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2021-07-06

abc

XPeng Auto-W won 10% in the first lot, and subscribed for 20 lots and won the first lot

2021-05-01

51

Reminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual

2021-04-29

ka

Powell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike

2021-04-19

good job

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2021-04-19

nice

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2021-04-18

zuanqiankuaile

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2021-04-17

qqqqqqqqqqq

Bezos's Last Shareholder Letter: Work hard, don't be "ordinary people"

2021-04-17

nice

Morgan Stanley Offers Clients Bitcoin Exposure With Two Crypto Funds

2021-04-17

goodboy

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2021-04-15

yes. correct

Goldman Sachs CEO: Archegos Explosion Won't Be the Last

2021-04-14

good

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2021-04-10

good

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The final offer price of both the International Offering and the Hong Kong Public Offering has been determined to be HK$165.00 per offer share, and the net proceeds received from the Global Offering are approximately HK$13.781 billion. 100 shares per board lot of Class A ordinary shares, with the expected listing of Class A ordinary shares on July 7, 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/acbbfe927e3f8c40f3e86f63a83f6bfe\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 100 shares per lot, the winning rate of one lot is 10%, and the subscription of 20 lots is stable.</p><p>Group B had 30,000 shares (300 lots) and 5,400 shares (54 lots) were allocated.<img src=\"https://static.tigerbbs.com/75f05d3ec9afe898f3ee9751c98bbc17\" tg-width=\"622\" tg-height=\"754\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b2f6d112ddbcf15a8ce5e053c738ccd1\" tg-width=\"625\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been over-subscribed, representing approximately 14.73 times the total number of 4.25 million Hong Kong Offer Shares initially available under the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is 4.25 million Offer Shares, representing 5.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option), and has been allocated to 16,483 successful applicants under the Hong Kong Public Offering.</p><p>The Offer Shares initially offered under the International Offering have been over-subscribed, representing approximately 8.54 times the total number of Offer Shares initially available under the International Offering. The final number of Offer Shares under the International Offering is 80.75 million Offer Shares, representing 95.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option).</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>XPeng Auto-W won 10% in the first lot, and subscribed for 20 lots and won the first lot</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nXPeng Auto-W won 10% in the first lot, and subscribed for 20 lots and won the first lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 07:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>An announcement was made to issue 85 million shares. The final offer price of both the International Offering and the Hong Kong Public Offering has been determined to be HK$165.00 per offer share, and the net proceeds received from the Global Offering are approximately HK$13.781 billion. 100 shares per board lot of Class A ordinary shares, with the expected listing of Class A ordinary shares on July 7, 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/acbbfe927e3f8c40f3e86f63a83f6bfe\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 100 shares per lot, the winning rate of one lot is 10%, and the subscription of 20 lots is stable.</p><p>Group B had 30,000 shares (300 lots) and 5,400 shares (54 lots) were allocated.<img src=\"https://static.tigerbbs.com/75f05d3ec9afe898f3ee9751c98bbc17\" tg-width=\"622\" tg-height=\"754\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b2f6d112ddbcf15a8ce5e053c738ccd1\" tg-width=\"625\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been over-subscribed, representing approximately 14.73 times the total number of 4.25 million Hong Kong Offer Shares initially available under the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is 4.25 million Offer Shares, representing 5.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option), and has been allocated to 16,483 successful applicants under the Hong Kong Public Offering.</p><p>The Offer Shares initially offered under the International Offering have been over-subscribed, representing approximately 8.54 times the total number of Offer Shares initially available under the International Offering. The final number of Offer Shares under the International Offering is 80.75 million Offer Shares, representing 95.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121493911","content_text":"7月6日，小鹏汽车-W发布公告，发行8500万股，国际发售与香港公开发售的最终发售价均已确定为每股发售股份165.00港元，全球发售收取所得款项净额约137.81亿港元。每手100股A类普通股，预期A类普通股于2021年7月7日上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手100股，一手中签率10%，认购20手稳中一手。\n乙组头为3万股（300手），获配5400股（54手）。\n根据香港公开发售初步提呈发售的香港发售股份已获超额认购，相当于香港公开发售初步可供认购香港发售股份总数425万股约14.73倍。香港公开发售的发售股份最终数目为425万股发售股份，占全球发售初步可供认购的发售股份总数的5.0%（行使任何超额配股权前），并已分配予香港公开发售的16483名获接纳申请人。\n国际发售初步提呈发售的发售股份已获超额认购，相当于国际发售初步可供认购发售股份总数约8.54倍。国际发售的发售股份最终数目为8075万股发售股份，相当于全球发售初步可供认购发售股份总数的95.0%（行使任何超额配股权前）。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":3528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101918504,"gmtCreate":1619836207608,"gmtModify":1704335555906,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"51","listText":"51","text":"51","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101918504","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"sh","language":"zh","title":"Reminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is coming soon. It is worth mentioning that this year's May Day Labor Day will continue to take five consecutive days off. Regarding the arrangement of the May Day stock market, it is also the focus of investors' attention. Let's take a look at how many days the May Day stock market will be closed in 2021?<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed from Saturday, May 1 to Wednesday, May 5, and will open as usual from Thursday, May 6.</p><p><b>Hong Kong stocks:</b></p><p>Trading as usual.</p><p><b>U.S. stocks:</b></p><p>Trading as usual.</p><p><b>UK shares:</b></p><p>May 3rd (Monday) is the traditional British holiday Bank holiday, and the British stock market is closed for one day</p><p><b>Singapore Market:</b></p><p>Trading as usual.</p><p><b>Australian Market:</b></p><p>Trading as usual.</p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed from Saturday, May 1 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from Thursday, April 29 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p>I wish you the most beautiful workers a happy May Day, peace and joy!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nReminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is coming soon. It is worth mentioning that this year's May Day Labor Day will continue to take five consecutive days off. Regarding the arrangement of the May Day stock market, it is also the focus of investors' attention. Let's take a look at how many days the May Day stock market will be closed in 2021?<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed from Saturday, May 1 to Wednesday, May 5, and will open as usual from Thursday, May 6.</p><p><b>Hong Kong stocks:</b></p><p>Trading as usual.</p><p><b>U.S. stocks:</b></p><p>Trading as usual.</p><p><b>UK shares:</b></p><p>May 3rd (Monday) is the traditional British holiday Bank holiday, and the British stock market is closed for one day</p><p><b>Singapore Market:</b></p><p>Trading as usual.</p><p><b>Australian Market:</b></p><p>Trading as usual.</p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed from Saturday, May 1 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from Thursday, April 29 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p>I wish you the most beautiful workers a happy May Day, peace and joy!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109091438,"gmtCreate":1619653690124,"gmtModify":1704727350861,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"ka","listText":"ka","text":"ka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109091438","repostId":"1169826911","repostType":4,"repost":{"id":"1169826911","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1619648937,"share":"https://ttm.financial/m/news/1169826911?lang=en_US&edition=fundamental","pubTime":"2021-04-29 06:28","market":"us","language":"zh","title":"Powell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1169826911","media":"华尔街见闻","summary":"鲍威尔着重阐述了“经济距离进一步进展还有很长的路要走”，现在不宜讨论加息和缩表，当时机适宜时，美联储将减码对抵押贷款支持证券（MBS）的购买速度，但不是现在。美国经济复苏还不均衡，股市某些方面存在泡沫","content":"<p>Powell emphasized that \"the economy is still a long way from further progress\", and it is not appropriate to discuss rate hike and shrinking balance sheet now. When the time is right, the Fed will reduce the pace of purchases of mortgage-backed securities (MBS), but not now. The U.S. economic recovery is uneven, and there are bubbles in some aspects of the stock market. After the \"bubble speech\", all U.S. stocks turned down, and the analysis said that the door to shrinking balance sheet was closed in the short term.</p><p>On Wednesday afternoon, April 28th, Eastern Time, the Federal Reserve announced its latest interest rate decision, and Federal Reserve Chairman Powell held a press conference.</p><p>In line with market expectations, the Fed kept policy steady at the April FOMC meeting, i.e., keeping its benchmark interest rate target near zero unchanged and the size of bond purchases of $120 billion per month unchanged.</p><p>The FOMC statement after the meeting reiterated the need to see more substantial progress in the economy, acknowledging that the economic growth rate of the United States is accelerating, the United States will usher in higher inflation but it is a temporary phenomenon, and the outlook still faces many risks.</p><p><b>Speaking at the press conference, Mr Powell highlighted the idea that \"the economy is still a long way off from further progress,\" arguing that this is not the time to discuss rate hike and shrinking balance sheet</b>All of them reflect their usual dovish stance, which makes the stock market, gold and silver soar and the US dollar fall.</p><p>However, at the 40-minute press conference, the three major U.S. stock indexes collectively fell. S&P and Nasdaq erased all the gains after the resolution was announced and fell, and the Dow fell over 140 points again. The reason is that Powell said, \"Something about the stock market does reflect a market bubble.\"</p><p><img src=\"https://static.tigerbbs.com/58dd062db907230fdb13846f0f5f952d\" tg-width=\"500\" tg-height=\"287\" referrerpolicy=\"no-referrer\"></p><p><b>Powell: It'll take 'a while' for the Fed to be happy with the economy, now not on rate hike shrinking balance sheet</b></p><p>Powell said improvements have been seen in several areas of the economy hardest hit by the COVID-19 crisis, but the recovery remains uneven and far from complete, and unemployment remains on the high side.</p><p>He admitted that US inflation will continue to rise to a certain extent, and then tend to moderate. \"The recovery of consumer spending will push up prices, and this phenomenon may be temporary.\" If US prices are expected to exceed 2.0%, the Federal Reserve has the tools to cope.</p><p><b>Notably, he made it clear that the temporary rise in inflation does not guarantee that the Fed will rate hike, and now is not the time for the Fed to communicate to the market about QE reduction</b>。 A near-zero interest rate policy is appropriate until the target is achieved:</p><p>\"The U.S. economy is still far from the Fed's dual goal of achieving full employment and stabilizing prices, and it may still be some time before substantial progress is made. Before that, the Fed is expected to maintain a loose monetary policy. As far as the U.S. economic recovery is concerned, epidemic prevention and control is the most important factor, and it may be necessary for the United States to make substantial progress in epidemic prevention and control. With vaccination, the United States should be allowed to return to a more normal state in 2021. \" Michael Schumacher, a bond strategist at Wells Fargo, believes that this shows that Powell has almost denied any possibility of reducing bond purchases in the short term and completely closed the door to the immediate shrinking balance sheet, which means that there may be less room for the increase of U.S. bond yields.</p><p>However, as the market generally expected, he feels that the Fed is inching closer to the final tapering process. While it may take at least a few months before it is likely to see the FOMC re-enable its \"tapering\" language, \"it will be more interesting when it meets in June,\" when there will be months of hot inflation data and the Fed will come under more pressure to explain its revised inflation framework.</p><p>It should also be noted that Powell mentioned today,<b>When the time is right, the Fed will reduce its purchases of mortgage-backed securities (MBS), but not now.</b></p><p>As mentioned earlier on Wall Street, a Bloomberg survey said that more than two-thirds of economists surveyed expected the Federal Reserve to issue an early warning signal to reduce the scale of bond purchases this year.</p><p><b>Powell once again made it clear that the rate hike premise must meet two major conditions, and higher inflation reflects temporary factors</b></p><p>Once again, Powell pointed out at the press conference that the prerequisite for rate hike is-labor market conditions are consistent with the FOMC committee's assessment of maximizing employment, and inflation rises to 2%, while it is expected to moderately exceed 2% for a period of time \":</p><p>\"So far, it is not close to making further substantial progress. Non-farm payrolls in the United States showed a heavy positive in March, but that is far from enough. Service workers may have difficulty finding jobs, and there are still a large number of unemployed people in the United States.\" As mentioned above, Powell once said that the temporary rise in inflation does not guarantee that the Federal Reserve will rate hike, and he further explained this:</p><p>\"Frankly speaking, at a time when the labor market is significantly weak, it seems unlikely that we will see inflation continue to rise, which in turn will raise the inflation expectations of the market. It will take some time for inflation to continue to rise and raise inflation expectations, and it is likely that this will happen in a very strong labor market.\" He believes that \"no one should question the Fed's determination to control specific inflation\", but some price rises will not exist for a long time. When faced with the question of soaring house prices, he said that \"the Federal Reserve pays close attention to the rising house prices\", but believes that the price increase mainly reflects the fundamentals of strong demand and not too much supply, and \"the housing side has not caused financial stability concerns\".</p><p>In terms of financial market supervision, Powell insisted on his earlier position that risks similar to the liquidation of hedge fund Archegos did not aggravate worries about the financial system. Something about the stock market does reflect a market bubble, but the market reflects more COVID vaccination progress and the economic situation than Fed policy:</p><p>\"Overall, financial stability is mixed, but it is still controllable. The capital of the banking system is in good condition, and the leverage of the financial system is not a problem. Many money funds have problems in financing risks, not systemic problems. We are paying attention to the kinetic energy of money funds and corporate bond funds.\" Regarding the U.S. central bank's version of digital currency, he said that the Federal Reserve feels obliged to well understand the technical and policy issues of digital currency. Compared with trying early in digital currency, the Federal Reserve prefers to do the right thing.</p><p>In addition, Powell declined to comment on the White House's fiscal plan. U.S. President Joe Biden will announce the $1.8 trillion \"American Household Investment Plan\" on Wednesday night local time. He also did not talk about the prospect of whether he will * the chairman of the Federal Reserve.</p><p><b>Analysis: shrinking balance sheet doors are closed in the short term, focusing on the dynamics of the Fed's June-August meeting</b></p><p>Wall Street has mentioned that the market keeps a close eye on whether Powell will release the QE exit signal, especially how the Fed will define the vague concept of \"making substantial further progress\". However, today's FOMC statement and press conference did not give a specific explanation.</p><p>Goldman Sachs thinks it is too early for the Fed to suggest tapering its bond purchases. As the labor market improves further, the Fed may begin to release signals of tapering as soon as the second half of this year, and begin formal tapering in early 2022. However, if the future employment report is better than expected, the Federal Reserve may also advance the time point of bond purchase reduction to the fourth quarter of this year.</p><p>According to Goldman Sachs, referring to historical data, the Federal Reserve may take the approach of shrinking $15 billion per meeting and gradually withdraw from the current $120 billion bond purchase program<b>。</b>This means that it takes 8 meetings, or a full year to complete the bond purchase exit (starting in 2022 and ending at the end of 2022):</p><p>After completing the bond purchase exit, the Fed may use 1-2 quarters to assess the specific impact of exiting the bond purchase while preparing for the rate hike.<b>If all goes well, rate hike will be officially on the agenda by mid-2023.</b>But Goldman emphasizes that on rate hike<b>If inflation falls short of expectations, the economy slows down or the impact of fiscal stimulus fades, the timing of the Fed's first rate hike may be delayed to the first quarter of 2024.</b></p><p>According to the above-mentioned Bloomberg survey, more than two-thirds of economists expect that the Federal Reserve will issue an early warning signal to reduce the scale of bond purchases this year, with the largest number (45%) expected to issue signals from July to September. Specific occasions could come from the FOMC meeting in July or September, or Powell's semi-annual testimony to Congress. The Jackson Hole Central Bank's annual meeting in late August is also a possible occasion to send signals.</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>Powell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nPowell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-04-29 06:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Powell emphasized that \"the economy is still a long way from further progress\", and it is not appropriate to discuss rate hike and shrinking balance sheet now. When the time is right, the Fed will reduce the pace of purchases of mortgage-backed securities (MBS), but not now. The U.S. economic recovery is uneven, and there are bubbles in some aspects of the stock market. After the \"bubble speech\", all U.S. stocks turned down, and the analysis said that the door to shrinking balance sheet was closed in the short term.</p><p>On Wednesday afternoon, April 28th, Eastern Time, the Federal Reserve announced its latest interest rate decision, and Federal Reserve Chairman Powell held a press conference.</p><p>In line with market expectations, the Fed kept policy steady at the April FOMC meeting, i.e., keeping its benchmark interest rate target near zero unchanged and the size of bond purchases of $120 billion per month unchanged.</p><p>The FOMC statement after the meeting reiterated the need to see more substantial progress in the economy, acknowledging that the economic growth rate of the United States is accelerating, the United States will usher in higher inflation but it is a temporary phenomenon, and the outlook still faces many risks.</p><p><b>Speaking at the press conference, Mr Powell highlighted the idea that \"the economy is still a long way off from further progress,\" arguing that this is not the time to discuss rate hike and shrinking balance sheet</b>All of them reflect their usual dovish stance, which makes the stock market, gold and silver soar and the US dollar fall.</p><p>However, at the 40-minute press conference, the three major U.S. stock indexes collectively fell. S&P and Nasdaq erased all the gains after the resolution was announced and fell, and the Dow fell over 140 points again. The reason is that Powell said, \"Something about the stock market does reflect a market bubble.\"</p><p><img src=\"https://static.tigerbbs.com/58dd062db907230fdb13846f0f5f952d\" tg-width=\"500\" tg-height=\"287\" referrerpolicy=\"no-referrer\"></p><p><b>Powell: It'll take 'a while' for the Fed to be happy with the economy, now not on rate hike shrinking balance sheet</b></p><p>Powell said improvements have been seen in several areas of the economy hardest hit by the COVID-19 crisis, but the recovery remains uneven and far from complete, and unemployment remains on the high side.</p><p>He admitted that US inflation will continue to rise to a certain extent, and then tend to moderate. \"The recovery of consumer spending will push up prices, and this phenomenon may be temporary.\" If US prices are expected to exceed 2.0%, the Federal Reserve has the tools to cope.</p><p><b>Notably, he made it clear that the temporary rise in inflation does not guarantee that the Fed will rate hike, and now is not the time for the Fed to communicate to the market about QE reduction</b>。 