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2022-03-08

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Upstart Stock May Benefit From Higher Rates

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11:10","market":"us","language":"en","title":"Upstart Stock May Benefit From Higher Rates","url":"https://stock-news.laohu8.com/highlight/detail?id=1137937554","media":"InvestorPlace","summary":"Upstart Holdings, Inc.(NASDAQ:UPST) is an artificial intelligence (AI) -powered lending platform tha","content":"<html><head></head><body><p><b>Upstart Holdings, Inc.</b>(NASDAQ:<b><u>UPST</u></b>) is an artificial intelligence (AI) -powered lending platform that seeks to upend traditional bank underwriting practices. In a good way. Upstart’s use of AI and machine learning offers big advantages to lenders. Consumers like it, too. Riding a wave of massive growth in revenue, UPST stock surged through much of 2021.</p><p>However, shares collapsed in value through the fall and only began a modest recovery in recent weeks. With UPST down 20% so far in 2022, the recovery has been tenuous. Is now the time to add Upstart shares to your portfolio?</p><p>After what happened last year — when UPST stock gained 195% in two months only to give back those gains and more over the next three months — some investors are a little cautious about Upstart. In addition, economic factors have been spooking the market in 2022. Concern over higher rates has pushed down the price of many stocks this year. However, one of the reasons to think about investing in UPST stock is that this is a company that could actually see <i>upside</i> because of rising rates. Here’s how.</p><p>Higher Rates Are an Opportunity for Upstart</p><p>As interest rates rise, people tend to become more concerned about debt. That makes sense — their debt becomes more expensive to service. Credit card debt in particular can become crushing. That drives demand for consolidation loans. This allows consumers to pay off their credit cards and other loans, refinancing the debt under a consolidation loan with a single payment at a lower rate. Consolidation loans are one of the biggest categories of personal lending offered by Upstart.</p><p>Even though credit card balances declined during the pandemic, with life returning to a new normal, they are beginning to creep up again. And those larger balances are going to be hit with an expected rise in credit card interest rates. The double-whammy is likely to send many consumers looking for alternatives.</p><p>In addition, Upstart advertises personal loans with rates that are 10% lower than those being offered by traditional lenders. When interest rates were at historic lows, people were less fussy about getting the absolute lowest rate possible. As interest rates begin to rise, the allure of borrowing from Upstart at a 10% discount will grow stronger.</p><p>Upstart reported revenue up 264% year-over-year in 2021. Rising interest rates have the potential to add to that growth momentum and could prove to be a tailwind for UPST stock.</p><p>Car Loans</p><p>It is worth spiking out car loans when it comes to Upstart. In 2020, Upstart launched itsAI-enabled auto lending platform. This product can be used not just to buy a new car, but also to re-finance an existing auto loan.</p><p>That line of business is set to benefit from two trends in the auto industry. With supply chain difficulties leaving stocks at all-time lows, auto dealers are looking for additional sources of revenue. One of the most profitable for them is to sign buyers to a car loan. In fact, some dealers have reached the stage where they are penalizing buyers who want to pay cash as they push signing up for a loan instead.</p><p>As a result, Upstart is getting a lot more attention from dealers, who were piling aboard in 2021.  You can also expect an uptick in interest from consumers looking to refinance an existing auto loan at a cheaper rate.</p><p>Adding fuel to that fire, the shortage of supply has meant the prices of new and used automobiles are at record highs. In December 2020, the average price of a new car in the U.S. topped $40,000. Just nine months later,it had hit $45,000. In January, it was reported that the average price of a <i>used</i> car was over $30,000.</p><p>Expect UPST stock to have upside from an auto industry where few people will be able to pay cash for a car any more and where rising interest rates make bargain-hunting for car loans even more important. Upstart called attention to the auto loan segment in its February earnings, noting:</p><blockquote>“[…] auto loan originations on our platform are now ramping quickly and will provide growth opportunities to Upstart for years to come.”</blockquote><p>Bottom Line on UPST Stock</p><p>When Upstart reported its fourth quarter and full year 2021 results in February, the company issued full year guidance for revenue of $1.4 billion in 2022. That would represent an increase of 65% compared to 2021. However, that number might be conservative, considering the economic factors in play — including the ramp up of auto loans.</p><p>UPST stock has an “A” rating in <i>Portfolio Grader</i>.  At the end of January, I wrote that Upstart was attractively priced. It is currently up 38% from that time, but I still think it has plenty of runway. A recent upgrade by Citigroup resulted in a $350 price target for UPST. That represents an upside of over 130%.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Upstart Stock May Benefit From Higher Rates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUpstart Stock May Benefit From Higher Rates\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-08 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/03/upstart-stock-may-benefit-from-higher-rates/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Upstart Holdings, Inc.(NASDAQ:UPST) is an artificial intelligence (AI) -powered lending platform that seeks to upend traditional bank underwriting practices. In a good way. Upstart’s use of AI and ...</p>\n\n<a href=\"https://investorplace.com/2022/03/upstart-stock-may-benefit-from-higher-rates/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc."},"source_url":"https://investorplace.com/2022/03/upstart-stock-may-benefit-from-higher-rates/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137937554","content_text":"Upstart Holdings, Inc.(NASDAQ:UPST) is an artificial intelligence (AI) -powered lending platform that seeks to upend traditional bank underwriting practices. In a good way. Upstart’s use of AI and machine learning offers big advantages to lenders. Consumers like it, too. Riding a wave of massive growth in revenue, UPST stock surged through much of 2021.However, shares collapsed in value through the fall and only began a modest recovery in recent weeks. With UPST down 20% so far in 2022, the recovery has been tenuous. Is now the time to add Upstart shares to your portfolio?After what happened last year — when UPST stock gained 195% in two months only to give back those gains and more over the next three months — some investors are a little cautious about Upstart. In addition, economic factors have been spooking the market in 2022. Concern over higher rates has pushed down the price of many stocks this year. However, one of the reasons to think about investing in UPST stock is that this is a company that could actually see upside because of rising rates. Here’s how.Higher Rates Are an Opportunity for UpstartAs interest rates rise, people tend to become more concerned about debt. That makes sense — their debt becomes more expensive to service. Credit card debt in particular can become crushing. That drives demand for consolidation loans. This allows consumers to pay off their credit cards and other loans, refinancing the debt under a consolidation loan with a single payment at a lower rate. Consolidation loans are one of the biggest categories of personal lending offered by Upstart.Even though credit card balances declined during the pandemic, with life returning to a new normal, they are beginning to creep up again. And those larger balances are going to be hit with an expected rise in credit card interest rates. The double-whammy is likely to send many consumers looking for alternatives.In addition, Upstart advertises personal loans with rates that are 10% lower than those being offered by traditional lenders. When interest rates were at historic lows, people were less fussy about getting the absolute lowest rate possible. As interest rates begin to rise, the allure of borrowing from Upstart at a 10% discount will grow stronger.Upstart reported revenue up 264% year-over-year in 2021. Rising interest rates have the potential to add to that growth momentum and could prove to be a tailwind for UPST stock.Car LoansIt is worth spiking out car loans when it comes to Upstart. In 2020, Upstart launched itsAI-enabled auto lending platform. This product can be used not just to buy a new car, but also to re-finance an existing auto loan.That line of business is set to benefit from two trends in the auto industry. With supply chain difficulties leaving stocks at all-time lows, auto dealers are looking for additional sources of revenue. One of the most profitable for them is to sign buyers to a car loan. In fact, some dealers have reached the stage where they are penalizing buyers who want to pay cash as they push signing up for a loan instead.As a result, Upstart is getting a lot more attention from dealers, who were piling aboard in 2021.  You can also expect an uptick in interest from consumers looking to refinance an existing auto loan at a cheaper rate.Adding fuel to that fire, the shortage of supply has meant the prices of new and used automobiles are at record highs. In December 2020, the average price of a new car in the U.S. topped $40,000. Just nine months later,it had hit $45,000. In January, it was reported that the average price of a used car was over $30,000.Expect UPST stock to have upside from an auto industry where few people will be able to pay cash for a car any more and where rising interest rates make bargain-hunting for car loans even more important. Upstart called attention to the auto loan segment in its February earnings, noting:“[…] auto loan originations on our platform are now ramping quickly and will provide growth opportunities to Upstart for years to come.”Bottom Line on UPST StockWhen Upstart reported its fourth quarter and full year 2021 results in February, the company issued full year guidance for revenue of $1.4 billion in 2022. That would represent an increase of 65% compared to 2021. However, that number might be conservative, considering the economic factors in play — including the ramp up of auto loans.UPST stock has an “A” rating in Portfolio Grader.  At the end of January, I wrote that Upstart was attractively priced. It is currently up 38% from that time, but I still think it has plenty of runway. A recent upgrade by Citigroup resulted in a $350 price target for UPST. That represents an upside of over 130%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031713624,"gmtCreate":1646665969360,"gmtModify":1676534148499,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031713624","repostId":"1159022192","repostType":4,"repost":{"id":"1159022192","pubTimestamp":1646662363,"share":"https://ttm.financial/m/news/1159022192?lang=&edition=fundamental","pubTime":"2022-03-07 22:12","market":"us","language":"en","title":"Price Target Changes｜Lockheed Martin is Raised to $486; Disney is Cut to 150","url":"https://stock-news.laohu8.com/highlight/detail?id=1159022192","media":"benzinga","summary":"Wells Fargo raised the price target on Lockheed Martin Corporation LMT from $400 to $486. Lockheed M","content":"<html><head></head><body><p>Wells Fargo raised the price target on <b>Lockheed Martin</b> Corporation LMT from $400 to $486. Lockheed Martin shares rose 1.3% to $464.10 in pre-market trading.</p><p>Moffett Nathanson cut The <b>Walt Disney</b> Company DIS price target from $165 to $150. Disney shares fell 1.3% to $138.90 in pre-market trading.</p><p>UBS boosted the price target on <b>Universal Health</b> Services, Inc. UHS from $124 to $134. Universal Health shares dropped 0.3% to close at $149.46 on Friday.</p><p>Mizuho lowered the price target for <b>ICON</b> Public Limited Company ICLR from $315 to $272. ICON shares fell 2.3% to close at $226.32 on Friday.</p><p>Wedbush lowered <b>PVH</b> Corp. PVH price target from $140 to $85. PVH shares fell 2.7% to $77.00 in pre-market trading.</p><p>Deutsche Bank raised the price target on The<b> Kroger</b> Co. KR from $43 to $49. Kroger shares fell 0.1% to $58.90 in pre-market trading.</p><p>Piper Sandler cut the price target for <b>First Republic Bank </b>FRC from $205 to $180. First Republic Bank shares fell 1.1% to $163.06 in pre-market trading.</p><p>B of A Securities boosted <b>Ball Corporation</b> BLL price target from $103 to $108. Ball shares fell 0.3% to $89.90 in pre-market trading.</p><p>Telsey Advisory Group reduced The <b>Children&#39;s Place</b>, Inc. PLCE price target from $130 to $80. Children&#39;s Place shares fell 0.7% to $55.75 in pre-market trading.</p><p>JP Morgan cut <b>Philip Morris</b> International Inc. PM price target from $130 to $110. Philip Morris shares fell 1.4% to $98.37 in pre-market trading.</p></body></html>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Price Target Changes｜Lockheed Martin is Raised to $486; Disney is Cut to 150</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrice Target Changes｜Lockheed Martin is Raised to $486; Disney is Cut to 150\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-07 22:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/analyst-ratings/price-target/22/03/26016568/10-biggest-price-target-changes-for-monday><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wells Fargo raised the price target on Lockheed Martin Corporation LMT from $400 to $486. Lockheed Martin shares rose 1.3% to $464.10 in pre-market trading.Moffett Nathanson cut The Walt Disney ...</p>\n\n<a href=\"https://www.benzinga.com/analyst-ratings/price-target/22/03/26016568/10-biggest-price-target-changes-for-monday\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼","ICLR":"ICON plc","PM":"菲利普莫里斯","PVH":"PVH Corp","PLCE":"儿童之家","KR":"克罗格","LMT":"洛克希德马丁","UHS":"Universal Health Services Inc Cl"},"source_url":"https://www.benzinga.com/analyst-ratings/price-target/22/03/26016568/10-biggest-price-target-changes-for-monday","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159022192","content_text":"Wells Fargo raised the price target on Lockheed Martin Corporation LMT from $400 to $486. Lockheed Martin shares rose 1.3% to $464.10 in pre-market trading.Moffett Nathanson cut The Walt Disney Company DIS price target from $165 to $150. Disney shares fell 1.3% to $138.90 in pre-market trading.UBS boosted the price target on Universal Health Services, Inc. UHS from $124 to $134. Universal Health shares dropped 0.3% to close at $149.46 on Friday.Mizuho lowered the price target for ICON Public Limited Company ICLR from $315 to $272. ICON shares fell 2.3% to close at $226.32 on Friday.Wedbush lowered PVH Corp. PVH price target from $140 to $85. PVH shares fell 2.7% to $77.00 in pre-market trading.Deutsche Bank raised the price target on The Kroger Co. KR from $43 to $49. Kroger shares fell 0.1% to $58.90 in pre-market trading.Piper Sandler cut the price target for First Republic Bank FRC from $205 to $180. First Republic Bank shares fell 1.1% to $163.06 in pre-market trading.B of A Securities boosted Ball Corporation BLL price target from $103 to $108. Ball shares fell 0.3% to $89.90 in pre-market trading.Telsey Advisory Group reduced The Children's Place, Inc. PLCE price target from $130 to $80. Children's Place shares fell 0.7% to $55.75 in pre-market trading.JP Morgan cut Philip Morris International Inc. PM price target from $130 to $110. Philip Morris shares fell 1.4% to $98.37 in pre-market trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031719710,"gmtCreate":1646665900007,"gmtModify":1676534148491,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031719710","repostId":"1197638147","repostType":4,"repost":{"id":"1197638147","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646664013,"share":"https://ttm.financial/m/news/1197638147?lang=&edition=fundamental","pubTime":"2022-03-07 22:40","market":"us","language":"en","title":"Bed Bath & Beyond Surged over 70% after Cohen's Stake","url":"https://stock-news.laohu8.com/highlight/detail?id=1197638147","media":"Tiger Newspress","summary":"Bed Bath & Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by Gam","content":"<html><head></head><body><p>Bed Bath &amp; Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by GameStop Corp. Chairman Ryan Cohen, disclosed a large stake in Bed Bath &amp; Beyond Inc. and is pushing the company to explore selling itself.The 9.8% stake puts Cohen among the retailer’s five biggest shareholders.</p><p><img src=\"https://static.tigerbbs.com/73625b7c07b9ded9e18049cc406590b6\" tg-width=\"1143\" tg-height=\"917\" width=\"100%\" height=\"auto\"/></p><p>Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath &amp; Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath &amp; Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.</p><p>On social media Monday, individual investors cheered the news of Mr. Cohen’s stake. Mr. Cohen has built a band of loyal followers on Reddit and Twitter, in part, due to his cryptic tweets that frequently go viral online.</p><p>The large stake by Mr. Cohen is reminiscent of his move to amass a position in GameStop and lay the groundwork to take over the company’s board. In late 2020, Mr. Cohen disclosed a nearly 10% stake in GameStop through his investment firm RC Ventures LLC and sent a letter to the videogame retailer’s board, urging it to improve the company’s e-commerce and explore other tech-driven opportunities.</p><p>In January 2021, Mr. Cohen was added to GameStop’s board—and later ascended to chairman. His addition to the board ignited a frenzy in GameStop shares, sending them to an intraday high of $483 last year after starting the year trading below $20 a share.</p><p>In his letter to Bed Bath &amp; Beyond, Mr. Cohen said he wasn’t in a position to join Bed Bath &amp; Beyond’s board personally, but said that doesn’t preclude RC Ventures from seeking to hold Bed Bath &amp; Beyond’s board and management accountable. His letter said Bed Bath &amp; Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.</p><p>Bed Bath &amp; Beyond was among a number of stocks that surged last year during the meme-stock mania. Its stock price, however, lost steam shortly thereafter but has seen periodic surges of interest among retail investors.</p></body></html>","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>Bed Bath & Beyond Surged over 70% after Cohen's Stake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBed Bath & Beyond Surged over 70% after Cohen's Stake\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-03-07 22:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Bed Bath &amp; Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by GameStop Corp. Chairman Ryan Cohen, disclosed a large stake in Bed Bath &amp; Beyond Inc. and is pushing the company to explore selling itself.The 9.8% stake puts Cohen among the retailer’s five biggest shareholders.</p><p><img src=\"https://static.tigerbbs.com/73625b7c07b9ded9e18049cc406590b6\" tg-width=\"1143\" tg-height=\"917\" width=\"100%\" height=\"auto\"/></p><p>Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath &amp; Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath &amp; Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.</p><p>On social media Monday, individual investors cheered the news of Mr. Cohen’s stake. Mr. Cohen has built a band of loyal followers on Reddit and Twitter, in part, due to his cryptic tweets that frequently go viral online.</p><p>The large stake by Mr. Cohen is reminiscent of his move to amass a position in GameStop and lay the groundwork to take over the company’s board. In late 2020, Mr. Cohen disclosed a nearly 10% stake in GameStop through his investment firm RC Ventures LLC and sent a letter to the videogame retailer’s board, urging it to improve the company’s e-commerce and explore other tech-driven opportunities.</p><p>In January 2021, Mr. Cohen was added to GameStop’s board—and later ascended to chairman. His addition to the board ignited a frenzy in GameStop shares, sending them to an intraday high of $483 last year after starting the year trading below $20 a share.</p><p>In his letter to Bed Bath &amp; Beyond, Mr. Cohen said he wasn’t in a position to join Bed Bath &amp; Beyond’s board personally, but said that doesn’t preclude RC Ventures from seeking to hold Bed Bath &amp; Beyond’s board and management accountable. His letter said Bed Bath &amp; Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.</p><p>Bed Bath &amp; Beyond was among a number of stocks that surged last year during the meme-stock mania. Its stock price, however, lost steam shortly thereafter but has seen periodic surges of interest among retail investors.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197638147","content_text":"Bed Bath & Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by GameStop Corp. Chairman Ryan Cohen, disclosed a large stake in Bed Bath & Beyond Inc. and is pushing the company to explore selling itself.The 9.8% stake puts Cohen among the retailer’s five biggest shareholders.Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath & Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath & Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.On social media Monday, individual investors cheered the news of Mr. Cohen’s stake. Mr. Cohen has built a band of loyal followers on Reddit and Twitter, in part, due to his cryptic tweets that frequently go viral online.The large stake by Mr. Cohen is reminiscent of his move to amass a position in GameStop and lay the groundwork to take over the company’s board. In late 2020, Mr. Cohen disclosed a nearly 10% stake in GameStop through his investment firm RC Ventures LLC and sent a letter to the videogame retailer’s board, urging it to improve the company’s e-commerce and explore other tech-driven opportunities.In January 2021, Mr. Cohen was added to GameStop’s board—and later ascended to chairman. His addition to the board ignited a frenzy in GameStop shares, sending them to an intraday high of $483 last year after starting the year trading below $20 a share.In his letter to Bed Bath & Beyond, Mr. Cohen said he wasn’t in a position to join Bed Bath & Beyond’s board personally, but said that doesn’t preclude RC Ventures from seeking to hold Bed Bath & Beyond’s board and management accountable. His letter said Bed Bath & Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.Bed Bath & Beyond was among a number of stocks that surged last year during the meme-stock mania. Its stock price, however, lost steam shortly thereafter but has seen periodic surges of interest among retail investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039264630,"gmtCreate":1646055645672,"gmtModify":1676534086045,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":".&nbsp;","listText":".&nbsp;","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039264630","repostId":"1120888812","repostType":4,"repost":{"id":"1120888812","pubTimestamp":1646054993,"share":"https://ttm.financial/m/news/1120888812?lang=&edition=fundamental","pubTime":"2022-02-28 21:29","market":"us","language":"en","title":"Zoom’s Earnings Are Today. What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120888812","media":"Barrons","summary":"Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have c","content":"<html><head></head><body><p>Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have cratered in recent months as investors switched their sights from stay-at-home plays to reopening bets. Shares are down 33% for the year to date—and nearly 80% below their October 2020 peak.</p><p>Zoom (ticker: ZM) at one point posted a string of three straight quarters with top-line growth north of 355%, as adoption of the company’s videoconferencing platform soared. But over the last few quarters Zoom’s business has been returning to Earth: From 367% growth in the January 2021 quarter, to 191% in the April quarter, 54% in the July quarter, and 35% in the October quarter. And the slowdown is going to continue from here.</p><p>Monday after the close, Zoom will report results for the January 2022 quarter. Zoom’s guidance calls for revenue of $1.051 billion to $1.053 billion. At the midpoint of the range, that would be 19% growth from a year ago. Zoom sees non-GAAP profits of $1.06 to $1.07 a share. Wall Street analysts surveyed by FactSet project revenue of $1.054 billion and profits of $1.07 a share—and the company always exceeds its own guidance.</p><p>For the April quarter, Street consensus calls for revenue of $1.095 billion, up 14.5% from a year ago, with profits of $1.03 a share, down from $1.32 a share a year earlier. For all of fiscal 2023, the Street projects revenue of $4.71 billion, up 15.5%, with profits of $4.36 a share, down from an estimated $4.85 for fiscal 2022.</p><p>Citi analyst Tyler Radke, who has a Neutral rating on Zoom stock, writes in a research note previewing the quarter that he remains cautious on the stock despite the 45% slide in the stock since the company’s last earnings report.</p><p>“We believe that competitive inroads are increasingly exacerbating headwinds persisting from pull-forward activity and tough comps,” he writes. In particular, Radke sees signs of rising competitive pressures from the Microsoft (MSFT) Teams communications suite, which he says is perceived to offer better security features than Zoom.</p><p>“In our conversations with partners, we heard about increasing Teams deployment, including from customers that were previously with Zoom,” Radke writes. “This trend has been accelerating with return to office and comfort level by IT departments, which is rationalizing collaboration systems and showing preference for Microsoft’s security features.”</p><p>Radke thinks Street estimates for the January 2023 fiscal year are simply too high—he’s projecting revenue of $4.6 billion, up 14%, with profits of $4.18 a share, well below consensus.</p></body></html>","source":"lsy1601382232898","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>Zoom’s Earnings Are Today. What to Expect.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZoom’s Earnings Are Today. What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-28 21:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/zoom-stock-price-earnings-51645828750?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have cratered in recent months as investors switched their sights from stay-at-home plays to reopening ...</p>\n\n<a href=\"https://www.barrons.com/articles/zoom-stock-price-earnings-51645828750?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://www.barrons.com/articles/zoom-stock-price-earnings-51645828750?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120888812","content_text":"Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have cratered in recent months as investors switched their sights from stay-at-home plays to reopening bets. Shares are down 33% for the year to date—and nearly 80% below their October 2020 peak.Zoom (ticker: ZM) at one point posted a string of three straight quarters with top-line growth north of 355%, as adoption of the company’s videoconferencing platform soared. But over the last few quarters Zoom’s business has been returning to Earth: From 367% growth in the January 2021 quarter, to 191% in the April quarter, 54% in the July quarter, and 35% in the October quarter. And the slowdown is going to continue from here.Monday after the close, Zoom will report results for the January 2022 quarter. Zoom’s guidance calls for revenue of $1.051 billion to $1.053 billion. At the midpoint of the range, that would be 19% growth from a year ago. Zoom sees non-GAAP profits of $1.06 to $1.07 a share. Wall Street analysts surveyed by FactSet project revenue of $1.054 billion and profits of $1.07 a share—and the company always exceeds its own guidance.For the April quarter, Street consensus calls for revenue of $1.095 billion, up 14.5% from a year ago, with profits of $1.03 a share, down from $1.32 a share a year earlier. For all of fiscal 2023, the Street projects revenue of $4.71 billion, up 15.5%, with profits of $4.36 a share, down from an estimated $4.85 for fiscal 2022.Citi analyst Tyler Radke, who has a Neutral rating on Zoom stock, writes in a research note previewing the quarter that he remains cautious on the stock despite the 45% slide in the stock since the company’s last earnings report.“We believe that competitive inroads are increasingly exacerbating headwinds persisting from pull-forward activity and tough comps,” he writes. In particular, Radke sees signs of rising competitive pressures from the Microsoft (MSFT) Teams communications suite, which he says is perceived to offer better security features than Zoom.“In our conversations with partners, we heard about increasing Teams deployment, including from customers that were previously with Zoom,” Radke writes. “This trend has been accelerating with return to office and comfort level by IT departments, which is rationalizing collaboration systems and showing preference for Microsoft’s security features.”Radke thinks Street estimates for the January 2023 fiscal year are simply too high—he’s projecting revenue of $4.6 billion, up 14%, with profits of $4.18 a share, well below consensus.","news_type":1},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154390374,"gmtCreate":1625476200898,"gmtModify":1703742394964,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154390374","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","pubTimestamp":1625464355,"share":"https://ttm.financial/m/news/1109703914?lang=&edition=fundamental","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p>\n<p>So will the major markets open or close for the holiday?</p>\n<p>The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p>\n<p>It's&nbsp;one of nine full-closing daysfor the stock market this year.</p>\n<p>For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p>\n<p>Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</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>Is the Stock Market Open or Closed on Independence Day?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Stock Market Open or Closed on Independence Day?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the...</p>\n\n<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1},"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162035298,"gmtCreate":1624027226214,"gmtModify":1703827054231,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162035298","repostId":"2144771631","repostType":4,"repost":{"id":"2144771631","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1624024860,"share":"https://ttm.financial/m/news/2144771631?lang=&edition=fundamental","pubTime":"2021-06-18 22:01","market":"fut","language":"en","title":"Gold edges higher, but on track for biggest weekly drop since March 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=2144771631","media":"Dow Jones","summary":"Gold futures edged higher Friday, but remained on track for the biggest weekly drop since March 2020","content":"<p>Gold futures edged higher Friday, but remained on track for the biggest weekly drop since March 2020 as the U.S. dollar jumps following a more hawkish tone from the Federal Reserve.</p>\n<p>Gold for August delivery edged up $3.30, or 0.2%, to $1,778.10 an ounce on Comex. July silver was up 21.9 cents, or 0.8%, at $26.075 an ounce. Gold was on track for a weekly loss of more than 5%, which would be its largest since March 2020, according to FactSet, while silver headed for a weekly decline of more than 7%.</p>\n<p>Gold and other commodities fell sharply on Thursday, as traders reacted to a Wednesday Federal Reserve meeting that saw policy makers pencil in two interest rate increases by the end of 2023 and begin discussing the eventual tapering of its monthly asset purchases.</p>\n<p>The commodities selloff hit precious metals as well because \"the lingering benefits of gold as an inflation hedge are diminished if the Fed isn't going to let inflation rip,\" said Marshall Gittler, head of investment research at BDSwiss Holding Ltd., in a note.</p>\n<p>A surging U.S. dollarin the wake of the Fed shift is seen as a component of the commodity selloff. The greenback moved sharply higher Wednesday and Thursday after a Federal Reserve meeting. The ICE U.S. Dollar Index , a measure of the currency against a basket of six major rivals, was up another 0.3% on Friday, bringing the index's weekly gain to 1.8%.</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>Gold edges higher, but on track for biggest weekly drop since March 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGold edges higher, but on track for biggest weekly drop since March 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-18 22:01</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Gold futures edged higher Friday, but remained on track for the biggest weekly drop since March 2020 as the U.S. dollar jumps following a more hawkish tone from the Federal Reserve.</p>\n<p>Gold for August delivery edged up $3.30, or 0.2%, to $1,778.10 an ounce on Comex. July silver was up 21.9 cents, or 0.8%, at $26.075 an ounce. Gold was on track for a weekly loss of more than 5%, which would be its largest since March 2020, according to FactSet, while silver headed for a weekly decline of more than 7%.</p>\n<p>Gold and other commodities fell sharply on Thursday, as traders reacted to a Wednesday Federal Reserve meeting that saw policy makers pencil in two interest rate increases by the end of 2023 and begin discussing the eventual tapering of its monthly asset purchases.</p>\n<p>The commodities selloff hit precious metals as well because \"the lingering benefits of gold as an inflation hedge are diminished if the Fed isn't going to let inflation rip,\" said Marshall Gittler, head of investment research at BDSwiss Holding Ltd., in a note.</p>\n<p>A surging U.S. dollarin the wake of the Fed shift is seen as a component of the commodity selloff. The greenback moved sharply higher Wednesday and Thursday after a Federal Reserve meeting. The ICE U.S. Dollar Index , a measure of the currency against a basket of six major rivals, was up another 0.3% on Friday, bringing the index's weekly gain to 1.8%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144771631","content_text":"Gold futures edged higher Friday, but remained on track for the biggest weekly drop since March 2020 as the U.S. dollar jumps following a more hawkish tone from the Federal Reserve.\nGold for August delivery edged up $3.30, or 0.2%, to $1,778.10 an ounce on Comex. July silver was up 21.9 cents, or 0.8%, at $26.075 an ounce. Gold was on track for a weekly loss of more than 5%, which would be its largest since March 2020, according to FactSet, while silver headed for a weekly decline of more than 7%.\nGold and other commodities fell sharply on Thursday, as traders reacted to a Wednesday Federal Reserve meeting that saw policy makers pencil in two interest rate increases by the end of 2023 and begin discussing the eventual tapering of its monthly asset purchases.\nThe commodities selloff hit precious metals as well because \"the lingering benefits of gold as an inflation hedge are diminished if the Fed isn't going to let inflation rip,\" said Marshall Gittler, head of investment research at BDSwiss Holding Ltd., in a note.\nA surging U.S. dollarin the wake of the Fed shift is seen as a component of the commodity selloff. The greenback moved sharply higher Wednesday and Thursday after a Federal Reserve meeting. The ICE U.S. Dollar Index , a measure of the currency against a basket of six major rivals, was up another 0.3% on Friday, bringing the index's weekly gain to 1.8%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160766450,"gmtCreate":1623806861470,"gmtModify":1703819997016,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160766450","repostId":"2143768355","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187125279,"gmtCreate":1623747422991,"gmtModify":1704210261929,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187125279","repostId":"1119457448","repostType":4,"repost":{"id":"1119457448","pubTimestamp":1623746713,"share":"https://ttm.financial/m/news/1119457448?lang=&edition=fundamental","pubTime":"2021-06-15 16:45","market":"sh","language":"en","title":"China's electric car leaders predict new energy vehicles will dominate the local market by 2030","url":"https://stock-news.laohu8.com/highlight/detail?id=1119457448","media":"cnbc","summary":"New energy vehicles, which include electric cars, will account for 70% of China's new car sales by 2030, BYD founder Wang Chuanfu said at a conference over the weekend.Nio founder William Li predicted a higher penetration rate of 90%.The central government would like 20% of new cars sold to be new energy vehicles by 2025.BEIJING — New energy vehicles will dominate the world's largest auto market in about ten years, two executives from major Chinese electric car companies predicted over the weeke","content":"<div>\n<p>KEY POINTS\n\nNew energy vehicles, which include electric cars, will account for 70% of China's new car sales by 2030, BYD founder Wang Chuanfu said at a conference over the weekend.\nNio founder William...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/chinas-top-ev-car-makers-predict-new-energy-vehicles-will-dominate.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's electric car leaders predict new energy vehicles will dominate the local market by 2030</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's electric car leaders predict new energy vehicles will dominate the local market by 2030\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 16:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/15/chinas-top-ev-car-makers-predict-new-energy-vehicles-will-dominate.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNew energy vehicles, which include electric cars, will account for 70% of China's new car sales by 2030, BYD founder Wang Chuanfu said at a conference over the weekend.\nNio founder William...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/15/chinas-top-ev-car-makers-predict-new-energy-vehicles-will-dominate.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01211":"比亚迪股份","002594":"比亚迪","BYDDY":"比亚迪ADR","00285":"比亚迪电子"},"source_url":"https://www.cnbc.com/2021/06/15/chinas-top-ev-car-makers-predict-new-energy-vehicles-will-dominate.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1119457448","content_text":"KEY POINTS\n\nNew energy vehicles, which include electric cars, will account for 70% of China's new car sales by 2030, BYD founder Wang Chuanfu said at a conference over the weekend.\nNio founder William Li predicted a higher penetration rate of 90%.\nThe central government would like 20% of new cars sold to be new energy vehicles by 2025.\n\nBEIJING — New energy vehicles will dominate the world's largest auto market in about ten years, two executives from major Chinese electric car companies predicted over the weekend.\nNew energy vehicles refer to battery-powered and hybrid cars. The category accounted for more than 10% of new car sales in China in March, and grew to 11.4% in May, said Wang Chuanfu, founder ofBYD.\nHe forecast that the penetration rate would surge to more than 70% in 2030. That's according to a transcript the company provided of his remarks at the China Auto Chongqing Summit held June 12 and 13.\nWilliam Li, founder and CEO of electric car start-upNio, was more optimistic. He predicted thatso-called smart electric cars would account for 90% of new car sales in 2030, according to Chinese media reports.\nNio did not have anything to add when contacted by CNBC. The U.S.-listed automaker leads its start-up peers in terms of monthly deliveries.\nBut Nio’sdeliveries of 6,711 cars in May fell from 7,102 in April, remaining well below that of BYD.\nIn May, BYD said its new energy passenger car sales rose 23% from the prior month to 31,681 vehicles, of which just over half — or 18,711 — were powered only by batteries.\nThe company’s Han sedan ranks among the five best-selling new energy vehicles sold in China — just behind Tesla’s Model 3 and Model Y for the first five months of the year, according to the China Passenger Car Association.\nIn first place is a budget electric car, theWuling Hongguang Mini, developed under aGeneral Motors’ joint venture in China.\nChinese brands to dominate\nMany foreign automakers such as Volkswagen have looked tolaunch electric cars in China first, where sales of battery-powered vehicles have gotten aboost from central government subsidies and other preferential policies.\nBeijing would like20% of new cars sold to be new energy vehiclesby 2025.\nAs the local new energy vehicle market grows, BYD’s Wang said he expects Chinese car brands will be able to account for 60% by 2030, thanks partly to their grasp of core technology.","news_type":1},"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185640828,"gmtCreate":1623648013864,"gmtModify":1704207798163,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185640828","repostId":"2142422555","repostType":4,"isVote":1,"tweetType":1,"viewCount":831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182513601,"gmtCreate":1623587953003,"gmtModify":1704206653873,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/182513601","repostId":"1185020128","repostType":4,"repost":{"id":"1185020128","pubTimestamp":1623537503,"share":"https://ttm.financial/m/news/1185020128?lang=&edition=fundamental","pubTime":"2021-06-13 06:38","market":"us","language":"en","title":"Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays","url":"https://stock-news.laohu8.com/highlight/detail?id=1185020128","media":"investors","summary":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ","content":"<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p>\n<p>The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p>\n<p>That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p>\n<p>Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p>\n<p>SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p>\n<p><b>GameStop Stock Leads</b></p>\n<p><b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p>\n<p><b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p>\n<p>GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p>\n<p>Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p>\n<p>Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p>\n<p><b>Second Meme Stock In Top 10</b></p>\n<p>PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p>\n<p>Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p>\n<p>But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p>\n<p>The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p>\n<p>SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p>","source":"lsy1610449120050","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>Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-13 06:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220><strong>investors</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600...</p>\n\n<a href=\"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居","PDCE":"PDC Energy"},"source_url":"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185020128","content_text":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.\nThat more than doubles the return of its growth stock counterpart, SPDR S&P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.\nBack to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each. Smaller positions in consumer staples, utilities and communication services made up the rest.\nSPDR S&P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&P 600 Small Cap Growth is not.\nGameStop Stock Leads\nGameStop(GME),Macy's(M),PDC Energy(PDCE),Resideo Technologies(REZI) andBankUnited(BKU) were the top five holdings as of Wednesday.\nPacific Premier Bancorp(PPBI),Bed Bath & Beyond(BBBY),Ameris Bancorp(ABCB),First Hawaiian(FHB) andInsight Enterprises(NSIT) rounded out the top 10.\nGameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.\nAction had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.\nCould GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.\nSecond Meme Stock In Top 10\nPDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.\nBed Bath & Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.\nBut the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath & Beyond soared 62% before diving 28% the next session.\nThe rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&P 500 held a 13% gain through Thursday's close.\nSLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis. SLYV and SLYG charge a 0.15% expense ratio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188892040,"gmtCreate":1623427009780,"gmtModify":1704203521522,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/188892040","repostId":"2142022769","repostType":4,"repost":{"id":"2142022769","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1623380100,"share":"https://ttm.financial/m/news/2142022769?lang=&edition=fundamental","pubTime":"2021-06-11 10:55","market":"us","language":"en","title":"We put 6 more meme stocks' numbers to the test and the differences are telling","url":"https://stock-news.laohu8.com/highlight/detail?id=2142022769","media":"Dow Jones","summary":"Digging deeper into the the meme stock phenomenon, there are big difference between Palantir, Wendy's, Canoo and other companies.The world of meme stocks is changing every day as traders communicating through Reddit's WallStreetBets channel and other social media set their sights on new targets for short squeezes or find other downtrodden companies to bid up in price.After last week's look at financial results and projections for the four BANG stocks and four other meme companies, what follows i","content":"<blockquote>\n <b>Digging deeper into the the meme stock phenomenon, there are big difference between Palantir, Wendy's, Canoo and other companies.</b>\n</blockquote>\n<p>The world of meme stocks is changing every day as traders communicating through Reddit's WallStreetBets channel and other social media set their sights on new targets for short squeezes or find other downtrodden companies to bid up in price.</p>\n<p>After last week's look at financial results and projections for the four BANG stocks and four other meme companies, what follows is the same treatment for six more.</p>\n<p>(The BANG stocks are BlackBerry Ltd. (BB.T), AMC Entertainment Holdings Inc <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a>, Nokia Corp. (NOKIA.HE) and GameStop Corp. <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>.)</p>\n<p><b>Short squeezes and meme stocks</b></p>\n<p>Traders looking to group together on social media to make quick killings by pushing up share prices of companies at early stages or those going through difficult times have been setting up short squeezes.</p>\n<p>Professional investors have traditionally short-sold shares of companies they believe will perform worse than most other investors or analysts expect. Shorting means borrowing a company's shares and selling them immediately, in the hope of buying them back at a lower price, returning them to the lender and pocketing the difference. If you simply buy a stock hoping it will go up, all you risk is the money you invest. You might get wiped out. But if you short a stock, your risk potential is unlimited. You never know how high the price might rise if you have gotten the trade wrong.</p>\n<p>\"Covering\" a short position is when you buy back the shares to return them to the investor who lent them to you. You are hoping to cover at a lower price than you sold the shares for, to make a profit.</p>\n<p>To have a short position, you need to have a margin account with a broker -- an account that lets you borrow to invest or trade. Because of the risk in taking a short position, if the share price goes against you (higher), your broker will keep increasing its collateral requirements. If you run out of cash as the price keeps rising, you will be forced to cover at a loss. That type of action among a large group of short-sellers pushes the price higher in a spiral -- a short squeeze.</p>\n<p><b>Six more meme stocks</b></p>\n<p>The action changes daily. On June 9, for example, shares of Clover Health Investments Corp. <a href=\"https://laohu8.com/S/CLOV\">$(CLOV)$</a> fell 24% after rising 86% the day before. The stock is 36.6% sold short, according to FactSet.</p>\n<p>Read:Newest meme stock darling Clover Health is popping. Is the SEC watching?</p>\n<p>Here are the six additional meme stocks, following our initial group of eight , sorted by market capitalization as of the close on June 9:</p>\n<p><img src=\"https://static.tigerbbs.com/45b4fabbee4e18ee1b473200ab3a7c4b\" tg-width=\"1260\" tg-height=\"300\"></p>\n<p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) provides a software platform used by government defense and intelligence agencies. It is the largest company on the list by market cap, but not by revenue, as you can see below. A year-to-date chart of its price performance shows how wild the meme-stock action can be:</p>\n<p><img src=\"https://static.tigerbbs.com/1d9a8e2dfc61b0e4ff70a8630193cecb\" tg-width=\"1259\" tg-height=\"1038\"></p>\n<p>Palantir's stock was up 3% for 2021 through June 9, but its market cap had increased by 26% because the company had been raising cash by selling additional shares to investors. The company's following as a meme stock seems to spring more from its growth prospects than from short interest, which peaked at 8.5% of shares available for sale, according to FactSet.</p>\n<p>Wendy's Co. <a href=\"https://laohu8.com/S/WEN\">$(WEN)$</a> is another meme stock whose addition to the group may be a bit confusing, as the stock isn't heavily shorted and the company is stable. Thornton McEnery dug into the action on June 8, which may have included confusion over Wendy's ticker symbol , when the stock rose 26%.</p>\n<p><a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a> (WISH) is <a href=\"https://laohu8.com/S/AONE\">one</a> of two stocks on the new list that have fallen this year. The mobile e-commerce company's stock opened below its initial public offering price before the IPO.</p>\n<p><b>Short interest</b></p>\n<p>Keeping the group in the same order, here are levels of short interest as percentages of available shares and in dollars:</p>\n<p><img src=\"https://static.tigerbbs.com/d0875b54168c760b950d250308eb5efd\" tg-width=\"1260\" tg-height=\"390\"></p>\n<p>FactSet's data on short positions as a percentage of shares outstanding is updated twice a month. The data was updated overnight between June 9 and 10. The second update takes place around the 25th day of the month.</p>\n<p>Clover is the most heavily shorted stock on the list. Brad Lamensdorf, CEO of ActiveAlts in Westport, Conn., who runs long and short investment strategies, said previously that a short percentage \"over 30% to 40% is outrageously high.\" (Lamensdorf co-manages the AdvisorShares <a href=\"https://laohu8.com/S/HDGE\">Ranger Equity Bear ETF</a> (HDGE), which is meant to be used as a hedging tool.)</p>\n<p>A high percentage of shares sold short makes a stock especially dangerous for the short-sellers, because it can increase the intensity of any short squeeze.</p>\n<p>We have shown the short interest as a percentage of market cap in order to provide context. Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> is an excellent example to provide more context, because the company has such a large market capitalization of $576.8 billion. Only 5.16% of the shares are sold short, but that comes to $29.8 billion in short interest -- the most (in dollars) for any stock in the S&amp;P 500. Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> ranks second for dollars of short interest in the benchmark index, with 1.09% of shares sold short, which comes to $18.1 billion in short interest for a company with a market cap of $1.66 trillion.</p>\n<p><a href=\"https://laohu8.com/S/GOEV\">Canoo Inc.</a> (GOEV) is the second-most heavily shorted stock listed above, at 29.5%. The electric-vehicle maker was formed on Dec. 21 through the merger of Canoo Holdings Ltd. and Hennessy Capital Acquisition Corp. IV, a special purpose acquisition company, or SPAC. Canoo expects to produce its first vehicle in mid-2022 in limited quantities, with \"serial production launching in 2023,\" according to its 10-K report filed on March 31.</p>\n<p><a href=\"https://laohu8.com/S/CLNE\">Clean Energy Fuels Corp</a>. <a href=\"https://laohu8.com/S/CLNE.AU\">$(CLNE.AU)$</a> provides natural gas for use as an alternative to gasoline or diesel for fleets of vehicles. The stock is 6.58% sold-short, but has had a good run this year as the energy sector has recovered.</p>\n<p><b>Fundamentals</b></p>\n<p>We'll look back at sales results for this group of six meme stocks and then look ahead at sales estimates through 2023.</p>\n<ul>\n <li><b>Looking back</b></li>\n</ul>\n<p>First, here's a comparison of annual sales, in millions of dollars for the past five reported fiscal years (where available):</p>\n<p><img src=\"https://static.tigerbbs.com/bcc4fbd762406f0684e991d289b8b760\" tg-width=\"1260\" tg-height=\"392\"></p>\n<p>You can see clear growth paths in recent years for Palantir, Wendy's and ContextLogic, while Clean Energy Fuels had understandable challenges from lower natural gas prices in 2020.</p>\n<p>Clover was incorporated on Oct. 18, 2019. It hasn't yet reported annual revenue. For the first quarter, the company reported $200.3 million in sales, up from $165.5 million in the first quarter of 2020. Clover merged with <a href=\"https://laohu8.com/S/IPOC.U\">Social Capital Hedosophia Holdings Corp. III</a> (a SPAC) on Jan. 7.</p>\n<ul>\n <li><b>Looking ahead -- sales</b></li>\n</ul>\n<p>Starting from a baseline of calendar 2021, here are sales estimates going out through 2023 among Wall Street analysts polled by FactSet:</p>\n<p><img src=\"https://static.tigerbbs.com/37c11916067fb3829caff57a89cf17f0\" tg-width=\"1260\" tg-height=\"380\"></p>\n<p>Double-digit or better sales growth is expected for all of the companies over the next two years except Wendy's. Price-to-sale ratios, based on closing share prices on June 9 and the 2023 estimates, are included. In comparison, the S&amp;P 500 trades for 2.5 times its weighted aggregate consensus sales estimate for 2023.</p>\n<p><b>Looking ahead -- earnings</b></p>\n<p>Here are earnings-per-share estimates going out to 2023:</p>\n<p><img src=\"https://static.tigerbbs.com/4cf06aa00f9303dda82b1c3f8cf34c21\" tg-width=\"1260\" tg-height=\"500\"></p>\n<p>You might not have expected the EPS projections to be particularly useful, but they underscore how high these stocks are trading. The S&amp;P 500 trades for 18.4 times its consensus EPS estimate for 2023.</p>\n<p>The estimates show expected improvement for Palantir, if it manages to maintain its rapid sales growth. Wendy's is expected to improve EPS significantly even with modest sale growth, in part because of stock buybacks .</p>\n<p><b>Wall Street's opinion</b></p>\n<p>Here's a summary of opinion for this group of meme stocks among Wall Street analysts:</p>\n<p><img src=\"https://static.tigerbbs.com/c2dfa61b27c34a6c17f5b4d2119126f9\" tg-width=\"1259\" tg-height=\"373\"></p>\n<p>So the Wall Street analysts have the most love for ContextLogic, with 82% \"buy\" or equivalent ratings. Second place goes to Clean Energy Fuels. For that company, the timing, in a year of economic and fuel-price recovery, not to mention the desire among many investors to help lower carbon emissions, seems perfect.</p>\n<p>Wall Street is skeptical of Palantir and Clover Health, but it would seem for different reasons, as Palantir already has a history of rapid sales growth.</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>We put 6 more meme stocks' numbers to the test and the differences are telling</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWe put 6 more meme stocks' numbers to the test and the differences are telling\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-11 10:55</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n <b>Digging deeper into the the meme stock phenomenon, there are big difference between Palantir, Wendy's, Canoo and other companies.</b>\n</blockquote>\n<p>The world of meme stocks is changing every day as traders communicating through Reddit's WallStreetBets channel and other social media set their sights on new targets for short squeezes or find other downtrodden companies to bid up in price.</p>\n<p>After last week's look at financial results and projections for the four BANG stocks and four other meme companies, what follows is the same treatment for six more.</p>\n<p>(The BANG stocks are BlackBerry Ltd. (BB.T), AMC Entertainment Holdings Inc <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a>, Nokia Corp. (NOKIA.HE) and GameStop Corp. <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>.)</p>\n<p><b>Short squeezes and meme stocks</b></p>\n<p>Traders looking to group together on social media to make quick killings by pushing up share prices of companies at early stages or those going through difficult times have been setting up short squeezes.</p>\n<p>Professional investors have traditionally short-sold shares of companies they believe will perform worse than most other investors or analysts expect. Shorting means borrowing a company's shares and selling them immediately, in the hope of buying them back at a lower price, returning them to the lender and pocketing the difference. If you simply buy a stock hoping it will go up, all you risk is the money you invest. You might get wiped out. But if you short a stock, your risk potential is unlimited. You never know how high the price might rise if you have gotten the trade wrong.</p>\n<p>\"Covering\" a short position is when you buy back the shares to return them to the investor who lent them to you. You are hoping to cover at a lower price than you sold the shares for, to make a profit.</p>\n<p>To have a short position, you need to have a margin account with a broker -- an account that lets you borrow to invest or trade. Because of the risk in taking a short position, if the share price goes against you (higher), your broker will keep increasing its collateral requirements. If you run out of cash as the price keeps rising, you will be forced to cover at a loss. That type of action among a large group of short-sellers pushes the price higher in a spiral -- a short squeeze.</p>\n<p><b>Six more meme stocks</b></p>\n<p>The action changes daily. On June 9, for example, shares of Clover Health Investments Corp. <a href=\"https://laohu8.com/S/CLOV\">$(CLOV)$</a> fell 24% after rising 86% the day before. The stock is 36.6% sold short, according to FactSet.</p>\n<p>Read:Newest meme stock darling Clover Health is popping. Is the SEC watching?</p>\n<p>Here are the six additional meme stocks, following our initial group of eight , sorted by market capitalization as of the close on June 9:</p>\n<p><img src=\"https://static.tigerbbs.com/45b4fabbee4e18ee1b473200ab3a7c4b\" tg-width=\"1260\" tg-height=\"300\"></p>\n<p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) provides a software platform used by government defense and intelligence agencies. It is the largest company on the list by market cap, but not by revenue, as you can see below. A year-to-date chart of its price performance shows how wild the meme-stock action can be:</p>\n<p><img src=\"https://static.tigerbbs.com/1d9a8e2dfc61b0e4ff70a8630193cecb\" tg-width=\"1259\" tg-height=\"1038\"></p>\n<p>Palantir's stock was up 3% for 2021 through June 9, but its market cap had increased by 26% because the company had been raising cash by selling additional shares to investors. The company's following as a meme stock seems to spring more from its growth prospects than from short interest, which peaked at 8.5% of shares available for sale, according to FactSet.</p>\n<p>Wendy's Co. <a href=\"https://laohu8.com/S/WEN\">$(WEN)$</a> is another meme stock whose addition to the group may be a bit confusing, as the stock isn't heavily shorted and the company is stable. Thornton McEnery dug into the action on June 8, which may have included confusion over Wendy's ticker symbol , when the stock rose 26%.</p>\n<p><a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a> (WISH) is <a href=\"https://laohu8.com/S/AONE\">one</a> of two stocks on the new list that have fallen this year. The mobile e-commerce company's stock opened below its initial public offering price before the IPO.</p>\n<p><b>Short interest</b></p>\n<p>Keeping the group in the same order, here are levels of short interest as percentages of available shares and in dollars:</p>\n<p><img src=\"https://static.tigerbbs.com/d0875b54168c760b950d250308eb5efd\" tg-width=\"1260\" tg-height=\"390\"></p>\n<p>FactSet's data on short positions as a percentage of shares outstanding is updated twice a month. The data was updated overnight between June 9 and 10. The second update takes place around the 25th day of the month.</p>\n<p>Clover is the most heavily shorted stock on the list. Brad Lamensdorf, CEO of ActiveAlts in Westport, Conn., who runs long and short investment strategies, said previously that a short percentage \"over 30% to 40% is outrageously high.\" (Lamensdorf co-manages the AdvisorShares <a href=\"https://laohu8.com/S/HDGE\">Ranger Equity Bear ETF</a> (HDGE), which is meant to be used as a hedging tool.)</p>\n<p>A high percentage of shares sold short makes a stock especially dangerous for the short-sellers, because it can increase the intensity of any short squeeze.</p>\n<p>We have shown the short interest as a percentage of market cap in order to provide context. Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> is an excellent example to provide more context, because the company has such a large market capitalization of $576.8 billion. Only 5.16% of the shares are sold short, but that comes to $29.8 billion in short interest -- the most (in dollars) for any stock in the S&amp;P 500. Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> ranks second for dollars of short interest in the benchmark index, with 1.09% of shares sold short, which comes to $18.1 billion in short interest for a company with a market cap of $1.66 trillion.</p>\n<p><a href=\"https://laohu8.com/S/GOEV\">Canoo Inc.</a> (GOEV) is the second-most heavily shorted stock listed above, at 29.5%. The electric-vehicle maker was formed on Dec. 21 through the merger of Canoo Holdings Ltd. and Hennessy Capital Acquisition Corp. IV, a special purpose acquisition company, or SPAC. Canoo expects to produce its first vehicle in mid-2022 in limited quantities, with \"serial production launching in 2023,\" according to its 10-K report filed on March 31.</p>\n<p><a href=\"https://laohu8.com/S/CLNE\">Clean Energy Fuels Corp</a>. <a href=\"https://laohu8.com/S/CLNE.AU\">$(CLNE.AU)$</a> provides natural gas for use as an alternative to gasoline or diesel for fleets of vehicles. The stock is 6.58% sold-short, but has had a good run this year as the energy sector has recovered.</p>\n<p><b>Fundamentals</b></p>\n<p>We'll look back at sales results for this group of six meme stocks and then look ahead at sales estimates through 2023.</p>\n<ul>\n <li><b>Looking back</b></li>\n</ul>\n<p>First, here's a comparison of annual sales, in millions of dollars for the past five reported fiscal years (where available):</p>\n<p><img src=\"https://static.tigerbbs.com/bcc4fbd762406f0684e991d289b8b760\" tg-width=\"1260\" tg-height=\"392\"></p>\n<p>You can see clear growth paths in recent years for Palantir, Wendy's and ContextLogic, while Clean Energy Fuels had understandable challenges from lower natural gas prices in 2020.</p>\n<p>Clover was incorporated on Oct. 18, 2019. It hasn't yet reported annual revenue. For the first quarter, the company reported $200.3 million in sales, up from $165.5 million in the first quarter of 2020. Clover merged with <a href=\"https://laohu8.com/S/IPOC.U\">Social Capital Hedosophia Holdings Corp. III</a> (a SPAC) on Jan. 7.</p>\n<ul>\n <li><b>Looking ahead -- sales</b></li>\n</ul>\n<p>Starting from a baseline of calendar 2021, here are sales estimates going out through 2023 among Wall Street analysts polled by FactSet:</p>\n<p><img src=\"https://static.tigerbbs.com/37c11916067fb3829caff57a89cf17f0\" tg-width=\"1260\" tg-height=\"380\"></p>\n<p>Double-digit or better sales growth is expected for all of the companies over the next two years except Wendy's. Price-to-sale ratios, based on closing share prices on June 9 and the 2023 estimates, are included. In comparison, the S&amp;P 500 trades for 2.5 times its weighted aggregate consensus sales estimate for 2023.</p>\n<p><b>Looking ahead -- earnings</b></p>\n<p>Here are earnings-per-share estimates going out to 2023:</p>\n<p><img src=\"https://static.tigerbbs.com/4cf06aa00f9303dda82b1c3f8cf34c21\" tg-width=\"1260\" tg-height=\"500\"></p>\n<p>You might not have expected the EPS projections to be particularly useful, but they underscore how high these stocks are trading. The S&amp;P 500 trades for 18.4 times its consensus EPS estimate for 2023.</p>\n<p>The estimates show expected improvement for Palantir, if it manages to maintain its rapid sales growth. Wendy's is expected to improve EPS significantly even with modest sale growth, in part because of stock buybacks .</p>\n<p><b>Wall Street's opinion</b></p>\n<p>Here's a summary of opinion for this group of meme stocks among Wall Street analysts:</p>\n<p><img src=\"https://static.tigerbbs.com/c2dfa61b27c34a6c17f5b4d2119126f9\" tg-width=\"1259\" tg-height=\"373\"></p>\n<p>So the Wall Street analysts have the most love for ContextLogic, with 82% \"buy\" or equivalent ratings. Second place goes to Clean Energy Fuels. For that company, the timing, in a year of economic and fuel-price recovery, not to mention the desire among many investors to help lower carbon emissions, seems perfect.</p>\n<p>Wall Street is skeptical of Palantir and Clover Health, but it would seem for different reasons, as Palantir already has a history of rapid sales growth.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp","CLNE":"Clean Energy Fuels Corp","PLTR":"Palantir Technologies Inc.","WEN":"温蒂汉堡"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142022769","content_text":"Digging deeper into the the meme stock phenomenon, there are big difference between Palantir, Wendy's, Canoo and other companies.\n\nThe world of meme stocks is changing every day as traders communicating through Reddit's WallStreetBets channel and other social media set their sights on new targets for short squeezes or find other downtrodden companies to bid up in price.\nAfter last week's look at financial results and projections for the four BANG stocks and four other meme companies, what follows is the same treatment for six more.\n(The BANG stocks are BlackBerry Ltd. (BB.T), AMC Entertainment Holdings Inc $(AMC)$, Nokia Corp. (NOKIA.HE) and GameStop Corp. $(GME)$.)\nShort squeezes and meme stocks\nTraders looking to group together on social media to make quick killings by pushing up share prices of companies at early stages or those going through difficult times have been setting up short squeezes.\nProfessional investors have traditionally short-sold shares of companies they believe will perform worse than most other investors or analysts expect. Shorting means borrowing a company's shares and selling them immediately, in the hope of buying them back at a lower price, returning them to the lender and pocketing the difference. If you simply buy a stock hoping it will go up, all you risk is the money you invest. You might get wiped out. But if you short a stock, your risk potential is unlimited. You never know how high the price might rise if you have gotten the trade wrong.\n\"Covering\" a short position is when you buy back the shares to return them to the investor who lent them to you. You are hoping to cover at a lower price than you sold the shares for, to make a profit.\nTo have a short position, you need to have a margin account with a broker -- an account that lets you borrow to invest or trade. Because of the risk in taking a short position, if the share price goes against you (higher), your broker will keep increasing its collateral requirements. If you run out of cash as the price keeps rising, you will be forced to cover at a loss. That type of action among a large group of short-sellers pushes the price higher in a spiral -- a short squeeze.\nSix more meme stocks\nThe action changes daily. On June 9, for example, shares of Clover Health Investments Corp. $(CLOV)$ fell 24% after rising 86% the day before. The stock is 36.6% sold short, according to FactSet.\nRead:Newest meme stock darling Clover Health is popping. Is the SEC watching?\nHere are the six additional meme stocks, following our initial group of eight , sorted by market capitalization as of the close on June 9:\n\nPalantir Technologies Inc. (PLTR) provides a software platform used by government defense and intelligence agencies. It is the largest company on the list by market cap, but not by revenue, as you can see below. A year-to-date chart of its price performance shows how wild the meme-stock action can be:\n\nPalantir's stock was up 3% for 2021 through June 9, but its market cap had increased by 26% because the company had been raising cash by selling additional shares to investors. The company's following as a meme stock seems to spring more from its growth prospects than from short interest, which peaked at 8.5% of shares available for sale, according to FactSet.\nWendy's Co. $(WEN)$ is another meme stock whose addition to the group may be a bit confusing, as the stock isn't heavily shorted and the company is stable. Thornton McEnery dug into the action on June 8, which may have included confusion over Wendy's ticker symbol , when the stock rose 26%.\nContextLogic Inc. (WISH) is one of two stocks on the new list that have fallen this year. The mobile e-commerce company's stock opened below its initial public offering price before the IPO.\nShort interest\nKeeping the group in the same order, here are levels of short interest as percentages of available shares and in dollars:\n\nFactSet's data on short positions as a percentage of shares outstanding is updated twice a month. The data was updated overnight between June 9 and 10. The second update takes place around the 25th day of the month.\nClover is the most heavily shorted stock on the list. Brad Lamensdorf, CEO of ActiveAlts in Westport, Conn., who runs long and short investment strategies, said previously that a short percentage \"over 30% to 40% is outrageously high.\" (Lamensdorf co-manages the AdvisorShares Ranger Equity Bear ETF (HDGE), which is meant to be used as a hedging tool.)\nA high percentage of shares sold short makes a stock especially dangerous for the short-sellers, because it can increase the intensity of any short squeeze.\nWe have shown the short interest as a percentage of market cap in order to provide context. Tesla Inc. $(TSLA)$ is an excellent example to provide more context, because the company has such a large market capitalization of $576.8 billion. Only 5.16% of the shares are sold short, but that comes to $29.8 billion in short interest -- the most (in dollars) for any stock in the S&P 500. Amazon.com Inc. $(AMZN)$ ranks second for dollars of short interest in the benchmark index, with 1.09% of shares sold short, which comes to $18.1 billion in short interest for a company with a market cap of $1.66 trillion.\nCanoo Inc. (GOEV) is the second-most heavily shorted stock listed above, at 29.5%. The electric-vehicle maker was formed on Dec. 21 through the merger of Canoo Holdings Ltd. and Hennessy Capital Acquisition Corp. IV, a special purpose acquisition company, or SPAC. Canoo expects to produce its first vehicle in mid-2022 in limited quantities, with \"serial production launching in 2023,\" according to its 10-K report filed on March 31.\nClean Energy Fuels Corp. $(CLNE.AU)$ provides natural gas for use as an alternative to gasoline or diesel for fleets of vehicles. The stock is 6.58% sold-short, but has had a good run this year as the energy sector has recovered.\nFundamentals\nWe'll look back at sales results for this group of six meme stocks and then look ahead at sales estimates through 2023.\n\nLooking back\n\nFirst, here's a comparison of annual sales, in millions of dollars for the past five reported fiscal years (where available):\n\nYou can see clear growth paths in recent years for Palantir, Wendy's and ContextLogic, while Clean Energy Fuels had understandable challenges from lower natural gas prices in 2020.\nClover was incorporated on Oct. 18, 2019. It hasn't yet reported annual revenue. For the first quarter, the company reported $200.3 million in sales, up from $165.5 million in the first quarter of 2020. Clover merged with Social Capital Hedosophia Holdings Corp. III (a SPAC) on Jan. 7.\n\nLooking ahead -- sales\n\nStarting from a baseline of calendar 2021, here are sales estimates going out through 2023 among Wall Street analysts polled by FactSet:\n\nDouble-digit or better sales growth is expected for all of the companies over the next two years except Wendy's. Price-to-sale ratios, based on closing share prices on June 9 and the 2023 estimates, are included. In comparison, the S&P 500 trades for 2.5 times its weighted aggregate consensus sales estimate for 2023.\nLooking ahead -- earnings\nHere are earnings-per-share estimates going out to 2023:\n\nYou might not have expected the EPS projections to be particularly useful, but they underscore how high these stocks are trading. The S&P 500 trades for 18.4 times its consensus EPS estimate for 2023.\nThe estimates show expected improvement for Palantir, if it manages to maintain its rapid sales growth. Wendy's is expected to improve EPS significantly even with modest sale growth, in part because of stock buybacks .\nWall Street's opinion\nHere's a summary of opinion for this group of meme stocks among Wall Street analysts:\n\nSo the Wall Street analysts have the most love for ContextLogic, with 82% \"buy\" or equivalent ratings. Second place goes to Clean Energy Fuels. For that company, the timing, in a year of economic and fuel-price recovery, not to mention the desire among many investors to help lower carbon emissions, seems perfect.\nWall Street is skeptical of Palantir and Clover Health, but it would seem for different reasons, as Palantir already has a history of rapid sales growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183404099,"gmtCreate":1623338834811,"gmtModify":1704201331833,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/183404099","repostId":"1102160633","repostType":4,"repost":{"id":"1102160633","pubTimestamp":1623337532,"share":"https://ttm.financial/m/news/1102160633?lang=&edition=fundamental","pubTime":"2021-06-10 23:05","market":"us","language":"en","title":"Reddit co-founder says meme stocks' moniker 'charming' but says momentum investing nothing new","url":"https://stock-news.laohu8.com/highlight/detail?id=1102160633","media":"cnbc","summary":"\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.Ohanian said technology will remain a force for retail investors whether it continues on the platform he helped create or another.Reddit co-founderAlexis Ohaniantold CNBC on Thursday that the meme stock frenzy — which traces its roots to the online forum website he helped create — is what happens when momentum investing is amplified by technology.","content":"<div>\n<p>KEY POINTS\n\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.\nOhanian said technology will remain ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reddit co-founder says meme stocks' moniker 'charming' but says momentum investing nothing new</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReddit co-founder says meme stocks' moniker 'charming' but says momentum investing nothing new\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 23:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.\nOhanian said technology will remain ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1102160633","content_text":"KEY POINTS\n\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.\nOhanian said technology will remain a force for retail investors whether it continues on the platform he helped create or another.\n\nReddit co-founderAlexis Ohaniantold CNBC on Thursday that the meme stock frenzy — which traces its roots to the online forum website he helped create — is what happens when momentum investing is amplified by technology.\n\"Really, the existence of people getting whipped up and excited about a stock has happened, you know, it's happened around barbershops. It's happened around bars,\" Ohanian said in an interview on\"Squawk Box.\"\"Retail investors have just never been able to jump on an opportunity in real time, and this is what it's like in the age of ubiquitous social media.\"\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" added Ohanian, who in 2005 co-founded Reddit alongside current CEO Steve Huffman. Ohanian, now a venture capitalist, stepped down from Reddit's boardin June 2020.\nThe spotlight on various meme stocks hasbrightened in recent weeks, months after the saga first captured Wall Street's attention in January withGameStopas the most prominent example. Stocks that have recently been touted on Reddit message boards and seen their prices soar,at least temporarily, includeAMC Entertainment,Clover Health, and Clean Energy Fuels.\nOhanian acknowledged professional investors are also jumping in on the action, echoing comments Wednesday from the CEO of market makerVirtu Financial, Doug Cifu, who told CNBC that\"this is not solely a band of retail traders trading these stocks.\"\nEven so, Ohanian said greater involvement in the markets from individual investors is a long-term positive — even though there's risk. \"We absolutely need more financial literacy ... but the thing we have to keep in mind is, this is here to stay,\" he said.\n\"We've crossed Rubicon, and it doesn't matter one platform or another, this is how people are sharing content. They're able to open an app and execute a trade and it's only going to get easier,\" Ohanian added. \"It's only going to get more normal for a generation coming up with this. They're not even going to conceive of the idea of calling a stock broker or, for a lot of folks, hiring a professional.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189849152,"gmtCreate":1623252612676,"gmtModify":1704199505907,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189849152","repostId":"1141275388","repostType":4,"repost":{"id":"1141275388","pubTimestamp":1623243740,"share":"https://ttm.financial/m/news/1141275388?lang=&edition=fundamental","pubTime":"2021-06-09 21:02","market":"us","language":"en","title":"One FAANG stock is quietly making new highs, and one strategist still sees it as a buy","url":"https://stock-news.laohu8.com/highlight/detail?id=1141275388","media":"cnbc","summary":"TheS&P 500may be struggling to crack its record high, but one FAANG stock is already there.Facebookmade a fresh all-time high on Tuesday for a second day in a row. The rest of the FAANG stocks —Apple,Amazon,NetflixandGoogle parent Alphabet— have not broken through to their own since at least April.In the same interview, Gina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors, said Amazon looks to be one of the better picks of the bunch.Amazon trades at 51.5 times forwar","content":"<div>\n<p>TheS&P 500may be struggling to crack its record high, but one FAANG stock is already there.\nFacebookmade a fresh all-time high on Tuesday for a second day in a row. The rest of the FAANG stocks —Apple...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/09/facebook-stock-smashes-record-and-strategist-still-sees-it-as-a-buy.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One FAANG stock is quietly making new highs, and one strategist still sees it as a buy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne FAANG stock is quietly making new highs, and one strategist still sees it as a buy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/09/facebook-stock-smashes-record-and-strategist-still-sees-it-as-a-buy.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>TheS&P 500may be struggling to crack its record high, but one FAANG stock is already there.\nFacebookmade a fresh all-time high on Tuesday for a second day in a row. The rest of the FAANG stocks —Apple...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/09/facebook-stock-smashes-record-and-strategist-still-sees-it-as-a-buy.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","NFLX":"奈飞","AAPL":"苹果","AMZN":"亚马逊"},"source_url":"https://www.cnbc.com/2021/06/09/facebook-stock-smashes-record-and-strategist-still-sees-it-as-a-buy.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1141275388","content_text":"TheS&P 500may be struggling to crack its record high, but one FAANG stock is already there.\nFacebookmade a fresh all-time high on Tuesday for a second day in a row. The rest of the FAANG stocks —Apple,Amazon,NetflixandGoogle parent Alphabet— have not broken through to their own since at least April.\nMichael Binger, president of Gradient Investments, says Facebook’s win streak is not over.\n“Facebook is continuing to be a buy for us. We own it I would add more if you don’t own it here. It’s the best consumer-driven internet play out there in my opinion. They’ve got a great advertising platform, 18 to 20% growth for the next several years. You’re getting that at a reasonable price,” Binger told CNBC’s “Trading Nation” on Tuesday.\nFacebook is the second-best FAANG performer this year, behind Alphabet, rising 22%.\nBut, that’s not the only stock in the bunch that Binger likes. He highlights Alphabet as one of his other top picks. On Alphabet, he says the company is a “leader of the pack” with its Google search and YouTube video platform.\nApple, too, is a buy for Binger after its sharp pullback. That stock has fallen 13% from a January peak.\n“I see Apple as a core holding, we own it, we love it and I think you could buy it right here on this pullback. The PE multiple has actually come down to the low-20s right now. So, I like Apple here,” he said.\nIn the same interview, Gina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors, said Amazon looks to be one of the better picks of the bunch.\n“This is where that fine nuance between growth and price leads you to growth-at-a-reasonable price,” Sanchez said. “Amazon, even though it’s probably one of the most highly priced of all of the FAANGs, has a more interesting road ahead because they had strong growth during the pandemic. They’re probably going to lock in those consumers, their cloud business is still growing dramatically, and so the roadmap for them is very good.”\nAmazon trades at 51.5 times forward earnings. Facebook, the cheapest of the bunch, trades with a multiple of less than 24 times.\n“When you look at these interesting stocks, Amazon seems fairly priced given that it has still significant growth to come,” she said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115532344,"gmtCreate":1623022087488,"gmtModify":1704194323950,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115532344","repostId":"1156802172","repostType":4,"repost":{"id":"1156802172","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622950106,"share":"https://ttm.financial/m/news/1156802172?lang=&edition=fundamental","pubTime":"2021-06-06 11:28","market":"us","language":"en","title":"Nio Begins Prepping For Nio Day 2021: What We Know So Far","url":"https://stock-news.laohu8.com/highlight/detail?id=1156802172","media":"Benzinga","summary":"The catalyst that drove NIO Inc. shares to an all-time high of $66.99 earlier this year was Nio Day ","content":"<p>The catalyst that drove&nbsp;<b>NIO Inc.</b>&nbsp;shares to an all-time high of $66.99 earlier this year was Nio Day 2020&nbsp;on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.</p>\n<p>Against this backdrop, it has emerged that&nbsp;the company has started laying the groundwork for the next Nio Day.</p>\n<p><b>What Happened:</b>Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.</p>\n<p>The bidding process as&nbsp;explained&nbsp;by CnEVPost is as follows:</p>\n<p>The applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.</p>\n<p>Nio mandates&nbsp;a potential&nbsp;host city should not have hosted Nio Day in the past eight years.</p>\n<p>The city should have an indoor venue with a seating capacity of more than&nbsp;8,000 and&nbsp;available for hosting 10&nbsp;consecutive days sometime between Dec. 1, 2021&nbsp;and Jan. 15, 2022.</p>\n<p>The company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.</p>\n<p>Following the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.</p>\n<p><b>Why It's Important:</b>Nio Day is an annual event for Nio users and other guests.&nbsp;The company has been hosting the event since 2017&nbsp;when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.</p>\n<p>Nio Day 2020&nbsp;was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.</p>\n<p>Several rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.</p>\n<p>With the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.</p>\n<p>Nio users may also look ahead to more details on the company's recent&nbsp;expansion into Norway.</p>\n<p>At last check Friday at publication, Nio shares were rallying 2.54% to $41.94.</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>Nio Begins Prepping For Nio Day 2021: What We Know So Far</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Begins Prepping For Nio Day 2021: What We Know So Far\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-06-06 11:28</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The catalyst that drove&nbsp;<b>NIO Inc.</b>&nbsp;shares to an all-time high of $66.99 earlier this year was Nio Day 2020&nbsp;on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.</p>\n<p>Against this backdrop, it has emerged that&nbsp;the company has started laying the groundwork for the next Nio Day.</p>\n<p><b>What Happened:</b>Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.</p>\n<p>The bidding process as&nbsp;explained&nbsp;by CnEVPost is as follows:</p>\n<p>The applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.</p>\n<p>Nio mandates&nbsp;a potential&nbsp;host city should not have hosted Nio Day in the past eight years.</p>\n<p>The city should have an indoor venue with a seating capacity of more than&nbsp;8,000 and&nbsp;available for hosting 10&nbsp;consecutive days sometime between Dec. 1, 2021&nbsp;and Jan. 15, 2022.</p>\n<p>The company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.</p>\n<p>Following the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.</p>\n<p><b>Why It's Important:</b>Nio Day is an annual event for Nio users and other guests.&nbsp;The company has been hosting the event since 2017&nbsp;when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.</p>\n<p>Nio Day 2020&nbsp;was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.</p>\n<p>Several rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.</p>\n<p>With the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.</p>\n<p>Nio users may also look ahead to more details on the company's recent&nbsp;expansion into Norway.</p>\n<p>At last check Friday at publication, Nio shares were rallying 2.54% to $41.94.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156802172","content_text":"The catalyst that drove NIO Inc. shares to an all-time high of $66.99 earlier this year was Nio Day 2020 on Jan. 9. The stock has pulled back since then and is currently trading roughly 40% off the highs.\nAgainst this backdrop, it has emerged that the company has started laying the groundwork for the next Nio Day.\nWhat Happened:Nio posted on its Nio App that cities can now start bidding for hosting Nio Day 2021, a Nio spokesperson confirmed to Benzinga.\nThe bidding process as explained by CnEVPost is as follows:\nThe applications on behalf of the host city should be submitted by local Nio Clubs, and if a city has more than one Nio Club, a joint bid can be made.\nNio mandates a potential host city should not have hosted Nio Day in the past eight years.\nThe city should have an indoor venue with a seating capacity of more than 8,000 and available for hosting 10 consecutive days sometime between Dec. 1, 2021 and Jan. 15, 2022.\nThe company has provided a time window of June 4 through June 8 for submitting an intent to apply. After conducting preliminary surveys in shortlisted cities from June 9 to June 15, Nio will start receiving applications.\nFollowing the evaluation of applications, the company will shortlist three cities on July 3 and present the list on the Nio App, allowing Nio users to vote July 23 and 24. The final winner will be decided based on the votes.\nWhy It's Important:Nio Day is an annual event for Nio users and other guests. The company has been hosting the event since 2017 when the first Nio Day was in Beijing, where its first mass-produced model, the ES8, debuted.\nNio Day 2020 was held in Chengdu on Jan. 9, 2021. The annual event meant for 2020 was pushed to early 2021 due to the COVID-19 pandemic. The company unveiled its first-ever sedan, named ET7, at the event. It also made product and service-related announcements.\nSeveral rumors have surfaced regarding a mass-market model from Nio under a different brand name. The company could shed some light on this at Nio Day 2021 event.\nWith the ET7 scheduled to be made available commercially in the first quarter of 2022, the company could share more details on the sedan and its launch plans.\nNio users may also look ahead to more details on the company's recent expansion into Norway.\nAt last check Friday at publication, Nio shares were rallying 2.54% to $41.94.","news_type":1},"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112440944,"gmtCreate":1622907739688,"gmtModify":1704193194189,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112440944","repostId":"1148130971","repostType":4,"repost":{"id":"1148130971","pubTimestamp":1622866524,"share":"https://ttm.financial/m/news/1148130971?lang=&edition=fundamental","pubTime":"2021-06-05 12:15","market":"us","language":"en","title":"Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'","url":"https://stock-news.laohu8.com/highlight/detail?id=1148130971","media":"seekingalpha","summary":"NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fas","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.</li>\n <li>The company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.</li>\n <li>We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b31b2f189fa181e941126674e0b4c0b\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Drew Angerer/Getty Images News via Getty Images</span></p>\n<p>Despite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a&nbsp;price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).