislation is still being discussed by European lawmakers. But, apart from enforcing practical changes, it will also have the power to fine companies up to 10% of their worldwide annual turnover.","news_type":1},"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345742342,"gmtCreate":1618357271486,"gmtModify":1704709521267,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Looking forward","listText":"Looking forward","text":"Looking forward","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/345742342","repostId":"2127489360","repostType":4,"repost":{"id":"2127489360","pubTimestamp":1618330057,"share":"https://ttm.financial/m/news/2127489360?lang=&edition=fundamental","pubTime":"2021-04-14 00:07","market":"us","language":"en","title":"Apple to Hold First Product Unveiling of the Year on April 20","url":"https://stock-news.laohu8.com/highlight/detail?id=2127489360","media":"Bloomberg","summary":" -- Apple Inc.’s first product unveiling of 2021 will take place on April 20, the company said on Tuesday.The Cupertino, California-based technology giant dubbed the event “Spring Loaded” in a media invitation. Apple plans to unveil a new iPad Pro line as early as this month, Bloomberg News reported recently. The company has also been working on several other products, including an accessory dubbed AirTags for tracking physical devices and new iMac desktops.Due to the Covid-19 pandemic, the even","content":"<p>(Bloomberg) -- Apple Inc.’s first product unveiling of 2021 will take place on April 20, the company said on Tuesday.</p><p>The Cupertino, California-based technology giant dubbed the event “Spring Loaded” in a media invitation. Apple plans to unveil a new iPad Pro line as early as this month, Bloomberg News reported recently. The company has also been working on several other products, including an accessory dubbed AirTags for tracking physical devices and new iMac desktops.</p><p>Due to the Covid-19 pandemic, the event will be online and streamed via Apple’s website. This will be Apple’s fifth virtual keynote, following last year’s developer conference and separate events for the latest Apple Watch, iPhone 12 and first Macs with Apple’s own M1 processors. Apple is holding its second virtual developer conference in early June, the company said last month.</p><p><img src=\"https://static.tigerbbs.com/762d9fc69d74278eb32de383362010cf\" tg-width=\"1296\" tg-height=\"770\" referrerpolicy=\"no-referrer\"></p><p>The new iPad Pros will come in the same 11-inch and 12.9 inch screen sizes as the current models, but will add processors on par with the latest Mac chips, a new MiniLED screen on the larger model, updated cameras, and potentially an upgraded connector for faster syncing of data and compatibility with additional external monitors and storage drives.</p><p>The larger iPad Pro has been facing production issues due to the new screen technology and may initially be in short supply, Bloomberg News recently reported.</p><p>The iPad generated $8.4 billion in revenue for Apple during the key holiday quarter of 2020, the most since 2014. Sales jumped on demand from people working and studying from home during the pandemic. As employees and students begin returning to offices and schools in coming months, Apple will be betting on the new iPad models to maintain interest in the tablet line.</p><p>At the event, Apple is also likely to announce the release date of iOS 14.5, an upcoming software update that will introduce new privacy protections for ad tracking across apps and websites. The update has irked companies like <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc., which has said the changes could hurt its advertising business.</p><p>Apple&nbsp;rose&nbsp;2%&nbsp;in&nbsp;Tuesday&nbsp;market&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/89db24077942e5101e4be36739f52688\" tg-width=\"873\" tg-height=\"546\"></p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple to Hold First Product Unveiling of the Year on April 20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple to Hold First Product Unveiling of the Year on April 20\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 00:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apple-hold-first-product-unveiling-160737262.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Apple Inc.’s first product unveiling of 2021 will take place on April 20, the company said on Tuesday.The Cupertino, California-based technology giant dubbed the event “Spring Loaded” ...</p>\n\n<a href=\"https://finance.yahoo.com/news/apple-hold-first-product-unveiling-160737262.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","FBNC":"第一万能金控","THFF":"First Financial Corporation Indi","03086":"华夏纳指","FFBC":"第一金融银行股份","FNLC":"第一万通金控"},"source_url":"https://finance.yahoo.com/news/apple-hold-first-product-unveiling-160737262.