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2021-05-22

Nice

Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021

2021-04-30

Then why is everyone selling? Nuts

S&P 500 notches record close after strong earnings from Facebook and Apple

2021-04-29

Wow

Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks

2021-04-26

Nice

Watch The Berkshire Hathaway Meeting For Fun, But Invest For The Value

2021-04-26

Naise

What to watch in the markets this week

2021-04-23

Ok

Morgan Stanley Bitcoin Fund Draws $29.4M in 2 Weeks, Filings Show

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community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 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23:36","market":"us","language":"en","title":"Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2137906121","media":"Motley Fool","summary":"Berkshire Hathaway has continued to reduce its stakes in banks.","content":"<p><b>Berkshire Hathaway</b> (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.</p>\n<p>\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"</p>\n<p>Let's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>1. All but eliminating Wells Fargo</h2>\n<p>Everyone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, <b>Wells Fargo</b> (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.</p>\n<p>This essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at <a href=\"https://laohu8.com/S/AONE\">one</a> point back in 2017, it was reportedly worth as much as $29 billion.</p>\n<p>But as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.</p>\n<p>The stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.</p>\n<h2>2. Dumping <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a></h2>\n<p>Last quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company <b>Synchrony Financial&nbsp;</b>(NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.</p>\n<p>While I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, <b>JPMorgan Chase</b>, and loaded up on America's second-largest bank, <b>Bank of America</b>.</p>\n<p>Considering that Buffett already has a huge position in <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a></b>, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.</p>\n<h2>3. Trimming U.S. Bancorp again</h2>\n<p>Berkshire Hathaway also sold about 1.45 million shares of <b>U.S. Bancorp</b> (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in <b>PNC Financial Services Group</b>&nbsp;and&nbsp;<b>M&amp;T Bank</b>, in the fourth quarter of 2020.&nbsp;</p>\n<p>One possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. </p>\n<p>Overall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.</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>Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","WFC":"富国银行","USB":"美国合众银行","SYF":"Synchrony Financial","BRK.A":"伯克希尔"},"source_url":"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137906121","content_text":"Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.\n\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"\nLet's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.\nImage source: Getty Images.\n1. All but eliminating Wells Fargo\nEveryone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, Wells Fargo (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.\nThis essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at one point back in 2017, it was reportedly worth as much as $29 billion.\nBut as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.\nThe stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.\n2. Dumping Synchrony Financial\nLast quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company Synchrony Financial (NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.\nWhile I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, JPMorgan Chase, and loaded up on America's second-largest bank, Bank of America.\nConsidering that Buffett already has a huge position in American Express, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.\n3. Trimming U.S. Bancorp again\nBerkshire Hathaway also sold about 1.45 million shares of U.S. Bancorp (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in PNC Financial Services Group and M&T Bank, in the fourth quarter of 2020. \nOne possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. \nOverall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103932759,"gmtCreate":1619742363171,"gmtModify":1704271628818,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Then why is everyone selling? Nuts","listText":"Then why is everyone selling? Nuts","text":"Then why is everyone selling? Nuts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/103932759","repostId":"1153490597","repostType":4,"repost":{"id":"1153490597","pubTimestamp":1619741154,"share":"https://ttm.financial/m/news/1153490597?lang=&edition=fundamental","pubTime":"2021-04-30 08:05","market":"us","language":"en","title":"S&P 500 notches record close after strong earnings from Facebook and Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=1153490597","media":"CNBC","summary":"The S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.The Dow Jones Industrial Average ended the day up 239.98 points, or 0.7%, at 34,060.36. The S&P 500 advanced just under 0.7% to finish the day at 4,211.47, a new closing high.The tech-heavy Nasdaq Composite, which began the day up 1%, underperformed with a gain of just over 0.2% to end the session at 14,082.55.Apple, which reported earnings yester","content":"<div>\n<p>The S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.The Dow Jones Industrial Average ended the day up...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/28/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches record close after strong earnings from Facebook and Apple</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches record close after strong earnings from Facebook and Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 08:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/28/stock-market-futures-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.The Dow Jones Industrial Average ended the day up...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/28/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","TWTR":"Twitter",".SPX":"S&P 500 Index"},"source_url":"https://www.cnbc.com/2021/04/28/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1153490597","content_text":"The S&P 500 closed at record levels on Thursday after blowout earnings results from two of the biggest tech companies in the world: Apple and Facebook.The Dow Jones Industrial Average ended the day up 239.98 points, or 0.7%, at 34,060.36. The S&P 500 advanced just under 0.7% to finish the day at 4,211.47, a new closing high.The tech-heavy Nasdaq Composite, which began the day up 1%, underperformed with a gain of just over 0.2% to end the session at 14,082.55.Apple, which reported earnings yesterday afternoon, said that sales jumped 54% during the quarter, with each product category seeing double-digit growth. The company also said it would increase its dividend by 7%, and authorized $90 billion in share buybacks. Still, Apple shares ended the day just under the flatline.“The primary market trend remains positive,” said Keith Lerner, chief market strategist at Truist. “But we expect a choppier environment as tensions are set to persist between better economic growth and earnings prospects versus the potential for higher taxes and rising interest rates as the economy normalizes,” he added.Thursday marks President Joe Biden’s 100th day in office. On Wednesday evening, he made his first address to a joint session of Congress where he pushed his so-far popular agenda, which includes a $2 trillion infrastructure plan as well as a freshly unveiled, $1.8 trillion plan for families, children and students.Thursday is also the busiest day of the quarterly earnings season, with roughly 11% of the S&P 500 slated to provide quarterly updates.McDonald’s published its results before the opening bell and told investors that its sales have finally topped pre-pandemic levels. The Dow component also raised its outlook for systemwide sales growth. The stock added 1.2% at the close.Caterpillar, which also reported on Thursday, lost 2% while Merck dropped 4.4% following disappointing results. Amazon issued its first-quarter results shortlyafter market close. The e-commerce giant surpassed analysts’ expectations on earnings and revenue.Gilead Sciences, Twitter, U.S. Steel and Western Digital will also post results after the bell.Facebook’s revenue jumped 48%, driven by higher-priced ads, sending its stock up 7.3% and to a record. Qualcomm shares added 4.4% after reporting a 52% jump in revenue.Economic data released Thursday gave investors an update on the progress of the economic recovery.First-quarter GDP hit an annualized rate of 6.4%, according to a report published by the Bureau of Economic Analysis, a sign that the U.S. economy began 2021 with an accelerationof commercial activity. Outside of the reopening-fueled third-quarter surge last year, it was the best period for GDP since the third quarter of 2003.The Labor Department, meanwhile, reported that initial jobless claims last week totaled 553,000, just above the 528,000 estimate issued by Dow Jones.The Federal Reserve said Wednesday that it would hold interest rates near zero. The S&P slid from its high after Federal Reserve Chairman Jerome Powell said during a press conference following the Federal Open Market Committee’s decision that there are some signs of froth in the market.“Rates remain unchanged for now and, despite improving economic data, taper talk remained off the table at today’s Federal Reserve meeting,” said Bethany Payne, portfolio manager at Janus Henderson.“As vaccination rates accelerate, employment strengthens, and expansive fiscal policy adds further support to household and business incomes, investors are now looking for signs of whether the central bank safety net could be withdrawn sooner than expected,” she added.Big Tech earningsAmazon sales surge 44% as it smashes earnings expectationsNio Reports Q1 Beat Amid Strong Demand, Forecasts Deliveries Growth Despite Chip ShortagesTwitter stock plunges on user miss and low guidanceWestern Digital's quarterly results and outlook topped Wall Street estimatesGilead Sciences Q1 Earnings Beat EstimatesWireless-Chip Maker Skyworks Squeaks By Second-Quarter TargetsDexCom Surpasses Q1 Earnings and Revenue EstimatesUnited States Steel Q1 Earnings Surpass Estimates","news_type":1},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109303482,"gmtCreate":1619662021846,"gmtModify":1704727598356,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109303482","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","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":1619651546,"share":"https://ttm.financial/m/news/1137964402?lang=&edition=fundamental","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul><p>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p>Apple stock rose over 4% at one point in extended trading.</p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p>Here’s how Apple did versus Refinitiv estimates:</p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul><p>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks</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 reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks\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\">2021-04-29 07:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul><p>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p>Apple stock rose over 4% at one point in extended trading.</p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p>Here’s how Apple did versus Refinitiv estimates:</p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul><p>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374073911,"gmtCreate":1619404907933,"gmtModify":1704723334945,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374073911","repostId":"1196378304","repostType":4,"repost":{"id":"1196378304","pubTimestamp":1619404363,"share":"https://ttm.financial/m/news/1196378304?lang=&edition=fundamental","pubTime":"2021-04-26 10:32","market":"us","language":"en","title":"Watch The Berkshire Hathaway Meeting For Fun, But Invest For The Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1196378304","media":"seekingalpha","summary":"Summary\n\nBerkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Berkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all three vice chairmen for the first time.