</p>\n<p>Founded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.</p>\n<p><b>A Trailblazer in Innovative Technology</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d9fd877602d5604bc3a69593badfdf\" tg-width=\"640\" tg-height=\"262\"><span>Source:ir.nio.com</span></p>\n<p>NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the&nbsp;181-mile average travel range of electric vehicles&nbsp;currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are&nbsp;more than 226 battery swapping stations&nbsp;across China, with more on the way following a recent&nbsp;strategic partnership agreement&nbsp;between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.</p>\n<p>In addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of&nbsp;EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s&nbsp;NOMI AI, the world’s first in-vehicle artificial intelligence.</p>\n<p>To further enhance their progress in autonomous driving technology, NIO has recently&nbsp;partnered with Mobileye&nbsp;– an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.</p>\n<p>NIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an&nbsp;estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6c800a04e6df92802f6893d214eecdd\" tg-width=\"640\" tg-height=\"213\"><span>Source: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).</span></p>\n<p><b>Global Expansion</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537449f8f7ee9c736b48c1776cbb7259\" tg-width=\"640\" tg-height=\"249\"><span>Source: ir.nio.com</span></p>\n<p>Another catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first&nbsp;overseas sales and service centre in Oslo, Norway&nbsp;in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the&nbsp;ES8, which currently retails at a&nbsp;starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the&nbsp;ET7, to follow in 2022.</p>\n<p>With a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.</p>\n<p><b>NIO’s Historical Performance</b></p>\n<p>Just a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a&nbsp;capital injection of RMB 7 billion&nbsp;(approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its&nbsp;IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75a1d7edb18c1762028ba54f617e1982\" tg-width=\"640\" tg-height=\"250\"><span>Source: Author, with data from ir.nio.com</span></p>\n<p>NIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the&nbsp;growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the&nbsp;recently renewed manufacturing agreement&nbsp;with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.</p>\n<p><b>NIO vs. LI and XPEV</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af8fa939f92be448d1f427a6ac4bfb25\" tg-width=\"640\" tg-height=\"352\"><span>Source: Finviz</span></p>\n<p>We have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.</p>\n<p>Considering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.</p>\n<p><b>Business Risks and Challenges</b></p>\n<p>As mentioned in one of my&nbsp;previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s&nbsp;denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.</p>\n<p>Another imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.</p>\n<p>Competition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.</p>\n<p><b>Conclusion</b></p>\n<p>NIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.</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>Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 12:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432901-nio-stock-reach-100><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.\nThe company's innovative approach and...</p>\n\n<a href=\"https://seekingalpha.com/article/4432901-nio-stock-reach-100\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4432901-nio-stock-reach-100","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148130971","content_text":"Summary\n\nNIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.\nThe company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.\nWe believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.\n\nPhoto by Drew Angerer/Getty Images News via Getty Images\nDespite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).\nFounded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.\nA Trailblazer in Innovative Technology\nSource:ir.nio.com\nNIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the 181-mile average travel range of electric vehicles currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are more than 226 battery swapping stations across China, with more on the way following a recent strategic partnership agreement between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.\nIn addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s NOMI AI, the world’s first in-vehicle artificial intelligence.\nTo further enhance their progress in autonomous driving technology, NIO has recently partnered with Mobileye – an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.\nNIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).\nSource: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).\nGlobal Expansion\nSource: ir.nio.com\nAnother catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first overseas sales and service centre in Oslo, Norway in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the ES8, which currently retails at a starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the ET7, to follow in 2022.\nWith a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.\nNIO’s Historical Performance\nJust a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a capital injection of RMB 7 billion (approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.\nSource: Author, with data from ir.nio.com\nNIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the recently renewed manufacturing agreement with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.\nNIO vs. LI and XPEV\nSource: Finviz\nWe have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.\nConsidering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.\nBusiness Risks and Challenges\nAs mentioned in one of my previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.\nAnother imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.\nCompetition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.\nConclusion\nNIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116271161,"gmtCreate":1622808053053,"gmtModify":1704191560222,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116271161","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","pubTimestamp":1622793373,"share":"https://ttm.financial/m/news/1122373606?lang=&edition=fundamental","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>\n <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>\n <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p>\n<p><b>Article Thesis</b></p>\n<p>Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p>\n<p><b>Apple Stock Price</b></p>\n<p>Over the last decade, Apple Inc. has been a great investment:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p>\n<p><b>Where Will Apple Stock Be In 10 Years</b></p>\n<p>Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p>\n<p>To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p>\n<p><b>Apple's business growth</b></p>\n<p>Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p>\n<p>On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p>\n<p><b>Apple's shareholder returns</b></p>\n<p>Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p>\n<p>This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p>\n<p><b>Apple's future valuation</b></p>\n<p>AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p>\n<p>Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p>\n<p><b>Is AAPL A Buy Or Sell Now</b></p>\n<p>Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p>\n<p>AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p>\n<p>Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</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>Where Will Apple Stock Be In 10 Years? What To Consider</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Apple Stock Be In 10 Years? What To Consider\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 15:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432703-apple-stock-in-10-years><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a ...</p>\n\n<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1},"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113713006,"gmtCreate":1622640316305,"gmtModify":1704187836454,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113713006","repostId":"1113990835","repostType":4,"repost":{"id":"1113990835","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":1622631418,"share":"https://ttm.financial/m/news/1113990835?lang=&edition=fundamental","pubTime":"2021-06-02 18:56","market":"us","language":"zh","title":"华兴资本重申老虎证券“买入”评级，提升目标价至38.5美元","url":"https://stock-news.laohu8.com/highlight/detail?id=1113990835","media":"老虎资讯综合","summary":"6月2日消息，近日，华兴资本发布研究报告，重申对老虎证券的“买入”评级，并将目标价由此前的30美元提升至38.5美元。\n\n华兴资本表示，老虎即将取得香港经纪业务牌照，不仅有利于香港本地用户的增长，还将","content":"<p>6月2日消息，近日，华兴资本发布研究报告，重申对老虎证券的“买入”评级，并将目标价由此前的30美元提升至38.5美元。</p>\n<p><img src=\"https://static.tigerbbs.com/8c72005fb5ce7e4ac11968018cf44e8e\" tg-width=\"354\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p>\n<p>华兴资本表示，老虎即将取得香港经纪业务牌照，不仅有利于香港本地用户的增长，还将促进港股IPO业务中直接参与融资和新股分配，降低港股结算成本。</p>\n<p>其次，老虎证券估值优势明显，盈利增速快，利润率扩张潜力大。华兴资本称，老虎在2021年Q1净利润率为29%，我们认为取得香港牌照后，该指标还将继续上行。因此，我们将2021年、2022年、2023年的非GAAP净利润分别上调61%、14%和3%。此外，华兴资本预计，老虎证券2020年到2023年间非GAAP净利润的年复合增长率将达83%。</p>\n<p>此前，老虎证券发布了大超市场预期的财报。财报显示，老虎证券第一季度总营收为8128万美元，同比增长255.5%；Non-GAAP净利润同比大增21倍达2349万美元，已超去年全年。</p>\n<p><img src=\"https://static.tigerbbs.com/13c08b724e77a2679e2ff15cff2a4bbe\" tg-width=\"1119\" tg-height=\"489\" referrerpolicy=\"no-referrer\"></p>\n<p>新增用户特别是海外新增用户快速增长。财报显示，截至一季度末，老虎证券开户客户数达140万，季度新增29.6万，为去年同期逾3倍。入金客户数达37.6万，季度新增11.7万，为去年同期的近6倍，再创季度净增新高。值得注意的是，公司正式开启国际化战略仅一年，海外客户即已占到本季新增入金客户的50%以上。与此同时，客户资产增速刷新历史记录增至214.1亿美元，季度内净增54.6亿美元，为去年同期的12倍多。交易规模达1238亿美元，是去年同期近3倍。</p>\n<p><img src=\"https://static.tigerbbs.com/7012b2830c8bc0d89ef2f73c2f660412\" tg-width=\"541\" tg-height=\"423\" referrerpolicy=\"no-referrer\"></p>\n<p>华兴资本也指出，如果市场低迷、IPO渠道减少、行业竞争加剧、中国收紧资本管制、以及海外扩张缓慢等因素或将影响公司的增长。</p>\n<p>附：华兴资本对老虎证券未来三年的业绩预期<img src=\"https://static.tigerbbs.com/ea9cb5dd48025922766157e7e29de4d6\" tg-width=\"1117\" tg-height=\"879\" 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>华兴资本重申老虎证券“买入”评级，提升目标价至38.5美元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华兴资本重申老虎证券“买入”评级，提升目标价至38.5美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-06-02 18:56</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月2日消息，近日，华兴资本发布研究报告，重申对老虎证券的“买入”评级，并将目标价由此前的30美元提升至38.5美元。</p>\n<p><img src=\"https://static.tigerbbs.com/8c72005fb5ce7e4ac11968018cf44e8e\" tg-width=\"354\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p>\n<p>华兴资本表示，老虎即将取得香港经纪业务牌照，不仅有利于香港本地用户的增长，还将促进港股IPO业务中直接参与融资和新股分配，降低港股结算成本。</p>\n<p>其次，老虎证券估值优势明显，盈利增速快，利润率扩张潜力大。华兴资本称，老虎在2021年Q1净利润率为29%，我们认为取得香港牌照后，该指标还将继续上行。因此，我们将2021年、2022年、2023年的非GAAP净利润分别上调61%、14%和3%。此外，华兴资本预计，老虎证券2020年到2023年间非GAAP净利润的年复合增长率将达83%。</p>\n<p>此前，老虎证券发布了大超市场预期的财报。财报显示，老虎证券第一季度总营收为8128万美元，同比增长255.5%；Non-GAAP净利润同比大增21倍达2349万美元，已超去年全年。</p>\n<p><img src=\"https://static.tigerbbs.com/13c08b724e77a2679e2ff15cff2a4bbe\" tg-width=\"1119\" tg-height=\"489\" referrerpolicy=\"no-referrer\"></p>\n<p>新增用户特别是海外新增用户快速增长。财报显示，截至一季度末，老虎证券开户客户数达140万，季度新增29.6万，为去年同期逾3倍。入金客户数达37.6万，季度新增11.7万，为去年同期的近6倍，再创季度净增新高。值得注意的是，公司正式开启国际化战略仅一年，海外客户即已占到本季新增入金客户的50%以上。与此同时，客户资产增速刷新历史记录增至214.1亿美元，季度内净增54.6亿美元，为去年同期的12倍多。交易规模达1238亿美元，是去年同期近3倍。</p>\n<p><img src=\"https://static.tigerbbs.com/7012b2830c8bc0d89ef2f73c2f660412\" tg-width=\"541\" tg-height=\"423\" referrerpolicy=\"no-referrer\"></p>\n<p>华兴资本也指出，如果市场低迷、IPO渠道减少、行业竞争加剧、中国收紧资本管制、以及海外扩张缓慢等因素或将影响公司的增长。</p>\n<p>附：华兴资本对老虎证券未来三年的业绩预期<img src=\"https://static.tigerbbs.com/ea9cb5dd48025922766157e7e29de4d6\" tg-width=\"1117\" tg-height=\"879\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f2ebafd9b9e78fcb0ae6a9f5287f8c1","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113990835","content_text":"6月2日消息，近日，华兴资本发布研究报告，重申对老虎证券的“买入”评级，并将目标价由此前的30美元提升至38.5美元。\n\n华兴资本表示，老虎即将取得香港经纪业务牌照，不仅有利于香港本地用户的增长，还将促进港股IPO业务中直接参与融资和新股分配，降低港股结算成本。\n其次，老虎证券估值优势明显，盈利增速快，利润率扩张潜力大。华兴资本称，老虎在2021年Q1净利润率为29%，我们认为取得香港牌照后，该指标还将继续上行。因此，我们将2021年、2022年、2023年的非GAAP净利润分别上调61%、14%和3%。此外，华兴资本预计，老虎证券2020年到2023年间非GAAP净利润的年复合增长率将达83%。\n此前，老虎证券发布了大超市场预期的财报。财报显示，老虎证券第一季度总营收为8128万美元，同比增长255.5%；Non-GAAP净利润同比大增21倍达2349万美元，已超去年全年。\n\n新增用户特别是海外新增用户快速增长。财报显示，截至一季度末，老虎证券开户客户数达140万，季度新增29.6万，为去年同期逾3倍。入金客户数达37.6万，季度新增11.7万，为去年同期的近6倍，再创季度净增新高。值得注意的是，公司正式开启国际化战略仅一年，海外客户即已占到本季新增入金客户的50%以上。与此同时，客户资产增速刷新历史记录增至214.1亿美元，季度内净增54.6亿美元，为去年同期的12倍多。交易规模达1238亿美元，是去年同期近3倍。\n\n华兴资本也指出，如果市场低迷、IPO渠道减少、行业竞争加剧、中国收紧资本管制、以及海外扩张缓慢等因素或将影响公司的增长。\n附：华兴资本对老虎证券未来三年的业绩预期","news_type":1},"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119674621,"gmtCreate":1622546279663,"gmtModify":1704186021343,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/119674621","repostId":"1143289608","repostType":4,"repost":{"id":"1143289608","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":1622542316,"share":"https://ttm.financial/m/news/1143289608?lang=&edition=fundamental","pubTime":"2021-06-01 18:11","market":"us","language":"zh","title":"嘉楠科技盘前涨超8%，一季度营收同比大增","url":"https://stock-news.laohu8.com/highlight/detail?id=1143289608","media":"老虎资讯综合","summary":"嘉楠科技：第一季度营收4.03亿元人民币，去年同期6827.3万元。一季度净利润120.4万元人民币，去年同期亏损3994.6万元。一季度每ADS盈利0.05元，去年同期亏损1.7元。一季度出售的总算","content":"<p><a href=\"https://laohu8.com/S/CAN\">嘉楠科技</a>：第一季度营收4.03亿元人民币，去年同期6827.3万元。</p><p>一季度净利润120.4万元人民币，去年同期亏损3994.6万元。</p><p>一季度每ADS盈利0.05元，去年同期亏损1.7元。</p><p>一季度出售的总算力为200万Thash/s，较去年同期的90万Thash/s增长122.2%。</p><p>随着公司大规模生产新一代比特币挖矿机，预计盈利和交付量将较2021年第一季度大幅增长。由于今年5月底比特币价格波动，目前比特币价格趋势难以预测，无法提供财务指引。</p><p>截至发稿，嘉楠科技盘前大涨超8%。</p><p><img src=\"https://static.tigerbbs.com/44731b7438c2173da12c4c693afb4566\" tg-width=\"800\" tg-height=\"497\" 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>嘉楠科技盘前涨超8%，一季度营收同比大增</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n嘉楠科技盘前涨超8%，一季度营收同比大增\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-06-01 18:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/CAN\">嘉楠科技</a>：第一季度营收4.03亿元人民币，去年同期6827.3万元。</p><p>一季度净利润120.4万元人民币，去年同期亏损3994.6万元。</p><p>一季度每ADS盈利0.05元，去年同期亏损1.7元。</p><p>一季度出售的总算力为200万Thash/s，较去年同期的90万Thash/s增长122.2%。</p><p>随着公司大规模生产新一代比特币挖矿机，预计盈利和交付量将较2021年第一季度大幅增长。由于今年5月底比特币价格波动，目前比特币价格趋势难以预测，无法提供财务指引。</p><p>截至发稿，嘉楠科技盘前大涨超8%。</p><p><img src=\"https://static.tigerbbs.com/44731b7438c2173da12c4c693afb4566\" tg-width=\"800\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/89b73656e72c20d8bad18906e9c15303","relate_stocks":{"CAN":"嘉楠科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143289608","content_text":"嘉楠科技：第一季度营收4.03亿元人民币，去年同期6827.3万元。一季度净利润120.4万元人民币，去年同期亏损3994.6万元。一季度每ADS盈利0.05元，去年同期亏损1.7元。一季度出售的总算力为200万Thash/s，较去年同期的90万Thash/s增长122.2%。随着公司大规模生产新一代比特币挖矿机，预计盈利和交付量将较2021年第一季度大幅增长。由于今年5月底比特币价格波动，目前比特币价格趋势难以预测，无法提供财务指引。截至发稿，嘉楠科技盘前大涨超8%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131166156,"gmtCreate":1621836772475,"gmtModify":1704363065073,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131166156","repostId":"1152338672","repostType":4,"repost":{"id":"1152338672","pubTimestamp":1621835123,"share":"https://ttm.financial/m/news/1152338672?lang=&edition=fundamental","pubTime":"2021-05-24 13:45","market":"us","language":"zh","title":"10年300倍，“魔性”特斯拉还能魔多久？","url":"https://stock-news.laohu8.com/highlight/detail?id=1152338672","media":"海豚投研","summary":"覆盖新能源汽车个股，特斯拉是最好的研究对象。\n抛开投资时机的问题，特斯拉是电动车领域的领头羊，软件定义汽车也是特斯拉一手掀起来的改变世界的风潮，而且市场对于电动车企业未来商业模式的想象大多也是循着特斯","content":"<p>覆盖新能源汽车个股，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>是最好的研究对象。</p>\n<p>抛开投资时机的问题，特斯拉是电动车领域的领头羊，软件定义汽车也是特斯拉一手掀起来的改变世界的风潮，而且市场对于电动车企业未来商业模式的想象大多也是循着特斯拉的发展来寻找蛛丝马迹，行业地位可见一斑。</p>\n<p><b>对于特斯拉的个股研究，海豚君主要关心以下几个问题：</b></p>\n<p>1、特斯拉始终处在风口浪尖上，消息应接不暇，哪些因素才是特斯拉投资逻辑中的核心？</p>\n<p>2、了解过去，才能立足当下，把握未来，特斯拉历史股价经历了哪几个阶段？导致每一段波动的背后因素是什么？</p>\n<p>3、作为整车企业，特斯拉的核心驱动离不开交付量，那么特斯拉在美国、中国和欧洲三大主流市场的处境如何？</p>\n<p>4、除了交付数据，特斯拉的财务数据如何？是否能印证特斯拉的投资逻辑？</p>\n<p>5、市场上具备核心竞争力的企业不多，但具备核心竞争力的企业一定是值得长期陪伴的，特斯拉是否有核心竞争力？如果有的话，核心竞争力是什么？</p>\n<p>6、落到投资上，最难又最必要的修炼是找到企业价值，当前时点对特斯拉的价值如何判断？</p>\n<p>本篇主要解决前三个问题，以下是具体内容：</p>\n<p><b>一</b></p>\n<p><b>特斯拉投资逻辑</b></p>\n<p><b>短期核心看交付，长期看软件和储能</b></p>\n<p><b>开门见山，海豚君已经为大家提炼好了特斯拉的投资逻辑：电动车硬件是切入点、自动驾驶等软件服务是颠覆方向、储能是产业链的延伸。</b></p>\n<p>而特斯拉估值的短期驱动看电动车硬件交付以及由此带来的利润，长期驱动看自动驾驶等软件服务和储能业务。</p>\n<p>按照特斯拉公告的业务拆分，其收入来源与传统车企接近但却蕴藏大谋划。</p>\n<p>汽车销售和汽车租赁是传统车企的收入项目，同样也是特斯拉业绩的中流砥柱，本质都是卖车，只是传统车企卖油车，特斯拉卖电动车，2020年特斯拉汽车业务营收合计占比86.3%。</p>\n<p>其中与传统车企不同的是特斯拉汽车销售中还包含了自动驾驶、软件功能更新收费等收入来源，这是特斯拉明谋的对行业的颠覆，可参考《新能源汽车：高估值背后，“新瓶装旧酒”也是新故事》。</p>\n<p>另一个与传统车企不同的地方则体现储能业务，2020年储能业务营收占比6.3%，储能业务则是特斯拉在电力产业链上的向上游延伸。</p>\n<p>如果从特斯拉要给全世界提供清洁的<a href=\"https://laohu8.com/S/000591\">太阳能</a>电力的初衷来看，储能业务在特斯拉内部的战略地位不言自明，把储能业务做起来是早晚的事情，而且在全球碳排放政策逐步趋严的背景下，能源革命也会是未来的重要话题。</p>\n<p><img src=\"https://static.tigerbbs.com/f4768bb93dcde8f481ca39b7a23f2a93\" tg-width=\"1080\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：公司财报，海豚投研整理</p>\n<p><img src=\"https://static.tigerbbs.com/7b0f82533a87d5226aa843fde7e5980b\" tg-width=\"1080\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：公司财报，海豚投研整理</p>\n<p><img src=\"https://static.tigerbbs.com/92f1b3a2fcd56d3c8c5f094021487e36\" tg-width=\"1080\" tg-height=\"652\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：公司财报，海豚投研整理</p>\n<p><b>二</b></p>\n<p><b>特斯拉股价复盘</b></p>\n<p><b>几经波折，终获认可</b></p>\n<p>特斯拉2010年6月纳斯达克上市，估值约16亿美元，截止2021年5月20日公司总市值5652亿美元，总市值10年300倍+！纵观特斯拉历史表现，海豚君大致将其分为以下六个阶段：</p>\n<p><b>第一阶段：</b>2013年3月底-2014年9月，公司股价从长期平稳的10美元以下快速攀升至50美元以上，一年半的时间翻了8倍。</p>\n<p>此轮上涨行情的触发点是Model S开启交付，改变了此前只有一款不接地气的跑车Roadster的局面，边际效应强，季度销量爬坡至5000辆左右，有了规模化量产和交付的信号，同时2013年一季度首次实现盈利，资本市场因此信心大振。</p>\n<p><b>第二阶段：</b>2014年10月-2016年底，接近2年的时间都是横盘的状态，股价在35-50美元的区间震荡。</p>\n<p>该阶段Model X量产但整体交付量没有预想的快速放量，从2014年一季度的5000辆缓慢提升2016年四季度的22300辆，而且车卖得越多，亏损额越多，同时自燃等负面新闻缠身，如果不能推出放量车型，资本市场不会愿意继续买单了，特斯拉的最大风险是破产。</p>\n<p><b>第三阶段：</b>2016年底-2017年6月，股价从38美元涨到78美元，半年时间翻倍。</p>\n<p>此轮上涨行情主要源于发布Model 3的规划，相比Model S/X高昂的定价，Model 3才有希望成为走量车型，从而扩大特斯拉的目标市场，带领特斯拉成为像BBA一样“可望又可及”的品牌。</p>\n<p><b>第四阶段：</b>2017年7月-2018年底，横盘一年半，股价在50-70美元的区间震荡。</p>\n<p>除了特朗普政府对电动车不太友好的政策环境之外，特斯拉Model 3因电池等问题交付时间不断推迟，一边是新车型量产前的大额投入，一边是不能交付回血的尴尬，特斯拉季度净亏素快速扩大至接近8亿美元。</p>\n<p><b>第五阶段：</b>2019年初-2021年1月，从50美元涨到900美元，一年半的时间翻了18倍。</p>\n<p>此轮暴涨背后有Model Y量产交付和快速打开中国市场的支持，并且在这两个因素的加持下，特斯拉亏损快速收窄，其全球领导者的地位得到夯实，自然要享受更多的溢价。</p>\n<p><b>第六阶段：</b>2021年2月-2021年5月17日收盘价577美元，疯狂过后股价回调。</p>\n<p>股价回调的触发点是全球放水预期结束、利率上行杀估值，而进入2021年4月份，以上海车展维权事件为导火索，特斯拉开始陷入负面事件风波，一边是打压需求，一边是市场竞争的白热化，特斯拉股价继续下调。</p>\n<p><img src=\"https://static.tigerbbs.com/263d81320146bac4d198e957a739875e\" tg-width=\"1080\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：长桥证券、公司财报、海豚投研整理</p>\n<p><img src=\"https://static.tigerbbs.com/d234e93890522a3d6f2687eee6ecee82\" tg-width=\"1080\" tg-height=\"794\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：长桥证券、公司财报、海豚投研整理</p>\n<p>从特斯拉的股价复盘和2013-2014年、2019-2020年的两波暴涨的行情中，海豚君发现，尽管资本市场对特斯拉的业绩没有那么敏感，更多时间是在炒估值，炒预期，但拉长来看，能形成一段时间持续上涨行情的基础还是业绩，业绩边际好转会带来戴维斯双击。<b>而特斯拉当前业绩的核心驱动因素的汽车交付量。</b></p>\n<p><b>三</b></p>\n<p><b>交付量</b></p>\n<p><b>美国、中国、欧洲三大主流市场处境如何？</b></p>\n<p>既然特斯拉的业绩基石是交付量，而决定交付量的，是公司在美国、中国和欧洲三个市场的表现，下面海豚君带大家来梳理一下这三个全球主流电动车市场的概况以及特斯拉的处境，从而为判断公司未来的交付量做基础。</p>\n<p><b>【1】美国：拜登新政利好电动车市场扩容，特斯拉还能继续一家独大？</b></p>\n<p>美国是汽车工业发展史上一股重要的势力，美国汽车市场也是全球重要的汽车市场之一，基本等同于全球五分之一的市场。</p>\n<p>同时美国汽车市场非常成熟，早已进入存量阶段，千人保有量超800辆，需求几乎全部来自置换需求，2015-2019年美国汽车年销量雷打不动地稳定在1700-1800万辆之间。</p>\n<p><img src=\"https://static.tigerbbs.com/d060f7764a2dd1728d1b5b515de6c7bf\" tg-width=\"1080\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：国际汽车制造商协会，海豚投研整理</p>\n<p>但面对汽车行业如火如荼的电动化变革，美国整体发展节奏慢了。</p>\n<p>2018-2020年美国电动车销量在32-35万辆之间徘徊，增长乏力，在全球抢抓电动车机遇的大环境下，美国电动车全球市占率一路下滑，2020年仅10%（PS美国整体汽车销量全球市占率接近20%），同时电动车渗透率2.3%，明显低于全球4.2%的渗透率。</p>\n<p><img src=\"https://static.tigerbbs.com/d1c53c80ab5e013f58330118d0edc8d8\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：EV sales，海豚投研整理</p>\n<p><b>而导致美国电动车市场发展停滞的原因是政府扶持政策的断档。</b>奥巴马执政期间（2008-2016年）的政策主调是重视燃油环保性问题并扶持电动车产业发展，而特朗普2017年初上任后，开始拯救传统化石能源行业，取消巴黎气候协定，还下调燃油环保目标。</p>\n<p>并且将原本的排放超标罚款力度从140美元/mpg/车降低至55美元，同时2019年底向国会提议取消7500美元/车的电动车抵税补助，整体对还处于导入阶段的电动车行业非常不利（以特斯拉2019年Model 3售价3.9万美元为例，7500美元占售价的19%）。</p>\n<p><b>2021年初拜登正式上台，美国电动车产业可谓久旱逢甘霖。</b>除了重返巴黎气候协定之外，2021年3月31日，拜登还公布了轰动一时的为期8年、总金额2万亿美元的基础设施计划，其中对清洁能源的发展尤其重视，1740亿刺激电动车产业链的发展，通过购置补贴和公用车辆采购拉动需求，同时完善充电桩等基础设施建设。</p>\n<p>毫无疑问，拜登认定电动汽车是汽车产业的未来，美国电动车市场会加速追赶。</p>\n<p><img src=\"https://static.tigerbbs.com/debd7298aeae304160bd9599654c86ce\" tg-width=\"1080\" tg-height=\"483\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：EV sales，海豚投研整理</p>\n<p>不过政府政策的摇摆也没能阻挡特斯拉对全球电动车风潮的引领。2018年特斯拉开始交付Model 3，在美市占率上新台阶，从2017年的26%攀升至2018年的52%，占半壁江山。</p>\n<p>同时由于2018-2020年美国整体电动车市场萎靡，特斯拉算是受益于竞争对手的缺失，2020年市占率提升至62%，可以说是美国电动车领域的绝对的霸主了。</p>\n<p><img src=\"https://static.tigerbbs.com/594f8a2b9e44712a3edc349c4a1ea019\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：Marklines，海豚投研整理</p>\n<p>拜登政府上台对电动车行业的扶持，在扩大市场整个盘子的同时，也会加剧市场竞争，各大传统车企将提升重视度，特斯拉此前接近“躺赢”的状态或将不再持续。</p>\n<p>美国两家本土企业通用和福特纷纷将未来5年在电动车领域的投资金额上调至270亿美元/220亿美元（对标特斯拉2016-2020年合计投入研发费用65亿美元、销售及管理费用193亿美元、投资活动现金流累计支出23亿美元），其中通用核心关注第三代全球电动车平台的进展，其搭载的联合LG化学共同研发的Ultium电池将强化公司车型竞争力，福特2021年核心车型看纯电动SUV野马Mach-E。</p>\n<p><b>整体就目前的信息来看，美国电动车市场的竞争会加剧，但传统车企要改变特斯拉“一家独大”地位，还需要时间。</b></p>\n<p><img src=\"https://static.tigerbbs.com/f07bd9eb07629696f31203bb911df076\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：Marklines，海豚投研整理</p>\n<p><b>【2】中国：电动车行业弯道超车，新势力和跨界生威胁特斯拉？</b></p>\n<p>中国整体汽车行业的起步远远落后于西方国家，如今的燃油车已经有了100多年的历史，而中国是在20世纪末才决定大力振兴汽车制造业的，发展早期以市场换技术，引入各种合资厂，中国的汽车工业得到了快速发展，凭借强大的内需，中国一举成为全球第一大汽车市场，基本占据全球三分之一的市场。</p>\n<p><img src=\"https://static.tigerbbs.com/b874d90b7c504e6f1a9a628026f40c7c\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：国际汽车制造商协会，海豚投研整理</p>\n<p>但早期选择的发展路径给中国汽车产业埋下了隐患，注定了汽车舶来品的属性，市场给予了外资和合资品牌更多的认可，2020年占掉了中国超60%的市场份额，而期间跑出来的吉利、长城等优秀的中国车企，在品牌力上被卡脖子，企业很难活得滋润。</p>\n<p><img src=\"https://static.tigerbbs.com/64f69676a2b6f1cfed4e0c741604ec0b\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：中汽协，海豚投研整理</p>\n<p><b>在这样背景下，与其选择艰难地迈过发动机变速箱的技术门槛，实现技术追赶，不如选择电动车，换道反超。</b></p>\n<p>因此中国2008年就开始扶持电动车，2015-2019年中国电动车市场占据了全球市场的半壁江山，直到2020年欧洲电动车市场才开始发力。<b>2021年一季度中国电动车销量51.5万辆，全球市占率46%，渗透率7.9%，远好于美国市场。</b></p>\n<p>同时在核心技术三电已经处于世界一线地位，尤其是动力电池领域的<a href=\"https://laohu8.com/S/300750\">宁德时代</a>，连续4年稳居全球首位，2020年全球动力电池市占率25%。中国电动车市场，强的不仅仅是终端整车销量，更有供应链作为强大的后盾。</p>\n<p><img src=\"https://static.tigerbbs.com/e7b0469cbe2d20abfa9c3b93da977108\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：EV sales，海豚投研整理</p>\n<p>政策方面，中国正处于补贴拉动需求向双积分倒逼供给的转变阶段。补贴退坡导致中国电动车市场2019年中场休息，2020年国产特斯拉鲶鱼效应重新焕活了整个产业链，加上双积分政策的接棒，<b>目前的电动车市场呈现“百花齐放、百家争鸣”的热闹景象。</b></p>\n<p>前有蔚小理造车新势力，后有华为、小米、<a href=\"https://laohu8.com/S/BIDU\">百度</a>等跨界选手，还有传统车企不遗余力求生存，各方力量都需要拿出具备竞争力的产品，用产品力激活终端需求。</p>\n<p>2020-2021年就是选手入局、车型放量的开端，例如2020年的小鹏P7、<a href=\"https://laohu8.com/S/NIO\">蔚来</a>EC6、<a href=\"https://laohu8.com/S/002594\">比亚迪</a>汉、五菱宏光mini，2021年华为inside的极狐、上汽智己等。</p>\n<p>对比欧美电动车市场的参与者，新势力和跨界选手成中国特色。蔚小理作为造车新势力的代表，目前在电动车市场已经得到认可，2021年一季度三家销量合计4.6万辆，占据9%的市场份额。</p>\n<p>华为、百度等跨界生因强大企业实力背书而被市场普遍看好，会从2021年的销量数据中开始有所反应。</p>\n<p><img src=\"https://static.tigerbbs.com/00bdd00bc89ad1ef04b9a059387b259d\" tg-width=\"1080\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：乘联会，海豚投研整理</p>\n<p>特斯拉2020年国产之后在中国市场一路高歌，2020年国内销量13.9万辆，市占率10%，2021年一季度交付6.9万辆，市占率13%。一年的时间拿下行业第一的位置，可谓风光无限。</p>\n<p>但2021年4月份上海车展的维权事件成了特斯拉开始走下坡路的转折点，激进的产品蕴藏缺陷、傲慢的公关激化矛盾、<a href=\"https://laohu8.com/S/QC7.SI\">全民</a>特别关注的“殊荣”，让事情变得难以收拾，特斯拉“水土不服”了，<b>在竞争最激烈的中国市场，鲨鱼变鲶鱼才符合引入特斯拉的初衷。</b></p>\n<p><img src=\"https://static.tigerbbs.com/2511f6182f0af5edf3d47984ab8c9412\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：中汽协，乘联会，海豚投研整理</p>\n<p><b>【3】欧洲：政策和供给两因素共振，特斯拉能否在汽车豪强集聚地讨到好处？</b></p>\n<p>欧洲是汽车的发源地，整体汽车市场非常成熟，也是欧洲的经济支柱之一。2016-2019年欧洲汽车年销量均维持在2000万辆出头的水平，几个主要的欧洲国家，例如意大利、德国、英国、法国，2019年千人汽车保有量均超过500辆。</p>\n<p><img src=\"https://static.tigerbbs.com/81288bb0077120d24562ff9e9ac7b620\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：国际汽车制造商协会，海豚投研整理</p>\n<p><img src=\"https://static.tigerbbs.com/f894ba696e476b50b880baf2ce5cc3b9\" tg-width=\"1080\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：世界银行，海豚投研整理</p>\n<p>电动车方面，法规和车型供给两因素共振，绝对销量和渗透率快速提升，<b>2020年欧洲电动车销量127万辆，同比增长135%，渗透率从2019年的不足3%提升至7.6%。</b></p>\n<p>2021年一季度继续强劲势头，渗透率突破两位数，实现14.7%，成为渗透率最高的主力市场。</p>\n<p><img src=\"https://static.tigerbbs.com/fdb20d449c9d72f50a05df9822c1b320\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：Marklines，海豚投研整理</p>\n<p>法规是欧洲电动车市场的主要驱动力，可分为碳排放和补贴两个方面：</p>\n<p>（1）2021年1月1日，欧盟最严碳排放法规开始执行，排放标准和罚款标准双高，超标企业要么缴纳巨额罚款，要么花钱购买积分。</p>\n<p>以菲亚特克莱斯勒为例，该企业2019-2021年累计花费约24亿美元购买特斯拉的碳排放积分，对比2019年30亿美元的利润来看，碳排放政策对本来利润就薄的汽车行业来说压力巨大。</p>\n<p>（2）补贴是对终端销售最有效的提升手段，中国已经过了补贴时代，而欧洲补贴政策正在如火如荼地推进。</p>\n<p><img src=\"https://static.tigerbbs.com/20a2c5dadb670fc73f7d009de2549561\" tg-width=\"1080\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：新闻，海豚投研整理</p>\n<p>竞争格局方面，欧洲电动车市场以传统车企为主，政策倒逼下纷纷开始发力。欧洲汽车市场高端品牌有BBA，中低端品牌有大众、<a href=\"https://laohu8.com/S/0NQF.UK\">雷诺</a>等，都是具备深厚底蕴的大品牌。</p>\n<p>消费者对本土品牌的认可度高，因此没有像美国一样出现搅局者特斯拉，也没有像中国市场一样出现一众的造车新势力和跨界生。</p>\n<p>2020年，欧洲电动车市场快速崛起，但市场份额被传统车企牢牢占据，特斯拉算是在严防死守中撕开了一道口子，2020年在欧洲市场销量接近10万辆，市占率8%。</p>\n<p>由于欧洲没有产能，特斯拉2020年主要依靠美国和中国工厂的产能输出，用走量车型Model 3，但目前也处于前有雷诺ZOE压制、后有大众ID系列追赶的状态。</p>\n<p><img src=\"https://static.tigerbbs.com/2a416ade1f2feee3759b4ac9a16ff6bb\" tg-width=\"1080\" tg-height=\"800\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：特斯拉各国官网，海豚投研整理</p>\n<p>特斯拉位于德国柏林的工厂正在修建中，规划产能50万辆，本来预计2021年夏季投产，但因为环境保护等文件审批问题要延迟到2021年底才能投产。</p>\n<p>从定价上来看，特斯拉在德国、法国等欧洲国家的售价明显高于中美市场的定价，随着柏林工厂的投产，有望复制特斯拉在中国持续降价拉销量的套路。</p>\n<p>不过，从政府意愿角度，欧洲并没有像中国一样对特斯拉打开绿灯，同时本土车企的品牌力比中国车企强太多，因此海豚君判断，特斯拉很难像在中美两个市场一样顺风顺水，快速登上神坛。</p>\n<p><img src=\"https://static.tigerbbs.com/6a4c9a2b81d28d8727b4c3df736e0bee\" tg-width=\"1080\" tg-height=\"644\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：Marklines，海豚投研整理</p>\n<p><img src=\"https://static.tigerbbs.com/6989ff23127d9eae35a7b015dd9d8dbc\" tg-width=\"1080\" tg-height=\"697\" referrerpolicy=\"no-referrer\"></p>\n<p>数据来源：Marklines，海豚投研整理</p>\n<p><b>四</b></p>\n<p><b>小结：</b></p>\n<p><b>美国市场发展提速</b></p>\n<p><b>欧洲本土企业严防死守</b></p>\n<p><b>中国竞争最激烈</b></p>\n<p>特斯拉在三大主力市场分别呈现以下特点：</p>\n<p>1、美国电动车市场在特朗普政府时期短暂落后之后，受益拜登新政的颁布以及全球电动化产业链的成熟，美国电动车市场将进入提速发展阶段。</p>\n<p>其中一家独大的特斯拉将明显受益，但隐忧是以通用、福特为例的传统车企在政策扶持下的转型变革，特斯拉没有竞争对手的局面也将终结；</p>\n<p>2、欧洲电动车市场目前呈现政府补贴和车企发力两因素共振的良好局面，已于2020年启动渗透率快速提升的发展节奏。</p>\n<p>欧洲的本土化车企在当地具备极强的品牌力，政策对特斯拉的态度也不似中国的大开绿灯，特斯拉的处境应该不会比在中国好，随着欧洲工厂的投产，销量会爬坡，但爬坡速度难以像2020年特斯拉在中国“直升机”式爆发。</p>\n<p>3、中国电动车市场核心驱动从政策转向供给端，从驱动因素上看，中国电动车市场的发展节奏具备领先身位，新造车势力和华为、百度等为例的跨界生成为中国特色，玩家前仆后继进入一个行业，会加速行业未来前景和格局的明晰。</p>\n<p>特斯拉在中国市场本来如鱼得水，但4月上海车展牵引出来的一系列负面事件，有可能将特斯拉拽下神坛。</p>\n<p><b>根据对三大主力市场的概览，海豚君会从三个市场汇总的角度结合公司车型规划和市场规划做一下特斯拉的销量预测，预测数据会在下篇中结合特斯拉公司估值一起呈现。</b></p>\n<p>本篇到此结束，海豚君主要带大家梳理了特斯拉投资逻辑、股价复盘以及决定特斯拉交付量的三大主流电动车市场的概况。</p>\n<p>下篇海豚君将梳理特斯拉财报、提炼特斯拉核心竞争力，并尝试给出海豚君对特斯拉的价值判断。</p>","source":"lsy1607051923659","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>10年300倍，“魔性”特斯拉还能魔多久？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10年300倍，“魔性”特斯拉还能魔多久？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 13:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/awvhWLPYsiihYCmYRRU5hA><strong>海豚投研</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>覆盖新能源汽车个股，特斯拉是最好的研究对象。\n抛开投资时机的问题，特斯拉是电动车领域的领头羊，软件定义汽车也是特斯拉一手掀起来的改变世界的风潮，而且市场对于电动车企业未来商业模式的想象大多也是循着特斯拉的发展来寻找蛛丝马迹，行业地位可见一斑。\n对于特斯拉的个股研究，海豚君主要关心以下几个问题：\n1、特斯拉始终处在风口浪尖上，消息应接不暇，哪些因素才是特斯拉投资逻辑中的核心？\n2、了解过去，才能立足...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/awvhWLPYsiihYCmYRRU5hA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8350896f4f33c86bc28f200b67ab82b4","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/awvhWLPYsiihYCmYRRU5hA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152338672","content_text":"覆盖新能源汽车个股，特斯拉是最好的研究对象。\n抛开投资时机的问题，特斯拉是电动车领域的领头羊，软件定义汽车也是特斯拉一手掀起来的改变世界的风潮，而且市场对于电动车企业未来商业模式的想象大多也是循着特斯拉的发展来寻找蛛丝马迹，行业地位可见一斑。\n对于特斯拉的个股研究，海豚君主要关心以下几个问题：\n1、特斯拉始终处在风口浪尖上，消息应接不暇，哪些因素才是特斯拉投资逻辑中的核心？\n2、了解过去，才能立足当下，把握未来，特斯拉历史股价经历了哪几个阶段？导致每一段波动的背后因素是什么？\n3、作为整车企业，特斯拉的核心驱动离不开交付量，那么特斯拉在美国、中国和欧洲三大主流市场的处境如何？\n4、除了交付数据，特斯拉的财务数据如何？是否能印证特斯拉的投资逻辑？\n5、市场上具备核心竞争力的企业不多，但具备核心竞争力的企业一定是值得长期陪伴的，特斯拉是否有核心竞争力？如果有的话，核心竞争力是什么？\n6、落到投资上，最难又最必要的修炼是找到企业价值，当前时点对特斯拉的价值如何判断？\n本篇主要解决前三个问题，以下是具体内容：\n一\n特斯拉投资逻辑\n短期核心看交付，长期看软件和储能\n开门见山，海豚君已经为大家提炼好了特斯拉的投资逻辑：电动车硬件是切入点、自动驾驶等软件服务是颠覆方向、储能是产业链的延伸。\n而特斯拉估值的短期驱动看电动车硬件交付以及由此带来的利润，长期驱动看自动驾驶等软件服务和储能业务。\n按照特斯拉公告的业务拆分，其收入来源与传统车企接近但却蕴藏大谋划。\n汽车销售和汽车租赁是传统车企的收入项目，同样也是特斯拉业绩的中流砥柱，本质都是卖车，只是传统车企卖油车，特斯拉卖电动车，2020年特斯拉汽车业务营收合计占比86.3%。\n其中与传统车企不同的是特斯拉汽车销售中还包含了自动驾驶、软件功能更新收费等收入来源，这是特斯拉明谋的对行业的颠覆，可参考《新能源汽车：高估值背后，“新瓶装旧酒”也是新故事》。\n另一个与传统车企不同的地方则体现储能业务，2020年储能业务营收占比6.3%，储能业务则是特斯拉在电力产业链上的向上游延伸。\n如果从特斯拉要给全世界提供清洁的太阳能电力的初衷来看，储能业务在特斯拉内部的战略地位不言自明，把储能业务做起来是早晚的事情，而且在全球碳排放政策逐步趋严的背景下，能源革命也会是未来的重要话题。\n\n数据来源：公司财报，海豚投研整理\n\n数据来源：公司财报，海豚投研整理\n\n数据来源：公司财报，海豚投研整理\n二\n特斯拉股价复盘\n几经波折，终获认可\n特斯拉2010年6月纳斯达克上市，估值约16亿美元，截止2021年5月20日公司总市值5652亿美元，总市值10年300倍+！纵观特斯拉历史表现，海豚君大致将其分为以下六个阶段：\n第一阶段：2013年3月底-2014年9月，公司股价从长期平稳的10美元以下快速攀升至50美元以上，一年半的时间翻了8倍。\n此轮上涨行情的触发点是Model S开启交付，改变了此前只有一款不接地气的跑车Roadster的局面，边际效应强，季度销量爬坡至5000辆左右，有了规模化量产和交付的信号，同时2013年一季度首次实现盈利，资本市场因此信心大振。\n第二阶段：2014年10月-2016年底，接近2年的时间都是横盘的状态，股价在35-50美元的区间震荡。\n该阶段Model X量产但整体交付量没有预想的快速放量，从2014年一季度的5000辆缓慢提升2016年四季度的22300辆，而且车卖得越多，亏损额越多，同时自燃等负面新闻缠身，如果不能推出放量车型，资本市场不会愿意继续买单了，特斯拉的最大风险是破产。\n第三阶段：2016年底-2017年6月，股价从38美元涨到78美元，半年时间翻倍。\n此轮上涨行情主要源于发布Model 3的规划，相比Model S/X高昂的定价，Model 3才有希望成为走量车型，从而扩大特斯拉的目标市场，带领特斯拉成为像BBA一样“可望又可及”的品牌。\n第四阶段：2017年7月-2018年底，横盘一年半，股价在50-70美元的区间震荡。\n除了特朗普政府对电动车不太友好的政策环境之外，特斯拉Model 3因电池等问题交付时间不断推迟，一边是新车型量产前的大额投入，一边是不能交付回血的尴尬，特斯拉季度净亏素快速扩大至接近8亿美元。\n第五阶段：2019年初-2021年1月，从50美元涨到900美元，一年半的时间翻了18倍。\n此轮暴涨背后有Model Y量产交付和快速打开中国市场的支持，并且在这两个因素的加持下，特斯拉亏损快速收窄，其全球领导者的地位得到夯实，自然要享受更多的溢价。\n第六阶段：2021年2月-2021年5月17日收盘价577美元，疯狂过后股价回调。\n股价回调的触发点是全球放水预期结束、利率上行杀估值，而进入2021年4月份，以上海车展维权事件为导火索，特斯拉开始陷入负面事件风波，一边是打压需求，一边是市场竞争的白热化，特斯拉股价继续下调。\n\n数据来源：长桥证券、公司财报、海豚投研整理\n\n数据来源：长桥证券、公司财报、海豚投研整理\n从特斯拉的股价复盘和2013-2014年、2019-2020年的两波暴涨的行情中，海豚君发现，尽管资本市场对特斯拉的业绩没有那么敏感，更多时间是在炒估值，炒预期，但拉长来看，能形成一段时间持续上涨行情的基础还是业绩，业绩边际好转会带来戴维斯双击。而特斯拉当前业绩的核心驱动因素的汽车交付量。\n三\n交付量\n美国、中国、欧洲三大主流市场处境如何？\n既然特斯拉的业绩基石是交付量，而决定交付量的，是公司在美国、中国和欧洲三个市场的表现，下面海豚君带大家来梳理一下这三个全球主流电动车市场的概况以及特斯拉的处境，从而为判断公司未来的交付量做基础。\n【1】美国：拜登新政利好电动车市场扩容，特斯拉还能继续一家独大？\n美国是汽车工业发展史上一股重要的势力，美国汽车市场也是全球重要的汽车市场之一，基本等同于全球五分之一的市场。\n同时美国汽车市场非常成熟，早已进入存量阶段，千人保有量超800辆，需求几乎全部来自置换需求，2015-2019年美国汽车年销量雷打不动地稳定在1700-1800万辆之间。\n\n数据来源：国际汽车制造商协会，海豚投研整理\n但面对汽车行业如火如荼的电动化变革，美国整体发展节奏慢了。\n2018-2020年美国电动车销量在32-35万辆之间徘徊，增长乏力，在全球抢抓电动车机遇的大环境下，美国电动车全球市占率一路下滑，2020年仅10%（PS美国整体汽车销量全球市占率接近20%），同时电动车渗透率2.3%，明显低于全球4.2%的渗透率。\n\n数据来源：EV sales，海豚投研整理\n而导致美国电动车市场发展停滞的原因是政府扶持政策的断档。奥巴马执政期间（2008-2016年）的政策主调是重视燃油环保性问题并扶持电动车产业发展，而特朗普2017年初上任后，开始拯救传统化石能源行业，取消巴黎气候协定，还下调燃油环保目标。\n并且将原本的排放超标罚款力度从140美元/mpg/车降低至55美元，同时2019年底向国会提议取消7500美元/车的电动车抵税补助，整体对还处于导入阶段的电动车行业非常不利（以特斯拉2019年Model 3售价3.9万美元为例，7500美元占售价的19%）。\n2021年初拜登正式上台，美国电动车产业可谓久旱逢甘霖。除了重返巴黎气候协定之外，2021年3月31日，拜登还公布了轰动一时的为期8年、总金额2万亿美元的基础设施计划，其中对清洁能源的发展尤其重视，1740亿刺激电动车产业链的发展，通过购置补贴和公用车辆采购拉动需求，同时完善充电桩等基础设施建设。\n毫无疑问，拜登认定电动汽车是汽车产业的未来，美国电动车市场会加速追赶。\n\n数据来源：EV sales，海豚投研整理\n不过政府政策的摇摆也没能阻挡特斯拉对全球电动车风潮的引领。2018年特斯拉开始交付Model 3，在美市占率上新台阶，从2017年的26%攀升至2018年的52%，占半壁江山。\n同时由于2018-2020年美国整体电动车市场萎靡，特斯拉算是受益于竞争对手的缺失，2020年市占率提升至62%，可以说是美国电动车领域的绝对的霸主了。\n\n数据来源：Marklines，海豚投研整理\n拜登政府上台对电动车行业的扶持，在扩大市场整个盘子的同时，也会加剧市场竞争，各大传统车企将提升重视度，特斯拉此前接近“躺赢”的状态或将不再持续。\n美国两家本土企业通用和福特纷纷将未来5年在电动车领域的投资金额上调至270亿美元/220亿美元（对标特斯拉2016-2020年合计投入研发费用65亿美元、销售及管理费用193亿美元、投资活动现金流累计支出23亿美元），其中通用核心关注第三代全球电动车平台的进展，其搭载的联合LG化学共同研发的Ultium电池将强化公司车型竞争力，福特2021年核心车型看纯电动SUV野马Mach-E。\n整体就目前的信息来看，美国电动车市场的竞争会加剧，但传统车企要改变特斯拉“一家独大”地位，还需要时间。\n\n数据来源：Marklines，海豚投研整理\n【2】中国：电动车行业弯道超车，新势力和跨界生威胁特斯拉？\n中国整体汽车行业的起步远远落后于西方国家，如今的燃油车已经有了100多年的历史，而中国是在20世纪末才决定大力振兴汽车制造业的，发展早期以市场换技术，引入各种合资厂，中国的汽车工业得到了快速发展，凭借强大的内需，中国一举成为全球第一大汽车市场，基本占据全球三分之一的市场。\n\n数据来源：国际汽车制造商协会，海豚投研整理\n但早期选择的发展路径给中国汽车产业埋下了隐患，注定了汽车舶来品的属性，市场给予了外资和合资品牌更多的认可，2020年占掉了中国超60%的市场份额，而期间跑出来的吉利、长城等优秀的中国车企，在品牌力上被卡脖子，企业很难活得滋润。\n\n数据来源：中汽协，海豚投研整理\n在这样背景下，与其选择艰难地迈过发动机变速箱的技术门槛，实现技术追赶，不如选择电动车，换道反超。\n因此中国2008年就开始扶持电动车，2015-2019年中国电动车市场占据了全球市场的半壁江山，直到2020年欧洲电动车市场才开始发力。2021年一季度中国电动车销量51.5万辆，全球市占率46%，渗透率7.9%，远好于美国市场。\n同时在核心技术三电已经处于世界一线地位，尤其是动力电池领域的宁德时代，连续4年稳居全球首位，2020年全球动力电池市占率25%。中国电动车市场，强的不仅仅是终端整车销量，更有供应链作为强大的后盾。\n\n数据来源：EV sales，海豚投研整理\n政策方面，中国正处于补贴拉动需求向双积分倒逼供给的转变阶段。补贴退坡导致中国电动车市场2019年中场休息，2020年国产特斯拉鲶鱼效应重新焕活了整个产业链，加上双积分政策的接棒，目前的电动车市场呈现“百花齐放、百家争鸣”的热闹景象。\n前有蔚小理造车新势力，后有华为、小米、百度等跨界选手，还有传统车企不遗余力求生存，各方力量都需要拿出具备竞争力的产品，用产品力激活终端需求。\n2020-2021年就是选手入局、车型放量的开端，例如2020年的小鹏P7、蔚来EC6、比亚迪汉、五菱宏光mini，2021年华为inside的极狐、上汽智己等。\n对比欧美电动车市场的参与者，新势力和跨界选手成中国特色。蔚小理作为造车新势力的代表，目前在电动车市场已经得到认可，2021年一季度三家销量合计4.6万辆，占据9%的市场份额。\n华为、百度等跨界生因强大企业实力背书而被市场普遍看好，会从2021年的销量数据中开始有所反应。\n\n数据来源：乘联会，海豚投研整理\n特斯拉2020年国产之后在中国市场一路高歌，2020年国内销量13.9万辆，市占率10%，2021年一季度交付6.9万辆，市占率13%。一年的时间拿下行业第一的位置，可谓风光无限。\n但2021年4月份上海车展的维权事件成了特斯拉开始走下坡路的转折点，激进的产品蕴藏缺陷、傲慢的公关激化矛盾、全民特别关注的“殊荣”，让事情变得难以收拾，特斯拉“水土不服”了，在竞争最激烈的中国市场，鲨鱼变鲶鱼才符合引入特斯拉的初衷。\n\n数据来源：中汽协，乘联会，海豚投研整理\n【3】欧洲：政策和供给两因素共振，特斯拉能否在汽车豪强集聚地讨到好处？\n欧洲是汽车的发源地，整体汽车市场非常成熟，也是欧洲的经济支柱之一。2016-2019年欧洲汽车年销量均维持在2000万辆出头的水平，几个主要的欧洲国家，例如意大利、德国、英国、法国，2019年千人汽车保有量均超过500辆。\n\n数据来源：国际汽车制造商协会，海豚投研整理\n\n数据来源：世界银行，海豚投研整理\n电动车方面，法规和车型供给两因素共振，绝对销量和渗透率快速提升，2020年欧洲电动车销量127万辆，同比增长135%，渗透率从2019年的不足3%提升至7.6%。\n2021年一季度继续强劲势头，渗透率突破两位数，实现14.7%，成为渗透率最高的主力市场。\n\n数据来源：Marklines，海豚投研整理\n法规是欧洲电动车市场的主要驱动力，可分为碳排放和补贴两个方面：\n（1）2021年1月1日，欧盟最严碳排放法规开始执行，排放标准和罚款标准双高，超标企业要么缴纳巨额罚款，要么花钱购买积分。\n以菲亚特克莱斯勒为例，该企业2019-2021年累计花费约24亿美元购买特斯拉的碳排放积分，对比2019年30亿美元的利润来看，碳排放政策对本来利润就薄的汽车行业来说压力巨大。\n（2）补贴是对终端销售最有效的提升手段，中国已经过了补贴时代，而欧洲补贴政策正在如火如荼地推进。\n\n数据来源：新闻，海豚投研整理\n竞争格局方面，欧洲电动车市场以传统车企为主，政策倒逼下纷纷开始发力。欧洲汽车市场高端品牌有BBA，中低端品牌有大众、雷诺等，都是具备深厚底蕴的大品牌。\n消费者对本土品牌的认可度高，因此没有像美国一样出现搅局者特斯拉，也没有像中国市场一样出现一众的造车新势力和跨界生。\n2020年，欧洲电动车市场快速崛起，但市场份额被传统车企牢牢占据，特斯拉算是在严防死守中撕开了一道口子，2020年在欧洲市场销量接近10万辆，市占率8%。\n由于欧洲没有产能，特斯拉2020年主要依靠美国和中国工厂的产能输出，用走量车型Model 3，但目前也处于前有雷诺ZOE压制、后有大众ID系列追赶的状态。\n\n数据来源：特斯拉各国官网，海豚投研整理\n特斯拉位于德国柏林的工厂正在修建中，规划产能50万辆，本来预计2021年夏季投产，但因为环境保护等文件审批问题要延迟到2021年底才能投产。\n从定价上来看，特斯拉在德国、法国等欧洲国家的售价明显高于中美市场的定价，随着柏林工厂的投产，有望复制特斯拉在中国持续降价拉销量的套路。\n不过，从政府意愿角度，欧洲并没有像中国一样对特斯拉打开绿灯，同时本土车企的品牌力比中国车企强太多，因此海豚君判断，特斯拉很难像在中美两个市场一样顺风顺水，快速登上神坛。\n\n数据来源：Marklines，海豚投研整理\n\n数据来源：Marklines，海豚投研整理\n四\n小结：\n美国市场发展提速\n欧洲本土企业严防死守\n中国竞争最激烈\n特斯拉在三大主力市场分别呈现以下特点：\n1、美国电动车市场在特朗普政府时期短暂落后之后，受益拜登新政的颁布以及全球电动化产业链的成熟，美国电动车市场将进入提速发展阶段。\n其中一家独大的特斯拉将明显受益，但隐忧是以通用、福特为例的传统车企在政策扶持下的转型变革，特斯拉没有竞争对手的局面也将终结；\n2、欧洲电动车市场目前呈现政府补贴和车企发力两因素共振的良好局面，已于2020年启动渗透率快速提升的发展节奏。\n欧洲的本土化车企在当地具备极强的品牌力，政策对特斯拉的态度也不似中国的大开绿灯，特斯拉的处境应该不会比在中国好，随着欧洲工厂的投产，销量会爬坡，但爬坡速度难以像2020年特斯拉在中国“直升机”式爆发。\n3、中国电动车市场核心驱动从政策转向供给端，从驱动因素上看，中国电动车市场的发展节奏具备领先身位，新造车势力和华为、百度等为例的跨界生成为中国特色，玩家前仆后继进入一个行业，会加速行业未来前景和格局的明晰。\n特斯拉在中国市场本来如鱼得水，但4月上海车展牵引出来的一系列负面事件，有可能将特斯拉拽下神坛。\n根据对三大主力市场的概览，海豚君会从三个市场汇总的角度结合公司车型规划和市场规划做一下特斯拉的销量预测，预测数据会在下篇中结合特斯拉公司估值一起呈现。\n本篇到此结束，海豚君主要带大家梳理了特斯拉投资逻辑、股价复盘以及决定特斯拉交付量的三大主流电动车市场的概况。\n下篇海豚君将梳理特斯拉财报、提炼特斯拉核心竞争力，并尝试给出海豚君对特斯拉的价值判断。","news_type":1},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133018359,"gmtCreate":1621667378271,"gmtModify":1704361292726,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133018359","repostId":"1186469208","repostType":4,"repost":{"id":"1186469208","weMediaInfo":{"introduction":"我们来自知名IT和财经媒体，专注于互联网+、电子商务、大数据、万物互联和人工智能。我们关注产业动态，技术趋势和商业变革，我们与你一起，迎接这个科技转变命运的时代。","home_visible":1,"media_name":"懂懂笔记","id":"1066040419","head_image":"https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b"},"pubTimestamp":1621609351,"share":"https://ttm.financial/m/news/1186469208?lang=&edition=fundamental","pubTime":"2021-05-21 23:02","market":"us","language":"zh","title":"面对炒股炒基和炒币，这些95后们是这么思考的","url":"https://stock-news.laohu8.com/highlight/detail?id=1186469208","media":"懂懂笔记","summary":"左飞每一次的操作有一个特点，“满仓进，满仓出”。\n两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股","content":"<p>左飞每一次的操作有一个特点，“满仓进，满仓出”。</p>\n<p>两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股市场。</p>\n<p>左飞今年22岁，出身普通家庭，目前在某大学计算机系读大四。以前大部分闲暇时间她都用来研究动漫和手游，但这一年来，她的眼睛始终没离开过股票交易的App，以及金融市场的各种新闻。</p>\n<p>在大二的上半学期，左飞上课时打开的电脑屏幕上，经常一半是PPT、另一半则是股市的分时图。左飞发现，自己认识的所有同学里，几乎都接触过股票进而基金。甚至一些学长、学姐每天都会在微信群里讨论某只股票的涨跌，是否应该买入还是清仓。可以说，类似左飞这样的95后都市青年，在2020年正以肉眼可见的增势投身于炒股炒基大军之中。</p>\n<p>2020年初，一场突如其来的新冠疫情令整个世界蒙上了“灰色”的面纱。但在平行时空的另一侧，却是资本世界的喧嚣，无数科技、互联网公司等待着打开IPO的大门，无数新股民憧憬着自己的投资能变成满屏大红。</p>\n<p>根据沪深交易所的数据显示，2020年中国证券市场总市值及各种衍生产品的成交量，均创下历年最高纪录，上证指数、深证成指涨幅领先全球多数指股，创业板指数年内涨幅超6成。</p>\n<p>报告还显示，<b>新入市投资者平均年龄为30.4岁，较2019年降低0.5岁。</b>投资者通过股票、公募基金等进行财富管理的需求显著增加，投资者证券账户平均资产量59.7万元，较2019年增加5万元，达到历年调查最高水平；投资公募基金的投资者占比67.1%，较2019年大幅增加21.3个百分点。</p>\n<p>5月6日，知名券商软件<a href=\"https://laohu8.com/S/300033\">同花顺</a>发布数据：2021年第一季度净利1.7亿增长33.66% ；美股经纪公司Robinhood数据显示，该平台用户年龄中位数为31岁；另外，富途证券国际（香港）去年的公布的数据显示，美港股网上交易平台富途牛牛90后~95后用户增长快速，目前占该平台用户量近43%。</p>\n<p>这一届年轻人认为自己比70后80后一代更理性也更明智，对于炒股炒基以及炒币有着自己的见解。这其中，有的人通过股票赚到了房子首付，有的炒卖虚拟货币日赚上万人民币，但是亦有人瞬间输掉所有积蓄，甚至决定从此不再入场……</p>\n<p>在股市币圈的血雨腥风中，在豪赌的人性考验中，他们的投资模式和以往的散户有何不同？又如何面对赌性与利益的冲突？</p>\n<p><b>小年轻为何爱炒股了？</b></p>\n<p><img src=\"https://static.tigerbbs.com/99bd944a1246b12d686773212e35c6de\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年1月初，一个星期四晚上，左飞拿着手机，眼睛死盯着一家券商App的分时图。</p>\n<p>盯了4个小时，凌晨4时50多分，美国股市就要“下班”了。突然，一支名为GME的股票猛地急升，很快就到了涨幅榜首位。左飞打开Robinhood，快速点击两下，买入、交易，三万元人民币几秒钟内就消失了。</p>\n<p>“都不知道这个票具体是什么，但是在Reddit上看到过这个，反正就感觉会涨。”左飞坦言，自己的美股知识还是菜鸟级，买卖全靠“第六感”。紧接着之后几天，她都会准时打开应用程序，当上面数字显示赚了80％后，她连忙卖出了所有股票。</p>\n<p>左飞不喜欢闷声大发财，有了利好她就想起了身在国内的朋友。“我跟几个关系比较近的朋友说了，那时Robinhood还有活动——开户送股票。我让他们赶紧下载，还把我的美区Apple ID借给他们。结果折腾了2个多小时，最后卡在了SSN（Social Security Number）和银行账号上，只能作罢。”</p>\n<p>她最心跳的一件事，是2020年1月，当时一位朋友以20元人民币左右的价格买入了2500股某医疗企业的股票，并告诉她值得入手。半年后这支股票涨至171.7元，涨幅达到了755%。</p>\n<p>以前只关心动漫的左飞第一次有些羡慕嫉妒恨了。“它（该医疗股）最高涨到过234元，较之前平均价格（20元）——翻了11倍。我没听朋友的劝告下手，后来那个后悔呀，如果一开始投5万元进去，就变成55万了。”</p>\n<p>实际上，即便在去年初她对股票投资仍是近乎一窍不通，连盘前、盘后的概念亦完全懵懂：“我以为股票5块钱收盘，下次开盘也会是5块钱。”她最初的投资策略，是瞄准涨幅榜中急升的股票，不问基本面、不问任何信息，凭直觉进出。</p>\n<p>对于过去一年的炒股经历，左飞坦言：“这一年其实心情很灰色的，唯二不断接收的信息就是疫情变化和股市变化。我也从不相信什么在绝望中寻找希望的心灵鸡汤，我只是觉得，如果我有钱了之后，就会有更多的希望。”</p>\n<p>谈起95后年轻股民的炒股热情，80后职业炒家王振也觉得有些突然。他告诉懂懂笔记，去年十月开始突然感受到身边90后95后股民多起来了，有几位平常从来不关心财经的年轻朋友，也纷纷咨询他是否是否应买入某某公司的股票、如何短线炒基金。</p>\n<p>“有一个朋友是90后，快30了，平时只喜欢买一些奢侈品和潮牌……2019年底他突然找到我，问可不可以买某体育企业的股票。”当时，这家公司身陷版权困扰，股价正值低位，“他跟我说就里面是潮牌概念，没火之前一文不值，火了之后价格水涨船高。”</p>\n<p>“还有一个大姐的孩子，96年的，刚上班没多久，也是那段时间突然问我美股的事情，另外朋友圈问我数字货币的也有好几个。”曾就职于某证券机构还做过财经记者的王振，面对越来越多的后浪，感觉自己一时跟不上时代步伐了。</p>\n<p>“网上不是说吗，现在年轻人是买了股票，才开始知道什么是股票，有些小孩儿连开盘时间都是买了股票后才知道的。真是初生牛犊不怕虎，放在以前这些孩子肯定是被耻笑的对象，现在不一样了——他们反而说我们这一代人只会瞎分析”。在2021年初，美股的GME事件曾让王振感到一种冲击，在他眼中，投资本应该是一门严谨的学问，“但是竟有人说只要赚钱就行，根本不用去研究什么公司的基本面。”</p>\n<p>无奈之余，他也经常阅览行业信息和市场趋势，观察这个他有些陌生的“炒股群体”。在他看来，各类股票交易程序的易用和普及，可能是导致小年轻冲动炒股流行的原因之一。</p>\n<p>王振表示，现在一部智能手机在手，各种交易软件层出不穷，用户随时随地可以买卖股票。另外，这些交易平台不时会送出“零星小恩小惠”作为诱饵，例如Robinhood、SoFi，标榜只要成功开户，有的是开户即送5~10美元股票，还有的号称赠送价值100美元的<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>公司股票，越来越多的股市交易平台和应用工具卡开发者，开始直接瞄准90、 95后——这群身上自带赌性的“菜鸟”群体。</p>\n<p>以前作为“散户”，如果想获得股票相关新闻、公告、各项报告等信息，需要逐一搜索，现在一些券商的网络交易平台，各种实时数据分析、研判市场资讯、趋势等功能，亦一应俱全。王振笑称，早先年在证券公司工作的时候最羡慕一个名为彭博终端的系统，“但这个系统特别贵，而现在一个免费的炒股APP什么都能办到了。”</p>\n<p>王振强调，最近一两年兴起的新手投资浪潮，或许也并不是专属于年轻人。“现在信息传递得更快，以前可能只是围着专家讨论，现在是全网铺天盖地的各种消息，各种炒股炒币资讯真假难辨满天飞。”在他看来，以前已有不少股民单凭消息入市，现在则是因社交网络发达，让这类股民更容易浮现在公众面前，“只是现在很多媒体只刻意关注90后95后股民罢了。”</p>\n<p>以B站、小红书、<a href=\"https://laohu8.com/S/DYIN\">抖音</a>、<a href=\"https://laohu8.com/S/ZH\">知乎</a>等年轻人聚集的互联网平台为例，围绕基金、股市和炒币的讨论热度都居高不下。在B站若按视频热度排序，可以看到基金、股票类视频播放数最高可达70万以上，不少视频播放数在15万～60万不等。</p>\n<p>炒股和炒币市场里，被放大的大多是一夜暴富和一夜清贫的资讯，而年轻人似乎更乐于关注那些一夜暴富的新闻。</p>\n<p><b>赌性的膨胀</b></p>\n<p><img src=\"https://static.tigerbbs.com/15cabe8f92fa2e3d7a4bb1a2ed1fdb24\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p>\n<p>关于这届年轻人的炒股（炒基）心态，有人说特别生猛，也有人说冷静的居多。</p>\n<p>观察身边的同学和朋友，左飞认为不少90后95后买股票的心态还是相对谨慎的，“保守的偏多，会先做研究，然后低成本的试一下。”</p>\n<p>她表示，铁杆男闺蜜徐奇是自己的股票启蒙导师，也就是告知她买入那只医疗企业股票的好朋友。2017年，21岁的徐奇毕业不久后就投身股票市场，谨慎的他最初小额买入，投资了钛化工行业。在股海沉浮4年后，徐奇大概赚了近60万元人民币，按说足以支付二三线城市的首付了。</p>\n<p>不过徐奇表示，最近在投资理念上和左飞等几位更年轻的朋友之间出现了分歧。“2019年之后才投资的人，会觉得投资是一件好简单的事。”徐奇指出，股市投资一年有10％回报，已经算是非常出色了，但反观身边几位刚入场的好友，没有30％回报的话就会发牢骚还有诸多不满。</p>\n<p>在徐奇看来，包括自己一直关注的GME事件，对股市而言就很不健康，“纯粹靠互联网的消息去预测股票的基本面，太幼稚了。”</p>\n<p>其实，冲动无关年龄，更多取决于个人性格和金融市场的形势，通常于牛市阶段加入的散户，其投资心理亦自然期望高回报。徐奇认为，随着炒股（炒币）工具与信息的普及化，他们的投资决定只不过更让人看清了这一届年轻人骨子里的贪婪。</p>\n<p>这一点，在深圳的职业炒币玩家徐鸿的身上也清晰可见。</p>\n<p>2018年21岁的徐鸿在某二本大学毕业后，正在为实习的事情发愁，他学的是金融，成绩一般、学校也一般，只能求助于家里人。此时表哥让他到自己开设的公司协助财务做账，闲暇时聊起了用杠杆炒虚拟货币这回事儿。</p>\n<p>徐鸿心动之下，曾以尝鲜心态投了几千元（人民币）试水。他发现相比普通股票市场，虚拟货币全天候开市，几乎每一秒都在起落，而且幅度甚大。徐鸿表示，当时初次接触炒币，表哥就教他动用杠杆，他当时也没多想，以为杠杆是投资的必然与基本技能。</p>\n<p>作为初生之犊，他每一次交易的杠杆都在逐步攀升，由一开始的5倍，到10、20、50，最夸张的一次是75倍，即实际上只投入2000元人民币，却可以买入价值近20万元的虚拟货币。</p>\n<p>虚拟货币的杠杆是以保证金制度运作的，不同的杠杆倍数，就会有不同的保证金率。假设75倍杠杆的保证金率是1.3%，即该虚拟货币的价格只要下跌1.3%，交易平台就会强制卖出投资者持有的虚拟货币，保证金全部消失。而1.3%的起落，在虚拟货币的世界可以是刹那之间。</p>\n<p>徐鸿坦言自己最初的投资心态有点疯狂，“涨了好像赢了整个世界，跌了心情好像世界末日一样。”经历最初半年的刺激以后，徐鸿陷入对数字的麻木。最多的一天，他交易了近30次，“好像变成了<a href=\"https://laohu8.com/S/300024\">机器人</a>，钱已不是钱，只是数字。有一天一个早上就赚了二万，起床按两个键，然后过了一小时账户里就多了20000。”</p>\n<p>今年2月，全球虚拟币价格狂飊，他帐户里的数字跳到了15万。同月22日，数小时内，他投资的以太币由1900美元跌破1100美元，十几万元又瞬间消失了。</p>\n<p>“其实我一开始折腾炒币的时候，就给自己定了目标，只要翻倍就卖，但是涨的最多的时候真的是不舍得卖，就想着能再多一点，于是本金几乎都没了，就是一场空”，徐鸿叹了口气。</p>\n<p>经历这次损失后，徐鸿开始改变投资方式。“我觉得没有理由像赌徒那样去赌，就去买相关书籍学习，看了十二三本，”同时，他还查询了很多为投资者提供技术分析工具好技巧的网站，“我一个个的看，中英文的都去研究。”</p>\n<p>现在，徐鸿已经整理了一套技术分析方法，还学会了做T——每收入两万元，就会抽走一万元。截至目前，他又赚到了4万多块。</p>\n<p><img src=\"https://static.tigerbbs.com/f5cfd2d2071f1d8e92b653592100f6d2\" tg-width=\"1080\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>徐鸿坦言，如今内心中变化的还有投资动机。最初赚钱是为了虚荣心和高消费，最近他开始思考买房和未来的生活状态。“你想啊，如果每个月打工慢慢熬，不知道猴年马月才能买房，所以我才会专注投资——你不去利用资金的话，它只会越来越贬值。”</p>\n<p>实际上，也曾多次“孤注一掷”的左飞这两个月也开始看书了，在买书之余她也通过刷短视频学习一些财经知识。但是每次到了赌性被激发的时候，她都承认什么“理性投资”的内容都会被抛在脑后。</p>\n<p>或许，在很多城市的写字楼、办公室、高档公寓或者廉租房里，更多年轻人都在做着类似的炒股梦和炒币梦，在他们看来，拥有较高学历和大视野的自己，能够更善于利用互联网和APP应有工具掌握和把控股市、币圈的信息。更重要的是，他们不相信工资能带来“安全感”，而是相信于类似“狗狗币”这样的神话。</p>\n<p><b>【结束语】</b></p>\n<p>如今，徐奇每天都要从上海周浦到市中心上班。不知何时，他发现自己开始享受坐在地铁车厢，看着交易界面的那种感觉。他笑着说道，自己没有忘记生活的理想和追求，只是理想没有钱不行。“我的理想就是在这个城市买一套房子”，……“我更大的理想是未来能开一个酒吧，就是那种安静、不闹的那种小资酒吧”。</p>\n<p>徐鸿则表示，自己对物质已经没有太多的挣扎。“最简单，不管炒什么，都是为了钱，有了钱，我才可以做回我自己。”</p>\n<p>左飞则坦言，“股票也罢炒币也罢就是个用后即弃的工具而已。”</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\" 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}\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n面对炒股炒基和炒币，这些95后们是这么思考的\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1066040419\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">懂懂笔记 </p>\n<p class=\"h-time\">2021-05-21 23:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>左飞每一次的操作有一个特点，“满仓进，满仓出”。</p>\n<p>两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股市场。</p>\n<p>左飞今年22岁，出身普通家庭，目前在某大学计算机系读大四。以前大部分闲暇时间她都用来研究动漫和手游，但这一年来，她的眼睛始终没离开过股票交易的App，以及金融市场的各种新闻。</p>\n<p>在大二的上半学期，左飞上课时打开的电脑屏幕上，经常一半是PPT、另一半则是股市的分时图。左飞发现，自己认识的所有同学里，几乎都接触过股票进而基金。甚至一些学长、学姐每天都会在微信群里讨论某只股票的涨跌，是否应该买入还是清仓。可以说，类似左飞这样的95后都市青年，在2020年正以肉眼可见的增势投身于炒股炒基大军之中。</p>\n<p>2020年初，一场突如其来的新冠疫情令整个世界蒙上了“灰色”的面纱。但在平行时空的另一侧，却是资本世界的喧嚣，无数科技、互联网公司等待着打开IPO的大门，无数新股民憧憬着自己的投资能变成满屏大红。</p>\n<p>根据沪深交易所的数据显示，2020年中国证券市场总市值及各种衍生产品的成交量，均创下历年最高纪录，上证指数、深证成指涨幅领先全球多数指股，创业板指数年内涨幅超6成。</p>\n<p>报告还显示，<b>新入市投资者平均年龄为30.4岁，较2019年降低0.5岁。</b>投资者通过股票、公募基金等进行财富管理的需求显著增加，投资者证券账户平均资产量59.7万元，较2019年增加5万元，达到历年调查最高水平；投资公募基金的投资者占比67.1%，较2019年大幅增加21.3个百分点。</p>\n<p>5月6日，知名券商软件<a href=\"https://laohu8.com/S/300033\">同花顺</a>发布数据：2021年第一季度净利1.7亿增长33.66% ；美股经纪公司Robinhood数据显示，该平台用户年龄中位数为31岁；另外，富途证券国际（香港）去年的公布的数据显示，美港股网上交易平台富途牛牛90后~95后用户增长快速，目前占该平台用户量近43%。</p>\n<p>这一届年轻人认为自己比70后80后一代更理性也更明智，对于炒股炒基以及炒币有着自己的见解。这其中，有的人通过股票赚到了房子首付，有的炒卖虚拟货币日赚上万人民币，但是亦有人瞬间输掉所有积蓄，甚至决定从此不再入场……</p>\n<p>在股市币圈的血雨腥风中，在豪赌的人性考验中，他们的投资模式和以往的散户有何不同？又如何面对赌性与利益的冲突？</p>\n<p><b>小年轻为何爱炒股了？</b></p>\n<p><img src=\"https://static.tigerbbs.com/99bd944a1246b12d686773212e35c6de\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年1月初，一个星期四晚上，左飞拿着手机，眼睛死盯着一家券商App的分时图。</p>\n<p>盯了4个小时，凌晨4时50多分，美国股市就要“下班”了。突然，一支名为GME的股票猛地急升，很快就到了涨幅榜首位。左飞打开Robinhood，快速点击两下，买入、交易，三万元人民币几秒钟内就消失了。</p>\n<p>“都不知道这个票具体是什么，但是在Reddit上看到过这个，反正就感觉会涨。”左飞坦言，自己的美股知识还是菜鸟级，买卖全靠“第六感”。紧接着之后几天，她都会准时打开应用程序，当上面数字显示赚了80％后，她连忙卖出了所有股票。</p>\n<p>左飞不喜欢闷声大发财，有了利好她就想起了身在国内的朋友。“我跟几个关系比较近的朋友说了，那时Robinhood还有活动——开户送股票。我让他们赶紧下载，还把我的美区Apple ID借给他们。结果折腾了2个多小时，最后卡在了SSN（Social Security Number）和银行账号上，只能作罢。”</p>\n<p>她最心跳的一件事，是2020年1月，当时一位朋友以20元人民币左右的价格买入了2500股某医疗企业的股票，并告诉她值得入手。半年后这支股票涨至171.7元，涨幅达到了755%。</p>\n<p>以前只关心动漫的左飞第一次有些羡慕嫉妒恨了。“它（该医疗股）最高涨到过234元，较之前平均价格（20元）——翻了11倍。我没听朋友的劝告下手，后来那个后悔呀，如果一开始投5万元进去，就变成55万了。”</p>\n<p>实际上，即便在去年初她对股票投资仍是近乎一窍不通，连盘前、盘后的概念亦完全懵懂：“我以为股票5块钱收盘，下次开盘也会是5块钱。”她最初的投资策略，是瞄准涨幅榜中急升的股票，不问基本面、不问任何信息，凭直觉进出。</p>\n<p>对于过去一年的炒股经历，左飞坦言：“这一年其实心情很灰色的，唯二不断接收的信息就是疫情变化和股市变化。我也从不相信什么在绝望中寻找希望的心灵鸡汤，我只是觉得，如果我有钱了之后，就会有更多的希望。”</p>\n<p>谈起95后年轻股民的炒股热情，80后职业炒家王振也觉得有些突然。他告诉懂懂笔记，去年十月开始突然感受到身边90后95后股民多起来了，有几位平常从来不关心财经的年轻朋友，也纷纷咨询他是否是否应买入某某公司的股票、如何短线炒基金。</p>\n<p>“有一个朋友是90后，快30了，平时只喜欢买一些奢侈品和潮牌……2019年底他突然找到我，问可不可以买某体育企业的股票。”当时，这家公司身陷版权困扰，股价正值低位，“他跟我说就里面是潮牌概念，没火之前一文不值，火了之后价格水涨船高。”</p>\n<p>“还有一个大姐的孩子，96年的，刚上班没多久，也是那段时间突然问我美股的事情，另外朋友圈问我数字货币的也有好几个。”曾就职于某证券机构还做过财经记者的王振，面对越来越多的后浪，感觉自己一时跟不上时代步伐了。</p>\n<p>“网上不是说吗，现在年轻人是买了股票，才开始知道什么是股票，有些小孩儿连开盘时间都是买了股票后才知道的。真是初生牛犊不怕虎，放在以前这些孩子肯定是被耻笑的对象，现在不一样了——他们反而说我们这一代人只会瞎分析”。在2021年初，美股的GME事件曾让王振感到一种冲击，在他眼中，投资本应该是一门严谨的学问，“但是竟有人说只要赚钱就行，根本不用去研究什么公司的基本面。”</p>\n<p>无奈之余，他也经常阅览行业信息和市场趋势，观察这个他有些陌生的“炒股群体”。在他看来，各类股票交易程序的易用和普及，可能是导致小年轻冲动炒股流行的原因之一。</p>\n<p>王振表示，现在一部智能手机在手，各种交易软件层出不穷，用户随时随地可以买卖股票。另外，这些交易平台不时会送出“零星小恩小惠”作为诱饵，例如Robinhood、SoFi，标榜只要成功开户，有的是开户即送5~10美元股票，还有的号称赠送价值100美元的<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>公司股票，越来越多的股市交易平台和应用工具卡开发者，开始直接瞄准90、 95后——这群身上自带赌性的“菜鸟”群体。</p>\n<p>以前作为“散户”，如果想获得股票相关新闻、公告、各项报告等信息，需要逐一搜索，现在一些券商的网络交易平台，各种实时数据分析、研判市场资讯、趋势等功能，亦一应俱全。王振笑称，早先年在证券公司工作的时候最羡慕一个名为彭博终端的系统，“但这个系统特别贵，而现在一个免费的炒股APP什么都能办到了。”</p>\n<p>王振强调，最近一两年兴起的新手投资浪潮，或许也并不是专属于年轻人。“现在信息传递得更快，以前可能只是围着专家讨论，现在是全网铺天盖地的各种消息，各种炒股炒币资讯真假难辨满天飞。”在他看来，以前已有不少股民单凭消息入市，现在则是因社交网络发达，让这类股民更容易浮现在公众面前，“只是现在很多媒体只刻意关注90后95后股民罢了。”</p>\n<p>以B站、小红书、<a href=\"https://laohu8.com/S/DYIN\">抖音</a>、<a href=\"https://laohu8.com/S/ZH\">知乎</a>等年轻人聚集的互联网平台为例，围绕基金、股市和炒币的讨论热度都居高不下。在B站若按视频热度排序，可以看到基金、股票类视频播放数最高可达70万以上，不少视频播放数在15万～60万不等。