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2127489360","content_text":"(Bloomberg) -- Apple Inc.’s first product unveiling of 2021 will take place on April 20, the company said on Tuesday.The Cupertino, California-based technology giant dubbed the event “Spring Loaded” in a media invitation. Apple plans to unveil a new iPad Pro line as early as this month, Bloomberg News reported recently. The company has also been working on several other products, including an accessory dubbed AirTags for tracking physical devices and new iMac desktops.Due to the Covid-19 pandemic, the event will be online and streamed via Apple’s website. This will be Apple’s fifth virtual keynote, following last year’s developer conference and separate events for the latest Apple Watch, iPhone 12 and first Macs with Apple’s own M1 processors. Apple is holding its second virtual developer conference in early June, the company said last month.The new iPad Pros will come in the same 11-inch and 12.9 inch screen sizes as the current models, but will add processors on par with the latest Mac chips, a new MiniLED screen on the larger model, updated cameras, and potentially an upgraded connector for faster syncing of data and compatibility with additional external monitors and storage drives.The larger iPad Pro has been facing production issues due to the new screen technology and may initially be in short supply, Bloomberg News recently reported.The iPad generated $8.4 billion in revenue for Apple during the key holiday quarter of 2020, the most since 2014. Sales jumped on demand from people working and studying from home during the pandemic. As employees and students begin returning to offices and schools in coming months, Apple will be betting on the new iPad models to maintain interest in the tablet line.At the event, Apple is also likely to announce the release date of iOS 14.5, an upcoming software update that will introduce new privacy protections for ad tracking across apps and websites. The update has irked companies like Facebook Inc., which has said the changes could hurt its advertising business.Apple rose 2% in Tuesday market trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134229656,"gmtCreate":1622243961175,"gmtModify":1704182031459,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Good news!","listText":"Good news!","text":"Good news!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134229656","repostId":"2138488613","repostType":4,"repost":{"id":"2138488613","pubTimestamp":1622212702,"share":"https://ttm.financial/m/news/2138488613?lang=&edition=fundamental","pubTime":"2021-05-28 22:38","market":"us","language":"en","title":"Apple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’","url":"https://stock-news.laohu8.com/highlight/detail?id=2138488613","media":"WWD","summary":"As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative payments partnerships to join its team.According to a job listing posted earlier this week, the business development manager will work with Apple Pay teams to bring a “deep knowledge of the alternative payments ecosystem” and will be responsible for “developing and executing strategic and tactical plans a","content":"<p>As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative payments partnerships to join its team.</p><p>According to a job listing posted earlier this week, the business development manager will work with Apple Pay teams to bring a “deep knowledge of the alternative payments ecosystem” and will be responsible for “developing and executing strategic and tactical plans across many organizational partners.”</p><p>The team, states the listing, needs help forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners,” as Apple negotiates partnerships and launches new programs.</p><p>Notably, the listing states that screening potential partners will fall under the new hire’s scope. For BNPL, this will likely include companies such as Affirm, Afterpay, Klarna, <a href=\"https://laohu8.com/S/SZL.AU\">Sezzle</a>, SplitIt, Quadpay and <a href=\"https://laohu8.com/S/PYPL\">PayPal</a>. When asked what Apple’s move in the space may mean for the future of growth in the digital wallet, executives from the companies agreed it was a great opportunity for all involved, including consumers.</p><p>“Finding partnerships in the alternative payments space makes sense for Apple on a number of levels,” said Charlie Youakim, Sezzle chief executive officer and cofounder of Sezzle. “First, the world of payments is a significant Total Addressable Market opportunity, which is underpenetrated in terms of market share from alternative providers. Second, a partnership would allow Apple to avoid credit risk on its balance sheet. And third, it would be a natural extension of some of the products Apple already provides such as its iPhone Wallet, Apple Pay, and Apple Card.”</p><p>Moreover, Brad Paterson, chief executive officer at <a href=\"https://laohu8.com/S/SPT.AU\">Splitit</a>, said, “Apple’s news is another positive sign for the buy now, pay later industry. Payments expertise is a growing need for retailers as consumers demand more flexibility, including how they pay overtime. For example, many consumers prefer to pay in installments using their existing cards instead of obtaining new debt via traditional point-of-sale financing. Appointing a payment specialist will help companies such as Apple solve for the different and evolving needs of consumers.”