</li>\n <li>Don't expect any market-moving pronouncements.</li>\n <li>Earnings growth and multiple expansion at the non-insurance businesses are the biggest drivers of my valuation estimate increase.</li>\n <li>Berkshire is worth about 13% over current levels based on the sum-of-the-parts model I have used before.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed1e4f925f26b817cbf9d54570b38bb2\" tg-width=\"768\" tg-height=\"470\"><span>Photo by Eric Francis/Getty Images News via Getty Images</span></p>\n<p><b>A Different Kind Of Annual Meeting</b></p>\n<p>Berkshire Hathaway (BRK.A) (BRK.B) is known for its annual meetings in which 30,000+ shareholders and Warren Buffett / Charlie Munger fans flock to Omaha the first weekend in May and pack an arena for a marathon Q&amp;A session where just about any question is fair game. The weekend also features opportunities for participants to get together and sample and buy products from Berkshire's numerous subsidiaries. Since 2016, the meeting has been&nbsp;livestreamed&nbsp;for those who just want to see the Q&amp;A session without the fun of a trip to Nebraska. The pandemic unfortunately put a damper on these activities in 2020 when Warren Buffett and non-insurance Vice Chairman Greg Abel sat alone in a dark empty arena taking questions remotely from CNBC's Becky Quick. This year's meeting will also be virtual. The May 1&nbsp;stannual meeting&nbsp;is moving to Los Angeles for one year to accommodate 97-year old Vice Chairman Charlie Munger who couldn't travel in 2020. The meeting will also feature insurance Vice Chairman Ajit Jain for the first time. Online coverage will begin at 10 AM PDT (1 PM Eastern) with Q&amp;A lasting for 4 hours before the brief formal Annual Meeting with proxy voting wraps things up.</p>\n<p>I personally attended each annual meeting from 2008-2015 and I can say, assuming the format goes back to normal in 2022, every shareholder should attend in person at least once. The carnival-like atmosphere of the weekend is a lot of fun. Where else can you watch millionaires juggle multiple plates so they can score the maximum amount of free buffet food before plopping down big bucks on jewelry to take home?</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35cbd9ec92dfa00d0aafc31429671e43\" tg-width=\"612\" tg-height=\"408\"><span>Source: Getty Images</span></p>\n<p>You probably won't get to talk to Warren or Charlie, but the odds are that you can say hi to some of the on-air personalities and regular guests from CNBC or Fox Business. For those who over-indulged in the free food, there was even a&nbsp;company-sponsored 5k&nbsp;on the day after the meeting to run off the calories.</p>\n<p>The main reason for all the hoopla, though, is the Saturday Q&amp;A session, which is still going on virtually this year. Given what I consider to be&nbsp;Berkshire's transition to more of an operating company, it is long overdue for the operational Vice Chairmen Ajit Jain and Greg Abel to both join Warren and Charlie on stage for questions. Becky Quick does a decent job as questioner, but I will welcome the return of the rotating question format from journalists, equity analysts, and audience members at the next live meeting.</p>\n<p><b>What To Expect From The Q&amp;A Session?</b></p>\n<p>I've never found the Q&amp;A session to be a waste of time, but I've also never heard anything that caused me to make a trade or rethink my investment philosophy. To be honest, you hear a lot of repeat \"greatest hits\" year after year such as never bet against America, think if stocks as parts of a business and not pieces of paper, don't try to predict where the general market is heading, etc. Most of the audience has already heard and believes in this philosophy and is simply indulging in confirmation bias. One journalist described the meeting experience thusly:</p>\n<blockquote>\n \"It’s a lot like going to church, and no matter how long you’ve been away, the rhythm of the service doesn’t change.\"\n</blockquote>\n<p>Source: Corinne Purtill, \"Can the Cult of Berkshire Hathaway Outlive Warren Buffett\"</p>\n<p>So, aside from these old chestnuts, what can we expect to hear at this year's meeting? Here are a few predictions:</p>\n<p>One of the most likely will deal with absolutely horrible timing selling the airlines before they had a chance to recover from the pandemic. This was already being second-guessed when Buffett mentioned it at last year's meeting, and the double since then makes it look even worse.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884b153778cb386e8ecab5e99f78609b\" tg-width=\"640\" tg-height=\"222\"><span>Source: Seeking Alpha BRK.A Charting Page</span></p>\n<p>I fully expect Buffett to continue defending the decision to sell. He will likely point out that the airlines are worse businesses now compared to before the pandemic, having cut their dividends and diluted their share counts to stay afloat. There is also the issue of hindsight bias. The sales could have been justified given the unknowability of the impact and duration of the pandemic at the time. My personal view is that the airline sales were a rare moment of panic selling from Buffett that was wrong but forgivable in light of his overall career.</p>\n<p>We will probably hear more questions about Berkshire's huge cash pile and lack of buying activity. I expect the usual answers about the lack of cheap investments available and the aversion to paying a dividend. However, we may get some clarity on the buyback policy when we see at what level Berkshire stopped buying back stock (if they did stop) in Q1.</p>\n<p>Although Becky Quick does a decent job of question selection, I do expect the woke crowd to inject a couple of issues into the mix. This year, it could be race relations and climate change. I expect Charlie Munger to give a moral but no-nonsense once sentence response to each. Buffett will say the same thing but more diplomatically. Abel and Jain, as the longer term future leaders, may feel they have to repeat the politically correct answers of other CEOs on these topics. My prediction is that some on the right will be annoyed with them for \"caving\", some on the left will be angry with them for not going far enough, and the practical smart people will just ignore them and focus on how they run the business.</p>\n<p>Speaking of how they run the business, it is unfortunate that equity analysts won't be asking questions, but shareholders can still come up with some relevant ones. On the insurance side, I will be interested to hear about any losses from the February Texas cold snap, how the GEICO giveback and its expiration will impact policy count, and how business interruption claims from the pandemic will be handled. On the non-insurance side, I'd like to hear the latest reads on rail car loadings and construction activity to get a feel on the pace of the recovery and inflation expectations. From Berkshire Hathaway Energy, I will be interested to hear how aggressive they will continue to be with renewable power and how much government programs are driving it. Their investment activity in beefing up the power grid in Texas and elsewhere is also important.</p>\n<p>Bottom line on the Q&amp;A session: enjoy the \"greatest hits\" commentary but pay attention to the operating Vice Chairmen as they discuss their businesses, which are increasingly overshadowing the investment portfolio in importance. As you will see from my valuation estimate, they are already the biggest determinants of value.</p>\n<p><b>2021 Valuation Update</b></p>\n<p>Berkshire's 1Q 2021 earnings release will come out no later than the morning of May 1st ahead of the meeting. It will make for interesting reading ahead of the meeting but will be of limited usefulness in making a forecast for FY 2021. The operating businesses usually have some seasonality that results in higher income in the second half, and year-on-year growth rates will still be distorted by pandemic impacts. The company of course, does not provide guidance either. For my first pass at a 2021 valuation then, I am using 2020 actuals for the operating businesses adjusted for estimated growth rates and forward P/Es for comparable parts of the business. I then add in the value of the equity holdings and earnings power of the insurance business outside of income from equity investments. This is the same sum-of-the-parts valuation method I have been using in my last several Berkshire articles.</p>\n<p><b>Operating Businesses</b></p>\n<p>In the BNSF railroad business, the other 3 big US railroads (CSX, Norfolk Southern, and Union Pacific) are predicted to increase EPS by 20% in 2021. On that basis, BNSF would be expected to earn $6.2 billion. For Berkshire Hathaway Energy, I am assuming no growth in 2021, in line with analyst projections for peer utilities. The February Texas freeze-ups are a possible downside to earnings this year. In the manufacturing businesses, the industrial and building products segments are forecasted to grow in the high single digits but the consumer manufacturing segment is rebounding from a big decline in earnings in 2020. As a result, I am forecasting overall manufacturing business earnings to increase 30% to $8 billion. While this sounds like a lot, it is only 10% higher than pre-pandemic 2019. In Service and Retail, I am forecasting 20% earnings growth to $2.65 billion.</p>\n<p>The total 2021 earnings for the non-insurance businesses add up to $19.9 billion, which is 20% over 2020 and 12.2% over 2019. Peer P/E multiples have expanded an average of 10% since my last valuation estimate. Combining the P/E expansion with the higher earnings, the non-insurance businesses are valued at $403 billion, up from $305 billion in 2020.</p>\n<p><b>Investment Holdings</b></p>\n<p>The equity portfolio was held back in Q1 by Apple (AAPL) which was down about 8% in the quarter. I estimate the total equity portfolio excluding Kraft Heinz (KHC) had a net gain of only $5 billion. Kraft Heinz had a good quarter however, with Berkshire's share of market value increasing by $1.7 billion. Annual dividend income should benefit from the addition of stocks like Chevron (CVX) and Verizon (VZ). I expect $5.4 billion of dividend income in 2021 up from $4.9 billion in 2020. I am showing no gain in the other equity method investments like Berkadia, Pilot, and ETT.</p>\n<p><b>Insurance Earning Power (Excluding Equity Income)</b></p>\n<p>I am estimating insurance income very conservatively in 2021. I am cutting cash and fixed income interest in half from 2020 due to T-bill rates near zero for a full year this year. I am also assuming breakeven underwriting income with expected impacts from the Texas cold snap and a possibly stronger than average hurricane season later this year. The resulting insurance income is over $1 billion lower in 2021 than 2020, and it impacts company valuation by about $15 billion. Nevertheless, I am using the low number for the base case valuation as I made some possibly generous estimates on non-insurance earnings. If you prefer to value insurance earnings on a higher ongoing basis, the $15 billion would add about $6.50 per B share to my final number.</p>\n<p>Finally, for those who have not seen my valuation model or as a reminder for those who have, the equity investments are the only components of the insurance business that I am valuing based on the balance sheet. The rest is valued based on the earnings power as discussed here. Therefore I do not add cash or subtract float liabilities in my valuation. These basically offset each other on the balance sheet in any case. Some may find this method conservative and they are welcome to add in additional value to my final result but I find empirically that doing so always overstates the company's value compared to the market. There is certainly some option value in having cash on hand for deals that may come along but given the rarity of these in the last few years, it is not in the base case.