</p>\n<p>炒股和炒币市场里，被放大的大多是一夜暴富和一夜清贫的资讯，而年轻人似乎更乐于关注那些一夜暴富的新闻。</p>\n<p><b>赌性的膨胀</b></p>\n<p><img src=\"https://static.tigerbbs.com/15cabe8f92fa2e3d7a4bb1a2ed1fdb24\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p>\n<p>关于这届年轻人的炒股（炒基）心态，有人说特别生猛，也有人说冷静的居多。</p>\n<p>观察身边的同学和朋友，左飞认为不少90后95后买股票的心态还是相对谨慎的，“保守的偏多，会先做研究，然后低成本的试一下。”</p>\n<p>她表示，铁杆男闺蜜徐奇是自己的股票启蒙导师，也就是告知她买入那只医疗企业股票的好朋友。2017年，21岁的徐奇毕业不久后就投身股票市场，谨慎的他最初小额买入，投资了钛化工行业。在股海沉浮4年后，徐奇大概赚了近60万元人民币，按说足以支付二三线城市的首付了。</p>\n<p>不过徐奇表示，最近在投资理念上和左飞等几位更年轻的朋友之间出现了分歧。“2019年之后才投资的人，会觉得投资是一件好简单的事。”徐奇指出，股市投资一年有10％回报，已经算是非常出色了，但反观身边几位刚入场的好友，没有30％回报的话就会发牢骚还有诸多不满。</p>\n<p>在徐奇看来，包括自己一直关注的GME事件，对股市而言就很不健康，“纯粹靠互联网的消息去预测股票的基本面，太幼稚了。”</p>\n<p>其实，冲动无关年龄，更多取决于个人性格和金融市场的形势，通常于牛市阶段加入的散户，其投资心理亦自然期望高回报。徐奇认为，随着炒股（炒币）工具与信息的普及化，他们的投资决定只不过更让人看清了这一届年轻人骨子里的贪婪。</p>\n<p>这一点，在深圳的职业炒币玩家徐鸿的身上也清晰可见。</p>\n<p>2018年21岁的徐鸿在某二本大学毕业后，正在为实习的事情发愁，他学的是金融，成绩一般、学校也一般，只能求助于家里人。此时表哥让他到自己开设的公司协助财务做账，闲暇时聊起了用杠杆炒虚拟货币这回事儿。</p>\n<p>徐鸿心动之下，曾以尝鲜心态投了几千元（人民币）试水。他发现相比普通股票市场，虚拟货币全天候开市，几乎每一秒都在起落，而且幅度甚大。徐鸿表示，当时初次接触炒币，表哥就教他动用杠杆，他当时也没多想，以为杠杆是投资的必然与基本技能。</p>\n<p>作为初生之犊，他每一次交易的杠杆都在逐步攀升，由一开始的5倍，到10、20、50，最夸张的一次是75倍，即实际上只投入2000元人民币，却可以买入价值近20万元的虚拟货币。</p>\n<p>虚拟货币的杠杆是以保证金制度运作的，不同的杠杆倍数，就会有不同的保证金率。假设75倍杠杆的保证金率是1.3%，即该虚拟货币的价格只要下跌1.3%，交易平台就会强制卖出投资者持有的虚拟货币，保证金全部消失。而1.3%的起落，在虚拟货币的世界可以是刹那之间。</p>\n<p>徐鸿坦言自己最初的投资心态有点疯狂，“涨了好像赢了整个世界，跌了心情好像世界末日一样。”经历最初半年的刺激以后，徐鸿陷入对数字的麻木。最多的一天，他交易了近30次，“好像变成了<a href=\"https://laohu8.com/S/300024\">机器人</a>，钱已不是钱，只是数字。有一天一个早上就赚了二万，起床按两个键，然后过了一小时账户里就多了20000。”</p>\n<p>今年2月，全球虚拟币价格狂飊，他帐户里的数字跳到了15万。同月22日，数小时内，他投资的以太币由1900美元跌破1100美元，十几万元又瞬间消失了。</p>\n<p>“其实我一开始折腾炒币的时候，就给自己定了目标，只要翻倍就卖，但是涨的最多的时候真的是不舍得卖，就想着能再多一点，于是本金几乎都没了，就是一场空”，徐鸿叹了口气。</p>\n<p>经历这次损失后，徐鸿开始改变投资方式。“我觉得没有理由像赌徒那样去赌，就去买相关书籍学习，看了十二三本，”同时，他还查询了很多为投资者提供技术分析工具好技巧的网站，“我一个个的看，中英文的都去研究。”</p>\n<p>现在，徐鸿已经整理了一套技术分析方法，还学会了做T——每收入两万元，就会抽走一万元。截至目前，他又赚到了4万多块。</p>\n<p><img src=\"https://static.tigerbbs.com/f5cfd2d2071f1d8e92b653592100f6d2\" tg-width=\"1080\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>徐鸿坦言，如今内心中变化的还有投资动机。最初赚钱是为了虚荣心和高消费，最近他开始思考买房和未来的生活状态。“你想啊，如果每个月打工慢慢熬，不知道猴年马月才能买房，所以我才会专注投资——你不去利用资金的话，它只会越来越贬值。”</p>\n<p>实际上，也曾多次“孤注一掷”的左飞这两个月也开始看书了，在买书之余她也通过刷短视频学习一些财经知识。但是每次到了赌性被激发的时候，她都承认什么“理性投资”的内容都会被抛在脑后。</p>\n<p>或许，在很多城市的写字楼、办公室、高档公寓或者廉租房里，更多年轻人都在做着类似的炒股梦和炒币梦，在他们看来，拥有较高学历和大视野的自己，能够更善于利用互联网和APP应有工具掌握和把控股市、币圈的信息。更重要的是，他们不相信工资能带来“安全感”，而是相信于类似“狗狗币”这样的神话。</p>\n<p><b>【结束语】</b></p>\n<p>如今，徐奇每天都要从上海周浦到市中心上班。不知何时，他发现自己开始享受坐在地铁车厢，看着交易界面的那种感觉。他笑着说道，自己没有忘记生活的理想和追求，只是理想没有钱不行。“我的理想就是在这个城市买一套房子”，……“我更大的理想是未来能开一个酒吧，就是那种安静、不闹的那种小资酒吧”。</p>\n<p>徐鸿则表示，自己对物质已经没有太多的挣扎。“最简单，不管炒什么，都是为了钱，有了钱，我才可以做回我自己。”</p>\n<p>左飞则坦言，“股票也罢炒币也罢就是个用后即弃的工具而已。”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5cfd2d2071f1d8e92b653592100f6d2","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186469208","content_text":"左飞每一次的操作有一个特点，“满仓进，满仓出”。\n两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股市场。\n左飞今年22岁，出身普通家庭，目前在某大学计算机系读大四。以前大部分闲暇时间她都用来研究动漫和手游，但这一年来，她的眼睛始终没离开过股票交易的App，以及金融市场的各种新闻。\n在大二的上半学期，左飞上课时打开的电脑屏幕上，经常一半是PPT、另一半则是股市的分时图。左飞发现，自己认识的所有同学里，几乎都接触过股票进而基金。甚至一些学长、学姐每天都会在微信群里讨论某只股票的涨跌，是否应该买入还是清仓。可以说，类似左飞这样的95后都市青年，在2020年正以肉眼可见的增势投身于炒股炒基大军之中。\n2020年初，一场突如其来的新冠疫情令整个世界蒙上了“灰色”的面纱。但在平行时空的另一侧，却是资本世界的喧嚣，无数科技、互联网公司等待着打开IPO的大门，无数新股民憧憬着自己的投资能变成满屏大红。\n根据沪深交易所的数据显示，2020年中国证券市场总市值及各种衍生产品的成交量，均创下历年最高纪录，上证指数、深证成指涨幅领先全球多数指股，创业板指数年内涨幅超6成。\n报告还显示，新入市投资者平均年龄为30.4岁，较2019年降低0.5岁。投资者通过股票、公募基金等进行财富管理的需求显著增加，投资者证券账户平均资产量59.7万元，较2019年增加5万元，达到历年调查最高水平；投资公募基金的投资者占比67.1%，较2019年大幅增加21.3个百分点。\n5月6日，知名券商软件同花顺发布数据：2021年第一季度净利1.7亿增长33.66% ；美股经纪公司Robinhood数据显示，该平台用户年龄中位数为31岁；另外，富途证券国际（香港）去年的公布的数据显示，美港股网上交易平台富途牛牛90后~95后用户增长快速，目前占该平台用户量近43%。\n这一届年轻人认为自己比70后80后一代更理性也更明智，对于炒股炒基以及炒币有着自己的见解。这其中，有的人通过股票赚到了房子首付，有的炒卖虚拟货币日赚上万人民币，但是亦有人瞬间输掉所有积蓄，甚至决定从此不再入场……\n在股市币圈的血雨腥风中，在豪赌的人性考验中，他们的投资模式和以往的散户有何不同？又如何面对赌性与利益的冲突？\n小年轻为何爱炒股了？\n\n2021年1月初，一个星期四晚上，左飞拿着手机，眼睛死盯着一家券商App的分时图。\n盯了4个小时，凌晨4时50多分，美国股市就要“下班”了。突然，一支名为GME的股票猛地急升，很快就到了涨幅榜首位。左飞打开Robinhood，快速点击两下，买入、交易，三万元人民币几秒钟内就消失了。\n“都不知道这个票具体是什么，但是在Reddit上看到过这个，反正就感觉会涨。”左飞坦言，自己的美股知识还是菜鸟级，买卖全靠“第六感”。紧接着之后几天，她都会准时打开应用程序，当上面数字显示赚了80％后，她连忙卖出了所有股票。\n左飞不喜欢闷声大发财，有了利好她就想起了身在国内的朋友。“我跟几个关系比较近的朋友说了，那时Robinhood还有活动——开户送股票。我让他们赶紧下载，还把我的美区Apple ID借给他们。结果折腾了2个多小时，最后卡在了SSN（Social Security Number）和银行账号上，只能作罢。”\n她最心跳的一件事，是2020年1月，当时一位朋友以20元人民币左右的价格买入了2500股某医疗企业的股票，并告诉她值得入手。半年后这支股票涨至171.7元，涨幅达到了755%。\n以前只关心动漫的左飞第一次有些羡慕嫉妒恨了。“它（该医疗股）最高涨到过234元，较之前平均价格（20元）——翻了11倍。我没听朋友的劝告下手，后来那个后悔呀，如果一开始投5万元进去，就变成55万了。”\n实际上，即便在去年初她对股票投资仍是近乎一窍不通，连盘前、盘后的概念亦完全懵懂：“我以为股票5块钱收盘，下次开盘也会是5块钱。”她最初的投资策略，是瞄准涨幅榜中急升的股票，不问基本面、不问任何信息，凭直觉进出。\n对于过去一年的炒股经历，左飞坦言：“这一年其实心情很灰色的，唯二不断接收的信息就是疫情变化和股市变化。我也从不相信什么在绝望中寻找希望的心灵鸡汤，我只是觉得，如果我有钱了之后，就会有更多的希望。”\n谈起95后年轻股民的炒股热情，80后职业炒家王振也觉得有些突然。他告诉懂懂笔记，去年十月开始突然感受到身边90后95后股民多起来了，有几位平常从来不关心财经的年轻朋友，也纷纷咨询他是否是否应买入某某公司的股票、如何短线炒基金。\n“有一个朋友是90后，快30了，平时只喜欢买一些奢侈品和潮牌……2019年底他突然找到我，问可不可以买某体育企业的股票。”当时，这家公司身陷版权困扰，股价正值低位，“他跟我说就里面是潮牌概念，没火之前一文不值，火了之后价格水涨船高。”\n“还有一个大姐的孩子，96年的，刚上班没多久，也是那段时间突然问我美股的事情，另外朋友圈问我数字货币的也有好几个。”曾就职于某证券机构还做过财经记者的王振，面对越来越多的后浪，感觉自己一时跟不上时代步伐了。\n“网上不是说吗，现在年轻人是买了股票，才开始知道什么是股票，有些小孩儿连开盘时间都是买了股票后才知道的。真是初生牛犊不怕虎，放在以前这些孩子肯定是被耻笑的对象，现在不一样了——他们反而说我们这一代人只会瞎分析”。在2021年初，美股的GME事件曾让王振感到一种冲击，在他眼中，投资本应该是一门严谨的学问，“但是竟有人说只要赚钱就行，根本不用去研究什么公司的基本面。”\n无奈之余，他也经常阅览行业信息和市场趋势，观察这个他有些陌生的“炒股群体”。在他看来，各类股票交易程序的易用和普及，可能是导致小年轻冲动炒股流行的原因之一。\n王振表示，现在一部智能手机在手，各种交易软件层出不穷，用户随时随地可以买卖股票。另外，这些交易平台不时会送出“零星小恩小惠”作为诱饵，例如Robinhood、SoFi，标榜只要成功开户，有的是开户即送5~10美元股票，还有的号称赠送价值100美元的亚马逊公司股票，越来越多的股市交易平台和应用工具卡开发者，开始直接瞄准90、 95后——这群身上自带赌性的“菜鸟”群体。\n以前作为“散户”，如果想获得股票相关新闻、公告、各项报告等信息，需要逐一搜索，现在一些券商的网络交易平台，各种实时数据分析、研判市场资讯、趋势等功能，亦一应俱全。王振笑称，早先年在证券公司工作的时候最羡慕一个名为彭博终端的系统，“但这个系统特别贵，而现在一个免费的炒股APP什么都能办到了。”\n王振强调，最近一两年兴起的新手投资浪潮，或许也并不是专属于年轻人。“现在信息传递得更快，以前可能只是围着专家讨论，现在是全网铺天盖地的各种消息，各种炒股炒币资讯真假难辨满天飞。”在他看来，以前已有不少股民单凭消息入市，现在则是因社交网络发达，让这类股民更容易浮现在公众面前，“只是现在很多媒体只刻意关注90后95后股民罢了。”\n以B站、小红书、抖音、知乎等年轻人聚集的互联网平台为例，围绕基金、股市和炒币的讨论热度都居高不下。在B站若按视频热度排序，可以看到基金、股票类视频播放数最高可达70万以上，不少视频播放数在15万～60万不等。\n炒股和炒币市场里，被放大的大多是一夜暴富和一夜清贫的资讯，而年轻人似乎更乐于关注那些一夜暴富的新闻。\n赌性的膨胀\n\n关于这届年轻人的炒股（炒基）心态，有人说特别生猛，也有人说冷静的居多。\n观察身边的同学和朋友，左飞认为不少90后95后买股票的心态还是相对谨慎的，“保守的偏多，会先做研究，然后低成本的试一下。”\n她表示，铁杆男闺蜜徐奇是自己的股票启蒙导师，也就是告知她买入那只医疗企业股票的好朋友。2017年，21岁的徐奇毕业不久后就投身股票市场，谨慎的他最初小额买入，投资了钛化工行业。在股海沉浮4年后，徐奇大概赚了近60万元人民币，按说足以支付二三线城市的首付了。\n不过徐奇表示，最近在投资理念上和左飞等几位更年轻的朋友之间出现了分歧。“2019年之后才投资的人，会觉得投资是一件好简单的事。”徐奇指出，股市投资一年有10％回报，已经算是非常出色了，但反观身边几位刚入场的好友，没有30％回报的话就会发牢骚还有诸多不满。\n在徐奇看来，包括自己一直关注的GME事件，对股市而言就很不健康，“纯粹靠互联网的消息去预测股票的基本面，太幼稚了。”\n其实，冲动无关年龄，更多取决于个人性格和金融市场的形势，通常于牛市阶段加入的散户，其投资心理亦自然期望高回报。徐奇认为，随着炒股（炒币）工具与信息的普及化，他们的投资决定只不过更让人看清了这一届年轻人骨子里的贪婪。\n这一点，在深圳的职业炒币玩家徐鸿的身上也清晰可见。\n2018年21岁的徐鸿在某二本大学毕业后，正在为实习的事情发愁，他学的是金融，成绩一般、学校也一般，只能求助于家里人。此时表哥让他到自己开设的公司协助财务做账，闲暇时聊起了用杠杆炒虚拟货币这回事儿。\n徐鸿心动之下，曾以尝鲜心态投了几千元（人民币）试水。他发现相比普通股票市场，虚拟货币全天候开市，几乎每一秒都在起落，而且幅度甚大。徐鸿表示，当时初次接触炒币，表哥就教他动用杠杆，他当时也没多想，以为杠杆是投资的必然与基本技能。\n作为初生之犊，他每一次交易的杠杆都在逐步攀升，由一开始的5倍，到10、20、50，最夸张的一次是75倍，即实际上只投入2000元人民币，却可以买入价值近20万元的虚拟货币。\n虚拟货币的杠杆是以保证金制度运作的，不同的杠杆倍数，就会有不同的保证金率。假设75倍杠杆的保证金率是1.3%，即该虚拟货币的价格只要下跌1.3%，交易平台就会强制卖出投资者持有的虚拟货币，保证金全部消失。而1.3%的起落，在虚拟货币的世界可以是刹那之间。\n徐鸿坦言自己最初的投资心态有点疯狂，“涨了好像赢了整个世界，跌了心情好像世界末日一样。”经历最初半年的刺激以后，徐鸿陷入对数字的麻木。最多的一天，他交易了近30次，“好像变成了机器人，钱已不是钱，只是数字。有一天一个早上就赚了二万，起床按两个键，然后过了一小时账户里就多了20000。”\n今年2月，全球虚拟币价格狂飊，他帐户里的数字跳到了15万。同月22日，数小时内，他投资的以太币由1900美元跌破1100美元，十几万元又瞬间消失了。\n“其实我一开始折腾炒币的时候，就给自己定了目标，只要翻倍就卖，但是涨的最多的时候真的是不舍得卖，就想着能再多一点，于是本金几乎都没了，就是一场空”，徐鸿叹了口气。\n经历这次损失后，徐鸿开始改变投资方式。“我觉得没有理由像赌徒那样去赌，就去买相关书籍学习，看了十二三本，”同时，他还查询了很多为投资者提供技术分析工具好技巧的网站，“我一个个的看，中英文的都去研究。”\n现在，徐鸿已经整理了一套技术分析方法，还学会了做T——每收入两万元，就会抽走一万元。截至目前，他又赚到了4万多块。\n\n徐鸿坦言，如今内心中变化的还有投资动机。最初赚钱是为了虚荣心和高消费，最近他开始思考买房和未来的生活状态。“你想啊，如果每个月打工慢慢熬，不知道猴年马月才能买房，所以我才会专注投资——你不去利用资金的话，它只会越来越贬值。”\n实际上，也曾多次“孤注一掷”的左飞这两个月也开始看书了，在买书之余她也通过刷短视频学习一些财经知识。但是每次到了赌性被激发的时候，她都承认什么“理性投资”的内容都会被抛在脑后。\n或许，在很多城市的写字楼、办公室、高档公寓或者廉租房里，更多年轻人都在做着类似的炒股梦和炒币梦，在他们看来，拥有较高学历和大视野的自己，能够更善于利用互联网和APP应有工具掌握和把控股市、币圈的信息。更重要的是，他们不相信工资能带来“安全感”，而是相信于类似“狗狗币”这样的神话。\n【结束语】\n如今，徐奇每天都要从上海周浦到市中心上班。不知何时，他发现自己开始享受坐在地铁车厢，看着交易界面的那种感觉。他笑着说道，自己没有忘记生活的理想和追求，只是理想没有钱不行。“我的理想就是在这个城市买一套房子”，……“我更大的理想是未来能开一个酒吧，就是那种安静、不闹的那种小资酒吧”。\n徐鸿则表示，自己对物质已经没有太多的挣扎。“最简单，不管炒什么，都是为了钱，有了钱，我才可以做回我自己。”\n左飞则坦言，“股票也罢炒币也罢就是个用后即弃的工具而已。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":375369641,"gmtCreate":1619309684783,"gmtModify":1704722191568,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/375369641","repostId":"1166519043","repostType":4,"repost":{"id":"1166519043","pubTimestamp":1619192700,"share":"https://ttm.financial/m/news/1166519043?lang=&edition=fundamental","pubTime":"2021-04-23 23:45","market":"us","language":"en","title":"Tesla Stock Split: Will It Happen Again?","url":"https://stock-news.laohu8.com/highlight/detail?id=1166519043","media":"seekingalpha","summary":"Tesla not only has to contend with pure-play EV-makers. It will also face new entrants such as Apple and Chinese smartphone makers Huawei and Xiaomi.More traditional automakers will also be producing electric vehicles. Even if the demand side is plausible, it would mean Tesla needs to build many more factories.However, if analysts are right that Tesla's true potential lies in a future rollout of an autonomous ride-hailing fleet, its share price has much room to head north based on the consensus ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Tesla not only has to contend with pure-play EV-makers. It will also face new entrants such as Apple and Chinese smartphone makers Huawei and Xiaomi.</li>\n <li>More traditional automakers will also be producing electric vehicles. Even if the demand side is plausible, it would mean Tesla needs to build many more factories.</li>\n <li>It's a high chance that a great number of new plants would be in China which carries plenty of geopolitical risks. The headwinds from the uncertainties could suppress TSLA stock.</li>\n <li>However, if analysts are right that Tesla's true potential lies in a future rollout of an autonomous ride-hailing fleet, its share price has much room to head north based on the consensus projections.</li>\n <li>Tesla could consider another stock split to get&nbsp;\"more people in the stock.\" Past experiences suggest the EV titan could do one before the share price hit quadruple-digit again.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59edf6c2b70d6c984dc825b7567439bc\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Spencer Platt/Getty Images News via Getty Images</span></p>\n<p><b>TSLA stock is poised to rise in line with its business growth</b></p>\n<p>In a recent article titled&nbsp;<i>Who Will Be The Biggest Competitors By 2025</i>, I questioned certain projections regarding Tesla's (TSLA) car sales. Some estimates implied that Tesla would take a lion's share of the EV market despite the rapid increase in the number of competitors.</p>\n<p>By 2025, Tesla not only has to contend with pure-play EV-makers. It will also face new entrants such as Apple Inc. (AAPL) as well as Chinese smartphone giants Huawei and Xiaomi Corporation (OTC:XIACF)(OTCPK:XIACY). More traditional automakers will also be producing electric vehicles, even as they continue to churn out internal combustion engine-based cars.</p>\n<p>Even if the demand side is plausible, it would mean Tesla, Inc. needs to build many more factories. Given the effusive praise we have heard from Elon Musk regarding the speed of factory construction and on China in general, we could expect additional new plants to be cited in the populous country. That could add more&nbsp;geopolitical risks&nbsp;to the stock, as SA author John Engle argued.</p>\n<p>Then again, as many readers on Seeking Alpha, analysts, and Cathie Wood have postulated, Tesla's true potential lies in a future rollout of an autonomous ride-hailing fleet. Consequently, Tesla's revenue is projected to rise from $31.54 billion in 2020 to a whopping $388.52 billion on a consensus basis in 2030. That would bring the price-to-sales ratio to a mere 1.84 times on a forward basis.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fac352f9c2ac9bac0412ed076c27c75a\" tg-width=\"640\" tg-height=\"368\"><span>Source: Seeking Alpha Premium</span></p>\n<p>If Tesla did not disappoint the most bullish of the optimists forecasting its revenue to hit $600.7 billion in 2030, its P/S ratio would drop even lower to 1.19 times! You might say, all that sales are wonderful but what does their profitability look like? Well, the analysts believe TSLA would make boatloads of money. The consensus EPS estimate for 2030 is $33.48, a massive jump from the $0.64 it achieved in 2020. If the 2030 EPS estimate is realized, those earnings at today's price would reflect a ratio of 22.2 times, which could be seen as incredibly low.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7650450aa6230d6585a502b571ee3652\" tg-width=\"640\" tg-height=\"278\"><span>Source: Seeking Alpha Premium</span></p>\n<p>With EV sales projected by industry consultancy Canalys to remain below 50 percent of the total car sales by 2030, there remains significant growth potential for Tesla to increase its revenue. As such, assuming the analysts are correct, the share price of TSLA will not stay at the present level for the P/S ratio to be just 1.84 times and the P/E ratio at 22.2 times, the share price of TSLA would rise further than where it stands today.</p>\n<p><img src=\"https://static.tigerbbs.com/0cd810d4171606b50d186b8d9bf10bf5\" tg-width=\"640\" tg-height=\"479\"></p>\n<p>Tesla stock split history: What was Tesla's stock price before the recent split?</p>\n<p>In other words, Tesla's share price would continue to rise over the next five to ten years. With that in mind, the question is, will TSLA split again? Before discussing that, let's review Tesla's previous split.</p>\n<p>On August 11, 2020, Tesla&nbsp;announced, after the market closed, that its board approved a five-for-one split of shares to \"make stock ownership more accessible to employees and investors.\" This marked Tesla's first-ever split announcement. The stock jumped from a pre-split price of $1374.4 to as high as $1585 the next day before closing at $1554.75. TSLA went on to clock further gains the rest of the month, appreciating over 80 percent by the end of August 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/c1b22a860341fe3bf36996d737680ddb\" tg-width=\"640\" tg-height=\"485\"></p>\n<p><b>How did Tesla's most recent stock split affect share prices?</b></p>\n<p>Interestingly, after the split was affected, Tesla stock lost much of the August gains in just a few trading sessions in early September. The share price decline was speculated by some to be due to shareholders paring their holdings since the split had resulted in them holding more TSLA shares. This seems logical as the purpose of the split was to accord shareholders with greater \"liquidity\" over their TSLA holding.</p>\n<p>However, the weakness in Tesla's share price was more likely attributable to a capital-raising exercise&nbsp;announced&nbsp;pre-market on September 1, 2020. Although only up to $5 billion worth of shares representing just over 1 percent of Tesla's market cap were to be sold, investors were probably looking for a trigger to take profit considering that TSLA was running in overbought territory for more than two weeks, according to the relative strength index [RSI] momentum indicator at that time.</p>\n<p>TSLA's strong run upwards had also led to the stock becoming \"overweight\" on many shareholders' portfolios. Ironically, that meant investors, whether individuals or fund managers had to reduce their Tesla holdings to avoid concentration risk. For funds with concentration guidelines or rules, it's not even a choice but a&nbsp;mandatory reduction&nbsp;exercise once the Tesla position became outsized.</p>\n<p>To make matters worse, Tesla stock was subsequently dragged down further into correction territory amid a sell-off by investors of tech favorites and \"all things frothy.\" The share price recovered some grounds quickly but the stock stagnated for a few months thereafter before a&nbsp;powerful wave of EV hypeswept TSLA up again to new heights.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/085a34d7256fb764f0652d6223057202\" tg-width=\"640\" tg-height=\"267\"><span>Source: Yahoo Finance</span></p>\n<p><b>When will Tesla stock split again?</b></p>\n<p>Although Tesla's share price has pulled back from the peak earlier in the year, it remains much higher than the post-split level last year. At $744.12 at the time of writing, TSLA is 49 percent higher than the $498.32 close on August 31, 2020, the day of the stock split.</p>\n<p>If the past is any reference, Tesla executives did the stock split when the share price was in quadruple-digit. TSLA will need to rise more than 34 percent for that to happen again. As I opined earlier, Tesla stock appears to be poised for further upside. I believe it's more of a question of when, not if, will TSLA hit above $1,000 per share.</p>\n<p>Nevertheless, even in the current investing environment where there are platforms allowing the trading of fractional shares, there are still benefits for stocks with smaller prices. One obvious advantage is the impact on psychology, as the mind interprets low prices as \"cheaply valued\" and having room to head north.</p>\n<p>The leadership at Apple must be thinking the same as the folks at Tesla when the company executed its stock split around the same time as the EV giant last August. The share price appreciation from pre-announcement to post-stock split date was less spectacular compared to Tesla but still a hefty 41 percent.</p>\n<p><img src=\"https://static.tigerbbs.com/46bd0bed00b03ba1d738fd84c9dfb0dc\" tg-width=\"640\" tg-height=\"483\"></p>\n<p>Considering that Apple&nbsp;announced&nbsp;a stock split when the share price was much lower at $384.76, it goes to show there's value in considering a split in the stock even without the share price hitting quadruple-digit. Furthermore, AAPL has done this four times before - in 1987, 2000, 2005, and 2014 - when the share prices were all below $1,000. In 1987 and 2005, the stock was even trading at the sub-$100 level when the company did the split.</p>\n<p>Jim Cramer was quoted as saying during an interview last year that Tim Cook explained the 2020 stock split to him, telling him that he wanted \"more people in the stock.\" I suppose that's what Bill Gates and his team thought when the software giant performed eight stock splits from the listing of Microsoft (MSFT) until 1999 as MSFT climbed exponentially during the period. Elon Musk and Tim Cook are the odd couple but I believe the former would agree on having \"more people\" in TSLA stock.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/44957db620e86907bb72e9691bc726e6\" tg-width=\"640\" tg-height=\"250\"><span>Source: Yahoo Finance</span></p>\n<p><b>Should you buy Tesla now or wait for a split?</b></p>\n<p>Video-streaming leader Netflix (NFLX) announced a seven-for-one stock split in 2015 when its share was around $700 pre-split. NFLX went on to do very well though it's very much due to its business success than a simple cosmetic stock split exercise. The point of bringing this up is that Tesla's share price is around where Netflix's share price was when the split was completed.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3cbb0c9bd178401bc6cc863a0934af2\" tg-width=\"640\" tg-height=\"271\"><span>Source: Yahoo Finance</span></p>\n<p>Although Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOGL)(GOOG) are the odd tech companies trading at quadruple-digit levels, most others are trading in the triple-digit or smaller. With the favorable experience from the previous stock split, Tesla might not want to wait for the share price to hit quadruple-digit again before contemplating another split.</p>\n<p>Furthermore, there is&nbsp;existing literature&nbsp;that reveals a strong correlation between stock splits and \"outstanding stock price performance\", giving Tesla the impetus to do so. Another potential trigger point for Elon Musk to announce a stock split could be when TSLA hit $840 per share. He would be able to claim that the company would do a two-for-one split so that the share price becomes $420 post-split.</p>\n<p>Of course, the share price wouldn't stay flat from the announcement date until the effective date. Nonetheless, the media would have gone into overdrive covering the announcement and speculating about the number's link to weed as well as Elon's past brush with the securities law on his previous take-Tesla-private-at-$420 claim. This would generate plenty of free publicity for the company.</p>\n<p>However, investors should not hang around for a stock split if they are intending to own shares in Tesla. It may not happen and the share price could still zoom upwards on speculations, improving sentiment, or due to business fundamentals.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Split: Will It Happen Again?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Split: Will It Happen Again?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 23:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4420899-tesla-stock-split-will-it-happen-again><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nTesla not only has to contend with pure-play EV-makers. It will also face new entrants such as Apple and Chinese smartphone makers Huawei and Xiaomi.\nMore traditional automakers will also be ...</p>\n\n<a href=\"https://seekingalpha.com/article/4420899-tesla-stock-split-will-it-happen-again\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4420899-tesla-stock-split-will-it-happen-again","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1166519043","content_text":"Summary\n\nTesla not only has to contend with pure-play EV-makers. It will also face new entrants such as Apple and Chinese smartphone makers Huawei and Xiaomi.\nMore traditional automakers will also be producing electric vehicles. Even if the demand side is plausible, it would mean Tesla needs to build many more factories.\nIt's a high chance that a great number of new plants would be in China which carries plenty of geopolitical risks. The headwinds from the uncertainties could suppress TSLA stock.\nHowever, if analysts are right that Tesla's true potential lies in a future rollout of an autonomous ride-hailing fleet, its share price has much room to head north based on the consensus projections.\nTesla could consider another stock split to get \"more people in the stock.\" Past experiences suggest the EV titan could do one before the share price hit quadruple-digit again.\n\nPhoto by Spencer Platt/Getty Images News via Getty Images\nTSLA stock is poised to rise in line with its business growth\nIn a recent article titled Who Will Be The Biggest Competitors By 2025, I questioned certain projections regarding Tesla's (TSLA) car sales. Some estimates implied that Tesla would take a lion's share of the EV market despite the rapid increase in the number of competitors.\nBy 2025, Tesla not only has to contend with pure-play EV-makers. It will also face new entrants such as Apple Inc. (AAPL) as well as Chinese smartphone giants Huawei and Xiaomi Corporation (OTC:XIACF)(OTCPK:XIACY). More traditional automakers will also be producing electric vehicles, even as they continue to churn out internal combustion engine-based cars.\nEven if the demand side is plausible, it would mean Tesla, Inc. needs to build many more factories. Given the effusive praise we have heard from Elon Musk regarding the speed of factory construction and on China in general, we could expect additional new plants to be cited in the populous country. That could add more geopolitical risks to the stock, as SA author John Engle argued.\nThen again, as many readers on Seeking Alpha, analysts, and Cathie Wood have postulated, Tesla's true potential lies in a future rollout of an autonomous ride-hailing fleet. Consequently, Tesla's revenue is projected to rise from $31.54 billion in 2020 to a whopping $388.52 billion on a consensus basis in 2030. That would bring the price-to-sales ratio to a mere 1.84 times on a forward basis.\nSource: Seeking Alpha Premium\nIf Tesla did not disappoint the most bullish of the optimists forecasting its revenue to hit $600.7 billion in 2030, its P/S ratio would drop even lower to 1.19 times! You might say, all that sales are wonderful but what does their profitability look like? Well, the analysts believe TSLA would make boatloads of money. The consensus EPS estimate for 2030 is $33.48, a massive jump from the $0.64 it achieved in 2020. If the 2030 EPS estimate is realized, those earnings at today's price would reflect a ratio of 22.2 times, which could be seen as incredibly low.\nSource: Seeking Alpha Premium\nWith EV sales projected by industry consultancy Canalys to remain below 50 percent of the total car sales by 2030, there remains significant growth potential for Tesla to increase its revenue. As such, assuming the analysts are correct, the share price of TSLA will not stay at the present level for the P/S ratio to be just 1.84 times and the P/E ratio at 22.2 times, the share price of TSLA would rise further than where it stands today.\n\nTesla stock split history: What was Tesla's stock price before the recent split?\nIn other words, Tesla's share price would continue to rise over the next five to ten years. With that in mind, the question is, will TSLA split again? Before discussing that, let's review Tesla's previous split.\nOn August 11, 2020, Tesla announced, after the market closed, that its board approved a five-for-one split of shares to \"make stock ownership more accessible to employees and investors.\" This marked Tesla's first-ever split announcement. The stock jumped from a pre-split price of $1374.4 to as high as $1585 the next day before closing at $1554.75. TSLA went on to clock further gains the rest of the month, appreciating over 80 percent by the end of August 2020.\n\nHow did Tesla's most recent stock split affect share prices?\nInterestingly, after the split was affected, Tesla stock lost much of the August gains in just a few trading sessions in early September. The share price decline was speculated by some to be due to shareholders paring their holdings since the split had resulted in them holding more TSLA shares. This seems logical as the purpose of the split was to accord shareholders with greater \"liquidity\" over their TSLA holding.\nHowever, the weakness in Tesla's share price was more likely attributable to a capital-raising exercise announced pre-market on September 1, 2020. Although only up to $5 billion worth of shares representing just over 1 percent of Tesla's market cap were to be sold, investors were probably looking for a trigger to take profit considering that TSLA was running in overbought territory for more than two weeks, according to the relative strength index [RSI] momentum indicator at that time.\nTSLA's strong run upwards had also led to the stock becoming \"overweight\" on many shareholders' portfolios. Ironically, that meant investors, whether individuals or fund managers had to reduce their Tesla holdings to avoid concentration risk. For funds with concentration guidelines or rules, it's not even a choice but a mandatory reduction exercise once the Tesla position became outsized.\nTo make matters worse, Tesla stock was subsequently dragged down further into correction territory amid a sell-off by investors of tech favorites and \"all things frothy.\" The share price recovered some grounds quickly but the stock stagnated for a few months thereafter before a powerful wave of EV hypeswept TSLA up again to new heights.\nSource: Yahoo Finance\nWhen will Tesla stock split again?\nAlthough Tesla's share price has pulled back from the peak earlier in the year, it remains much higher than the post-split level last year. At $744.12 at the time of writing, TSLA is 49 percent higher than the $498.32 close on August 31, 2020, the day of the stock split.\nIf the past is any reference, Tesla executives did the stock split when the share price was in quadruple-digit. TSLA will need to rise more than 34 percent for that to happen again. As I opined earlier, Tesla stock appears to be poised for further upside. I believe it's more of a question of when, not if, will TSLA hit above $1,000 per share.\nNevertheless, even in the current investing environment where there are platforms allowing the trading of fractional shares, there are still benefits for stocks with smaller prices. One obvious advantage is the impact on psychology, as the mind interprets low prices as \"cheaply valued\" and having room to head north.\nThe leadership at Apple must be thinking the same as the folks at Tesla when the company executed its stock split around the same time as the EV giant last August. The share price appreciation from pre-announcement to post-stock split date was less spectacular compared to Tesla but still a hefty 41 percent.\n\nConsidering that Apple announced a stock split when the share price was much lower at $384.76, it goes to show there's value in considering a split in the stock even without the share price hitting quadruple-digit. Furthermore, AAPL has done this four times before - in 1987, 2000, 2005, and 2014 - when the share prices were all below $1,000. In 1987 and 2005, the stock was even trading at the sub-$100 level when the company did the split.\nJim Cramer was quoted as saying during an interview last year that Tim Cook explained the 2020 stock split to him, telling him that he wanted \"more people in the stock.\" I suppose that's what Bill Gates and his team thought when the software giant performed eight stock splits from the listing of Microsoft (MSFT) until 1999 as MSFT climbed exponentially during the period. Elon Musk and Tim Cook are the odd couple but I believe the former would agree on having \"more people\" in TSLA stock.\nSource: Yahoo Finance\nShould you buy Tesla now or wait for a split?\nVideo-streaming leader Netflix (NFLX) announced a seven-for-one stock split in 2015 when its share was around $700 pre-split. NFLX went on to do very well though it's very much due to its business success than a simple cosmetic stock split exercise. The point of bringing this up is that Tesla's share price is around where Netflix's share price was when the split was completed.\nSource: Yahoo Finance\nAlthough Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOGL)(GOOG) are the odd tech companies trading at quadruple-digit levels, most others are trading in the triple-digit or smaller. With the favorable experience from the previous stock split, Tesla might not want to wait for the share price to hit quadruple-digit again before contemplating another split.\nFurthermore, there is existing literature that reveals a strong correlation between stock splits and \"outstanding stock price performance\", giving Tesla the impetus to do so. Another potential trigger point for Elon Musk to announce a stock split could be when TSLA hit $840 per share. He would be able to claim that the company would do a two-for-one split so that the share price becomes $420 post-split.\nOf course, the share price wouldn't stay flat from the announcement date until the effective date. Nonetheless, the media would have gone into overdrive covering the announcement and speculating about the number's link to weed as well as Elon's past brush with the securities law on his previous take-Tesla-private-at-$420 claim. This would generate plenty of free publicity for the company.\nHowever, investors should not hang around for a stock split if they are intending to own shares in Tesla. It may not happen and the share price could still zoom upwards on speculations, improving sentiment, or due to business fundamentals.","news_type":1},"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183404099,"gmtCreate":1623338834811,"gmtModify":1704201331833,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/183404099","repostId":"1102160633","repostType":4,"repost":{"id":"1102160633","pubTimestamp":1623337532,"share":"https://ttm.financial/m/news/1102160633?lang=&edition=fundamental","pubTime":"2021-06-10 23:05","market":"us","language":"en","title":"Reddit co-founder says meme stocks' moniker 'charming' but says momentum investing nothing new","url":"https://stock-news.laohu8.com/highlight/detail?id=1102160633","media":"cnbc","summary":"\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.Ohanian said technology will remain a force for retail investors whether it continues on the platform he helped create or another.Reddit co-founderAlexis Ohaniantold CNBC on Thursday that the meme stock frenzy — which traces its roots to the online forum website he helped create — is what happens when momentum investing is amplified by technology.","content":"<div>\n<p>KEY POINTS\n\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.\nOhanian said technology will remain ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reddit co-founder says meme stocks' moniker 'charming' but says momentum investing nothing new</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReddit co-founder says meme stocks' moniker 'charming' but says momentum investing nothing new\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 23:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.\nOhanian said technology will remain ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cnbc.com/2021/06/10/alexis-ohanian-meme-stock-moniker-charming-but-momentum-trading-not-new.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1102160633","content_text":"KEY POINTS\n\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" Reddit co-founder Alexis Ohanian told CNBC.\nOhanian said technology will remain a force for retail investors whether it continues on the platform he helped create or another.\n\nReddit co-founderAlexis Ohaniantold CNBC on Thursday that the meme stock frenzy — which traces its roots to the online forum website he helped create — is what happens when momentum investing is amplified by technology.\n\"Really, the existence of people getting whipped up and excited about a stock has happened, you know, it's happened around barbershops. It's happened around bars,\" Ohanian said in an interview on\"Squawk Box.\"\"Retail investors have just never been able to jump on an opportunity in real time, and this is what it's like in the age of ubiquitous social media.\"\n\"Meme stocks, it is a charming name, but I think at the end of the day, momentum investing is nothing new,\" added Ohanian, who in 2005 co-founded Reddit alongside current CEO Steve Huffman. Ohanian, now a venture capitalist, stepped down from Reddit's boardin June 2020.\nThe spotlight on various meme stocks hasbrightened in recent weeks, months after the saga first captured Wall Street's attention in January withGameStopas the most prominent example. Stocks that have recently been touted on Reddit message boards and seen their prices soar,at least temporarily, includeAMC Entertainment,Clover Health, and Clean Energy Fuels.\nOhanian acknowledged professional investors are also jumping in on the action, echoing comments Wednesday from the CEO of market makerVirtu Financial, Doug Cifu, who told CNBC that\"this is not solely a band of retail traders trading these stocks.\"\nEven so, Ohanian said greater involvement in the markets from individual investors is a long-term positive — even though there's risk. \"We absolutely need more financial literacy ... but the thing we have to keep in mind is, this is here to stay,\" he said.\n\"We've crossed Rubicon, and it doesn't matter one platform or another, this is how people are sharing content. They're able to open an app and execute a trade and it's only going to get easier,\" Ohanian added. \"It's only going to get more normal for a generation coming up with this. They're not even going to conceive of the idea of calling a stock broker or, for a lot of folks, hiring a professional.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108767462,"gmtCreate":1620055887256,"gmtModify":1704338033014,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/108767462","repostId":"1142122991","repostType":4,"repost":{"id":"1142122991","pubTimestamp":1620022178,"share":"https://ttm.financial/m/news/1142122991?lang=&edition=fundamental","pubTime":"2021-05-03 14:09","market":"sh","language":"zh","title":"美股传统“红四月”名副其实，后市面临哪些挑战","url":"https://stock-news.laohu8.com/highlight/detail?id=1142122991","media":"第一财经","summary":"美股传统红四月名副其实，在政府新一轮财政刺激落地及疫苗分发取得进展的提振下，美国家庭消费支出帮助经济逐步走出阴影，投资者信心逐渐升温。截至4月30日拜登上任100天之际，标普500指数累计涨幅10.9","content":"<div>\n<p>美股传统红四月名副其实，在政府新一轮财政刺激落地及疫苗分发取得进展的提振下，美国家庭消费支出帮助经济逐步走出阴影，投资者信心逐渐升温。截至4月30日拜登上任100天之际，标普500指数累计涨幅10.9%，为1933年罗斯福时期同期最佳表现。历史数据显示，美股年内有望延续涨势，但估值、税改等因素成为了短期扰动市场的重点因素。\n消费带动经济热潮\n美国商务部数据显示，今年前三个月美国国内生产总值（GDP...</p>\n\n<a href=\"https://finance.ifeng.com/c/85wLJP4pSni\">Web Link</a>\n\n</div>\n","source":"fh","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>美股传统“红四月”名副其实，后市面临哪些挑战</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股传统“红四月”名副其实，后市面临哪些挑战\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-03 14:09 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.ifeng.com/c/85wLJP4pSni><strong>第一财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美股传统红四月名副其实，在政府新一轮财政刺激落地及疫苗分发取得进展的提振下，美国家庭消费支出帮助经济逐步走出阴影，投资者信心逐渐升温。截至4月30日拜登上任100天之际，标普500指数累计涨幅10.9%，为1933年罗斯福时期同期最佳表现。历史数据显示，美股年内有望延续涨势，但估值、税改等因素成为了短期扰动市场的重点因素。\n消费带动经济热潮\n美国商务部数据显示，今年前三个月美国国内生产总值（GDP...</p>\n\n<a href=\"https://finance.ifeng.com/c/85wLJP4pSni\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/318dced6c8505427ba4c5a73eb4a7981","relate_stocks":{},"source_url":"https://finance.ifeng.com/c/85wLJP4pSni","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142122991","content_text":"美股传统红四月名副其实，在政府新一轮财政刺激落地及疫苗分发取得进展的提振下，美国家庭消费支出帮助经济逐步走出阴影，投资者信心逐渐升温。截至4月30日拜登上任100天之际，标普500指数累计涨幅10.9%，为1933年罗斯福时期同期最佳表现。历史数据显示，美股年内有望延续涨势，但估值、税改等因素成为了短期扰动市场的重点因素。\n消费带动经济热潮\n美国商务部数据显示，今年前三个月美国国内生产总值（GDP）一度增长6.4%，这意味着美国经济规模已经略高于一年前的水平，回到了疫情开始前的起点，联邦政府向家庭提供的资金以及疫苗接种率上升有力推动了复苏进程。\n值得一提的是，在1.9万亿刺激计划落地后，3月美国家庭收入增长21.1%，创1959年有政府记录以来的最高纪录。随着经济重启，消费者开支大幅上升，3月支出月率增长4.2%，其中商品支出增加了8.1%，服务支出增长了2.2%。美国人对经济前景的信心进一步强化，咨商会和密歇根大学4月消费者信心指数均创下了去年3月以来的新高。\n美国政府和美联储对于经济的扶持力度一如既往。美国总统拜登上周在首次国会联席会议讲话中公布了针对儿童、学生和家庭的1.8万亿美元“美国家庭计划”，而美联储主席鲍威尔也在议息会议后的新闻发布会上重申宽松政策立场。牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）在接受第一财经记者采访时表示，政府在经济中的作用将大幅扩大，加上美联储的政策基调延续，美国经济的强劲反弹势头将在未来几个月持续下去。\n经济复苏也带来了对通胀前景的担忧，第一财经记者注意到，玉米期货上周五刷新了2013年新高，铜也一度突破了10000美元的重要心理关口。大宗商品是主要消费品成本的很大部分。\n美国银行的数据显示，与去年相比，本财报季电话会议中提及通胀的次数增加了两倍，这是自2004年该行开始追踪这一数字以来的最大增幅。美国银行股票和量化策略主管苏布拉曼尼亚（Savita Subramanian）表示，原材料、运输、劳动力等被认为是通货膨胀的主要驱动力，许多公司计划（或已经）开始提价来应对成本压力。\n相对而言，美联储依然试图淡化通胀的持续性影响，鲍威尔上周表示，虽然他预计物价会有一定的上涨压力，但“随着经济重新开放，一段时间的物价上涨与未来同比通胀持续走高是两码事”。\n对于通胀前景，施瓦茨也倾向于支持美联储的看法。他向记者分析道，很多公司都在报告定价压力，供应链中断，再加上来自美国的额外刺激，这就是人们现在真正开始关注通货膨胀的原因。近阶段需求的增长远强于产出，短暂的供需不匹配反映在物价上行的预期上。\n施瓦茨认为，接下来的问题是，库存重建能否足够快，以适应第二季度消费者需求的持续增长。虽然消费是第一季度经济增长的主要动力，但消费者仍保留着大量累积的储蓄，这些储蓄可能在未来几个月释放出来。这种火力加上服务业重新开放和天气转暖，将继续有力支持消费动能的释放。他认为，接下来需要重点关注未来美国人薪资增速的走向，尽管到2022年美国核心通胀率将保持在2%以上， 但螺旋上升的可能性不大。\n拜登上任百日美股表现创历史\n自拜登1月20日就职以来，标普500指数累计上涨10.9%。道琼斯市场统计显示，这是罗斯福1933年第一届任期“百日新政”期最强劲表现，当时在大萧条时期大跌之后，标普500指数12个月飙升了80%。相比之下，特朗普上任100天内标普累计上涨5.3%。\n根据嘉信理财为第一财经记者提供的数据，自1933年罗斯福上任以来，新总统第一个任期首年标普500指数的平均涨幅为3.2%。如果历史可以参考，2021年有93%的机会以上涨收尾。近90年的历史上，只有尼克松的任期首年美股表现与前100天相反。\n市场的乐观情绪并不少见，瑞银的季度投资者情绪调查显示，全球个人投资者投资组合中现金占比为22%，41%的投资者正考虑在未来6个月内增加对股票的敞口，他们对科技、在经济扩张和可持续投资方面表现良好的行业兴趣颇高。调查发现，70%的美国投资者对经济持乐观态度，高于三个月前的52%。\n瑞士信贷首席美国股市策略师戈卢布（Jonathan Golub）上周上调了对标准普尔500指数的预期，原因是企业最新业绩表现强劲。“我们将2021年标普500指数的目标价从4300点上调至4600点，较目前水平上涨9.2%，年内涨幅有望达到22.5%。”他写道。Refinitiv的数据显示，截至目前，标准普尔500指数成分股中约87%的公司业绩超出市场预期，为近八年来最高水平。\n而摩根士丹利首席交叉资产策略师希茨（Andrew Sheets）持谨慎乐观的看法，他在报告中表示，牛市依然完好无损，很难看到2010年、2011年、2012年及2015年出现的夏季大幅调整的情况。不过，短期内市场波动性卷土重来似乎确实有可能出现，上周五衡量美股波动性的恐慌指数VIX收报18.61，依然处于近一年低位。\n估值因素是潜在利空，标普500指数未来12个月市盈率已经达到22.46倍，高于5年均值18.20倍，这引发了不少投资者对泡沫的担忧。 与此同时，人们对拜登提出的对企业和高收入者增税的呼吁持谨慎态度。公司税的增加可能会影响公司的盈利，而更高的资本利得税可能会促使一些股东抛售股票。Spartan Capital驻纽约首席市场经济学家卡迪略（Peter Cardillo）指出，市场对盈利的预期基本已经反映，因此短期内股指陷入上下两难的犹豫状态，投资者需要对未来经济形势进行重新评估。","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101863955,"gmtCreate":1619877702177,"gmtModify":1704335994914,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"?‍♂️?‍♂️????","listText":"?‍♂️?‍♂️????","text":"?‍♂️?‍♂️????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/101863955","repostId":"1149032296","repostType":4,"repost":{"id":"1149032296","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":1619870438,"share":"https://ttm.financial/m/news/1149032296?lang=&edition=fundamental","pubTime":"2021-05-01 20:00","market":"us","language":"zh","title":"“股神”巴菲特Q1成绩单来了！","url":"https://stock-news.laohu8.com/highlight/detail?id=1149032296","media":"老虎资讯综合","summary":"伯克希尔哈撒韦今日公布2021年第一季度财报。财报显示，伯克希尔Q1营收645.99亿美元，市场预期635.39亿美元，去年同期612.65亿美元；净利117.11亿美元，市场预期净利润57.71亿美","content":"<p>伯克希尔哈撒韦今日公布2021年第一季度财报。财报显示，<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>Q1营收645.99亿美元，市场预期635.39亿美元，去年同期612.65亿美元；净利117.11亿美元，市场预期净利润57.71亿美元，去年同期净亏损497.46亿美元；A类普通股每股盈利7638美元，去年同期每股亏损30653美元；B类普通股每股盈利5.09美元，去年同期每股亏损20.44美元。</p><p><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216193212265363%22%7D\" target=\"_blank\"><b>巴菲特股东大会直播将于北京时间5月2日凌晨1点开始</b></a><b></b></p><p>伯克希尔哈撒韦第一季度运营利润70.2亿美元，回购66亿美元股票。</p><p>截至2021年3月31日，前4大持仓仍为<a href=\"https://laohu8.com/S/AXP\">美国运通</a>（214亿美元）、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（1109亿美元）、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（400亿美元）、<a href=\"https://laohu8.com/S/KO\">可口可乐</a>（211亿美元），合计占整体股票持仓的69%。去年四季度末，这四大持仓市值分别为183亿美元，1204亿美元，313亿美元，219亿美元，合计占整体股票持仓的68%。</p><p><img src=\"https://static.tigerbbs.com/214a0fd89ce8ab62b293a0c1a5873d74\" tg-width=\"1536\" tg-height=\"781\" referrerpolicy=\"no-referrer\"></p><p>伯克希尔第一季度现金储备为1454亿美元，2020年底的现金储备为1383亿美元；保费收入为164.24亿美元，去年同期为157.48亿美元；销售与服务收入为336.98亿美元，去年同期为319.26亿美元；租赁收入为13.24亿美元，去年同期为14.28亿美元；利息、分红和其他投资收入为18.51亿美元，去年同期为22.76亿美元；铁路、公用设施和能源收入为113.02亿美元，去年同期为98.87亿美元。</p><p>伯克希尔一季度末，保险浮存金约为1400亿美元。一季度投资和衍生品净收益为46.9亿美元，去年同期亏损556.2亿美元。</p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“股神”巴菲特Q1成绩单来了！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“股神”巴菲特Q1成绩单来了！\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-05-01 20:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>伯克希尔哈撒韦今日公布2021年第一季度财报。财报显示，<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>Q1营收645.99亿美元，市场预期635.39亿美元，去年同期612.65亿美元；净利117.11亿美元，市场预期净利润57.71亿美元，去年同期净亏损497.46亿美元；A类普通股每股盈利7638美元，去年同期每股亏损30653美元；B类普通股每股盈利5.09美元，去年同期每股亏损20.44美元。</p><p><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216193212265363%22%7D\" target=\"_blank\"><b>巴菲特股东大会直播将于北京时间5月2日凌晨1点开始</b></a><b></b></p><p>伯克希尔哈撒韦第一季度运营利润70.2亿美元，回购66亿美元股票。</p><p>截至2021年3月31日，前4大持仓仍为<a href=\"https://laohu8.com/S/AXP\">美国运通</a>（214亿美元）、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（1109亿美元）、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（400亿美元）、<a href=\"https://laohu8.com/S/KO\">可口可乐</a>（211亿美元），合计占整体股票持仓的69%。去年四季度末，这四大持仓市值分别为183亿美元，1204亿美元，313亿美元，219亿美元，合计占整体股票持仓的68%。</p><p><img src=\"https://static.tigerbbs.com/214a0fd89ce8ab62b293a0c1a5873d74\" tg-width=\"1536\" tg-height=\"781\" referrerpolicy=\"no-referrer\"></p><p>伯克希尔第一季度现金储备为1454亿美元，2020年底的现金储备为1383亿美元；保费收入为164.24亿美元，去年同期为157.48亿美元；销售与服务收入为336.98亿美元，去年同期为319.26亿美元；租赁收入为13.24亿美元，去年同期为14.28亿美元；利息、分红和其他投资收入为18.51亿美元，去年同期为22.76亿美元；铁路、公用设施和能源收入为113.02亿美元，去年同期为98.87亿美元。</p><p>伯克希尔一季度末，保险浮存金约为1400亿美元。一季度投资和衍生品净收益为46.9亿美元，去年同期亏损556.2亿美元。</p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149032296","content_text":"伯克希尔哈撒韦今日公布2021年第一季度财报。财报显示，伯克希尔Q1营收645.99亿美元，市场预期635.39亿美元，去年同期612.65亿美元；净利117.11亿美元，市场预期净利润57.71亿美元，去年同期净亏损497.46亿美元；A类普通股每股盈利7638美元，去年同期每股亏损30653美元；B类普通股每股盈利5.09美元，去年同期每股亏损20.44美元。巴菲特股东大会直播将于北京时间5月2日凌晨1点开始伯克希尔哈撒韦第一季度运营利润70.2亿美元，回购66亿美元股票。截至2021年3月31日，前4大持仓仍为美国运通（214亿美元）、苹果（1109亿美元）、美国银行（400亿美元）、可口可乐（211亿美元），合计占整体股票持仓的69%。去年四季度末，这四大持仓市值分别为183亿美元，1204亿美元，313亿美元，219亿美元，合计占整体股票持仓的68%。伯克希尔第一季度现金储备为1454亿美元，2020年底的现金储备为1383亿美元；保费收入为164.24亿美元，去年同期为157.48亿美元；销售与服务收入为336.98亿美元，去年同期为319.26亿美元；租赁收入为13.24亿美元，去年同期为14.28亿美元；利息、分红和其他投资收入为18.51亿美元，去年同期为22.76亿美元；铁路、公用设施和能源收入为113.02亿美元，去年同期为98.87亿美元。伯克希尔一季度末，保险浮存金约为1400亿美元。一季度投资和衍生品净收益为46.9亿美元，去年同期亏损556.2亿美元。","news_type":1},"isVote":1,"tweetType":1,"viewCount":9,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154390374,"gmtCreate":1625476200898,"gmtModify":1703742394964,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154390374","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","pubTimestamp":1625464355,"share":"https://ttm.financial/m/news/1109703914?lang=&edition=fundamental","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p>\n<p>So will the major markets open or close for the holiday?</p>\n<p>The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p>\n<p>It's&nbsp;one of nine full-closing daysfor the stock market this year.</p>\n<p>For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p>\n<p>Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</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>Is the Stock Market Open or Closed on Independence Day?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Stock Market Open or Closed on Independence Day?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the...