</p><p>According to Zahir Khoja, head of North America at Afterpay, it’s important to note that its customers of Millennials and Gen Z represent a massive shift to debit spending, with more than 90 percent of transactions being made with a debit card.</p><p>“Unlike other BNPL products, which are just a new form of a credit card, Afterpay gives shoppers the ability to avoid expensive interest, hidden fees and pernicious debt,” Khoja said. “Afterpay’s current partnership with Apple represents a significant change in the way young people want to pay.</p><p>Affirm, Klarna and Quadpay withheld comment for this story.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Looks to Create Partnerships in the ‘Alternative Payments Ecosystem’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apple-looks-create-partnerships-alternative-143822899.html><strong>WWD</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative ...</p>\n\n<a href=\"https://finance.yahoo.com/news/apple-looks-create-partnerships-alternative-143822899.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03086":"华夏纳指","09086":"华夏纳指-U","AAPL":"苹果"},"source_url":"https://finance.yahoo.com/news/apple-looks-create-partnerships-alternative-143822899.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2138488613","content_text":"As growth in the alternative payment space, including buy now, pay later, fast payments, cryptocurrency and digital wallets, only continues to expand, Apple is looking for a lead in alternative payments partnerships to join its team.According to a job listing posted earlier this week, the business development manager will work with Apple Pay teams to bring a “deep knowledge of the alternative payments ecosystem” and will be responsible for “developing and executing strategic and tactical plans across many organizational partners.”The team, states the listing, needs help forming partnership framework and commercial models, defining implementation paradigms, identifying key players and managing relationships with strategic alternative payment partners,” as Apple negotiates partnerships and launches new programs.Notably, the listing states that screening potential partners will fall under the new hire’s scope. For BNPL, this will likely include companies such as Affirm, Afterpay, Klarna, Sezzle, SplitIt, Quadpay and PayPal. When asked what Apple’s move in the space may mean for the future of growth in the digital wallet, executives from the companies agreed it was a great opportunity for all involved, including consumers.“Finding partnerships in the alternative payments space makes sense for Apple on a number of levels,” said Charlie Youakim, Sezzle chief executive officer and cofounder of Sezzle. “First, the world of payments is a significant Total Addressable Market opportunity, which is underpenetrated in terms of market share from alternative providers. Second, a partnership would allow Apple to avoid credit risk on its balance sheet. And third, it would be a natural extension of some of the products Apple already provides such as its iPhone Wallet, Apple Pay, and Apple Card.”Moreover, Brad Paterson, chief executive officer at Splitit, said, “Apple’s news is another positive sign for the buy now, pay later industry. Payments expertise is a growing need for retailers as consumers demand more flexibility, including how they pay overtime. For example, many consumers prefer to pay in installments using their existing cards instead of obtaining new debt via traditional point-of-sale financing. Appointing a payment specialist will help companies such as Apple solve for the different and evolving needs of consumers.”According to Zahir Khoja, head of North America at Afterpay, it’s important to note that its customers of Millennials and Gen Z represent a massive shift to debit spending, with more than 90 percent of transactions being made with a debit card.“Unlike other BNPL products, which are just a new form of a credit card, Afterpay gives shoppers the ability to avoid expensive interest, hidden fees and pernicious debt,” Khoja said. “Afterpay’s current partnership with Apple represents a significant change in the way young people want to pay.Affirm, Klarna and Quadpay withheld comment for this story.","news_type":1},"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135921322,"gmtCreate":1622126947866,"gmtModify":1704180013522,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"All d best&nbsp;","listText":"All d best&nbsp;","text":"All d best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135921322","repostId":"1146459355","repostType":2,"repost":{"id":"1146459355","pubTimestamp":1622085331,"share":"https://ttm.financial/m/news/1146459355?lang=&edition=fundamental","pubTime":"2021-05-27 11:15","market":"us","language":"en","title":"Li Auto On The Boundary Of Positive Bottom Line","url":"https://stock-news.laohu8.com/highlight/detail?id=1146459355","media":"seekingalpha","summary":"China is on track to achieve sustained EV growth of 51% in 2021.LI’s management has a positive Q2 market outlook, generating $651.7 million in revenue, up 119 percent from Q2 2020.Beats analyst estimates and, if capitalized throughout the year, LI will generate a positive bottom line by 2022.A new and upgraded product called Li ONE is to be released and delivered by June 1, 2021.With an EV/REVENUE multiple of 9.9x, it is undervalued in comparison to its peers.As a result of the pandemic and chip","content":"<p><b>Summary</b></p>\n<ul>\n <li>China is on track to achieve sustained EV growth of 51% in 2021.