</p>\n<p><b>Putting It All Together</b></p>\n<p>Summing up all the parts, Berkshire Hathaway is valued at $707 billion. The share count as reported on the&nbsp;Form 10-K&nbsp;as of 2/16/2021 indicates 2.297 billion B share equivalents outstanding. That accounts for some&nbsp;buybacks in the first half of 1Q&nbsp;but any activity since then is not reflected. We will see on the 10-K issued on May 1st if there have been further buybacks. The resulting valuation is $307.88 per B share or $461,816 per A share.</p>\n<p><img src=\"https://static.tigerbbs.com/3d81031cb2f9745ac2d59ecd7783fdbc\" tg-width=\"640\" tg-height=\"372\"></p>\n<p><b>Conclusion</b></p>\n<p>The livestream of Berkshire Hathaway's annual meeting on May 1st should see record views. It is the first time that Warren Buffett, Charlie Munger, Ajit Jain, and Greg Abel will all be on stage to take questions. This reflects the evolution of Berkshire from an investment business into a more operations-focused company. Although a lot of the Q&amp;A will probably rehash old investing and life philosophies, it will still be worth watching to become familiar with the new generation of Berkshire leaders and hear their take on how the operating businesses are doing.</p>\n<p>Based on current peer multiples and forecasted earnings growth for 2021, Berkshire's fair value is about 13% above current market price. This valuation uses some conservative assumptions for the insurance business as both investment and underwriting income could be depressed this year. Using a longer term average for expected insurance income could boost the valuation by a couple percent. Berkshire is still worth owning based on steady post-pandemic improvement in the operating businesses with the added benefit of a fortress balance sheet and the capacity to make an accretive acquisition if one comes along.</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>Watch The Berkshire Hathaway Meeting For Fun, But Invest For The Value</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\">\nWatch The Berkshire Hathaway Meeting For Fun, But Invest For The Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 10:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4421138-berkshire-hathaway-stock-watch-meeting-for-fun-invest-for-value><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nBerkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all three vice chairmen for the first time.\nDon't expect any market-moving pronouncements.\nEarnings ...</p>\n\n<a href=\"https://seekingalpha.com/article/4421138-berkshire-hathaway-stock-watch-meeting-for-fun-invest-for-value\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4421138-berkshire-hathaway-stock-watch-meeting-for-fun-invest-for-value","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196378304","content_text":"Summary\n\nBerkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all three vice chairmen for the first time.\nDon't expect any market-moving pronouncements.\nEarnings growth and multiple expansion at the non-insurance businesses are the biggest drivers of my valuation estimate increase.\nBerkshire is worth about 13% over current levels based on the sum-of-the-parts model I have used before.\n\nPhoto by Eric Francis/Getty Images News via Getty Images\nA Different Kind Of Annual Meeting\nBerkshire Hathaway (BRK.A) (BRK.B) is known for its annual meetings in which 30,000+ shareholders and Warren Buffett / Charlie Munger fans flock to Omaha the first weekend in May and pack an arena for a marathon Q&A session where just about any question is fair game. The weekend also features opportunities for participants to get together and sample and buy products from Berkshire's numerous subsidiaries. Since 2016, the meeting has been livestreamed for those who just want to see the Q&A session without the fun of a trip to Nebraska. The pandemic unfortunately put a damper on these activities in 2020 when Warren Buffett and non-insurance Vice Chairman Greg Abel sat alone in a dark empty arena taking questions remotely from CNBC's Becky Quick. This year's meeting will also be virtual. The May 1 stannual meeting is moving to Los Angeles for one year to accommodate 97-year old Vice Chairman Charlie Munger who couldn't travel in 2020. The meeting will also feature insurance Vice Chairman Ajit Jain for the first time. Online coverage will begin at 10 AM PDT (1 PM Eastern) with Q&A lasting for 4 hours before the brief formal Annual Meeting with proxy voting wraps things up.\nI personally attended each annual meeting from 2008-2015 and I can say, assuming the format goes back to normal in 2022, every shareholder should attend in person at least once. The carnival-like atmosphere of the weekend is a lot of fun. Where else can you watch millionaires juggle multiple plates so they can score the maximum amount of free buffet food before plopping down big bucks on jewelry to take home?\nSource: Getty Images\nYou probably won't get to talk to Warren or Charlie, but the odds are that you can say hi to some of the on-air personalities and regular guests from CNBC or Fox Business. For those who over-indulged in the free food, there was even a company-sponsored 5k on the day after the meeting to run off the calories.\nThe main reason for all the hoopla, though, is the Saturday Q&A session, which is still going on virtually this year. Given what I consider to be Berkshire's transition to more of an operating company, it is long overdue for the operational Vice Chairmen Ajit Jain and Greg Abel to both join Warren and Charlie on stage for questions. Becky Quick does a decent job as questioner, but I will welcome the return of the rotating question format from journalists, equity analysts, and audience members at the next live meeting.\nWhat To Expect From The Q&A Session?\nI've never found the Q&A session to be a waste of time, but I've also never heard anything that caused me to make a trade or rethink my investment philosophy. To be honest, you hear a lot of repeat \"greatest hits\" year after year such as never bet against America, think if stocks as parts of a business and not pieces of paper, don't try to predict where the general market is heading, etc. Most of the audience has already heard and believes in this philosophy and is simply indulging in confirmation bias. One journalist described the meeting experience thusly:\n\n \"It’s a lot like going to church, and no matter how long you’ve been away, the rhythm of the service doesn’t change.\"\n\nSource: Corinne Purtill, \"Can the Cult of Berkshire Hathaway Outlive Warren Buffett\"\nSo, aside from these old chestnuts, what can we expect to hear at this year's meeting? Here are a few predictions:\nOne of the most likely will deal with absolutely horrible timing selling the airlines before they had a chance to recover from the pandemic. This was already being second-guessed when Buffett mentioned it at last year's meeting, and the double since then makes it look even worse.\nSource: Seeking Alpha BRK.A Charting Page\nI fully expect Buffett to continue defending the decision to sell. He will likely point out that the airlines are worse businesses now compared to before the pandemic, having cut their dividends and diluted their share counts to stay afloat. There is also the issue of hindsight bias. The sales could have been justified given the unknowability of the impact and duration of the pandemic at the time. My personal view is that the airline sales were a rare moment of panic selling from Buffett that was wrong but forgivable in light of his overall career.\nWe will probably hear more questions about Berkshire's huge cash pile and lack of buying activity. I expect the usual answers about the lack of cheap investments available and the aversion to paying a dividend. However, we may get some clarity on the buyback policy when we see at what level Berkshire stopped buying back stock (if they did stop) in Q1.\nAlthough Becky Quick does a decent job of question selection, I do expect the woke crowd to inject a couple of issues into the mix. This year, it could be race relations and climate change. I expect Charlie Munger to give a moral but no-nonsense once sentence response to each. Buffett will say the same thing but more diplomatically. Abel and Jain, as the longer term future leaders, may feel they have to repeat the politically correct answers of other CEOs on these topics. My prediction is that some on the right will be annoyed with them for \"caving\", some on the left will be angry with them for not going far enough, and the practical smart people will just ignore them and focus on how they run the business.\nSpeaking of how they run the business, it is unfortunate that equity analysts won't be asking questions, but shareholders can still come up with some relevant ones. On the insurance side, I will be interested to hear about any losses from the February Texas cold snap, how the GEICO giveback and its expiration will impact policy count, and how business interruption claims from the pandemic will be handled. On the non-insurance side, I'd like to hear the latest reads on rail car loadings and construction activity to get a feel on the pace of the recovery and inflation expectations. From Berkshire Hathaway Energy, I will be interested to hear how aggressive they will continue to be with renewable power and how much government programs are driving it. Their investment activity in beefing up the power grid in Texas and elsewhere is also important.\nBottom line on the Q&A session: enjoy the \"greatest hits\" commentary but pay attention to the operating Vice Chairmen as they discuss their businesses, which are increasingly overshadowing the investment portfolio in importance. As you will see from my valuation estimate, they are already the biggest determinants of value.\n2021 Valuation Update\nBerkshire's 1Q 2021 earnings release will come out no later than the morning of May 1st ahead of the meeting. It will make for interesting reading ahead of the meeting but will be of limited usefulness in making a forecast for FY 2021. The operating businesses usually have some seasonality that results in higher income in the second half, and year-on-year growth rates will still be distorted by pandemic impacts. The company of course, does not provide guidance either. For my first pass at a 2021 valuation then, I am using 2020 actuals for the operating businesses adjusted for estimated growth rates and forward P/Es for comparable parts of the business. I then add in the value of the equity holdings and earnings power of the insurance business outside of income from equity investments. This is the same sum-of-the-parts valuation method I have been using in my last several Berkshire articles.\nOperating Businesses\nIn the BNSF railroad business, the other 3 big US railroads (CSX, Norfolk Southern, and Union Pacific) are predicted to increase EPS by 20% in 2021. On that basis, BNSF would be expected to earn $6.2 billion. For Berkshire Hathaway Energy, I am assuming no growth in 2021, in line with analyst projections for peer utilities. The February Texas freeze-ups are a possible downside to earnings this year. In the manufacturing businesses, the industrial and building products segments are forecasted to grow in the high single digits but the consumer manufacturing segment is rebounding from a big decline in earnings in 2020. As a result, I am forecasting overall manufacturing business earnings to increase 30% to $8 billion. While this sounds like a lot, it is only 10% higher than pre-pandemic 2019. In Service and Retail, I am forecasting 20% earnings growth to $2.65 billion.\nThe total 2021 earnings for the non-insurance businesses add up to $19.9 billion, which is 20% over 2020 and 12.2% over 2019. Peer P/E multiples have expanded an average of 10% since my last valuation estimate. Combining the P/E expansion with the higher earnings, the non-insurance businesses are valued at $403 billion, up from $305 billion in 2020.\nInvestment Holdings\nThe equity portfolio was held back in Q1 by Apple (AAPL) which was down about 8% in the quarter. I estimate the total equity portfolio excluding Kraft Heinz (KHC) had a net gain of only $5 billion. Kraft Heinz had a good quarter however, with Berkshire's share of market value increasing by $1.7 billion. Annual dividend income should benefit from the addition of stocks like Chevron (CVX) and Verizon (VZ). I expect $5.4 billion of dividend income in 2021 up from $4.9 billion in 2020. I am showing no gain in the other equity method investments like Berkadia, Pilot, and ETT.