</p>\n\n<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1},"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188892040,"gmtCreate":1623427009780,"gmtModify":1704203521522,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/188892040","repostId":"2142022769","repostType":4,"isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116271161,"gmtCreate":1622808053053,"gmtModify":1704191560222,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116271161","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","pubTimestamp":1622793373,"share":"https://ttm.financial/m/news/1122373606?lang=&edition=fundamental","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>\n <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>\n <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p>\n<p><b>Article Thesis</b></p>\n<p>Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p>\n<p><b>Apple Stock Price</b></p>\n<p>Over the last decade, Apple Inc. has been a great investment:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p>\n<p><b>Where Will Apple Stock Be In 10 Years</b></p>\n<p>Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p>\n<p>To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p>\n<p><b>Apple's business growth</b></p>\n<p>Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p>\n<p>On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p>\n<p><b>Apple's shareholder returns</b></p>\n<p>Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p>\n<p>This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p>\n<p><b>Apple's future valuation</b></p>\n<p>AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p>\n<p>Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p>\n<p><b>Is AAPL A Buy Or Sell Now</b></p>\n<p>Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p>\n<p>AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p>\n<p>Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</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>Where Will Apple Stock Be In 10 Years? What To Consider</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Apple Stock Be In 10 Years? What To Consider\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-04 15:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432703-apple-stock-in-10-years><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a ...</p>\n\n<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1},"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191457462,"gmtCreate":1620902538356,"gmtModify":1704350155119,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191457462","repostId":"2135628616","repostType":4,"repost":{"id":"2135628616","pubTimestamp":1620901862,"share":"https://ttm.financial/m/news/2135628616?lang=&edition=fundamental","pubTime":"2021-05-13 18:31","market":"fut","language":"zh","title":"特斯拉CEO马斯克：比特币的能源消耗趋势“疯狂”","url":"https://stock-news.laohu8.com/highlight/detail?id=2135628616","media":"新浪财经","summary":"特斯拉CEO马斯克在推特上发帖称，过去几个月比特币的用电量趋势“疯狂” ，并放了一张比特币用电量的图表。\n此前，特斯拉CEO埃隆·马斯克在推特表示：特斯拉暂停使用比特币来支付购车费用，正在考虑使用能源","content":"<p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>CEO马斯克在推特上发帖称，过去几个月比特币的用电量趋势“疯狂” ，并放了一张比特币用电量的图表。</p>\n<p>此前，特斯拉CEO埃隆·马斯克在推特表示：特斯拉暂停使用比特币来支付购车费用，正在考虑使用能源消耗更低的加密货币。我们对比特币挖矿和交易中使用化石燃料频率的迅速增加感到担忧。不过特斯拉不会出售任何比特币。受此消息影响，加密货币纷纷跳水。</p>\n<p><img src=\"https://static.tigerbbs.com/8a582e4c541feb2755366baa85b0d3b5\" tg-width=\"550\" tg-height=\"372\" referrerpolicy=\"no-referrer\"></p>","source":"sina","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>特斯拉CEO马斯克：比特币的能源消耗趋势“疯狂”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉CEO马斯克：比特币的能源消耗趋势“疯狂”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 18:31 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/usstock/c/2021-05-13/doc-ikmxzfmm2258065.shtml><strong>新浪财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>特斯拉CEO马斯克在推特上发帖称，过去几个月比特币的用电量趋势“疯狂” ，并放了一张比特币用电量的图表。\n此前，特斯拉CEO埃隆·马斯克在推特表示：特斯拉暂停使用比特币来支付购车费用，正在考虑使用能源消耗更低的加密货币。我们对比特币挖矿和交易中使用化石燃料频率的迅速增加感到担忧。不过特斯拉不会出售任何比特币。受此消息影响，加密货币纷纷跳水。</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-05-13/doc-ikmxzfmm2258065.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/414360f2ef7b5c785cb936b4a9b53a44","relate_stocks":{"TSLA":"特斯拉","EBON":"亿邦国际","CAN":"嘉楠科技"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-05-13/doc-ikmxzfmm2258065.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2135628616","content_text":"特斯拉CEO马斯克在推特上发帖称，过去几个月比特币的用电量趋势“疯狂” ，并放了一张比特币用电量的图表。\n此前，特斯拉CEO埃隆·马斯克在推特表示：特斯拉暂停使用比特币来支付购车费用，正在考虑使用能源消耗更低的加密货币。我们对比特币挖矿和交易中使用化石燃料频率的迅速增加感到担忧。不过特斯拉不会出售任何比特币。受此消息影响，加密货币纷纷跳水。","news_type":1},"isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3580787393865378","authorId":"3580787393865378","name":"lihang","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3580787393865378","authorIdStr":"3580787393865378"},"content":"[Helpless] for cutting leeks","text":"[Helpless] for cutting leeks","html":"[Helpless] for cutting leeks"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377821666,"gmtCreate":1619516255555,"gmtModify":1704725241456,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/377821666","repostId":"1152045902","repostType":4,"repost":{"id":"1152045902","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619514900,"share":"https://ttm.financial/m/news/1152045902?lang=&edition=fundamental","pubTime":"2021-04-27 17:15","market":"us","language":"en","title":"Tesla fell more than 3% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1152045902","media":"Tiger Newspress","summary":"5:15 EST,Tesla fell more than 3% in premarket trading.Tesla Disappoints With Q1 Results.After the be","content":"<p>5:15 EST,Tesla fell more than 3%&nbsp;in premarket trading.Tesla Disappoints With Q1 Results.</p><p><img src=\"https://static.tigerbbs.com/80954e920941d820b31d99e675cba192\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>After the bell on Monday, we received first quarter results from electric vehicle maker Tesla (TSLA), seen inthis investor letter. With the stock having traded sideways this year after a massive rally in 2020, the street was looking for solid results and a major production update to get shares going again. Unfortunately, it was another quarter where the overall results were rather lackluster, which sent shares lower.</p><p>Tesla reported revenues of about $10.39 billion, which some sites are going to report as a headline beat. If you use a site like Bloomberg, it will bea miss comparedto a street average of $10.42 billion. As you can see in the graphic below, a number of sites also had a \"low\" estimate of $8.20 billion, which is either an analyst that hasn't updated in a while or a number that was put there to bring the overall average down by about $100 million.</p><p><img src=\"https://static.tigerbbs.com/25199bcab2e73e09054f82c43f083f59\" tg-width=\"640\" tg-height=\"62\" referrerpolicy=\"no-referrer\"></p><p>(<i>Source: Seeking Alpha Tesla estimates page,seen here)</i></p><p>As I mentioned inmy earnings preview article, I wouldn't be concerned with the revenue number unless there was a major outlier. Well, that turned out to be the case, because regulatory credit sales soared to $518 million, whereas most expectations called for them to be down from Q4 levels. Excluding these credit sales, Tesla's average selling price per vehicle delivered declined by $3,444, primarily as there were no deliveries of the new S/X vehicles. Tesla's energy revenues also dropped significantly over Q4 levels, which also resulted in that division reporting terrible margins.</p><p>Tesla's automotive margins rose by 240 basis points quarter over quarter, although almost half of that was due to the increase in credit sales. The company did, however, report a lot more operating expenses than most were expecting, primarily due to another CEO award milestone becoming probable. Management also took advantage of the rise in bitcoin to pad the bottom line, reporting a $101 million gain from Bitcoin sales (reported in the other opex line below). The table below shows Tesla's overall results compared to my three cases as well as Q4 results.</p><p><img src=\"https://static.tigerbbs.com/316d4a8918cede4aafd50bce8a3c2941\" tg-width=\"640\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>If you take out the regulatory credit revenue and Bitcoin gains, Tesla's pre-tax result was an $86 million loss. It turned out that my GAAP EPS estimate was just a penny off, where I had too much product costs but not enough operating costs. The second half of that flowed through to non-GAAP results thanks to that CEO award resulting in a lot more stock-based compensation. Overall, these results were not as strong as many were looking for, which is part of the reason why the stock dipped about 2% in initial after-hours trading.</p><p>The second key I talked about in my earnings preview was Tesla's production and its yearly forecast. There had been a lot of talk recently about thecompany potentially talking abouta million units of production this year. However, management did not really update its forecast in the investor letter, only talking about its plan to exceed 50% growth in deliveries this year. In the table below, you can see how the company's installed capacity has trended, but I will note that there was no unit increase from the Q4 report.</p><p>(The \"actual / 4-qtr production\" figure is based on the latest quarter's production divided by the 4-qtr rolling average, so Q1 2021's 88.24% figure comes from the 180,338 units divided by the 204,375 rolling average.<i>Source: Tesla quarterly reports on IR site,seen here)</i></p><p>New Model S vehicle deliveries should start shortly, as opposed to Elon Musk's previous comments for them starting in February of this year. The first model Y units from Texas and Berlin should be delivered by the end of the year, along with the Semi. However, I should note that up until this weekend, Tesla's European sites showed Model Y production starting \"mid-year\", so this is a bit of a push back from that forecast.</p><p>When we look at the balance sheet, Tesla reported a $2.2 billion decrease in its cash and cash equivalents in Q1 to $17.1 billion. This was mainly due to $1.2 billion net outflows in both debt as well as Bitcoin. This was partially offset by $293 million in free cash flow. However, just as we've seen in the past, accounts payable and accrued liabilities rose by $815 million, so Tesla would have not been free cash flow positive if it had paid some more of its bills during the quarter. Usually, this is function of rising production, but that barely happened in Q1 plus we had much lower costing vehicles accounting for a larger percentage of production with no new Model S/X units produced. Accounts receivable also increased very slightly over Q4 levels despite the sequential decline in revenues of more than $350 million.</p><p>It will be interesting to see the reaction to this report, more than just an hour or so of after-hours trading where shares are down about $16 to $722. As the chart below shows, the stock has recently regained the 50-day moving average, which could provide some support. However, that key technical level is still declining, which could set up the dreaded death cross in a month or so if the current trend continues.</p><p>In the end, Tesla's Q1 results were a bit disappointing. Revenues were basically in line with most expectations, but that was as a result of the largest quarter ever of regulatory credit sales. Excluding those highly profitable sales as well as some Bitcoin gains, Tesla would have lost money for the quarter. Also, management did not provide the big guidance boost many were hoping for, and the stock dipped about 2% in the after-hours session. Once we get the 10-Q filing and can fully digest all of the numbers, I'll be back with some thoughts on what to do with shares moving forward.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla fell more than 3% in premarket trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla fell more than 3% in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-27 17:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>5:15 EST,Tesla fell more than 3%&nbsp;in premarket trading.Tesla Disappoints With Q1 Results.</p><p><img src=\"https://static.tigerbbs.com/80954e920941d820b31d99e675cba192\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p>After the bell on Monday, we received first quarter results from electric vehicle maker Tesla (TSLA), seen inthis investor letter. With the stock having traded sideways this year after a massive rally in 2020, the street was looking for solid results and a major production update to get shares going again. Unfortunately, it was another quarter where the overall results were rather lackluster, which sent shares lower.</p><p>Tesla reported revenues of about $10.39 billion, which some sites are going to report as a headline beat. If you use a site like Bloomberg, it will bea miss comparedto a street average of $10.42 billion. As you can see in the graphic below, a number of sites also had a \"low\" estimate of $8.20 billion, which is either an analyst that hasn't updated in a while or a number that was put there to bring the overall average down by about $100 million.</p><p><img src=\"https://static.tigerbbs.com/25199bcab2e73e09054f82c43f083f59\" tg-width=\"640\" tg-height=\"62\" referrerpolicy=\"no-referrer\"></p><p>(<i>Source: Seeking Alpha Tesla estimates page,seen here)</i></p><p>As I mentioned inmy earnings preview article, I wouldn't be concerned with the revenue number unless there was a major outlier. Well, that turned out to be the case, because regulatory credit sales soared to $518 million, whereas most expectations called for them to be down from Q4 levels. Excluding these credit sales, Tesla's average selling price per vehicle delivered declined by $3,444, primarily as there were no deliveries of the new S/X vehicles. Tesla's energy revenues also dropped significantly over Q4 levels, which also resulted in that division reporting terrible margins.</p><p>Tesla's automotive margins rose by 240 basis points quarter over quarter, although almost half of that was due to the increase in credit sales. The company did, however, report a lot more operating expenses than most were expecting, primarily due to another CEO award milestone becoming probable. Management also took advantage of the rise in bitcoin to pad the bottom line, reporting a $101 million gain from Bitcoin sales (reported in the other opex line below). The table below shows Tesla's overall results compared to my three cases as well as Q4 results.</p><p><img src=\"https://static.tigerbbs.com/316d4a8918cede4aafd50bce8a3c2941\" tg-width=\"640\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>If you take out the regulatory credit revenue and Bitcoin gains, Tesla's pre-tax result was an $86 million loss. It turned out that my GAAP EPS estimate was just a penny off, where I had too much product costs but not enough operating costs. The second half of that flowed through to non-GAAP results thanks to that CEO award resulting in a lot more stock-based compensation. Overall, these results were not as strong as many were looking for, which is part of the reason why the stock dipped about 2% in initial after-hours trading.</p><p>The second key I talked about in my earnings preview was Tesla's production and its yearly forecast. There had been a lot of talk recently about thecompany potentially talking abouta million units of production this year. However, management did not really update its forecast in the investor letter, only talking about its plan to exceed 50% growth in deliveries this year. In the table below, you can see how the company's installed capacity has trended, but I will note that there was no unit increase from the Q4 report.</p><p>(The \"actual / 4-qtr production\" figure is based on the latest quarter's production divided by the 4-qtr rolling average, so Q1 2021's 88.24% figure comes from the 180,338 units divided by the 204,375 rolling average.<i>Source: Tesla quarterly reports on IR site,seen here)</i></p><p>New Model S vehicle deliveries should start shortly, as opposed to Elon Musk's previous comments for them starting in February of this year. The first model Y units from Texas and Berlin should be delivered by the end of the year, along with the Semi. However, I should note that up until this weekend, Tesla's European sites showed Model Y production starting \"mid-year\", so this is a bit of a push back from that forecast.</p><p>When we look at the balance sheet, Tesla reported a $2.2 billion decrease in its cash and cash equivalents in Q1 to $17.1 billion. This was mainly due to $1.2 billion net outflows in both debt as well as Bitcoin. This was partially offset by $293 million in free cash flow. However, just as we've seen in the past, accounts payable and accrued liabilities rose by $815 million, so Tesla would have not been free cash flow positive if it had paid some more of its bills during the quarter. Usually, this is function of rising production, but that barely happened in Q1 plus we had much lower costing vehicles accounting for a larger percentage of production with no new Model S/X units produced. Accounts receivable also increased very slightly over Q4 levels despite the sequential decline in revenues of more than $350 million.</p><p>It will be interesting to see the reaction to this report, more than just an hour or so of after-hours trading where shares are down about $16 to $722. As the chart below shows, the stock has recently regained the 50-day moving average, which could provide some support. However, that key technical level is still declining, which could set up the dreaded death cross in a month or so if the current trend continues.</p><p>In the end, Tesla's Q1 results were a bit disappointing. Revenues were basically in line with most expectations, but that was as a result of the largest quarter ever of regulatory credit sales. Excluding those highly profitable sales as well as some Bitcoin gains, Tesla would have lost money for the quarter. Also, management did not provide the big guidance boost many were hoping for, and the stock dipped about 2% in the after-hours session. Once we get the 10-Q filing and can fully digest all of the numbers, I'll be back with some thoughts on what to do with shares moving forward.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152045902","content_text":"5:15 EST,Tesla fell more than 3% in premarket trading.Tesla Disappoints With Q1 Results.After the bell on Monday, we received first quarter results from electric vehicle maker Tesla (TSLA), seen inthis investor letter. With the stock having traded sideways this year after a massive rally in 2020, the street was looking for solid results and a major production update to get shares going again. Unfortunately, it was another quarter where the overall results were rather lackluster, which sent shares lower.Tesla reported revenues of about $10.39 billion, which some sites are going to report as a headline beat. If you use a site like Bloomberg, it will bea miss comparedto a street average of $10.42 billion. As you can see in the graphic below, a number of sites also had a \"low\" estimate of $8.20 billion, which is either an analyst that hasn't updated in a while or a number that was put there to bring the overall average down by about $100 million.(Source: Seeking Alpha Tesla estimates page,seen here)As I mentioned inmy earnings preview article, I wouldn't be concerned with the revenue number unless there was a major outlier. Well, that turned out to be the case, because regulatory credit sales soared to $518 million, whereas most expectations called for them to be down from Q4 levels. Excluding these credit sales, Tesla's average selling price per vehicle delivered declined by $3,444, primarily as there were no deliveries of the new S/X vehicles. Tesla's energy revenues also dropped significantly over Q4 levels, which also resulted in that division reporting terrible margins.Tesla's automotive margins rose by 240 basis points quarter over quarter, although almost half of that was due to the increase in credit sales. The company did, however, report a lot more operating expenses than most were expecting, primarily due to another CEO award milestone becoming probable. Management also took advantage of the rise in bitcoin to pad the bottom line, reporting a $101 million gain from Bitcoin sales (reported in the other opex line below). The table below shows Tesla's overall results compared to my three cases as well as Q4 results.If you take out the regulatory credit revenue and Bitcoin gains, Tesla's pre-tax result was an $86 million loss. It turned out that my GAAP EPS estimate was just a penny off, where I had too much product costs but not enough operating costs. The second half of that flowed through to non-GAAP results thanks to that CEO award resulting in a lot more stock-based compensation. Overall, these results were not as strong as many were looking for, which is part of the reason why the stock dipped about 2% in initial after-hours trading.The second key I talked about in my earnings preview was Tesla's production and its yearly forecast. There had been a lot of talk recently about thecompany potentially talking abouta million units of production this year. However, management did not really update its forecast in the investor letter, only talking about its plan to exceed 50% growth in deliveries this year. In the table below, you can see how the company's installed capacity has trended, but I will note that there was no unit increase from the Q4 report.(The \"actual / 4-qtr production\" figure is based on the latest quarter's production divided by the 4-qtr rolling average, so Q1 2021's 88.24% figure comes from the 180,338 units divided by the 204,375 rolling average.Source: Tesla quarterly reports on IR site,seen here)New Model S vehicle deliveries should start shortly, as opposed to Elon Musk's previous comments for them starting in February of this year. The first model Y units from Texas and Berlin should be delivered by the end of the year, along with the Semi. However, I should note that up until this weekend, Tesla's European sites showed Model Y production starting \"mid-year\", so this is a bit of a push back from that forecast.When we look at the balance sheet, Tesla reported a $2.2 billion decrease in its cash and cash equivalents in Q1 to $17.1 billion. This was mainly due to $1.2 billion net outflows in both debt as well as Bitcoin. This was partially offset by $293 million in free cash flow. However, just as we've seen in the past, accounts payable and accrued liabilities rose by $815 million, so Tesla would have not been free cash flow positive if it had paid some more of its bills during the quarter. Usually, this is function of rising production, but that barely happened in Q1 plus we had much lower costing vehicles accounting for a larger percentage of production with no new Model S/X units produced. Accounts receivable also increased very slightly over Q4 levels despite the sequential decline in revenues of more than $350 million.It will be interesting to see the reaction to this report, more than just an hour or so of after-hours trading where shares are down about $16 to $722. As the chart below shows, the stock has recently regained the 50-day moving average, which could provide some support. However, that key technical level is still declining, which could set up the dreaded death cross in a month or so if the current trend continues.In the end, Tesla's Q1 results were a bit disappointing. Revenues were basically in line with most expectations, but that was as a result of the largest quarter ever of regulatory credit sales. Excluding those highly profitable sales as well as some Bitcoin gains, Tesla would have lost money for the quarter. Also, management did not provide the big guidance boost many were hoping for, and the stock dipped about 2% in the after-hours session. Once we get the 10-Q filing and can fully digest all of the numbers, I'll be back with some thoughts on what to do with shares moving forward.","news_type":1},"isVote":1,"tweetType":1,"viewCount":15,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372044272,"gmtCreate":1619163554296,"gmtModify":1704720608522,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/372044272","repostId":"1128911279","repostType":4,"repost":{"id":"1128911279","pubTimestamp":1619161805,"share":"https://ttm.financial/m/news/1128911279?lang=&edition=fundamental","pubTime":"2021-04-23 15:10","market":"us","language":"en","title":"Would Tax Hikes Spell Doom for the Stock Market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1128911279","media":"Motley Fool","summary":"Investors got spooked by a potential boost to capital-gains rates for high-income taxpayers.The stoc","content":"<p>Investors got spooked by a potential boost to capital-gains rates for high-income taxpayers.</p><p>The stock market had a turbulent day on Thursday, with initial gains during the first half of the trading session giving way to sharper losses in the mid-afternoon. By the end of the day, the&nbsp;<b>Dow Jones Industrial Average</b>&nbsp;(DJINDICES:^DJI),<b>S&amp;P 500</b>&nbsp;(SNPINDEX:^GSPC), and&nbsp;<b>Nasdaq Composite</b>&nbsp;(NASDAQINDEX:^IXIC)were all down close to 1% on the day, reversing most of the positive momentum that Wall Street built up in the previous day's session on Wednesday.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bffd9c86b9306074ca1ff042f238caed\" tg-width=\"1152\" tg-height=\"333\" referrerpolicy=\"no-referrer\"><span>DATA SOURCE: YAHOO! FINANCE.</span></p><p>The midday decline came amid reports that the Biden administration would propose tax increases on high-income taxpayers. The proposal targets a provision that long-term investors have taken advantage of for decades: the favorable&nbsp;tax rate on capital gains, the profits they realize when they sell stocks or other investments.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeff2a6b63b58cdea2311005593d3979\" tg-width=\"2000\" tg-height=\"1332\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><b>What taxes could go up, and on whom?</b></p><p>The proposal, as reported, would affect the way long-term capital gains get taxed for those with incomes above $1 million. Currently, investors pay the same tax rates on short-term capital gains on investments held for a year or less as they do on most other forms of income, such as wages and salaries or interest. However, if an investor holds onto an investment for longer than a year and then sells it, long-term capital-gains tax treatment applies.</p><p>Although the brackets aren't exactly aligned, in general, those who pay 10% or 12% in tax on ordinary income pay 0% on their long-term capital gains. Those paying 22% to 35% typically pay a 15% long-term capital-gains tax, while top-bracket taxpayers whose ordinary income tax rate is 37% have a 20% maximum rate on their investment gains for assets held long term.</p><p>Under the proposed new rules, favorable tax treatment for long-term capital gains would remain completely in place for everyone in the first two groups and even for many in the third group. However, for taxpayers with incomes above $1 million, the lower long-term capital-gains tax rates would go away and they'd instead have to pay ordinary income tax rates on those gains, as well.</p><p><b>Why investors shouldn't be surprised</b></p><p>The reported proposal isn't a new one. Biden&nbsp;discussed it during the 2020 presidential campaign&nbsp;as one of the aspects of his broader tax plan. It's likely that the final version of any actual bill introduced in Congress would also include an increase in the top tax bracket to 39.6%, which was the level in effect immediately before tax-reform efforts made major changes to tax laws for the 2018 tax year.</p><p>Moreover, the legislation is far from a done deal. Even with Democrats having control of both houses of Congress and the White House, the margins are razor-thin. Already, some Democratic lawmakers have balked at tax-policy proposals, and in the Senate, the loss of even a single vote would be sufficient to prevent a tax bill from becoming law.</p><p><b>Is a stock market crash imminent?</b></p><p>It's understandable that investors would worry that a capital-gains tax hike might cause the stock market to drop. If investors sell their stocks now to lock in current lower rates, it could create short-term selling pressure. In the long run, though, the fundamentals of underlying businesses should still control share-price movements.</p><p>Moreover, this wouldn't be the first time capital-gains taxes have risen. In 2012, maximum capital-gains rates rose from 15% to 20%. Yet that didn't stop U.S. stocks from continuing what would eventually become a decade-long bull market.</p><p>Tax-law changes require some planning, but investors shouldn't change their entire investing strategy because of taxes. Letting them&nbsp;<i>define</i>&nbsp;how you invest can be a huge mistake and distract you from the task of finding the best companies and owning their shares for the long haul.</p><p>Read more:<a href=\"https://laohu8.com/NW/1180283228\" target=\"_blank\">Stocks Will Get Over Their Big Biden Tax Wobble</a></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>Would Tax Hikes Spell Doom for the Stock Market?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWould Tax Hikes Spell Doom for the Stock Market?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 15:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/22/would-tax-hikes-spell-doom-for-the-stock-market/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors got spooked by a potential boost to capital-gains rates for high-income taxpayers.The stock market had a turbulent day on Thursday, with initial gains during the first half of the trading ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/22/would-tax-hikes-spell-doom-for-the-stock-market/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/2021/04/22/would-tax-hikes-spell-doom-for-the-stock-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128911279","content_text":"Investors got spooked by a potential boost to capital-gains rates for high-income taxpayers.The stock market had a turbulent day on Thursday, with initial gains during the first half of the trading session giving way to sharper losses in the mid-afternoon. By the end of the day, the Dow Jones Industrial Average (DJINDICES:^DJI),S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC)were all down close to 1% on the day, reversing most of the positive momentum that Wall Street built up in the previous day's session on Wednesday.DATA SOURCE: YAHOO! FINANCE.The midday decline came amid reports that the Biden administration would propose tax increases on high-income taxpayers. The proposal targets a provision that long-term investors have taken advantage of for decades: the favorable tax rate on capital gains, the profits they realize when they sell stocks or other investments.IMAGE SOURCE: GETTY IMAGES.What taxes could go up, and on whom?The proposal, as reported, would affect the way long-term capital gains get taxed for those with incomes above $1 million. Currently, investors pay the same tax rates on short-term capital gains on investments held for a year or less as they do on most other forms of income, such as wages and salaries or interest. However, if an investor holds onto an investment for longer than a year and then sells it, long-term capital-gains tax treatment applies.Although the brackets aren't exactly aligned, in general, those who pay 10% or 12% in tax on ordinary income pay 0% on their long-term capital gains. Those paying 22% to 35% typically pay a 15% long-term capital-gains tax, while top-bracket taxpayers whose ordinary income tax rate is 37% have a 20% maximum rate on their investment gains for assets held long term.Under the proposed new rules, favorable tax treatment for long-term capital gains would remain completely in place for everyone in the first two groups and even for many in the third group. However, for taxpayers with incomes above $1 million, the lower long-term capital-gains tax rates would go away and they'd instead have to pay ordinary income tax rates on those gains, as well.Why investors shouldn't be surprisedThe reported proposal isn't a new one. Biden discussed it during the 2020 presidential campaign as one of the aspects of his broader tax plan. It's likely that the final version of any actual bill introduced in Congress would also include an increase in the top tax bracket to 39.6%, which was the level in effect immediately before tax-reform efforts made major changes to tax laws for the 2018 tax year.Moreover, the legislation is far from a done deal. Even with Democrats having control of both houses of Congress and the White House, the margins are razor-thin. Already, some Democratic lawmakers have balked at tax-policy proposals, and in the Senate, the loss of even a single vote would be sufficient to prevent a tax bill from becoming law.Is a stock market crash imminent?It's understandable that investors would worry that a capital-gains tax hike might cause the stock market to drop. If investors sell their stocks now to lock in current lower rates, it could create short-term selling pressure. In the long run, though, the fundamentals of underlying businesses should still control share-price movements.Moreover, this wouldn't be the first time capital-gains taxes have risen. In 2012, maximum capital-gains rates rose from 15% to 20%. Yet that didn't stop U.S. stocks from continuing what would eventually become a decade-long bull market.Tax-law changes require some planning, but investors shouldn't change their entire investing strategy because of taxes. Letting them define how you invest can be a huge mistake and distract you from the task of finding the best companies and owning their shares for the long haul.Read more:Stocks Will Get Over Their Big Biden Tax Wobble","news_type":1},"isVote":1,"tweetType":1,"viewCount":21,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379505196,"gmtCreate":1618756456015,"gmtModify":1704714620916,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/379505196","repostId":"1156411249","repostType":4,"repost":{"id":"1156411249","pubTimestamp":1618562497,"share":"https://ttm.financial/m/news/1156411249?lang=&edition=fundamental","pubTime":"2021-04-16 16:41","market":"us","language":"en","title":"Einhorn: \"The Market Is Fractured And In The Process Of Breaking Completely\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1156411249","media":"zerohedge","summary":"In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent t","content":"<p>In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&amp;P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.</p><p>That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, \"a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.\"</p><p>He then asks if the tide has<i><b>finally</b></i>turned from Growth to Value, noting that \"after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:\"</p><p><img src=\"https://static.tigerbbs.com/a5db342a0e7b68b8405ce6d4041b71a0\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\">Part of the shift from growth to value, Einhorn writes, may be coming from higher inflation and inflation expectations. As measured by the inflation swap market, 10-year inflation expectations fell from 2.9% in September 2012 to 0.8% in March 2020. The only significant intervening bounce came in 2016, when expectations jumped from 1.5% to 2.3% on expectations of a major stimulus deal from the Trump admin (which never materialized). It is hardly a coincidence that that was the only year in the last decade in which value outperformed growth, as the Greenlight head notes. Fast forward to now, when after bottoming in March 2020, inflation expectations have recovered to 2.5%. The trend became clearer in the middle of May, and value started outperforming growth then, and especially since the middle of February. Indeed, aince May 15, the value-heavy Greenlight returned 80% of the S&amp;P 500 index with half the net exposure.</p><p>Einhorn is even more optimistic about the future when it comes to the \"growth to value\" rotation:</p><blockquote><i>When the time comes, we will have to figure out how to perform better in deflationary periods. But for now, we believe inflation is only going one way – higher – and we are optimistic about our prospects. The wind is now at our backs. The economy is in full recovery mode. Household balance sheets are stronger than they have been in a long time and household income growth was up 13% in February compared to last year. And this is before the latest $1.9 trillion – with a “T” – pandemic relief stimulus. Corporate capital spending is booming. There are shortages and bottlenecks everywhere. Last month nearly one million jobs returned. There are signs of an emerging labor shortage.</i></blockquote><p>As for the Fed, the Greenlight boss writes that \"it fundamentally changed its framework last August. It no longer seems to care that monetary policy works with a lag. Actually, it has embraced an asymmetrical inflation policy: The Fed wants to be ahead of the curve on the downside to protect<s>the stock market and corporate bondholders</s>the economy. Behind the curve is fine on the way up no matter how frothy the stock market the recovery is. Now, it says it is only going to react to actual inflation that exceeds its 2% target for a period of time.\"</p><p>The letter then goes on to muse how the Fed will know when it is blowing the next bubble, and to stop:</p><blockquote><i>... the Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know?</i> <i><b>Do price increases come with a label that says “transitory”?</b></i> <i>Our sense is that no matter how hot inflation gets in the coming months, the Fed will continue with zero interest rates and large-scale asset purchases. After all, the U.S. Treasury has a lot of debt to sell and it isn’t clear who, other than the Fed, can absorb the supply.</i></blockquote><p>It's not just Powell who is throwing caution to the wind: so are such mainstream econ \"experts\" as John Oliver:</p><blockquote><i>The bipartisan idea that deficits don’t matter has even reached popular culture. John Oliverdedicated an entire episodeof Last Week Tonight to browbeating anyone who is concerned about the growing national debt. His argument boiled down to: (1) nobody knows how much debt is too much; (2) we have a good need to spend money now; and (3) it won’t be a problem until inflation shows up, and we can deal with it then.</i></blockquote><p>To this, Einhorn's response is simple: \"Though one can debate whether the official government statistics are contrived to avoid capturing inflation\" - and as we have repeatedly noted, inflation is now decidedly a political measurement, one which has been gamed for decades to make it appears as low as possible \"shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.\"</p><p>Concluding this part of the letter, Einhorn writes that while the Fed says it has the tools to fight inflation (and according to Bernanke can cut it in<i>15 minutes</i>), \"it remains to be seen if it will have the stomach to use them when the time comes. That<b>is a discussion for another day. Right now, we remain positioned for rising inflation and inflation expectations.</b>\"</p><p>The Greenlight letter then goes on to lay out just how it plans to capture these rising inflation expectations, listing its top positions as follows, and how they performed in the frist quarter:</p><ul><li><b>Brighthouse Financial (BHF, +22%)</b>benefitted from rising interest rates;</li><li><b>Danimer Scientific (DNMR, +61%)</b>began its life as a public company;</li><li><b>Concentrix (CNXC, +52%)</b>benefitted from strong demand and rising estimates;</li><li><b>Resideo Technologies (REZI, +33%)</b>was helped by the strong housing market;</li><li><b>Change Healthcare (CHNG, +18%)</b>agreed to be acquired by UnitedHealthcare;</li><li><b>AerCap Holdings (AER, +29%)</b>agreed to acquire GE Capital’s aircraft leasing business (GECAS) at a discount; and</li><li><b>An undisclosed healthcare short (-41%)</b>fell due to reduced government reimbursement for its product.</li></ul><p><i>(incidentally, at quarter-end, Greenlight's largest disclosed long positions were Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific and Green Brick Partners, with a net average exposure of 118% long and 81% short).</i></p><p>Which is not to say that there were no glitches. One was underperformance by homebuilder and land-developer GRBK, the fund's largest position (more on this in the full letter below). The other performance drag was - as usual- Greenlight's \"short basket\" of bubble stocks.</p><p>What follows next is a tour de force from Einhorn lashing out at all the ways the market is broken, and how the Reddit insanity of Q1 exposed it for all to see:</p><blockquote><i>In late January, the market came to focus on companies with large short interests. Despite having a diversified portfolio, a number of our positions fell into this group and experienced sudden, sharp rises. We adjusted to the dynamic by reducing our exposure to single name shorts, both in number and sizing. To mitigate the potentially uncomfortable net long bias that would have resulted, we added macro hedges of market index and index option shorts. While we do not expect this to be a permanent change, we will evaluate and modify as we go.</i> <i><b>The performance of our short portfolio in 2020 and in early 2021 was unacceptable, so change is certainly needed.</b></i> <i>If we swing a little less hard, we should hit more balls. We have also revised our internal analyst incentive structure to fully emphasize alpha creation.Much has been made of the short-squeezes in late January. In fact, Congress held hearings, where it called the leaders of Robinhood, Melvin Capital and Citadel and an individual investor who made a great call on GameStop (GME) to testify. We have a few thoughts about this to share.</i> <i><b>First, it is very healthy for market participants to discuss and debate stocks.</b></i> <i>This is true both privately and publicly. There are rules about fraud and manipulation that need to be followed,</i> <i><b>but investors discussing why they think GME (or any other stock) should go up or down ought to be encouraged. There is no reason to drag anyone before Congress for making a stock pick.</b></i> <i>Second, it is also fine to make bad stock picks.</i> <i><b>If a hedge fund takes a big position in a stock and is wrong, it loses money. Isn’t this how it is supposed to work?</b></i> <i>Third,</i> <i><b>payment for order flow is just disguised commissions.</b></i> <i>We are in a world where consumers, especially young ones, expect internet services to be free, or at least free to them. A quote widely attributed to Richard Serra about commercial TV in 1973 says it best: “You’re not the customer; you’re the product.”</i> <i><b>If you want the broker to work for you, pay a commission.</b></i> <i>Fourth, Robinhood suspended trading in certain stocks because it was undercapitalized. It is possible that it wasn’t following the regulatory requirements. A regulatory sanction is probably appropriate – but as we’ll discuss below, we won’t be holding our breath.</i></blockquote><p>The punchline:<i>Einhorn slamming Chamath and Elon for pouring the \"real jet fuel\" on the GME squeeze:</i></p><blockquote><i>Finally, we note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation.</i> <i><b>Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor.</b></i> <i>As for Mr. Musk,</i> <i><b>we are going to defend him, half-heartedly. If regulators wanted Elon Musk to stop manipulating stocks, they should have done so with more than a light slap on the wrist when they accused him of manipulating Tesla’s shares in 2018. The laws don’t apply to him and he can do whatever he wants.</b></i> <i>Many who would never support defunding the police have supported – and for all intents and purposes have succeeded – in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets.</i> <i><b>Sure, Dr. Michael Burry, famed for his role in The Big Short, reportedly received a visit from the SEC after tweeting warnings about recent market trends – and decided to stop publicly speaking truth to power. But for the most part, there is no cop on the beat.</b></i> <i>It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear.</i></blockquote><p>Einhorn then concludes with three anecdotes to demonstrate his argument that this is not only an \"anything goes\" market where crime is rampant, but proving just how broken the market has become.</p><p>First, consider the investigation of Tether by the Office of the Attorney General of New York (OAG). As Einhorn explains, \"tether is a cryptocurrency that is always worth a dollar (the value is “tethered” to the dollar). Tether is one of the largest cryptocurrencies with about $40 billion outstanding, yet it has not been audited or regulated in any serious manner. In theory, Tether is supposed to have $1 of cash backing every Tether issued. Except it didn’t, at least when it was investigated.\" Incidentally, for anyone still confused, Tether is how theChinese launder billions in domestic funds abroad and outside the Chinese firewallas we explained in December, although so far few have the desire to expose this reality. In any case, here is Einhorn's lament:</p><blockquote><i>The OAG conducted a two-year probe and found that Tether deceived clients and the market by overstating reserves and hiding approximately $850 million of losses around the globe. Tether and its sponsor, Bitfinex, “recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines,” said the OAG. Further, “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”Did the OAG shut down Tether? Did anyone get arrested or even lose their job? Was the regulatory infrastructure changed to make sure this doesn’t happen again? No, of course not. The OAG assessed an $18.5 million penalty and Tether agreed to discontinue “any trading activity with New Yorkers.” It was as if Bernie Madoff had been told to pay a small fine and stop ripping off New Yorkers, but to go ahead and have fun with the Palm Beach crowd.</i></blockquote><p>Einhorn next highlights one of the stocks most hated by the bearish community: GSX:</p><blockquote>The media is focused on how the banks allowed excessive leverage and poorly (or properly) managed their risks. The real story is how Arch-Egos was able to buy up most of the float of GSX Techedu, <b>causing the stock to soar 400% in the face of unrefuted allegations of massive fraud.