</li>\n <li>LI’s management has a positive Q2 market outlook, generating $651.7 million in revenue, up 119 percent from Q2 2020.</li>\n <li>Beats analyst estimates and, if capitalized throughout the year, LI will generate a positive bottom line by 2022.</li>\n <li>A new and upgraded product called Li ONE is to be released and delivered by June 1, 2021.</li>\n <li>With an EV/REVENUE multiple of 9.9x, it is undervalued in comparison to its peers.</li>\n</ul>\n<p><b>Investment Thesis</b></p>\n<p>After plunging 195 percent from its 2020 highs, Li Auto Inc. (NASDAQ:LI) bottomed at the 15 level and began to recover as the future of electric vehicles remains strong, with political support. LI continues its outstanding performance with the potential to generate a positive bottom line in 2022. The company announced a brand new product, which will allow them to retain a competitive edge against its peers. LI is undervalued at an EV/REVENUE multiple of 9.9x.</p>\n<p><b>Overview</b></p>\n<p>As a result of the pandemic and chip supply constraints, EV companies are forced to play defensively, resulting in a 13% reduction in LI's Q1 2021 production from Q4 2020. Despite the chip shortages, China is set for a sustained period of solid EV growth of 51% in 2021<b>.</b></p>\n<p><img src=\"https://static.tigerbbs.com/2e2001f940946860fdb43f45ba0c5958\" tg-width=\"839\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p>\n<p>Source</p>\n<p>The production slowdown is temporary and will subside as the global economy continues to recover from the pandemic. How are the leading Chinese electric vehicle manufacturers faring during the post-pandemic period? LI, NIO Inc. (NYSE:NIO), and XPeng Inc. (NYSE:XPEV) all reported outstanding Q1 deliveries of 12,579, 20,060, and 13,340 units, respectively.</p>\n<p><img src=\"https://static.tigerbbs.com/070436c09a0a84cca2e805f49c9fe6ba\" tg-width=\"481\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Prepared by the Author</p>\n<p>LI generated $1.67 billion of total revenue TTM lower compared to its peers' mean and higher by 15 percent compared to 2020. However, when compared to Q1 2020, the result is an outstanding 354%.</p>\n<p><b>2021 Li ONE</b></p>\n<p>On May 25, 2021, LI officially released a statement about the launch of their 2021 Li ONE, the world's first vehicle with navigation on ADAS (NOA) as a standard configuration. 2021 Li ONE underwent extensive upgrades, including software and hardware optimization and an integrated Powertrain system. Its NEDC range is 1,080 kilometers, while its WLTC range is 890 kilometers. Its fuel economy mode contains 6.05 liters per 100 kilometers under NEDC-standard operating conditions, which is the best in class among large four-wheel-drive SUVs. Delivery of the 2021 Li ONE will commence on June 1st.</p>\n<p>In theirUnaudited Q1 report, LI explained that its core values regarding safety should be mandatory, not optional, so they developed the NOA system. Thus, the company became the first OEM to offer a standard configuration of a full-stack self-developed NOA based on domestic application processors.</p>\n<p><b>Business Outlook</b></p>\n<p>The company anticipates the following for the second quarter of 2021:</p>\n<ul>\n <li>Total vehicles to be delivered: between 14,500 and 15,500 units, an increase of 119.6% to 134.7% over the second quarter of 2020.</li>\n <li>Total revenues to be generated: between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), up between 104.6% to 119% from Q2 2020.</li>\n</ul>\n<p><img src=\"https://static.tigerbbs.com/1d69ac205e2bdc1f306b0b66f46b57cd\" tg-width=\"635\" tg-height=\"248\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Presented By the Author,Estimates from Analyst</p>\n<p>Using the analyst estimate, I forecasted a three-year LI model. If LI continues to materialize revenue growth and maintains a competitive advantage by upgrading Li ONE while developing new models, there is no doubt that they will generate a positive net income by 2022, likely ahead of their peers.</p>\n<p><b>Price Action: Bullish Breakout, MACD Crossover, Resting Volume</b></p>\n<p><img src=\"https://static.tigerbbs.com/4d2dae6c355f91f0fe056baf96643b13\" tg-width=\"1280\" tg-height=\"729\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: TradingView</p>\n<p>LI recently broke out a bullish diagonal pattern together with MACD crossover in its daily timeframe. I plotted three key levels where price might make a discount before retesting last year's high of $47 levels.