A near-zero interest rate policy is appropriate until the target is achieved:</p><p>\"The U.S. economy is still far from the Fed's dual goal of achieving full employment and stabilizing prices, and it may still be some time before substantial progress is made. Before that, the Fed is expected to maintain a loose monetary policy. As far as the U.S. economic recovery is concerned, epidemic prevention and control is the most important factor, and it may be necessary for the United States to make substantial progress in epidemic prevention and control. With vaccination, the United States should be allowed to return to a more normal state in 2021. \" Michael Schumacher, a bond strategist at Wells Fargo, believes that this shows that Powell has almost denied any possibility of reducing bond purchases in the short term and completely closed the door to the immediate shrinking balance sheet, which means that there may be less room for the increase of U.S. bond yields.</p><p>However, as the market generally expected, he feels that the Fed is inching closer to the final tapering process. While it may take at least a few months before it is likely to see the FOMC re-enable its \"tapering\" language, \"it will be more interesting when it meets in June,\" when there will be months of hot inflation data and the Fed will come under more pressure to explain its revised inflation framework.</p><p>It should also be noted that Powell mentioned today,<b>When the time is right, the Fed will reduce its purchases of mortgage-backed securities (MBS), but not now.</b></p><p>As mentioned earlier on Wall Street, a Bloomberg survey said that more than two-thirds of economists surveyed expected the Federal Reserve to issue an early warning signal to reduce the scale of bond purchases this year.</p><p><b>Powell once again made it clear that the rate hike premise must meet two major conditions, and higher inflation reflects temporary factors</b></p><p>Once again, Powell pointed out at the press conference that the prerequisite for rate hike is-labor market conditions are consistent with the FOMC committee's assessment of maximizing employment, and inflation rises to 2%, while it is expected to moderately exceed 2% for a period of time \":</p><p>\"So far, it is not close to making further substantial progress. Non-farm payrolls in the United States showed a heavy positive in March, but that is far from enough. Service workers may have difficulty finding jobs, and there are still a large number of unemployed people in the United States.\" As mentioned above, Powell once said that the temporary rise in inflation does not guarantee that the Federal Reserve will rate hike, and he further explained this:</p><p>\"Frankly speaking, at a time when the labor market is significantly weak, it seems unlikely that we will see inflation continue to rise, which in turn will raise the inflation expectations of the market. It will take some time for inflation to continue to rise and raise inflation expectations, and it is likely that this will happen in a very strong labor market.\" He believes that \"no one should question the Fed's determination to control specific inflation\", but some price rises will not exist for a long time. When faced with the question of soaring house prices, he said that \"the Federal Reserve pays close attention to the rising house prices\", but believes that the price increase mainly reflects the fundamentals of strong demand and not too much supply, and \"the housing side has not caused financial stability concerns\".</p><p>In terms of financial market supervision, Powell insisted on his earlier position that risks similar to the liquidation of hedge fund Archegos did not aggravate worries about the financial system. Something about the stock market does reflect a market bubble, but the market reflects more COVID vaccination progress and the economic situation than Fed policy:</p><p>\"Overall, financial stability is mixed, but it is still controllable. The capital of the banking system is in good condition, and the leverage of the financial system is not a problem. Many money funds have problems in financing risks, not systemic problems. We are paying attention to the kinetic energy of money funds and corporate bond funds.\" Regarding the U.S. central bank's version of digital currency, he said that the Federal Reserve feels obliged to well understand the technical and policy issues of digital currency. Compared with trying early in digital currency, the Federal Reserve prefers to do the right thing.</p><p>In addition, Powell declined to comment on the White House's fiscal plan. U.S. President Joe Biden will announce the $1.8 trillion \"American Household Investment Plan\" on Wednesday night local time. He also did not talk about the prospect of whether he will * the chairman of the Federal Reserve.</p><p><b>Analysis: shrinking balance sheet doors are closed in the short term, focusing on the dynamics of the Fed's June-August meeting</b></p><p>Wall Street has mentioned that the market keeps a close eye on whether Powell will release the QE exit signal, especially how the Fed will define the vague concept of \"making substantial further progress\". However, today's FOMC statement and press conference did not give a specific explanation.</p><p>Goldman Sachs thinks it is too early for the Fed to suggest tapering its bond purchases. As the labor market improves further, the Fed may begin to release signals of tapering as soon as the second half of this year, and begin formal tapering in early 2022. However, if the future employment report is better than expected, the Federal Reserve may also advance the time point of bond purchase reduction to the fourth quarter of this year.</p><p>According to Goldman Sachs, referring to historical data, the Federal Reserve may take the approach of shrinking $15 billion per meeting and gradually withdraw from the current $120 billion bond purchase program<b>。</b>This means that it takes 8 meetings, or a full year to complete the bond purchase exit (starting in 2022 and ending at the end of 2022):</p><p>After completing the bond purchase exit, the Fed may use 1-2 quarters to assess the specific impact of exiting the bond purchase while preparing for the rate hike.<b>If all goes well, rate hike will be officially on the agenda by mid-2023.</b>But Goldman emphasizes that on rate hike<b>If inflation falls short of expectations, the economy slows down or the impact of fiscal stimulus fades, the timing of the Fed's first rate hike may be delayed to the first quarter of 2024.</b></p><p>According to the above-mentioned Bloomberg survey, more than two-thirds of economists expect that the Federal Reserve will issue an early warning signal to reduce the scale of bond purchases this year, with the largest number (45%) expected to issue signals from July to September. Specific occasions could come from the FOMC meeting in July or September, or Powell's semi-annual testimony to Congress. The Jackson Hole Central Bank's annual meeting in late August is also a possible occasion to send signals.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b37cbfdbd9fac06fc4ae2f84ad058a92","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169826911","content_text":"鲍威尔着重阐述了“经济距离进一步进展还有很长的路要走”，现在不宜讨论加息和缩表，当时机适宜时，美联储将减码对抵押贷款支持证券（MBS）的购买速度，但不是现在。美国经济复苏还不均衡，股市某些方面存在泡沫。美股在“泡沫言论”后悉数转跌，分析称短期内缩表大门被关闭。\n美东时间4月28日周三下午，美联储公布最新利率决议，美联储主席鲍威尔召开新闻发布会。\n与市场预期一致，美联储在4月FOMC会议上保持政策稳定，即维持接近零的基准利率目标不变，每月1200亿美元的债券购买规模也不变。\nFOMC会后声明重申需要看到经济取得更多实质性进展，承认美国经济增速加快，美国会迎来更高的通胀但为暂时现象，而且前景仍然面临诸多风险。\n鲍威尔在记者会上着重阐述了“经济距离进一步进展还有很长的路要走”这一观点，他认为现在不是讨论加息和缩表的时候，都体现了其一如既往的鸽派立场，令股市和金银大涨、美元下跌。\n不过在记者会40分钟时，美股三大指数集体转跌，标普和纳指抹去决议公布后的全部涨幅而转跌，道指重新跌超140点。原因在于鲍威尔称，“股市的某些东西的确体现出市场泡沫。”\n\n鲍威尔：美联储对经济感到满意需要“一段时间”，现在不谈加息缩表\n鲍威尔表示，遭受新冠肺炎疫情危机影响最严重的多个经济领域已经出现改善，但复苏仍然不均衡，而且远远没有完成复苏，失业率仍然偏高。\n他承认美国通胀将在一定程度上继续上升，然后趋于缓和，“消费者开支回暖将推高物价，这样的现象可能是暂时性的”，如果美国物价预期突破2.0%，美联储有应对工具。\n值得注意的是，他明确指出通胀的临时上扬不保证美联储将加息，现在也不是美联储针对减码QE向市场进行沟通的时机。在实现目标前，接近零的利率政策是适宜的：\n\n “美国经济距离美联储实现充分就业和稳定物价的双重目标还很遥远，距离取得实质性进展可能还有一段时间，在此之前，美联储预期将保持宽松的货币政策。就美国经济复苏而言，疫情防控是最重要的因素，可能美国需要在疫情防控上取得实质性进展。通过接种疫苗，应当允许美国在2021年重返更加正常的状态。”\n\n富国银行债券策略师Michael Schumacher认为，这说明鲍威尔几乎否定了短期内减少购债的任何可能性，彻底关上了马上缩表的大门，这意味着美债收益率的升幅空间可能要小一些。\n不过，正如市场普遍预期的那样，他觉得美联储正逐渐接近最终的缩债进程。虽然可能至少需要几个月才可能看到FOMC重新启用“缩债”措辞，“6月会议时会更加有趣”，届时会有几个月的火热通胀数据，美联储将面临更大压力来解释其修正后的通胀框架。\n还需注意的是，鲍威尔今日提到，当时机适宜时，美联储将减码对抵押贷款支持证券（MBS）的购买速度，但不是现在。\n华尔街见闻之前提及，彭博调查称，超过三分之二的受调查经济学家预计，美联储将在今年发出缩减购债规模的早期预警信号。\n鲍威尔再次明确加息前提必须满足两大条件，通胀走高反映临时因素\n鲍威尔再一次在记者会上指出，加息的前提条件是——劳动力市场状况与FOMC委员会对最大化就业的评估相一致，并且通胀率上升至2%，同时有望在一段时间内温和超过2%”：\n\n “迄今并不接近取得进一步的实质性进展。美国3月非农就业呈现重磅利好，但那远远不够。服务业工人可能难以找到工作，美国仍然有大量失业人口。”\n\n上文提到，鲍威尔曾称，通胀的临时上扬不保证美联储将加息，他也对此作了进一步解释：\n\n “坦率地说，在劳动力市场显著疲软的当下，我们似乎不太可能看到通胀持续上升，进而提升市场的通胀预期。要使通胀持续上升并抬升通胀预期，将需要一段时间，而且很可能需要在非常强大的劳动力市场中才会发生这种情况。”\n\n他认为，“所有人都不应当质疑美联储控制特定通胀的决心”，但部分物价上涨现象不会长期存在。面对房价蹿升的提问时，他表示“美联储非常密切地留意房价上涨”，但认为涨价主要体现出需求强劲和供应不太多的基本面，“住房方面并未引发金融稳定性顾虑”。\n在金融市场监管方面，鲍威尔坚持早前的立场称，类似于对冲基金Archegos爆仓的风险并未加重对金融系统的担忧。股市的某些东西的确体现出市场泡沫，但市场在更大程度上体现出新冠疫苗接种进度和经济形势，而不是美联储的政策：\n\n “整体而言，金融稳定性良莠不齐，但仍然是可控的。银行系统的资本状况良好，金融系统的杠杆并不是一个问题，众多货币基金存在融资风险方面的问题，而不是系统性的问题。正关注货币基金和公司债基金的运转动能。”\n\n对于美国央行版数字货币一事，他表示，美联储觉得有义务很好地理解数字货币的技术和政策问题，相比在数字货币方面尝鲜，美联储更希望做正确的事。\n此外，鲍威尔拒绝置评白宫财政计划，美国总统拜登将于当地时间周三晚公布1.8万亿美元的“美国家庭投资计划”，他也没有谈及自己会否连任美联储主席的前景。\n分析：短期内缩表大门关闭，重点关注美联储6至8月开会动态\n华尔街见闻曾提到，市场紧盯鲍威尔会否释放QE退出信号，特别是关注美联储将如何定义“取得实质性进一步进展”这个模糊概念。不过，今日的FOMC声明和记者会都没作出具体阐释。\n高盛认为美联储现在暗示缩减购债还为时过早。随着劳动力市场进一步改善，美联储最快可能在今年下半年开始释放缩减购债的信号，在2022年初开始正式缩减。但如果未来就业报告好于预期，美联储也可能将购债缩减时间点提前到今年四季度。\n高盛参考历史数据称，美联储可能会采取每次会议缩减150亿美元的方式，逐步退出现在1200亿美元的购债计划。这意味需要8次会议，即整整一年来完成购债退出（2022年开始，2022年底结束）：\n\n 完成购债退出后，美联储可能会利用1-2个季度评估退出购债的具体影响，同时为加息做准备。\n 如果一切顺利，到2023年中期加息将正式提上议程。\n\n但高盛强调称，在加息问题上，如果通胀不及预期、经济放缓或财政刺激影响消退，美联储首次加息时间点可能会推迟到2024年一季度。\n上文提到的彭博调查称，超过2/3的经济学家预计，美联储将在今年发出缩减购债规模的早期预警信号，其中预计在7—9月发出信号的人数最多(45%)。具体场合可能来自7月或9月的FOMC会议，或是鲍威尔对国会的半年度证词。8月底举行的杰克逊霍尔央行年会也是传递信号的可能场合。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379731905,"gmtCreate":1618794032407,"gmtModify":1704714909084,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"good job","listText":"good job","text":"good 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19:13","market":"us","language":"zh","title":"Bezos's Last Shareholder Letter: Work hard, don't be \"ordinary people\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1114055586","media":"华尔街见闻","summary":"要善良，要有独特性，创造的东西要比消费的多。","content":"<p>Author (s): Zeng Xinyi, Cao Zexi</p><p>On Thursday, April 15,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>In his last letter to shareholders as CEO, founder Bezos said that Amazon will continue to create value for shareholders, employees, and the company will do a better job of taking care of employees. Bezos announced in February that he would resign as CEO and become executive chairman in the third quarter.</p><p>In addition, Bezos said that Amazon will work hard to curb climate change and encourage employees to try not to be \"ordinary people\" and respect people's originality and uniqueness.</p><p>In the letter, Bezos said:</p><p><ul><li><b>I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></li><li><b>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</b></li><li><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b></li><li><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls, treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></li><li><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></li><li><b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b></li><li><b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b></li><li><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything to attract you, never let it become a reality.</b></li><li><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></li><li><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p></li></ul><i>The following is the full text of Bezos' letter to shareholders:</i></p><p><b>To Amazon's shareholders:</b></p><p>In Amazon's first letter to shareholders in 1997, I talked about wanting to establish a \"lasting franchise\", that is, to redefine what it means to \"serve customers\" by unlocking the power of the Internet. I mentioned at the time that Amazon has grown from 158 employees to 614 employees, and we have more than 1.5 million user accounts. We just went public with a split-adjusted share price of $1.50 per share. I wrote: It was the first day.</p><p>We've come a long way since then, and we've also worked harder than ever to serve and please users. Last year, we employed half a million people and now have a total of 1.3 million worldwide. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell on Amazon, accounting for nearly 60% of our total sales. Users have connected more than 100 million smart home devices to Alexa. Cloud Services (Amazon Web Services, AWS) serves millions of users and has an annual revenue running rate of $5 million as of 2020. In 1997, we had not invented Prime, Marketplace, Alexa, or AWS. No one thought about it, and they were not meant to be born. For each product, we have taken a great risk and paid a lot of wisdom and sweat.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? Of course, my Amazon stake has made me rich. But more than seven-eighth of the shares, equivalent to $1.4 trillion in wealth, are owned by others. Who are they? It was the pension fund, the college, the 401 (K) retirement benefit plan, and it was Mary and Larry, who accidentally sent me the following letter as I sat down to write this shareholder letter:</p><p><img src=\"https://static.tigerbbs.com/973c5a2fbf88d9da46414e59ac496457\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/8499538d606659555224556ec66de131\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><b>I can hear similar stories all the time. I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></p><p>Create more than you consume</p><p>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</p><p><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b>I'm going to change the subject a little bit and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are set up to answer this question. In 2020, Amazon had net revenue of $21.3 billion. If Amazon was not a publicly traded company with thousands of shareholders, but a sole proprietorship exclusive to one person, this is the amount of money a single owner could make in 2020.</p><p>What about the employees? Because we can focus on compensation expenses, it's also an easy value creation question to answer. The expenses of the company are the income of the employees. In 2020, Amazon employees earned $80 billion, plus $11 billion including benefits and various payroll taxes, for a combined $91 billion.</p><p>What about third-party sellers? Our in-house team (Sales Partner Partnership Service Team) is here to answer this question. They estimate that third-party sellers will make roughly $25 billion to $39 billion in profit from selling on Amazon in 2020. Conservatively, I'll just count on $25 billion.</p><p>On the customer side, we have to split them into consumer customers and AWS customers.</p><p>Let's start with consumer customers. We offer low prices, a wide selection, and fast delivery, but suppose we ignored all of the above for this anticipation and focused on one thing: we saved our customers time.</p><p>On Amazon, customers completed 28% of their purchases in just three minutes or less, and half of them were completed in less than 15 minutes. Going to a physical store to buy things requires a series of processes of driving, parking, finding things on the shelves, waiting in line to check out, finding your own car and then driving home. Studies have shown that it usually takes about an hour to shop at a brick-and-mortar store. Assuming that a typical Amazon purchase only takes 15 minutes and also saves customers several trips to the brick-and-mortar store per week, you can save over 75 hours over the course of a year. This is important. It's the beginning of the twenty-first century, and everyone is busy.</p><p>From this, we can get a number. First, the value of the time saved is set at $10 per hour, according to a conservative estimate. Multiply 75 hours by $10/hour and subtract the cost of Prime, then it creates $630 in value per Prime member. We have 200 million Prime members, which equates to $126 billion in value created in 2020.</p><p>It is difficult to evaluate AWS customers because the workload is very different from customer to customer. However, let's still calculate it, but the error may be relatively large. The direct cost improvement from operating in the cloud versus on-site varies, but a reasonable estimate is 30%. Of AWS's $45 billion in full-year 2020 revenue, that 30% represents $19 billion in customer value created. The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers.<b>The greater benefit is that the speed of software development is increased, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings.</b>Conservatively, I'd say it's the same and count AWS's customer value creation last year at $38 billion.</p><p>Add AWS and consumers together, and the total customer value in 2020 will be $164 billion.</p><p>To summarize:</p><p>$21 billion for shareholders</p><p>Employees $91 billion</p><p>$25 billion for third-party sellers</p><p>Customers $164 billion</p><p>Total $301 billion</p><p>If each group has an income statement that represents their interactions with Amazon, then the number above is the \"bottom line\" of those income statements (bottom line, referring to net income).<b>These numbers can explain why employees work for us, why sellers sell through us, and why customers buy from us. So we create value for them.</b>This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Invention and creation are the root of all true value creation, and the value created is the measure of innovation.</p><p>Of course, our relationship with all of these, and the value we create, is more than dollars and cents. Money doesn't tell the whole story. For example, our relationship with our shareholders is relatively simple. They invest and hold stocks for a period of their choice. We also provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even so, they can ignore these instructions and simply abstain from voting.</p><p>The relationship we have with our employees is a very different example. We have the processes they need to follow, and the standards they need to meet. We need training and various certifications. Employees must be at work at an agreed time. We have a lot of interaction with our employees. It's not just a matter of wages and benefits, but all the other detailed aspects of the relationship involved.</p><p>Regarding this union election, I think we also need to do better for our employees. While the vote leans in our favor and our direct relationship with our employees is strong, it is clear to me that we need a better vision for creating value for our employees, a vision for creating value for our employees to succeed.</p><p><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls and treated like robots. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></p><p>Our employees can use informal breaks to stretch, fetch water, use the restroom or talk to a manager during their shifts, all without compromising their performance. These informal breaks are in addition to their normal routine, which is a 30-minute lunch and a 30-minute break.</p><p>We are not setting unreasonable performance targets. Instead, we set achievable performance targets that take into account tenure and actual employee performance data. Performance is evaluated over a long period of time because we know that a variety of factors influence performance in any given week, day, or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of coaching was positive and offered to employees who met or exceeded expected performance standards. We laid off less than 2.6% of our employees because they were unable to perform their duties (in 2020, this was even lower due to the impact of the COVID-19 pandemic).</p><p>The best employers on the planet and the safest workplaces on the planet</p><p><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></p><p>Despite what we have achieved, it is clear to me that we need a better vision in order for our people to be successful. We've always wanted to be the \"most customer focused\" company on the planet, and we're not changing that goal, which is why we've come to this point. But I promise, we're adding one more, and we're going to be the best employer on the planet and the safest place to work on the planet.</p><p>In my incoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best, and this is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of \"the best employer on the planet and the safest place to work on the planet\". When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>Let's dive into security. For example, about 40% of work-related injuries in Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated exercise. MSD is common in the type of work we do, and it is more likely to occur during the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be working physically for the first time.</p><p>Working Well is one such program, which we launched in 2020 to 859,000 employees across 350 locations in North America and Europe. We are there to train a small group of employees on body mechanics, proactive health and safety aspects. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are also developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021.</p><p>Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, and MSD caused by outside of work hours decreased by more than half.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practices. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead, others follow.<b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b>A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessment, consistent with what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the United States by raising starting salaries to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not limited to that. If we want to be the best employer on the planet, we should not be satisfied with 94% of employees saying that they would recommend friends to work at Amazon. We must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholder is concerned that the best employer on the planet and the safest workplace on the planet, may dilute our focus on the \"most customer-focused\" companies on the planet, then rest assured. Think about it this way, if we can run two different businesses, consumer e-commerce and AWS, and operate to the highest standards, we can certainly do both of the above goals at the same time. In fact, I believe they will also strengthen each other.