</b>The SEC has an ongoing investigation of GSX but appears to not have noticed a single fund (or a small group of funds) essentially cornering the market. A traditionalist could say this was market manipulation and transparently illegal.</blockquote><p>The professional poker player finally points out some of the insane moves observed in pennystocks in Q1, focusing on a tiny deli owner in rural NJ:</p><blockquote><i>Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September.</i> <i><b>HWIN reached a market cap of $113 million on February 8.</b></i> <i>The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.</i></blockquote><p>We don't find it at all surprising that Einhorn's conclusion from his capital markets observations over the past quarter is<i>identical</i>to ours, when we discussed the insane stock moves that dominated much of January and February:</p><blockquote><i><b>\"From a traditional perspective, the market is fractured and possibly in the process of breaking completely.\"</b></i></blockquote><p>Einhorn's full letter is below:</p><p><img src=\"https://static.tigerbbs.com/519bd51d93865787f487bbfdc930c706\" tg-width=\"946\" tg-height=\"496\"><img src=\"https://static.tigerbbs.com/1691d37b71b28794a2bc900aaf5b313e\" tg-width=\"857\" tg-height=\"687\"><img src=\"https://static.tigerbbs.com/a5d1e93a00a6d64936e9c09b9b940dbf\" tg-width=\"891\" tg-height=\"719\"><img src=\"https://static.tigerbbs.com/0c11ad8e34545a98ba8ee9c4fa8a78d9\" tg-width=\"909\" tg-height=\"477\"><img src=\"https://static.tigerbbs.com/fc8253cd105c8e2727495e1d34c6769b\" tg-width=\"887\" tg-height=\"719\"><img src=\"https://static.tigerbbs.com/e120ac355802479930a1b1e84bf46e3e\" tg-width=\"901\" tg-height=\"528\"><img src=\"https://static.tigerbbs.com/28989c8e07df2deede3e092055e09e70\" tg-width=\"895\" tg-height=\"564\"><img src=\"https://static.tigerbbs.com/7d526b287d859e129d81853c0be2ace0\" tg-width=\"869\" tg-height=\"559\"><img src=\"https://static.tigerbbs.com/8599ce79c9573aed1ca3b1266bd3400a\" tg-width=\"871\" tg-height=\"534\"><img src=\"https://static.tigerbbs.com/3ae554a242066a92e4095f35260ce325\" tg-width=\"917\" tg-height=\"639\"><img src=\"https://static.tigerbbs.com/df45fd1c31a9a0b5a376ec0fe6037598\" tg-width=\"883\" tg-height=\"522\"><img src=\"https://static.tigerbbs.com/b72d0f63d22768ed27882dca1e9f6048\" tg-width=\"878\" tg-height=\"420\"><img src=\"https://static.tigerbbs.com/cf93a682ea1bc652b5107e7ecf902b84\" tg-width=\"862\" tg-height=\"456\"><img src=\"https://static.tigerbbs.com/f0326abf9ee7f93425e7d4cb20e1f375\" tg-width=\"900\" tg-height=\"657\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEinhorn: \"The Market Is Fractured And In The Process Of Breaking Completely\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 16:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156411249","content_text":"In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, \"a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.\"He then asks if the tide hasfinallyturned from Growth to Value, noting that \"after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:\"Part of the shift from growth to value, Einhorn writes, may be coming from higher inflation and inflation expectations. As measured by the inflation swap market, 10-year inflation expectations fell from 2.9% in September 2012 to 0.8% in March 2020. The only significant intervening bounce came in 2016, when expectations jumped from 1.5% to 2.3% on expectations of a major stimulus deal from the Trump admin (which never materialized). It is hardly a coincidence that that was the only year in the last decade in which value outperformed growth, as the Greenlight head notes. Fast forward to now, when after bottoming in March 2020, inflation expectations have recovered to 2.5%. The trend became clearer in the middle of May, and value started outperforming growth then, and especially since the middle of February. Indeed, aince May 15, the value-heavy Greenlight returned 80% of the S&P 500 index with half the net exposure.Einhorn is even more optimistic about the future when it comes to the \"growth to value\" rotation:When the time comes, we will have to figure out how to perform better in deflationary periods. But for now, we believe inflation is only going one way – higher – and we are optimistic about our prospects. The wind is now at our backs. The economy is in full recovery mode. Household balance sheets are stronger than they have been in a long time and household income growth was up 13% in February compared to last year. And this is before the latest $1.9 trillion – with a “T” – pandemic relief stimulus. Corporate capital spending is booming. There are shortages and bottlenecks everywhere. Last month nearly one million jobs returned. There are signs of an emerging labor shortage.As for the Fed, the Greenlight boss writes that \"it fundamentally changed its framework last August. It no longer seems to care that monetary policy works with a lag. Actually, it has embraced an asymmetrical inflation policy: The Fed wants to be ahead of the curve on the downside to protectthe stock market and corporate bondholdersthe economy. Behind the curve is fine on the way up no matter how frothy the stock market the recovery is. Now, it says it is only going to react to actual inflation that exceeds its 2% target for a period of time.\"The letter then goes on to muse how the Fed will know when it is blowing the next bubble, and to stop:... the Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know? Do price increases come with a label that says “transitory”? Our sense is that no matter how hot inflation gets in the coming months, the Fed will continue with zero interest rates and large-scale asset purchases. After all, the U.S. Treasury has a lot of debt to sell and it isn’t clear who, other than the Fed, can absorb the supply.It's not just Powell who is throwing caution to the wind: so are such mainstream econ \"experts\" as John Oliver:The bipartisan idea that deficits don’t matter has even reached popular culture. John Oliverdedicated an entire episodeof Last Week Tonight to browbeating anyone who is concerned about the growing national debt. His argument boiled down to: (1) nobody knows how much debt is too much; (2) we have a good need to spend money now; and (3) it won’t be a problem until inflation shows up, and we can deal with it then.To this, Einhorn's response is simple: \"Though one can debate whether the official government statistics are contrived to avoid capturing inflation\" - and as we have repeatedly noted, inflation is now decidedly a political measurement, one which has been gamed for decades to make it appears as low as possible \"shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.\"Concluding this part of the letter, Einhorn writes that while the Fed says it has the tools to fight inflation (and according to Bernanke can cut it in15 minutes), \"it remains to be seen if it will have the stomach to use them when the time comes. Thatis a discussion for another day. Right now, we remain positioned for rising inflation and inflation expectations.\"The Greenlight letter then goes on to lay out just how it plans to capture these rising inflation expectations, listing its top positions as follows, and how they performed in the frist quarter:Brighthouse Financial (BHF, +22%)benefitted from rising interest rates;Danimer Scientific (DNMR, +61%)began its life as a public company;Concentrix (CNXC, +52%)benefitted from strong demand and rising estimates;Resideo Technologies (REZI, +33%)was helped by the strong housing market;Change Healthcare (CHNG, +18%)agreed to be acquired by UnitedHealthcare;AerCap Holdings (AER, +29%)agreed to acquire GE Capital’s aircraft leasing business (GECAS) at a discount; andAn undisclosed healthcare short (-41%)fell due to reduced government reimbursement for its product.(incidentally, at quarter-end, Greenlight's largest disclosed long positions were Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific and Green Brick Partners, with a net average exposure of 118% long and 81% short).Which is not to say that there were no glitches. One was underperformance by homebuilder and land-developer GRBK, the fund's largest position (more on this in the full letter below). The other performance drag was - as usual- Greenlight's \"short basket\" of bubble stocks.What follows next is a tour de force from Einhorn lashing out at all the ways the market is broken, and how the Reddit insanity of Q1 exposed it for all to see:In late January, the market came to focus on companies with large short interests. Despite having a diversified portfolio, a number of our positions fell into this group and experienced sudden, sharp rises. We adjusted to the dynamic by reducing our exposure to single name shorts, both in number and sizing. To mitigate the potentially uncomfortable net long bias that would have resulted, we added macro hedges of market index and index option shorts. While we do not expect this to be a permanent change, we will evaluate and modify as we go. The performance of our short portfolio in 2020 and in early 2021 was unacceptable, so change is certainly needed. If we swing a little less hard, we should hit more balls. We have also revised our internal analyst incentive structure to fully emphasize alpha creation.Much has been made of the short-squeezes in late January. In fact, Congress held hearings, where it called the leaders of Robinhood, Melvin Capital and Citadel and an individual investor who made a great call on GameStop (GME) to testify. We have a few thoughts about this to share. First, it is very healthy for market participants to discuss and debate stocks. This is true both privately and publicly. There are rules about fraud and manipulation that need to be followed, but investors discussing why they think GME (or any other stock) should go up or down ought to be encouraged. There is no reason to drag anyone before Congress for making a stock pick. Second, it is also fine to make bad stock picks. If a hedge fund takes a big position in a stock and is wrong, it loses money. Isn’t this how it is supposed to work? Third, payment for order flow is just disguised commissions. We are in a world where consumers, especially young ones, expect internet services to be free, or at least free to them. A quote widely attributed to Richard Serra about commercial TV in 1973 says it best: “You’re not the customer; you’re the product.” If you want the broker to work for you, pay a commission. Fourth, Robinhood suspended trading in certain stocks because it was undercapitalized. It is possible that it wasn’t following the regulatory requirements. A regulatory sanction is probably appropriate – but as we’ll discuss below, we won’t be holding our breath.The punchline:Einhorn slamming Chamath and Elon for pouring the \"real jet fuel\" on the GME squeeze:Finally, we note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation. Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor. As for Mr. Musk, we are going to defend him, half-heartedly. If regulators wanted Elon Musk to stop manipulating stocks, they should have done so with more than a light slap on the wrist when they accused him of manipulating Tesla’s shares in 2018. The laws don’t apply to him and he can do whatever he wants. Many who would never support defunding the police have supported – and for all intents and purposes have succeeded – in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets. Sure, Dr. Michael Burry, famed for his role in The Big Short, reportedly received a visit from the SEC after tweeting warnings about recent market trends – and decided to stop publicly speaking truth to power. But for the most part, there is no cop on the beat. It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear.Einhorn then concludes with three anecdotes to demonstrate his argument that this is not only an \"anything goes\" market where crime is rampant, but proving just how broken the market has become.First, consider the investigation of Tether by the Office of the Attorney General of New York (OAG). As Einhorn explains, \"tether is a cryptocurrency that is always worth a dollar (the value is “tethered” to the dollar). Tether is one of the largest cryptocurrencies with about $40 billion outstanding, yet it has not been audited or regulated in any serious manner. In theory, Tether is supposed to have $1 of cash backing every Tether issued. Except it didn’t, at least when it was investigated.\" Incidentally, for anyone still confused, Tether is how theChinese launder billions in domestic funds abroad and outside the Chinese firewallas we explained in December, although so far few have the desire to expose this reality. In any case, here is Einhorn's lament:The OAG conducted a two-year probe and found that Tether deceived clients and the market by overstating reserves and hiding approximately $850 million of losses around the globe. Tether and its sponsor, Bitfinex, “recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines,” said the OAG. Further, “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”Did the OAG shut down Tether? Did anyone get arrested or even lose their job? Was the regulatory infrastructure changed to make sure this doesn’t happen again? No, of course not. The OAG assessed an $18.5 million penalty and Tether agreed to discontinue “any trading activity with New Yorkers.” It was as if Bernie Madoff had been told to pay a small fine and stop ripping off New Yorkers, but to go ahead and have fun with the Palm Beach crowd.Einhorn next highlights one of the stocks most hated by the bearish community: GSX:The media is focused on how the banks allowed excessive leverage and poorly (or properly) managed their risks. The real story is how Arch-Egos was able to buy up most of the float of GSX Techedu, causing the stock to soar 400% in the face of unrefuted allegations of massive fraud.The SEC has an ongoing investigation of GSX but appears to not have noticed a single fund (or a small group of funds) essentially cornering the market. A traditionalist could say this was market manipulation and transparently illegal.The professional poker player finally points out some of the insane moves observed in pennystocks in Q1, focusing on a tiny deli owner in rural NJ:Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September. HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.We don't find it at all surprising that Einhorn's conclusion from his capital markets observations over the past quarter isidenticalto ours, when we discussed the insane stock moves that dominated much of January and February:\"From a traditional perspective, the market is fractured and possibly in the process of breaking completely.\"Einhorn's full letter is below:","news_type":1},"isVote":1,"tweetType":1,"viewCount":52,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370998200,"gmtCreate":1618540855000,"gmtModify":1704712453296,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"Thx for sharing.","listText":"Thx for sharing.","text":"Thx for sharing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/370998200","repostId":"2127076940","repostType":4,"repost":{"id":"2127076940","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618537658,"share":"https://ttm.financial/m/news/2127076940?lang=&edition=fundamental","pubTime":"2021-04-16 09:47","market":"us","language":"en","title":"84% Of Warren Buffett's Portfolio In 2021 Is In These 3 Categories","url":"https://stock-news.laohu8.com/highlight/detail?id=2127076940","media":"Benzinga","summary":"The legendary value investor and Berkshire Hathaway chairman Warren Buffett has an unmatched track r","content":"<p>The legendary value investor and Berkshire Hathaway chairman Warren Buffett has an unmatched track record of market-beating returns for more than half a century. The 90 year’s old billionaire, who held $279 billion in stocks says, \"The stock market is a device for transferring money from the impatient to the patient.\"</p>\n<p>He adds further that investing is very simple.</p>\n<p>“You don’t need to be a rocket scientist. Investing is not a game where the guy with a 160 IQ always beats the guy with a 130 IQ. Rationality is essential. You need a stable personality”</p>\n<p>He used a basic value investing strategy to generate a 20.0% average annual return since Berkshire’s inception in 1965, almost double compared to the S&amp;P 500 returns of 10.2%.</p>\n<p>Buffett, who is worth nearly $100 billion according to Forbes, Portfolio Insider &amp; Bloomberg, has been using a concentrated portfolio strategy instead of diversification.</p>\n<p>The legendary investor held 84.29% of the stake in three sectors and his top ten holdings weighted around 88% of the <b>Berkshire Hathaway Inc.</b> (NYSE: BRK-B) portfolio. These three sectors include information technology, finance, and consumer staples.</p>\n<p>What’s more, Buffett’s concentrated portfolio strategy worked even in the most volatile and unpredictable year. His investment holding earned $26.7 billion in net unrealized gains from its existing stock positions during the pandemic year while realized gains came in at $4.5 billion.</p>\n<p>“In aggregate, we expect our share of the huge pile of earnings retained by Berkshire’s non-controlled businesses (what others would label our equity portfolio) to eventually deliver us an equal or greater amount of capital gains. Over our 56-year tenure, that expectation has been met,” Buffett said in an investor letter.</p>\n<p>Let’s start digging into stocks from three sectors Warren Buffett like the most:</p>\n<p><b>Information Technology: 44.25%</b></p>\n<p><b>Apple Inc </b>(NASDAQ: AAPL) represents 44.25% of Berkshire’s portfolio, valued at around $117 billion.</p>\n<p>While Warren Buffett is a value investor and he strictly follows his stock selection criteria, he has now moved his portfolio focus towards growth stocks, thanks to his fund managers Todd Combs and Ted Weschler.</p>\n<p>Nevertheless, Apple’s strong business model played a big role in enhancing Buffett’s confidence.</p>\n<p>“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said. “It’s probably the best business I know in the world. And that is a bigger commitment than we have in any business except insurance and the railroad,” he added.</p>\n<p>Fortunately, the legendary investor’s stock-picking strategy worked in the case of the iPhone maker. Shares of the world’s largest tech giant rallied 380% since Berkshire first initiated a position in Apple in 2016. Apple’s dividend-paying strategy is further adding to shareholders' returns. Berkshire collected more than $770 million in dividend income from Apple.</p>\n<p>The cloud-based data platform <b><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> Inc. </b>(NYSE: SNOW) represented only a small portion of Buffett's portfolio at the end of the latest quarter. Snowflake is ranked at 21st spot in Buffett’s portfolio and weighted around 0.66%, according to the latest 13F filings.</p>\n<p><b>Financial Sector: 27%</b></p>\n<p>The financial sector is <a href=\"https://laohu8.com/S/AONE\">one</a> of Buffett’s most favorite areas of investment.&nbsp; Although the legendary investors sold out his Goldman Sachs, JP Morgan, and a few other financial stocks positions during the pandemic year, he still holds a big position in several banking and financial services stocks.</p>\n<p>The financial sector accounted for 27% of Berkshire Hathaway's stock portfolio at the end of 2020, down from 43% in the prior year.</p>\n<p>Four out of his top ten positions belong to the financial sector. Bank of America is Buffett’s largest financial stock holding followed by <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a> Company </b>(NYSE: AXP), <b>Moody’s Corporation</b> (NYSE: MCO), and <b>U.S. Bancorp</b> (NYSE: USB). In total, Berkshire Hathaway held 14 financial-sector stocks positions at the end of 2020. Buffett likes to invest in well-established financial companies due to two main reasons: share price appreciation and dividends.</p>\n<p><b>Consumer Staples: 12.73%</b></p>\n<p>Warren Buffett’s Berkshire has long been holding positions in consumer staples companies amid their steady growth potential. Further bolstering investment thesis in consumer staples companies is their predictable nature of cash generation potential.</p>\n<p>Dividends play a big role in enhancing shareholder's overall returns. Warren Buffett expects to receive $3.8 billion in dividends this year from its portfolio holdings. Berkshire’s third-largest stock holding <b>Coca-Cola Co</b> (NYSE: KO) has lifted dividends in the past 58 straight years.</p>\n<p>Buffett also held a big stake in&nbsp;<b>Kraft Heinz Co</b> (NASDAQ: KHC)&nbsp;since 2015. Despite the latest rally, the shares of the consumer staples company plunged sharply in the last five years, pulling Berkshire's initial $13.8 billion investment in Kraft Heinz&nbsp;to around $11.2 billion at present. Nevertheless, the company’s dividend payments helped to offset the impact of share price loss. The company currently offers a dividend yield of just over 4%.</p>\n<p>All data compiled by PortfolioInsider.com in partnership with Nasdaq.com</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>84% Of Warren Buffett's Portfolio In 2021 Is In These 3 Categories</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n84% Of Warren Buffett's Portfolio In 2021 Is In These 3 Categories\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-16 09:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The legendary value investor and Berkshire Hathaway chairman Warren Buffett has an unmatched track record of market-beating returns for more than half a century. The 90 year’s old billionaire, who held $279 billion in stocks says, \"The stock market is a device for transferring money from the impatient to the patient.\"</p>\n<p>He adds further that investing is very simple.</p>\n<p>“You don’t need to be a rocket scientist. Investing is not a game where the guy with a 160 IQ always beats the guy with a 130 IQ. Rationality is essential. You need a stable personality”</p>\n<p>He used a basic value investing strategy to generate a 20.0% average annual return since Berkshire’s inception in 1965, almost double compared to the S&amp;P 500 returns of 10.2%.</p>\n<p>Buffett, who is worth nearly $100 billion according to Forbes, Portfolio Insider &amp; Bloomberg, has been using a concentrated portfolio strategy instead of diversification.</p>\n<p>The legendary investor held 84.29% of the stake in three sectors and his top ten holdings weighted around 88% of the <b>Berkshire Hathaway Inc.</b> (NYSE: BRK-B) portfolio. These three sectors include information technology, finance, and consumer staples.</p>\n<p>What’s more, Buffett’s concentrated portfolio strategy worked even in the most volatile and unpredictable year. His investment holding earned $26.7 billion in net unrealized gains from its existing stock positions during the pandemic year while realized gains came in at $4.5 billion.</p>\n<p>“In aggregate, we expect our share of the huge pile of earnings retained by Berkshire’s non-controlled businesses (what others would label our equity portfolio) to eventually deliver us an equal or greater amount of capital gains. Over our 56-year tenure, that expectation has been met,” Buffett said in an investor letter.</p>\n<p>Let’s start digging into stocks from three sectors Warren Buffett like the most:</p>\n<p><b>Information Technology: 44.25%</b></p>\n<p><b>Apple Inc </b>(NASDAQ: AAPL) represents 44.25% of Berkshire’s portfolio, valued at around $117 billion.</p>\n<p>While Warren Buffett is a value investor and he strictly follows his stock selection criteria, he has now moved his portfolio focus towards growth stocks, thanks to his fund managers Todd Combs and Ted Weschler.</p>\n<p>Nevertheless, Apple’s strong business model played a big role in enhancing Buffett’s confidence.</p>\n<p>“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said. “It’s probably the best business I know in the world. And that is a bigger commitment than we have in any business except insurance and the railroad,” he added.</p>\n<p>Fortunately, the legendary investor’s stock-picking strategy worked in the case of the iPhone maker. Shares of the world’s largest tech giant rallied 380% since Berkshire first initiated a position in Apple in 2016. Apple’s dividend-paying strategy is further adding to shareholders' returns. Berkshire collected more than $770 million in dividend income from Apple.</p>\n<p>The cloud-based data platform <b><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> Inc. </b>(NYSE: SNOW) represented only a small portion of Buffett's portfolio at the end of the latest quarter. Snowflake is ranked at 21st spot in Buffett’s portfolio and weighted around 0.66%, according to the latest 13F filings.</p>\n<p><b>Financial Sector: 27%</b></p>\n<p>The financial sector is <a href=\"https://laohu8.com/S/AONE\">one</a> of Buffett’s most favorite areas of investment.&nbsp; Although the legendary investors sold out his Goldman Sachs, JP Morgan, and a few other financial stocks positions during the pandemic year, he still holds a big position in several banking and financial services stocks.</p>\n<p>The financial sector accounted for 27% of Berkshire Hathaway's stock portfolio at the end of 2020, down from 43% in the prior year.</p>\n<p>Four out of his top ten positions belong to the financial sector. Bank of America is Buffett’s largest financial stock holding followed by <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a> Company </b>(NYSE: AXP), <b>Moody’s Corporation</b> (NYSE: MCO), and <b>U.S. Bancorp</b> (NYSE: USB). In total, Berkshire Hathaway held 14 financial-sector stocks positions at the end of 2020. Buffett likes to invest in well-established financial companies due to two main reasons: share price appreciation and dividends.</p>\n<p><b>Consumer Staples: 12.73%</b></p>\n<p>Warren Buffett’s Berkshire has long been holding positions in consumer staples companies amid their steady growth potential. Further bolstering investment thesis in consumer staples companies is their predictable nature of cash generation potential.</p>\n<p>Dividends play a big role in enhancing shareholder's overall returns. Warren Buffett expects to receive $3.8 billion in dividends this year from its portfolio holdings. Berkshire’s third-largest stock holding <b>Coca-Cola Co</b> (NYSE: KO) has lifted dividends in the past 58 straight years.</p>\n<p>Buffett also held a big stake in&nbsp;<b>Kraft Heinz Co</b> (NASDAQ: KHC)&nbsp;since 2015. Despite the latest rally, the shares of the consumer staples company plunged sharply in the last five years, pulling Berkshire's initial $13.8 billion investment in Kraft Heinz&nbsp;to around $11.2 billion at present. Nevertheless, the company’s dividend payments helped to offset the impact of share price loss. The company currently offers a dividend yield of just over 4%.</p>\n<p>All data compiled by PortfolioInsider.com in partnership with Nasdaq.com</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B","AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127076940","content_text":"The legendary value investor and Berkshire Hathaway chairman Warren Buffett has an unmatched track record of market-beating returns for more than half a century. The 90 year’s old billionaire, who held $279 billion in stocks says, \"The stock market is a device for transferring money from the impatient to the patient.\"\nHe adds further that investing is very simple.\n“You don’t need to be a rocket scientist. Investing is not a game where the guy with a 160 IQ always beats the guy with a 130 IQ. Rationality is essential. You need a stable personality”\nHe used a basic value investing strategy to generate a 20.0% average annual return since Berkshire’s inception in 1965, almost double compared to the S&P 500 returns of 10.2%.\nBuffett, who is worth nearly $100 billion according to Forbes, Portfolio Insider & Bloomberg, has been using a concentrated portfolio strategy instead of diversification.\nThe legendary investor held 84.29% of the stake in three sectors and his top ten holdings weighted around 88% of the Berkshire Hathaway Inc. (NYSE: BRK-B) portfolio. These three sectors include information technology, finance, and consumer staples.\nWhat’s more, Buffett’s concentrated portfolio strategy worked even in the most volatile and unpredictable year. His investment holding earned $26.7 billion in net unrealized gains from its existing stock positions during the pandemic year while realized gains came in at $4.5 billion.\n“In aggregate, we expect our share of the huge pile of earnings retained by Berkshire’s non-controlled businesses (what others would label our equity portfolio) to eventually deliver us an equal or greater amount of capital gains. Over our 56-year tenure, that expectation has been met,” Buffett said in an investor letter.\nLet’s start digging into stocks from three sectors Warren Buffett like the most:\nInformation Technology: 44.25%\nApple Inc (NASDAQ: AAPL) represents 44.25% of Berkshire’s portfolio, valued at around $117 billion.\nWhile Warren Buffett is a value investor and he strictly follows his stock selection criteria, he has now moved his portfolio focus towards growth stocks, thanks to his fund managers Todd Combs and Ted Weschler.\nNevertheless, Apple’s strong business model played a big role in enhancing Buffett’s confidence.\n“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said. “It’s probably the best business I know in the world. And that is a bigger commitment than we have in any business except insurance and the railroad,” he added.\nFortunately, the legendary investor’s stock-picking strategy worked in the case of the iPhone maker. Shares of the world’s largest tech giant rallied 380% since Berkshire first initiated a position in Apple in 2016. Apple’s dividend-paying strategy is further adding to shareholders' returns. Berkshire collected more than $770 million in dividend income from Apple.\nThe cloud-based data platform Snowflake Inc. (NYSE: SNOW) represented only a small portion of Buffett's portfolio at the end of the latest quarter. Snowflake is ranked at 21st spot in Buffett’s portfolio and weighted around 0.66%, according to the latest 13F filings.\nFinancial Sector: 27%\nThe financial sector is one of Buffett’s most favorite areas of investment.  Although the legendary investors sold out his Goldman Sachs, JP Morgan, and a few other financial stocks positions during the pandemic year, he still holds a big position in several banking and financial services stocks.\nThe financial sector accounted for 27% of Berkshire Hathaway's stock portfolio at the end of 2020, down from 43% in the prior year.\nFour out of his top ten positions belong to the financial sector. Bank of America is Buffett’s largest financial stock holding followed by American Express Company (NYSE: AXP), Moody’s Corporation (NYSE: MCO), and U.S. Bancorp (NYSE: USB). In total, Berkshire Hathaway held 14 financial-sector stocks positions at the end of 2020. Buffett likes to invest in well-established financial companies due to two main reasons: share price appreciation and dividends.\nConsumer Staples: 12.73%\nWarren Buffett’s Berkshire has long been holding positions in consumer staples companies amid their steady growth potential. Further bolstering investment thesis in consumer staples companies is their predictable nature of cash generation potential.\nDividends play a big role in enhancing shareholder's overall returns. Warren Buffett expects to receive $3.8 billion in dividends this year from its portfolio holdings. Berkshire’s third-largest stock holding Coca-Cola Co (NYSE: KO) has lifted dividends in the past 58 straight years.\nBuffett also held a big stake in Kraft Heinz Co (NASDAQ: KHC) since 2015. Despite the latest rally, the shares of the consumer staples company plunged sharply in the last five years, pulling Berkshire's initial $13.8 billion investment in Kraft Heinz to around $11.2 billion at present. Nevertheless, the company’s dividend payments helped to offset the impact of share price loss. The company currently offers a dividend yield of just over 4%.\nAll data compiled by PortfolioInsider.com in partnership with Nasdaq.com","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031713624,"gmtCreate":1646665969360,"gmtModify":1676534148499,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031713624","repostId":"1159022192","repostType":4,"repost":{"id":"1159022192","pubTimestamp":1646662363,"share":"https://ttm.financial/m/news/1159022192?lang=&edition=fundamental","pubTime":"2022-03-07 22:12","market":"us","language":"en","title":"Price Target Changes｜Lockheed Martin is Raised to $486; Disney is Cut to 150","url":"https://stock-news.laohu8.com/highlight/detail?id=1159022192","media":"benzinga","summary":"Wells Fargo raised the price target on Lockheed Martin Corporation LMT from $400 to $486. Lockheed M","content":"<html><head></head><body><p>Wells Fargo raised the price target on <b>Lockheed Martin</b> Corporation LMT from $400 to $486. Lockheed Martin shares rose 1.3% to $464.10 in pre-market trading.</p><p>Moffett Nathanson cut The <b>Walt Disney</b> Company DIS price target from $165 to $150. Disney shares fell 1.3% to $138.90 in pre-market trading.</p><p>UBS boosted the price target on <b>Universal Health</b> Services, Inc. UHS from $124 to $134. Universal Health shares dropped 0.3% to close at $149.46 on Friday.</p><p>Mizuho lowered the price target for <b>ICON</b> Public Limited Company ICLR from $315 to $272. ICON shares fell 2.3% to close at $226.32 on Friday.</p><p>Wedbush lowered <b>PVH</b> Corp. PVH price target from $140 to $85. PVH shares fell 2.7% to $77.00 in pre-market trading.</p><p>Deutsche Bank raised the price target on The<b> Kroger</b> Co. KR from $43 to $49. Kroger shares fell 0.1% to $58.90 in pre-market trading.</p><p>Piper Sandler cut the price target for <b>First Republic Bank </b>FRC from $205 to $180. First Republic Bank shares fell 1.1% to $163.06 in pre-market trading.</p><p>B of A Securities boosted <b>Ball Corporation</b> BLL price target from $103 to $108. Ball shares fell 0.3% to $89.90 in pre-market trading.</p><p>Telsey Advisory Group reduced The <b>Children&#39;s Place</b>, Inc. PLCE price target from $130 to $80. Children&#39;s Place shares fell 0.7% to $55.75 in pre-market trading.</p><p>JP Morgan cut <b>Philip Morris</b> International Inc. PM price target from $130 to $110. Philip Morris shares fell 1.4% to $98.37 in pre-market trading.</p></body></html>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Price Target Changes｜Lockheed Martin is Raised to $486; Disney is Cut to 150</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrice Target Changes｜Lockheed Martin is Raised to $486; Disney is Cut to 150\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-07 22:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/analyst-ratings/price-target/22/03/26016568/10-biggest-price-target-changes-for-monday><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wells Fargo raised the price target on Lockheed Martin Corporation LMT from $400 to $486. Lockheed Martin shares rose 1.3% to $464.10 in pre-market trading.Moffett Nathanson cut The Walt Disney ...</p>\n\n<a href=\"https://www.benzinga.com/analyst-ratings/price-target/22/03/26016568/10-biggest-price-target-changes-for-monday\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼","ICLR":"ICON plc","PM":"菲利普莫里斯","PVH":"PVH Corp","PLCE":"儿童之家","KR":"克罗格","LMT":"洛克希德马丁","UHS":"Universal Health Services Inc Cl"},"source_url":"https://www.benzinga.com/analyst-ratings/price-target/22/03/26016568/10-biggest-price-target-changes-for-monday","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159022192","content_text":"Wells Fargo raised the price target on Lockheed Martin Corporation LMT from $400 to $486. Lockheed Martin shares rose 1.3% to $464.10 in pre-market trading.Moffett Nathanson cut The Walt Disney Company DIS price target from $165 to $150. Disney shares fell 1.3% to $138.90 in pre-market trading.UBS boosted the price target on Universal Health Services, Inc. UHS from $124 to $134. Universal Health shares dropped 0.3% to close at $149.46 on Friday.Mizuho lowered the price target for ICON Public Limited Company ICLR from $315 to $272. ICON shares fell 2.3% to close at $226.32 on Friday.Wedbush lowered PVH Corp. PVH price target from $140 to $85. PVH shares fell 2.7% to $77.00 in pre-market trading.Deutsche Bank raised the price target on The Kroger Co. KR from $43 to $49. Kroger shares fell 0.1% to $58.90 in pre-market trading.Piper Sandler cut the price target for First Republic Bank FRC from $205 to $180. First Republic Bank shares fell 1.1% to $163.06 in pre-market trading.B of A Securities boosted Ball Corporation BLL price target from $103 to $108. Ball shares fell 0.3% to $89.90 in pre-market trading.Telsey Advisory Group reduced The Children's Place, Inc. PLCE price target from $130 to $80. Children's Place shares fell 0.7% to $55.75 in pre-market trading.JP Morgan cut Philip Morris International Inc. PM price target from $130 to $110. Philip Morris shares fell 1.4% to $98.37 in pre-market trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109677419,"gmtCreate":1619696483331,"gmtModify":1704728148635,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/109677419","repostId":"1183966356","repostType":4,"repost":{"id":"1183966356","pubTimestamp":1619665696,"share":"https://ttm.financial/m/news/1183966356?lang=&edition=fundamental","pubTime":"2021-04-29 11:08","market":"us","language":"en","title":"NIO Q1 2021 Earnings Report Preview: What to Look For","url":"https://stock-news.laohu8.com/highlight/detail?id=1183966356","media":"InvestoPedia","summary":"Analysts estimate earnings per ADS of -0.72 yuan vs. -1.66 yuan in Q1 FY 2020.Revenue is expected to soar on expanding vehicle sales.NIO Inc. , like many other automakers, was forced to halt production this year due to the global semiconductor shortage. Semiconductor chips, widely used in smartphones, computers, and other electronic devices, are especially important to NIO, a maker of premium electric vehicles . NIO's production stoppage in late March had little impact on the company's record ve","content":"<p>Focus on NIO vehicle deliveries</p>\n<p><b>KEY TAKEAWAYS</b></p>\n<ul>\n <li>Analysts estimate earnings per ADS of -0.72 yuan vs. -1.66 yuan in Q1 FY 2020.</li>\n <li>Vehicle deliveries, already announced, rose dramatically YOY.</li>\n <li>Revenue is expected to soar on expanding vehicle sales.</li>\n</ul>\n<p>NIO Inc. (NIO), like many other automakers, was forced to halt production this year due to the global semiconductor shortage. Semiconductor chips, widely used in smartphones, computers, and other electronic devices, are especially important to NIO, a maker of premium electric vehicles (EVs). NIO's production stoppage in late March had little impact on the company's record vehicle deliveries in Q1, but it could affect future production numbers.</p>\n<p>Investors will focus on how these forces affect NIO's immediate results, as well as its financial outlook, when the company reports earnings on April 29, 2021 for Q1 FY 2021.Analysts are expecting the company's loss per American depositary share (ADS) to narrow significantly as revenue expands at a rapid pace.</p>\n<p>Vehicle deliveries are another key metric investors watch in order to gauge the company's productive capacity. NIO already reported vehicle deliveries for the first quarter earlier this month, achieving a new quarterly record despite total deliveries coming in slightly below expectations.</p>\n<p>Shares of NIO have dramatically outperformed the broader market over the past year. But after reaching all-time highs earlier this year, the stock has fallen considerably and has been trading mostly sideways since early March. NIO's shares have provided investors with an astronomic total return of 1,171.9% over the past year, well above the S&amp;P 500's total return of 45.5%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a11e1a915810ccbc7f07ec2adf16865b\" tg-width=\"3004\" tg-height=\"1798\"><span>Source: TradingView.</span></p>\n<p><b>NIO Earnings History</b></p>\n<p>The stock, which had been gathering downward momentum after peaking around mid-February, plunged following NIO's&nbsp;Q4 FY 2020 earnings&nbsp;report released at the beginning of March. The company reported a much larger loss per ADS than analysts expected and revenue also missed estimates. However, NIO's loss narrowed considerably compared to the year-ago quarter and revenue was still up 133.2%.The company was optimistic about its performance, noting that its&nbsp;gross margin&nbsp;rose to 17.2% compared to negative 8.9% in the year-ago quarter.</p>\n<p>In Q3 FY 2020, NIO posted a loss per ADS of 0.98 yuan ($0.15 as of the CNY/USD exchange rate on April 27, 2021).It was the smallest loss in at least 11 quarters. Revenue rose 146.4%, maintaining the pace of growth achieved in the second quarter.NIO said it delivered a record number of vehicles and saw improvements in its average selling price. The company also said that it was the second straight quarter of positive cash flow from operating activities.</p>\n<p>Analysts expect continued improvement in NIO's financial results in Q1 FY 2021. While NIO is still expected to post another loss per ADS, it is estimated to be the lowest in at least 14 quarters. Revenue for the quarter is forecast to rise 446.1%, which would be the fastest pace since Q2 FY 2019. For full-year FY 2021, analysts are currently expecting NIO to achieve a loss of 2.72 yuan per ADS, which would be the smallest loss in at least five years. Revenue is expected to rise 109.7%, a faster pace than in each of the last two years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d412a9c0aea28621f713f5afbfba444c\" tg-width=\"885\" tg-height=\"352\"><span>Source: Visible Alpha; NIO Inc.</span></p>\n<p><b>The Key Metric</b></p>\n<p>As mentioned above, investors are also watching the number of vehicles NIO delivers each quarter. NIO generates some revenue from various services it provides, but the majority of revenue is derived from vehicle sales.Currently, the company makes deliveries of three types of vehicles: the ES8, the company's 6-seater and 7-seater flagship premium smart electric SUV; the ES6, the company’s 5-seater high-performance premium smart electric SUV; and the EC6, the company’s 5-seater premium electric coupe SUV.The number of vehicle deliveries provides an indication of the demand for NIO's vehicles as well as the company's ability to scale production.</p>\n<p>NIO has significantly ramped up its production over the past few years. The company delivered 11,350 vehicles in FY 2018. In FY 2020, it had nearly quadrupled that figure, delivering 43,730 vehicles. Despite a slowdown in Q1 FY 2020 amid the COVID-19 pandemic, NIO quickly made up for the Q1 drop in deliveries with a 190.8% year-over-year increase in Q2 FY 2020. Total vehicle delivery growth decelerated to 154.3% in Q3 and then to 111.0% in Q4. However, vehicle deliveries rose 423.0% in Q1 FY 2021, hitting a new quarterly record, as mentioned above. For full-year FY 2021, analysts are forecasting NIO to deliver 88,280 vehicles, which would be more than double last year's total deliveries. However, NIO warned investors in early March that the global chip shortage is likely to cut its production capacity, at least in the second quarter.</p>","source":"lsy1606203311635","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>NIO Q1 2021 Earnings Report Preview: What to Look For</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO Q1 2021 Earnings Report Preview: What to Look For\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-29 11:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/nio-q1-2021-earnings-report-preview-5180991><strong>InvestoPedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Focus on NIO vehicle deliveries\nKEY TAKEAWAYS\n\nAnalysts estimate earnings per ADS of -0.72 yuan vs. -1.66 yuan in Q1 FY 2020.\nVehicle deliveries, already announced, rose dramatically YOY.\nRevenue is ...</p>\n\n<a href=\"https://www.investopedia.com/nio-q1-2021-earnings-report-preview-5180991\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.investopedia.com/nio-q1-2021-earnings-report-preview-5180991","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183966356","content_text":"Focus on NIO vehicle deliveries\nKEY TAKEAWAYS\n\nAnalysts estimate earnings per ADS of -0.72 yuan vs. -1.66 yuan in Q1 FY 2020.\nVehicle deliveries, already announced, rose dramatically YOY.\nRevenue is expected to soar on expanding vehicle sales.\n\nNIO Inc. (NIO), like many other automakers, was forced to halt production this year due to the global semiconductor shortage. Semiconductor chips, widely used in smartphones, computers, and other electronic devices, are especially important to NIO, a maker of premium electric vehicles (EVs). NIO's production stoppage in late March had little impact on the company's record vehicle deliveries in Q1, but it could affect future production numbers.\nInvestors will focus on how these forces affect NIO's immediate results, as well as its financial outlook, when the company reports earnings on April 29, 2021 for Q1 FY 2021.Analysts are expecting the company's loss per American depositary share (ADS) to narrow significantly as revenue expands at a rapid pace.