</p>\n<p><b>Risk</b></p>\n<p><i>Increasing Competition</i></p>\n<p>Chinese EV manufacturers like LI will face tighter competition as the US makes its steps to fasten its EV manufacturers by giving tax incentives to buy electronic vehicles. Such companies include Ford Motor Company (NYSE:F) and Lordstown Motors Corp. (NASDAQ:RIDE). I recently wrote aboutLordstown Motors' Future Stock In Play, which leads me to wonder whether RIDE can be a potential competitor of LI in the future.</p>\n<blockquote>\n <b>\"On May 19, 2021, according to the White House,Bidenhas ruled out consumer incentives for high-priced electric luxury models, as he advocates for massive government spending to entice Americans to buy electric vehicles.\"</b>\n</blockquote>\n<p><b>Final Key Takeaways</b></p>\n<p>Strategic partnerships, such as one announced by LI with Nvidia (NASDAQ:NVDA) in September 2020, became critical to the company's long-term success. In April 2021, LIreportedthat they are developing next-gen EVs using NVIDIA DRIVE Orin, to be shipped in 2022. LI's new EVs are being developed in collaboration with tier-1 supplier Desay SV and will feature advanced autonomous driving capabilities and a longer battery range. This will be accelerated further by PresidentJoe Biden's$50 billion stimulus package to stimulate the semiconductor industry.</p>\n<p><img src=\"https://static.tigerbbs.com/b1d3a27b63a809d20f53b2b60d3d7b35\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\"></p>\n<p>When LI is compared to its peers via the EV/REVENUE multiple, it is clear that LI operates more efficiently than its competitors, implying that LI is undervalued at a 9.9x EV/REVENUE multiple. LI is a stock worth monitoring, with an improved and newer product as a catalyst and capitalizing on its growth to become the first EV to generate a positive bottom line.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Auto On The Boundary Of Positive Bottom Line</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\">\nLi Auto On The Boundary Of Positive Bottom Line\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-27 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4431449-li-auto-boundary-of-positive-bottom-line><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nChina is on track to achieve sustained EV growth of 51% in 2021.\nLI’s management has a positive Q2 market outlook, generating $651.7 million in revenue, up 119 percent from Q2 2020.\nBeats ...</p>\n\n<a href=\"https://seekingalpha.com/article/4431449-li-auto-boundary-of-positive-bottom-line\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车"},"source_url":"https://seekingalpha.com/article/4431449-li-auto-boundary-of-positive-bottom-line","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1146459355","content_text":"Summary\n\nChina is on track to achieve sustained EV growth of 51% in 2021.\nLI’s management has a positive Q2 market outlook, generating $651.7 million in revenue, up 119 percent from Q2 2020.\nBeats analyst estimates and, if capitalized throughout the year, LI will generate a positive bottom line by 2022.\nA new and upgraded product called Li ONE is to be released and delivered by June 1, 2021.\nWith an EV/REVENUE multiple of 9.9x, it is undervalued in comparison to its peers.\n\nInvestment Thesis\nAfter plunging 195 percent from its 2020 highs, Li Auto Inc. (NASDAQ:LI) bottomed at the 15 level and began to recover as the future of electric vehicles remains strong, with political support. LI continues its outstanding performance with the potential to generate a positive bottom line in 2022. The company announced a brand new product, which will allow them to retain a competitive edge against its peers. LI is undervalued at an EV/REVENUE multiple of 9.9x.\nOverview\nAs a result of the pandemic and chip supply constraints, EV companies are forced to play defensively, resulting in a 13% reduction in LI's Q1 2021 production from Q4 2020. Despite the chip shortages, China is set for a sustained period of solid EV growth of 51% in 2021.\n\nSource\nThe production slowdown is temporary and will subside as the global economy continues to recover from the pandemic. How are the leading Chinese electric vehicle manufacturers faring during the post-pandemic period? LI, NIO Inc. (NYSE:NIO), and XPeng Inc. (NYSE:XPEV) all reported outstanding Q1 deliveries of 12,579, 20,060, and 13,340 units, respectively.\n\nSource: Prepared by the Author\nLI generated $1.67 billion of total revenue TTM lower compared to its peers' mean and higher by 15 percent compared to 2020. However, when compared to Q1 2020, the result is an outstanding 354%.\n2021 Li ONE\nOn May 25, 2021, LI officially released a statement about the launch of their 2021 Li ONE, the world's first vehicle with navigation on ADAS (NOA) as a standard configuration. 2021 Li ONE underwent extensive upgrades, including software and hardware optimization and an integrated Powertrain system. Its NEDC range is 1,080 kilometers, while its WLTC range is 890 kilometers. Its fuel economy mode contains 6.05 liters per 100 kilometers under NEDC-standard operating conditions, which is the best in class among large four-wheel-drive SUVs. Delivery of the 2021 Li ONE will commence on June 1st.