\nInsurance Earning Power (Excluding Equity Income)\nI am estimating insurance income very conservatively in 2021. I am cutting cash and fixed income interest in half from 2020 due to T-bill rates near zero for a full year this year. I am also assuming breakeven underwriting income with expected impacts from the Texas cold snap and a possibly stronger than average hurricane season later this year. The resulting insurance income is over $1 billion lower in 2021 than 2020, and it impacts company valuation by about $15 billion. Nevertheless, I am using the low number for the base case valuation as I made some possibly generous estimates on non-insurance earnings. If you prefer to value insurance earnings on a higher ongoing basis, the $15 billion would add about $6.50 per B share to my final number.\nFinally, for those who have not seen my valuation model or as a reminder for those who have, the equity investments are the only components of the insurance business that I am valuing based on the balance sheet. The rest is valued based on the earnings power as discussed here. Therefore I do not add cash or subtract float liabilities in my valuation. These basically offset each other on the balance sheet in any case. Some may find this method conservative and they are welcome to add in additional value to my final result but I find empirically that doing so always overstates the company's value compared to the market. There is certainly some option value in having cash on hand for deals that may come along but given the rarity of these in the last few years, it is not in the base case.\nPutting It All Together\nSumming up all the parts, Berkshire Hathaway is valued at $707 billion. The share count as reported on the Form 10-K as of 2/16/2021 indicates 2.297 billion B share equivalents outstanding. That accounts for some buybacks in the first half of 1Q but any activity since then is not reflected. We will see on the 10-K issued on May 1st if there have been further buybacks. The resulting valuation is $307.88 per B share or $461,816 per A share.\n\nConclusion\nThe livestream of Berkshire Hathaway's annual meeting on May 1st should see record views. It is the first time that Warren Buffett, Charlie Munger, Ajit Jain, and Greg Abel will all be on stage to take questions. This reflects the evolution of Berkshire from an investment business into a more operations-focused company. Although a lot of the Q&A will probably rehash old investing and life philosophies, it will still be worth watching to become familiar with the new generation of Berkshire leaders and hear their take on how the operating businesses are doing.\nBased on current peer multiples and forecasted earnings growth for 2021, Berkshire's fair value is about 13% above current market price. This valuation uses some conservative assumptions for the insurance business as both investment and underwriting income could be depressed this year. Using a longer term average for expected insurance income could boost the valuation by a couple percent. Berkshire is still worth owning based on steady post-pandemic improvement in the operating businesses with the added benefit of a fortress balance sheet and the capacity to make an accretive acquisition if one comes along.","news_type":1},"isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375797019,"gmtCreate":1619396127331,"gmtModify":1704723097338,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Naise","listText":"Naise","text":"Naise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/375797019","repostId":"1184404050","repostType":4,"repost":{"id":"1184404050","pubTimestamp":1619319329,"share":"https://ttm.financial/m/news/1184404050?lang=&edition=fundamental","pubTime":"2021-04-25 10:55","market":"us","language":"en","title":"What to watch in the markets this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1184404050","media":"CNBC","summary":"The last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product a","content":"<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.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>What to watch in the markets 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; 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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\">\nWhat to watch in the markets this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-25 10:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","GOOG":"谷歌","GOOGL":"谷歌A",".SPX":"S&P 500 Index","AMZN":"亚马逊","AAPL":"苹果","TSLA":"特斯拉",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1184404050","content_text":"KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product and the Fed’s favorite inflation measure: the personal consumption expenditures deflator.The final week of April is going to be a busy one for markets with a Federal Reserve meeting and a deluge of earnings news.Hot topics in markets will continue to be inflation and taxes.President Joe Biden is expected to detail his “American Families Plan” and the tax increases to pay for it, including a much higher capital gains tax for the wealthy.The plan is the second part of his Build Back Better agenda and will include new spending proposals aimed at helping families. The president addresses a joint session of Congress Wednesday evening.It’s a huge week for earnings with about a third of the S&P 500 reporting, including Big Tech names, such as Apple,Microsoft,Alphabet and Amazon.As many have already done, firms like Boeing, Ford,Caterpillar and McDonald’s, are likely to detail cost pressures they are facing from rising materials and transportation costs and supply chain disruptions.At the same time, the Fed is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. The central bank meets on Tuesday and Wednesday.The central bank takes the main stage“I think the Fed would like not to be a feature next week, but the Fed will be forced from the background because of concerns about inflation,” said Diane Swonk, chief economist at Grant Thornton.The central bank is not expected to make any policy moves, but Fed Chairman Jerome Powell’s press briefing following the meeting Wednesday will be closely watched.So far, the barrage of earnings news has been positive, with 86% of companies reporting earnings beats. Corporate profits are expected to be up about 33.9% for the first quarter, based on estimates and actual reports, according to Refinitiv. Revenues are about 9.9% higher.There is important inflation data Friday when the Fed’s preferred inflation gauge is reported.The personal consumption expenditure report is expected to show a 1.8% rise in core inflation, still below the Fed’s target of 2%. Other data releases include the first-quarter gross domestic product on Thursday, which is expected to have grown by 6.5%, according to Dow Jones.“I think the Fed has no urgency to shift monetary policy at this point,” said Ian Lyngen, head of U.S. rates strategy at BMO. “The Fed needs to acknowledge that the data is improving. We had a strong first quarter.”“The Fed needs to acknowledge that but at the same time they’re keeping extremely accommodative policy in place, so they’ll have to make a note to the fact that the easy policy is warranted,” he said.Lyngen said the Fed will likely point to continued concerns about the pandemic globally as a potential risk to the economic recovery.Powell is also expected to once more explain that the Fed will let inflation rise above its 2% target for a period of time before it raises rates so that the economy can have more time to heal. “It’s going to be a challenge for the Fed,” said Swonk.The base effects for the next several months will make inflation appear to have jumped sharply because of the comparison to a weak period last year. The consumer price index for April could be above 3%, compared to 2.6% last month, Swonk added.“The Fed is trying to let a lot more people get out onto the dance floor before it calls ‘last call,’” she said. “Really what Powell has been saying since day one is if we take care of people on the margins and bring them back into the labor force, the rest will take care of itself.”Stocks were slightly lower in the past week, and Treasury yields held at lower levels. The 10-year yield,which moves opposite price, was at 1.55% Friday.The S&P 500was down 0.1%, ending the week at 4,180, while Nasdaq Composite was down nearly 0.3% at 14,016. The Dow was off just shy of 0.5% at 34,043.Tax hike prospectsStocks were hit hard on Thursday when after a news report said that Biden is expected to propose a capital gains tax rate of 39.6% for people earning more than $1 million a year.Combined with the 3.8% net investment income tax, the new levy would more than double the long term capital gains rate of 20% or the richest Americans.Strategists said Biden is expected to propose raising the income tax rate for those earning more than $400,000.“I think a lot of people are starting to price in the risk there going to be a significant increase in both corporate and capital gains taxes,” said Lyngen.So far, companies have not provided much in the way of commentary on the proposed hike in corporate taxes to 28% from 21% but they have been talking about other costs.David Bianco, chief investment strategist for the Americas at DWS, said he expects larger companies will do better dealing with supply chain constraints than smaller ones. Big Tech is also likely to fare better during the semiconductor shortage than auto makers, which have already announced production shutdowns, he said.“Next week is tech week. I think we’re going to get down on our knees and just be in awe of their business models and their ability to grow at a behemoth scale,” Bianco said.He said he’s not in favor of Wall Street’s popular trade into cyclicals and out of growth. He still favors growth.“We’re overweight equities really because we’re concerned about rising interest rates,” Bianco said. “I’m not bullish in that I expect the market to rise that much from here.”“We stuck with growth and dug deeper into bond substitutes, utilities, staples, real estate,” he said, adding he is underweight industrials, energy and materials. “Energy is doomed. It’s being nationalized via regulation. I do like industrials, they are well-run companies, but I do think infrastructure spending expectations for classic infrastructure are too high.”He also said industrials are good businesses, but the stocks have become overvalued.Bianco said he likes big box stores, but smaller retailers are facing big challenges that were already impacting them prior to Covid. He also finds small biotech firms attractive.“I like healthcare stocks. Those valuations are reasonable. People have been paranoid about politicians beating on them since 1992. They manage through it and lately they’ve been delivering,” he said.Week ahead calendarMondayEarnings:Tesla,Canadian National Railway, Canon,Check Point Software,Otis Worldwide, Vale,Ameriprise,NXP Semiconductor,Albertsons, Royal Phillips8:30 a.m. Durable goodsTuesdayFOMC begins two day meetingEarnings:Microsoft,Alphabet,Visa,Amgen,Advanced Micro Devices,3M,General Electric,Eli Lilly, Hasbro,United Parcel Service,BP,Novartis,JetBlue,Pultegroup,Archer Daniels Midland,Waste Management,Starbucks,Texas Instrument,Chubb,Mondelez,FireEye,Corning,Raytheon9:00 a.m. S&P/Case-Shiller9:00 a.m. FHFA home prices10:00 a.m. Consumer confidence10:00 a.m. Housing vacanciesWednesdayEarnings:Apple, Boeing,Facebook,Qualcomm,Ford,MGM Resorts,Humana,Norfolk Southern,General Dynamics,Boston Scientific, eBay, Samsung Electronics, GlaxoSmithKline,Yum Brands, SiriusXM, Aflac,Cheesecake Factory,Community Health System,CIT Group,Entergy,CME Group,Hess,Ryder System8:30 a.m. Advance economic indicators2:00 p.m. Fed statement2:30 p.m. Fed Chairman Jerome Powell briefingThursdayEarnings:Amazon,Caterpillar,McDonald’s,Twitter,Bristol-Myers Squibb,Comcast,Merck,Northrop Grumman, Airbus,Kraft Heinz,Intercontinental Exchange,Mastercard,Gilead Sciences,U.S. Steel, Cirrus Logic,Texas Roadhouse, Cabot Oil, PG&E,Royal Dutch Shell,Church & Dwight, Carlyle Group,Southern Co.8:30 a.m. Initial jobless claims8:30 a.m. Real GDP Q110:00 a.m. Pending home salesFridayEarnings:ExxonMobil,Chevron,Colgate-Palmolive,AstraZeneca,Clorox,Barclays, AbbVie, BNP Paribas,Weyerhaeuser,Illinois Tool Works, CBOE Global Markets, Lazard,Newell Brands,Aon,LyondellBasell,Pitney Bowes,Phillips 66,Charter Communications8:30 a.m. Personal income and spending8:30 a.m. Employment cost index Q19:45 a.m. Chicago PMI10:00 a.m. Consumer sentimentSaturdayEarnings:Berkshire Hathaway","news_type":1},"isVote":1,"tweetType":1,"viewCount":501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376282560,"gmtCreate":1619132350550,"gmtModify":1704719999390,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376282560","repostId":"1194377792","repostType":4,"repost":{"id":"1194377792","pubTimestamp":1619106065,"share":"https://ttm.financial/m/news/1194377792?lang=&edition=fundamental","pubTime":"2021-04-22 23:41","market":"us","language":"en","title":"Morgan Stanley Bitcoin Fund Draws $29.4M in 2 Weeks, Filings Show","url":"https://stock-news.laohu8.com/highlight/detail?id=1194377792","media":"CoinDesk","summary":"Morgan Stanley’s new bitcoin product is already one of the largest funds of its kind by investor cou","content":"<p>Morgan Stanley’s new bitcoin product is already one of the largest funds of its kind by investor count.