\nVehicle deliveries are another key metric investors watch in order to gauge the company's productive capacity. NIO already reported vehicle deliveries for the first quarter earlier this month, achieving a new quarterly record despite total deliveries coming in slightly below expectations.\nShares of NIO have dramatically outperformed the broader market over the past year. But after reaching all-time highs earlier this year, the stock has fallen considerably and has been trading mostly sideways since early March. NIO's shares have provided investors with an astronomic total return of 1,171.9% over the past year, well above the S&P 500's total return of 45.5%.\nSource: TradingView.\nNIO Earnings History\nThe stock, which had been gathering downward momentum after peaking around mid-February, plunged following NIO's Q4 FY 2020 earnings report released at the beginning of March. The company reported a much larger loss per ADS than analysts expected and revenue also missed estimates. However, NIO's loss narrowed considerably compared to the year-ago quarter and revenue was still up 133.2%.The company was optimistic about its performance, noting that its gross margin rose to 17.2% compared to negative 8.9% in the year-ago quarter.\nIn Q3 FY 2020, NIO posted a loss per ADS of 0.98 yuan ($0.15 as of the CNY/USD exchange rate on April 27, 2021).It was the smallest loss in at least 11 quarters. Revenue rose 146.4%, maintaining the pace of growth achieved in the second quarter.NIO said it delivered a record number of vehicles and saw improvements in its average selling price. The company also said that it was the second straight quarter of positive cash flow from operating activities.\nAnalysts expect continued improvement in NIO's financial results in Q1 FY 2021. While NIO is still expected to post another loss per ADS, it is estimated to be the lowest in at least 14 quarters. Revenue for the quarter is forecast to rise 446.1%, which would be the fastest pace since Q2 FY 2019. For full-year FY 2021, analysts are currently expecting NIO to achieve a loss of 2.72 yuan per ADS, which would be the smallest loss in at least five years. Revenue is expected to rise 109.7%, a faster pace than in each of the last two years.\nSource: Visible Alpha; NIO Inc.\nThe Key Metric\nAs mentioned above, investors are also watching the number of vehicles NIO delivers each quarter. NIO generates some revenue from various services it provides, but the majority of revenue is derived from vehicle sales.Currently, the company makes deliveries of three types of vehicles: the ES8, the company's 6-seater and 7-seater flagship premium smart electric SUV; the ES6, the company’s 5-seater high-performance premium smart electric SUV; and the EC6, the company’s 5-seater premium electric coupe SUV.The number of vehicle deliveries provides an indication of the demand for NIO's vehicles as well as the company's ability to scale production.\nNIO has significantly ramped up its production over the past few years. The company delivered 11,350 vehicles in FY 2018. In FY 2020, it had nearly quadrupled that figure, delivering 43,730 vehicles. Despite a slowdown in Q1 FY 2020 amid the COVID-19 pandemic, NIO quickly made up for the Q1 drop in deliveries with a 190.8% year-over-year increase in Q2 FY 2020. Total vehicle delivery growth decelerated to 154.3% in Q3 and then to 111.0% in Q4. However, vehicle deliveries rose 423.0% in Q1 FY 2021, hitting a new quarterly record, as mentioned above. For full-year FY 2021, analysts are forecasting NIO to deliver 88,280 vehicles, which would be more than double last year's total deliveries. However, NIO warned investors in early March that the global chip shortage is likely to cut its production capacity, at least in the second quarter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031719710,"gmtCreate":1646665900007,"gmtModify":1676534148491,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"👍🏼","listText":"👍🏼","text":"👍🏼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031719710","repostId":"1197638147","repostType":4,"repost":{"id":"1197638147","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646664013,"share":"https://ttm.financial/m/news/1197638147?lang=&edition=fundamental","pubTime":"2022-03-07 22:40","market":"us","language":"en","title":"Bed Bath & Beyond Surged over 70% after Cohen's Stake","url":"https://stock-news.laohu8.com/highlight/detail?id=1197638147","media":"Tiger Newspress","summary":"Bed Bath & Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by Gam","content":"<html><head></head><body><p>Bed Bath &amp; Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by GameStop Corp. Chairman Ryan Cohen, disclosed a large stake in Bed Bath &amp; Beyond Inc. and is pushing the company to explore selling itself.The 9.8% stake puts Cohen among the retailer’s five biggest shareholders.</p><p><img src=\"https://static.tigerbbs.com/73625b7c07b9ded9e18049cc406590b6\" tg-width=\"1143\" tg-height=\"917\" width=\"100%\" height=\"auto\"/></p><p>Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath &amp; Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath &amp; Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.</p><p>On social media Monday, individual investors cheered the news of Mr. Cohen’s stake. Mr. Cohen has built a band of loyal followers on Reddit and Twitter, in part, due to his cryptic tweets that frequently go viral online.</p><p>The large stake by Mr. Cohen is reminiscent of his move to amass a position in GameStop and lay the groundwork to take over the company’s board. In late 2020, Mr. Cohen disclosed a nearly 10% stake in GameStop through his investment firm RC Ventures LLC and sent a letter to the videogame retailer’s board, urging it to improve the company’s e-commerce and explore other tech-driven opportunities.</p><p>In January 2021, Mr. Cohen was added to GameStop’s board—and later ascended to chairman. His addition to the board ignited a frenzy in GameStop shares, sending them to an intraday high of $483 last year after starting the year trading below $20 a share.</p><p>In his letter to Bed Bath &amp; Beyond, Mr. Cohen said he wasn’t in a position to join Bed Bath &amp; Beyond’s board personally, but said that doesn’t preclude RC Ventures from seeking to hold Bed Bath &amp; Beyond’s board and management accountable. His letter said Bed Bath &amp; Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.</p><p>Bed Bath &amp; Beyond was among a number of stocks that surged last year during the meme-stock mania. Its stock price, however, lost steam shortly thereafter but has seen periodic surges of interest among retail investors.</p></body></html>","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>Bed Bath & Beyond Surged over 70% after Cohen's Stake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBed Bath & Beyond Surged over 70% after Cohen's Stake\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-03-07 22:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Bed Bath &amp; Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by GameStop Corp. Chairman Ryan Cohen, disclosed a large stake in Bed Bath &amp; Beyond Inc. and is pushing the company to explore selling itself.The 9.8% stake puts Cohen among the retailer’s five biggest shareholders.</p><p><img src=\"https://static.tigerbbs.com/73625b7c07b9ded9e18049cc406590b6\" tg-width=\"1143\" tg-height=\"917\" width=\"100%\" height=\"auto\"/></p><p>Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath &amp; Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath &amp; Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.</p><p>On social media Monday, individual investors cheered the news of Mr. Cohen’s stake. Mr. Cohen has built a band of loyal followers on Reddit and Twitter, in part, due to his cryptic tweets that frequently go viral online.</p><p>The large stake by Mr. Cohen is reminiscent of his move to amass a position in GameStop and lay the groundwork to take over the company’s board. In late 2020, Mr. Cohen disclosed a nearly 10% stake in GameStop through his investment firm RC Ventures LLC and sent a letter to the videogame retailer’s board, urging it to improve the company’s e-commerce and explore other tech-driven opportunities.</p><p>In January 2021, Mr. Cohen was added to GameStop’s board—and later ascended to chairman. His addition to the board ignited a frenzy in GameStop shares, sending them to an intraday high of $483 last year after starting the year trading below $20 a share.</p><p>In his letter to Bed Bath &amp; Beyond, Mr. Cohen said he wasn’t in a position to join Bed Bath &amp; Beyond’s board personally, but said that doesn’t preclude RC Ventures from seeking to hold Bed Bath &amp; Beyond’s board and management accountable. His letter said Bed Bath &amp; Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.</p><p>Bed Bath &amp; Beyond was among a number of stocks that surged last year during the meme-stock mania. Its stock price, however, lost steam shortly thereafter but has seen periodic surges of interest among retail investors.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197638147","content_text":"Bed Bath & Beyond surged over 70% in morning trading. RC Ventures, an investment firm started by GameStop Corp. Chairman Ryan Cohen, disclosed a large stake in Bed Bath & Beyond Inc. and is pushing the company to explore selling itself.The 9.8% stake puts Cohen among the retailer’s five biggest shareholders.Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath & Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath & Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.On social media Monday, individual investors cheered the news of Mr. Cohen’s stake. Mr. Cohen has built a band of loyal followers on Reddit and Twitter, in part, due to his cryptic tweets that frequently go viral online.The large stake by Mr. Cohen is reminiscent of his move to amass a position in GameStop and lay the groundwork to take over the company’s board. In late 2020, Mr. Cohen disclosed a nearly 10% stake in GameStop through his investment firm RC Ventures LLC and sent a letter to the videogame retailer’s board, urging it to improve the company’s e-commerce and explore other tech-driven opportunities.In January 2021, Mr. Cohen was added to GameStop’s board—and later ascended to chairman. His addition to the board ignited a frenzy in GameStop shares, sending them to an intraday high of $483 last year after starting the year trading below $20 a share.In his letter to Bed Bath & Beyond, Mr. Cohen said he wasn’t in a position to join Bed Bath & Beyond’s board personally, but said that doesn’t preclude RC Ventures from seeking to hold Bed Bath & Beyond’s board and management accountable. His letter said Bed Bath & Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.Bed Bath & Beyond was among a number of stocks that surged last year during the meme-stock mania. Its stock price, however, lost steam shortly thereafter but has seen periodic surges of interest among retail investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160766450,"gmtCreate":1623806861470,"gmtModify":1703819997016,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160766450","repostId":"2143768355","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182513601,"gmtCreate":1623587953003,"gmtModify":1704206653873,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/182513601","repostId":"1185020128","repostType":4,"repost":{"id":"1185020128","pubTimestamp":1623537503,"share":"https://ttm.financial/m/news/1185020128?lang=&edition=fundamental","pubTime":"2021-06-13 06:38","market":"us","language":"en","title":"Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays","url":"https://stock-news.laohu8.com/highlight/detail?id=1185020128","media":"investors","summary":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ","content":"<p>GameStop may be the top holding in SPDR S&amp;P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.</p>\n<p>The $4.2 billion value fund tracks the S&amp;P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.</p>\n<p>That more than doubles the return of its growth stock counterpart, SPDR S&amp;P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.</p>\n<p>Back to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each.&nbsp;Smaller positions in consumer staples, utilities and communication services made up the rest.</p>\n<p>SPDR S&amp;P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&amp;P 600 Small Cap Growth is not.</p>\n<p><b>GameStop Stock Leads</b></p>\n<p><b>GameStop</b>(GME),<b>Macy's</b>(M),<b>PDC Energy</b>(PDCE),<b>Resideo Technologies</b>(REZI) and<b>BankUnited</b>(BKU) were the top five holdings as of Wednesday.</p>\n<p><b>Pacific Premier Bancorp</b>(PPBI),<b>Bed Bath &amp; Beyond</b>(BBBY),<b>Ameris Bancorp</b>(ABCB),<b>First Hawaiian</b>(FHB) and<b>Insight Enterprises</b>(NSIT) rounded out the top 10.</p>\n<p>GameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.</p>\n<p>Action had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.</p>\n<p>Could GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.</p>\n<p><b>Second Meme Stock In Top 10</b></p>\n<p>PDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.</p>\n<p>Bed Bath &amp; Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.</p>\n<p>But the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath &amp; Beyond soared 62% before diving 28% the next session.</p>\n<p>The rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&amp;P 500 held a 13% gain through Thursday's close.</p>\n<p>SLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis.&nbsp;SLYV and SLYG charge a 0.15% expense ratio.</p>","source":"lsy1610449120050","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>Meme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeme Stock Soars 1,000% To Lead These Two Top Small Cap Stock Plays\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-13 06:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220><strong>investors</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600...</p>\n\n<a href=\"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居","PDCE":"PDC Energy"},"source_url":"https://www.investors.com/etfs-and-funds/etf-leaders/gamestop-stock-soars-1000-percent-lead-two-top-small-cap-stock-plays/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185020128","content_text":"GameStop may be the top holding in SPDR S&P 600 Small Cap Value, but that's not the only reason the ETF is beating its growth-stock counterpart.\nThe $4.2 billion value fund tracks the S&P SmallCap 600 Value Index (SLYV), composed of stocks with the strongest value traits based on book value to price ratio, earnings to price ratio, and sales to price ratio. SLYV rallied 32% this year through Thursday's close.\nThat more than doubles the return of its growth stock counterpart, SPDR S&P 600 Small Cap Growth (SLYG), which is up 15%. The index SLYG tracks includes stocks with the strongest growth traits based on sales growth, earnings change to price and momentum.\nBack to SLYV, financials accounted for the biggest sector weight at 24% of assets. Industrials weighed in at about 17%, consumer discretionary 15% and real estate 10%. Information technology was next at 8% and materials, energy and health care, 6% each. Smaller positions in consumer staples, utilities and communication services made up the rest.\nSPDR S&P 600 Small Cap Value is in IBD's ETF Leaders, but SPDR S&P 600 Small Cap Growth is not.\nGameStop Stock Leads\nGameStop(GME),Macy's(M),PDC Energy(PDCE),Resideo Technologies(REZI) andBankUnited(BKU) were the top five holdings as of Wednesday.\nPacific Premier Bancorp(PPBI),Bed Bath & Beyond(BBBY),Ameris Bancorp(ABCB),First Hawaiian(FHB) andInsight Enterprises(NSIT) rounded out the top 10.\nGameStop has undergone wide swings this year. It rocketed about 2,500% early this year amid theshort-squeeze rallyfueled by the Reddit/WallStreetBets crowd.GME stockthen crashed 92% from a Jan. 28 high to its mid-February low. That was followed by an 805% surge the next three weeks, and a 66% drop over the next two weeks.\nAction had been relatively subdued since, until Thursday's 27% dive. Even after that, GameStop stock was up 1,070% year to date through Thursday's close.\nCould GME be inflating SLYV's performance? Certainly, given its quadruple-digit gain. But a look at SLYG's portfolio is interesting. GameStop stock is also the top holding in the growth stock ETF, though the rest of the top 10 differ vastly.\nSecond Meme Stock In Top 10\nPDC Energy, up 130%, saw the next biggest gain in the top 10. The Colorado-based oil and gas explorer has a 97Relative Strength Rating, which mean it's in the top 3% of all stocks. Its relative strength line is at a 52-week high, a bullish sign.\nBed Bath & Beyond, another meme stock, is up 78% this year. Shares surged more than 200% in January, amid a spate of wild double-digit swings. BBBY stock then gave back the bulk of its gains.\nBut the home goods retailer appears to be back on the radar of the WallStreetBets discussion group. On June 2, Bed Bath & Beyond soared 62% before diving 28% the next session.\nThe rest of the top 10 stocks have also outperformed the broader market. Macy's is up 68% year to date, while Resideo, Pacific Premier and Ameris have risen more than 40% each. The lowest gainer, bank holding company First Hawaiian, has advanced 20%. The S&P 500 held a 13% gain through Thursday's close.\nSLYV remains in potential buy range from an 87.29entryof acup with handle, according toMarketSmithchart analysis. SLYV and SLYG charge a 0.15% expense ratio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112440944,"gmtCreate":1622907739688,"gmtModify":1704193194189,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/112440944","repostId":"1148130971","repostType":4,"repost":{"id":"1148130971","pubTimestamp":1622866524,"share":"https://ttm.financial/m/news/1148130971?lang=&edition=fundamental","pubTime":"2021-06-05 12:15","market":"us","language":"en","title":"Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'","url":"https://stock-news.laohu8.com/highlight/detail?id=1148130971","media":"seekingalpha","summary":"NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fas","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.</li>\n <li>The company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.</li>\n <li>We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b31b2f189fa181e941126674e0b4c0b\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Drew Angerer/Getty Images News via Getty Images</span></p>\n<p>Despite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a&nbsp;price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).</p>\n<p>Founded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.</p>\n<p><b>A Trailblazer in Innovative Technology</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d9fd877602d5604bc3a69593badfdf\" tg-width=\"640\" tg-height=\"262\"><span>Source:ir.nio.com</span></p>\n<p>NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the&nbsp;181-mile average travel range of electric vehicles&nbsp;currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are&nbsp;more than 226 battery swapping stations&nbsp;across China, with more on the way following a recent&nbsp;strategic partnership agreement&nbsp;between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.</p>\n<p>In addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of&nbsp;EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s&nbsp;NOMI AI, the world’s first in-vehicle artificial intelligence.</p>\n<p>To further enhance their progress in autonomous driving technology, NIO has recently&nbsp;partnered with Mobileye&nbsp;– an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.</p>\n<p>NIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an&nbsp;estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6c800a04e6df92802f6893d214eecdd\" tg-width=\"640\" tg-height=\"213\"><span>Source: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).</span></p>\n<p><b>Global Expansion</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537449f8f7ee9c736b48c1776cbb7259\" tg-width=\"640\" tg-height=\"249\"><span>Source: ir.nio.com</span></p>\n<p>Another catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first&nbsp;overseas sales and service centre in Oslo, Norway&nbsp;in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the&nbsp;ES8, which currently retails at a&nbsp;starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the&nbsp;ET7, to follow in 2022.</p>\n<p>With a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.</p>\n<p><b>NIO’s Historical Performance</b></p>\n<p>Just a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a&nbsp;capital injection of RMB 7 billion&nbsp;(approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its&nbsp;IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75a1d7edb18c1762028ba54f617e1982\" tg-width=\"640\" tg-height=\"250\"><span>Source: Author, with data from ir.nio.com</span></p>\n<p>NIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the&nbsp;growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the&nbsp;recently renewed manufacturing agreement&nbsp;with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.</p>\n<p><b>NIO vs. LI and XPEV</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af8fa939f92be448d1f427a6ac4bfb25\" tg-width=\"640\" tg-height=\"352\"><span>Source: Finviz</span></p>\n<p>We have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.</p>\n<p>Considering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.</p>\n<p><b>Business Risks and Challenges</b></p>\n<p>As mentioned in one of my&nbsp;previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s&nbsp;denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.</p>\n<p>Another imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.</p>\n<p>Competition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.</p>\n<p><b>Conclusion</b></p>\n<p>NIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.</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>Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 12:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432901-nio-stock-reach-100><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.\nThe company's innovative approach and...</p>\n\n<a href=\"https://seekingalpha.com/article/4432901-nio-stock-reach-100\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4432901-nio-stock-reach-100","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148130971","content_text":"Summary\n\nNIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.\nThe company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.\nWe believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.\n\nPhoto by Drew Angerer/Getty Images News via Getty Images\nDespite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).\nFounded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.\nA Trailblazer in Innovative Technology\nSource:ir.nio.com\nNIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the 181-mile average travel range of electric vehicles currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are more than 226 battery swapping stations across China, with more on the way following a recent strategic partnership agreement between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.\nIn addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s NOMI AI, the world’s first in-vehicle artificial intelligence.\nTo further enhance their progress in autonomous driving technology, NIO has recently partnered with Mobileye – an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.\nNIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).\nSource: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).\nGlobal Expansion\nSource: ir.nio.com\nAnother catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first overseas sales and service centre in Oslo, Norway in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the ES8, which currently retails at a starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the ET7, to follow in 2022.\nWith a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.\nNIO’s Historical Performance\nJust a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a capital injection of RMB 7 billion (approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.\nSource: Author, with data from ir.nio.com\nNIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the recently renewed manufacturing agreement with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.\nNIO vs. LI and XPEV\nSource: Finviz\nWe have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.\nConsidering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.\nBusiness Risks and Challenges\nAs mentioned in one of my previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.\nAnother imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.\nCompetition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.\nConclusion\nNIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133018359,"gmtCreate":1621667378271,"gmtModify":1704361292726,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133018359","repostId":"1186469208","repostType":4,"repost":{"id":"1186469208","weMediaInfo":{"introduction":"我们来自知名IT和财经媒体，专注于互联网+、电子商务、大数据、万物互联和人工智能。我们关注产业动态，技术趋势和商业变革，我们与你一起，迎接这个科技转变命运的时代。","home_visible":1,"media_name":"懂懂笔记","id":"1066040419","head_image":"https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b"},"pubTimestamp":1621609351,"share":"https://ttm.financial/m/news/1186469208?lang=&edition=fundamental","pubTime":"2021-05-21 23:02","market":"us","language":"zh","title":"面对炒股炒基和炒币，这些95后们是这么思考的","url":"https://stock-news.laohu8.com/highlight/detail?id=1186469208","media":"懂懂笔记","summary":"左飞每一次的操作有一个特点，“满仓进，满仓出”。\n两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股","content":"<p>左飞每一次的操作有一个特点，“满仓进，满仓出”。</p>\n<p>两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股市场。</p>\n<p>左飞今年22岁，出身普通家庭，目前在某大学计算机系读大四。以前大部分闲暇时间她都用来研究动漫和手游，但这一年来，她的眼睛始终没离开过股票交易的App，以及金融市场的各种新闻。</p>\n<p>在大二的上半学期，左飞上课时打开的电脑屏幕上，经常一半是PPT、另一半则是股市的分时图。左飞发现，自己认识的所有同学里，几乎都接触过股票进而基金。甚至一些学长、学姐每天都会在微信群里讨论某只股票的涨跌，是否应该买入还是清仓。可以说，类似左飞这样的95后都市青年，在2020年正以肉眼可见的增势投身于炒股炒基大军之中。</p>\n<p>2020年初，一场突如其来的新冠疫情令整个世界蒙上了“灰色”的面纱。但在平行时空的另一侧，却是资本世界的喧嚣，无数科技、互联网公司等待着打开IPO的大门，无数新股民憧憬着自己的投资能变成满屏大红。</p>\n<p>根据沪深交易所的数据显示，2020年中国证券市场总市值及各种衍生产品的成交量，均创下历年最高纪录，上证指数、深证成指涨幅领先全球多数指股，创业板指数年内涨幅超6成。</p>\n<p>报告还显示，<b>新入市投资者平均年龄为30.4岁，较2019年降低0.5岁。</b>投资者通过股票、公募基金等进行财富管理的需求显著增加，投资者证券账户平均资产量59.7万元，较2019年增加5万元，达到历年调查最高水平；投资公募基金的投资者占比67.1%，较2019年大幅增加21.3个百分点。</p>\n<p>5月6日，知名券商软件<a href=\"https://laohu8.com/S/300033\">同花顺</a>发布数据：2021年第一季度净利1.7亿增长33.66% ；美股经纪公司Robinhood数据显示，该平台用户年龄中位数为31岁；另外，富途证券国际（香港）去年的公布的数据显示，美港股网上交易平台富途牛牛90后~95后用户增长快速，目前占该平台用户量近43%。</p>\n<p>这一届年轻人认为自己比70后80后一代更理性也更明智，对于炒股炒基以及炒币有着自己的见解。这其中，有的人通过股票赚到了房子首付，有的炒卖虚拟货币日赚上万人民币，但是亦有人瞬间输掉所有积蓄，甚至决定从此不再入场……</p>\n<p>在股市币圈的血雨腥风中，在豪赌的人性考验中，他们的投资模式和以往的散户有何不同？又如何面对赌性与利益的冲突？</p>\n<p><b>小年轻为何爱炒股了？</b></p>\n<p><img src=\"https://static.tigerbbs.com/99bd944a1246b12d686773212e35c6de\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年1月初，一个星期四晚上，左飞拿着手机，眼睛死盯着一家券商App的分时图。</p>\n<p>盯了4个小时，凌晨4时50多分，美国股市就要“下班”了。突然，一支名为GME的股票猛地急升，很快就到了涨幅榜首位。左飞打开Robinhood，快速点击两下，买入、交易，三万元人民币几秒钟内就消失了。</p>\n<p>“都不知道这个票具体是什么，但是在Reddit上看到过这个，反正就感觉会涨。”左飞坦言，自己的美股知识还是菜鸟级，买卖全靠“第六感”。紧接着之后几天，她都会准时打开应用程序，当上面数字显示赚了80％后，她连忙卖出了所有股票。</p>\n<p>左飞不喜欢闷声大发财，有了利好她就想起了身在国内的朋友。“我跟几个关系比较近的朋友说了，那时Robinhood还有活动——开户送股票。我让他们赶紧下载，还把我的美区Apple ID借给他们。结果折腾了2个多小时，最后卡在了SSN（Social Security Number）和银行账号上，只能作罢。”</p>\n<p>她最心跳的一件事，是2020年1月，当时一位朋友以20元人民币左右的价格买入了2500股某医疗企业的股票，并告诉她值得入手。半年后这支股票涨至171.7元，涨幅达到了755%。</p>\n<p>以前只关心动漫的左飞第一次有些羡慕嫉妒恨了。“它（该医疗股）最高涨到过234元，较之前平均价格（20元）——翻了11倍。我没听朋友的劝告下手，后来那个后悔呀，如果一开始投5万元进去，就变成55万了。”</p>\n<p>实际上，即便在去年初她对股票投资仍是近乎一窍不通，连盘前、盘后的概念亦完全懵懂：“我以为股票5块钱收盘，下次开盘也会是5块钱。”她最初的投资策略，是瞄准涨幅榜中急升的股票，不问基本面、不问任何信息，凭直觉进出。</p>\n<p>对于过去一年的炒股经历，左飞坦言：“这一年其实心情很灰色的，唯二不断接收的信息就是疫情变化和股市变化。我也从不相信什么在绝望中寻找希望的心灵鸡汤，我只是觉得，如果我有钱了之后，就会有更多的希望。”</p>\n<p>谈起95后年轻股民的炒股热情，80后职业炒家王振也觉得有些突然。他告诉懂懂笔记，去年十月开始突然感受到身边90后95后股民多起来了，有几位平常从来不关心财经的年轻朋友，也纷纷咨询他是否是否应买入某某公司的股票、如何短线炒基金。</p>\n<p>“有一个朋友是90后，快30了，平时只喜欢买一些奢侈品和潮牌……2019年底他突然找到我，问可不可以买某体育企业的股票。”当时，这家公司身陷版权困扰，股价正值低位，“他跟我说就里面是潮牌概念，没火之前一文不值，火了之后价格水涨船高。”</p>\n<p>“还有一个大姐的孩子，96年的，刚上班没多久，也是那段时间突然问我美股的事情，另外朋友圈问我数字货币的也有好几个。”曾就职于某证券机构还做过财经记者的王振，面对越来越多的后浪，感觉自己一时跟不上时代步伐了。</p>\n<p>“网上不是说吗，现在年轻人是买了股票，才开始知道什么是股票，有些小孩儿连开盘时间都是买了股票后才知道的。真是初生牛犊不怕虎，放在以前这些孩子肯定是被耻笑的对象，现在不一样了——他们反而说我们这一代人只会瞎分析”。在2021年初，美股的GME事件曾让王振感到一种冲击，在他眼中，投资本应该是一门严谨的学问，“但是竟有人说只要赚钱就行，根本不用去研究什么公司的基本面。”</p>\n<p>无奈之余，他也经常阅览行业信息和市场趋势，观察这个他有些陌生的“炒股群体”。在他看来，各类股票交易程序的易用和普及，可能是导致小年轻冲动炒股流行的原因之一。</p>\n<p>王振表示，现在一部智能手机在手，各种交易软件层出不穷，用户随时随地可以买卖股票。另外，这些交易平台不时会送出“零星小恩小惠”作为诱饵，例如Robinhood、SoFi，标榜只要成功开户，有的是开户即送5~10美元股票，还有的号称赠送价值100美元的<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>公司股票，越来越多的股市交易平台和应用工具卡开发者，开始直接瞄准90、 95后——这群身上自带赌性的“菜鸟”群体。</p>\n<p>以前作为“散户”，如果想获得股票相关新闻、公告、各项报告等信息，需要逐一搜索，现在一些券商的网络交易平台，各种实时数据分析、研判市场资讯、趋势等功能，亦一应俱全。王振笑称，早先年在证券公司工作的时候最羡慕一个名为彭博终端的系统，“但这个系统特别贵，而现在一个免费的炒股APP什么都能办到了。”</p>\n<p>王振强调，最近一两年兴起的新手投资浪潮，或许也并不是专属于年轻人。“现在信息传递得更快，以前可能只是围着专家讨论，现在是全网铺天盖地的各种消息，各种炒股炒币资讯真假难辨满天飞。”在他看来，以前已有不少股民单凭消息入市，现在则是因社交网络发达，让这类股民更容易浮现在公众面前，“只是现在很多媒体只刻意关注90后95后股民罢了。”</p>\n<p>以B站、小红书、<a href=\"https://laohu8.com/S/DYIN\">抖音</a>、<a href=\"https://laohu8.com/S/ZH\">知乎</a>等年轻人聚集的互联网平台为例，围绕基金、股市和炒币的讨论热度都居高不下。在B站若按视频热度排序，可以看到基金、股票类视频播放数最高可达70万以上，不少视频播放数在15万～60万不等。</p>\n<p>炒股和炒币市场里，被放大的大多是一夜暴富和一夜清贫的资讯，而年轻人似乎更乐于关注那些一夜暴富的新闻。</p>\n<p><b>赌性的膨胀</b></p>\n<p><img src=\"https://static.tigerbbs.com/15cabe8f92fa2e3d7a4bb1a2ed1fdb24\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p>\n<p>关于这届年轻人的炒股（炒基）心态，有人说特别生猛，也有人说冷静的居多。</p>\n<p>观察身边的同学和朋友，左飞认为不少90后95后买股票的心态还是相对谨慎的，“保守的偏多，会先做研究，然后低成本的试一下。”</p>\n<p>她表示，铁杆男闺蜜徐奇是自己的股票启蒙导师，也就是告知她买入那只医疗企业股票的好朋友。2017年，21岁的徐奇毕业不久后就投身股票市场，谨慎的他最初小额买入，投资了钛化工行业。在股海沉浮4年后，徐奇大概赚了近60万元人民币，按说足以支付二三线城市的首付了。</p>\n<p>不过徐奇表示，最近在投资理念上和左飞等几位更年轻的朋友之间出现了分歧。“2019年之后才投资的人，会觉得投资是一件好简单的事。”徐奇指出，股市投资一年有10％回报，已经算是非常出色了，但反观身边几位刚入场的好友，没有30％回报的话就会发牢骚还有诸多不满。</p>\n<p>在徐奇看来，包括自己一直关注的GME事件，对股市而言就很不健康，“纯粹靠互联网的消息去预测股票的基本面，太幼稚了。”</p>\n<p>其实，冲动无关年龄，更多取决于个人性格和金融市场的形势，通常于牛市阶段加入的散户，其投资心理亦自然期望高回报。徐奇认为，随着炒股（炒币）工具与信息的普及化，他们的投资决定只不过更让人看清了这一届年轻人骨子里的贪婪。</p>\n<p>这一点，在深圳的职业炒币玩家徐鸿的身上也清晰可见。</p>\n<p>2018年21岁的徐鸿在某二本大学毕业后，正在为实习的事情发愁，他学的是金融，成绩一般、学校也一般，只能求助于家里人。此时表哥让他到自己开设的公司协助财务做账，闲暇时聊起了用杠杆炒虚拟货币这回事儿。</p>\n<p>徐鸿心动之下，曾以尝鲜心态投了几千元（人民币）试水。他发现相比普通股票市场，虚拟货币全天候开市，几乎每一秒都在起落，而且幅度甚大。徐鸿表示，当时初次接触炒币，表哥就教他动用杠杆，他当时也没多想，以为杠杆是投资的必然与基本技能。</p>\n<p>作为初生之犊，他每一次交易的杠杆都在逐步攀升，由一开始的5倍，到10、20、50，最夸张的一次是75倍，即实际上只投入2000元人民币，却可以买入价值近20万元的虚拟货币。</p>\n<p>虚拟货币的杠杆是以保证金制度运作的，不同的杠杆倍数，就会有不同的保证金率。假设75倍杠杆的保证金率是1.3%，即该虚拟货币的价格只要下跌1.3%，交易平台就会强制卖出投资者持有的虚拟货币，保证金全部消失。而1.3%的起落，在虚拟货币的世界可以是刹那之间。</p>\n<p>徐鸿坦言自己最初的投资心态有点疯狂，“涨了好像赢了整个世界，跌了心情好像世界末日一样。”经历最初半年的刺激以后，徐鸿陷入对数字的麻木。最多的一天，他交易了近30次，“好像变成了<a href=\"https://laohu8.com/S/300024\">机器人</a>，钱已不是钱，只是数字。有一天一个早上就赚了二万，起床按两个键，然后过了一小时账户里就多了20000。”</p>\n<p>今年2月，全球虚拟币价格狂飊，他帐户里的数字跳到了15万。同月22日，数小时内，他投资的以太币由1900美元跌破1100美元，十几万元又瞬间消失了。</p>\n<p>“其实我一开始折腾炒币的时候，就给自己定了目标，只要翻倍就卖，但是涨的最多的时候真的是不舍得卖，就想着能再多一点，于是本金几乎都没了，就是一场空”，徐鸿叹了口气。</p>\n<p>经历这次损失后，徐鸿开始改变投资方式。“我觉得没有理由像赌徒那样去赌，就去买相关书籍学习，看了十二三本，”同时，他还查询了很多为投资者提供技术分析工具好技巧的网站，“我一个个的看，中英文的都去研究。”</p>\n<p>现在，徐鸿已经整理了一套技术分析方法，还学会了做T——每收入两万元，就会抽走一万元。截至目前，他又赚到了4万多块。</p>\n<p><img src=\"https://static.tigerbbs.com/f5cfd2d2071f1d8e92b653592100f6d2\" tg-width=\"1080\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>徐鸿坦言，如今内心中变化的还有投资动机。最初赚钱是为了虚荣心和高消费，最近他开始思考买房和未来的生活状态。“你想啊，如果每个月打工慢慢熬，不知道猴年马月才能买房，所以我才会专注投资——你不去利用资金的话，它只会越来越贬值。”</p>\n<p>实际上，也曾多次“孤注一掷”的左飞这两个月也开始看书了，在买书之余她也通过刷短视频学习一些财经知识。但是每次到了赌性被激发的时候，她都承认什么“理性投资”的内容都会被抛在脑后。</p>\n<p>或许，在很多城市的写字楼、办公室、高档公寓或者廉租房里，更多年轻人都在做着类似的炒股梦和炒币梦，在他们看来，拥有较高学历和大视野的自己，能够更善于利用互联网和APP应有工具掌握和把控股市、币圈的信息。更重要的是，他们不相信工资能带来“安全感”，而是相信于类似“狗狗币”这样的神话。</p>\n<p><b>【结束语】</b></p>\n<p>如今，徐奇每天都要从上海周浦到市中心上班。不知何时，他发现自己开始享受坐在地铁车厢，看着交易界面的那种感觉。他笑着说道，自己没有忘记生活的理想和追求，只是理想没有钱不行。“我的理想就是在这个城市买一套房子”，……“我更大的理想是未来能开一个酒吧，就是那种安静、不闹的那种小资酒吧”。</p>\n<p>徐鸿则表示，自己对物质已经没有太多的挣扎。“最简单，不管炒什么，都是为了钱，有了钱，我才可以做回我自己。”</p>\n<p>左飞则坦言，“股票也罢炒币也罢就是个用后即弃的工具而已。”</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>面对炒股炒基和炒币，这些95后们是这么思考的</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; 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.h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n面对炒股炒基和炒币，这些95后们是这么思考的\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1066040419\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">懂懂笔记 </p>\n<p class=\"h-time\">2021-05-21 23:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>左飞每一次的操作有一个特点，“满仓进，满仓出”。</p>\n<p>两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股市场。</p>\n<p>左飞今年22岁，出身普通家庭，目前在某大学计算机系读大四。以前大部分闲暇时间她都用来研究动漫和手游，但这一年来，她的眼睛始终没离开过股票交易的App，以及金融市场的各种新闻。</p>\n<p>在大二的上半学期，左飞上课时打开的电脑屏幕上，经常一半是PPT、另一半则是股市的分时图。左飞发现，自己认识的所有同学里，几乎都接触过股票进而基金。甚至一些学长、学姐每天都会在微信群里讨论某只股票的涨跌，是否应该买入还是清仓。可以说，类似左飞这样的95后都市青年，在2020年正以肉眼可见的增势投身于炒股炒基大军之中。</p>\n<p>2020年初，一场突如其来的新冠疫情令整个世界蒙上了“灰色”的面纱。但在平行时空的另一侧，却是资本世界的喧嚣，无数科技、互联网公司等待着打开IPO的大门，无数新股民憧憬着自己的投资能变成满屏大红。</p>\n<p>根据沪深交易所的数据显示，2020年中国证券市场总市值及各种衍生产品的成交量，均创下历年最高纪录，上证指数、深证成指涨幅领先全球多数指股，创业板指数年内涨幅超6成。</p>\n<p>报告还显示，<b>新入市投资者平均年龄为30.4岁，较2019年降低0.5岁。</b>投资者通过股票、公募基金等进行财富管理的需求显著增加，投资者证券账户平均资产量59.7万元，较2019年增加5万元，达到历年调查最高水平；投资公募基金的投资者占比67.1%，较2019年大幅增加21.3个百分点。</p>\n<p>5月6日，知名券商软件<a href=\"https://laohu8.com/S/300033\">同花顺</a>发布数据：2021年第一季度净利1.7亿增长33.66% ；美股经纪公司Robinhood数据显示，该平台用户年龄中位数为31岁；另外，富途证券国际（香港）去年的公布的数据显示，美港股网上交易平台富途牛牛90后~95后用户增长快速，目前占该平台用户量近43%。</p>\n<p>这一届年轻人认为自己比70后80后一代更理性也更明智，对于炒股炒基以及炒币有着自己的见解。这其中，有的人通过股票赚到了房子首付，有的炒卖虚拟货币日赚上万人民币，但是亦有人瞬间输掉所有积蓄，甚至决定从此不再入场……</p>\n<p>在股市币圈的血雨腥风中，在豪赌的人性考验中，他们的投资模式和以往的散户有何不同？又如何面对赌性与利益的冲突？</p>\n<p><b>小年轻为何爱炒股了？</b></p>\n<p><img src=\"https://static.tigerbbs.com/99bd944a1246b12d686773212e35c6de\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p>\n<p>2021年1月初，一个星期四晚上，左飞拿着手机，眼睛死盯着一家券商App的分时图。</p>\n<p>盯了4个小时，凌晨4时50多分，美国股市就要“下班”了。突然，一支名为GME的股票猛地急升，很快就到了涨幅榜首位。左飞打开Robinhood，快速点击两下，买入、交易，三万元人民币几秒钟内就消失了。</p>\n<p>“都不知道这个票具体是什么，但是在Reddit上看到过这个，反正就感觉会涨。”左飞坦言，自己的美股知识还是菜鸟级，买卖全靠“第六感”。紧接着之后几天，她都会准时打开应用程序，当上面数字显示赚了80％后，她连忙卖出了所有股票。</p>\n<p>左飞不喜欢闷声大发财，有了利好她就想起了身在国内的朋友。“我跟几个关系比较近的朋友说了，那时Robinhood还有活动——开户送股票。我让他们赶紧下载，还把我的美区Apple ID借给他们。结果折腾了2个多小时，最后卡在了SSN（Social Security Number）和银行账号上，只能作罢。”</p>\n<p>她最心跳的一件事，是2020年1月，当时一位朋友以20元人民币左右的价格买入了2500股某医疗企业的股票，并告诉她值得入手。半年后这支股票涨至171.7元，涨幅达到了755%。</p>\n<p>以前只关心动漫的左飞第一次有些羡慕嫉妒恨了。“它（该医疗股）最高涨到过234元，较之前平均价格（20元）——翻了11倍。我没听朋友的劝告下手，后来那个后悔呀，如果一开始投5万元进去，就变成55万了。”</p>\n<p>实际上，即便在去年初她对股票投资仍是近乎一窍不通，连盘前、盘后的概念亦完全懵懂：“我以为股票5块钱收盘，下次开盘也会是5块钱。”她最初的投资策略，是瞄准涨幅榜中急升的股票，不问基本面、不问任何信息，凭直觉进出。</p>\n<p>对于过去一年的炒股经历，左飞坦言：“这一年其实心情很灰色的，唯二不断接收的信息就是疫情变化和股市变化。我也从不相信什么在绝望中寻找希望的心灵鸡汤，我只是觉得，如果我有钱了之后，就会有更多的希望。”</p>\n<p>谈起95后年轻股民的炒股热情，80后职业炒家王振也觉得有些突然。他告诉懂懂笔记，去年十月开始突然感受到身边90后95后股民多起来了，有几位平常从来不关心财经的年轻朋友，也纷纷咨询他是否是否应买入某某公司的股票、如何短线炒基金。</p>\n<p>“有一个朋友是90后，快30了，平时只喜欢买一些奢侈品和潮牌……2019年底他突然找到我，问可不可以买某体育企业的股票。”当时，这家公司身陷版权困扰，股价正值低位，“他跟我说就里面是潮牌概念，没火之前一文不值，火了之后价格水涨船高。”</p>\n<p>“还有一个大姐的孩子，96年的，刚上班没多久，也是那段时间突然问我美股的事情，另外朋友圈问我数字货币的也有好几个。”曾就职于某证券机构还做过财经记者的王振，面对越来越多的后浪，感觉自己一时跟不上时代步伐了。</p>\n<p>“网上不是说吗，现在年轻人是买了股票，才开始知道什么是股票，有些小孩儿连开盘时间都是买了股票后才知道的。真是初生牛犊不怕虎，放在以前这些孩子肯定是被耻笑的对象，现在不一样了——他们反而说我们这一代人只会瞎分析”。在2021年初，美股的GME事件曾让王振感到一种冲击，在他眼中，投资本应该是一门严谨的学问，“但是竟有人说只要赚钱就行，根本不用去研究什么公司的基本面。”</p>\n<p>无奈之余，他也经常阅览行业信息和市场趋势，观察这个他有些陌生的“炒股群体”。在他看来，各类股票交易程序的易用和普及，可能是导致小年轻冲动炒股流行的原因之一。</p>\n<p>王振表示，现在一部智能手机在手，各种交易软件层出不穷，用户随时随地可以买卖股票。另外，这些交易平台不时会送出“零星小恩小惠”作为诱饵，例如Robinhood、SoFi，标榜只要成功开户，有的是开户即送5~10美元股票，还有的号称赠送价值100美元的<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>公司股票，越来越多的股市交易平台和应用工具卡开发者，开始直接瞄准90、 95后——这群身上自带赌性的“菜鸟”群体。</p>\n<p>以前作为“散户”，如果想获得股票相关新闻、公告、各项报告等信息，需要逐一搜索，现在一些券商的网络交易平台，各种实时数据分析、研判市场资讯、趋势等功能，亦一应俱全。王振笑称，早先年在证券公司工作的时候最羡慕一个名为彭博终端的系统，“但这个系统特别贵，而现在一个免费的炒股APP什么都能办到了。”</p>\n<p>王振强调，最近一两年兴起的新手投资浪潮，或许也并不是专属于年轻人。“现在信息传递得更快，以前可能只是围着专家讨论，现在是全网铺天盖地的各种消息，各种炒股炒币资讯真假难辨满天飞。”在他看来，以前已有不少股民单凭消息入市，现在则是因社交网络发达，让这类股民更容易浮现在公众面前，“只是现在很多媒体只刻意关注90后95后股民罢了。”</p>\n<p>以B站、小红书、<a href=\"https://laohu8.com/S/DYIN\">抖音</a>、<a href=\"https://laohu8.com/S/ZH\">知乎</a>等年轻人聚集的互联网平台为例，围绕基金、股市和炒币的讨论热度都居高不下。在B站若按视频热度排序，可以看到基金、股票类视频播放数最高可达70万以上，不少视频播放数在15万～60万不等。</p>\n<p>炒股和炒币市场里，被放大的大多是一夜暴富和一夜清贫的资讯，而年轻人似乎更乐于关注那些一夜暴富的新闻。</p>\n<p><b>赌性的膨胀</b></p>\n<p><img src=\"https://static.tigerbbs.com/15cabe8f92fa2e3d7a4bb1a2ed1fdb24\" tg-width=\"1080\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p>\n<p>关于这届年轻人的炒股（炒基）心态，有人说特别生猛，也有人说冷静的居多。</p>\n<p>观察身边的同学和朋友，左飞认为不少90后95后买股票的心态还是相对谨慎的，“保守的偏多，会先做研究，然后低成本的试一下。”</p>\n<p>她表示，铁杆男闺蜜徐奇是自己的股票启蒙导师，也就是告知她买入那只医疗企业股票的好朋友。2017年，21岁的徐奇毕业不久后就投身股票市场，谨慎的他最初小额买入，投资了钛化工行业。在股海沉浮4年后，徐奇大概赚了近60万元人民币，按说足以支付二三线城市的首付了。</p>\n<p>不过徐奇表示，最近在投资理念上和左飞等几位更年轻的朋友之间出现了分歧。“2019年之后才投资的人，会觉得投资是一件好简单的事。”徐奇指出，股市投资一年有10％回报，已经算是非常出色了，但反观身边几位刚入场的好友，没有30％回报的话就会发牢骚还有诸多不满。</p>\n<p>在徐奇看来，包括自己一直关注的GME事件，对股市而言就很不健康，“纯粹靠互联网的消息去预测股票的基本面，太幼稚了。”</p>\n<p>其实，冲动无关年龄，更多取决于个人性格和金融市场的形势，通常于牛市阶段加入的散户，其投资心理亦自然期望高回报。徐奇认为，随着炒股（炒币）工具与信息的普及化，他们的投资决定只不过更让人看清了这一届年轻人骨子里的贪婪。</p>\n<p>这一点，在深圳的职业炒币玩家徐鸿的身上也清晰可见。</p>\n<p>2018年21岁的徐鸿在某二本大学毕业后，正在为实习的事情发愁，他学的是金融，成绩一般、学校也一般，只能求助于家里人。此时表哥让他到自己开设的公司协助财务做账，闲暇时聊起了用杠杆炒虚拟货币这回事儿。</p>\n<p>徐鸿心动之下，曾以尝鲜心态投了几千元（人民币）试水。他发现相比普通股票市场，虚拟货币全天候开市，几乎每一秒都在起落，而且幅度甚大。徐鸿表示，当时初次接触炒币，表哥就教他动用杠杆，他当时也没多想，以为杠杆是投资的必然与基本技能。</p>\n<p>作为初生之犊，他每一次交易的杠杆都在逐步攀升，由一开始的5倍，到10、20、50，最夸张的一次是75倍，即实际上只投入2000元人民币，却可以买入价值近20万元的虚拟货币。</p>\n<p>虚拟货币的杠杆是以保证金制度运作的，不同的杠杆倍数，就会有不同的保证金率。假设75倍杠杆的保证金率是1.3%，即该虚拟货币的价格只要下跌1.3%，交易平台就会强制卖出投资者持有的虚拟货币，保证金全部消失。而1.3%的起落，在虚拟货币的世界可以是刹那之间。</p>\n<p>徐鸿坦言自己最初的投资心态有点疯狂，“涨了好像赢了整个世界，跌了心情好像世界末日一样。”经历最初半年的刺激以后，徐鸿陷入对数字的麻木。最多的一天，他交易了近30次，“好像变成了<a href=\"https://laohu8.com/S/300024\">机器人</a>，钱已不是钱，只是数字。有一天一个早上就赚了二万，起床按两个键，然后过了一小时账户里就多了20000。”</p>\n<p>今年2月，全球虚拟币价格狂飊，他帐户里的数字跳到了15万。同月22日，数小时内，他投资的以太币由1900美元跌破1100美元，十几万元又瞬间消失了。</p>\n<p>“其实我一开始折腾炒币的时候，就给自己定了目标，只要翻倍就卖，但是涨的最多的时候真的是不舍得卖，就想着能再多一点，于是本金几乎都没了，就是一场空”，徐鸿叹了口气。</p>\n<p>经历这次损失后，徐鸿开始改变投资方式。“我觉得没有理由像赌徒那样去赌，就去买相关书籍学习，看了十二三本，”同时，他还查询了很多为投资者提供技术分析工具好技巧的网站，“我一个个的看，中英文的都去研究。”</p>\n<p>现在，徐鸿已经整理了一套技术分析方法，还学会了做T——每收入两万元，就会抽走一万元。截至目前，他又赚到了4万多块。</p>\n<p><img src=\"https://static.tigerbbs.com/f5cfd2d2071f1d8e92b653592100f6d2\" tg-width=\"1080\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>徐鸿坦言，如今内心中变化的还有投资动机。最初赚钱是为了虚荣心和高消费，最近他开始思考买房和未来的生活状态。“你想啊，如果每个月打工慢慢熬，不知道猴年马月才能买房，所以我才会专注投资——你不去利用资金的话，它只会越来越贬值。”</p>\n<p>实际上，也曾多次“孤注一掷”的左飞这两个月也开始看书了，在买书之余她也通过刷短视频学习一些财经知识。但是每次到了赌性被激发的时候，她都承认什么“理性投资”的内容都会被抛在脑后。</p>\n<p>或许，在很多城市的写字楼、办公室、高档公寓或者廉租房里，更多年轻人都在做着类似的炒股梦和炒币梦，在他们看来，拥有较高学历和大视野的自己，能够更善于利用互联网和APP应有工具掌握和把控股市、币圈的信息。更重要的是，他们不相信工资能带来“安全感”，而是相信于类似“狗狗币”这样的神话。</p>\n<p><b>【结束语】</b></p>\n<p>如今，徐奇每天都要从上海周浦到市中心上班。不知何时，他发现自己开始享受坐在地铁车厢，看着交易界面的那种感觉。他笑着说道，自己没有忘记生活的理想和追求，只是理想没有钱不行。“我的理想就是在这个城市买一套房子”，……“我更大的理想是未来能开一个酒吧，就是那种安静、不闹的那种小资酒吧”。</p>\n<p>徐鸿则表示，自己对物质已经没有太多的挣扎。“最简单，不管炒什么，都是为了钱，有了钱，我才可以做回我自己。”</p>\n<p>左飞则坦言，“股票也罢炒币也罢就是个用后即弃的工具而已。”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5cfd2d2071f1d8e92b653592100f6d2","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186469208","content_text":"左飞每一次的操作有一个特点，“满仓进，满仓出”。\n两年前的暑假她第一次开通了证券交易户头，投身美股与A股市场，3万块人民币——是她的全部积蓄。4个月后，她赚到了接近6万人民币，转身又将其投入国内的A股市场。\n左飞今年22岁，出身普通家庭，目前在某大学计算机系读大四。以前大部分闲暇时间她都用来研究动漫和手游，但这一年来，她的眼睛始终没离开过股票交易的App，以及金融市场的各种新闻。\n在大二的上半学期，左飞上课时打开的电脑屏幕上，经常一半是PPT、另一半则是股市的分时图。左飞发现，自己认识的所有同学里，几乎都接触过股票进而基金。甚至一些学长、学姐每天都会在微信群里讨论某只股票的涨跌，是否应该买入还是清仓。可以说，类似左飞这样的95后都市青年，在2020年正以肉眼可见的增势投身于炒股炒基大军之中。\n2020年初，一场突如其来的新冠疫情令整个世界蒙上了“灰色”的面纱。但在平行时空的另一侧，却是资本世界的喧嚣，无数科技、互联网公司等待着打开IPO的大门，无数新股民憧憬着自己的投资能变成满屏大红。\n根据沪深交易所的数据显示，2020年中国证券市场总市值及各种衍生产品的成交量，均创下历年最高纪录，上证指数、深证成指涨幅领先全球多数指股，创业板指数年内涨幅超6成。\n报告还显示，新入市投资者平均年龄为30.4岁，较2019年降低0.5岁。投资者通过股票、公募基金等进行财富管理的需求显著增加，投资者证券账户平均资产量59.7万元，较2019年增加5万元，达到历年调查最高水平；投资公募基金的投资者占比67.1%，较2019年大幅增加21.3个百分点。\n5月6日，知名券商软件同花顺发布数据：2021年第一季度净利1.7亿增长33.66% ；美股经纪公司Robinhood数据显示，该平台用户年龄中位数为31岁；另外，富途证券国际（香港）去年的公布的数据显示，美港股网上交易平台富途牛牛90后~95后用户增长快速，目前占该平台用户量近43%。\n这一届年轻人认为自己比70后80后一代更理性也更明智，对于炒股炒基以及炒币有着自己的见解。这其中，有的人通过股票赚到了房子首付，有的炒卖虚拟货币日赚上万人民币，但是亦有人瞬间输掉所有积蓄，甚至决定从此不再入场……\n在股市币圈的血雨腥风中，在豪赌的人性考验中，他们的投资模式和以往的散户有何不同？又如何面对赌性与利益的冲突？\n小年轻为何爱炒股了？\n\n2021年1月初，一个星期四晚上，左飞拿着手机，眼睛死盯着一家券商App的分时图。\n盯了4个小时，凌晨4时50多分，美国股市就要“下班”了。突然，一支名为GME的股票猛地急升，很快就到了涨幅榜首位。左飞打开Robinhood，快速点击两下，买入、交易，三万元人民币几秒钟内就消失了。\n“都不知道这个票具体是什么，但是在Reddit上看到过这个，反正就感觉会涨。”左飞坦言，自己的美股知识还是菜鸟级，买卖全靠“第六感”。紧接着之后几天，她都会准时打开应用程序，当上面数字显示赚了80％后，她连忙卖出了所有股票。\n左飞不喜欢闷声大发财，有了利好她就想起了身在国内的朋友。“我跟几个关系比较近的朋友说了，那时Robinhood还有活动——开户送股票。我让他们赶紧下载，还把我的美区Apple ID借给他们。结果折腾了2个多小时，最后卡在了SSN（Social Security Number）和银行账号上，只能作罢。”\n她最心跳的一件事，是2020年1月，当时一位朋友以20元人民币左右的价格买入了2500股某医疗企业的股票，并告诉她值得入手。半年后这支股票涨至171.7元，涨幅达到了755%。\n以前只关心动漫的左飞第一次有些羡慕嫉妒恨了。“它（该医疗股）最高涨到过234元，较之前平均价格（20元）——翻了11倍。我没听朋友的劝告下手，后来那个后悔呀，如果一开始投5万元进去，就变成55万了。”\n实际上，即便在去年初她对股票投资仍是近乎一窍不通，连盘前、盘后的概念亦完全懵懂：“我以为股票5块钱收盘，下次开盘也会是5块钱。”她最初的投资策略，是瞄准涨幅榜中急升的股票，不问基本面、不问任何信息，凭直觉进出。\n对于过去一年的炒股经历，左飞坦言：“这一年其实心情很灰色的，唯二不断接收的信息就是疫情变化和股市变化。我也从不相信什么在绝望中寻找希望的心灵鸡汤，我只是觉得，如果我有钱了之后，就会有更多的希望。”\n谈起95后年轻股民的炒股热情，80后职业炒家王振也觉得有些突然。他告诉懂懂笔记，去年十月开始突然感受到身边90后95后股民多起来了，有几位平常从来不关心财经的年轻朋友，也纷纷咨询他是否是否应买入某某公司的股票、如何短线炒基金。\n“有一个朋友是90后，快30了，平时只喜欢买一些奢侈品和潮牌……2019年底他突然找到我，问可不可以买某体育企业的股票。”当时，这家公司身陷版权困扰，股价正值低位，“他跟我说就里面是潮牌概念，没火之前一文不值，火了之后价格水涨船高。”\n“还有一个大姐的孩子，96年的，刚上班没多久，也是那段时间突然问我美股的事情，另外朋友圈问我数字货币的也有好几个。”曾就职于某证券机构还做过财经记者的王振，面对越来越多的后浪，感觉自己一时跟不上时代步伐了。\n“网上不是说吗，现在年轻人是买了股票，才开始知道什么是股票，有些小孩儿连开盘时间都是买了股票后才知道的。真是初生牛犊不怕虎，放在以前这些孩子肯定是被耻笑的对象，现在不一样了——他们反而说我们这一代人只会瞎分析”。在2021年初，美股的GME事件曾让王振感到一种冲击，在他眼中，投资本应该是一门严谨的学问，“但是竟有人说只要赚钱就行，根本不用去研究什么公司的基本面。”\n无奈之余，他也经常阅览行业信息和市场趋势，观察这个他有些陌生的“炒股群体”。在他看来，各类股票交易程序的易用和普及，可能是导致小年轻冲动炒股流行的原因之一。\n王振表示，现在一部智能手机在手，各种交易软件层出不穷，用户随时随地可以买卖股票。另外，这些交易平台不时会送出“零星小恩小惠”作为诱饵，例如Robinhood、SoFi，标榜只要成功开户，有的是开户即送5~10美元股票，还有的号称赠送价值100美元的亚马逊公司股票，越来越多的股市交易平台和应用工具卡开发者，开始直接瞄准90、 95后——这群身上自带赌性的“菜鸟”群体。\n以前作为“散户”，如果想获得股票相关新闻、公告、各项报告等信息，需要逐一搜索，现在一些券商的网络交易平台，各种实时数据分析、研判市场资讯、趋势等功能，亦一应俱全。王振笑称，早先年在证券公司工作的时候最羡慕一个名为彭博终端的系统，“但这个系统特别贵，而现在一个免费的炒股APP什么都能办到了。”\n王振强调，最近一两年兴起的新手投资浪潮，或许也并不是专属于年轻人。“现在信息传递得更快，以前可能只是围着专家讨论，现在是全网铺天盖地的各种消息，各种炒股炒币资讯真假难辨满天飞。”在他看来，以前已有不少股民单凭消息入市，现在则是因社交网络发达，让这类股民更容易浮现在公众面前，“只是现在很多媒体只刻意关注90后95后股民罢了。”\n以B站、小红书、抖音、知乎等年轻人聚集的互联网平台为例，围绕基金、股市和炒币的讨论热度都居高不下。在B站若按视频热度排序，可以看到基金、股票类视频播放数最高可达70万以上，不少视频播放数在15万～60万不等。\n炒股和炒币市场里，被放大的大多是一夜暴富和一夜清贫的资讯，而年轻人似乎更乐于关注那些一夜暴富的新闻。\n赌性的膨胀\n\n关于这届年轻人的炒股（炒基）心态，有人说特别生猛，也有人说冷静的居多。\n观察身边的同学和朋友，左飞认为不少90后95后买股票的心态还是相对谨慎的，“保守的偏多，会先做研究，然后低成本的试一下。”\n她表示，铁杆男闺蜜徐奇是自己的股票启蒙导师，也就是告知她买入那只医疗企业股票的好朋友。2017年，21岁的徐奇毕业不久后就投身股票市场，谨慎的他最初小额买入，投资了钛化工行业。在股海沉浮4年后，徐奇大概赚了近60万元人民币，按说足以支付二三线城市的首付了。\n不过徐奇表示，最近在投资理念上和左飞等几位更年轻的朋友之间出现了分歧。“2019年之后才投资的人，会觉得投资是一件好简单的事。”徐奇指出，股市投资一年有10％回报，已经算是非常出色了，但反观身边几位刚入场的好友，没有30％回报的话就会发牢骚还有诸多不满。\n在徐奇看来，包括自己一直关注的GME事件，对股市而言就很不健康，“纯粹靠互联网的消息去预测股票的基本面，太幼稚了。”\n其实，冲动无关年龄，更多取决于个人性格和金融市场的形势，通常于牛市阶段加入的散户，其投资心理亦自然期望高回报。徐奇认为，随着炒股（炒币）工具与信息的普及化，他们的投资决定只不过更让人看清了这一届年轻人骨子里的贪婪。\n这一点，在深圳的职业炒币玩家徐鸿的身上也清晰可见。\n2018年21岁的徐鸿在某二本大学毕业后，正在为实习的事情发愁，他学的是金融，成绩一般、学校也一般，只能求助于家里人。此时表哥让他到自己开设的公司协助财务做账，闲暇时聊起了用杠杆炒虚拟货币这回事儿。\n徐鸿心动之下，曾以尝鲜心态投了几千元（人民币）试水。他发现相比普通股票市场，虚拟货币全天候开市，几乎每一秒都在起落，而且幅度甚大。徐鸿表示，当时初次接触炒币，表哥就教他动用杠杆，他当时也没多想，以为杠杆是投资的必然与基本技能。\n作为初生之犊，他每一次交易的杠杆都在逐步攀升，由一开始的5倍，到10、20、50，最夸张的一次是75倍，即实际上只投入2000元人民币，却可以买入价值近20万元的虚拟货币。\n虚拟货币的杠杆是以保证金制度运作的，不同的杠杆倍数，就会有不同的保证金率。假设75倍杠杆的保证金率是1.3%，即该虚拟货币的价格只要下跌1.3%，交易平台就会强制卖出投资者持有的虚拟货币，保证金全部消失。而1.3%的起落，在虚拟货币的世界可以是刹那之间。\n徐鸿坦言自己最初的投资心态有点疯狂，“涨了好像赢了整个世界，跌了心情好像世界末日一样。”经历最初半年的刺激以后，徐鸿陷入对数字的麻木。最多的一天，他交易了近30次，“好像变成了机器人，钱已不是钱，只是数字。有一天一个早上就赚了二万，起床按两个键，然后过了一小时账户里就多了20000。”\n今年2月，全球虚拟币价格狂飊，他帐户里的数字跳到了15万。同月22日，数小时内，他投资的以太币由1900美元跌破1100美元，十几万元又瞬间消失了。\n“其实我一开始折腾炒币的时候，就给自己定了目标，只要翻倍就卖，但是涨的最多的时候真的是不舍得卖，就想着能再多一点，于是本金几乎都没了，就是一场空”，徐鸿叹了口气。\n经历这次损失后，徐鸿开始改变投资方式。“我觉得没有理由像赌徒那样去赌，就去买相关书籍学习，看了十二三本，”同时，他还查询了很多为投资者提供技术分析工具好技巧的网站，“我一个个的看，中英文的都去研究。”\n现在，徐鸿已经整理了一套技术分析方法，还学会了做T——每收入两万元，就会抽走一万元。截至目前，他又赚到了4万多块。\n\n徐鸿坦言，如今内心中变化的还有投资动机。最初赚钱是为了虚荣心和高消费，最近他开始思考买房和未来的生活状态。“你想啊，如果每个月打工慢慢熬，不知道猴年马月才能买房，所以我才会专注投资——你不去利用资金的话，它只会越来越贬值。”\n实际上，也曾多次“孤注一掷”的左飞这两个月也开始看书了，在买书之余她也通过刷短视频学习一些财经知识。但是每次到了赌性被激发的时候，她都承认什么“理性投资”的内容都会被抛在脑后。\n或许，在很多城市的写字楼、办公室、高档公寓或者廉租房里，更多年轻人都在做着类似的炒股梦和炒币梦，在他们看来，拥有较高学历和大视野的自己，能够更善于利用互联网和APP应有工具掌握和把控股市、币圈的信息。更重要的是，他们不相信工资能带来“安全感”，而是相信于类似“狗狗币”这样的神话。\n【结束语】\n如今，徐奇每天都要从上海周浦到市中心上班。不知何时，他发现自己开始享受坐在地铁车厢，看着交易界面的那种感觉。他笑着说道，自己没有忘记生活的理想和追求，只是理想没有钱不行。“我的理想就是在这个城市买一套房子”，……“我更大的理想是未来能开一个酒吧，就是那种安静、不闹的那种小资酒吧”。\n徐鸿则表示，自己对物质已经没有太多的挣扎。“最简单，不管炒什么，都是为了钱，有了钱，我才可以做回我自己。”\n左飞则坦言，“股票也罢炒币也罢就是个用后即弃的工具而已。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130091640,"gmtCreate":1621492296480,"gmtModify":1704358509055,"author":{"id":"3580352223285231","authorId":"3580352223285231","name":"JW17","avatar":"https://static.tigerbbs.com/e8a314554ed4f68327210615b8e48728","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580352223285231","authorIdStr":"3580352223285231"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130091640","repostId":"1125629295","repostType":4,"repost":{"id":"1125629295","weMediaInfo":{"introduction":"为上市公司提供知识产权解决方案","home_visible":1,"media_name":"锦缎","id":"1075158368","head_image":"https://static.tigerbbs.com/a6edd4ef1e1f428dad9cb66d3735ea2a"},"pubTimestamp":1621478988,"share":"https://ttm.financial/m/news/1125629295?lang=&edition=fundamental","pubTime":"2021-05-20 10:49","market":"us","language":"zh","title":"段永平看苹果：苹果的长期价值到底在哪里？","url":"https://stock-news.laohu8.com/highlight/detail?id=1125629295","media":"锦缎","summary":"站在巨人的肩膀上，有助于我们深刻理解苹果。","content":"<p>段永平可能是这个星球上最懂苹果的独立投资人。说起苹果来，如数家珍，了若指掌。我们根据段永平的观点，来看苹果的三要素：</p>\n<p>the right kind of business(合适的生意);</p>\n<p>with right people（合适的人）;</p>\n<p>at right price（合适的价格）。</p>\n<p>站在巨人的肩膀上，有助于我们深刻理解苹果。</p>\n<p><b>01</b></p>\n<p><b>段永平看苹果：2010-2020</b></p>\n<p>2010-03-17，段永平：呵呵，Apple也算是敢为天下后的典范了。其实我说的“敢为天下后”就是这个意思！没有创新的天下后肯定死定了。不过我没有Apple，这是我错失的大机会之一。</p>\n<p>2011-01-11，段永平：我们什么时候说过“不敢为天下先”了，我们“敢为天下后”同时也可以“敢为天下先”的！呵呵，啥东西都容易变味啊，还有人说我们“甘为天下后”呢，那意思差的就多了。“敢为天下后”的经典例子很多，比如苹果的iPod，iPhone，微软的几乎所有产品，仔细想想就明白了。</p>\n<p>比如，如果你能想清楚麦当劳的“差异化”是什么，也许你就会明白些。至于如何找到“差异化”的问题，那是“如何把事情做对”的范畴的事情，那可不是一朝一夕之“功夫”啊。苹果能有现在这些个好东西，那也是10几20年的积累的“厚积薄发”而已。</p>\n<p>（麦当劳，以前是高质量食品、快捷、干净、温馨、欢乐，现在是高质量食品、快捷、干净、时尚、个性。）</p>\n<p>2011-01-22，段永平：说说我喜欢苹果的一些理由。这不是论文，想到就说，没有重点和先后秩序。</p>\n<p>1.苹果的产品确实把用户体验或消费者导向做到极致了，对手在相当长的时间里 难以超越甚至接近（对喜欢苹果的用户而言）。</p>\n<p>2.苹果的平台建立起来了，或者说生意模式或者说护城河已经形成了（光软件一 年都几十亿的收入了）。</p>\n<p>（2020财年，苹果软件营业收入537.68亿美元，占总营收19.59%，软件营业利润354.95亿美元，占总营业利润33.82%。）</p>\n<p>3.苹果单一产品的模式实际上是我们这个行业里的最高境界，以前我大概只见到 任天堂做到过（sony的游戏产品类似）。