\nIn theirUnaudited Q1 report, LI explained that its core values regarding safety should be mandatory, not optional, so they developed the NOA system. Thus, the company became the first OEM to offer a standard configuration of a full-stack self-developed NOA based on domestic application processors.\nBusiness Outlook\nThe company anticipates the following for the second quarter of 2021:\n\nTotal vehicles to be delivered: between 14,500 and 15,500 units, an increase of 119.6% to 134.7% over the second quarter of 2020.\nTotal revenues to be generated: between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), up between 104.6% to 119% from Q2 2020.\n\n\nSource: Presented By the Author,Estimates from Analyst\nUsing the analyst estimate, I forecasted a three-year LI model. If LI continues to materialize revenue growth and maintains a competitive advantage by upgrading Li ONE while developing new models, there is no doubt that they will generate a positive net income by 2022, likely ahead of their peers.\nPrice Action: Bullish Breakout, MACD Crossover, Resting Volume\n\nSource: TradingView\nLI recently broke out a bullish diagonal pattern together with MACD crossover in its daily timeframe. I plotted three key levels where price might make a discount before retesting last year's high of $47 levels.\nRisk\nIncreasing Competition\nChinese EV manufacturers like LI will face tighter competition as the US makes its steps to fasten its EV manufacturers by giving tax incentives to buy electronic vehicles. Such companies include Ford Motor Company (NYSE:F) and Lordstown Motors Corp. (NASDAQ:RIDE). I recently wrote aboutLordstown Motors' Future Stock In Play, which leads me to wonder whether RIDE can be a potential competitor of LI in the future.\n\n\"On May 19, 2021, according to the White House,Bidenhas ruled out consumer incentives for high-priced electric luxury models, as he advocates for massive government spending to entice Americans to buy electric vehicles.\"\n\nFinal Key Takeaways\nStrategic partnerships, such as one announced by LI with Nvidia (NASDAQ:NVDA) in September 2020, became critical to the company's long-term success. In April 2021, LIreportedthat they are developing next-gen EVs using NVIDIA DRIVE Orin, to be shipped in 2022. LI's new EVs are being developed in collaboration with tier-1 supplier Desay SV and will feature advanced autonomous driving capabilities and a longer battery range. This will be accelerated further by PresidentJoe Biden's$50 billion stimulus package to stimulate the semiconductor industry.\n\nWhen LI is compared to its peers via the EV/REVENUE multiple, it is clear that LI operates more efficiently than its competitors, implying that LI is undervalued at a 9.9x EV/REVENUE multiple. LI is a stock worth monitoring, with an improved and newer product as a catalyst and capitalizing on its growth to become the first EV to generate a positive bottom line.","news_type":1},"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107645842,"gmtCreate":1620487844686,"gmtModify":1704344307035,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Finally in china","listText":"Finally in china","text":"Finally in china","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107645842","repostId":"1120563519","repostType":2,"repost":{"id":"1120563519","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620445920,"share":"https://ttm.financial/m/news/1120563519?lang=&edition=fundamental","pubTime":"2021-05-08 11:52","market":"us","language":"en","title":"Tesla Raises China Model 3 Prices, Citing Cost Fluctuations","url":"https://stock-news.laohu8.com/highlight/detail?id=1120563519","media":"Tiger Newspress","summary":"Tesla Inc.raised the price of a Model 3 sedan in China by 1,000 yuan ($155) from Saturday, citing co","content":"<p>Tesla Inc.raised the price of a Model 3 sedan in <a href=\"https://laohu8.com/S/CAAS\">China</a> by 1,000 yuan ($155) from Saturday, citing cost fluctuations.</p><p>The basic model of the vehicle is now priced at 250,900 yuan, the automaker said in aposton its <a href=\"https://laohu8.com/S/WB\">Weibo</a> social media account.</p><p>China’sinflationis generally under control, The Economic Daily reported Friday, citing an official from the <a href=\"https://laohu8.com/S/NHLD\">National</a> Bureau of Statistics.<img src=\"https://static.tigerbbs.com/aedaee7c79ea684b08f11620857e02a7\" tg-width=\"741\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Raises China Model 3 Prices, Citing Cost Fluctuations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Raises China Model 3 Prices, Citing Cost Fluctuations\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-08 11:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Tesla Inc.raised the price of a Model 3 sedan in <a href=\"https://laohu8.com/S/CAAS\">China</a> by 1,000 yuan ($155) from Saturday, citing cost fluctuations.</p><p>The basic model of the vehicle is now priced at 250,900 yuan, the automaker said in aposton its <a href=\"https://laohu8.com/S/WB\">Weibo</a> social media account.</p><p>China’sinflationis generally under control, The Economic Daily reported Friday, citing an official from the <a href=\"https://laohu8.com/S/NHLD\">National</a> Bureau of Statistics.