</p><p>Climate pledge</p><p>In an earlier draft of this letter, for the climate section, I first made my point and gave some examples. These arguments and examples are intended to prove that human-induced climate change is real. But, frankly, I don't think we need to say that now. Because, you don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are entirely real, as is the reality of climate change.</p><p>Not so long ago, most people thought tackling climate change was a good thing; But they also see it as costly and threatening jobs, competitiveness and economic growth.<b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b>Of course, that doesn't mean it will be an easy task, it certainly won't. The next decade will be decisive, and the economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge with Global Optimism in September 2019 as we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>, Infosys, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Siemens and Verizon have signed commitments to achieve net-zero carbon in their global business by 2040, 10 years ahead of the Paris Agreement. The commitment also requires them to regularly measure and report on greenhouse gas emissions; Implementing decarbonization strategies through real business change and innovation; And neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial compensation. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Signatories to the Climate Pledge are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-emissions platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is making progress towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy. We have 62 utility-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, as well as 125 solar roofs are being fulfilled and sorted centers. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net zero carbon by 2040. To help drive the rapid growth of the EV technology market and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will be on the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tons of carbon emissions. One of the big reasons we want businesses to join the Climate Pledge is to signal to markets that businesses should start inventing and developing new technologies that are conducive to improving climate change. Our purchase of 100,000 Rivian electric vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. We have invested in innovative technology companies such as CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium.</p><p>In addition, I personally allocate $10 billion to help drive the systemic change we need in the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will take collective action from large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p>Differentiation is survival, and the universe wants you to be ordinary</p><p>This is my last annual shareholder letter as the CEO of Amazon. I think there is one last extremely important thing that I must tell you, and I hope all Amazonians will take this matter to heart.</p><p>Here is a passage from The book The Blind Watch Maker, published by Richard Dawkins. This is a basic fact about biology.</p><p>Avoiding death is something you have to work on. Let it do it on its own – this is what it looks like when it dies – and the body tends to return to a state of balance with its environment. If you measure some metrics such as temperature, acidity, moisture, or electrical potential within an organism, you will usually find that it is very different from the corresponding measurement in the surrounding environment. For example, our bodies are generally hotter than our surroundings, and in cold climates they have to work to maintain that difference. When we die, the body stops functioning, the temperature difference starts to disappear, and eventually our temperature is the same as our surroundings. Not all animals work so hard to avoid balancing with the temperature around them, but all do some similar work. For example, in arid places, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if creatures don't actively stop it, they will eventually blend into their surroundings and cease to exist as creatures. This is what happens when they die. While this passage is not a metaphor, it is nonetheless a fantastic article and very relevant to Amazon. I would think that it is relevant to all companies, to all institutions, and to each of our lives. In what way is this universe attracting you in order to make you normal? How much work does it take to maintain your uniqueness?</p><p>I know a happy couple with a joke in their relationship. The husband will often look at his wife in feigned pain and say to her, \"Can't you just be normal?\" They both smile and laugh, and of course, the deep truth is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier if we are slightly more normal.</p><p><b>This phenomenon occurs on many levels.</b></p><p><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything it can to attract you. Never let it become a reality.</b></p><p><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></p><p>This universe is always trying to make the Amazon more typical and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>Here, as always, I attach our 1997 shareholder letter. \"We at Amazon thank our customers for their business and trust, each other for their hard work, and our shareholders for their support and encouragement,\" the letter concluded. That hasn't changed at all. I want to give special thanks to Andy Jassy for agreeing to be CEO. It is a lot of work and a lot of responsibility. Andy is brilliant and of the highest standards. I promise you guys, Andy won't let the universe turn us into ordinary people. He will coalesce the energy needed for the life that sets us apart. It won't be easy, but it is crucial. I also predict that it will be satisfying and often fun. Thank you, Andy.</p><p><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p>Bezos, Jeff M.</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>Bezos's Last Shareholder Letter: Work hard, don't be \"ordinary people\"</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nBezos's Last Shareholder Letter: Work hard, don't be \"ordinary people\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-04-16 19:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Author (s): Zeng Xinyi, Cao Zexi</p><p>On Thursday, April 15,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>In his last letter to shareholders as CEO, founder Bezos said that Amazon will continue to create value for shareholders, employees, and the company will do a better job of taking care of employees. Bezos announced in February that he would resign as CEO and become executive chairman in the third quarter.</p><p>In addition, Bezos said that Amazon will work hard to curb climate change and encourage employees to try not to be \"ordinary people\" and respect people's originality and uniqueness.</p><p>In the letter, Bezos said:</p><p><ul><li><b>I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></li><li><b>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</b></li><li><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b></li><li><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls, treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></li><li><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></li><li><b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b></li><li><b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b></li><li><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything to attract you, never let it become a reality.</b></li><li><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></li><li><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p></li></ul><i>The following is the full text of Bezos' letter to shareholders:</i></p><p><b>To Amazon's shareholders:</b></p><p>In Amazon's first letter to shareholders in 1997, I talked about wanting to establish a \"lasting franchise\", that is, to redefine what it means to \"serve customers\" by unlocking the power of the Internet. I mentioned at the time that Amazon has grown from 158 employees to 614 employees, and we have more than 1.5 million user accounts. We just went public with a split-adjusted share price of $1.50 per share. I wrote: It was the first day.</p><p>We've come a long way since then, and we've also worked harder than ever to serve and please users. Last year, we employed half a million people and now have a total of 1.3 million worldwide. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell on Amazon, accounting for nearly 60% of our total sales. Users have connected more than 100 million smart home devices to Alexa. Cloud Services (Amazon Web Services, AWS) serves millions of users and has an annual revenue running rate of $5 million as of 2020. In 1997, we had not invented Prime, Marketplace, Alexa, or AWS. No one thought about it, and they were not meant to be born. For each product, we have taken a great risk and paid a lot of wisdom and sweat.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? Of course, my Amazon stake has made me rich. But more than seven-eighth of the shares, equivalent to $1.4 trillion in wealth, are owned by others. Who are they? It was the pension fund, the college, the 401 (K) retirement benefit plan, and it was Mary and Larry, who accidentally sent me the following letter as I sat down to write this shareholder letter:</p><p><img src=\"https://static.tigerbbs.com/973c5a2fbf88d9da46414e59ac496457\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/8499538d606659555224556ec66de131\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><b>I can hear similar stories all the time. I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></p><p>Create more than you consume</p><p>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</p><p><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b>I'm going to change the subject a little bit and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are set up to answer this question. In 2020, Amazon had net revenue of $21.3 billion. If Amazon was not a publicly traded company with thousands of shareholders, but a sole proprietorship exclusive to one person, this is the amount of money a single owner could make in 2020.</p><p>What about the employees? Because we can focus on compensation expenses, it's also an easy value creation question to answer. The expenses of the company are the income of the employees. In 2020, Amazon employees earned $80 billion, plus $11 billion including benefits and various payroll taxes, for a combined $91 billion.</p><p>What about third-party sellers? Our in-house team (Sales Partner Partnership Service Team) is here to answer this question. They estimate that third-party sellers will make roughly $25 billion to $39 billion in profit from selling on Amazon in 2020. Conservatively, I'll just count on $25 billion.</p><p>On the customer side, we have to split them into consumer customers and AWS customers.</p><p>Let's start with consumer customers. We offer low prices, a wide selection, and fast delivery, but suppose we ignored all of the above for this anticipation and focused on one thing: we saved our customers time.</p><p>On Amazon, customers completed 28% of their purchases in just three minutes or less, and half of them were completed in less than 15 minutes. Going to a physical store to buy things requires a series of processes of driving, parking, finding things on the shelves, waiting in line to check out, finding your own car and then driving home. Studies have shown that it usually takes about an hour to shop at a brick-and-mortar store. Assuming that a typical Amazon purchase only takes 15 minutes and also saves customers several trips to the brick-and-mortar store per week, you can save over 75 hours over the course of a year. This is important. It's the beginning of the twenty-first century, and everyone is busy.</p><p>From this, we can get a number. First, the value of the time saved is set at $10 per hour, according to a conservative estimate. Multiply 75 hours by $10/hour and subtract the cost of Prime, then it creates $630 in value per Prime member. We have 200 million Prime members, which equates to $126 billion in value created in 2020.</p><p>It is difficult to evaluate AWS customers because the workload is very different from customer to customer. However, let's still calculate it, but the error may be relatively large. The direct cost improvement from operating in the cloud versus on-site varies, but a reasonable estimate is 30%. Of AWS's $45 billion in full-year 2020 revenue, that 30% represents $19 billion in customer value created. The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers.<b>The greater benefit is that the speed of software development is increased, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings.</b>Conservatively, I'd say it's the same and count AWS's customer value creation last year at $38 billion.</p><p>Add AWS and consumers together, and the total customer value in 2020 will be $164 billion.</p><p>To summarize:</p><p>$21 billion for shareholders</p><p>Employees $91 billion</p><p>$25 billion for third-party sellers</p><p>Customers $164 billion</p><p>Total $301 billion</p><p>If each group has an income statement that represents their interactions with Amazon, then the number above is the \"bottom line\" of those income statements (bottom line, referring to net income).<b>These numbers can explain why employees work for us, why sellers sell through us, and why customers buy from us. So we create value for them.</b>This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Invention and creation are the root of all true value creation, and the value created is the measure of innovation.</p><p>Of course, our relationship with all of these, and the value we create, is more than dollars and cents. Money doesn't tell the whole story. For example, our relationship with our shareholders is relatively simple. They invest and hold stocks for a period of their choice. We also provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even so, they can ignore these instructions and simply abstain from voting.</p><p>The relationship we have with our employees is a very different example. We have the processes they need to follow, and the standards they need to meet. We need training and various certifications. Employees must be at work at an agreed time. We have a lot of interaction with our employees. It's not just a matter of wages and benefits, but all the other detailed aspects of the relationship involved.</p><p>Regarding this union election, I think we also need to do better for our employees. While the vote leans in our favor and our direct relationship with our employees is strong, it is clear to me that we need a better vision for creating value for our employees, a vision for creating value for our employees to succeed.</p><p><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls and treated like robots. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></p><p>Our employees can use informal breaks to stretch, fetch water, use the restroom or talk to a manager during their shifts, all without compromising their performance. These informal breaks are in addition to their normal routine, which is a 30-minute lunch and a 30-minute break.</p><p>We are not setting unreasonable performance targets. Instead, we set achievable performance targets that take into account tenure and actual employee performance data. Performance is evaluated over a long period of time because we know that a variety of factors influence performance in any given week, day, or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of coaching was positive and offered to employees who met or exceeded expected performance standards. We laid off less than 2.6% of our employees because they were unable to perform their duties (in 2020, this was even lower due to the impact of the COVID-19 pandemic).</p><p>The best employers on the planet and the safest workplaces on the planet</p><p><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></p><p>Despite what we have achieved, it is clear to me that we need a better vision in order for our people to be successful. We've always wanted to be the \"most customer focused\" company on the planet, and we're not changing that goal, which is why we've come to this point. But I promise, we're adding one more, and we're going to be the best employer on the planet and the safest place to work on the planet.</p><p>In my incoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best, and this is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of \"the best employer on the planet and the safest place to work on the planet\". When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>Let's dive into security. For example, about 40% of work-related injuries in Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated exercise. MSD is common in the type of work we do, and it is more likely to occur during the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be working physically for the first time.</p><p>Working Well is one such program, which we launched in 2020 to 859,000 employees across 350 locations in North America and Europe. We are there to train a small group of employees on body mechanics, proactive health and safety aspects. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are also developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021.</p><p>Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, and MSD caused by outside of work hours decreased by more than half.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practices. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead, others follow.<b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b>A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessment, consistent with what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the United States by raising starting salaries to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not limited to that. If we want to be the best employer on the planet, we should not be satisfied with 94% of employees saying that they would recommend friends to work at Amazon. We must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholder is concerned that the best employer on the planet and the safest workplace on the planet, may dilute our focus on the \"most customer-focused\" companies on the planet, then rest assured. Think about it this way, if we can run two different businesses, consumer e-commerce and AWS, and operate to the highest standards, we can certainly do both of the above goals at the same time. In fact, I believe they will also strengthen each other.</p><p>Climate pledge</p><p>In an earlier draft of this letter, for the climate section, I first made my point and gave some examples. These arguments and examples are intended to prove that human-induced climate change is real. But, frankly, I don't think we need to say that now. Because, you don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are entirely real, as is the reality of climate change.</p><p>Not so long ago, most people thought tackling climate change was a good thing; But they also see it as costly and threatening jobs, competitiveness and economic growth.<b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b>Of course, that doesn't mean it will be an easy task, it certainly won't. The next decade will be decisive, and the economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge with Global Optimism in September 2019 as we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>, Infosys, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Siemens and Verizon have signed commitments to achieve net-zero carbon in their global business by 2040, 10 years ahead of the Paris Agreement. The commitment also requires them to regularly measure and report on greenhouse gas emissions; Implementing decarbonization strategies through real business change and innovation; And neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial compensation. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Signatories to the Climate Pledge are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-emissions platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is making progress towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy. We have 62 utility-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, as well as 125 solar roofs are being fulfilled and sorted centers. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net zero carbon by 2040. To help drive the rapid growth of the EV technology market and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will be on the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tons of carbon emissions. One of the big reasons we want businesses to join the Climate Pledge is to signal to markets that businesses should start inventing and developing new technologies that are conducive to improving climate change. Our purchase of 100,000 Rivian electric vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. We have invested in innovative technology companies such as CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium.</p><p>In addition, I personally allocate $10 billion to help drive the systemic change we need in the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will take collective action from large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p>Differentiation is survival, and the universe wants you to be ordinary</p><p>This is my last annual shareholder letter as the CEO of Amazon. I think there is one last extremely important thing that I must tell you, and I hope all Amazonians will take this matter to heart.