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e70e516fc75fed43fed34f5b3b89822\" tg-width=\"710\" tg-height=\"458\" referrerpolicy=\"no-referrer\"><span>Morgan Stanley CEO James Gorman(Christinne Muschi/Bloomberg via Getty Images)</span></p><p>One of Morgan Stanley’s new bitcoin-only private funds raised $29.4 million from 322 investors in its first 14 days, according to regulatory documents published Thursday.</p><p>Managed by FS Investments with NYDIG custodying the&nbsp;bitcoin, the fund is one of two new bitcoin investment vehicles offered by newly-bullish Morgan Stanley. When news of the institutional stalwart’s bitcoin offering broke last month, it kicked Wall Street’s crypto musings into high gear.</p><p>The early returns for “FS NYDIG Select Bitcoin Fund LP” indicate investors are indeed hungry for accessing bitcoin products through their institutional managers. Passive funds like Morgan Stanley’s fare give clients unwilling to custody their own keys an easy way into the asset class.</p><p>In just 14 days, Morgan Stanley’s FS/NYDIG fund has become one of the most popular private bitcoin vehicles, beating out far-older industry offerings from Pantera and Galaxy by investor count, according to fund data compiled by CoinDesk. (Galaxy is also accepting bitcoin investments from Morgan Stanley in a&nbsp;pre-existing&nbsp;fund.)</p><p>Seeking exposure to bitcoin via fund is not without its drawbacks. Morgan Stanley limits clients’ bitcoin bets to 2.5% percent of their total net worth. They must have at least $2 million in net worth. And they must pay an upfront placement fee of 3% for bitcoin investments under $250,000, according to offering documents obtained by CoinDesk.</p><p>The average investment in Morgan Stanley’s new bitcoin fund was around $91,000. Morgan Stanley will receive placement fees, according to the regulatory documents.</p><p>Morgan Stanley declined to comment. NYDIG and FS Investments did not immediately respond to CoinDesk.</p>","source":"lsy1572937250936","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>Morgan Stanley Bitcoin Fund Draws $29.4M in 2 Weeks, Filings Show</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\">\nMorgan Stanley Bitcoin Fund Draws $29.4M in 2 Weeks, Filings Show\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-22 23:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.coindesk.com/morgan-stanley-bitcoin-fund-draws-29-4m-in-2-weeks-filings-show><strong>CoinDesk</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Morgan Stanley’s new bitcoin product is already one of the largest funds of its kind by investor count.Morgan Stanley CEO James Gorman(Christinne Muschi/Bloomberg via Getty Images)One of Morgan ...</p>\n\n<a href=\"https://www.coindesk.com/morgan-stanley-bitcoin-fund-draws-29-4m-in-2-weeks-filings-show\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.coindesk.com/morgan-stanley-bitcoin-fund-draws-29-4m-in-2-weeks-filings-show","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194377792","content_text":"Morgan Stanley’s new bitcoin product is already one of the largest funds of its kind by investor count.Morgan Stanley CEO James Gorman(Christinne Muschi/Bloomberg via Getty Images)One of Morgan Stanley’s new bitcoin-only private funds raised $29.4 million from 322 investors in its first 14 days, according to regulatory documents published Thursday.Managed by FS Investments with NYDIG custodying the bitcoin, the fund is one of two new bitcoin investment vehicles offered by newly-bullish Morgan Stanley. When news of the institutional stalwart’s bitcoin offering broke last month, it kicked Wall Street’s crypto musings into high gear.The early returns for “FS NYDIG Select Bitcoin Fund LP” indicate investors are indeed hungry for accessing bitcoin products through their institutional managers. Passive funds like Morgan Stanley’s fare give clients unwilling to custody their own keys an easy way into the asset class.In just 14 days, Morgan Stanley’s FS/NYDIG fund has become one of the most popular private bitcoin vehicles, beating out far-older industry offerings from Pantera and Galaxy by investor count, according to fund data compiled by CoinDesk. (Galaxy is also accepting bitcoin investments from Morgan Stanley in a pre-existing fund.)Seeking exposure to bitcoin via fund is not without its drawbacks. Morgan Stanley limits clients’ bitcoin bets to 2.5% percent of their total net worth. They must have at least $2 million in net worth. And they must pay an upfront placement fee of 3% for bitcoin investments under $250,000, according to offering documents obtained by CoinDesk.The average investment in Morgan Stanley’s new bitcoin fund was around $91,000. Morgan Stanley will receive placement fees, according to the regulatory documents.Morgan Stanley declined to comment. NYDIG and FS Investments did not immediately respond to CoinDesk.","news_type":1},"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":103932759,"gmtCreate":1619742363171,"gmtModify":1704271628818,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Then why is everyone selling? Nuts","listText":"Then why is everyone selling? Nuts","text":"Then why is everyone selling? Nuts","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/103932759","repostId":"1153490597","repostType":4,"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375797019,"gmtCreate":1619396127331,"gmtModify":1704723097338,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Naise","listText":"Naise","text":"Naise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/375797019","repostId":"1184404050","repostType":4,"repost":{"id":"1184404050","pubTimestamp":1619319329,"share":"https://ttm.financial/m/news/1184404050?lang=&edition=fundamental","pubTime":"2021-04-25 10:55","market":"us","language":"en","title":"What to watch in the markets this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1184404050","media":"CNBC","summary":"The last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product a","content":"<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.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>What to watch in the markets 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\">\nWhat to watch in the markets this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-25 10:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House....</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","GOOG":"谷歌","GOOGL":"谷歌A",".SPX":"S&P 500 Index","AMZN":"亚马逊","AAPL":"苹果","TSLA":"特斯拉",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/04/23/taxes-and-inflation-will-be-key-themes-for-markets-in-the-week-ahead.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1184404050","content_text":"KEY POINTSThe last week of April will be extremely busy for markets with a third of the S&P 500 reporting earnings, a Federal Reserve meeting, and new spending and tax proposals from the White House.Big Tech is a highlight of the earnings calendar, with Apple, Microsoft, Amazon, Facebook and Alphabet all releasing results.The Fed is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.There is some key data including first-quarter gross domestic product and the Fed’s favorite inflation measure: the personal consumption expenditures deflator.The final week of April is going to be a busy one for markets with a Federal Reserve meeting and a deluge of earnings news.Hot topics in markets will continue to be inflation and taxes.President Joe Biden is expected to detail his “American Families Plan” and the tax increases to pay for it, including a much higher capital gains tax for the wealthy.The plan is the second part of his Build Back Better agenda and will include new spending proposals aimed at helping families. The president addresses a joint session of Congress Wednesday evening.It’s a huge week for earnings with about a third of the S&P 500 reporting, including Big Tech names, such as Apple,Microsoft,Alphabet and Amazon.As many have already done, firms like Boeing, Ford,Caterpillar and McDonald’s, are likely to detail cost pressures they are facing from rising materials and transportation costs and supply chain disruptions.At the same time, the Fed is expected to defend its policy of letting inflation run hot, while assuring markets it sees the pick-up in prices as only temporary. The central bank meets on Tuesday and Wednesday.The central bank takes the main stage“I think the Fed would like not to be a feature next week, but the Fed will be forced from the background because of concerns about inflation,” said Diane Swonk, chief economist at Grant Thornton.The central bank is not expected to make any policy moves, but Fed Chairman Jerome Powell’s press briefing following the meeting Wednesday will be closely watched.So far, the barrage of earnings news has been positive, with 86% of companies reporting earnings beats. Corporate profits are expected to be up about 33.9% for the first quarter, based on estimates and actual reports, according to Refinitiv. Revenues are about 9.9% higher.There is important inflation data Friday when the Fed’s preferred inflation gauge is reported.The personal consumption expenditure report is expected to show a 1.8% rise in core inflation, still below the Fed’s target of 2%. Other data releases include the first-quarter gross domestic product on Thursday, which is expected to have grown by 6.5%, according to Dow Jones.“I think the Fed has no urgency to shift monetary policy at this point,” said Ian Lyngen, head of U.S. rates strategy at BMO. “The Fed needs to acknowledge that the data is improving. We had a strong first quarter.”“The Fed needs to acknowledge that but at the same time they’re keeping extremely accommodative policy in place, so they’ll have to make a note to the fact that the easy policy is warranted,” he said.Lyngen said the Fed will likely point to continued concerns about the pandemic globally as a potential risk to the economic recovery.Powell is also expected to once more explain that the Fed will let inflation rise above its 2% target for a period of time before it raises rates so that the economy can have more time to heal. “It’s going to be a challenge for the Fed,” said Swonk.The base effects for the next several months will make inflation appear to have jumped sharply because of the comparison to a weak period last year. The consumer price index for April could be above 3%, compared to 2.6% last month, Swonk added.“The Fed is trying to let a lot more people get out onto the dance floor before it calls ‘last call,’” she said. “Really what Powell has been saying since day one is if we take care of people on the margins and bring them back into the labor force, the rest will take care of itself.”Stocks were slightly lower in the past week, and Treasury yields held at lower levels. The 10-year yield,which moves opposite price, was at 1.55% Friday.The S&P 500was down 0.1%, ending the week at 4,180, while Nasdaq Composite was down nearly 0.3% at 14,016. The Dow was off just shy of 0.5% at 34,043.Tax hike prospectsStocks were hit hard on Thursday when after a news report said that Biden is expected to propose a capital gains tax rate of 39.6% for people earning more than $1 million a year.Combined with the 3.8% net investment income tax, the new levy would more than double the long term capital gains rate of 20% or the richest Americans.Strategists said Biden is expected to propose raising the income tax rate for those earning more than $400,000.