<img src=\"https://static.tigerbbs.com/aedaee7c79ea684b08f11620857e02a7\" tg-width=\"741\" tg-height=\"336\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAAS":"中汽系统","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120563519","content_text":"Tesla Inc.raised the price of a Model 3 sedan in China by 1,000 yuan ($155) from Saturday, citing cost fluctuations.The basic model of the vehicle is now priced at 250,900 yuan, the automaker said in aposton its Weibo social media account.China’sinflationis generally under control, The Economic Daily reported Friday, citing an official from the National Bureau of Statistics.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101811511,"gmtCreate":1619875753133,"gmtModify":1704335969934,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Wish apple climbs more after the recent saga","listText":"Wish apple climbs more after the recent saga","text":"Wish apple climbs more after the recent saga","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/101811511","repostId":"1199870015","repostType":4,"repost":{"id":"1199870015","pubTimestamp":1619786210,"share":"https://ttm.financial/m/news/1199870015?lang=&edition=fundamental","pubTime":"2021-04-30 20:36","market":"us","language":"en","title":"The tech giants showed how dominant they are this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1199870015","media":"CNBC","summary":"In many cases, relatively small business units buried within the giants are generating more revenue ","content":"<div>\n<p>In many cases, relatively small business units buried within the giants are generating more revenue than entire big-name tech companies.These tech giants turn the law of large numbers on its head.The ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/30/tech-giants-q1-earnings-showed-dominance-amzn-aapl-googl-fb-msft.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The tech giants showed how dominant they are this week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe tech giants showed how dominant they are this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 20:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/30/tech-giants-q1-earnings-showed-dominance-amzn-aapl-googl-fb-msft.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In many cases, relatively small business units buried within the giants are generating more revenue than entire big-name tech companies.These tech giants turn the law of large numbers on its head.The ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/30/tech-giants-q1-earnings-showed-dominance-amzn-aapl-googl-fb-msft.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOGL":"谷歌A","MSFT":"微软","GOOG":"谷歌","AMZN":"亚马逊"},"source_url":"https://www.cnbc.com/2021/04/30/tech-giants-q1-earnings-showed-dominance-amzn-aapl-googl-fb-msft.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1199870015","content_text":"In many cases, relatively small business units buried within the giants are generating more revenue than entire big-name tech companies.These tech giants turn the law of large numbers on its head.The tech industry is really two industries. There are the five giants, which operate at an almost unimaginable scale, and then there's everybody else.Alphabet, Amazon, Apple, Facebook and Microsoft all reported March quarter earnings this week, and some of the numbers that came out showed how dominant they are. In many cases, relatively small business units buried within the giants are generating more revenue than entire big-name tech companies.For instance:Google’s YouTubeison trackto generate as much revenue this year asNetflix— once dubbed a peer in the collection of “FAANG” stocks. Yet, YouTube is a relatively small business forGoogle, accounting for only 13% of its advertising revenue. Meanwhile, parent company Alphabetgained another $4.5 billionfrom an increase in the value of investments it’s made in start-ups over the last decade, as many of those start-ups have gone public or raised new rounds at dramatically higher valuations.Amazon’s advertisingbusiness generated close to $7 billion during the quarter, and its growth rate is accelerating. That’s nearlyseven times as muchas all ofTwitter, but it’s barely noticeable against Amazon’stotal quarterly revenueof over $108 billion. Meanwhile, the company’s cloud computing business,Amazon Web Services, generated more revenue in the first quarter of 2021 than all ofOracledid in itsfiscal third quarter, which ended Feb. 28.Microsoft’s LinkedInhas bookedmore than $3 billion in ad revenueduring the last year, which is more than the entirety ofSnaporPinterest. But that’s a drop in the bucket forMicrosoft, which has booked over $121 billion in the last nine months alone.Apple’s gadget business,dubbed “Wearables, Home and Accessories” and consisting of Apple Watch, audio add-ons like AirPods and HomePods, and other home devices like Apple TV, booked more than $7.8 billion in the quarter ended Mar. 31. That’s more thanHP’s laptop businessgenerated in its quarter ended Jan. 31— which, unlike