</p><p>Here is a passage from The book The Blind Watch Maker, published by Richard Dawkins. This is a basic fact about biology.</p><p>Avoiding death is something you have to work on. Let it do it on its own – this is what it looks like when it dies – and the body tends to return to a state of balance with its environment. If you measure some metrics such as temperature, acidity, moisture, or electrical potential within an organism, you will usually find that it is very different from the corresponding measurement in the surrounding environment. For example, our bodies are generally hotter than our surroundings, and in cold climates they have to work to maintain that difference. When we die, the body stops functioning, the temperature difference starts to disappear, and eventually our temperature is the same as our surroundings. Not all animals work so hard to avoid balancing with the temperature around them, but all do some similar work. For example, in arid places, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if creatures don't actively stop it, they will eventually blend into their surroundings and cease to exist as creatures. This is what happens when they die. While this passage is not a metaphor, it is nonetheless a fantastic article and very relevant to Amazon. I would think that it is relevant to all companies, to all institutions, and to each of our lives. In what way is this universe attracting you in order to make you normal? How much work does it take to maintain your uniqueness?</p><p>I know a happy couple with a joke in their relationship. The husband will often look at his wife in feigned pain and say to her, \"Can't you just be normal?\" They both smile and laugh, and of course, the deep truth is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier if we are slightly more normal.</p><p><b>This phenomenon occurs on many levels.</b></p><p><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything it can to attract you. Never let it become a reality.</b></p><p><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></p><p>This universe is always trying to make the Amazon more typical and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>Here, as always, I attach our 1997 shareholder letter. \"We at Amazon thank our customers for their business and trust, each other for their hard work, and our shareholders for their support and encouragement,\" the letter concluded. That hasn't changed at all. I want to give special thanks to Andy Jassy for agreeing to be CEO. It is a lot of work and a lot of responsibility. Andy is brilliant and of the highest standards. I promise you guys, Andy won't let the universe turn us into ordinary people. He will coalesce the energy needed for the life that sets us apart. It won't be easy, but it is crucial. I also predict that it will be satisfying and often fun. Thank you, Andy.</p><p><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p>Bezos, Jeff M.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09dcab47335b8ae75b1a72cadf884fc8","relate_stocks":{"AMZN":"亚马逊"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114055586","content_text":"作者：：曾心怡、曹泽熙4月15日周四，亚马逊创始人贝佐斯在他CEO任期内的最后一封致股东信中表示，亚马逊将继续为股东、员工创造价值，并且公司将在照顾员工方面做得更好。贝佐斯今年2月宣布将于第三季度辞去CEO职务，转任执行董事长。此外，贝佐斯称，亚马逊将努力遏制气候变化，并且鼓励员工，努力不要成为“普通人”，要尊重人的原创性和独特性。在信中，贝佐斯称：我知道有些股东用通过投资亚马逊获得的资金来上大学，也有的用于紧急情况、付房租、度假、创业或是做慈善等等。我为我们给股东创造的财富而感到骄傲。这很重要，这笔财富改善了他们的生活。但我也清楚一点：这还不是我们所创造的价值当中最大的一个部分。如果你想在事业上（实际上是生活中）获得成功，你所创造的必须比你所消费的更多。你的目标应该是，为你所接触的每一个人创造价值。任何一个不能为其所接触到的人创造价值的企业，即使表面上看起来很成功，未来也不会长久。它正处于被淘汰的途中。记住，股价与过去无关。它们是对“未来现金流折回到现在”的预测。股市自有预期。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被指责为绝望的灵魂，被当作机器人对待。这不准确。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查履约中心员工时，94%的人表示，他们会推荐好友来亚马逊工作。事实是，领导亚马逊运营的数千人的庞大团队，一直非常关心我们的小时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊不仅仅为计算机科学家和拥有高级学位的人创造就业机会，还为那些从未获得这种优势的人创造就业机会。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先，而不是随大流，因为我们认为这样做是正确的。我们现在知道得更清楚了，应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，更有生产力的工人，以及更繁荣的未来。我们都知道独特性（原创性）极具价值。我们都被教导要“做你自己”。我真正要求你们做的是，拥抱并现实地认识到，保持这种独特性需要多大的精力。这个宇宙希望你成为普通的人，并千方百计地吸引着你，千万别让它成为现实。你必须为你的与众不同付出代价，这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。当然，这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的。你必须不断地投入精力。致你们所有人：要善良，要有独特性，创造的东西要比消费的多，永远不要让宇宙把你融入周围的环境。现在仍然是第一天（Day 1）。以下为贝佐斯致股东信全文：致亚马逊股东：在亚马逊1997年的第一封致股东信中，我谈到希望建立“持久特许经营权”一事，也就是通过释放互联网的力量来重新定义“服务客户”的意义。我当时提到，亚马逊已经从158名员工发展至614名员工，我们的用户账户也超过了150万。我们刚刚上市，经拆股调整后的股价为每股1.5美元。我写道：那是第一天。自那时以来，我们走过了一段很长的路，我们也比以往任何时候都更加努力地服务和取悦用户。去年，我们雇佣了50万名员工，现在全球范围内的员工总数达到130万。我们在全球拥有超过2亿的Prime会员。超过190万中小企业在亚马逊上进行销售，占我们销售总额的近60%。用户已经将超过1亿台智能家居设备与Alexa相连接。云服务（Amazon Web Services, AWS）为数百万用户服务，截至2020年，年营收运转率达到500万美元。在1997年，我们还没有发明Prime、Marketplace、Alexa或是AWS。根本没人想过这些，它们的诞生也并非命中注定之事。为了每一件产品，我们都冒了很大的风险，也付出了很多智慧与汗水。一路走来，我们为股东创造了1.6万亿美元的财富。他们是谁？当然，我所持有的亚马逊股份使我变得富有。但超过八分之七的股份，也就相当于1.4万亿美元的财富，为他人所有。他们是谁？是养老基金、大学、401（K）退休福利计划，也是Mary和拉里，他们在我坐下来写这封股东信的时候，意外地给我发来了以下这封信：我一直都能听到类似的故事。我知道有些股东用通过投资亚马逊获得的资金来上大学，也有的用于紧急情况、付房租、度假、创业或是做慈善等等。我为我们给股东创造的财富而感到骄傲。这很重要，这笔财富改善了他们的生活。但我也清楚一点：这还不是我们所创造的价值当中最大的一个部分。创造的比消费的更多如果你想在事业上（实际上是生活中）获得成功，你所创造的必须比你所消费的更多。你的目标应该是，为你所接触的每一个人创造价值。任何一个不能为其所接触到的人创造价值的企业，即使表面上看起来很成功，未来也不会长久。它正处于被淘汰的途中。记住，股价与过去无关。它们是对“未来现金流折回到现在”的预测。股市自有预期。我要稍微转换一下话题，聊一聊过去的事。2020年，我们为股东创造了多少价值？这是一个相对容易回答的问题，因为会计系统就是为了回答这个问题而设立的。2020年，亚马逊净收入213亿美元。如果亚马逊不是一家拥有数千股东的上市公司，反而是为一个人所独有的独资企业，这就是单一所有者在2020年所能赚到的钱。那员工呢？因为我们可以关注薪酬支出，所以这也是一个容易回答的价值创造问题。公司的支出就是员工的收入。2020年，亚马逊员工收入800亿美元，再加上包括福利和各种工资税在内的110亿美元，合计为910亿美元。第三方卖家呢？我们的内部团队（销售伙伴合作服务团队）就是用来回答这个问题的。他们预计，2020年第三方卖家在亚马逊上进行销售所获得的利润大概在250亿美元至390亿美元之间。保守来看，我就按250亿美元算了。客户方面，我们得将其分成消费者客户和AWS客户。先说消费者客户。我们提供低廉的价格、广泛的选择以及快速的送货，但假设我们为了这次预期，把上述这些都忽略了，并且只关注一件事：我们节省了客户的时间。在亚马逊上，客户只花了3分钟或者更短的时间就完成了28%的购买，有一半的购买在15分钟之内完成。而去实体店买东西需要经过开车、停车、在货架上找东西、排队结账、找到自己的车再开车回家这一系列流程。研究表明，去实体店购物通常需要一小时左右。假设一次典型的亚马逊购物只需要15分钟，并且还节省了客户每周去几次实体店购物的时间，一年下来就可以节省超过75小时。这是很重要的。现在是二十一世纪初期，大家都很忙。由此，我们可以得到一个数字。首先按照保守估计，把节省的时间价值定23为每小时10美元。75小时乘以10美元/时，再减去Prime的成本，那么就是为每位Prime会员创造了630美元的价值。我们拥有2亿Prime会员，相当于在2020年创造了1260亿美元的价值。对AWS客户进行评估比较难，因为每位客户的工作量都大不相同。不过我们还是来算一下，但误差可能会比较大。在云中运营与现场运营带来的直接成本改善各不相同，但合理的估计是30%。在AWS 2020年全年450亿美元的营收中，这30%意味着所创造的客户价值为190亿美元。这项评估工作的困难之处在于，直接降低成本是迁移到云为客户带来的好处中最小的一部分。更大的好处是，提高了软件开发的速度，这可以显著提高客户的竞争力和营收。我们没有合理的方法来估计客户价值的这一部分，只能说它几乎肯定大于直接节省的成本。保守地说，我会说这是相同的，并将AWS去年的客户价值创造计为380亿美元。将AWS和消费者加在一起，2020年的客户总价值将达到1640亿美元。总结一下：股东210亿美元员工910亿美元第三方卖家250亿美元客户1640亿美元总计3010亿美元如果每个群体都有一份损益表，代表他们与亚马逊的互动，那么上面的数字就是这些损益表的“底线”（最下面一行，指净利润）。这些数字可以说明，员工为什么为我们工作、卖家为什么通过我们销售商品，以及客户为什么从我们这里购买商品。因此我们为他们创造价值。这种价值创造不是“零和游戏”。这不仅仅是把钱从一个口袋转到另一个口袋。发明和创造是所有真正价值创造的根源，而所创造的价值，就是创新的衡量标准。当然，我们与这些全体的关系，和我们创造的价值，不仅仅是美元和美分。金钱并不能说明问题的全部。例如，我们与股东的关系相对简单。他们在自己选择的期限内投资和持有股票。我们也会就年度会议和正确的投票程序等事项向股东提供指导。即便如此，他们也可以无视这些指示，直接放弃投票。我们与员工的关系是一个非常不同的例子。我们有他们需要遵循的流程，以及需要满足的标准。我们需要培训和各种认证。员工必须在约定的时间上班。我们与员工的互动很多。这不仅仅是工资和福利的问题，还涉及到双方关系的所有其他细节方面。关于这次的工会选举，我认为我们还需要为员工做得更好。虽然投票倾向于我们，我们与员工的直接关系也很密切，但我很清楚，我们需要一个更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被指责为绝望的灵魂，被当作机器人对待。这不准确。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查履约中心员工时，94%的人表示，他们会推荐好友来亚马逊工作。我们的员工可以在轮班期间，利用非正式休息时间伸展身体、取水、使用洗手间或与经理交谈，所有这些都不会影响他们的表现。这些非正式休息时间是对他们正常作息时间，即30分钟午餐和30分钟休息时间的补充。我们没有设定不合理的绩效目标。相反，我们设定了可实现的绩效目标，将任职期限和实际员工绩效数据考虑在内。绩效是在很长一段时间内进行评估的，因为我们知道，在任何给定的一周、一天或一小时内，各种因素都会影响绩效表现。如果员工在一段时间内未能达到绩效目标，他们的经理会与他们交谈并提供指导。培训也扩展到那些表现出色并能承担更多责任的员工。事实上，82%的辅导是积极的，提供给达到或超过预期绩效标准的员工。我们解雇了不到2.6%的员工，因为他们无法履行自己的职责（2020年，由于新冠肺炎疫情的影响，这一比例甚至更低）。地球上最好的雇主和地球上最安全的工作场所事实是，领导亚马逊运营的数千人的庞大团队，一直非常关心我们的小时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊不仅仅为计算机科学家和拥有高级学位的人创造就业机会，还为那些从未获得这种优势的人创造就业机会。尽管我们已经取得了成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为地球上“最以客户为中心”的公司，我们不会改变这一目标，这就是我们走到这一步的原因。但我承诺，我们还要增加一项，我们将成为地球上最好的雇主和地球上最安全的工作场所。在我即将出任的执行主席的职位上，我将把重点放在新的倡议上。我是个发明家，这是我最喜欢的，也是我最擅长的，这也是我创造最大价值的地方。我很高兴能与我们运营部门充满激情的庞大团队一起工作，在这个“地球上最好的雇主和地球上最安全的工作场所”的竞技场上帮助发明。在细节方面，我们亚马逊总是灵活的，但在愿景问题上，我们是固执和无情的。当我们下定决心做某事时，我们从来没有失败过，在这一点上我们也不会失败。让我们深入探讨一下安全问题。例如，亚马逊约40%的工伤与肌肉骨骼疾病（MSD）有关，即反复运动可能导致的扭伤或拉伤等疾病。MSD在我们从事的这类工作中很常见，而且更有可能发生在员工入职的最初六个月。我们需要为新员工发明减少MSD的解决方案，他们中的许多人可能是第一次从事体力工作。Working Well就是一个这样的项目，我们于2020年在北美和欧洲的350个地点向85.9万名员工推出了这个项目。我们在那里培训一小群员工有关身体力学、积极主动的健康和安全方面的知识。除了减少工伤，这些概念对日常工作以外的活动也有积极影响。我们还正在开发新的自动化人员配备时间表，它使用复杂的算法在使用不同肌腱组的工作之间轮换员工，以减少重复运动，帮助保护员工免受MSD风险。这项新技术是我们将在2021年推出的工作轮换计划的核心。我们对MSD早期预防的更多关注已经取得了成效。从2019年到2020年，总体MSD减少了32%，工作时间之外导致的MSD减少了一半以上。我们在亚马逊聘请了6200名安全专业人员。他们使用安全科学来解决复杂的问题，并建立新的行业最佳实践。2021年，我们将在安全项目上投资超过3亿美元，其中包括最初的6600万美元，用于创造有助于防止叉车和其他类型工业车辆相撞的技术。当我们带头的时候，其他人就会跟随。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先，而不是随大流，因为我们认为这样做是正确的。加州大学伯克利分校和布兰迪斯大学的经济学家最近发表的一篇论文，分析了我们决定将最低起薪提高到每小时15美元的影响。他们的评估，与我们从员工、他们的家人和他们所居住的社区那里听到的情况相一致。我们提高了起薪，不仅使我们自己的员工受益，也使同一社区的其他工人受益，从而提振了全美各地的地方经济。研究表明，在同一劳动力市场中，我们的加薪导致其他雇主的平均时薪增加了4.7%。我们的领导工作并不限于此。如果我们想成为地球上最好的雇主，我们不应该满足于94%的员工说，他们会推荐朋友来亚马逊作工作，我们必须以100%为目标。我们将通过继续在工资、福利、提升技能机会和其他方面领先，随着时间的推移，我们将做到这一点。如果任何股东担心，地球上最好的雇主和地球上最安全的工作场所，可能会冲淡我们对地球上“最以客户为中心”的公司的关注，那么请放心。这样想吧，如果我们能够运营消费者电子商务和AWS这两项不同的业务，并以最高标准来运营，我们肯定可以同时做到上述两个目标。事实上，我相信他们还会互相加强。气候承诺在这封信的早期草稿中，对于气候这一部分，我先是摆明了观点，并给出了一些例子。这些论点和例子旨在证明，人类导致的气候变化是真实存在的。但是，坦率地说，我认为我们现在没必要这么说了。因为，你不必说光合作用是真实存在的，或者说重力是真实存在的，或者海平面上的水是在100摄氏度沸腾的。这些事情完全是真实的，气候变化的现实也是如此。不久前，大多数人认为应对气候变化是好事；但他们也认为这会付出高昂的代价，并会威胁到就业、竞争力和经济增长。我们现在知道得更清楚了，应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，更有生产力的工人，以及更繁荣的未来。当然，这并不意味着这将是一件容易的事，一定不会。未来十年将是决定性的十年，2030年的经济将需要与今天有很大的不同，亚马逊计划成为这一变化的核心。我们在2019年9月与Global Optimism共同发起了气候承诺，因为我们希望帮助推动这场积极的革命。我们需要成为一个不断壮大的企业团队的一员，他们了解21世纪的紧迫性和机遇。如今，不到两年后，代表几乎所有经济领域的53家公司签署了《气候承诺》。百思买、IBM、Infosys、梅赛德斯-奔驰、微软、西门子和Verizon等均签署承诺，到2040年，其全球业务将实现净零碳，比《巴黎协议》提前10年。承诺还要求它们定期测量和报告温室气体排放；通过真正的商业变革和创新实施脱碳战略；并通过额外的、可量化的、真实的、永久的和对社会有益的补偿，来中和任何剩余的排放。可信的、高质量的补偿是宝贵的，我们应该保留它们，以补偿那些不存在低碳替代品的经济活动。《气候承诺》签署国正在做出有意义的、切实的和雄心勃勃的承诺。Uber的目标是到2030年在加拿大、欧洲和美国成为零排放平台，汉高（Henkel）计划100%使用可再生能源生产电力。亚马逊正在朝着我们自己的目标取得进展，即到2025年100%使用可再生能源，比我们最初的2030年目标提前了五年。亚马逊是全球最大的可再生能源企业买家。我们在全球有62个公用事业规模的风能和太阳能项目，以及125个太阳能屋顶正在履行和分类中心。这些项目的发电能力超过6.9千兆瓦，每年提供超过2000万兆瓦时的能源。运输是亚马逊商业运营的重要组成部分，也是我们到2040年实现净零碳计划中最艰难的部分。为了帮助推动电动汽车技术市场的快速发展，并帮助所有公司过渡到更环保的技术，我们向Rivian投资了超过10亿美元，订购了10万辆电动送货车。我们还与印度的马欣德拉（Mahindra）和欧洲的梅赛德斯-奔驰建立了合作伙伴关系。这些来自Rivian的定制电动送货车辆已经投入运营，并于今年2月首次在洛杉矶上路。1万辆新车最早将于明年上路，到2030年，所有10万辆车将全部上路，可减排数百万吨碳。我们希望企业加入《气候承诺》的一个重要原因是，向市场发出信号，企业应该开始发明和开发有利于改善气候变化的新技术。我们购买10万辆Rivian电动面包车就是一个很好的例子。为了进一步加快对建设零碳经济所需新技术的投资，我们于去年6月推出了“气候承诺基金”（Climate Pledge Fund）。该投资计划从20亿美元开始，投资于有远见的公司，旨在促进向低碳经济的过渡。我们已经投资了CarbonCure Technologies、Pachama、Redwood Materials、Rivian、Turntide Technologies、ZeroAvia和Infinium等创新技术公司。另外，我个人还拨款100亿美元，帮助推动我们在未来十年所需的系统性变革。我们将支持顶尖的科学家、活动家、非政府组织、环境正义组织和其他致力于抗击气候变化和保护自然世界的人。去年年底，我向16个致力于创新和移动解决方案的组织提供了我的第一轮赠款。它将采取来自大公司、小公司、全球组织和个人的集体行动，我很高兴能成为这一旅程的一部分，并乐观地认为，人类可以团结起来解决这一挑战。差异化就是生存，宇宙想要你成为普通人这是我作为亚马逊CEO的最后一封年度股东信，我觉得有最后一件极其重要的事情必须告知大家，我希望所有亚马逊人都把这件事放在心上。以下是Richard Dawkins出版的《盲眼钟表匠》（The Blind Watch Maker）一书中的一段话。这是关于生物学的一个基本事实。避免死亡是你必须努力的事情。让它自己去做——这就是它死后的样子——身体往往会恢复到与环境的平衡状态。如果你测量一些指标，如温度、酸度、水分或生物体内的电势，你通常会发现，它与周围环境中相应的测量结果有很大的不同。例如，我们的身体通常比我们周围的环境更热，在寒冷的气候下，他们必须努力保持这种差异。当我们死后，身体停止运转，温差开始消失，最终我们的温度与周围环境相同。并不是所有的动物都如此努力地避免与周围的温度达到平衡，但所有的动物都做了一些类似的工作。例如，在干旱的地方，动植物努力保持细胞中的液体含量，这与水从细胞流向干燥的外部世界的自然趋势背道而驰。如果它们失败了，它们就会死。更广泛地说，如果生物不积极地阻止它，它们最终会融入周围环境，不再作为生物存在。这就是它们死后会发生的事情。虽然这段话不是一个比喻，但它仍然是一篇奇妙的文章，与亚马逊非常相关。我会认为，它与所有公司、所有机构，以及我们每个人的生活都相关。为了让你变得正常，这个宇宙在以什么方式吸引你？要做多少工作才能保持你的独特性？我认识一对幸福的夫妇，他们的关系中有一个笑话。丈夫经常会假装痛苦地看着妻子，对她说：“你就不能正常一点吗？”他们都微笑着大笑，当然，深刻的事实是，他喜欢她的独特之处。但是，与此同时，如果我们稍微正常一点，事情往往会变得更容易，这也是事实。这种现象在很多层面都会发生。我们都知道独特性（原创性）极具价值。我们都被教导要“做你自己”。我真正要求你们做的是，拥抱并现实地认识到，保持这种独特性需要多大的精力。这个宇宙希望你成为普通的人，并千方百计地吸引着你。千万别让它成为现实。你必须为你的与众不同付出代价，这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。当然，这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的。你必须不断地投入精力。这个宇宙总是试图让亚马逊变得更具典型性，让我们与我们的环境保持平衡。这将需要持续的努力，但我们可以而且必须做得更好。在这里，我一如既往地附上我们1997年的股东信。信中最后写道：“我们亚马逊感谢客户的业务和信任，感谢彼此的辛勤工作，感谢股东的支持和鼓励。”这一点丝毫没有改变。我要特别感谢Andy Jassy同意担任CEO。这是一项艰巨的工作，责任重大。Andy才华横溢，标准也是最高的。我向你们保证，Andy不会让宇宙把我们变成普通人。他将凝聚起使我们与众不同的生命所需的能量。这并不容易，但这是至关重要的。我还预测，这将是令人满意的，而且经常是有趣的。谢谢你，Andy。致你们所有人：要善良，要有独特性，创造的东西要比消费的多，永远不要让宇宙把你融入周围的环境。现在仍然是第一天（Day 1）。杰夫·贝佐斯","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370401640,"gmtCreate":1618617156380,"gmtModify":1704713391531,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/370401640","repostId":"1138769769","repostType":4,"repost":{"id":"1138769769","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618582356,"share":"https://ttm.financial/m/news/1138769769?lang=en_US&edition=fundamental","pubTime":"2021-04-16 22:12","market":"us","language":"zh","title":"Morgan Stanley Offers Clients Bitcoin Exposure With Two Crypto Funds","url":"https://stock-news.laohu8.com/highlight/detail?id=1138769769","media":"老虎资讯综合","summary":"如果客户表现出更多兴趣，摩根士丹利将提供更多有关加密货币的服务。","content":"<p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It confirmed that it is providing Bitcoin exposure to its wealth management clients through two crypto funds.</p><p>During last Friday's first-quarter earnings call, Jonathan Pruzan, Morgan Stanley's first financial officer, said Morgan Stanley would offer more services on cryptocurrencies if customers showed more interest. Speaking about such services, Pruzan said we will work with regulators to provide what we see as appropriate.</p><p>CNBC reported in March that Morgan Stanley's funds are open to individual investors with at least $2 million or investment firms with at least $5 million, and the bank has capped Bitcoin investments, allowing individual investors to put only 2.5 percent of their net worth into Bitcoin assets.</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>Morgan Stanley Offers Clients Bitcoin Exposure With Two Crypto Funds</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: 12.5px; color: #7E829C; margin: 0;}\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 Offers Clients Bitcoin Exposure With Two Crypto Funds\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-16 22:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It confirmed that it is providing Bitcoin exposure to its wealth management clients through two crypto funds.</p><p>During last Friday's first-quarter earnings call, Jonathan Pruzan, Morgan Stanley's first financial officer, said Morgan Stanley would offer more services on cryptocurrencies if customers showed more interest. Speaking about such services, Pruzan said we will work with regulators to provide what we see as appropriate.</p><p>CNBC reported in March that Morgan Stanley's funds are open to individual investors with at least $2 million or investment firms with at least $5 million, and the bank has capped Bitcoin investments, allowing individual investors to put only 2.5 percent of their net worth into Bitcoin assets.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76545b6ea7eb27730ee55d40b45ce15","relate_stocks":{"MS":"摩根士丹利"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138769769","content_text":"摩根士丹利方面证实，正通过两支加密基金为其财富管理客户提供比特币敞口。在上周五的第一季度财报电话会议上，摩根士丹利的首次财务官Jonathan Pruzan表示，如果客户表现出更多兴趣，摩根士丹利将提供更多有关加密货币的服务。在谈及此类服务时，Pruzan表示，我们将与监管机构合作，以提供我们认为合适的服务。CNBC三月份曾报道，摩根士丹利的基金对至少拥有200万美元资金的个人投资者或至少拥有500万美元资金的投资公司开放，该行对比特币投资设定了上限，只允许个人投资者将其净资产的2.5%投入比特币资产。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":3628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370401351,"gmtCreate":1618617113873,"gmtModify":1704713391366,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"goodboy","listText":"goodboy","text":"goodboy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370401351","repostId":"1194588703","repostType":4,"isVote":1,"tweetType":1,"viewCount":2983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344733610,"gmtCreate":1618442501730,"gmtModify":1704710820090,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"yes. correct","listText":"yes. correct","text":"yes. correct","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344733610","repostId":"1156093095","repostType":4,"repost":{"id":"1156093095","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618414282,"share":"https://ttm.financial/m/news/1156093095?lang=en_US&edition=fundamental","pubTime":"2021-04-14 23:31","market":"us","language":"zh","title":"Goldman Sachs CEO: Archegos Explosion Won't Be the Last","url":"https://stock-news.laohu8.com/highlight/detail?id=1156093095","media":"老虎资讯综合","summary":"高盛就Archegos Capital Management LP爆仓等“重要议题”举行分析师会议，首席执行官David Solomon发表了他的看法。他说，高盛已经不是第一次看到像Archegos这","content":"<p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Holding an analyst meeting on \"important topics\" such as Archegos Capital Management LP's liquidation, CEO David Solomon weighs in. Goldman Sachs isn't the first time it has seen something like Archegos, and it probably won't be the last, he said.</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>Goldman Sachs CEO: Archegos Explosion Won't Be the Last</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nGoldman Sachs CEO: Archegos Explosion Won't Be the Last\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-14 23:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Holding an analyst meeting on \"important topics\" such as Archegos Capital Management LP's liquidation, CEO David Solomon weighs in. Goldman Sachs isn't the first time it has seen something like Archegos, and it probably won't be the last, he said.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1450b1021adb97fc9607bd713a6d01","relate_stocks":{"GS":"高盛"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156093095","content_text":"高盛就Archegos Capital Management LP爆仓等“重要议题”举行分析师会议，首席执行官David Solomon发表了他的看法。他说，高盛已经不是第一次看到像Archegos这样的情况了，可能也不会是最后一次。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345705324,"gmtCreate":1618348538368,"gmtModify":1704709411595,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345705324","repostId":"1139515067","repostType":4,"isVote":1,"tweetType":1,"viewCount":1142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346836877,"gmtCreate":1618019840399,"gmtModify":1704706018663,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580330978833195","authorIdStr":"3580330978833195"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346836877","repostId":"1105110285","repostType":4,"isVote":1,"tweetType":1,"viewCount":1143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":154469740,"gmtCreate":1625539563980,"gmtModify":1703743311952,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"abc","listText":"abc","text":"abc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154469740","repostId":"1121493911","repostType":4,"repost":{"id":"1121493911","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625526439,"share":"https://ttm.financial/m/news/1121493911?lang=en_US&edition=fundamental","pubTime":"2021-07-06 07:07","market":"hk","language":"zh","title":"XPeng Auto-W won 10% in the first lot, and subscribed for 20 lots and won the first lot","url":"https://stock-news.laohu8.com/highlight/detail?id=1121493911","media":"老虎资讯综合","summary":"7月6日，小鹏汽车-W发布公告，发行8500万股，国际发售与香港公开发售的最终发售价均已确定为每股发售股份165.00港元，全球发售收取所得款项净额约137.81亿港元。每手100股A类普通股，预期A","content":"<p>On July 6,<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>An announcement was made to issue 85 million shares. The final offer price of both the International Offering and the Hong Kong Public Offering has been determined to be HK$165.00 per offer share, and the net proceeds received from the Global Offering are approximately HK$13.781 billion. 100 shares per board lot of Class A ordinary shares, with the expected listing of Class A ordinary shares on July 7, 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/acbbfe927e3f8c40f3e86f63a83f6bfe\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 100 shares per lot, the winning rate of one lot is 10%, and the subscription of 20 lots is stable.</p><p>Group B had 30,000 shares (300 lots) and 5,400 shares (54 lots) were allocated.<img src=\"https://static.tigerbbs.com/75f05d3ec9afe898f3ee9751c98bbc17\" tg-width=\"622\" tg-height=\"754\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b2f6d112ddbcf15a8ce5e053c738ccd1\" tg-width=\"625\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been over-subscribed, representing approximately 14.73 times the total number of 4.25 million Hong Kong Offer Shares initially available under the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is 4.25 million Offer Shares, representing 5.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option), and has been allocated to 16,483 successful applicants under the Hong Kong Public Offering.</p><p>The Offer Shares initially offered under the International Offering have been over-subscribed, representing approximately 8.54 times the total number of Offer Shares initially available under the International Offering. The final number of Offer Shares under the International Offering is 80.75 million Offer Shares, representing 95.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option).</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>XPeng Auto-W won 10% in the first lot, and subscribed for 20 lots and won the first lot</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nXPeng Auto-W won 10% in the first lot, and subscribed for 20 lots and won the first lot\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 07:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>An announcement was made to issue 85 million shares. The final offer price of both the International Offering and the Hong Kong Public Offering has been determined to be HK$165.00 per offer share, and the net proceeds received from the Global Offering are approximately HK$13.781 billion. 100 shares per board lot of Class A ordinary shares, with the expected listing of Class A ordinary shares on July 7, 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/acbbfe927e3f8c40f3e86f63a83f6bfe\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 100 shares per lot, the winning rate of one lot is 10%, and the subscription of 20 lots is stable.</p><p>Group B had 30,000 shares (300 lots) and 5,400 shares (54 lots) were allocated.<img src=\"https://static.tigerbbs.com/75f05d3ec9afe898f3ee9751c98bbc17\" tg-width=\"622\" tg-height=\"754\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b2f6d112ddbcf15a8ce5e053c738ccd1\" tg-width=\"625\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been over-subscribed, representing approximately 14.73 times the total number of 4.25 million Hong Kong Offer Shares initially available under the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is 4.25 million Offer Shares, representing 5.