“I think a lot of people are starting to price in the risk there going to be a significant increase in both corporate and capital gains taxes,” said Lyngen.So far, companies have not provided much in the way of commentary on the proposed hike in corporate taxes to 28% from 21% but they have been talking about other costs.David Bianco, chief investment strategist for the Americas at DWS, said he expects larger companies will do better dealing with supply chain constraints than smaller ones. Big Tech is also likely to fare better during the semiconductor shortage than auto makers, which have already announced production shutdowns, he said.“Next week is tech week. I think we’re going to get down on our knees and just be in awe of their business models and their ability to grow at a behemoth scale,” Bianco said.He said he’s not in favor of Wall Street’s popular trade into cyclicals and out of growth. He still favors growth.“We’re overweight equities really because we’re concerned about rising interest rates,” Bianco said. “I’m not bullish in that I expect the market to rise that much from here.”“We stuck with growth and dug deeper into bond substitutes, utilities, staples, real estate,” he said, adding he is underweight industrials, energy and materials. “Energy is doomed. It’s being nationalized via regulation. I do like industrials, they are well-run companies, but I do think infrastructure spending expectations for classic infrastructure are too high.”He also said industrials are good businesses, but the stocks have become overvalued.Bianco said he likes big box stores, but smaller retailers are facing big challenges that were already impacting them prior to Covid. He also finds small biotech firms attractive.“I like healthcare stocks. Those valuations are reasonable. People have been paranoid about politicians beating on them since 1992. They manage through it and lately they’ve been delivering,” he said.Week ahead calendarMondayEarnings:Tesla,Canadian National Railway, Canon,Check Point Software,Otis Worldwide, Vale,Ameriprise,NXP Semiconductor,Albertsons, Royal Phillips8:30 a.m. Durable goodsTuesdayFOMC begins two day meetingEarnings:Microsoft,Alphabet,Visa,Amgen,Advanced Micro Devices,3M,General Electric,Eli Lilly, Hasbro,United Parcel Service,BP,Novartis,JetBlue,Pultegroup,Archer Daniels Midland,Waste Management,Starbucks,Texas Instrument,Chubb,Mondelez,FireEye,Corning,Raytheon9:00 a.m. S&P/Case-Shiller9:00 a.m. FHFA home prices10:00 a.m. Consumer confidence10:00 a.m. Housing vacanciesWednesdayEarnings:Apple, Boeing,Facebook,Qualcomm,Ford,MGM Resorts,Humana,Norfolk Southern,General Dynamics,Boston Scientific, eBay, Samsung Electronics, GlaxoSmithKline,Yum Brands, SiriusXM, Aflac,Cheesecake Factory,Community Health System,CIT Group,Entergy,CME Group,Hess,Ryder System8:30 a.m. Advance economic indicators2:00 p.m. Fed statement2:30 p.m. Fed Chairman Jerome Powell briefingThursdayEarnings:Amazon,Caterpillar,McDonald’s,Twitter,Bristol-Myers Squibb,Comcast,Merck,Northrop Grumman, Airbus,Kraft Heinz,Intercontinental Exchange,Mastercard,Gilead Sciences,U.S. Steel, Cirrus Logic,Texas Roadhouse, Cabot Oil, PG&E,Royal Dutch Shell,Church & Dwight, Carlyle Group,Southern Co.8:30 a.m. Initial jobless claims8:30 a.m. Real GDP Q110:00 a.m. Pending home salesFridayEarnings:ExxonMobil,Chevron,Colgate-Palmolive,AstraZeneca,Clorox,Barclays, AbbVie, BNP Paribas,Weyerhaeuser,Illinois Tool Works, CBOE Global Markets, Lazard,Newell Brands,Aon,LyondellBasell,Pitney Bowes,Phillips 66,Charter Communications8:30 a.m. Personal income and spending8:30 a.m. Employment cost index Q19:45 a.m. Chicago PMI10:00 a.m. Consumer sentimentSaturdayEarnings:Berkshire Hathaway","news_type":1},"isVote":1,"tweetType":1,"viewCount":501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109303482,"gmtCreate":1619662021846,"gmtModify":1704727598356,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109303482","repostId":"1137964402","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139253340,"gmtCreate":1621640418080,"gmtModify":1704360793947,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/139253340","repostId":"2137906121","repostType":4,"repost":{"id":"2137906121","pubTimestamp":1621611396,"share":"https://ttm.financial/m/news/2137906121?lang=&edition=fundamental","pubTime":"2021-05-21 23:36","market":"us","language":"en","title":"Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2137906121","media":"Motley Fool","summary":"Berkshire Hathaway has continued to reduce its stakes in banks.","content":"<p><b>Berkshire Hathaway</b> (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.</p>\n<p>\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"</p>\n<p>Let's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>1. All but eliminating Wells Fargo</h2>\n<p>Everyone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, <b>Wells Fargo</b> (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.</p>\n<p>This essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at <a href=\"https://laohu8.com/S/AONE\">one</a> point back in 2017, it was reportedly worth as much as $29 billion.</p>\n<p>But as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.</p>\n<p>The stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.</p>\n<h2>2. Dumping <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a></h2>\n<p>Last quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company <b>Synchrony Financial&nbsp;</b>(NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.</p>\n<p>While I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, <b>JPMorgan Chase</b>, and loaded up on America's second-largest bank, <b>Bank of America</b>.</p>\n<p>Considering that Buffett already has a huge position in <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a></b>, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.</p>\n<h2>3. Trimming U.S. Bancorp again</h2>\n<p>Berkshire Hathaway also sold about 1.45 million shares of <b>U.S. Bancorp</b> (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in <b>PNC Financial Services Group</b>&nbsp;and&nbsp;<b>M&amp;T Bank</b>, in the fourth quarter of 2020.&nbsp;</p>\n<p>One possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. </p>\n<p>Overall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.</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>Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","WFC":"富国银行","USB":"美国合众银行","SYF":"Synchrony Financial","BRK.A":"伯克希尔"},"source_url":"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137906121","content_text":"Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.\n\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"\nLet's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.\nImage source: Getty Images.\n1. All but eliminating Wells Fargo\nEveryone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, Wells Fargo (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.\nThis essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at one point back in 2017, it was reportedly worth as much as $29 billion.\nBut as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.\nThe stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.\n2. Dumping Synchrony Financial\nLast quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company Synchrony Financial (NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.\nWhile I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, JPMorgan Chase, and loaded up on America's second-largest bank, Bank of America.\nConsidering that Buffett already has a huge position in American Express, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.\n3. Trimming U.S. Bancorp again\nBerkshire Hathaway also sold about 1.45 million shares of U.S. Bancorp (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in PNC Financial Services Group and M&T Bank, in the fourth quarter of 2020. \nOne possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. \nOverall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374073911,"gmtCreate":1619404907933,"gmtModify":1704723334945,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374073911","repostId":"1196378304","repostType":4,"repost":{"id":"1196378304","pubTimestamp":1619404363,"share":"https://ttm.financial/m/news/1196378304?lang=&edition=fundamental","pubTime":"2021-04-26 10:32","market":"us","language":"en","title":"Watch The Berkshire Hathaway Meeting For Fun, But Invest For The Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1196378304","media":"seekingalpha","summary":"Summary\n\nBerkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Berkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all three vice chairmen for the first time.</li>\n <li>Don't expect any market-moving pronouncements.</li>\n <li>Earnings growth and multiple expansion at the non-insurance businesses are the biggest drivers of my valuation estimate increase.</li>\n <li>Berkshire is worth about 13% over current levels based on the sum-of-the-parts model I have used before.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed1e4f925f26b817cbf9d54570b38bb2\" tg-width=\"768\" tg-height=\"470\"><span>Photo by Eric Francis/Getty Images News via Getty Images</span></p>\n<p><b>A Different Kind Of Annual Meeting</b></p>\n<p>Berkshire Hathaway (BRK.A) (BRK.B) is known for its annual meetings in which 30,000+ shareholders and Warren Buffett / Charlie Munger fans flock to Omaha the first weekend in May and pack an arena for a marathon Q&amp;A session where just about any question is fair game. The weekend also features opportunities for participants to get together and sample and buy products from Berkshire's numerous subsidiaries. Since 2016, the meeting has been&nbsp;livestreamed&nbsp;for those who just want to see the Q&amp;A session without the fun of a trip to Nebraska. The pandemic unfortunately put a damper on these activities in 2020 when Warren Buffett and non-insurance Vice Chairman Greg Abel sat alone in a dark empty arena taking questions remotely from CNBC's Becky Quick. This year's meeting will also be virtual. The May 1&nbsp;stannual meeting&nbsp;is moving to Los Angeles for one year to accommodate 97-year old Vice Chairman Charlie Munger who couldn't travel in 2020. The meeting will also feature insurance Vice Chairman Ajit Jain for the first time. Online coverage will begin at 10 AM PDT (1 PM Eastern) with Q&amp;A lasting for 4 hours before the brief formal Annual Meeting with proxy voting wraps things up.</p>\n<p>I personally attended each annual meeting from 2008-2015 and I can say, assuming the format goes back to normal in 2022, every shareholder should attend in person at least once. The carnival-like atmosphere of the weekend is a lot of fun. Where else can you watch millionaires juggle multiple plates so they can score the maximum amount of free buffet food before plopping down big bucks on jewelry to take home?</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35cbd9ec92dfa00d0aafc31429671e43\" tg-width=\"612\" tg-height=\"408\"><span>Source: Getty Images</span></p>\n<p>You probably won't get to talk to Warren or Charlie, but the odds are that you can say hi to some of the on-air personalities and regular guests from CNBC or Fox Business. For those who over-indulged in the free food, there was even a&nbsp;company-sponsored 5k&nbsp;on the day after the meeting to run off the calories.</p>\n<p>The main reason for all the hoopla, though, is the Saturday Q&amp;A session, which is still going on virtually this year. Given what I consider to be&nbsp;Berkshire's transition to more of an operating company, it is long overdue for the operational Vice Chairmen Ajit Jain and Greg Abel to both join Warren and Charlie on stage for questions. Becky Quick does a decent job as questioner, but I will welcome the return of the rotating question format from journalists, equity analysts, and audience members at the next live meeting.</p>\n<p><b>What To Expect From The Q&amp;A Session?