Apple’s quarter, encompassed the holiday buying season. Yet it only accounted for 8.7% of Apple’s overall sales. Apple’s iPhone business, meanwhile, is truly in a class by itself — it generated more revenues than all of Microsoft, as has been the case for years.Facebookdoesn’t break out the performance of its business units, making it hard to get a feel for how they stack up against stand-alone competitors. But the company says 2.7 billion people use one of its apps every day, and 3.4 billion people use them at least once a month, making it equal in scale to these other giants, even if it’s the only one with a market cap still under $1 trillion. Bloomberg hasreportedthat Instagram generated $20 billion in ad revenue in 2019, putting it among the biggest digital advertising properties in the world — and well ahead of social media competitors like Snap, Pinterest and Twitter.The law of large numbers turned on its headTypically in business, companies run into the “law of large numbers,” and growth rates slow. Conventional wisdom dictates that generating $500 million in new revenue is a lot harder than generating $50 million, so by mathematical law, it’s harder to grow 50% from $1 billion than from $100 million.But the nature of technology platforms turns that law on its head. When a tech business achieves truly massive scale — and all of these companies have multiple businesses that reach more than one billion customers — it’s easier to grow by collecting additional streams of revenue from a massive installed base than it is to invent new business areas from scratch or steal customers from bigger competitors.These giants can take the data from their already massive operations to learn about their customers and sell them new products effectively. They can leverage existing customer relationships to sell add-on products. They can use their cash flow or stock tobuy promising new upstartsand, if they decline,clone them.Nothing makes a dent. They brush off congressional hearings, fines from regulators, antitrust investigations, complaints from disgruntled employees, unionization drives and negative press like so many mosquitoes. When the Covid pandemic slammed into the economy and shut down most of the world, they thrived. Now that Covid is easing up in the U.S., they...continue to thrive.Smaller tech companies offer bigger opportunities for growth and returns over the long term. But if investors are looking for investments with the safety of U.S. government bonds and the prospect of at least some future growth, there is no investment class like the tech giants.","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183524383,"gmtCreate":1623336881842,"gmtModify":1704201279156,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Some thing to think","listText":"Some thing to think","text":"Some thing to think","images":[{"img":"https://static.tigerbbs.com/178ff75883d333a5c347cdf98e60802a","width":"1080","height":"3021"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183524383","isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":133970158,"gmtCreate":1621690797674,"gmtModify":1704361504799,"author":{"id":"3579237568930568","authorId":"3579237568930568","name":"BruceLKH","avatar":"https://static.tigerbbs.com/3a1cd83d8c0a30319a06ed3da4080b86","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579237568930568","authorIdStr":"3579237568930568"},"themes":[],"htmlText":"Russia is a country to start building! They are iron power!&nbsp;","listText":"Russia is a country to start building! They are iron power!&nbsp;","text":"Russia is a country to start building! They are iron power!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133970158","repostId":"2137908951","repostType":4,"repost":{"id":"2137908951","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621584266,"share":"https://ttm.financial/m/news/2137908951?lang=&edition=fundamental","pubTime":"2021-05-21 16:04","market":"us","language":"en","title":"Tesla stock rose more than 1% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2137908951","media":"Tiger Newspress","summary":"Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.","content":"<p>Tesla stock rose more than 1% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/0e12953282e56db2a0215737b408d3c5\" tg-width=\"1302\" tg-height=\"833\"></p><p>Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.</p><p>Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock rose more than 1% in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-21 16:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Tesla stock rose more than 1% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/0e12953282e56db2a0215737b408d3c5\" tg-width=\"1302\" tg-height=\"833\"></p><p>Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.</p><p>Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137908951","content_text":"Tesla stock rose more than 1% in premarket trading.Elon Musk said on Friday that Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there.Addressing an event in Russia via video link, Tesla boss Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}