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option), and has been allocated to 16,483 successful applicants under the Hong Kong Public Offering.</p><p>The Offer Shares initially offered under the International Offering have been over-subscribed, representing approximately 8.54 times the total number of Offer Shares initially available under the International Offering. The final number of Offer Shares under the International Offering is 80.75 million Offer Shares, representing 95.0% of the total number of Offer Shares initially available under the Global Offering (before the exercise of any Over-allotment Option).</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121493911","content_text":"7月6日，小鹏汽车-W发布公告，发行8500万股，国际发售与香港公开发售的最终发售价均已确定为每股发售股份165.00港元，全球发售收取所得款项净额约137.81亿港元。每手100股A类普通股，预期A类普通股于2021年7月7日上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手100股，一手中签率10%，认购20手稳中一手。\n乙组头为3万股（300手），获配5400股（54手）。\n根据香港公开发售初步提呈发售的香港发售股份已获超额认购，相当于香港公开发售初步可供认购香港发售股份总数425万股约14.73倍。香港公开发售的发售股份最终数目为425万股发售股份，占全球发售初步可供认购的发售股份总数的5.0%（行使任何超额配股权前），并已分配予香港公开发售的16483名获接纳申请人。\n国际发售初步提呈发售的发售股份已获超额认购，相当于国际发售初步可供认购发售股份总数约8.54倍。国际发售的发售股份最终数目为8075万股发售股份，相当于全球发售初步可供认购发售股份总数的95.0%（行使任何超额配股权前）。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":3528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101918504,"gmtCreate":1619836207608,"gmtModify":1704335555906,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"51","listText":"51","text":"51","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101918504","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"sh","language":"zh","title":"Reminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is coming soon. It is worth mentioning that this year's May Day Labor Day will continue to take five consecutive days off. Regarding the arrangement of the May Day stock market, it is also the focus of investors' attention. Let's take a look at how many days the May Day stock market will be closed in 2021?<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed from Saturday, May 1 to Wednesday, May 5, and will open as usual from Thursday, May 6.</p><p><b>Hong Kong stocks:</b></p><p>Trading as usual.</p><p><b>U.S. stocks:</b></p><p>Trading as usual.</p><p><b>UK shares:</b></p><p>May 3rd (Monday) is the traditional British holiday Bank holiday, and the British stock market is closed for one day</p><p><b>Singapore Market:</b></p><p>Trading as usual.</p><p><b>Australian Market:</b></p><p>Trading as usual.</p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed from Saturday, May 1 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from Thursday, April 29 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p>I wish you the most beautiful workers a happy May Day, peace and joy!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nReminder: A shares are closed for three days on May Day, and Hong Kong and US stocks trade as usual\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is coming soon. It is worth mentioning that this year's May Day Labor Day will continue to take five consecutive days off. Regarding the arrangement of the May Day stock market, it is also the focus of investors' attention. Let's take a look at how many days the May Day stock market will be closed in 2021?<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A shares:</b></p><p>The market will be closed from Saturday, May 1 to Wednesday, May 5, and will open as usual from Thursday, May 6.</p><p><b>Hong Kong stocks:</b></p><p>Trading as usual.</p><p><b>U.S. stocks:</b></p><p>Trading as usual.</p><p><b>UK shares:</b></p><p>May 3rd (Monday) is the traditional British holiday Bank holiday, and the British stock market is closed for one day</p><p><b>Singapore Market:</b></p><p>Trading as usual.</p><p><b>Australian Market:</b></p><p>Trading as usual.</p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed from Saturday, May 1 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed from Thursday, April 29 to Wednesday, May 5 and open as usual from Thursday, May 6.</p><p>I wish you the most beautiful workers a happy May Day, peace and joy!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379517085,"gmtCreate":1618761652247,"gmtModify":1704714663581,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379517085","repostId":"2128552068","repostType":4,"isVote":1,"tweetType":1,"viewCount":2936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370401640,"gmtCreate":1618617156380,"gmtModify":1704713391531,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/370401640","repostId":"1138769769","repostType":4,"repost":{"id":"1138769769","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618582356,"share":"https://ttm.financial/m/news/1138769769?lang=en_US&edition=fundamental","pubTime":"2021-04-16 22:12","market":"us","language":"zh","title":"Morgan Stanley Offers Clients Bitcoin Exposure With Two Crypto Funds","url":"https://stock-news.laohu8.com/highlight/detail?id=1138769769","media":"老虎资讯综合","summary":"如果客户表现出更多兴趣，摩根士丹利将提供更多有关加密货币的服务。","content":"<p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It confirmed that it is providing Bitcoin exposure to its wealth management clients through two crypto funds.</p><p>During last Friday's first-quarter earnings call, Jonathan Pruzan, Morgan Stanley's first financial officer, said Morgan Stanley would offer more services on cryptocurrencies if customers showed more interest. Speaking about such services, Pruzan said we will work with regulators to provide what we see as appropriate.</p><p>CNBC reported in March that Morgan Stanley's funds are open to individual investors with at least $2 million or investment firms with at least $5 million, and the bank has capped Bitcoin investments, allowing individual investors to put only 2.5 percent of their net worth into Bitcoin assets.</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>Morgan Stanley Offers Clients Bitcoin Exposure With Two Crypto Funds</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: 12.5px; color: #7E829C; margin: 0;}\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 Offers Clients Bitcoin Exposure With Two Crypto Funds\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-16 22:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It confirmed that it is providing Bitcoin exposure to its wealth management clients through two crypto funds.</p><p>During last Friday's first-quarter earnings call, Jonathan Pruzan, Morgan Stanley's first financial officer, said Morgan Stanley would offer more services on cryptocurrencies if customers showed more interest. Speaking about such services, Pruzan said we will work with regulators to provide what we see as appropriate.</p><p>CNBC reported in March that Morgan Stanley's funds are open to individual investors with at least $2 million or investment firms with at least $5 million, and the bank has capped Bitcoin investments, allowing individual investors to put only 2.5 percent of their net worth into Bitcoin assets.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76545b6ea7eb27730ee55d40b45ce15","relate_stocks":{"MS":"摩根士丹利"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138769769","content_text":"摩根士丹利方面证实，正通过两支加密基金为其财富管理客户提供比特币敞口。在上周五的第一季度财报电话会议上，摩根士丹利的首次财务官Jonathan Pruzan表示，如果客户表现出更多兴趣，摩根士丹利将提供更多有关加密货币的服务。在谈及此类服务时，Pruzan表示，我们将与监管机构合作，以提供我们认为合适的服务。CNBC三月份曾报道，摩根士丹利的基金对至少拥有200万美元资金的个人投资者或至少拥有500万美元资金的投资公司开放，该行对比特币投资设定了上限，只允许个人投资者将其净资产的2.5%投入比特币资产。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":3628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370401351,"gmtCreate":1618617113873,"gmtModify":1704713391366,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"goodboy","listText":"goodboy","text":"goodboy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370401351","repostId":"1194588703","repostType":4,"isVote":1,"tweetType":1,"viewCount":2983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109091438,"gmtCreate":1619653690124,"gmtModify":1704727350861,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"ka","listText":"ka","text":"ka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109091438","repostId":"1169826911","repostType":4,"repost":{"id":"1169826911","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1619648937,"share":"https://ttm.financial/m/news/1169826911?lang=en_US&edition=fundamental","pubTime":"2021-04-29 06:28","market":"us","language":"zh","title":"Powell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1169826911","media":"华尔街见闻","summary":"鲍威尔着重阐述了“经济距离进一步进展还有很长的路要走”，现在不宜讨论加息和缩表，当时机适宜时，美联储将减码对抵押贷款支持证券（MBS）的购买速度，但不是现在。美国经济复苏还不均衡，股市某些方面存在泡沫","content":"<p>Powell emphasized that \"the economy is still a long way from further progress\", and it is not appropriate to discuss rate hike and shrinking balance sheet now. When the time is right, the Fed will reduce the pace of purchases of mortgage-backed securities (MBS), but not now. The U.S. economic recovery is uneven, and there are bubbles in some aspects of the stock market. After the \"bubble speech\", all U.S. stocks turned down, and the analysis said that the door to shrinking balance sheet was closed in the short term.</p><p>On Wednesday afternoon, April 28th, Eastern Time, the Federal Reserve announced its latest interest rate decision, and Federal Reserve Chairman Powell held a press conference.</p><p>In line with market expectations, the Fed kept policy steady at the April FOMC meeting, i.e., keeping its benchmark interest rate target near zero unchanged and the size of bond purchases of $120 billion per month unchanged.</p><p>The FOMC statement after the meeting reiterated the need to see more substantial progress in the economy, acknowledging that the economic growth rate of the United States is accelerating, the United States will usher in higher inflation but it is a temporary phenomenon, and the outlook still faces many risks.</p><p><b>Speaking at the press conference, Mr Powell highlighted the idea that \"the economy is still a long way off from further progress,\" arguing that this is not the time to discuss rate hike and shrinking balance sheet</b>All of them reflect their usual dovish stance, which makes the stock market, gold and silver soar and the US dollar fall.</p><p>However, at the 40-minute press conference, the three major U.S. stock indexes collectively fell. S&P and Nasdaq erased all the gains after the resolution was announced and fell, and the Dow fell over 140 points again. The reason is that Powell said, \"Something about the stock market does reflect a market bubble.\"</p><p><img src=\"https://static.tigerbbs.com/58dd062db907230fdb13846f0f5f952d\" tg-width=\"500\" tg-height=\"287\" referrerpolicy=\"no-referrer\"></p><p><b>Powell: It'll take 'a while' for the Fed to be happy with the economy, now not on rate hike shrinking balance sheet</b></p><p>Powell said improvements have been seen in several areas of the economy hardest hit by the COVID-19 crisis, but the recovery remains uneven and far from complete, and unemployment remains on the high side.</p><p>He admitted that US inflation will continue to rise to a certain extent, and then tend to moderate. \"The recovery of consumer spending will push up prices, and this phenomenon may be temporary.\" If US prices are expected to exceed 2.0%, the Federal Reserve has the tools to cope.</p><p><b>Notably, he made it clear that the temporary rise in inflation does not guarantee that the Fed will rate hike, and now is not the time for the Fed to communicate to the market about QE reduction</b>。 A near-zero interest rate policy is appropriate until the target is achieved:</p><p>\"The U.S. economy is still far from the Fed's dual goal of achieving full employment and stabilizing prices, and it may still be some time before substantial progress is made. Before that, the Fed is expected to maintain a loose monetary policy. As far as the U.S. economic recovery is concerned, epidemic prevention and control is the most important factor, and it may be necessary for the United States to make substantial progress in epidemic prevention and control. With vaccination, the United States should be allowed to return to a more normal state in 2021. \" Michael Schumacher, a bond strategist at Wells Fargo, believes that this shows that Powell has almost denied any possibility of reducing bond purchases in the short term and completely closed the door to the immediate shrinking balance sheet, which means that there may be less room for the increase of U.S. bond yields.</p><p>However, as the market generally expected, he feels that the Fed is inching closer to the final tapering process. While it may take at least a few months before it is likely to see the FOMC re-enable its \"tapering\" language, \"it will be more interesting when it meets in June,\" when there will be months of hot inflation data and the Fed will come under more pressure to explain its revised inflation framework.</p><p>It should also be noted that Powell mentioned today,<b>When the time is right, the Fed will reduce its purchases of mortgage-backed securities (MBS), but not now.</b></p><p>As mentioned earlier on Wall Street, a Bloomberg survey said that more than two-thirds of economists surveyed expected the Federal Reserve to issue an early warning signal to reduce the scale of bond purchases this year.</p><p><b>Powell once again made it clear that the rate hike premise must meet two major conditions, and higher inflation reflects temporary factors</b></p><p>Once again, Powell pointed out at the press conference that the prerequisite for rate hike is-labor market conditions are consistent with the FOMC committee's assessment of maximizing employment, and inflation rises to 2%, while it is expected to moderately exceed 2% for a period of time \":</p><p>\"So far, it is not close to making further substantial progress. Non-farm payrolls in the United States showed a heavy positive in March, but that is far from enough. Service workers may have difficulty finding jobs, and there are still a large number of unemployed people in the United States.\" As mentioned above, Powell once said that the temporary rise in inflation does not guarantee that the Federal Reserve will rate hike, and he further explained this:</p><p>\"Frankly speaking, at a time when the labor market is significantly weak, it seems unlikely that we will see inflation continue to rise, which in turn will raise the inflation expectations of the market. It will take some time for inflation to continue to rise and raise inflation expectations, and it is likely that this will happen in a very strong labor market.\" He believes that \"no one should question the Fed's determination to control specific inflation\", but some price rises will not exist for a long time. When faced with the question of soaring house prices, he said that \"the Federal Reserve pays close attention to the rising house prices\", but believes that the price increase mainly reflects the fundamentals of strong demand and not too much supply, and \"the housing side has not caused financial stability concerns\".</p><p>In terms of financial market supervision, Powell insisted on his earlier position that risks similar to the liquidation of hedge fund Archegos did not aggravate worries about the financial system. Something about the stock market does reflect a market bubble, but the market reflects more COVID vaccination progress and the economic situation than Fed policy:</p><p>\"Overall, financial stability is mixed, but it is still controllable. The capital of the banking system is in good condition, and the leverage of the financial system is not a problem. Many money funds have problems in financing risks, not systemic problems. We are paying attention to the kinetic energy of money funds and corporate bond funds.\" Regarding the U.S. central bank's version of digital currency, he said that the Federal Reserve feels obliged to well understand the technical and policy issues of digital currency. Compared with trying early in digital currency, the Federal Reserve prefers to do the right thing.</p><p>In addition, Powell declined to comment on the White House's fiscal plan. U.S. President Joe Biden will announce the $1.8 trillion \"American Household Investment Plan\" on Wednesday night local time. He also did not talk about the prospect of whether he will * the chairman of the Federal Reserve.</p><p><b>Analysis: shrinking balance sheet doors are closed in the short term, focusing on the dynamics of the Fed's June-August meeting</b></p><p>Wall Street has mentioned that the market keeps a close eye on whether Powell will release the QE exit signal, especially how the Fed will define the vague concept of \"making substantial further progress\". However, today's FOMC statement and press conference did not give a specific explanation.</p><p>Goldman Sachs thinks it is too early for the Fed to suggest tapering its bond purchases. As the labor market improves further, the Fed may begin to release signals of tapering as soon as the second half of this year, and begin formal tapering in early 2022. However, if the future employment report is better than expected, the Federal Reserve may also advance the time point of bond purchase reduction to the fourth quarter of this year.</p><p>According to Goldman Sachs, referring to historical data, the Federal Reserve may take the approach of shrinking $15 billion per meeting and gradually withdraw from the current $120 billion bond purchase program<b>。</b>This means that it takes 8 meetings, or a full year to complete the bond purchase exit (starting in 2022 and ending at the end of 2022):</p><p>After completing the bond purchase exit, the Fed may use 1-2 quarters to assess the specific impact of exiting the bond purchase while preparing for the rate hike.<b>If all goes well, rate hike will be officially on the agenda by mid-2023.</b>But Goldman emphasizes that on rate hike<b>If inflation falls short of expectations, the economy slows down or the impact of fiscal stimulus fades, the timing of the Fed's first rate hike may be delayed to the first quarter of 2024.</b></p><p>According to the above-mentioned Bloomberg survey, more than two-thirds of economists expect that the Federal Reserve will issue an early warning signal to reduce the scale of bond purchases this year, with the largest number (45%) expected to issue signals from July to September. Specific occasions could come from the FOMC meeting in July or September, or Powell's semi-annual testimony to Congress. The Jackson Hole Central Bank's annual meeting in late August is also a possible occasion to send signals.</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>Powell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nPowell: This is not the time to reduce quantitative easing for communication, and a temporary rise in inflation does not guarantee a rate hike\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-04-29 06:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Powell emphasized that \"the economy is still a long way from further progress\", and it is not appropriate to discuss rate hike and shrinking balance sheet now. When the time is right, the Fed will reduce the pace of purchases of mortgage-backed securities (MBS), but not now. The U.S. economic recovery is uneven, and there are bubbles in some aspects of the stock market. After the \"bubble speech\", all U.S. stocks turned down, and the analysis said that the door to shrinking balance sheet was closed in the short term.</p><p>On Wednesday afternoon, April 28th, Eastern Time, the Federal Reserve announced its latest interest rate decision, and Federal Reserve Chairman Powell held a press conference.</p><p>In line with market expectations, the Fed kept policy steady at the April FOMC meeting, i.e., keeping its benchmark interest rate target near zero unchanged and the size of bond purchases of $120 billion per month unchanged.</p><p>The FOMC statement after the meeting reiterated the need to see more substantial progress in the economy, acknowledging that the economic growth rate of the United States is accelerating, the United States will usher in higher inflation but it is a temporary phenomenon, and the outlook still faces many risks.</p><p><b>Speaking at the press conference, Mr Powell highlighted the idea that \"the economy is still a long way off from further progress,\" arguing that this is not the time to discuss rate hike and shrinking balance sheet</b>All of them reflect their usual dovish stance, which makes the stock market, gold and silver soar and the US dollar fall.</p><p>However, at the 40-minute press conference, the three major U.S. stock indexes collectively fell. S&P and Nasdaq erased all the gains after the resolution was announced and fell, and the Dow fell over 140 points again. The reason is that Powell said, \"Something about the stock market does reflect a market bubble.\"</p><p><img src=\"https://static.tigerbbs.com/58dd062db907230fdb13846f0f5f952d\" tg-width=\"500\" tg-height=\"287\" referrerpolicy=\"no-referrer\"></p><p><b>Powell: It'll take 'a while' for the Fed to be happy with the economy, now not on rate hike shrinking balance sheet</b></p><p>Powell said improvements have been seen in several areas of the economy hardest hit by the COVID-19 crisis, but the recovery remains uneven and far from complete, and unemployment remains on the high side.</p><p>He admitted that US inflation will continue to rise to a certain extent, and then tend to moderate. \"The recovery of consumer spending will push up prices, and this phenomenon may be temporary.\" If US prices are expected to exceed 2.0%, the Federal Reserve has the tools to cope.</p><p><b>Notably, he made it clear that the temporary rise in inflation does not guarantee that the Fed will rate hike, and now is not the time for the Fed to communicate to the market about QE reduction</b>。 