</b></p>\n<p>I've never found the Q&amp;A session to be a waste of time, but I've also never heard anything that caused me to make a trade or rethink my investment philosophy. To be honest, you hear a lot of repeat \"greatest hits\" year after year such as never bet against America, think if stocks as parts of a business and not pieces of paper, don't try to predict where the general market is heading, etc. Most of the audience has already heard and believes in this philosophy and is simply indulging in confirmation bias. One journalist described the meeting experience thusly:</p>\n<blockquote>\n \"It’s a lot like going to church, and no matter how long you’ve been away, the rhythm of the service doesn’t change.\"\n</blockquote>\n<p>Source: Corinne Purtill, \"Can the Cult of Berkshire Hathaway Outlive Warren Buffett\"</p>\n<p>So, aside from these old chestnuts, what can we expect to hear at this year's meeting? Here are a few predictions:</p>\n<p>One of the most likely will deal with absolutely horrible timing selling the airlines before they had a chance to recover from the pandemic. This was already being second-guessed when Buffett mentioned it at last year's meeting, and the double since then makes it look even worse.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884b153778cb386e8ecab5e99f78609b\" tg-width=\"640\" tg-height=\"222\"><span>Source: Seeking Alpha BRK.A Charting Page</span></p>\n<p>I fully expect Buffett to continue defending the decision to sell. He will likely point out that the airlines are worse businesses now compared to before the pandemic, having cut their dividends and diluted their share counts to stay afloat. There is also the issue of hindsight bias. The sales could have been justified given the unknowability of the impact and duration of the pandemic at the time. My personal view is that the airline sales were a rare moment of panic selling from Buffett that was wrong but forgivable in light of his overall career.</p>\n<p>We will probably hear more questions about Berkshire's huge cash pile and lack of buying activity. I expect the usual answers about the lack of cheap investments available and the aversion to paying a dividend. However, we may get some clarity on the buyback policy when we see at what level Berkshire stopped buying back stock (if they did stop) in Q1.</p>\n<p>Although Becky Quick does a decent job of question selection, I do expect the woke crowd to inject a couple of issues into the mix. This year, it could be race relations and climate change. I expect Charlie Munger to give a moral but no-nonsense once sentence response to each. Buffett will say the same thing but more diplomatically. Abel and Jain, as the longer term future leaders, may feel they have to repeat the politically correct answers of other CEOs on these topics. My prediction is that some on the right will be annoyed with them for \"caving\", some on the left will be angry with them for not going far enough, and the practical smart people will just ignore them and focus on how they run the business.</p>\n<p>Speaking of how they run the business, it is unfortunate that equity analysts won't be asking questions, but shareholders can still come up with some relevant ones. On the insurance side, I will be interested to hear about any losses from the February Texas cold snap, how the GEICO giveback and its expiration will impact policy count, and how business interruption claims from the pandemic will be handled. On the non-insurance side, I'd like to hear the latest reads on rail car loadings and construction activity to get a feel on the pace of the recovery and inflation expectations. From Berkshire Hathaway Energy, I will be interested to hear how aggressive they will continue to be with renewable power and how much government programs are driving it. Their investment activity in beefing up the power grid in Texas and elsewhere is also important.</p>\n<p>Bottom line on the Q&amp;A session: enjoy the \"greatest hits\" commentary but pay attention to the operating Vice Chairmen as they discuss their businesses, which are increasingly overshadowing the investment portfolio in importance. As you will see from my valuation estimate, they are already the biggest determinants of value.</p>\n<p><b>2021 Valuation Update</b></p>\n<p>Berkshire's 1Q 2021 earnings release will come out no later than the morning of May 1st ahead of the meeting. It will make for interesting reading ahead of the meeting but will be of limited usefulness in making a forecast for FY 2021. The operating businesses usually have some seasonality that results in higher income in the second half, and year-on-year growth rates will still be distorted by pandemic impacts. The company of course, does not provide guidance either. For my first pass at a 2021 valuation then, I am using 2020 actuals for the operating businesses adjusted for estimated growth rates and forward P/Es for comparable parts of the business. I then add in the value of the equity holdings and earnings power of the insurance business outside of income from equity investments. This is the same sum-of-the-parts valuation method I have been using in my last several Berkshire articles.</p>\n<p><b>Operating Businesses</b></p>\n<p>In the BNSF railroad business, the other 3 big US railroads (CSX, Norfolk Southern, and Union Pacific) are predicted to increase EPS by 20% in 2021. On that basis, BNSF would be expected to earn $6.2 billion. For Berkshire Hathaway Energy, I am assuming no growth in 2021, in line with analyst projections for peer utilities. The February Texas freeze-ups are a possible downside to earnings this year. In the manufacturing businesses, the industrial and building products segments are forecasted to grow in the high single digits but the consumer manufacturing segment is rebounding from a big decline in earnings in 2020. As a result, I am forecasting overall manufacturing business earnings to increase 30% to $8 billion. While this sounds like a lot, it is only 10% higher than pre-pandemic 2019. In Service and Retail, I am forecasting 20% earnings growth to $2.65 billion.</p>\n<p>The total 2021 earnings for the non-insurance businesses add up to $19.9 billion, which is 20% over 2020 and 12.2% over 2019. Peer P/E multiples have expanded an average of 10% since my last valuation estimate. Combining the P/E expansion with the higher earnings, the non-insurance businesses are valued at $403 billion, up from $305 billion in 2020.</p>\n<p><b>Investment Holdings</b></p>\n<p>The equity portfolio was held back in Q1 by Apple (AAPL) which was down about 8% in the quarter. I estimate the total equity portfolio excluding Kraft Heinz (KHC) had a net gain of only $5 billion. Kraft Heinz had a good quarter however, with Berkshire's share of market value increasing by $1.7 billion. Annual dividend income should benefit from the addition of stocks like Chevron (CVX) and Verizon (VZ). I expect $5.4 billion of dividend income in 2021 up from $4.9 billion in 2020. I am showing no gain in the other equity method investments like Berkadia, Pilot, and ETT.</p>\n<p><b>Insurance Earning Power (Excluding Equity Income)</b></p>\n<p>I am estimating insurance income very conservatively in 2021. I am cutting cash and fixed income interest in half from 2020 due to T-bill rates near zero for a full year this year. I am also assuming breakeven underwriting income with expected impacts from the Texas cold snap and a possibly stronger than average hurricane season later this year. The resulting insurance income is over $1 billion lower in 2021 than 2020, and it impacts company valuation by about $15 billion. Nevertheless, I am using the low number for the base case valuation as I made some possibly generous estimates on non-insurance earnings. If you prefer to value insurance earnings on a higher ongoing basis, the $15 billion would add about $6.50 per B share to my final number.</p>\n<p>Finally, for those who have not seen my valuation model or as a reminder for those who have, the equity investments are the only components of the insurance business that I am valuing based on the balance sheet. The rest is valued based on the earnings power as discussed here. Therefore I do not add cash or subtract float liabilities in my valuation. These basically offset each other on the balance sheet in any case. Some may find this method conservative and they are welcome to add in additional value to my final result but I find empirically that doing so always overstates the company's value compared to the market. There is certainly some option value in having cash on hand for deals that may come along but given the rarity of these in the last few years, it is not in the base case.</p>\n<p><b>Putting It All Together</b></p>\n<p>Summing up all the parts, Berkshire Hathaway is valued at $707 billion. The share count as reported on the&nbsp;Form 10-K&nbsp;as of 2/16/2021 indicates 2.297 billion B share equivalents outstanding. That accounts for some&nbsp;buybacks in the first half of 1Q&nbsp;but any activity since then is not reflected. We will see on the 10-K issued on May 1st if there have been further buybacks. The resulting valuation is $307.88 per B share or $461,816 per A share.</p>\n<p><img src=\"https://static.tigerbbs.com/3d81031cb2f9745ac2d59ecd7783fdbc\" tg-width=\"640\" tg-height=\"372\"></p>\n<p><b>Conclusion</b></p>\n<p>The livestream of Berkshire Hathaway's annual meeting on May 1st should see record views. It is the first time that Warren Buffett, Charlie Munger, Ajit Jain, and Greg Abel will all be on stage to take questions. This reflects the evolution of Berkshire from an investment business into a more operations-focused company. Although a lot of the Q&amp;A will probably rehash old investing and life philosophies, it will still be worth watching to become familiar with the new generation of Berkshire leaders and hear their take on how the operating businesses are doing.</p>\n<p>Based on current peer multiples and forecasted earnings growth for 2021, Berkshire's fair value is about 13% above current market price. This valuation uses some conservative assumptions for the insurance business as both investment and underwriting income could be depressed this year. Using a longer term average for expected insurance income could boost the valuation by a couple percent. Berkshire is still worth owning based on steady post-pandemic improvement in the operating businesses with the added benefit of a fortress balance sheet and the capacity to make an accretive acquisition if one comes along.</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>Watch The Berkshire Hathaway Meeting For Fun, But Invest For The Value</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\">\nWatch The Berkshire Hathaway Meeting For Fun, But Invest For The Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 10:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4421138-berkshire-hathaway-stock-watch-meeting-for-fun-invest-for-value><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nBerkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all three vice chairmen for the first time.\nDon't expect any market-moving pronouncements.\nEarnings ...</p>\n\n<a href=\"https://seekingalpha.com/article/4421138-berkshire-hathaway-stock-watch-meeting-for-fun-invest-for-value\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4421138-berkshire-hathaway-stock-watch-meeting-for-fun-invest-for-value","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196378304","content_text":"Summary\n\nBerkshire Hathaway's annual meeting will be held on May 1 featuring Warren Buffett and all three vice chairmen for the first time.\nDon't expect any market-moving pronouncements.\nEarnings growth and multiple expansion at the non-insurance businesses are the biggest drivers of my valuation estimate increase.\nBerkshire is worth about 13% over current levels based on the sum-of-the-parts model I have used before.\n\nPhoto by Eric Francis/Getty Images News via Getty Images\nA Different Kind Of Annual Meeting\nBerkshire Hathaway (BRK.A) (BRK.B) is known for its annual meetings in which 30,000+ shareholders and Warren Buffett / Charlie Munger fans flock to Omaha the first weekend in May and pack an arena for a marathon Q&A session where just about any question is fair game. The weekend also features opportunities for participants to get together and sample and buy products from Berkshire's numerous subsidiaries. Since 2016, the meeting has been livestreamed for those who just want to see the Q&A session without the fun of a trip to Nebraska. The pandemic unfortunately put a damper on these activities in 2020 when Warren Buffett and non-insurance Vice Chairman Greg Abel sat alone in a dark empty arena taking questions remotely from CNBC's Becky Quick. This year's meeting will also be virtual. The May 1 stannual meeting is moving to Los Angeles for one year to accommodate 97-year old Vice Chairman Charlie Munger who couldn't travel in 2020. The meeting will also feature insurance Vice Chairman Ajit Jain for the first time. Online coverage will begin at 10 AM PDT (1 PM Eastern) with Q&A lasting for 4 hours before the brief formal Annual Meeting with proxy voting wraps things up.