A near-zero interest rate policy is appropriate until the target is achieved:</p><p>\"The U.S. economy is still far from the Fed's dual goal of achieving full employment and stabilizing prices, and it may still be some time before substantial progress is made. Before that, the Fed is expected to maintain a loose monetary policy. As far as the U.S. economic recovery is concerned, epidemic prevention and control is the most important factor, and it may be necessary for the United States to make substantial progress in epidemic prevention and control. With vaccination, the United States should be allowed to return to a more normal state in 2021. \" Michael Schumacher, a bond strategist at Wells Fargo, believes that this shows that Powell has almost denied any possibility of reducing bond purchases in the short term and completely closed the door to the immediate shrinking balance sheet, which means that there may be less room for the increase of U.S. bond yields.</p><p>However, as the market generally expected, he feels that the Fed is inching closer to the final tapering process. While it may take at least a few months before it is likely to see the FOMC re-enable its \"tapering\" language, \"it will be more interesting when it meets in June,\" when there will be months of hot inflation data and the Fed will come under more pressure to explain its revised inflation framework.</p><p>It should also be noted that Powell mentioned today,<b>When the time is right, the Fed will reduce its purchases of mortgage-backed securities (MBS), but not now.</b></p><p>As mentioned earlier on Wall Street, a Bloomberg survey said that more than two-thirds of economists surveyed expected the Federal Reserve to issue an early warning signal to reduce the scale of bond purchases this year.</p><p><b>Powell once again made it clear that the rate hike premise must meet two major conditions, and higher inflation reflects temporary factors</b></p><p>Once again, Powell pointed out at the press conference that the prerequisite for rate hike is-labor market conditions are consistent with the FOMC committee's assessment of maximizing employment, and inflation rises to 2%, while it is expected to moderately exceed 2% for a period of time \":</p><p>\"So far, it is not close to making further substantial progress. Non-farm payrolls in the United States showed a heavy positive in March, but that is far from enough. Service workers may have difficulty finding jobs, and there are still a large number of unemployed people in the United States.\" As mentioned above, Powell once said that the temporary rise in inflation does not guarantee that the Federal Reserve will rate hike, and he further explained this:</p><p>\"Frankly speaking, at a time when the labor market is significantly weak, it seems unlikely that we will see inflation continue to rise, which in turn will raise the inflation expectations of the market. It will take some time for inflation to continue to rise and raise inflation expectations, and it is likely that this will happen in a very strong labor market.\" He believes that \"no one should question the Fed's determination to control specific inflation\", but some price rises will not exist for a long time. When faced with the question of soaring house prices, he said that \"the Federal Reserve pays close attention to the rising house prices\", but believes that the price increase mainly reflects the fundamentals of strong demand and not too much supply, and \"the housing side has not caused financial stability concerns\".</p><p>In terms of financial market supervision, Powell insisted on his earlier position that risks similar to the liquidation of hedge fund Archegos did not aggravate worries about the financial system. Something about the stock market does reflect a market bubble, but the market reflects more COVID vaccination progress and the economic situation than Fed policy:</p><p>\"Overall, financial stability is mixed, but it is still controllable. The capital of the banking system is in good condition, and the leverage of the financial system is not a problem. Many money funds have problems in financing risks, not systemic problems. We are paying attention to the kinetic energy of money funds and corporate bond funds.\" Regarding the U.S. central bank's version of digital currency, he said that the Federal Reserve feels obliged to well understand the technical and policy issues of digital currency. Compared with trying early in digital currency, the Federal Reserve prefers to do the right thing.</p><p>In addition, Powell declined to comment on the White House's fiscal plan. U.S. President Joe Biden will announce the $1.8 trillion \"American Household Investment Plan\" on Wednesday night local time. He also did not talk about the prospect of whether he will * the chairman of the Federal Reserve.</p><p><b>Analysis: shrinking balance sheet doors are closed in the short term, focusing on the dynamics of the Fed's June-August meeting</b></p><p>Wall Street has mentioned that the market keeps a close eye on whether Powell will release the QE exit signal, especially how the Fed will define the vague concept of \"making substantial further progress\". However, today's FOMC statement and press conference did not give a specific explanation.</p><p>Goldman Sachs thinks it is too early for the Fed to suggest tapering its bond purchases. As the labor market improves further, the Fed may begin to release signals of tapering as soon as the second half of this year, and begin formal tapering in early 2022. However, if the future employment report is better than expected, the Federal Reserve may also advance the time point of bond purchase reduction to the fourth quarter of this year.</p><p>According to Goldman Sachs, referring to historical data, the Federal Reserve may take the approach of shrinking $15 billion per meeting and gradually withdraw from the current $120 billion bond purchase program<b>。</b>This means that it takes 8 meetings, or a full year to complete the bond purchase exit (starting in 2022 and ending at the end of 2022):</p><p>After completing the bond purchase exit, the Fed may use 1-2 quarters to assess the specific impact of exiting the bond purchase while preparing for the rate hike.<b>If all goes well, rate hike will be officially on the agenda by mid-2023.</b>But Goldman emphasizes that on rate hike<b>If inflation falls short of expectations, the economy slows down or the impact of fiscal stimulus fades, the timing of the Fed's first rate hike may be delayed to the first quarter of 2024.</b></p><p>According to the above-mentioned Bloomberg survey, more than two-thirds of economists expect that the Federal Reserve will issue an early warning signal to reduce the scale of bond purchases this year, with the largest number (45%) expected to issue signals from July to September. Specific occasions could come from the FOMC meeting in July or September, or Powell's semi-annual testimony to Congress. The Jackson Hole Central Bank's annual meeting in late August is also a possible occasion to send signals.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b37cbfdbd9fac06fc4ae2f84ad058a92","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169826911","content_text":"鲍威尔着重阐述了“经济距离进一步进展还有很长的路要走”，现在不宜讨论加息和缩表，当时机适宜时，美联储将减码对抵押贷款支持证券（MBS）的购买速度，但不是现在。美国经济复苏还不均衡，股市某些方面存在泡沫。美股在“泡沫言论”后悉数转跌，分析称短期内缩表大门被关闭。\n美东时间4月28日周三下午，美联储公布最新利率决议，美联储主席鲍威尔召开新闻发布会。\n与市场预期一致，美联储在4月FOMC会议上保持政策稳定，即维持接近零的基准利率目标不变，每月1200亿美元的债券购买规模也不变。\nFOMC会后声明重申需要看到经济取得更多实质性进展，承认美国经济增速加快，美国会迎来更高的通胀但为暂时现象，而且前景仍然面临诸多风险。\n鲍威尔在记者会上着重阐述了“经济距离进一步进展还有很长的路要走”这一观点，他认为现在不是讨论加息和缩表的时候，都体现了其一如既往的鸽派立场，令股市和金银大涨、美元下跌。\n不过在记者会40分钟时，美股三大指数集体转跌，标普和纳指抹去决议公布后的全部涨幅而转跌，道指重新跌超140点。原因在于鲍威尔称，“股市的某些东西的确体现出市场泡沫。”\n\n鲍威尔：美联储对经济感到满意需要“一段时间”，现在不谈加息缩表\n鲍威尔表示，遭受新冠肺炎疫情危机影响最严重的多个经济领域已经出现改善，但复苏仍然不均衡，而且远远没有完成复苏，失业率仍然偏高。\n他承认美国通胀将在一定程度上继续上升，然后趋于缓和，“消费者开支回暖将推高物价，这样的现象可能是暂时性的”，如果美国物价预期突破2.0%，美联储有应对工具。\n值得注意的是，他明确指出通胀的临时上扬不保证美联储将加息，现在也不是美联储针对减码QE向市场进行沟通的时机。在实现目标前，接近零的利率政策是适宜的：\n\n “美国经济距离美联储实现充分就业和稳定物价的双重目标还很遥远，距离取得实质性进展可能还有一段时间，在此之前，美联储预期将保持宽松的货币政策。就美国经济复苏而言，疫情防控是最重要的因素，可能美国需要在疫情防控上取得实质性进展。通过接种疫苗，应当允许美国在2021年重返更加正常的状态。”\n\n富国银行债券策略师Michael Schumacher认为，这说明鲍威尔几乎否定了短期内减少购债的任何可能性，彻底关上了马上缩表的大门，这意味着美债收益率的升幅空间可能要小一些。\n不过，正如市场普遍预期的那样，他觉得美联储正逐渐接近最终的缩债进程。虽然可能至少需要几个月才可能看到FOMC重新启用“缩债”措辞，“6月会议时会更加有趣”，届时会有几个月的火热通胀数据，美联储将面临更大压力来解释其修正后的通胀框架。\n还需注意的是，鲍威尔今日提到，当时机适宜时，美联储将减码对抵押贷款支持证券（MBS）的购买速度，但不是现在。\n华尔街见闻之前提及，彭博调查称，超过三分之二的受调查经济学家预计，美联储将在今年发出缩减购债规模的早期预警信号。\n鲍威尔再次明确加息前提必须满足两大条件，通胀走高反映临时因素\n鲍威尔再一次在记者会上指出，加息的前提条件是——劳动力市场状况与FOMC委员会对最大化就业的评估相一致，并且通胀率上升至2%，同时有望在一段时间内温和超过2%”：\n\n “迄今并不接近取得进一步的实质性进展。美国3月非农就业呈现重磅利好，但那远远不够。服务业工人可能难以找到工作，美国仍然有大量失业人口。”\n\n上文提到，鲍威尔曾称，通胀的临时上扬不保证美联储将加息，他也对此作了进一步解释：\n\n “坦率地说，在劳动力市场显著疲软的当下，我们似乎不太可能看到通胀持续上升，进而提升市场的通胀预期。要使通胀持续上升并抬升通胀预期，将需要一段时间，而且很可能需要在非常强大的劳动力市场中才会发生这种情况。”\n\n他认为，“所有人都不应当质疑美联储控制特定通胀的决心”，但部分物价上涨现象不会长期存在。面对房价蹿升的提问时，他表示“美联储非常密切地留意房价上涨”，但认为涨价主要体现出需求强劲和供应不太多的基本面，“住房方面并未引发金融稳定性顾虑”。\n在金融市场监管方面，鲍威尔坚持早前的立场称，类似于对冲基金Archegos爆仓的风险并未加重对金融系统的担忧。股市的某些东西的确体现出市场泡沫，但市场在更大程度上体现出新冠疫苗接种进度和经济形势，而不是美联储的政策：\n\n “整体而言，金融稳定性良莠不齐，但仍然是可控的。银行系统的资本状况良好，金融系统的杠杆并不是一个问题，众多货币基金存在融资风险方面的问题，而不是系统性的问题。正关注货币基金和公司债基金的运转动能。”\n\n对于美国央行版数字货币一事，他表示，美联储觉得有义务很好地理解数字货币的技术和政策问题，相比在数字货币方面尝鲜，美联储更希望做正确的事。\n此外，鲍威尔拒绝置评白宫财政计划，美国总统拜登将于当地时间周三晚公布1.8万亿美元的“美国家庭投资计划”，他也没有谈及自己会否连任美联储主席的前景。\n分析：短期内缩表大门关闭，重点关注美联储6至8月开会动态\n华尔街见闻曾提到，市场紧盯鲍威尔会否释放QE退出信号，特别是关注美联储将如何定义“取得实质性进一步进展”这个模糊概念。不过，今日的FOMC声明和记者会都没作出具体阐释。\n高盛认为美联储现在暗示缩减购债还为时过早。随着劳动力市场进一步改善，美联储最快可能在今年下半年开始释放缩减购债的信号，在2022年初开始正式缩减。但如果未来就业报告好于预期，美联储也可能将购债缩减时间点提前到今年四季度。\n高盛参考历史数据称，美联储可能会采取每次会议缩减150亿美元的方式，逐步退出现在1200亿美元的购债计划。这意味需要8次会议，即整整一年来完成购债退出（2022年开始，2022年底结束）：\n\n 完成购债退出后，美联储可能会利用1-2个季度评估退出购债的具体影响，同时为加息做准备。\n 如果一切顺利，到2023年中期加息将正式提上议程。\n\n但高盛强调称，在加息问题上，如果通胀不及预期、经济放缓或财政刺激影响消退，美联储首次加息时间点可能会推迟到2024年一季度。\n上文提到的彭博调查称，超过2/3的经济学家预计，美联储将在今年发出缩减购债规模的早期预警信号，其中预计在7—9月发出信号的人数最多(45%)。具体场合可能来自7月或9月的FOMC会议，或是鲍威尔对国会的半年度证词。8月底举行的杰克逊霍尔央行年会也是传递信号的可能场合。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379731905,"gmtCreate":1618794032407,"gmtModify":1704714909084,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"good job","listText":"good job","text":"good job","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379731905","repostId":"2128854011","repostType":4,"isVote":1,"tweetType":1,"viewCount":3000,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379193521,"gmtCreate":1618702980563,"gmtModify":1704714082215,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"zuanqiankuaile","listText":"zuanqiankuaile","text":"zuanqiankuaile","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379193521","repostId":"2128185161","repostType":4,"isVote":1,"tweetType":1,"viewCount":3152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370406904,"gmtCreate":1618617303208,"gmtModify":1704713394012,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"qqqqqqqqqqq","listText":"qqqqqqqqqqq","text":"qqqqqqqqqqq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370406904","repostId":"1114055586","repostType":4,"repost":{"id":"1114055586","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1618571586,"share":"https://ttm.financial/m/news/1114055586?lang=en_US&edition=fundamental","pubTime":"2021-04-16 19:13","market":"us","language":"zh","title":"Bezos's Last Shareholder Letter: Work hard, don't be \"ordinary people\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1114055586","media":"华尔街见闻","summary":"要善良，要有独特性，创造的东西要比消费的多。","content":"<p>Author (s): Zeng Xinyi, Cao Zexi</p><p>On Thursday, April 15,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>In his last letter to shareholders as CEO, founder Bezos said that Amazon will continue to create value for shareholders, employees, and the company will do a better job of taking care of employees. Bezos announced in February that he would resign as CEO and become executive chairman in the third quarter.</p><p>In addition, Bezos said that Amazon will work hard to curb climate change and encourage employees to try not to be \"ordinary people\" and respect people's originality and uniqueness.</p><p>In the letter, Bezos said:</p><p><ul><li><b>I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></li><li><b>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</b></li><li><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b></li><li><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls, treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></li><li><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></li><li><b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b></li><li><b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b></li><li><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything to attract you, never let it become a reality.</b></li><li><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></li><li><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p></li></ul><i>The following is the full text of Bezos' letter to shareholders:</i></p><p><b>To Amazon's shareholders:</b></p><p>In Amazon's first letter to shareholders in 1997, I talked about wanting to establish a \"lasting franchise\", that is, to redefine what it means to \"serve customers\" by unlocking the power of the Internet. I mentioned at the time that Amazon has grown from 158 employees to 614 employees, and we have more than 1.5 million user accounts. We just went public with a split-adjusted share price of $1.50 per share. I wrote: It was the first day.</p><p>We've come a long way since then, and we've also worked harder than ever to serve and please users. Last year, we employed half a million people and now have a total of 1.3 million worldwide. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell on Amazon, accounting for nearly 60% of our total sales. Users have connected more than 100 million smart home devices to Alexa. Cloud Services (Amazon Web Services, AWS) serves millions of users and has an annual revenue running rate of $5 million as of 2020. In 1997, we had not invented Prime, Marketplace, Alexa, or AWS. No one thought about it, and they were not meant to be born. For each product, we have taken a great risk and paid a lot of wisdom and sweat.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? Of course, my Amazon stake has made me rich. But more than seven-eighth of the shares, equivalent to $1.4 trillion in wealth, are owned by others. Who are they? It was the pension fund, the college, the 401 (K) retirement benefit plan, and it was Mary and Larry, who accidentally sent me the following letter as I sat down to write this shareholder letter:</p><p><img src=\"https://static.tigerbbs.com/973c5a2fbf88d9da46414e59ac496457\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/8499538d606659555224556ec66de131\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><b>I can hear similar stories all the time. I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></p><p>Create more than you consume</p><p>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</p><p><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b>I'm going to change the subject a little bit and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are set up to answer this question. In 2020, Amazon had net revenue of $21.3 billion. If Amazon was not a publicly traded company with thousands of shareholders, but a sole proprietorship exclusive to one person, this is the amount of money a single owner could make in 2020.</p><p>What about the employees? Because we can focus on compensation expenses, it's also an easy value creation question to answer. The expenses of the company are the income of the employees. In 2020, Amazon employees earned $80 billion, plus $11 billion including benefits and various payroll taxes, for a combined $91 billion.</p><p>What about third-party sellers? Our in-house team (Sales Partner Partnership Service Team) is here to answer this question. They estimate that third-party sellers will make roughly $25 billion to $39 billion in profit from selling on Amazon in 2020. Conservatively, I'll just count on $25 billion.</p><p>On the customer side, we have to split them into consumer customers and AWS customers.</p><p>Let's start with consumer customers. We offer low prices, a wide selection, and fast delivery, but suppose we ignored all of the above for this anticipation and focused on one thing: we saved our customers time.</p><p>On Amazon, customers completed 28% of their purchases in just three minutes or less, and half of them were completed in less than 15 minutes. Going to a physical store to buy things requires a series of processes of driving, parking, finding things on the shelves, waiting in line to check out, finding your own car and then driving home. Studies have shown that it usually takes about an hour to shop at a brick-and-mortar store. Assuming that a typical Amazon purchase only takes 15 minutes and also saves customers several trips to the brick-and-mortar store per week, you can save over 75 hours over the course of a year. This is important. It's the beginning of the twenty-first century, and everyone is busy.</p><p>From this, we can get a number. First, the value of the time saved is set at $10 per hour, according to a conservative estimate. Multiply 75 hours by $10/hour and subtract the cost of Prime, then it creates $630 in value per Prime member. We have 200 million Prime members, which equates to $126 billion in value created in 2020.</p><p>It is difficult to evaluate AWS customers because the workload is very different from customer to customer. However, let's still calculate it, but the error may be relatively large. The direct cost improvement from operating in the cloud versus on-site varies, but a reasonable estimate is 30%. Of AWS's $45 billion in full-year 2020 revenue, that 30% represents $19 billion in customer value created. The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers.<b>The greater benefit is that the speed of software development is increased, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings.</b>Conservatively, I'd say it's the same and count AWS's customer value creation last year at $38 billion.</p><p>Add AWS and consumers together, and the total customer value in 2020 will be $164 billion.</p><p>To summarize:</p><p>$21 billion for shareholders</p><p>Employees $91 billion</p><p>$25 billion for third-party sellers</p><p>Customers $164 billion</p><p>Total $301 billion</p><p>If each group has an income statement that represents their interactions with Amazon, then the number above is the \"bottom line\" of those income statements (bottom line, referring to net income).<b>These numbers can explain why employees work for us, why sellers sell through us, and why customers buy from us. So we create value for them.</b>This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Invention and creation are the root of all true value creation, and the value created is the measure of innovation.</p><p>Of course, our relationship with all of these, and the value we create, is more than dollars and cents. Money doesn't tell the whole story. For example, our relationship with our shareholders is relatively simple. They invest and hold stocks for a period of their choice. We also provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even so, they can ignore these instructions and simply abstain from voting.</p><p>The relationship we have with our employees is a very different example. We have the processes they need to follow, and the standards they need to meet. We need training and various certifications. Employees must be at work at an agreed time. We have a lot of interaction with our employees. It's not just a matter of wages and benefits, but all the other detailed aspects of the relationship involved.</p><p>Regarding this union election, I think we also need to do better for our employees. While the vote leans in our favor and our direct relationship with our employees is strong, it is clear to me that we need a better vision for creating value for our employees, a vision for creating value for our employees to succeed.</p><p><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls and treated like robots. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></p><p>Our employees can use informal breaks to stretch, fetch water, use the restroom or talk to a manager during their shifts, all without compromising their performance. These informal breaks are in addition to their normal routine, which is a 30-minute lunch and a 30-minute break.</p><p>We are not setting unreasonable performance targets. Instead, we set achievable performance targets that take into account tenure and actual employee performance data. Performance is evaluated over a long period of time because we know that a variety of factors influence performance in any given week, day, or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of coaching was positive and offered to employees who met or exceeded expected performance standards. We laid off less than 2.6% of our employees because they were unable to perform their duties (in 2020, this was even lower due to the impact of the COVID-19 pandemic).</p><p>The best employers on the planet and the safest workplaces on the planet</p><p><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></p><p>Despite what we have achieved, it is clear to me that we need a better vision in order for our people to be successful. We've always wanted to be the \"most customer focused\" company on the planet, and we're not changing that goal, which is why we've come to this point. But I promise, we're adding one more, and we're going to be the best employer on the planet and the safest place to work on the planet.</p><p>In my incoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best, and this is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of \"the best employer on the planet and the safest place to work on the planet\". When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>Let's dive into security. For example, about 40% of work-related injuries in Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated exercise. MSD is common in the type of work we do, and it is more likely to occur during the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be working physically for the first time.</p><p>Working Well is one such program, which we launched in 2020 to 859,000 employees across 350 locations in North America and Europe. We are there to train a small group of employees on body mechanics, proactive health and safety aspects. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are also developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021.</p><p>Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, and MSD caused by outside of work hours decreased by more than half.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practices. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead, others follow.<b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b>A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessment, consistent with what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the United States by raising starting salaries to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not limited to that. If we want to be the best employer on the planet, we should not be satisfied with 94% of employees saying that they would recommend friends to work at Amazon. We must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholder is concerned that the best employer on the planet and the safest workplace on the planet, may dilute our focus on the \"most customer-focused\" companies on the planet, then rest assured. Think about it this way, if we can run two different businesses, consumer e-commerce and AWS, and operate to the highest standards, we can certainly do both of the above goals at the same time. In fact, I believe they will also strengthen each other.</p><p>Climate pledge</p><p>In an earlier draft of this letter, for the climate section, I first made my point and gave some examples. These arguments and examples are intended to prove that human-induced climate change is real. But, frankly, I don't think we need to say that now. Because, you don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are entirely real, as is the reality of climate change.</p><p>Not so long ago, most people thought tackling climate change was a good thing; But they also see it as costly and threatening jobs, competitiveness and economic growth.<b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b>Of course, that doesn't mean it will be an easy task, it certainly won't. The next decade will be decisive, and the economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge with Global Optimism in September 2019 as we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>, Infosys, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Siemens and Verizon have signed commitments to achieve net-zero carbon in their global business by 2040, 10 years ahead of the Paris Agreement. The commitment also requires them to regularly measure and report on greenhouse gas emissions; Implementing decarbonization strategies through real business change and innovation; And neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial compensation. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Signatories to the Climate Pledge are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-emissions platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is making progress towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy. We have 62 utility-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, as well as 125 solar roofs are being fulfilled and sorted centers. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net zero carbon by 2040. To help drive the rapid growth of the EV technology market and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will be on the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tons of carbon emissions. One of the big reasons we want businesses to join the Climate Pledge is to signal to markets that businesses should start inventing and developing new technologies that are conducive to improving climate change. Our purchase of 100,000 Rivian electric vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. We have invested in innovative technology companies such as CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium.</p><p>In addition, I personally allocate $10 billion to help drive the systemic change we need in the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will take collective action from large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p>Differentiation is survival, and the universe wants you to be ordinary</p><p>This is my last annual shareholder letter as the CEO of Amazon. I think there is one last extremely important thing that I must tell you, and I hope all Amazonians will take this matter to heart.</p><p>Here is a passage from The book The Blind Watch Maker, published by Richard Dawkins. This is a basic fact about biology.</p><p>Avoiding death is something you have to work on. Let it do it on its own – this is what it looks like when it dies – and the body tends to return to a state of balance with its environment. If you measure some metrics such as temperature, acidity, moisture, or electrical potential within an organism, you will usually find that it is very different from the corresponding measurement in the surrounding environment. For example, our bodies are generally hotter than our surroundings, and in cold climates they have to work to maintain that difference. When we die, the body stops functioning, the temperature difference starts to disappear, and eventually our temperature is the same as our surroundings. Not all animals work so hard to avoid balancing with the temperature around them, but all do some similar work. For example, in arid places, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if creatures don't actively stop it, they will eventually blend into their surroundings and cease to exist as creatures. This is what happens when they die. While this passage is not a metaphor, it is nonetheless a fantastic article and very relevant to Amazon. I would think that it is relevant to all companies, to all institutions, and to each of our lives. In what way is this universe attracting you in order to make you normal? How much work does it take to maintain your uniqueness?</p><p>I know a happy couple with a joke in their relationship. The husband will often look at his wife in feigned pain and say to her, \"Can't you just be normal?\" They both smile and laugh, and of course, the deep truth is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier if we are slightly more normal.</p><p><b>This phenomenon occurs on many levels.</b></p><p><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything it can to attract you. Never let it become a reality.</b></p><p><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></p><p>This universe is always trying to make the Amazon more typical and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>Here, as always, I attach our 1997 shareholder letter. \"We at Amazon thank our customers for their business and trust, each other for their hard work, and our shareholders for their support and encouragement,\" the letter concluded. That hasn't changed at all. I want to give special thanks to Andy Jassy for agreeing to be CEO. It is a lot of work and a lot of responsibility. Andy is brilliant and of the highest standards. I promise you guys, Andy won't let the universe turn us into ordinary people. He will coalesce the energy needed for the life that sets us apart. It won't be easy, but it is crucial. I also predict that it will be satisfying and often fun. Thank you, Andy.</p><p><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p>Bezos, Jeff M.</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>Bezos's Last Shareholder Letter: Work hard, don't be \"ordinary people\"</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nBezos's Last Shareholder Letter: Work hard, don't be \"ordinary people\"\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-04-16 19:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Author (s): Zeng Xinyi, Cao Zexi</p><p>On Thursday, April 15,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>In his last letter to shareholders as CEO, founder Bezos said that Amazon will continue to create value for shareholders, employees, and the company will do a better job of taking care of employees. Bezos announced in February that he would resign as CEO and become executive chairman in the third quarter.</p><p>In addition, Bezos said that Amazon will work hard to curb climate change and encourage employees to try not to be \"ordinary people\" and respect people's originality and uniqueness.</p><p>In the letter, Bezos said:</p><p><ul><li><b>I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></li><li><b>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</b></li><li><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b></li><li><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls, treated as<a href=\"https://laohu8.com/S/300024\">Robot</a>Treat. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></li><li><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></li><li><b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b></li><li><b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b></li><li><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything to attract you, never let it become a reality.</b></li><li><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></li><li><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p></li></ul><i>The following is the full text of Bezos' letter to shareholders:</i></p><p><b>To Amazon's shareholders:</b></p><p>In Amazon's first letter to shareholders in 1997, I talked about wanting to establish a \"lasting franchise\", that is, to redefine what it means to \"serve customers\" by unlocking the power of the Internet. I mentioned at the time that Amazon has grown from 158 employees to 614 employees, and we have more than 1.5 million user accounts. We just went public with a split-adjusted share price of $1.50 per share. I wrote: It was the first day.</p><p>We've come a long way since then, and we've also worked harder than ever to serve and please users. Last year, we employed half a million people and now have a total of 1.3 million worldwide. We have over 200 million Prime members worldwide. More than 1.9 million SMEs sell on Amazon, accounting for nearly 60% of our total sales. Users have connected more than 100 million smart home devices to Alexa. Cloud Services (Amazon Web Services, AWS) serves millions of users and has an annual revenue running rate of $5 million as of 2020. In 1997, we had not invented Prime, Marketplace, Alexa, or AWS. No one thought about it, and they were not meant to be born. For each product, we have taken a great risk and paid a lot of wisdom and sweat.</p><p>Along the way, we've created $1.6 trillion in wealth for our shareholders. Who are they? Of course, my Amazon stake has made me rich. But more than seven-eighth of the shares, equivalent to $1.4 trillion in wealth, are owned by others. Who are they? It was the pension fund, the college, the 401 (K) retirement benefit plan, and it was Mary and Larry, who accidentally sent me the following letter as I sat down to write this shareholder letter:</p><p><img src=\"https://static.tigerbbs.com/973c5a2fbf88d9da46414e59ac496457\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/8499538d606659555224556ec66de131\" tg-width=\"1320\" tg-height=\"743\" referrerpolicy=\"no-referrer\"></p><p><b>I can hear similar stories all the time. I know that some shareholders use the money they get from investing in Amazon to go to college, and others use it for emergencies, paying rent, vacations, starting a business or doing charity, etc. I am proud of the wealth we have created for our shareholders. It matters, and the fortune improves their lives. But I also know that this is not the biggest part of the value we create.</b></p><p>Create more than you consume</p><p>If you want to be successful in your career (and indeed in your life), you have to create more than you consume. Your goal should be, to create value for everyone you come in contact with. Any business that fails to create value for the people it reaches, even if it appears to be successful on the surface, will not have a long future. It is on its way to being phased out.</p><p><b>Remember, stock prices have nothing to do with the past. They are forecasts of \"future cash flows turning back to the present\". The stock market has its own expectations.</b>I'm going to change the subject a little bit and talk about the past. How much value did we create for our shareholders in 2020? This is a relatively easy question to answer because accounting systems are set up to answer this question. In 2020, Amazon had net revenue of $21.3 billion. If Amazon was not a publicly traded company with thousands of shareholders, but a sole proprietorship exclusive to one person, this is the amount of money a single owner could make in 2020.</p><p>What about the employees? Because we can focus on compensation expenses, it's also an easy value creation question to answer. The expenses of the company are the income of the employees. In 2020, Amazon employees earned $80 billion, plus $11 billion including benefits and various payroll taxes, for a combined $91 billion.</p><p>What about third-party sellers? Our in-house team (Sales Partner Partnership Service Team) is here to answer this question. They estimate that third-party sellers will make roughly $25 billion to $39 billion in profit from selling on Amazon in 2020. Conservatively, I'll just count on $25 billion.</p><p>On the customer side, we have to split them into consumer customers and AWS customers.</p><p>Let's start with consumer customers. We offer low prices, a wide selection, and fast delivery, but suppose we ignored all of the above for this anticipation and focused on one thing: we saved our customers time.</p><p>On Amazon, customers completed 28% of their purchases in just three minutes or less, and half of them were completed in less than 15 minutes. Going to a physical store to buy things requires a series of processes of driving, parking, finding things on the shelves, waiting in line to check out, finding your own car and then driving home. Studies have shown that it usually takes about an hour to shop at a brick-and-mortar store. Assuming that a typical Amazon purchase only takes 15 minutes and also saves customers several trips to the brick-and-mortar store per week, you can save over 75 hours over the course of a year. This is important. It's the beginning of the twenty-first century, and everyone is busy.</p><p>From this, we can get a number. First, the value of the time saved is set at $10 per hour, according to a conservative estimate. Multiply 75 hours by $10/hour and subtract the cost of Prime, then it creates $630 in value per Prime member. We have 200 million Prime members, which equates to $126 billion in value created in 2020.</p><p>It is difficult to evaluate AWS customers because the workload is very different from customer to customer. However, let's still calculate it, but the error may be relatively large. The direct cost improvement from operating in the cloud versus on-site varies, but a reasonable estimate is 30%. Of AWS's $45 billion in full-year 2020 revenue, that 30% represents $19 billion in customer value created. The difficulty of this assessment effort is that direct cost reduction is the smallest part of the benefits that migrating to the cloud will bring to customers.<b>The greater benefit is that the speed of software development is increased, which can significantly improve the competitiveness and revenue of customers. We have no reasonable way to estimate this portion of customer value, only to say that it is almost certainly greater than the direct cost savings.</b>Conservatively, I'd say it's the same and count AWS's customer value creation last year at $38 billion.</p><p>Add AWS and consumers together, and the total customer value in 2020 will be $164 billion.</p><p>To summarize:</p><p>$21 billion for shareholders</p><p>Employees $91 billion</p><p>$25 billion for third-party sellers</p><p>Customers $164 billion</p><p>Total $301 billion</p><p>If each group has an income statement that represents their interactions with Amazon, then the number above is the \"bottom line\" of those income statements (bottom line, referring to net income).<b>These numbers can explain why employees work for us, why sellers sell through us, and why customers buy from us. So we create value for them.</b>This value creation is not a \"zero-sum game\". It's not just about moving money from pocket to pocket. Invention and creation are the root of all true value creation, and the value created is the measure of innovation.</p><p>Of course, our relationship with all of these, and the value we create, is more than dollars and cents. Money doesn't tell the whole story. For example, our relationship with our shareholders is relatively simple. They invest and hold stocks for a period of their choice. We also provide guidance to shareholders on matters such as annual meetings and proper voting procedures. Even so, they can ignore these instructions and simply abstain from voting.</p><p>The relationship we have with our employees is a very different example. We have the processes they need to follow, and the standards they need to meet. We need training and various certifications. Employees must be at work at an agreed time. We have a lot of interaction with our employees. It's not just a matter of wages and benefits, but all the other detailed aspects of the relationship involved.</p><p>Regarding this union election, I think we also need to do better for our employees. While the vote leans in our favor and our direct relationship with our employees is strong, it is clear to me that we need a better vision for creating value for our employees, a vision for creating value for our employees to succeed.</p><p><b>If you read some of the news reports, you might think we don't care about employees. In these reports, our employees are sometimes accused of being desperate souls and treated like robots. This is not accurate. They are mature and thoughtful people who can choose where to work. When we surveyed fulfillment center employees, 94% said they would recommend a friend to work at Amazon.</b></p><p>Our employees can use informal breaks to stretch, fetch water, use the restroom or talk to a manager during their shifts, all without compromising their performance. These informal breaks are in addition to their normal routine, which is a 30-minute lunch and a 30-minute break.</p><p>We are not setting unreasonable performance targets. Instead, we set achievable performance targets that take into account tenure and actual employee performance data. Performance is evaluated over a long period of time because we know that a variety of factors influence performance in any given week, day, or hour. If an employee fails to meet performance goals over a period of time, their manager will talk to them and provide guidance.</p><p>Training is also extended to employees who perform well and can take on more responsibility. In fact, 82% of coaching was positive and offered to employees who met or exceeded expected performance standards. We laid off less than 2.6% of our employees because they were unable to perform their duties (in 2020, this was even lower due to the impact of the COVID-19 pandemic).</p><p>The best employers on the planet and the safest workplaces on the planet</p><p><b>The truth is, the huge team of thousands of people who lead Amazon operations, have always cared deeply about our hourly workers, and we are proud of the work environment we have created. We are also proud that Amazon creates jobs not just for computer scientists and people with advanced degrees, but also for those who have never had that advantage.</b></p><p>Despite what we have achieved, it is clear to me that we need a better vision in order for our people to be successful. We've always wanted to be the \"most customer focused\" company on the planet, and we're not changing that goal, which is why we've come to this point. But I promise, we're adding one more, and we're going to be the best employer on the planet and the safest place to work on the planet.</p><p>In my incoming role as Executive Chairman, I will focus on new initiatives. I am an inventor, which is my favorite and what I do best, and this is where I create the most value. I am excited to work alongside the large and passionate team in our operations to help invent in this arena of \"the best employer on the planet and the safest place to work on the planet\". When it comes to details, we at Amazon are always flexible, but when it comes to vision, we are stubborn and ruthless. When we make up our mind to do something, we never fail, and we won't fail at this point.</p><p>Let's dive into security. For example, about 40% of work-related injuries in Amazon are related to musculoskeletal disorders (MSDs), conditions such as sprains or strains that can result from repeated exercise. MSD is common in the type of work we do, and it is more likely to occur during the first six months of employee onboarding. We need to invent solutions to reduce MSD for new employees, many of whom may be working physically for the first time.</p><p>Working Well is one such program, which we launched in 2020 to 859,000 employees across 350 locations in North America and Europe. We are there to train a small group of employees on body mechanics, proactive health and safety aspects. In addition to reducing injuries at work, these concepts also have a positive impact on activities outside of daily work.</p><p>We are also developing new automated staffing schedules that use sophisticated algorithms to rotate employees between jobs using different tendon sets to reduce repetitive movements and help protect employees from MSD risk. This new technology is at the heart of the job rotation program we will be rolling out in 2021.</p><p>Our greater focus on early prevention of MSD has paid off. From 2019 to 2020, overall MSD decreased by 32%, and MSD caused by outside of work hours decreased by more than half.</p><p>We employ 6,200 security professionals at Amazon. They use safety science to solve complex problems and establish new industry best practices. In 2021, we will invest more than $300 million in safety projects, including an initial $66 million to create technology that will help prevent collisions between forklifts and other types of industrial vehicles.</p><p>When we take the lead, others follow.<b>When we set a $15 minimum wage for hourly workers two and a half years ago, we did it because we wanted to get ahead in wages and not follow the crowd because we thought it was the right thing to do.</b>A recent paper by economists at the University of California, Berkeley and Brandeis University analyzed the impact of our decision to raise the minimum starting wage to $15 an hour. Their assessment, consistent with what we've heard from employees, their families, and the communities they live in.</p><p>We boosted local economies across the United States by raising starting salaries to benefit not only our own employees but other workers in the same community. Research shows that in the same labor market, our pay increases resulted in a 4.7% increase in average hourly wages for other employers.</p><p>Our leadership is not limited to that. If we want to be the best employer on the planet, we should not be satisfied with 94% of employees saying that they would recommend friends to work at Amazon. We must aim for 100%. We will do that over time by continuing to lead in wages, benefits, upskilling opportunities, and other things.</p><p>If any shareholder is concerned that the best employer on the planet and the safest workplace on the planet, may dilute our focus on the \"most customer-focused\" companies on the planet, then rest assured. Think about it this way, if we can run two different businesses, consumer e-commerce and AWS, and operate to the highest standards, we can certainly do both of the above goals at the same time. In fact, I believe they will also strengthen each other.</p><p>Climate pledge</p><p>In an earlier draft of this letter, for the climate section, I first made my point and gave some examples. These arguments and examples are intended to prove that human-induced climate change is real. But, frankly, I don't think we need to say that now. Because, you don't have to say that photosynthesis is real, or that gravity is real, or that water at sea level boils at 100 degrees Celsius. These things are entirely real, as is the reality of climate change.</p><p>Not so long ago, most people thought tackling climate change was a good thing; But they also see it as costly and threatening jobs, competitiveness and economic growth.<b>We now know better that smart action against climate change will not only stop bad things from happening, but will also make our economies more efficient and help drive technological change and reduce risk. All in all, these can lead to more and better jobs, healthier and happier children, more productive workers, and a more prosperous future.</b>Of course, that doesn't mean it will be an easy task, it certainly won't. The next decade will be decisive, and the economy in 2030 will need to be much different than it is today, and Amazon plans to be at the heart of that change. We co-launched the Climate Pledge with Global Optimism in September 2019 as we want to help drive this positive revolution. We need to be part of a growing corporate team that understands the urgency and opportunities of the 21st century.</p><p>Now, less than two years later, 53 companies representing almost all sectors of the economy have signed the Climate Pledge.<a href=\"https://laohu8.com/S/BBY\">Best Buy</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>, Infosys, Mercedes-Benz,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Siemens and Verizon have signed commitments to achieve net-zero carbon in their global business by 2040, 10 years ahead of the Paris Agreement. The commitment also requires them to regularly measure and report on greenhouse gas emissions; Implementing decarbonization strategies through real business change and innovation; And neutralize any remaining emissions through additional, quantifiable, real, permanent and socially beneficial compensation. Credible, high-quality offsets are invaluable, and we should keep them to compensate for economic activities where low-carbon alternatives do not exist.</p><p>Signatories to the Climate Pledge are making meaningful, tangible and ambitious commitments. Uber aims to become a zero-emissions platform in Canada, Europe and the United States by 2030, and Henkel plans to generate electricity from 100% renewable energy. Amazon is making progress towards our own goal of 100% renewable energy by 2025, five years ahead of our original 2030 goal. Amazon is the world's largest corporate buyer of renewable energy. We have 62 utility-scale wind and<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Project, as well as 125 solar roofs are being fulfilled and sorted centers. The projects have a generating capacity of more than 6.9 gigawatts and provide more than 20 million megawatt hours of energy annually.</p><p>Transportation is an important part of Amazon's commercial operations and the toughest part of our plan to reach net zero carbon by 2040. To help drive the rapid growth of the EV technology market and help all companies transition to greener technologies, we invested more than $1 billion in Rivian and ordered 100,000 electric delivery vans. We also have partnerships with Mahindra in India and Mercedes-Benz in Europe.</p><p>These custom electric delivery vehicles from Rivian are already operational and hit the roads in Los Angeles for the first time this February. 10,000 new cars will be on the road as early as next year, and by 2030 all 100,000 will be on the road, reducing millions of tons of carbon emissions. One of the big reasons we want businesses to join the Climate Pledge is to signal to markets that businesses should start inventing and developing new technologies that are conducive to improving climate change. Our purchase of 100,000 Rivian electric vans is a good example.</p><p>To further accelerate investment in new technologies needed to build a zero-carbon economy, we launched the Climate Pledge Fund last June. The investment program starts with $2 billion in visionary companies and aims to facilitate the transition to a low-carbon economy. We have invested in innovative technology companies such as CarbonCure Technologies, Pachama, Redwood Materials, Rivian, Turntide Technologies, ZeroAvia, and Infinium.</p><p>In addition, I personally allocate $10 billion to help drive the systemic change we need in the next decade. We will support leading scientists, activists, NGOs, environmental justice organizations and others working to fight climate change and protect the natural world. Late last year, I awarded my first round of grants to 16 organizations dedicated to innovation and mobile solutions. It will take collective action from large companies, small companies, global organizations and individuals, and I am excited to be part of this journey and optimistic that humanity can come together to solve this challenge.</p><p>Differentiation is survival, and the universe wants you to be ordinary</p><p>This is my last annual shareholder letter as the CEO of Amazon. I think there is one last extremely important thing that I must tell you, and I hope all Amazonians will take this matter to heart.</p><p>Here is a passage from The book The Blind Watch Maker, published by Richard Dawkins. This is a basic fact about biology.</p><p>Avoiding death is something you have to work on. Let it do it on its own – this is what it looks like when it dies – and the body tends to return to a state of balance with its environment. If you measure some metrics such as temperature, acidity, moisture, or electrical potential within an organism, you will usually find that it is very different from the corresponding measurement in the surrounding environment. For example, our bodies are generally hotter than our surroundings, and in cold climates they have to work to maintain that difference. When we die, the body stops functioning, the temperature difference starts to disappear, and eventually our temperature is the same as our surroundings. Not all animals work so hard to avoid balancing with the temperature around them, but all do some similar work. For example, in arid places, plants and animals struggle to maintain the liquid content in their cells, which runs counter to the natural tendency for water to flow from cells to the dry outside world. If they fail, they die. More broadly, if creatures don't actively stop it, they will eventually blend into their surroundings and cease to exist as creatures. This is what happens when they die. While this passage is not a metaphor, it is nonetheless a fantastic article and very relevant to Amazon. I would think that it is relevant to all companies, to all institutions, and to each of our lives. In what way is this universe attracting you in order to make you normal? How much work does it take to maintain your uniqueness?</p><p>I know a happy couple with a joke in their relationship. The husband will often look at his wife in feigned pain and say to her, \"Can't you just be normal?\" They both smile and laugh, and of course, the deep truth is that he loves what makes her unique. But, at the same time, it is also true that things tend to get easier if we are slightly more normal.</p><p><b>This phenomenon occurs on many levels.</b></p><p><b>We all know that uniqueness (originality) is extremely valuable. We are all taught to'be yourself'. What I really ask you to do is to embrace and be realistic about how much energy it takes to maintain that uniqueness. The universe wants you to be ordinary people and does everything it can to attract you. Never let it become a reality.</b></p><p><b>You have to pay for your difference and it is worth it. The fairytale version of \"being yourself\" is that once you let your uniqueness shine through, all the pain goes away. Of course, this statement is misleading. It pays to be yourself, but don't expect it to be easy or free. You have to constantly put your energy into it.</b></p><p>This universe is always trying to make the Amazon more typical and keep us in balance with our environment. It will require sustained efforts, but we can and must do better.</p><p>Here, as always, I attach our 1997 shareholder letter. \"We at Amazon thank our customers for their business and trust, each other for their hard work, and our shareholders for their support and encouragement,\" the letter concluded. That hasn't changed at all. I want to give special thanks to Andy Jassy for agreeing to be CEO. It is a lot of work and a lot of responsibility. Andy is brilliant and of the highest standards. I promise you guys, Andy won't let the universe turn us into ordinary people. He will coalesce the energy needed for the life that sets us apart. It won't be easy, but it is crucial. I also predict that it will be satisfying and often fun. Thank you, Andy.</p><p><b>To all of you: Be kind, be unique, create more than you consume, and never let the universe blend you into your surroundings. It is still Day 1.</b></p><p>Bezos, Jeff M.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/09dcab47335b8ae75b1a72cadf884fc8","relate_stocks":{"AMZN":"亚马逊"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114055586","content_text":"作者：：曾心怡、曹泽熙4月15日周四，亚马逊创始人贝佐斯在他CEO任期内的最后一封致股东信中表示，亚马逊将继续为股东、员工创造价值，并且公司将在照顾员工方面做得更好。贝佐斯今年2月宣布将于第三季度辞去CEO职务，转任执行董事长。此外，贝佐斯称，亚马逊将努力遏制气候变化，并且鼓励员工，努力不要成为“普通人”，要尊重人的原创性和独特性。在信中，贝佐斯称：我知道有些股东用通过投资亚马逊获得的资金来上大学，也有的用于紧急情况、付房租、度假、创业或是做慈善等等。我为我们给股东创造的财富而感到骄傲。这很重要，这笔财富改善了他们的生活。但我也清楚一点：这还不是我们所创造的价值当中最大的一个部分。如果你想在事业上（实际上是生活中）获得成功，你所创造的必须比你所消费的更多。你的目标应该是，为你所接触的每一个人创造价值。任何一个不能为其所接触到的人创造价值的企业，即使表面上看起来很成功，未来也不会长久。它正处于被淘汰的途中。记住，股价与过去无关。它们是对“未来现金流折回到现在”的预测。股市自有预期。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被指责为绝望的灵魂，被当作机器人对待。这不准确。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查履约中心员工时，94%的人表示，他们会推荐好友来亚马逊工作。事实是，领导亚马逊运营的数千人的庞大团队，一直非常关心我们的小时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊不仅仅为计算机科学家和拥有高级学位的人创造就业机会，还为那些从未获得这种优势的人创造就业机会。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先，而不是随大流，因为我们认为这样做是正确的。我们现在知道得更清楚了，应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，更有生产力的工人，以及更繁荣的未来。我们都知道独特性（原创性）极具价值。我们都被教导要“做你自己”。我真正要求你们做的是，拥抱并现实地认识到，保持这种独特性需要多大的精力。这个宇宙希望你成为普通的人，并千方百计地吸引着你，千万别让它成为现实。你必须为你的与众不同付出代价，这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。当然，这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的。你必须不断地投入精力。致你们所有人：要善良，要有独特性，创造的东西要比消费的多，永远不要让宇宙把你融入周围的环境。现在仍然是第一天（Day 1）。以下为贝佐斯致股东信全文：致亚马逊股东：在亚马逊1997年的第一封致股东信中，我谈到希望建立“持久特许经营权”一事，也就是通过释放互联网的力量来重新定义“服务客户”的意义。我当时提到，亚马逊已经从158名员工发展至614名员工，我们的用户账户也超过了150万。我们刚刚上市，经拆股调整后的股价为每股1.5美元。我写道：那是第一天。自那时以来，我们走过了一段很长的路，我们也比以往任何时候都更加努力地服务和取悦用户。去年，我们雇佣了50万名员工，现在全球范围内的员工总数达到130万。我们在全球拥有超过2亿的Prime会员。超过190万中小企业在亚马逊上进行销售，占我们销售总额的近60%。用户已经将超过1亿台智能家居设备与Alexa相连接。云服务（Amazon Web Services, AWS）为数百万用户服务，截至2020年，年营收运转率达到500万美元。在1997年，我们还没有发明Prime、Marketplace、Alexa或是AWS。根本没人想过这些，它们的诞生也并非命中注定之事。为了每一件产品，我们都冒了很大的风险，也付出了很多智慧与汗水。一路走来，我们为股东创造了1.6万亿美元的财富。他们是谁？当然，我所持有的亚马逊股份使我变得富有。但超过八分之七的股份，也就相当于1.4万亿美元的财富，为他人所有。他们是谁？是养老基金、大学、401（K）退休福利计划，也是Mary和拉里，他们在我坐下来写这封股东信的时候，意外地给我发来了以下这封信：我一直都能听到类似的故事。我知道有些股东用通过投资亚马逊获得的资金来上大学，也有的用于紧急情况、付房租、度假、创业或是做慈善等等。我为我们给股东创造的财富而感到骄傲。这很重要，这笔财富改善了他们的生活。但我也清楚一点：这还不是我们所创造的价值当中最大的一个部分。创造的比消费的更多如果你想在事业上（实际上是生活中）获得成功，你所创造的必须比你所消费的更多。你的目标应该是，为你所接触的每一个人创造价值。任何一个不能为其所接触到的人创造价值的企业，即使表面上看起来很成功，未来也不会长久。它正处于被淘汰的途中。记住，股价与过去无关。它们是对“未来现金流折回到现在”的预测。股市自有预期。我要稍微转换一下话题，聊一聊过去的事。2020年，我们为股东创造了多少价值？这是一个相对容易回答的问题，因为会计系统就是为了回答这个问题而设立的。2020年，亚马逊净收入213亿美元。如果亚马逊不是一家拥有数千股东的上市公司，反而是为一个人所独有的独资企业，这就是单一所有者在2020年所能赚到的钱。那员工呢？因为我们可以关注薪酬支出，所以这也是一个容易回答的价值创造问题。公司的支出就是员工的收入。2020年，亚马逊员工收入800亿美元，再加上包括福利和各种工资税在内的110亿美元，合计为910亿美元。第三方卖家呢？我们的内部团队（销售伙伴合作服务团队）就是用来回答这个问题的。他们预计，2020年第三方卖家在亚马逊上进行销售所获得的利润大概在250亿美元至390亿美元之间。保守来看，我就按250亿美元算了。客户方面，我们得将其分成消费者客户和AWS客户。先说消费者客户。我们提供低廉的价格、广泛的选择以及快速的送货，但假设我们为了这次预期，把上述这些都忽略了，并且只关注一件事：我们节省了客户的时间。在亚马逊上，客户只花了3分钟或者更短的时间就完成了28%的购买，有一半的购买在15分钟之内完成。而去实体店买东西需要经过开车、停车、在货架上找东西、排队结账、找到自己的车再开车回家这一系列流程。研究表明，去实体店购物通常需要一小时左右。假设一次典型的亚马逊购物只需要15分钟，并且还节省了客户每周去几次实体店购物的时间，一年下来就可以节省超过75小时。这是很重要的。现在是二十一世纪初期，大家都很忙。由此，我们可以得到一个数字。首先按照保守估计，把节省的时间价值定23为每小时10美元。75小时乘以10美元/时，再减去Prime的成本，那么就是为每位Prime会员创造了630美元的价值。我们拥有2亿Prime会员，相当于在2020年创造了1260亿美元的价值。对AWS客户进行评估比较难，因为每位客户的工作量都大不相同。不过我们还是来算一下，但误差可能会比较大。在云中运营与现场运营带来的直接成本改善各不相同，但合理的估计是30%。在AWS 2020年全年450亿美元的营收中，这30%意味着所创造的客户价值为190亿美元。这项评估工作的困难之处在于，直接降低成本是迁移到云为客户带来的好处中最小的一部分。更大的好处是，提高了软件开发的速度，这可以显著提高客户的竞争力和营收。我们没有合理的方法来估计客户价值的这一部分，只能说它几乎肯定大于直接节省的成本。保守地说，我会说这是相同的，并将AWS去年的客户价值创造计为380亿美元。将AWS和消费者加在一起，2020年的客户总价值将达到1640亿美元。总结一下：股东210亿美元员工910亿美元第三方卖家250亿美元客户1640亿美元总计3010亿美元如果每个群体都有一份损益表，代表他们与亚马逊的互动，那么上面的数字就是这些损益表的“底线”（最下面一行，指净利润）。这些数字可以说明，员工为什么为我们工作、卖家为什么通过我们销售商品，以及客户为什么从我们这里购买商品。因此我们为他们创造价值。这种价值创造不是“零和游戏”。这不仅仅是把钱从一个口袋转到另一个口袋。发明和创造是所有真正价值创造的根源，而所创造的价值，就是创新的衡量标准。当然，我们与这些全体的关系，和我们创造的价值，不仅仅是美元和美分。金钱并不能说明问题的全部。例如，我们与股东的关系相对简单。他们在自己选择的期限内投资和持有股票。我们也会就年度会议和正确的投票程序等事项向股东提供指导。即便如此，他们也可以无视这些指示，直接放弃投票。我们与员工的关系是一个非常不同的例子。我们有他们需要遵循的流程，以及需要满足的标准。我们需要培训和各种认证。员工必须在约定的时间上班。我们与员工的互动很多。这不仅仅是工资和福利的问题，还涉及到双方关系的所有其他细节方面。关于这次的工会选举，我认为我们还需要为员工做得更好。虽然投票倾向于我们，我们与员工的直接关系也很密切，但我很清楚，我们需要一个更好的愿景来为员工创造价值，一个为员工成功创造价值的愿景。如果你看了一些新闻报道，你可能会认为我们不关心员工。在这些报道中，我们的员工有时被指责为绝望的灵魂，被当作机器人对待。这不准确。他们是成熟而有思想的人，可以选择在哪里工作。当我们调查履约中心员工时，94%的人表示，他们会推荐好友来亚马逊工作。我们的员工可以在轮班期间，利用非正式休息时间伸展身体、取水、使用洗手间或与经理交谈，所有这些都不会影响他们的表现。这些非正式休息时间是对他们正常作息时间，即30分钟午餐和30分钟休息时间的补充。我们没有设定不合理的绩效目标。相反，我们设定了可实现的绩效目标，将任职期限和实际员工绩效数据考虑在内。绩效是在很长一段时间内进行评估的，因为我们知道，在任何给定的一周、一天或一小时内，各种因素都会影响绩效表现。如果员工在一段时间内未能达到绩效目标，他们的经理会与他们交谈并提供指导。培训也扩展到那些表现出色并能承担更多责任的员工。事实上，82%的辅导是积极的，提供给达到或超过预期绩效标准的员工。我们解雇了不到2.6%的员工，因为他们无法履行自己的职责（2020年，由于新冠肺炎疫情的影响，这一比例甚至更低）。地球上最好的雇主和地球上最安全的工作场所事实是，领导亚马逊运营的数千人的庞大团队，一直非常关心我们的小时工，我们为自己创造的工作环境感到自豪。我们还感到自豪的是，亚马逊不仅仅为计算机科学家和拥有高级学位的人创造就业机会，还为那些从未获得这种优势的人创造就业机会。尽管我们已经取得了成就，但我很清楚，我们需要一个更好的愿景，才能让我们的员工取得成功。我们一直希望成为地球上“最以客户为中心”的公司，我们不会改变这一目标，这就是我们走到这一步的原因。但我承诺，我们还要增加一项，我们将成为地球上最好的雇主和地球上最安全的工作场所。在我即将出任的执行主席的职位上，我将把重点放在新的倡议上。我是个发明家，这是我最喜欢的，也是我最擅长的，这也是我创造最大价值的地方。我很高兴能与我们运营部门充满激情的庞大团队一起工作，在这个“地球上最好的雇主和地球上最安全的工作场所”的竞技场上帮助发明。在细节方面，我们亚马逊总是灵活的，但在愿景问题上，我们是固执和无情的。当我们下定决心做某事时，我们从来没有失败过，在这一点上我们也不会失败。让我们深入探讨一下安全问题。例如，亚马逊约40%的工伤与肌肉骨骼疾病（MSD）有关，即反复运动可能导致的扭伤或拉伤等疾病。MSD在我们从事的这类工作中很常见，而且更有可能发生在员工入职的最初六个月。我们需要为新员工发明减少MSD的解决方案，他们中的许多人可能是第一次从事体力工作。Working Well就是一个这样的项目，我们于2020年在北美和欧洲的350个地点向85.9万名员工推出了这个项目。我们在那里培训一小群员工有关身体力学、积极主动的健康和安全方面的知识。除了减少工伤，这些概念对日常工作以外的活动也有积极影响。我们还正在开发新的自动化人员配备时间表，它使用复杂的算法在使用不同肌腱组的工作之间轮换员工，以减少重复运动，帮助保护员工免受MSD风险。这项新技术是我们将在2021年推出的工作轮换计划的核心。我们对MSD早期预防的更多关注已经取得了成效。从2019年到2020年，总体MSD减少了32%，工作时间之外导致的MSD减少了一半以上。我们在亚马逊聘请了6200名安全专业人员。他们使用安全科学来解决复杂的问题，并建立新的行业最佳实践。2021年，我们将在安全项目上投资超过3亿美元，其中包括最初的6600万美元，用于创造有助于防止叉车和其他类型工业车辆相撞的技术。当我们带头的时候，其他人就会跟随。两年半前，当我们为小时工设定15美元的最低工资时，我们这样做是因为我们想在工资方面领先，而不是随大流，因为我们认为这样做是正确的。加州大学伯克利分校和布兰迪斯大学的经济学家最近发表的一篇论文，分析了我们决定将最低起薪提高到每小时15美元的影响。他们的评估，与我们从员工、他们的家人和他们所居住的社区那里听到的情况相一致。我们提高了起薪，不仅使我们自己的员工受益，也使同一社区的其他工人受益，从而提振了全美各地的地方经济。研究表明，在同一劳动力市场中，我们的加薪导致其他雇主的平均时薪增加了4.7%。我们的领导工作并不限于此。如果我们想成为地球上最好的雇主，我们不应该满足于94%的员工说，他们会推荐朋友来亚马逊作工作，我们必须以100%为目标。我们将通过继续在工资、福利、提升技能机会和其他方面领先，随着时间的推移，我们将做到这一点。如果任何股东担心，地球上最好的雇主和地球上最安全的工作场所，可能会冲淡我们对地球上“最以客户为中心”的公司的关注，那么请放心。这样想吧，如果我们能够运营消费者电子商务和AWS这两项不同的业务，并以最高标准来运营，我们肯定可以同时做到上述两个目标。事实上，我相信他们还会互相加强。气候承诺在这封信的早期草稿中，对于气候这一部分，我先是摆明了观点，并给出了一些例子。这些论点和例子旨在证明，人类导致的气候变化是真实存在的。但是，坦率地说，我认为我们现在没必要这么说了。因为，你不必说光合作用是真实存在的，或者说重力是真实存在的，或者海平面上的水是在100摄氏度沸腾的。这些事情完全是真实的，气候变化的现实也是如此。不久前，大多数人认为应对气候变化是好事；但他们也认为这会付出高昂的代价，并会威胁到就业、竞争力和经济增长。我们现在知道得更清楚了，应对气候变化的明智行动不仅将阻止坏事发生，还将提高我们的经济效率，有助于推动技术变革，降低风险。总而言之，这些可以带来更多更好的工作，更健康快乐的孩子，更有生产力的工人，以及更繁荣的未来。当然，这并不意味着这将是一件容易的事，一定不会。未来十年将是决定性的十年，2030年的经济将需要与今天有很大的不同，亚马逊计划成为这一变化的核心。我们在2019年9月与Global Optimism共同发起了气候承诺，因为我们希望帮助推动这场积极的革命。我们需要成为一个不断壮大的企业团队的一员，他们了解21世纪的紧迫性和机遇。如今，不到两年后，代表几乎所有经济领域的53家公司签署了《气候承诺》。百思买、IBM、Infosys、梅赛德斯-奔驰、微软、西门子和Verizon等均签署承诺，到2040年，其全球业务将实现净零碳，比《巴黎协议》提前10年。承诺还要求它们定期测量和报告温室气体排放；通过真正的商业变革和创新实施脱碳战略；并通过额外的、可量化的、真实的、永久的和对社会有益的补偿，来中和任何剩余的排放。可信的、高质量的补偿是宝贵的，我们应该保留它们，以补偿那些不存在低碳替代品的经济活动。《气候承诺》签署国正在做出有意义的、切实的和雄心勃勃的承诺。Uber的目标是到2030年在加拿大、欧洲和美国成为零排放平台，汉高（Henkel）计划100%使用可再生能源生产电力。亚马逊正在朝着我们自己的目标取得进展，即到2025年100%使用可再生能源，比我们最初的2030年目标提前了五年。亚马逊是全球最大的可再生能源企业买家。我们在全球有62个公用事业规模的风能和太阳能项目，以及125个太阳能屋顶正在履行和分类中心。这些项目的发电能力超过6.9千兆瓦，每年提供超过2000万兆瓦时的能源。运输是亚马逊商业运营的重要组成部分，也是我们到2040年实现净零碳计划中最艰难的部分。为了帮助推动电动汽车技术市场的快速发展，并帮助所有公司过渡到更环保的技术，我们向Rivian投资了超过10亿美元，订购了10万辆电动送货车。我们还与印度的马欣德拉（Mahindra）和欧洲的梅赛德斯-奔驰建立了合作伙伴关系。这些来自Rivian的定制电动送货车辆已经投入运营，并于今年2月首次在洛杉矶上路。1万辆新车最早将于明年上路，到2030年，所有10万辆车将全部上路，可减排数百万吨碳。我们希望企业加入《气候承诺》的一个重要原因是，向市场发出信号，企业应该开始发明和开发有利于改善气候变化的新技术。我们购买10万辆Rivian电动面包车就是一个很好的例子。为了进一步加快对建设零碳经济所需新技术的投资，我们于去年6月推出了“气候承诺基金”（Climate Pledge Fund）。该投资计划从20亿美元开始，投资于有远见的公司，旨在促进向低碳经济的过渡。我们已经投资了CarbonCure Technologies、Pachama、Redwood Materials、Rivian、Turntide Technologies、ZeroAvia和Infinium等创新技术公司。另外，我个人还拨款100亿美元，帮助推动我们在未来十年所需的系统性变革。我们将支持顶尖的科学家、活动家、非政府组织、环境正义组织和其他致力于抗击气候变化和保护自然世界的人。去年年底，我向16个致力于创新和移动解决方案的组织提供了我的第一轮赠款。它将采取来自大公司、小公司、全球组织和个人的集体行动，我很高兴能成为这一旅程的一部分，并乐观地认为，人类可以团结起来解决这一挑战。差异化就是生存，宇宙想要你成为普通人这是我作为亚马逊CEO的最后一封年度股东信，我觉得有最后一件极其重要的事情必须告知大家，我希望所有亚马逊人都把这件事放在心上。以下是Richard Dawkins出版的《盲眼钟表匠》（The Blind Watch Maker）一书中的一段话。这是关于生物学的一个基本事实。避免死亡是你必须努力的事情。让它自己去做——这就是它死后的样子——身体往往会恢复到与环境的平衡状态。如果你测量一些指标，如温度、酸度、水分或生物体内的电势，你通常会发现，它与周围环境中相应的测量结果有很大的不同。例如，我们的身体通常比我们周围的环境更热，在寒冷的气候下，他们必须努力保持这种差异。当我们死后，身体停止运转，温差开始消失，最终我们的温度与周围环境相同。并不是所有的动物都如此努力地避免与周围的温度达到平衡，但所有的动物都做了一些类似的工作。例如，在干旱的地方，动植物努力保持细胞中的液体含量，这与水从细胞流向干燥的外部世界的自然趋势背道而驰。如果它们失败了，它们就会死。更广泛地说，如果生物不积极地阻止它，它们最终会融入周围环境，不再作为生物存在。这就是它们死后会发生的事情。虽然这段话不是一个比喻，但它仍然是一篇奇妙的文章，与亚马逊非常相关。我会认为，它与所有公司、所有机构，以及我们每个人的生活都相关。为了让你变得正常，这个宇宙在以什么方式吸引你？要做多少工作才能保持你的独特性？我认识一对幸福的夫妇，他们的关系中有一个笑话。丈夫经常会假装痛苦地看着妻子，对她说：“你就不能正常一点吗？”他们都微笑着大笑，当然，深刻的事实是，他喜欢她的独特之处。但是，与此同时，如果我们稍微正常一点，事情往往会变得更容易，这也是事实。这种现象在很多层面都会发生。我们都知道独特性（原创性）极具价值。我们都被教导要“做你自己”。我真正要求你们做的是，拥抱并现实地认识到，保持这种独特性需要多大的精力。这个宇宙希望你成为普通的人，并千方百计地吸引着你。千万别让它成为现实。你必须为你的与众不同付出代价，这是值得的。童话版的“做你自己”是，一旦你让自己的独特性闪耀光芒，所有的痛苦就会消失。当然，这种说法具有误导性。做你自己是值得的，但不要指望这是容易或免费的。你必须不断地投入精力。这个宇宙总是试图让亚马逊变得更具典型性，让我们与我们的环境保持平衡。这将需要持续的努力，但我们可以而且必须做得更好。在这里，我一如既往地附上我们1997年的股东信。信中最后写道：“我们亚马逊感谢客户的业务和信任，感谢彼此的辛勤工作，感谢股东的支持和鼓励。”这一点丝毫没有改变。我要特别感谢Andy Jassy同意担任CEO。这是一项艰巨的工作，责任重大。Andy才华横溢，标准也是最高的。我向你们保证，Andy不会让宇宙把我们变成普通人。他将凝聚起使我们与众不同的生命所需的能量。这并不容易，但这是至关重要的。我还预测，这将是令人满意的，而且经常是有趣的。谢谢你，Andy。致你们所有人：要善良，要有独特性，创造的东西要比消费的多，永远不要让宇宙把你融入周围的环境。现在仍然是第一天（Day 1）。杰夫·贝佐斯","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344733610,"gmtCreate":1618442501730,"gmtModify":1704710820090,"author":{"id":"3580330978833195","authorId":"3580330978833195","name":"VersaillesLi","avatar":"https://static.tigerbbs.com/ca74aeaa97cb87febbf8247318cbb951","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580330978833195","idStr":"3580330978833195"},"themes":[],"htmlText":"yes. correct","listText":"yes. correct","text":"yes. correct","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344733610","repostId":"1156093095","repostType":4,"repost":{"id":"1156093095","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618414282,"share":"https://ttm.financial/m/news/1156093095?lang=en_US&edition=fundamental","pubTime":"2021-04-14 23:31","market":"us","language":"zh","title":"Goldman Sachs CEO: Archegos Explosion Won't Be the Last","url":"https://stock-news.laohu8.com/highlight/detail?id=1156093095","media":"老虎资讯综合","summary":"高盛就Archegos Capital Management LP爆仓等“重要议题”举行分析师会议，首席执行官David Solomon发表了他的看法。他说，高盛已经不是第一次看到像Archegos这","content":"<p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Holding an analyst meeting on \"important topics\" such as Archegos Capital Management LP's liquidation, CEO David Solomon weighs in. Goldman Sachs isn't the first time it has seen something like Archegos, and it probably won't be the last, he said.</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>Goldman Sachs CEO: Archegos Explosion Won't Be the Last</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nGoldman Sachs CEO: Archegos Explosion Won't Be the Last\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-14 23:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Holding an analyst meeting on \"important topics\" such as Archegos Capital Management LP's liquidation, CEO David Solomon weighs in. Goldman Sachs isn't the first time it has seen something like Archegos, and it probably won't be the last, he said.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1450b1021adb97fc9607bd713a6d01","relate_stocks":{"GS":"高盛"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156093095","content_text":"高盛就Archegos Capital Management LP爆仓等“重要议题”举行分析师会议，首席执行官David Solomon发表了他的看法。他说，高盛已经不是第一次看到像Archegos这样的情况了，可能也不会是最后一次。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}