\nI personally attended each annual meeting from 2008-2015 and I can say, assuming the format goes back to normal in 2022, every shareholder should attend in person at least once. The carnival-like atmosphere of the weekend is a lot of fun. Where else can you watch millionaires juggle multiple plates so they can score the maximum amount of free buffet food before plopping down big bucks on jewelry to take home?\nSource: Getty Images\nYou probably won't get to talk to Warren or Charlie, but the odds are that you can say hi to some of the on-air personalities and regular guests from CNBC or Fox Business. For those who over-indulged in the free food, there was even a company-sponsored 5k on the day after the meeting to run off the calories.\nThe main reason for all the hoopla, though, is the Saturday Q&A session, which is still going on virtually this year. Given what I consider to be Berkshire's transition to more of an operating company, it is long overdue for the operational Vice Chairmen Ajit Jain and Greg Abel to both join Warren and Charlie on stage for questions. Becky Quick does a decent job as questioner, but I will welcome the return of the rotating question format from journalists, equity analysts, and audience members at the next live meeting.\nWhat To Expect From The Q&A Session?\nI've never found the Q&A session to be a waste of time, but I've also never heard anything that caused me to make a trade or rethink my investment philosophy. To be honest, you hear a lot of repeat \"greatest hits\" year after year such as never bet against America, think if stocks as parts of a business and not pieces of paper, don't try to predict where the general market is heading, etc. Most of the audience has already heard and believes in this philosophy and is simply indulging in confirmation bias. One journalist described the meeting experience thusly:\n\n \"It’s a lot like going to church, and no matter how long you’ve been away, the rhythm of the service doesn’t change.\"\n\nSource: Corinne Purtill, \"Can the Cult of Berkshire Hathaway Outlive Warren Buffett\"\nSo, aside from these old chestnuts, what can we expect to hear at this year's meeting? Here are a few predictions:\nOne of the most likely will deal with absolutely horrible timing selling the airlines before they had a chance to recover from the pandemic. This was already being second-guessed when Buffett mentioned it at last year's meeting, and the double since then makes it look even worse.\nSource: Seeking Alpha BRK.A Charting Page\nI fully expect Buffett to continue defending the decision to sell. He will likely point out that the airlines are worse businesses now compared to before the pandemic, having cut their dividends and diluted their share counts to stay afloat. There is also the issue of hindsight bias. The sales could have been justified given the unknowability of the impact and duration of the pandemic at the time. My personal view is that the airline sales were a rare moment of panic selling from Buffett that was wrong but forgivable in light of his overall career.\nWe will probably hear more questions about Berkshire's huge cash pile and lack of buying activity. I expect the usual answers about the lack of cheap investments available and the aversion to paying a dividend. However, we may get some clarity on the buyback policy when we see at what level Berkshire stopped buying back stock (if they did stop) in Q1.\nAlthough Becky Quick does a decent job of question selection, I do expect the woke crowd to inject a couple of issues into the mix. This year, it could be race relations and climate change. I expect Charlie Munger to give a moral but no-nonsense once sentence response to each. Buffett will say the same thing but more diplomatically. Abel and Jain, as the longer term future leaders, may feel they have to repeat the politically correct answers of other CEOs on these topics. My prediction is that some on the right will be annoyed with them for \"caving\", some on the left will be angry with them for not going far enough, and the practical smart people will just ignore them and focus on how they run the business.\nSpeaking of how they run the business, it is unfortunate that equity analysts won't be asking questions, but shareholders can still come up with some relevant ones. On the insurance side, I will be interested to hear about any losses from the February Texas cold snap, how the GEICO giveback and its expiration will impact policy count, and how business interruption claims from the pandemic will be handled. On the non-insurance side, I'd like to hear the latest reads on rail car loadings and construction activity to get a feel on the pace of the recovery and inflation expectations. From Berkshire Hathaway Energy, I will be interested to hear how aggressive they will continue to be with renewable power and how much government programs are driving it. Their investment activity in beefing up the power grid in Texas and elsewhere is also important.\nBottom line on the Q&A session: enjoy the \"greatest hits\" commentary but pay attention to the operating Vice Chairmen as they discuss their businesses, which are increasingly overshadowing the investment portfolio in importance. As you will see from my valuation estimate, they are already the biggest determinants of value.\n2021 Valuation Update\nBerkshire's 1Q 2021 earnings release will come out no later than the morning of May 1st ahead of the meeting. It will make for interesting reading ahead of the meeting but will be of limited usefulness in making a forecast for FY 2021. The operating businesses usually have some seasonality that results in higher income in the second half, and year-on-year growth rates will still be distorted by pandemic impacts. The company of course, does not provide guidance either. For my first pass at a 2021 valuation then, I am using 2020 actuals for the operating businesses adjusted for estimated growth rates and forward P/Es for comparable parts of the business. I then add in the value of the equity holdings and earnings power of the insurance business outside of income from equity investments. This is the same sum-of-the-parts valuation method I have been using in my last several Berkshire articles.\nOperating Businesses\nIn the BNSF railroad business, the other 3 big US railroads (CSX, Norfolk Southern, and Union Pacific) are predicted to increase EPS by 20% in 2021. On that basis, BNSF would be expected to earn $6.2 billion. For Berkshire Hathaway Energy, I am assuming no growth in 2021, in line with analyst projections for peer utilities. The February Texas freeze-ups are a possible downside to earnings this year. In the manufacturing businesses, the industrial and building products segments are forecasted to grow in the high single digits but the consumer manufacturing segment is rebounding from a big decline in earnings in 2020. As a result, I am forecasting overall manufacturing business earnings to increase 30% to $8 billion. While this sounds like a lot, it is only 10% higher than pre-pandemic 2019. In Service and Retail, I am forecasting 20% earnings growth to $2.65 billion.\nThe total 2021 earnings for the non-insurance businesses add up to $19.9 billion, which is 20% over 2020 and 12.2% over 2019. Peer P/E multiples have expanded an average of 10% since my last valuation estimate. Combining the P/E expansion with the higher earnings, the non-insurance businesses are valued at $403 billion, up from $305 billion in 2020.\nInvestment Holdings\nThe equity portfolio was held back in Q1 by Apple (AAPL) which was down about 8% in the quarter. I estimate the total equity portfolio excluding Kraft Heinz (KHC) had a net gain of only $5 billion. Kraft Heinz had a good quarter however, with Berkshire's share of market value increasing by $1.7 billion. Annual dividend income should benefit from the addition of stocks like Chevron (CVX) and Verizon (VZ). I expect $5.4 billion of dividend income in 2021 up from $4.9 billion in 2020. I am showing no gain in the other equity method investments like Berkadia, Pilot, and ETT.\nInsurance Earning Power (Excluding Equity Income)\nI am estimating insurance income very conservatively in 2021. I am cutting cash and fixed income interest in half from 2020 due to T-bill rates near zero for a full year this year. I am also assuming breakeven underwriting income with expected impacts from the Texas cold snap and a possibly stronger than average hurricane season later this year. The resulting insurance income is over $1 billion lower in 2021 than 2020, and it impacts company valuation by about $15 billion. Nevertheless, I am using the low number for the base case valuation as I made some possibly generous estimates on non-insurance earnings. If you prefer to value insurance earnings on a higher ongoing basis, the $15 billion would add about $6.50 per B share to my final number.\nFinally, for those who have not seen my valuation model or as a reminder for those who have, the equity investments are the only components of the insurance business that I am valuing based on the balance sheet. The rest is valued based on the earnings power as discussed here. Therefore I do not add cash or subtract float liabilities in my valuation. These basically offset each other on the balance sheet in any case. Some may find this method conservative and they are welcome to add in additional value to my final result but I find empirically that doing so always overstates the company's value compared to the market. There is certainly some option value in having cash on hand for deals that may come along but given the rarity of these in the last few years, it is not in the base case.\nPutting It All Together\nSumming up all the parts, Berkshire Hathaway is valued at $707 billion. The share count as reported on the Form 10-K as of 2/16/2021 indicates 2.297 billion B share equivalents outstanding. That accounts for some buybacks in the first half of 1Q but any activity since then is not reflected. We will see on the 10-K issued on May 1st if there have been further buybacks. The resulting valuation is $307.88 per B share or $461,816 per A share.\n\nConclusion\nThe livestream of Berkshire Hathaway's annual meeting on May 1st should see record views. It is the first time that Warren Buffett, Charlie Munger, Ajit Jain, and Greg Abel will all be on stage to take questions. This reflects the evolution of Berkshire from an investment business into a more operations-focused company. Although a lot of the Q&A will probably rehash old investing and life philosophies, it will still be worth watching to become familiar with the new generation of Berkshire leaders and hear their take on how the operating businesses are doing.\nBased on current peer multiples and forecasted earnings growth for 2021, Berkshire's fair value is about 13% above current market price. This valuation uses some conservative assumptions for the insurance business as both investment and underwriting income could be depressed this year. Using a longer term average for expected insurance income could boost the valuation by a couple percent. Berkshire is still worth owning based on steady post-pandemic improvement in the operating businesses with the added benefit of a fortress balance sheet and the capacity to make an accretive acquisition if one comes along.","news_type":1},"isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376282560,"gmtCreate":1619132350550,"gmtModify":1704719999390,"author":{"id":"3579472368625021","authorId":"3579472368625021","name":"Kapo37","avatar":"https://static.tigerbbs.com/709af5326e4a635fcc057da6a94d3187","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579472368625021","authorIdStr":"3579472368625021"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376282560","repostId":"1194377792","repostType":4,"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}