</p>\n<p>单一产品的模式有非常多的好处：</p>\n<p>a.可以集中人力物力将产品做得更好。比较一下iphone系列和诺基亚系列（今 年要推出40个品种）。苹果产品的单位开发成本是非常低的，但单个产品的开发费却是最高的。</p>\n<p>b.材料成本低且质量好，大规模带来的效益。苹果的成本控制也是做到极致的， 同样功能的硬件恐怕没人能达到苹果的成本。</p>\n<p>c.渠道成本低。呵呵，不是同行的不一定能明白这话到底有什么分量（同行也未 必明白)，我是20年前从任天堂那里学会的。那时很多做游戏机的都喜欢做很多品种，最后下场都不太好。</p>\n<p>4.苹果的营销也是做到极致了，连广告费都比同行低很多，卖的价钱却往往很好。</p>\n<p>5.苹果的产品处在一个巨大并还有巨大成长的市场里。（长长的坡）</p>\n<p>a. 智能手机市场有多大？你懂的！</p>\n<p>b. pad市场有多大？你也会懂的。</p>\n<p>（2010年，iPhone出货量4750万部，全球智能手机出货量接近2.7亿部，iPhone占比17.59%。2015年，iPhone出货量2.26亿部，全球智能手机出货量接近14.28亿部，iPhone占比15.83%。2020年，iPhone出货量2.06亿部，全球智能手机出货量12.92亿部，iPhone占比15.9%。</p>\n<p>过去10年，iPhone的市场份额基本稳定。因此，预测10年后，2030年的市场份额时，可以参照这个市场份额，取16%。</p>\n<p>过去4年，全球智能手机出货量持续萎缩，2017-2020年分别下滑0.46%、4.26%、2.26%、5.74%，中位数3%左右。未来10年，全球长期经济周期处于萧条期，因此全球智能手机出货量大概率将继续萎缩，年下降速度取3%，10年后，2030年全球智能手机出货量预计为9.5亿部。</p>\n<p>2030年，iPhone出货量预计为9.5亿*16%=1.52亿部。）</p>\n<p>总而言之，我认为苹果现在其实还处在其成长的早期，应该还有很大的空间。&nbsp;扣掉现金的话，苹果的今年的未来pe只有12-13倍啊，明年可能要到10以下了。</p>\n<p>（2011年1月份，苹果市值2000亿美元左右，现金及短期投资256亿，2010财年苹果净利润140.13亿美元，PE为12.45倍。）</p>\n<p>当然，以上我说的这些点中的任何一点的改变都可能或多或少地改变苹果，如果&nbsp;有苹果的股票的话，就要留心这些变化了。</p>\n<p>我认为 Jobs 如果真请长假的话，在相当长的时间里对苹果的业务不会有大影响。</p>\n<p>2011-04-09，段永平：这里说的渠道成本的意思就是品种越多，占用的渠道库存越大，是几何级数的关系。</p>\n<p>2011-12-02，段永平：我一般喜欢那些追求好产品，不太提营业额目标的公司，比如苹果。（营业额、市场份额只是自然而然的结果。）</p>\n<p>2012-01-29，段永平：绝大多数（苹果）是去年初和中间有个时期买的，一月21号option到期后出来不少钱（主要是put卖出过期了），本来想买bac的，结果近期bac涨了很多，就都放 aapl了。在没有其他目标的前提下，今天的苹果依然便宜，但没以前便宜了。</p>\n<p>（2012年1月底，苹果市值2660亿美元，2011财年苹果净利润259亿，PE为10.3倍，确实是依然便宜。）</p>\n<p>有些东西进步到一定程度后其实后面的变化就不大了，比如汽车发动机30-40年代和现在其实没本质差别。有些国家（虽然我们很多人很看不上）40年代就能造航空母舰，我们现在依然不行，说明由于某些原因，时间有时候帮不上大忙。</p>\n<p>苹果最厉害的是现在这个平台以及生意模式，以我的水平我看不出谁能打破他。当然有很多以为水平比我高的人非说别人可以，当然也有自己说自己可以打败苹 果的，你看看他们像吗？</p>\n<p>也许，能打败苹果的人快出生了，也许正在某个地方徘徊，但怎么看都不是现在&nbsp;大家知道的这些，这是个大家可以看很多年的故事。</p>\n<p>（这就是苹果的长期竞争优势：苹果的iPhone是个好产品（最好的智能手机）；iOS是个护城河，iOS的护城河很深，类似以前的Windows模式；苹果生态也是个护城河。苹果做好产品的文化是个好文化。苹果不断改进iPhone硬件，不断改进iOS，不断繁荣生态，是在加固护城河。</p>\n<p>华为一度在手机硬件上追上了苹果，但现在硬件被人掐住了脖子，软件刚起步，还差得很远，天壤之别。未来5年内，华为或许能找到硬件被掐死的破解之道。未来10年，如果华为的鸿蒙能生存下来，与iOS、安卓三分天下有其一，则未来20年华为有希望打破苹果。无论如何，未来10年，现在的生意模式，没有公司能追上苹果。</p>\n<p>因此，未来10年内，苹果的市场份额不会大幅下滑，按照过去10年的市场份额来预测未来10年是安全的。）</p>\n<p>2012-02-01，网友：当年的小霸王学习机也差不多是单一产品模式，记得当时单一款486B卖得很好，而且在旺季来临前就备足（生产）了货源。</p>\n<p>段永平：呵呵，这是我能看懂苹果的重要原因之一，没有那段经历，不一定会知道苹果有多厉害。</p>\n<p>2012-02-05，段永平：苹果厉害的不仅仅是硬件，这是所有其他竞争对手没辙的地方。三星顶多不过是新的诺基亚而已，对苹果没有威胁。苹果的 business model实在是强大，其他的“对手”已经难以撼动苹果了。</p>\n<p>2012-02-06，段永平：你可以想象一下，如果你是苹果的同行，你能用什么办法像苹果一样让用户拥有如此高的黏度，盈利能力还如此好。靠卖低价的都不是一个级别的哈，苹果产品的实际成本比任何同行都低不少，主要低在除材料成本以外的地方。如果你觉得你能找到一个办法，那就说明苹果其实不厉害。</p>\n<p>（苹果的厉害之处：单一产品，开发成本低，材料成本低，库存成本低，营销成本低，成本比同行全方位的低。iPhone是高质量的、最好的手机。软硬件结合，形成闭环。苹果手机、音乐、游戏...，形成生态，客户转换其他手机的成本高，粘性强。）</p>\n<p>2012-02-25</p>\n<p>网友问：苹果的威力—十年生死两茫茫，安卓兴，联发亡。低端市场，处处话凄凉。纵使相逢应不识，诺记死，苹果王。摩托三星忽还乡，拼低端，实在忙。中兴亲，华为新，魅族创新强。HTC 出机皇，日日换大梁。手机业，已无常，全都忙转行，山寨泪千行……将来会怎样呢？</p>\n<p>段永平：呵呵，受到苹果影响的远远不止你提到的这些手机公司。比如所有卖电脑尤其是手提电脑的公司受到的影响巨大。甚至连网游公司都间接受到很大影响。仔细想想会觉得很有趣的。</p>\n<p>2013-03-03，段永平：移动市场这么大，没买苹果的怎么着先的买个安卓吧？长期来讲，苹果产品很难超过30%的，余下70%基本上就是安卓。未来10年移动设备至少能卖个50亿（我觉得能到100亿以上）以上吧。</p>\n<p>（2013-2020年，全球智能手机实际出货107亿部，段永平预测的极其准确。</p>\n<p>苹果的份额在16%左右，段永平对苹果的市场占比预测过高。）</p>\n<p>2013-03-04</p>\n<p>网友：用习惯iphone的人，一般改用安卓系统会不习惯的，因为苹果只要ID一输，程序，音乐，通讯录等等都会回来，通过apple tv，把其他设备上的图像、视频、音乐随时就可以在电视上显示出来。通过查找iphone随时可以知道在外地的亲人在哪，然后通过facetime不花钱视频。当imac电脑的图像一键显示到投影上，当随时在中国用iphone打开在美国家的电脑操作并打开摄像头看自己的宠物捣乱了没，你就会感觉科技的力量，苹果是世界第一大公司是理所当然的。还有苹果绝对是消费者导向，你想要的功能它基本都已经实现了。</p>\n<p>安卓系统这些功能可能借助其他应用也可以实现，但感觉一切都乱，设备互联性太差。苹果是个大系统，音乐、视频、游戏、软件、相机、电脑……的钱它全赚了，关键你买的音乐，视频，程序等一辈子都是你的，但必须在他的设备上才可以用，谁还会轻易换设备。比如我都买了一万多的软件和音乐了，换其他的设备还须再买，谁还换设备，除了它太差了。apple tv一定要买，它可以把所有苹果的设备都联起来。</p>\n<p>段永平：呵呵，你说得很清楚，这个就叫生态系统。安卓的问题是现在卖得越多，将来可能就越乱，慢慢跑到苹果生态系统里的人就会越多。还有一个重要的东西，就是苹果的安全性。那么多企业要用iphone和ipad是有道理的。美国500强里 95%开始用iphone和ipad系统，国际500强85%开始用----库克在股东大会上讲的。听说目前好像只有iphone不能被装窃听器，其他的手机绝大部分好像都可以，怕被人窃听的要小心了。</p>\n<p>2012-03-12，段永平：其实苹果的强大实力是不容易也不应该被忽视的，除非你有意去忽视，但鸵鸟的办法不会有任何帮助。任何一个被苹果直接或间接、现在或未来影响到的行业里的企业大概早晚都要面对苹果的强大实力的。</p>\n<p>随便举几个已经受到影响的行业或产品吧：手机、电脑、手提电脑、游戏（包括网游）、游戏机、中低端相机和录像机、音乐、电影、书、电视、网络、运营商、所有相关产品的零售、几乎所有的电子消费品……欢迎补充。找到在苹果生态系统里生存的方式也许比挑战苹果要来的更现实一些。能够避开苹果也许是另一个办法。</p>\n<p>2012-06-28，段永平：我一直喜欢google，觉得 google 是好公司，但只是明白其部分的生意模式而已。所以前段时间把手里的一部分google换成苹果了，当时差90几块哈。也许哪天我还会换回来，看谁涨（或掉哈）得快了。至于会不会逼近IOS的问题，作为苹果的用户，我其实根本就不知道也不关心，除非哪天我自己觉得苹果的用户体验不好了。一旦进入苹果的生态系统的用户实际上不太关心安卓的变化，所以我其实一直不认为安卓是在和苹果竞争。</p>\n<p>（苹果是软硬件结合形成闭环、多个软硬件协同形成生态的生意模式，而安卓是软硬件割裂的模式，跟苹果没有可比性。）</p>\n<p>2013-01-23，段永平：安卓本身占用资源大，比如如果都是两核或4核的表现就要差不少，加上大家看到的苹果的东西是几十年积累下来的，安卓要全面达到恐怕不太可能。但是，安卓的表现其实已经很不错了，已经比当年用诺基亚的智能机的感觉强了许多倍，某些使用方面和苹果各有特色也是一定会有的，而且价钱还可以便宜很多。未来安卓手机之间的差异化会越来越小，三星的价钱要挺住不容易。苹果的生态系统会保住特别喜欢或习惯的用户，所以受安卓的影响不会像想象那么大。不过，有苹果和三星在上面顶着价格，其他卖安卓智能机的企业应该还有一段不错的小日子。</p>\n<p>2013-02-13</p>\n<p>网友：1，三星和苹果的差距在于价值观。三星很多东西都不愿舍弃，苹果对该舍弃的东西是真的下得了手。2，全球智能手机过几年能卖出15亿部以上，苹果能占有20%份额，每年卖出3-4亿部手机，每年赚个600-1000亿，那时候软件部分应该也很厉害了，只要苹果的企业文化不发生大的变化，这些都会发生的，如果期间苹果再研发出个厉害的硬件，对投资者就是额外的惊喜了。</p>\n<p>（三星不愿舍弃什么？苹果舍弃了什么？）</p>\n<p>（全球智能手机出货量在2016年达到最高点14.72亿部后，持续下滑，2017-2020年分别为：14.65亿、14.03亿、13.71亿、12.92亿。段永平高估了全球智能手机出货量。）</p>\n<p>（2015年iPhone出货量2.26亿部，占全球智能手机市场的份额15.8%。2020年iPhone出货量2.06亿，占全球智能市场份额15.9%。段永平高估了苹果的出货量和市场占比。）</p>\n<p>（2013-2020财年，苹果净利润分别为：370.37亿、395.1亿、533.94亿、456.87亿、483.51亿、595.31亿、552.56亿、574.11亿，净利润增长停滞。段永平高估了苹果的赚钱能力。）</p>\n<p>（苹果软件税增长良性，2020财年软件税营业利润达354.95亿，营业利润占比由2018财年的23.72%提高至2020财年的33.82%。）</p>\n<p>（2013-2020年，苹果没有再推出令人叹为观止的硬件。）</p>\n<p>段永平：看三星和苹果有点像看篮球里美国队对其他队的比赛，场面上很激烈，其实差距很大。</p>\n<p>2013-03-03，段永平：移动市场这么大，没买苹果的怎么着先的买个安卓吧？长期来讲，苹果产品很难超过30%的，余下70%基本上就是安卓。未来10年移动设备至少能卖个50 亿（我觉得能到100 亿以上）以上吧。</p>\n<p>（根据前瞻产业研究院发布的《2020全球移动市场报告》，2020年全球智能手机活跃用户达34.83亿，中国达到8.71亿户。预测至2023年全球智能手机活跃用户将超过40亿户。）</p>\n<p>2013-09-16，段永平：苹果现在一年都要推两款了，说明用户的需求比较分散。推50款基本是技穷的表现（黔驴技穷），东西绝对好不了。</p>\n<p>2013年，段永平：the right kind of business指的就是好的生意模式，好的生意模式建立在强大的企业文化上。本人喜欢苹果生意模式的很重要的一点来自于自己在消费电子20多年的体验，苹果是我一直梦寐以求但似乎难以达到的生意模式，现在居然可以就这么实现了。</p>\n<p>2013年，段永平：记得库克还说“我们最重要的是聚焦在做最好的产品上，利润会随之而来的。”我相信苹果会一如既往地聚焦在做最好的产品上，其他的早晚会随之而来的。诺基亚聚焦在“提高市场份额上”了，岂有不败之理？</p>\n<p>2013年，段永平：我个人一般对有负债的公司不太愿意重仓，另外就是无论多有把握也绝对不要用margin。我个人很喜欢苹果，觉得这是我目前能找到的最好的公司了，这个价位我放到90-95%也是愿意的。当然也许和我前面买的价钱比较便宜也有点关系，但这个只是心理影响而已。</p>\n<p>（2020财年底，苹果名义资产负债率高达79.83%，短期借款138亿，长期借款987亿，有息负债（短期借款+长期借款）占总资产35%。同时，长期证券投资1009亿。双高，把企业存款做得高高的，把企业贷款也做得高高的，国内银行的至爱。难道地主家也要靠借钱过日子？其实这种诡异的财务状态，源自于美国对跨国企业不友好的税制。</p>\n<p>特朗普税改前，美国企业所得税率为35%，对公司在全球的利润征税，允许以所在国的企业所得税抵扣。比如苹果在中国赚了100元，中国企业所得税率为25%，苹果在中国交完税后还剩75元。苹果如果把这75元汇回美国，需要向美国政府补交35%-25%=10%的税，100*10%=10元，真正回到苹果美国账户上的是65元。如果苹果在美国本土之外把75元用于长期投资，是暂时不用补交这笔税的。</p>\n<p>即，苹果将资金从中国汇回美国的成本是10元。如果苹果不动用海外资金，而是在美国国内从银行借款100元（假设利率3%），那么苹果实际持有的资金为175元（美国100元+中国75元），成本却只要3元。苹果将留存在中国的75元投资中国长期国债，假设债券收益率3%，那么苹果的真实资金成本为100*3%-75*3%=0.75元。显而易见，把资金留存在美国本土之外，在美国国内借款，更为划算。</p>\n<p>2018年，特朗普税改将企业所得税率降至20%，刺激了一大波跨国公司的资金回流美国。自2018年，苹果账面上的长期投资规模大幅减少，长期负债也呈下降趋势。）</p>\n<p>2013年，段永平：不过，关于苹果的传说最搞笑的就是廉价iPhone。有了这个传说后，接着就有了苹果该不该这样做的争论。其实不管认为苹果该不该卖廉价iPhone的人大概都是不太懂苹果的，因为苹果的文化里根本就不会有这个争论。</p>\n<p>（苹果的文化核心是造最好的手机，怎么可能会造廉价iPhone。）</p>\n<p>2013年，段永平：首先，我不知道库克的创新能力；第二，一家公司如果需要依靠CEO的创新能力并不是一件好事。乔布斯实际上被神化了，他实际上主要是建立了创新的文化而不是自己创新。</p>\n<p>2013年，段永平：如果大凡你能做好一样东西，你为啥还要做很多做不好的东西呢？不过，确实有些会因为做了一些好东西后，就以为自己啥都能做好，于是就开始做一些自己做不好的东西了。人的精力是有限的，聚焦的人或公司最后会变得很厉害，这也是我喜欢苹果的原因。那时的小霸王确实厉害，记得95年仅仅靠那一两款产品的获利，就和当时的海尔差不多了。</p>\n<p>2014年</p>\n<p>段永平：理性讲，4000亿的苹果其实只有2700亿（扣掉现金）左右的市值，大概5-6年就赚回来了。只要苹果能把现金回馈这块再处理的好一点（我非常信任库克会这么做）。投资苹果对我来讲是个能睡得安稳的投资。如果我错了怎么办？呵呵，那大概就是该轮到我也亏点钱了？看个3-5年吧，我觉得我的赢面在90%以上，而且就算亏也不会亏光的，而且省了几年到处找股票的时间，多好?!</p>\n<p>不过，如果不了解苹果的人最好还是不要碰苹果，我一直就不太赞成小额投资者投苹果，尤其是那些希望今天买明天就涨很多的人们，会睡不好的。</p>\n<p>首先，这种大公司会出来的消息比较多，小额投资者多数对投资的概念还没有建立，很容易被震几下就出局了；另外，像苹果这种公司在目前的状况下很难有10倍或更多的回报。我觉得小额投资者也许应该关心自己明白但没有那么多人关注的公司，如果能找到这种公司的话，应该比苹果这类公司的回报好。有时候有些小公司确实很便宜，比如前段时间美股里的一些地产公司，但没有成交量，不适合大额投资者投。</p>\n<p>（美国有好房地产公司！）</p>\n<p>2014-02-02，段永平：苹果其实从没有像现在这么强大过！这段话的意思是，没有强大的文化，就不会有伟大的公司。乔布斯就是想建立强大的企业文化并且确实做到了！只有强大的企业文化才能不断吸引到好的人才并留住他们。不能理解这点的人们大概就只能炒一辈子股票了。</p>\n<p>2014-04，段永平：（怎么看腾讯与苹果就微信公众号打赏的冲突问题？）有点不明白苹果为什么这样做，也不明白腾讯的回应措施。似乎都不是站在用户的角度上考虑问题的。好公司有时候也会出烂招的。</p>\n<p>2014-07-27，段永平：大资金买某个公司有时候需要比较长的时间，有时候是因为成交量，有时候是因为机会成本——当你有新增加的资金时，你会比较所有标的，当没有现金增加时你甚至可以比较手头持有的公司的差异。</p>\n<p>如果自己觉得任何两家差异显著时（比如用10年或更长的眼光看），为什么不换到更合适的公司呢？我当年买网易就花了很久，而且在很长的时间里我都找不到对我而言比网易更好的公司。这几年的苹果也是。</p>\n<p>记得有次有人问到我能接受一家公司的仓位的最高比例时，我说我能接受50%，但我目前喜欢的两家公司正好都叫苹果（意思是两家都买苹果，苹果占资金的100%）。A股的茅台也是如此（茅台占资金100%）。我的意思是，我可以接受50%买了苹果，另外50%最后还是买了苹果。理不理解我的话无所谓，理不理解你要投的公司则要重要得多。</p>\n<p>2014-07-26，段永平：说乔布斯是逼死人的风格实际上是源于对他的不了解。乔布斯在的时候公司内部的支持率是在99%左右的，Musk只有70+%。</p>\n<p>2014-08-18，段永平：对员工真诚并不是让员工对客户真诚的充分条件，但确实是必要条件。在公司里建立一个那样的文化似乎不太容易，所以很少见。</p>\n<p>苹果店里的员工对用户的态度也是比较真诚的，这些年我大概去过几十次不同的苹果店了，几乎没有过任何不愉快的经历。我没有服务业的经验，没想过如何能够让所有一线员工如何做到那样的办法。国内我只去过深圳的苹果店，确实觉得那里的苹果员工也很好，就是到处都是保安的感觉有点怪。在美国的苹果店好像是看不到保安，所以苹果店的方式在中国还是有点挑战的。</p>\n<p>2014-08-21，段永平：苹果的广告都没见过推销的，一般见到的都是融入生活的场景。这种广告效果慢但持久。</p>\n<p>2014-08-04，段永平：苹果是一家有利润之外追求的公司。真正有这种追求的公司非常少。</p>\n<p>2014-08-21，段永平：苹果现在的企业文化20年内大概都不太会变。如果Tim之后的CEO和董事会出问题了是有可能变的。对苹果而言，这个文化已经在骨子里了，相当长的时间里是不大可能变的。</p>\n<p>2014-08-22，段永平：这个对苹果的评价可能是两三年前说的？现在苹果已经6000亿了，但盈利还没达到我当时的预期，估计大屏手机出来后明年就应该可以赚到500亿以上了。</p>\n<p>（2015财年苹果实际净利润534亿，段永平预测的很准。但后续苹果的盈利增长停滞了，没有达到段永平的预期。问题的根源可能出在2015年前后，世界长期经济周期进入了衰退后期和萧条期，世界经济和智能手机行业均由增量市场转为存量市场，段永平没有经历过长期经济萧条期，依然按照增量市场的惯性做预测，所以对苹果的盈利能力预期出现了偏差。）</p>\n<p>2014-08-28，段永平：我同意苹果产品是高性价比的。高性价比的东西不等于便宜，该知道的人最后都会知道的。好的车往往也是性价比高的车，而且这些车往往比较贵，想通这个就明白苹果的性价比问题了。当然，对于那些整天换手机，最后换到iPhone的人们而言，这个问题就不是问题。</p>\n<p>2014-09-17，段永平：还没看到APPLE PAY业务（支付业务）具体的资料。按网上说的0.15%，毛估估算一年$100-200亿的利润增加是看得见的。这个东西重要的是增加了生态系统的粘性，整体效果要比仅仅增加盈利大得多。</p>\n<p>（APPLE PAY，在美国，苹果对每笔信用卡交易收取0.15%的手续费，对每笔借记卡交易收取0.5美分手续费。有机构预测：2024年，Apple Pay交易额将近七千亿美元。即便是7000亿信用卡交易，也就是赚10.5亿，现在赚钱还不多。）</p>\n<p>2014-11-16，段永平：买入可以等，等不到没关系。其实对自己懂的公司估值没人们说的那么难，难是难在不容易找到自己想买的公司。我对苹果的“估值”就是个例子，只有两个方面，简单起来就几句话（大概）：</p>\n<p>1. 3000多亿市值，1000多亿净现金，一年净利润400亿，未来会到500亿或更多（看不懂这个的为什么要对苹果感兴趣？）；2. 苹果会将利润以合适的方式还给股东。第二条在A股比较难解，这也是当时博友问我会选苹果还是茅台时，我毫不犹豫选苹果的原因。</p>\n<p>记得两年前有个朋友在球场碰到我，很沮丧地说他600多买了苹果，那时苹果一路在往下掉。我当时只说了一句：也许两年后你会觉得600块很便宜哈。</p>\n<p>（2014财年底，苹果净现金=现金及短期投资251亿+长期证券投资1302亿+应收272亿-应付314亿-有息负债（短期借款+长期借款）353亿=1158亿。2014年11月苹果市值为4700亿左右，扣除净现金后，相当于3500亿买的公司。苹果远期能赚500-1000亿，远期市盈率为3.5-7倍。）</p>\n<p>（2021年3月底，苹果净现金=现金及短期投资698亿+长期证券投资1345亿+应收330亿-应付401亿-有息负债（短期借款+长期借款）1216亿=756亿。2021年4月底苹果市值2.19万亿，扣除净现金后，相当于2.11万亿买的公司。苹果2021年预计赚900亿（占华为被制裁的便宜，非常态），2030年预计赚500-1000亿，远期市盈率为21-42倍。时过境迁，跟2014年完全没有可比性。）</p>\n<p>2015－02，段永平：关于苹果的东西，你可以查Tim Cook 都说过啥。该说的他都说过了。你把所有的苹果发布会都看几遍大概就明白苹果是这么回事了。如果还看不明白，我相信也没有谁能让你明白。</p>\n<p>补充一点，理解苹果确实不容易，我似乎从来就没让不明白的任何人明白过，所以也不可能在这里几句话说明白。我的建议就是把Tim Cook说过的东西都拿出来看一下，包括每一次发布会都认真看一下，哪怕不是为了投资苹果，至少也可以看到一家好公司应该是啥样子。如果看完这些还是看不明白的话，我确实也是没办法让人明白的。只有真正的果粉才能明白苹果产品的性价比多数情况下是比别人高很多的。</p>\n<p>2015年，网友问：苹果以前400-500美金的时候，我是能看出便宜，现在近1000美金了，有点含糊了。您认为现在算是合理了吗？</p>\n<p>段永平：现在其实也不算贵，只是没有以前便宜了。就我自己而言，拿着苹果的选择如下：</p>\n<p>1.继续持有，享受苹果的成长和成就。现在拿着苹果，在可预见的未来的复合回报应该还可以有8%或以上的（这里指的是企业获利）2，找到比苹果更好回报的投资。我目前还没有任何目标，主要是自己能搞懂的生意太少。3.卖了拿着现金吃利息？这个显然不是太靠谱。当然，有人会说现在卖了等回调再买回来，这么说的人如果有过苹果的话应该早就等得胡子都白了吧？</p>\n<p>三种选择而已。苹果也是我自己投资上赚钱最多的公司（不算实业的情况下）。个人理解觉得苹果自己做车的可能性不大，可能一切都是为了car Play? 很难想象苹果电动车可以比别的车多卖20-30%的价钱同时还会有足够量的。iPhone贵30%的绝对金额并不多，绝大多数人都可以承受，但车的绝对价格要高很多。</p>\n<p>2015年，段永平：让我2011年1月下旬决定买苹果时最重要的一点就是发现Tim Cook会是个更好的CEO，启用他绝对是Jobs的最大“发明”，不是之一哈。有了Tim Cook，苹果的文化至少可以向前延伸50年。</p>\n<p>（段永平建仓时苹果市值2000亿美元左右）</p>\n<p>（2020财年底，苹果的存货为40.6亿，以苹果硬件产品营业成本1512亿计算，存货一年的周转次数高达40次，平均9.8天周转一次，存货周转率之高令人瞠目结舌、目眩神迷，库克是供应链大师，对苹果功不可没。段永平可能因此认为库克是比乔布斯更好的CEO。）</p>\n<p>（巴菲特在伯克希尔2021年股东会上说：我想强调一点，库克，苹果的CEO，他真的是我们所目睹的所有的很多行业的CEO里面最棒的一位管理人。他把苹果管理得井井有条。当然，他办不到之前乔布斯所做的一切，他在创意上做不到乔布斯那一步。但是，我也不觉得乔布斯在管理方面能像库克这么出色，尤其是多年来这么出色的管理。巴菲特对库克的点评非常中肯。）</p>\n<p>2015年，段永平：茅台的品质文化已经形成，相当长时间里大概没人敢动的。茅台的生意模式不错，但对赚到的钱的处理方式不尽如人意，苹果在这方面则是完美的。从这两年两个公司出现回购机会时两家公司完全不同的表现就可以看出这点。茅台甚至有些滑稽的地方是分红居然还因为股价掉了而下降了。苹果对分红和回购的策略的阐述是非常清晰的，作为股东基本可预期，而茅台则会受到非股东因素影响。</p>\n<p>2015年，段永平：40%只是毛估估的想法，理由是iPhone虽好，但Android系统要便宜很多，而且现在的Android比当年诺基亚的智能机已经好用太多了。这是个多元的世界，总有人会因为各种原因选择不同产品的。我的40%的意思是，如果苹果能有40%的份额的话，这个投资就是极好极好的投资了，而且40%是有可能达到的，因为在很多发达国家或地区目前已经达到40%或以上了。实际上，苹果只要有25%以上的份额就足够好了。</p>\n<p>（2015年，iPhone出货量2.26亿部，全球智能手机出货量14.3亿部，苹果占全球智能手机市场的份额15.8%。2020年，iPhone出货量2.06亿，全球智能手机出货量12.4亿部，苹果占全球智能手机市场份额15.9%，增长7.9%。苹果到2020年也没达到25%的市场份额。）</p>\n<p>2015-10，段永平：苹果2015财年全财年总营收2337亿美元，去年同期为1828亿美元；净利润534亿美元，去年同期为395亿美元。对此，苹果CEO蒂姆·库克表示：“2015财年是苹果最为成功的一年，总营收近2340亿美元，整体增长28%－－－我们已经借助强大的产品线迎接即将到来的购物季。”——苹果已经达到我几年前说的$500亿年利润的目标，本人预计五年内会到1000亿。</p>\n<p>（2020财年净利润574亿，过去5年利润增长停滞。</p>\n<p>2015-2020年，苹果核心产品iPhone的销售收入分别为1550.41亿美元、1367.00亿美元、1413.19亿美元、1648.88亿美元、1423.81亿美元、1377.81亿美元，增长陷入停滞。原因可能是：</p>\n<p>1）产品自身不争气，泯然众人。2015年，苹果晚了3年才推出大屏手机。2019-2020年，无论是折叠屏的尝试，还是5G手机的推出，苹果都晚了一步。自iPhone6以来，苹果手机的升级、迭代，不再带来巨大惊喜。</p>\n<p>2）受到华为的强劲挑战。苹果手机的赚钱能力至今无人能超越，但苹果在高端手机市场的地位正在被冲击。</p>\n<p>3）智能手机市场停止扩张，消费者换机的周期增加，增量市场变为存量市场。</p>\n<p>2017年以来全球智能手机市场持续萎缩，2017-2020年，智能手机全球出货量分别下滑0.46%、5%、3.8%、8.8%。2020年中国大陆智能手机出货量同比下降11%至3.3亿台。</p>\n<p>中国移动终端实验室公布的《2020年第二期5G智能终端消费趋势报告》数据显示：中国消费者更换手机周期进一步加长，从24.6个月增长到平均25.3个月，苹果为27.1个月。</p>\n<p>2019年8月市场分析研究公司Strategy Analytics发布的调研报告显示，美国消费者的换机周期在不断增加，由多年前的19个月左右，增加至目前的平均33个月左右，苹果手机用户平均为18个月，苹果手机用户的换机周期也在增加。</p>\n<p>追本溯源，智能手机市场停止扩张的根本原因是全球经济进入长期经济周期的萧条期，萧条预计将持续至2030年。）</p>\n<p>苹果软件税增长良性，营业收入占比由2015财年的8.52%提高至2020财年的19.59%，营业利润占比由2018财年的23.72%提高至2020财年的33.82%。</p>\n<p>2021-2022，天上掉馅饼，由于主要对手华为受到致命一击，市场重新洗牌，苹果等厂商分享了华为让出来的巨大市场份额，销量将大幅增长。华为跌倒，苹果吃饱。2021财年半年末苹果净利润523.85亿美元，2020财年半年末334.85亿美元，增长56%。按照全年也增长56%，2020财年净利润574.11亿美元，预计2021财年苹果净利润896亿美元。2022财年，华为高端手机销量可能进一步下降，苹果预计还会有些增长，预计2022年苹果净利润增到1000亿美元左右。）</p>\n<p>2015-10，段永平：苹果去年这时总股数是59.648亿, 现在是56.735亿，少了2.9亿多股。这样下去20年后苹果公司就是我的了。如果目前这个价格能够持续10年的话，想不私有化也难啊。2015-10，段永平：我认为苹果只是围绕CarPlay在做事情，而不是要做苹果车，至少我目前还没有看出来苹果要做车的任何逻辑。似乎看上去未来很可能的结果是苹果会出现在很多好车里而不是出现在苹果车里。</p>\n<p>2015－11，段永平：不敢说苹果做车就一定是迷失，我只是暂时还无法想象而已。从我用CarPlay的体验看，汽车业确实有很大的改进空间。（“CarPlay”是由苹果推出的一款车载服务型汽车产品，旨在为iPhone驾驶者提供更安全、智能和有趣驾驶体验的车载服务。）</p>\n<p>我不懂汽车行业，但从用户的角度讲，有一些体验而已。有了CarPlay 后，iPhone接入汽车方便了许多（只要插上充电器），导航、音乐、接打电话、甚至包括iMessage的读写（英语语音）等，未来还会有啥不知道。可以看见的是，汽车导航仪、音乐电台、汽车电话等行业慢慢会像相机行业一样消亡的。以后买车CarPlay会成为标配。</p>\n<p>（2014年，苹果开始执行神秘的“泰坦计划”，有1000多名员工在库比蒂诺总部附近的一个秘密地点，从事电动汽车的开发工作。有传言称，由于内部发生了冲突，这个项目进展得一直不是很顺利。</p>\n<p>2016年开始，苹果调整了汽车项目的方向，将重点放在自动驾驶技术上，而不是整车制造。在2016年第三季度，苹果解雇了数十名员工，精简了团队。</p>\n<p>2018年以来，苹果的团队从造车项目转变为开发定制芯片，芯片的重点研发方向是自动学习、处理自动驾驶汽车底层的判断逻辑和动力衔接的搭配。据悉，目前苹果可能正在与台积电合作开发自动驾驶芯片技术。</p>\n<p>2017年以来，苹果公司一直在道路上测试自动驾驶技术。到2019年，该公司的自动驾驶测试车有将近66辆，并且以完全自动驾驶的状态平均行驶了约118英里</p>\n<p>苹果公司保留了一部分人员在研发整车项目，可能是为了学习如何将系统软件与硬件匹配。</p>\n<p>目前还不能确定苹果公司未来是否会制造整车。即便造整车，一时半会也出不来。）</p>\n<p>2017-12，（关于苹果调解CPU性能的做法）段永平：师弟的说法显然对苹果没信心啊。变慢是结果，但绝对不是有意而为之的。在把事情做对的过程当中是避免不了犯错的，我个人觉得苹果也许应该在更新的时候简单告诉一下用户。但要更新的东西太多，做到提前沟通似乎不易。</p>\n<p>2018-03，（巴菲特卖IBM，买入苹果，巴老到底是看到了什么本质？）段永平：现金流，现在的现金流和未来的现金流。</p>\n<p>2018-06，段永平：老巴确实厉害，居然就看明白了苹果而且下手很重啊！估计是被苹果的现金流吸引的。老巴其实一直很花时间在思考这些年新起来的公司，他对苹果，google，亚马逊等公司的了解远超大家的想象。</p>\n<p>2018年，段永平：苹果市值站上万亿美元，库克居功至伟。严格意义上来说，库克与自己的前任、已故苹果创始人史蒂夫-乔布斯（Steve Jobs）相比，并不是那种具有远见卓识的首席执行官。</p>\n<p>其实，库克是个比乔布斯更好的CEO。库克更理性，同时骨子里对乔布斯的追求非常理解。前段时间我见到一个投资界的老前辈时，我说我认为库克其实是个更好的CEO时，他老人家说其实我也这么认为。基业长青里说乔布斯是个“报时人”，其实乔布斯同时还是个非常好的“造钟人”，库克其实就是乔布斯最伟大的发明（发现）之一。</p>\n<p>2019-01，段永平：段：苹果似乎又到了不贵的价钱了。我又买了一些。（苹果当时市值6300亿美元左右）</p>\n<p>2019-01，（怎么看库克2018年收入近1.4亿美元?）段永平：公司赚了接近600亿，CEO拿1.4个亿，大概千分之二多一点。如果将苹果分成100家公司，每家公司赚6亿，CEO们的总收入会是多少？查下其他上市公司就知道了。说明了啥？（和库克创造的价值来比）不是不高，是相对而言很低。</p>\n<p>2019-01，段永平：2011年的今天（1月19日）突然想明白并开始买苹果，那时苹果股价大概是310/7=44.3加上这些年的分红。回想起来，我还是非常满意当时这个决定的。这些年大概认真买了不少苹果和茅台以及最近增加了一些腾讯和fb以及不太多的goog, 如果pdd不算的话。今天又买了苹果，纪念一下8年前的决定。不管怎么说，我觉得我这八年虽然没太用功，但投资的功夫似乎涨了一点!</p>\n<p>（段永平对腾讯的建仓成本300港币左右，Facebook的建仓成本130美元左右，google的建仓成本1000美元左右。）</p>\n<p>2019-02，（苹果零售主管为什么离职？）段永平：不清楚她为什么离开，但一直觉得空降兵很难做好，当时苹果请空降兵让我非常意外，看来效果确实不太好啊。没觉得她是Cook的接班人的说法是靠谱的，也没觉得苹果的定价体系有任何问题。当然，谁都有可能定错价，改一下就是了。</p>\n<p>苹果绝对是这个行业里定价最厉害的公司了，但这不意味着他们不会定错价。目前你知道的智能手机大概只有苹果是一年一定价的了，至少我们做不到（一年内要推出超过一款手机产品。</p>\n<p>2019-03，（对苹果不看好的人的常见问题，&nbsp;您有什么评论？）段永平：我对不看好苹果的言论基本都看过，觉得他们对苹果太不了解或者看得太短了。有机会看下我以前对苹果的说法，到目前为止还没看到变化。</p>\n<p>2019年，段永平：（关于Air Power（iPhone的无线充电座））段：虽然iPhone早就有了无线充电，但Air Power出不来还是有点可惜。终于见到苹果掉一次链子了，不过这比强行推出来好。（截止2021年4月，Air Power依然没有推出来，命运多舛。）</p>\n<p>2019-5-4，段永平：举个所谓懂的例子：比如苹果，我在2011年买苹果的时候，苹果大概3000亿市值（当时股价310/7=44），手里有1000亿净现金，那时候利润大概不到200亿。以我对苹果的理解，我认为苹果未来5年左右赢利大概率会涨很多，所以我就猜个500亿（去年595亿）。</p>\n<p>所以当时想的东西非常简单，用2000亿左右市值买个目前赚接近200亿/年，未来5左右会赚到500亿/年或以上的公司（而且还会往后继续很好）。如果有这个结论，买苹果不过是个简单算术题，你只要根据你自己的机会成本就可以决定了。但得到这个结论非常不容易，对我来说至少20年功夫吧。能得到这个结论，就叫懂了。</p>\n<p>不懂则千万千万别碰，我有个球友320/7=46买了一些，结果一个回，310/7就卖了（现在苹果加上分红可能早就超过200了），还跟我讲为什么要卖的道理，从此我不再跟他说投资了。</p>\n<p>2019-6-19，（请问在你看来苹果和茅台有哪些共性？）段永平：产品文化和生意模式都很好。整个企业文化方面茅台由于某些原因要不如苹果，但生意模式的强大能弥补一些。（茅台、苹果，堪称价值投资领域的绝代双骄。）</p>\n<p>2020年，（大概10年前就有网友问您苹果这么大的市值应该没有什么成长空间，但现在回头看看市值更大了。我记得您曾经说过要忘掉市值关注生意本身，那怎么确定一家伟大的公司在生意模式企业文化不变的情况下，确实是有了天花板了？）</p>\n<p>段永平：如果你关注生意本身，你到时就会知道的，没有一个公式可以借用。我开始买苹果时苹果市值大概310/7/4=11块左右（分了两次股，1:7，1:4），这些年还有不少分红。那个时候就不停地有人跟我说难道树还能长到天上去？连芒格当时也说过他们不会买苹果。</p>\n<p>我本来曾经想跟老巴聊苹果的（那时苹果大概15块左右），但看了芒格说的话之后就犹豫了。这事我其实一直有点后悔，如果当时老巴要买了苹果20%的话，我会非常开心的。</p>\n<p>多年后当老巴已经买了很多苹果后，我确实曾经跟老巴当面聊过苹果。我说我其实很久以前就想跟你聊苹果的，他说，哎呀，你当时应该说的，下不为例哈。所以独立思考，关注生意本身最重要哈。（人家问的是苹果的天花板在哪儿，段永平没回答。）</p>\n<p>2020年，（您卖出Facebook后为什么加仓苹果而不是别的公司？）段永平：我对苹果还是更了解一些，也正好碰上苹果大掉了一下。我就都又买成苹果了。苹果不便宜，现金更贵啊。</p>\n<p>（2020年4月，苹果市值跌至8800亿，段永平认为此时苹果不便宜。）</p>\n<p>2020年，段永平：好几年前，我在某个场合碰到Tim Cook。他问我你干嘛的，我说，投资。他问，投啥了？我说，苹果。他再问，还有呢？我说，没了，基本上都是苹果。然后他没接话，可能他觉得他见的投资人里没这样的。</p>\n<p>然后我说，如果苹果一直这个价钱，十来年后我可能就是苹果的唯一股东了哈，因为苹果的盈利会把除了我以外的所有股票都买回去的，他听了后微笑了一下，啥也没说。大家都知道，很可惜这个事情没能发生，尤其是有个叫巴菲特的人跑进来把我的如意算盘给搅和了。</p>\n<p>2020年，段永平：Think different 是不从众的意思。这个说法并不完全对。正确的说法是消费者导向。当年苹果一直不出大屏手机就是个例子。消费者需要大屏，但苹果think different，结果晚了三年多。</p>\n<p>（快充的需求，苹果也跟进的也比较慢，OPPO的“充电5分钟，通话2小时”都家喻户晓了，苹果才开始慢慢增加快充功能，现在才30W快充，OPPO Find X3是65W快充。）</p>\n<p>（苹果犯了守正出奇的错误，老想着出奇，守正反而没做好，正确的做法是守正不出奇。）</p>\n<p><b>02</b></p>\n<p><b>基本结论</b></p>\n<p>（一）苹果的长期竞争优势明确，未来10年，其他公司很难追上苹果，因此，苹果的市场份额能保持稳定。</p>\n<p>（二）由于智能手机行业转为存量市场，总量持续下降，叠加苹果自身的创新不温不火，iPhone的市场份额很难大幅增长。</p>\n<p>如果华为经过此劫，就此沉沦（可能性小），2021-2023年iPhone火爆过后，销量可能重新陷入停滞。如果2-3年后，华为找到应对之策，重新崛起、浴火重生（可能性大），iPhone的销量届时可能将较大幅度萎缩。</p>\n<p>iPhone是苹果的根本，没有iPhone的增长，其他相关业务特别是软件税，会成为无本之木，无源之水，增长不可持续。</p>\n<p>（三）10年后，2030年，苹果能赚多少钱？好的话，保持在2021-2022年的水平，1000亿美元左右；差的话，回到2016-2020年的水平，550亿美元左右。</p>\n<p>一般公司，我只能接受3倍远期市盈率。由于苹果的确定性高，我可以接受5倍远期市盈率。</p>","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n段永平看苹果：苹果的长期价值到底在哪里？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1075158368\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a6edd4ef1e1f428dad9cb66d3735ea2a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">锦缎 </p>\n<p class=\"h-time\">2021-05-20 10:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>段永平可能是这个星球上最懂苹果的独立投资人。说起苹果来，如数家珍，了若指掌。我们根据段永平的观点，来看苹果的三要素：</p>\n<p>the right kind of business(合适的生意);</p>\n<p>with right people（合适的人）;</p>\n<p>at right price（合适的价格）。</p>\n<p>站在巨人的肩膀上，有助于我们深刻理解苹果。</p>\n<p><b>01</b></p>\n<p><b>段永平看苹果：2010-2020</b></p>\n<p>2010-03-17，段永平：呵呵，Apple也算是敢为天下后的典范了。其实我说的“敢为天下后”就是这个意思！没有创新的天下后肯定死定了。不过我没有Apple，这是我错失的大机会之一。</p>\n<p>2011-01-11，段永平：我们什么时候说过“不敢为天下先”了，我们“敢为天下后”同时也可以“敢为天下先”的！呵呵，啥东西都容易变味啊，还有人说我们“甘为天下后”呢，那意思差的就多了。“敢为天下后”的经典例子很多，比如苹果的iPod，iPhone，微软的几乎所有产品，仔细想想就明白了。</p>\n<p>比如，如果你能想清楚麦当劳的“差异化”是什么，也许你就会明白些。至于如何找到“差异化”的问题，那是“如何把事情做对”的范畴的事情，那可不是一朝一夕之“功夫”啊。苹果能有现在这些个好东西，那也是10几20年的积累的“厚积薄发”而已。</p>\n<p>（麦当劳，以前是高质量食品、快捷、干净、温馨、欢乐，现在是高质量食品、快捷、干净、时尚、个性。）</p>\n<p>2011-01-22，段永平：说说我喜欢苹果的一些理由。这不是论文，想到就说，没有重点和先后秩序。</p>\n<p>1.苹果的产品确实把用户体验或消费者导向做到极致了，对手在相当长的时间里 难以超越甚至接近（对喜欢苹果的用户而言）。</p>\n<p>2.苹果的平台建立起来了，或者说生意模式或者说护城河已经形成了（光软件一 年都几十亿的收入了）。</p>\n<p>（2020财年，苹果软件营业收入537.68亿美元，占总营收19.59%，软件营业利润354.95亿美元，占总营业利润33.82%。）</p>\n<p>3.苹果单一产品的模式实际上是我们这个行业里的最高境界，以前我大概只见到 任天堂做到过（sony的游戏产品类似）。</p>\n<p>单一产品的模式有非常多的好处：</p>\n<p>a.可以集中人力物力将产品做得更好。比较一下iphone系列和诺基亚系列（今 年要推出40个品种）。苹果产品的单位开发成本是非常低的，但单个产品的开发费却是最高的。</p>\n<p>b.材料成本低且质量好，大规模带来的效益。苹果的成本控制也是做到极致的， 同样功能的硬件恐怕没人能达到苹果的成本。</p>\n<p>c.渠道成本低。呵呵，不是同行的不一定能明白这话到底有什么分量（同行也未 必明白)，我是20年前从任天堂那里学会的。那时很多做游戏机的都喜欢做很多品种，最后下场都不太好。</p>\n<p>4.苹果的营销也是做到极致了，连广告费都比同行低很多，卖的价钱却往往很好。</p>\n<p>5.苹果的产品处在一个巨大并还有巨大成长的市场里。（长长的坡）</p>\n<p>a. 智能手机市场有多大？你懂的！</p>\n<p>b. pad市场有多大？你也会懂的。</p>\n<p>（2010年，iPhone出货量4750万部，全球智能手机出货量接近2.7亿部，iPhone占比17.59%。2015年，iPhone出货量2.26亿部，全球智能手机出货量接近14.28亿部，iPhone占比15.83%。2020年，iPhone出货量2.06亿部，全球智能手机出货量12.92亿部，iPhone占比15.9%。</p>\n<p>过去10年，iPhone的市场份额基本稳定。因此，预测10年后，2030年的市场份额时，可以参照这个市场份额，取16%。</p>\n<p>过去4年，全球智能手机出货量持续萎缩，2017-2020年分别下滑0.46%、4.26%、2.26%、5.74%，中位数3%左右。未来10年，全球长期经济周期处于萧条期，因此全球智能手机出货量大概率将继续萎缩，年下降速度取3%，10年后，2030年全球智能手机出货量预计为9.5亿部。</p>\n<p>2030年，iPhone出货量预计为9.5亿*16%=1.52亿部。）</p>\n<p>总而言之，我认为苹果现在其实还处在其成长的早期，应该还有很大的空间。&nbsp;扣掉现金的话，苹果的今年的未来pe只有12-13倍啊，明年可能要到10以下了。</p>\n<p>（2011年1月份，苹果市值2000亿美元左右，现金及短期投资256亿，2010财年苹果净利润140.13亿美元，PE为12.45倍。）</p>\n<p>当然，以上我说的这些点中的任何一点的改变都可能或多或少地改变苹果，如果&nbsp;有苹果的股票的话，就要留心这些变化了。</p>\n<p>我认为 Jobs 如果真请长假的话，在相当长的时间里对苹果的业务不会有大影响。</p>\n<p>2011-04-09，段永平：这里说的渠道成本的意思就是品种越多，占用的渠道库存越大，是几何级数的关系。</p>\n<p>2011-12-02，段永平：我一般喜欢那些追求好产品，不太提营业额目标的公司，比如苹果。（营业额、市场份额只是自然而然的结果。）</p>\n<p>2012-01-29，段永平：绝大多数（苹果）是去年初和中间有个时期买的，一月21号option到期后出来不少钱（主要是put卖出过期了），本来想买bac的，结果近期bac涨了很多，就都放 aapl了。在没有其他目标的前提下，今天的苹果依然便宜，但没以前便宜了。</p>\n<p>（2012年1月底，苹果市值2660亿美元，2011财年苹果净利润259亿，PE为10.3倍，确实是依然便宜。）</p>\n<p>有些东西进步到一定程度后其实后面的变化就不大了，比如汽车发动机30-40年代和现在其实没本质差别。有些国家（虽然我们很多人很看不上）40年代就能造航空母舰，我们现在依然不行，说明由于某些原因，时间有时候帮不上大忙。</p>\n<p>苹果最厉害的是现在这个平台以及生意模式，以我的水平我看不出谁能打破他。当然有很多以为水平比我高的人非说别人可以，当然也有自己说自己可以打败苹 果的，你看看他们像吗？</p>\n<p>也许，能打败苹果的人快出生了，也许正在某个地方徘徊，但怎么看都不是现在&nbsp;大家知道的这些，这是个大家可以看很多年的故事。</p>\n<p>（这就是苹果的长期竞争优势：苹果的iPhone是个好产品（最好的智能手机）；iOS是个护城河，iOS的护城河很深，类似以前的Windows模式；苹果生态也是个护城河。苹果做好产品的文化是个好文化。苹果不断改进iPhone硬件，不断改进iOS，不断繁荣生态，是在加固护城河。</p>\n<p>华为一度在手机硬件上追上了苹果，但现在硬件被人掐住了脖子，软件刚起步，还差得很远，天壤之别。未来5年内，华为或许能找到硬件被掐死的破解之道。未来10年，如果华为的鸿蒙能生存下来，与iOS、安卓三分天下有其一，则未来20年华为有希望打破苹果。无论如何，未来10年，现在的生意模式，没有公司能追上苹果。</p>\n<p>因此，未来10年内，苹果的市场份额不会大幅下滑，按照过去10年的市场份额来预测未来10年是安全的。）</p>\n<p>2012-02-01，网友：当年的小霸王学习机也差不多是单一产品模式，记得当时单一款486B卖得很好，而且在旺季来临前就备足（生产）了货源。</p>\n<p>段永平：呵呵，这是我能看懂苹果的重要原因之一，没有那段经历，不一定会知道苹果有多厉害。</p>\n<p>2012-02-05，段永平：苹果厉害的不仅仅是硬件，这是所有其他竞争对手没辙的地方。三星顶多不过是新的诺基亚而已，对苹果没有威胁。苹果的 business model实在是强大，其他的“对手”已经难以撼动苹果了。</p>\n<p>2012-02-06，段永平：你可以想象一下，如果你是苹果的同行，你能用什么办法像苹果一样让用户拥有如此高的黏度，盈利能力还如此好。靠卖低价的都不是一个级别的哈，苹果产品的实际成本比任何同行都低不少，主要低在除材料成本以外的地方。如果你觉得你能找到一个办法，那就说明苹果其实不厉害。</p>\n<p>（苹果的厉害之处：单一产品，开发成本低，材料成本低，库存成本低，营销成本低，成本比同行全方位的低。iPhone是高质量的、最好的手机。软硬件结合，形成闭环。苹果手机、音乐、游戏...，形成生态，客户转换其他手机的成本高，粘性强。）</p>\n<p>2012-02-25</p>\n<p>网友问：苹果的威力—十年生死两茫茫，安卓兴，联发亡。低端市场，处处话凄凉。纵使相逢应不识，诺记死，苹果王。摩托三星忽还乡，拼低端，实在忙。中兴亲，华为新，魅族创新强。HTC 出机皇，日日换大梁。手机业，已无常，全都忙转行，山寨泪千行……将来会怎样呢？</p>\n<p>段永平：呵呵，受到苹果影响的远远不止你提到的这些手机公司。比如所有卖电脑尤其是手提电脑的公司受到的影响巨大。甚至连网游公司都间接受到很大影响。仔细想想会觉得很有趣的。</p>\n<p>2013-03-03，段永平：移动市场这么大，没买苹果的怎么着先的买个安卓吧？长期来讲，苹果产品很难超过30%的，余下70%基本上就是安卓。未来10年移动设备至少能卖个50亿（我觉得能到100亿以上）以上吧。</p>\n<p>（2013-2020年，全球智能手机实际出货107亿部，段永平预测的极其准确。</p>\n<p>苹果的份额在16%左右，段永平对苹果的市场占比预测过高。）</p>\n<p>2013-03-04</p>\n<p>网友：用习惯iphone的人，一般改用安卓系统会不习惯的，因为苹果只要ID一输，程序，音乐，通讯录等等都会回来，通过apple tv，把其他设备上的图像、视频、音乐随时就可以在电视上显示出来。通过查找iphone随时可以知道在外地的亲人在哪，然后通过facetime不花钱视频。当imac电脑的图像一键显示到投影上，当随时在中国用iphone打开在美国家的电脑操作并打开摄像头看自己的宠物捣乱了没，你就会感觉科技的力量，苹果是世界第一大公司是理所当然的。还有苹果绝对是消费者导向，你想要的功能它基本都已经实现了。</p>\n<p>安卓系统这些功能可能借助其他应用也可以实现，但感觉一切都乱，设备互联性太差。苹果是个大系统，音乐、视频、游戏、软件、相机、电脑……的钱它全赚了，关键你买的音乐，视频，程序等一辈子都是你的，但必须在他的设备上才可以用，谁还会轻易换设备。比如我都买了一万多的软件和音乐了，换其他的设备还须再买，谁还换设备，除了它太差了。apple tv一定要买，它可以把所有苹果的设备都联起来。</p>\n<p>段永平：呵呵，你说得很清楚，这个就叫生态系统。安卓的问题是现在卖得越多，将来可能就越乱，慢慢跑到苹果生态系统里的人就会越多。还有一个重要的东西，就是苹果的安全性。那么多企业要用iphone和ipad是有道理的。美国500强里 95%开始用iphone和ipad系统，国际500强85%开始用----库克在股东大会上讲的。听说目前好像只有iphone不能被装窃听器，其他的手机绝大部分好像都可以，怕被人窃听的要小心了。</p>\n<p>2012-03-12，段永平：其实苹果的强大实力是不容易也不应该被忽视的，除非你有意去忽视，但鸵鸟的办法不会有任何帮助。任何一个被苹果直接或间接、现在或未来影响到的行业里的企业大概早晚都要面对苹果的强大实力的。</p>\n<p>随便举几个已经受到影响的行业或产品吧：手机、电脑、手提电脑、游戏（包括网游）、游戏机、中低端相机和录像机、音乐、电影、书、电视、网络、运营商、所有相关产品的零售、几乎所有的电子消费品……欢迎补充。找到在苹果生态系统里生存的方式也许比挑战苹果要来的更现实一些。能够避开苹果也许是另一个办法。</p>\n<p>2012-06-28，段永平：我一直喜欢google，觉得 google 是好公司，但只是明白其部分的生意模式而已。所以前段时间把手里的一部分google换成苹果了，当时差90几块哈。也许哪天我还会换回来，看谁涨（或掉哈）得快了。至于会不会逼近IOS的问题，作为苹果的用户，我其实根本就不知道也不关心，除非哪天我自己觉得苹果的用户体验不好了。一旦进入苹果的生态系统的用户实际上不太关心安卓的变化，所以我其实一直不认为安卓是在和苹果竞争。</p>\n<p>（苹果是软硬件结合形成闭环、多个软硬件协同形成生态的生意模式，而安卓是软硬件割裂的模式，跟苹果没有可比性。）</p>\n<p>2013-01-23，段永平：安卓本身占用资源大，比如如果都是两核或4核的表现就要差不少，加上大家看到的苹果的东西是几十年积累下来的，安卓要全面达到恐怕不太可能。但是，安卓的表现其实已经很不错了，已经比当年用诺基亚的智能机的感觉强了许多倍，某些使用方面和苹果各有特色也是一定会有的，而且价钱还可以便宜很多。未来安卓手机之间的差异化会越来越小，三星的价钱要挺住不容易。苹果的生态系统会保住特别喜欢或习惯的用户，所以受安卓的影响不会像想象那么大。不过，有苹果和三星在上面顶着价格，其他卖安卓智能机的企业应该还有一段不错的小日子。</p>\n<p>2013-02-13</p>\n<p>网友：1，三星和苹果的差距在于价值观。三星很多东西都不愿舍弃，苹果对该舍弃的东西是真的下得了手。2，全球智能手机过几年能卖出15亿部以上，苹果能占有20%份额，每年卖出3-4亿部手机，每年赚个600-1000亿，那时候软件部分应该也很厉害了，只要苹果的企业文化不发生大的变化，这些都会发生的，如果期间苹果再研发出个厉害的硬件，对投资者就是额外的惊喜了。</p>\n<p>（三星不愿舍弃什么？苹果舍弃了什么？）</p>\n<p>（全球智能手机出货量在2016年达到最高点14.72亿部后，持续下滑，2017-2020年分别为：14.65亿、14.03亿、13.71亿、12.92亿。段永平高估了全球智能手机出货量。）</p>\n<p>（2015年iPhone出货量2.26亿部，占全球智能手机市场的份额15.8%。2020年iPhone出货量2.06亿，占全球智能市场份额15.9%。段永平高估了苹果的出货量和市场占比。）</p>\n<p>（2013-2020财年，苹果净利润分别为：370.37亿、395.1亿、533.94亿、456.87亿、483.51亿、595.31亿、552.56亿、574.11亿，净利润增长停滞。段永平高估了苹果的赚钱能力。）</p>\n<p>（苹果软件税增长良性，2020财年软件税营业利润达354.95亿，营业利润占比由2018财年的23.72%提高至2020财年的33.82%。）</p>\n<p>（2013-2020年，苹果没有再推出令人叹为观止的硬件。）</p>\n<p>段永平：看三星和苹果有点像看篮球里美国队对其他队的比赛，场面上很激烈，其实差距很大。</p>\n<p>2013-03-03，段永平：移动市场这么大，没买苹果的怎么着先的买个安卓吧？长期来讲，苹果产品很难超过30%的，余下70%基本上就是安卓。未来10年移动设备至少能卖个50 亿（我觉得能到100 亿以上）以上吧。</p>\n<p>（根据前瞻产业研究院发布的《2020全球移动市场报告》，2020年全球智能手机活跃用户达34.83亿，中国达到8.71亿户。预测至2023年全球智能手机活跃用户将超过40亿户。）</p>\n<p>2013-09-16，段永平：苹果现在一年都要推两款了，说明用户的需求比较分散。推50款基本是技穷的表现（黔驴技穷），东西绝对好不了。</p>\n<p>2013年，段永平：the right kind of business指的就是好的生意模式，好的生意模式建立在强大的企业文化上。本人喜欢苹果生意模式的很重要的一点来自于自己在消费电子20多年的体验，苹果是我一直梦寐以求但似乎难以达到的生意模式，现在居然可以就这么实现了。</p>\n<p>2013年，段永平：记得库克还说“我们最重要的是聚焦在做最好的产品上，利润会随之而来的。”我相信苹果会一如既往地聚焦在做最好的产品上，其他的早晚会随之而来的。诺基亚聚焦在“提高市场份额上”了，岂有不败之理？</p>\n<p>2013年，段永平：我个人一般对有负债的公司不太愿意重仓，另外就是无论多有把握也绝对不要用margin。我个人很喜欢苹果，觉得这是我目前能找到的最好的公司了，这个价位我放到90-95%也是愿意的。当然也许和我前面买的价钱比较便宜也有点关系，但这个只是心理影响而已。</p>\n<p>（2020财年底，苹果名义资产负债率高达79.83%，短期借款138亿，长期借款987亿，有息负债（短期借款+长期借款）占总资产35%。同时，长期证券投资1009亿。双高，把企业存款做得高高的，把企业贷款也做得高高的，国内银行的至爱。难道地主家也要靠借钱过日子？其实这种诡异的财务状态，源自于美国对跨国企业不友好的税制。</p>\n<p>特朗普税改前，美国企业所得税率为35%，对公司在全球的利润征税，允许以所在国的企业所得税抵扣。比如苹果在中国赚了100元，中国企业所得税率为25%，苹果在中国交完税后还剩75元。苹果如果把这75元汇回美国，需要向美国政府补交35%-25%=10%的税，100*10%=10元，真正回到苹果美国账户上的是65元。如果苹果在美国本土之外把75元用于长期投资，是暂时不用补交这笔税的。</p>\n<p>即，苹果将资金从中国汇回美国的成本是10元。如果苹果不动用海外资金，而是在美国国内从银行借款100元（假设利率3%），那么苹果实际持有的资金为175元（美国100元+中国75元），成本却只要3元。苹果将留存在中国的75元投资中国长期国债，假设债券收益率3%，那么苹果的真实资金成本为100*3%-75*3%=0.75元。显而易见，把资金留存在美国本土之外，在美国国内借款，更为划算。</p>\n<p>2018年，特朗普税改将企业所得税率降至20%，刺激了一大波跨国公司的资金回流美国。自2018年，苹果账面上的长期投资规模大幅减少，长期负债也呈下降趋势。）</p>\n<p>2013年，段永平：不过，关于苹果的传说最搞笑的就是廉价iPhone。有了这个传说后，接着就有了苹果该不该这样做的争论。其实不管认为苹果该不该卖廉价iPhone的人大概都是不太懂苹果的，因为苹果的文化里根本就不会有这个争论。</p>\n<p>（苹果的文化核心是造最好的手机，怎么可能会造廉价iPhone。）</p>\n<p>2013年，段永平：首先，我不知道库克的创新能力；第二，一家公司如果需要依靠CEO的创新能力并不是一件好事。乔布斯实际上被神化了，他实际上主要是建立了创新的文化而不是自己创新。</p>\n<p>2013年，段永平：如果大凡你能做好一样东西，你为啥还要做很多做不好的东西呢？不过，确实有些会因为做了一些好东西后，就以为自己啥都能做好，于是就开始做一些自己做不好的东西了。人的精力是有限的，聚焦的人或公司最后会变得很厉害，这也是我喜欢苹果的原因。那时的小霸王确实厉害，记得95年仅仅靠那一两款产品的获利，就和当时的海尔差不多了。</p>\n<p>2014年</p>\n<p>段永平：理性讲，4000亿的苹果其实只有2700亿（扣掉现金）左右的市值，大概5-6年就赚回来了。只要苹果能把现金回馈这块再处理的好一点（我非常信任库克会这么做）。投资苹果对我来讲是个能睡得安稳的投资。如果我错了怎么办？呵呵，那大概就是该轮到我也亏点钱了？看个3-5年吧，我觉得我的赢面在90%以上，而且就算亏也不会亏光的，而且省了几年到处找股票的时间，多好?!</p>\n<p>不过，如果不了解苹果的人最好还是不要碰苹果，我一直就不太赞成小额投资者投苹果，尤其是那些希望今天买明天就涨很多的人们，会睡不好的。</p>\n<p>首先，这种大公司会出来的消息比较多，小额投资者多数对投资的概念还没有建立，很容易被震几下就出局了；另外，像苹果这种公司在目前的状况下很难有10倍或更多的回报。我觉得小额投资者也许应该关心自己明白但没有那么多人关注的公司，如果能找到这种公司的话，应该比苹果这类公司的回报好。有时候有些小公司确实很便宜，比如前段时间美股里的一些地产公司，但没有成交量，不适合大额投资者投。</p>\n<p>（美国有好房地产公司！）</p>\n<p>2014-02-02，段永平：苹果其实从没有像现在这么强大过！这段话的意思是，没有强大的文化，就不会有伟大的公司。乔布斯就是想建立强大的企业文化并且确实做到了！只有强大的企业文化才能不断吸引到好的人才并留住他们。不能理解这点的人们大概就只能炒一辈子股票了。</p>\n<p>2014-04，段永平：（怎么看腾讯与苹果就微信公众号打赏的冲突问题？）有点不明白苹果为什么这样做，也不明白腾讯的回应措施。似乎都不是站在用户的角度上考虑问题的。好公司有时候也会出烂招的。</p>\n<p>2014-07-27，段永平：大资金买某个公司有时候需要比较长的时间，有时候是因为成交量，有时候是因为机会成本——当你有新增加的资金时，你会比较所有标的，当没有现金增加时你甚至可以比较手头持有的公司的差异。</p>\n<p>如果自己觉得任何两家差异显著时（比如用10年或更长的眼光看），为什么不换到更合适的公司呢？我当年买网易就花了很久，而且在很长的时间里我都找不到对我而言比网易更好的公司。这几年的苹果也是。</p>\n<p>记得有次有人问到我能接受一家公司的仓位的最高比例时，我说我能接受50%，但我目前喜欢的两家公司正好都叫苹果（意思是两家都买苹果，苹果占资金的100%）。A股的茅台也是如此（茅台占资金100%）。我的意思是，我可以接受50%买了苹果，另外50%最后还是买了苹果。理不理解我的话无所谓，理不理解你要投的公司则要重要得多。</p>\n<p>2014-07-26，段永平：说乔布斯是逼死人的风格实际上是源于对他的不了解。乔布斯在的时候公司内部的支持率是在99%左右的，Musk只有70+%。</p>\n<p>2014-08-18，段永平：对员工真诚并不是让员工对客户真诚的充分条件，但确实是必要条件。在公司里建立一个那样的文化似乎不太容易，所以很少见。</p>\n<p>苹果店里的员工对用户的态度也是比较真诚的，这些年我大概去过几十次不同的苹果店了，几乎没有过任何不愉快的经历。我没有服务业的经验，没想过如何能够让所有一线员工如何做到那样的办法。国内我只去过深圳的苹果店，确实觉得那里的苹果员工也很好，就是到处都是保安的感觉有点怪。在美国的苹果店好像是看不到保安，所以苹果店的方式在中国还是有点挑战的。</p>\n<p>2014-08-21，段永平：苹果的广告都没见过推销的，一般见到的都是融入生活的场景。这种广告效果慢但持久。</p>\n<p>2014-08-04，段永平：苹果是一家有利润之外追求的公司。真正有这种追求的公司非常少。</p>\n<p>2014-08-21，段永平：苹果现在的企业文化20年内大概都不太会变。如果Tim之后的CEO和董事会出问题了是有可能变的。对苹果而言，这个文化已经在骨子里了，相当长的时间里是不大可能变的。</p>\n<p>2014-08-22，段永平：这个对苹果的评价可能是两三年前说的？现在苹果已经6000亿了，但盈利还没达到我当时的预期，估计大屏手机出来后明年就应该可以赚到500亿以上了。</p>\n<p>（2015财年苹果实际净利润534亿，段永平预测的很准。但后续苹果的盈利增长停滞了，没有达到段永平的预期。问题的根源可能出在2015年前后，世界长期经济周期进入了衰退后期和萧条期，世界经济和智能手机行业均由增量市场转为存量市场，段永平没有经历过长期经济萧条期，依然按照增量市场的惯性做预测，所以对苹果的盈利能力预期出现了偏差。）</p>\n<p>2014-08-28，段永平：我同意苹果产品是高性价比的。高性价比的东西不等于便宜，该知道的人最后都会知道的。好的车往往也是性价比高的车，而且这些车往往比较贵，想通这个就明白苹果的性价比问题了。当然，对于那些整天换手机，最后换到iPhone的人们而言，这个问题就不是问题。</p>\n<p>2014-09-17，段永平：还没看到APPLE PAY业务（支付业务）具体的资料。按网上说的0.15%，毛估估算一年$100-200亿的利润增加是看得见的。这个东西重要的是增加了生态系统的粘性，整体效果要比仅仅增加盈利大得多。</p>\n<p>（APPLE PAY，在美国，苹果对每笔信用卡交易收取0.15%的手续费，对每笔借记卡交易收取0.5美分手续费。有机构预测：2024年，Apple Pay交易额将近七千亿美元。即便是7000亿信用卡交易，也就是赚10.5亿，现在赚钱还不多。）</p>\n<p>2014-11-16，段永平：买入可以等，等不到没关系。其实对自己懂的公司估值没人们说的那么难，难是难在不容易找到自己想买的公司。我对苹果的“估值”就是个例子，只有两个方面，简单起来就几句话（大概）：</p>\n<p>1. 3000多亿市值，1000多亿净现金，一年净利润400亿，未来会到500亿或更多（看不懂这个的为什么要对苹果感兴趣？）；2. 苹果会将利润以合适的方式还给股东。第二条在A股比较难解，这也是当时博友问我会选苹果还是茅台时，我毫不犹豫选苹果的原因。</p>\n<p>记得两年前有个朋友在球场碰到我，很沮丧地说他600多买了苹果，那时苹果一路在往下掉。我当时只说了一句：也许两年后你会觉得600块很便宜哈。</p>\n<p>（2014财年底，苹果净现金=现金及短期投资251亿+长期证券投资1302亿+应收272亿-应付314亿-有息负债（短期借款+长期借款）353亿=1158亿。2014年11月苹果市值为4700亿左右，扣除净现金后，相当于3500亿买的公司。苹果远期能赚500-1000亿，远期市盈率为3.5-7倍。）</p>\n<p>（2021年3月底，苹果净现金=现金及短期投资698亿+长期证券投资1345亿+应收330亿-应付401亿-有息负债（短期借款+长期借款）1216亿=756亿。2021年4月底苹果市值2.19万亿，扣除净现金后，相当于2.11万亿买的公司。苹果2021年预计赚900亿（占华为被制裁的便宜，非常态），2030年预计赚500-1000亿，远期市盈率为21-42倍。时过境迁，跟2014年完全没有可比性。）</p>\n<p>2015－02，段永平：关于苹果的东西，你可以查Tim Cook 都说过啥。该说的他都说过了。你把所有的苹果发布会都看几遍大概就明白苹果是这么回事了。如果还看不明白，我相信也没有谁能让你明白。</p>\n<p>补充一点，理解苹果确实不容易，我似乎从来就没让不明白的任何人明白过，所以也不可能在这里几句话说明白。我的建议就是把Tim Cook说过的东西都拿出来看一下，包括每一次发布会都认真看一下，哪怕不是为了投资苹果，至少也可以看到一家好公司应该是啥样子。如果看完这些还是看不明白的话，我确实也是没办法让人明白的。只有真正的果粉才能明白苹果产品的性价比多数情况下是比别人高很多的。</p>\n<p>2015年，网友问：苹果以前400-500美金的时候，我是能看出便宜，现在近1000美金了，有点含糊了。您认为现在算是合理了吗？</p>\n<p>段永平：现在其实也不算贵，只是没有以前便宜了。就我自己而言，拿着苹果的选择如下：</p>\n<p>1.继续持有，享受苹果的成长和成就。现在拿着苹果，在可预见的未来的复合回报应该还可以有8%或以上的（这里指的是企业获利）2，找到比苹果更好回报的投资。我目前还没有任何目标，主要是自己能搞懂的生意太少。3.卖了拿着现金吃利息？这个显然不是太靠谱。当然，有人会说现在卖了等回调再买回来，这么说的人如果有过苹果的话应该早就等得胡子都白了吧？</p>\n<p>三种选择而已。苹果也是我自己投资上赚钱最多的公司（不算实业的情况下）。个人理解觉得苹果自己做车的可能性不大，可能一切都是为了car Play? 很难想象苹果电动车可以比别的车多卖20-30%的价钱同时还会有足够量的。iPhone贵30%的绝对金额并不多，绝大多数人都可以承受，但车的绝对价格要高很多。</p>\n<p>2015年，段永平：让我2011年1月下旬决定买苹果时最重要的一点就是发现Tim Cook会是个更好的CEO，启用他绝对是Jobs的最大“发明”，不是之一哈。有了Tim Cook，苹果的文化至少可以向前延伸50年。</p>\n<p>（段永平建仓时苹果市值2000亿美元左右）</p>\n<p>（2020财年底，苹果的存货为40.6亿，以苹果硬件产品营业成本1512亿计算，存货一年的周转次数高达40次，平均9.8天周转一次，存货周转率之高令人瞠目结舌、目眩神迷，库克是供应链大师，对苹果功不可没。段永平可能因此认为库克是比乔布斯更好的CEO。）</p>\n<p>（巴菲特在伯克希尔2021年股东会上说：我想强调一点，库克，苹果的CEO，他真的是我们所目睹的所有的很多行业的CEO里面最棒的一位管理人。他把苹果管理得井井有条。当然，他办不到之前乔布斯所做的一切，他在创意上做不到乔布斯那一步。但是，我也不觉得乔布斯在管理方面能像库克这么出色，尤其是多年来这么出色的管理。巴菲特对库克的点评非常中肯。）</p>\n<p>2015年，段永平：茅台的品质文化已经形成，相当长时间里大概没人敢动的。茅台的生意模式不错，但对赚到的钱的处理方式不尽如人意，苹果在这方面则是完美的。从这两年两个公司出现回购机会时两家公司完全不同的表现就可以看出这点。茅台甚至有些滑稽的地方是分红居然还因为股价掉了而下降了。苹果对分红和回购的策略的阐述是非常清晰的，作为股东基本可预期，而茅台则会受到非股东因素影响。</p>\n<p>2015年，段永平：40%只是毛估估的想法，理由是iPhone虽好，但Android系统要便宜很多，而且现在的Android比当年诺基亚的智能机已经好用太多了。这是个多元的世界，总有人会因为各种原因选择不同产品的。我的40%的意思是，如果苹果能有40%的份额的话，这个投资就是极好极好的投资了，而且40%是有可能达到的，因为在很多发达国家或地区目前已经达到40%或以上了。实际上，苹果只要有25%以上的份额就足够好了。</p>\n<p>（2015年，iPhone出货量2.26亿部，全球智能手机出货量14.3亿部，苹果占全球智能手机市场的份额15.8%。2020年，iPhone出货量2.06亿，全球智能手机出货量12.4亿部，苹果占全球智能手机市场份额15.9%，增长7.9%。苹果到2020年也没达到25%的市场份额。）</p>\n<p>2015-10，段永平：苹果2015财年全财年总营收2337亿美元，去年同期为1828亿美元；净利润534亿美元，去年同期为395亿美元。对此，苹果CEO蒂姆·库克表示：“2015财年是苹果最为成功的一年，总营收近2340亿美元，整体增长28%－－－我们已经借助强大的产品线迎接即将到来的购物季。”——苹果已经达到我几年前说的$500亿年利润的目标，本人预计五年内会到1000亿。</p>\n<p>（2020财年净利润574亿，过去5年利润增长停滞。</p>\n<p>2015-2020年，苹果核心产品iPhone的销售收入分别为1550.41亿美元、1367.00亿美元、1413.19亿美元、1648.88亿美元、1423.81亿美元、1377.81亿美元，增长陷入停滞。原因可能是：</p>\n<p>1）产品自身不争气，泯然众人。2015年，苹果晚了3年才推出大屏手机。2019-2020年，无论是折叠屏的尝试，还是5G手机的推出，苹果都晚了一步。自iPhone6以来，苹果手机的升级、迭代，不再带来巨大惊喜。</p>\n<p>2）受到华为的强劲挑战。苹果手机的赚钱能力至今无人能超越，但苹果在高端手机市场的地位正在被冲击。</p>\n<p>3）智能手机市场停止扩张，消费者换机的周期增加，增量市场变为存量市场。</p>\n<p>2017年以来全球智能手机市场持续萎缩，2017-2020年，智能手机全球出货量分别下滑0.46%、5%、3.8%、8.8%。2020年中国大陆智能手机出货量同比下降11%至3.3亿台。</p>\n<p>中国移动终端实验室公布的《2020年第二期5G智能终端消费趋势报告》数据显示：中国消费者更换手机周期进一步加长，从24.6个月增长到平均25.3个月，苹果为27.1个月。</p>\n<p>2019年8月市场分析研究公司Strategy Analytics发布的调研报告显示，美国消费者的换机周期在不断增加，由多年前的19个月左右，增加至目前的平均33个月左右，苹果手机用户平均为18个月，苹果手机用户的换机周期也在增加。</p>\n<p>追本溯源，智能手机市场停止扩张的根本原因是全球经济进入长期经济周期的萧条期，萧条预计将持续至2030年。）</p>\n<p>苹果软件税增长良性，营业收入占比由2015财年的8.52%提高至2020财年的19.59%，营业利润占比由2018财年的23.72%提高至2020财年的33.82%。</p>\n<p>2021-2022，天上掉馅饼，由于主要对手华为受到致命一击，市场重新洗牌，苹果等厂商分享了华为让出来的巨大市场份额，销量将大幅增长。华为跌倒，苹果吃饱。2021财年半年末苹果净利润523.85亿美元，2020财年半年末334.85亿美元，增长56%。按照全年也增长56%，2020财年净利润574.11亿美元，预计2021财年苹果净利润896亿美元。2022财年，华为高端手机销量可能进一步下降，苹果预计还会有些增长，预计2022年苹果净利润增到1000亿美元左右。）</p>\n<p>2015-10，段永平：苹果去年这时总股数是59.648亿, 现在是56.735亿，少了2.9亿多股。这样下去20年后苹果公司就是我的了。如果目前这个价格能够持续10年的话，想不私有化也难啊。2015-10，段永平：我认为苹果只是围绕CarPlay在做事情，而不是要做苹果车，至少我目前还没有看出来苹果要做车的任何逻辑。似乎看上去未来很可能的结果是苹果会出现在很多好车里而不是出现在苹果车里。</p>\n<p>2015－11，段永平：不敢说苹果做车就一定是迷失，我只是暂时还无法想象而已。从我用CarPlay的体验看，汽车业确实有很大的改进空间。（“CarPlay”是由苹果推出的一款车载服务型汽车产品，旨在为iPhone驾驶者提供更安全、智能和有趣驾驶体验的车载服务。）</p>\n<p>我不懂汽车行业，但从用户的角度讲，有一些体验而已。有了CarPlay 后，iPhone接入汽车方便了许多（只要插上充电器），导航、音乐、接打电话、甚至包括iMessage的读写（英语语音）等，未来还会有啥不知道。可以看见的是，汽车导航仪、音乐电台、汽车电话等行业慢慢会像相机行业一样消亡的。以后买车CarPlay会成为标配。</p>\n<p>（2014年，苹果开始执行神秘的“泰坦计划”，有1000多名员工在库比蒂诺总部附近的一个秘密地点，从事电动汽车的开发工作。有传言称，由于内部发生了冲突，这个项目进展得一直不是很顺利。</p>\n<p>2016年开始，苹果调整了汽车项目的方向，将重点放在自动驾驶技术上，而不是整车制造。在2016年第三季度，苹果解雇了数十名员工，精简了团队。</p>\n<p>2018年以来，苹果的团队从造车项目转变为开发定制芯片，芯片的重点研发方向是自动学习、处理自动驾驶汽车底层的判断逻辑和动力衔接的搭配。据悉，目前苹果可能正在与台积电合作开发自动驾驶芯片技术。</p>\n<p>2017年以来，苹果公司一直在道路上测试自动驾驶技术。到2019年，该公司的自动驾驶测试车有将近66辆，并且以完全自动驾驶的状态平均行驶了约118英里</p>\n<p>苹果公司保留了一部分人员在研发整车项目，可能是为了学习如何将系统软件与硬件匹配。</p>\n<p>目前还不能确定苹果公司未来是否会制造整车。即便造整车，一时半会也出不来。）</p>\n<p>2017-12，（关于苹果调解CPU性能的做法）段永平：师弟的说法显然对苹果没信心啊。变慢是结果，但绝对不是有意而为之的。在把事情做对的过程当中是避免不了犯错的，我个人觉得苹果也许应该在更新的时候简单告诉一下用户。但要更新的东西太多，做到提前沟通似乎不易。</p>\n<p>2018-03，（巴菲特卖IBM，买入苹果，巴老到底是看到了什么本质？）段永平：现金流，现在的现金流和未来的现金流。</p>\n<p>2018-06，段永平：老巴确实厉害，居然就看明白了苹果而且下手很重啊！估计是被苹果的现金流吸引的。老巴其实一直很花时间在思考这些年新起来的公司，他对苹果，google，亚马逊等公司的了解远超大家的想象。</p>\n<p>2018年，段永平：苹果市值站上万亿美元，库克居功至伟。严格意义上来说，库克与自己的前任、已故苹果创始人史蒂夫-乔布斯（Steve Jobs）相比，并不是那种具有远见卓识的首席执行官。</p>\n<p>其实，库克是个比乔布斯更好的CEO。库克更理性，同时骨子里对乔布斯的追求非常理解。前段时间我见到一个投资界的老前辈时，我说我认为库克其实是个更好的CEO时，他老人家说其实我也这么认为。基业长青里说乔布斯是个“报时人”，其实乔布斯同时还是个非常好的“造钟人”，库克其实就是乔布斯最伟大的发明（发现）之一。</p>\n<p>2019-01，段永平：段：苹果似乎又到了不贵的价钱了。我又买了一些。（苹果当时市值6300亿美元左右）</p>\n<p>2019-01，（怎么看库克2018年收入近1.4亿美元?）段永平：公司赚了接近600亿，CEO拿1.4个亿，大概千分之二多一点。如果将苹果分成100家公司，每家公司赚6亿，CEO们的总收入会是多少？查下其他上市公司就知道了。说明了啥？（和库克创造的价值来比）不是不高，是相对而言很低。</p>\n<p>2019-01，段永平：2011年的今天（1月19日）突然想明白并开始买苹果，那时苹果股价大概是310/7=44.3加上这些年的分红。回想起来，我还是非常满意当时这个决定的。这些年大概认真买了不少苹果和茅台以及最近增加了一些腾讯和fb以及不太多的goog, 如果pdd不算的话。今天又买了苹果，纪念一下8年前的决定。不管怎么说，我觉得我这八年虽然没太用功，但投资的功夫似乎涨了一点!</p>\n<p>（段永平对腾讯的建仓成本300港币左右，Facebook的建仓成本130美元左右，google的建仓成本1000美元左右。）</p>\n<p>2019-02，（苹果零售主管为什么离职？）段永平：不清楚她为什么离开，但一直觉得空降兵很难做好，当时苹果请空降兵让我非常意外，看来效果确实不太好啊。没觉得她是Cook的接班人的说法是靠谱的，也没觉得苹果的定价体系有任何问题。当然，谁都有可能定错价，改一下就是了。</p>\n<p>苹果绝对是这个行业里定价最厉害的公司了，但这不意味着他们不会定错价。目前你知道的智能手机大概只有苹果是一年一定价的了，至少我们做不到（一年内要推出超过一款手机产品。</p>\n<p>2019-03，（对苹果不看好的人的常见问题，&nbsp;您有什么评论？）段永平：我对不看好苹果的言论基本都看过，觉得他们对苹果太不了解或者看得太短了。有机会看下我以前对苹果的说法，到目前为止还没看到变化。</p>\n<p>2019年，段永平：（关于Air Power（iPhone的无线充电座））段：虽然iPhone早就有了无线充电，但Air Power出不来还是有点可惜。终于见到苹果掉一次链子了，不过这比强行推出来好。（截止2021年4月，Air Power依然没有推出来，命运多舛。）</p>\n<p>2019-5-4，段永平：举个所谓懂的例子：比如苹果，我在2011年买苹果的时候，苹果大概3000亿市值（当时股价310/7=44），手里有1000亿净现金，那时候利润大概不到200亿。以我对苹果的理解，我认为苹果未来5年左右赢利大概率会涨很多，所以我就猜个500亿（去年595亿）。</p>\n<p>所以当时想的东西非常简单，用2000亿左右市值买个目前赚接近200亿/年，未来5左右会赚到500亿/年或以上的公司（而且还会往后继续很好）。如果有这个结论，买苹果不过是个简单算术题，你只要根据你自己的机会成本就可以决定了。但得到这个结论非常不容易，对我来说至少20年功夫吧。能得到这个结论，就叫懂了。</p>\n<p>不懂则千万千万别碰，我有个球友320/7=46买了一些，结果一个回，310/7就卖了（现在苹果加上分红可能早就超过200了），还跟我讲为什么要卖的道理，从此我不再跟他说投资了。</p>\n<p>2019-6-19，（请问在你看来苹果和茅台有哪些共性？）段永平：产品文化和生意模式都很好。整个企业文化方面茅台由于某些原因要不如苹果，但生意模式的强大能弥补一些。（茅台、苹果，堪称价值投资领域的绝代双骄。）</p>\n<p>2020年，（大概10年前就有网友问您苹果这么大的市值应该没有什么成长空间，但现在回头看看市值更大了。我记得您曾经说过要忘掉市值关注生意本身，那怎么确定一家伟大的公司在生意模式企业文化不变的情况下，确实是有了天花板了？）</p>\n<p>段永平：如果你关注生意本身，你到时就会知道的，没有一个公式可以借用。我开始买苹果时苹果市值大概310/7/4=11块左右（分了两次股，1:7，1:4），这些年还有不少分红。那个时候就不停地有人跟我说难道树还能长到天上去？连芒格当时也说过他们不会买苹果。</p>\n<p>我本来曾经想跟老巴聊苹果的（那时苹果大概15块左右），但看了芒格说的话之后就犹豫了。这事我其实一直有点后悔，如果当时老巴要买了苹果20%的话，我会非常开心的。</p>\n<p>多年后当老巴已经买了很多苹果后，我确实曾经跟老巴当面聊过苹果。我说我其实很久以前就想跟你聊苹果的，他说，哎呀，你当时应该说的，下不为例哈。所以独立思考，关注生意本身最重要哈。（人家问的是苹果的天花板在哪儿，段永平没回答。）</p>\n<p>2020年，（您卖出Facebook后为什么加仓苹果而不是别的公司？）段永平：我对苹果还是更了解一些，也正好碰上苹果大掉了一下。我就都又买成苹果了。苹果不便宜，现金更贵啊。</p>\n<p>（2020年4月，苹果市值跌至8800亿，段永平认为此时苹果不便宜。）</p>\n<p>2020年，段永平：好几年前，我在某个场合碰到Tim Cook。他问我你干嘛的，我说，投资。他问，投啥了？我说，苹果。他再问，还有呢？我说，没了，基本上都是苹果。然后他没接话，可能他觉得他见的投资人里没这样的。</p>\n<p>然后我说，如果苹果一直这个价钱，十来年后我可能就是苹果的唯一股东了哈，因为苹果的盈利会把除了我以外的所有股票都买回去的，他听了后微笑了一下，啥也没说。大家都知道，很可惜这个事情没能发生，尤其是有个叫巴菲特的人跑进来把我的如意算盘给搅和了。</p>\n<p>2020年，段永平：Think different 是不从众的意思。这个说法并不完全对。正确的说法是消费者导向。当年苹果一直不出大屏手机就是个例子。消费者需要大屏，但苹果think different，结果晚了三年多。</p>\n<p>（快充的需求，苹果也跟进的也比较慢，OPPO的“充电5分钟，通话2小时”都家喻户晓了，苹果才开始慢慢增加快充功能，现在才30W快充，OPPO Find X3是65W快充。）</p>\n<p>（苹果犯了守正出奇的错误，老想着出奇，守正反而没做好，正确的做法是守正不出奇。）</p>\n<p><b>02</b></p>\n<p><b>基本结论</b></p>\n<p>（一）苹果的长期竞争优势明确，未来10年，其他公司很难追上苹果，因此，苹果的市场份额能保持稳定。</p>\n<p>（二）由于智能手机行业转为存量市场，总量持续下降，叠加苹果自身的创新不温不火，iPhone的市场份额很难大幅增长。</p>\n<p>如果华为经过此劫，就此沉沦（可能性小），2021-2023年iPhone火爆过后，销量可能重新陷入停滞。如果2-3年后，华为找到应对之策，重新崛起、浴火重生（可能性大），iPhone的销量届时可能将较大幅度萎缩。</p>\n<p>iPhone是苹果的根本，没有iPhone的增长，其他相关业务特别是软件税，会成为无本之木，无源之水，增长不可持续。</p>\n<p>（三）10年后，2030年，苹果能赚多少钱？好的话，保持在2021-2022年的水平，1000亿美元左右；差的话，回到2016-2020年的水平，550亿美元左右。</p>\n<p>一般公司，我只能接受3倍远期市盈率。由于苹果的确定性高，我可以接受5倍远期市盈率。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/13f224bb016b853641f590b6753763d1","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125629295","content_text":"段永平可能是这个星球上最懂苹果的独立投资人。说起苹果来，如数家珍，了若指掌。我们根据段永平的观点，来看苹果的三要素：\nthe right kind of business(合适的生意);\nwith right people（合适的人）;\nat right price（合适的价格）。\n站在巨人的肩膀上，有助于我们深刻理解苹果。\n01\n段永平看苹果：2010-2020\n2010-03-17，段永平：呵呵，Apple也算是敢为天下后的典范了。其实我说的“敢为天下后”就是这个意思！没有创新的天下后肯定死定了。不过我没有Apple，这是我错失的大机会之一。\n2011-01-11，段永平：我们什么时候说过“不敢为天下先”了，我们“敢为天下后”同时也可以“敢为天下先”的！呵呵，啥东西都容易变味啊，还有人说我们“甘为天下后”呢，那意思差的就多了。“敢为天下后”的经典例子很多，比如苹果的iPod，iPhone，微软的几乎所有产品，仔细想想就明白了。\n比如，如果你能想清楚麦当劳的“差异化”是什么，也许你就会明白些。至于如何找到“差异化”的问题，那是“如何把事情做对”的范畴的事情，那可不是一朝一夕之“功夫”啊。苹果能有现在这些个好东西，那也是10几20年的积累的“厚积薄发”而已。\n（麦当劳，以前是高质量食品、快捷、干净、温馨、欢乐，现在是高质量食品、快捷、干净、时尚、个性。）\n2011-01-22，段永平：说说我喜欢苹果的一些理由。这不是论文，想到就说，没有重点和先后秩序。\n1.苹果的产品确实把用户体验或消费者导向做到极致了，对手在相当长的时间里 难以超越甚至接近（对喜欢苹果的用户而言）。\n2.苹果的平台建立起来了，或者说生意模式或者说护城河已经形成了（光软件一 年都几十亿的收入了）。\n（2020财年，苹果软件营业收入537.68亿美元，占总营收19.59%，软件营业利润354.95亿美元，占总营业利润33.82%。）\n3.苹果单一产品的模式实际上是我们这个行业里的最高境界，以前我大概只见到 任天堂做到过（sony的游戏产品类似）。\n单一产品的模式有非常多的好处：\na.可以集中人力物力将产品做得更好。比较一下iphone系列和诺基亚系列（今 年要推出40个品种）。苹果产品的单位开发成本是非常低的，但单个产品的开发费却是最高的。\nb.材料成本低且质量好，大规模带来的效益。苹果的成本控制也是做到极致的， 同样功能的硬件恐怕没人能达到苹果的成本。\nc.渠道成本低。呵呵，不是同行的不一定能明白这话到底有什么分量（同行也未 必明白)，我是20年前从任天堂那里学会的。那时很多做游戏机的都喜欢做很多品种，最后下场都不太好。\n4.苹果的营销也是做到极致了，连广告费都比同行低很多，卖的价钱却往往很好。\n5.苹果的产品处在一个巨大并还有巨大成长的市场里。（长长的坡）\na. 智能手机市场有多大？你懂的！\nb. pad市场有多大？你也会懂的。\n（2010年，iPhone出货量4750万部，全球智能手机出货量接近2.7亿部，iPhone占比17.59%。2015年，iPhone出货量2.26亿部，全球智能手机出货量接近14.28亿部，iPhone占比15.83%。2020年，iPhone出货量2.06亿部，全球智能手机出货量12.92亿部，iPhone占比15.9%。\n过去10年，iPhone的市场份额基本稳定。因此，预测10年后，2030年的市场份额时，可以参照这个市场份额，取16%。\n过去4年，全球智能手机出货量持续萎缩，2017-2020年分别下滑0.46%、4.26%、2.26%、5.74%，中位数3%左右。未来10年，全球长期经济周期处于萧条期，因此全球智能手机出货量大概率将继续萎缩，年下降速度取3%，10年后，2030年全球智能手机出货量预计为9.5亿部。\n2030年，iPhone出货量预计为9.5亿*16%=1.52亿部。）\n总而言之，我认为苹果现在其实还处在其成长的早期，应该还有很大的空间。 扣掉现金的话，苹果的今年的未来pe只有12-13倍啊，明年可能要到10以下了。\n（2011年1月份，苹果市值2000亿美元左右，现金及短期投资256亿，2010财年苹果净利润140.13亿美元，PE为12.45倍。）\n当然，以上我说的这些点中的任何一点的改变都可能或多或少地改变苹果，如果 有苹果的股票的话，就要留心这些变化了。\n我认为 Jobs 如果真请长假的话，在相当长的时间里对苹果的业务不会有大影响。\n2011-04-09，段永平：这里说的渠道成本的意思就是品种越多，占用的渠道库存越大，是几何级数的关系。\n2011-12-02，段永平：我一般喜欢那些追求好产品，不太提营业额目标的公司，比如苹果。（营业额、市场份额只是自然而然的结果。）\n2012-01-29，段永平：绝大多数（苹果）是去年初和中间有个时期买的，一月21号option到期后出来不少钱（主要是put卖出过期了），本来想买bac的，结果近期bac涨了很多，就都放 aapl了。在没有其他目标的前提下，今天的苹果依然便宜，但没以前便宜了。\n（2012年1月底，苹果市值2660亿美元，2011财年苹果净利润259亿，PE为10.3倍，确实是依然便宜。）\n有些东西进步到一定程度后其实后面的变化就不大了，比如汽车发动机30-40年代和现在其实没本质差别。有些国家（虽然我们很多人很看不上）40年代就能造航空母舰，我们现在依然不行，说明由于某些原因，时间有时候帮不上大忙。\n苹果最厉害的是现在这个平台以及生意模式，以我的水平我看不出谁能打破他。当然有很多以为水平比我高的人非说别人可以，当然也有自己说自己可以打败苹 果的，你看看他们像吗？\n也许，能打败苹果的人快出生了，也许正在某个地方徘徊，但怎么看都不是现在 大家知道的这些，这是个大家可以看很多年的故事。\n（这就是苹果的长期竞争优势：苹果的iPhone是个好产品（最好的智能手机）；iOS是个护城河，iOS的护城河很深，类似以前的Windows模式；苹果生态也是个护城河。苹果做好产品的文化是个好文化。苹果不断改进iPhone硬件，不断改进iOS，不断繁荣生态，是在加固护城河。\n华为一度在手机硬件上追上了苹果，但现在硬件被人掐住了脖子，软件刚起步，还差得很远，天壤之别。未来5年内，华为或许能找到硬件被掐死的破解之道。未来10年，如果华为的鸿蒙能生存下来，与iOS、安卓三分天下有其一，则未来20年华为有希望打破苹果。无论如何，未来10年，现在的生意模式，没有公司能追上苹果。\n因此，未来10年内，苹果的市场份额不会大幅下滑，按照过去10年的市场份额来预测未来10年是安全的。）\n2012-02-01，网友：当年的小霸王学习机也差不多是单一产品模式，记得当时单一款486B卖得很好，而且在旺季来临前就备足（生产）了货源。\n段永平：呵呵，这是我能看懂苹果的重要原因之一，没有那段经历，不一定会知道苹果有多厉害。\n2012-02-05，段永平：苹果厉害的不仅仅是硬件，这是所有其他竞争对手没辙的地方。三星顶多不过是新的诺基亚而已，对苹果没有威胁。苹果的 business model实在是强大，其他的“对手”已经难以撼动苹果了。\n2012-02-06，段永平：你可以想象一下，如果你是苹果的同行，你能用什么办法像苹果一样让用户拥有如此高的黏度，盈利能力还如此好。靠卖低价的都不是一个级别的哈，苹果产品的实际成本比任何同行都低不少，主要低在除材料成本以外的地方。如果你觉得你能找到一个办法，那就说明苹果其实不厉害。\n（苹果的厉害之处：单一产品，开发成本低，材料成本低，库存成本低，营销成本低，成本比同行全方位的低。iPhone是高质量的、最好的手机。软硬件结合，形成闭环。苹果手机、音乐、游戏...，形成生态，客户转换其他手机的成本高，粘性强。）\n2012-02-25\n网友问：苹果的威力—十年生死两茫茫，安卓兴，联发亡。低端市场，处处话凄凉。纵使相逢应不识，诺记死，苹果王。摩托三星忽还乡，拼低端，实在忙。中兴亲，华为新，魅族创新强。HTC 出机皇，日日换大梁。手机业，已无常，全都忙转行，山寨泪千行……将来会怎样呢？\n段永平：呵呵，受到苹果影响的远远不止你提到的这些手机公司。比如所有卖电脑尤其是手提电脑的公司受到的影响巨大。甚至连网游公司都间接受到很大影响。仔细想想会觉得很有趣的。\n2013-03-03，段永平：移动市场这么大，没买苹果的怎么着先的买个安卓吧？长期来讲，苹果产品很难超过30%的，余下70%基本上就是安卓。未来10年移动设备至少能卖个50亿（我觉得能到100亿以上）以上吧。\n（2013-2020年，全球智能手机实际出货107亿部，段永平预测的极其准确。\n苹果的份额在16%左右，段永平对苹果的市场占比预测过高。）\n2013-03-04\n网友：用习惯iphone的人，一般改用安卓系统会不习惯的，因为苹果只要ID一输，程序，音乐，通讯录等等都会回来，通过apple tv，把其他设备上的图像、视频、音乐随时就可以在电视上显示出来。通过查找iphone随时可以知道在外地的亲人在哪，然后通过facetime不花钱视频。当imac电脑的图像一键显示到投影上，当随时在中国用iphone打开在美国家的电脑操作并打开摄像头看自己的宠物捣乱了没，你就会感觉科技的力量，苹果是世界第一大公司是理所当然的。还有苹果绝对是消费者导向，你想要的功能它基本都已经实现了。\n安卓系统这些功能可能借助其他应用也可以实现，但感觉一切都乱，设备互联性太差。苹果是个大系统，音乐、视频、游戏、软件、相机、电脑……的钱它全赚了，关键你买的音乐，视频，程序等一辈子都是你的，但必须在他的设备上才可以用，谁还会轻易换设备。比如我都买了一万多的软件和音乐了，换其他的设备还须再买，谁还换设备，除了它太差了。apple tv一定要买，它可以把所有苹果的设备都联起来。\n段永平：呵呵，你说得很清楚，这个就叫生态系统。安卓的问题是现在卖得越多，将来可能就越乱，慢慢跑到苹果生态系统里的人就会越多。还有一个重要的东西，就是苹果的安全性。那么多企业要用iphone和ipad是有道理的。美国500强里 95%开始用iphone和ipad系统，国际500强85%开始用----库克在股东大会上讲的。听说目前好像只有iphone不能被装窃听器，其他的手机绝大部分好像都可以，怕被人窃听的要小心了。\n2012-03-12，段永平：其实苹果的强大实力是不容易也不应该被忽视的，除非你有意去忽视，但鸵鸟的办法不会有任何帮助。任何一个被苹果直接或间接、现在或未来影响到的行业里的企业大概早晚都要面对苹果的强大实力的。\n随便举几个已经受到影响的行业或产品吧：手机、电脑、手提电脑、游戏（包括网游）、游戏机、中低端相机和录像机、音乐、电影、书、电视、网络、运营商、所有相关产品的零售、几乎所有的电子消费品……欢迎补充。找到在苹果生态系统里生存的方式也许比挑战苹果要来的更现实一些。能够避开苹果也许是另一个办法。\n2012-06-28，段永平：我一直喜欢google，觉得 google 是好公司，但只是明白其部分的生意模式而已。所以前段时间把手里的一部分google换成苹果了，当时差90几块哈。也许哪天我还会换回来，看谁涨（或掉哈）得快了。至于会不会逼近IOS的问题，作为苹果的用户，我其实根本就不知道也不关心，除非哪天我自己觉得苹果的用户体验不好了。一旦进入苹果的生态系统的用户实际上不太关心安卓的变化，所以我其实一直不认为安卓是在和苹果竞争。\n（苹果是软硬件结合形成闭环、多个软硬件协同形成生态的生意模式，而安卓是软硬件割裂的模式，跟苹果没有可比性。）\n2013-01-23，段永平：安卓本身占用资源大，比如如果都是两核或4核的表现就要差不少，加上大家看到的苹果的东西是几十年积累下来的，安卓要全面达到恐怕不太可能。但是，安卓的表现其实已经很不错了，已经比当年用诺基亚的智能机的感觉强了许多倍，某些使用方面和苹果各有特色也是一定会有的，而且价钱还可以便宜很多。未来安卓手机之间的差异化会越来越小，三星的价钱要挺住不容易。苹果的生态系统会保住特别喜欢或习惯的用户，所以受安卓的影响不会像想象那么大。不过，有苹果和三星在上面顶着价格，其他卖安卓智能机的企业应该还有一段不错的小日子。\n2013-02-13\n网友：1，三星和苹果的差距在于价值观。三星很多东西都不愿舍弃，苹果对该舍弃的东西是真的下得了手。2，全球智能手机过几年能卖出15亿部以上，苹果能占有20%份额，每年卖出3-4亿部手机，每年赚个600-1000亿，那时候软件部分应该也很厉害了，只要苹果的企业文化不发生大的变化，这些都会发生的，如果期间苹果再研发出个厉害的硬件，对投资者就是额外的惊喜了。\n（三星不愿舍弃什么？苹果舍弃了什么？）\n（全球智能手机出货量在2016年达到最高点14.72亿部后，持续下滑，2017-2020年分别为：14.65亿、14.03亿、13.71亿、12.92亿。段永平高估了全球智能手机出货量。）\n（2015年iPhone出货量2.26亿部，占全球智能手机市场的份额15.8%。2020年iPhone出货量2.06亿，占全球智能市场份额15.9%。段永平高估了苹果的出货量和市场占比。）\n（2013-2020财年，苹果净利润分别为：370.37亿、395.1亿、533.94亿、456.87亿、483.51亿、595.31亿、552.56亿、574.11亿，净利润增长停滞。段永平高估了苹果的赚钱能力。）\n（苹果软件税增长良性，2020财年软件税营业利润达354.95亿，营业利润占比由2018财年的23.72%提高至2020财年的33.82%。）\n（2013-2020年，苹果没有再推出令人叹为观止的硬件。）\n段永平：看三星和苹果有点像看篮球里美国队对其他队的比赛，场面上很激烈，其实差距很大。\n2013-03-03，段永平：移动市场这么大，没买苹果的怎么着先的买个安卓吧？长期来讲，苹果产品很难超过30%的，余下70%基本上就是安卓。未来10年移动设备至少能卖个50 亿（我觉得能到100 亿以上）以上吧。\n（根据前瞻产业研究院发布的《2020全球移动市场报告》，2020年全球智能手机活跃用户达34.83亿，中国达到8.71亿户。预测至2023年全球智能手机活跃用户将超过40亿户。）\n2013-09-16，段永平：苹果现在一年都要推两款了，说明用户的需求比较分散。推50款基本是技穷的表现（黔驴技穷），东西绝对好不了。\n2013年，段永平：the right kind of business指的就是好的生意模式，好的生意模式建立在强大的企业文化上。本人喜欢苹果生意模式的很重要的一点来自于自己在消费电子20多年的体验，苹果是我一直梦寐以求但似乎难以达到的生意模式，现在居然可以就这么实现了。\n2013年，段永平：记得库克还说“我们最重要的是聚焦在做最好的产品上，利润会随之而来的。”我相信苹果会一如既往地聚焦在做最好的产品上，其他的早晚会随之而来的。诺基亚聚焦在“提高市场份额上”了，岂有不败之理？\n2013年，段永平：我个人一般对有负债的公司不太愿意重仓，另外就是无论多有把握也绝对不要用margin。我个人很喜欢苹果，觉得这是我目前能找到的最好的公司了，这个价位我放到90-95%也是愿意的。当然也许和我前面买的价钱比较便宜也有点关系，但这个只是心理影响而已。\n（2020财年底，苹果名义资产负债率高达79.83%，短期借款138亿，长期借款987亿，有息负债（短期借款+长期借款）占总资产35%。同时，长期证券投资1009亿。双高，把企业存款做得高高的，把企业贷款也做得高高的，国内银行的至爱。难道地主家也要靠借钱过日子？其实这种诡异的财务状态，源自于美国对跨国企业不友好的税制。\n特朗普税改前，美国企业所得税率为35%，对公司在全球的利润征税，允许以所在国的企业所得税抵扣。比如苹果在中国赚了100元，中国企业所得税率为25%，苹果在中国交完税后还剩75元。苹果如果把这75元汇回美国，需要向美国政府补交35%-25%=10%的税，100*10%=10元，真正回到苹果美国账户上的是65元。如果苹果在美国本土之外把75元用于长期投资，是暂时不用补交这笔税的。\n即，苹果将资金从中国汇回美国的成本是10元。如果苹果不动用海外资金，而是在美国国内从银行借款100元（假设利率3%），那么苹果实际持有的资金为175元（美国100元+中国75元），成本却只要3元。苹果将留存在中国的75元投资中国长期国债，假设债券收益率3%，那么苹果的真实资金成本为100*3%-75*3%=0.75元。显而易见，把资金留存在美国本土之外，在美国国内借款，更为划算。\n2018年，特朗普税改将企业所得税率降至20%，刺激了一大波跨国公司的资金回流美国。自2018年，苹果账面上的长期投资规模大幅减少，长期负债也呈下降趋势。）\n2013年，段永平：不过，关于苹果的传说最搞笑的就是廉价iPhone。有了这个传说后，接着就有了苹果该不该这样做的争论。其实不管认为苹果该不该卖廉价iPhone的人大概都是不太懂苹果的，因为苹果的文化里根本就不会有这个争论。\n（苹果的文化核心是造最好的手机，怎么可能会造廉价iPhone。）\n2013年，段永平：首先，我不知道库克的创新能力；第二，一家公司如果需要依靠CEO的创新能力并不是一件好事。乔布斯实际上被神化了，他实际上主要是建立了创新的文化而不是自己创新。\n2013年，段永平：如果大凡你能做好一样东西，你为啥还要做很多做不好的东西呢？不过，确实有些会因为做了一些好东西后，就以为自己啥都能做好，于是就开始做一些自己做不好的东西了。人的精力是有限的，聚焦的人或公司最后会变得很厉害，这也是我喜欢苹果的原因。那时的小霸王确实厉害，记得95年仅仅靠那一两款产品的获利，就和当时的海尔差不多了。\n2014年\n段永平：理性讲，4000亿的苹果其实只有2700亿（扣掉现金）左右的市值，大概5-6年就赚回来了。只要苹果能把现金回馈这块再处理的好一点（我非常信任库克会这么做）。投资苹果对我来讲是个能睡得安稳的投资。如果我错了怎么办？呵呵，那大概就是该轮到我也亏点钱了？看个3-5年吧，我觉得我的赢面在90%以上，而且就算亏也不会亏光的，而且省了几年到处找股票的时间，多好?!\n不过，如果不了解苹果的人最好还是不要碰苹果，我一直就不太赞成小额投资者投苹果，尤其是那些希望今天买明天就涨很多的人们，会睡不好的。\n首先，这种大公司会出来的消息比较多，小额投资者多数对投资的概念还没有建立，很容易被震几下就出局了；另外，像苹果这种公司在目前的状况下很难有10倍或更多的回报。我觉得小额投资者也许应该关心自己明白但没有那么多人关注的公司，如果能找到这种公司的话，应该比苹果这类公司的回报好。有时候有些小公司确实很便宜，比如前段时间美股里的一些地产公司，但没有成交量，不适合大额投资者投。\n（美国有好房地产公司！）\n2014-02-02，段永平：苹果其实从没有像现在这么强大过！这段话的意思是，没有强大的文化，就不会有伟大的公司。乔布斯就是想建立强大的企业文化并且确实做到了！只有强大的企业文化才能不断吸引到好的人才并留住他们。不能理解这点的人们大概就只能炒一辈子股票了。\n2014-04，段永平：（怎么看腾讯与苹果就微信公众号打赏的冲突问题？）有点不明白苹果为什么这样做，也不明白腾讯的回应措施。似乎都不是站在用户的角度上考虑问题的。好公司有时候也会出烂招的。\n2014-07-27，段永平：大资金买某个公司有时候需要比较长的时间，有时候是因为成交量，有时候是因为机会成本——当你有新增加的资金时，你会比较所有标的，当没有现金增加时你甚至可以比较手头持有的公司的差异。\n如果自己觉得任何两家差异显著时（比如用10年或更长的眼光看），为什么不换到更合适的公司呢？我当年买网易就花了很久，而且在很长的时间里我都找不到对我而言比网易更好的公司。这几年的苹果也是。\n记得有次有人问到我能接受一家公司的仓位的最高比例时，我说我能接受50%，但我目前喜欢的两家公司正好都叫苹果（意思是两家都买苹果，苹果占资金的100%）。A股的茅台也是如此（茅台占资金100%）。我的意思是，我可以接受50%买了苹果，另外50%最后还是买了苹果。理不理解我的话无所谓，理不理解你要投的公司则要重要得多。\n2014-07-26，段永平：说乔布斯是逼死人的风格实际上是源于对他的不了解。乔布斯在的时候公司内部的支持率是在99%左右的，Musk只有70+%。\n2014-08-18，段永平：对员工真诚并不是让员工对客户真诚的充分条件，但确实是必要条件。在公司里建立一个那样的文化似乎不太容易，所以很少见。\n苹果店里的员工对用户的态度也是比较真诚的，这些年我大概去过几十次不同的苹果店了，几乎没有过任何不愉快的经历。我没有服务业的经验，没想过如何能够让所有一线员工如何做到那样的办法。国内我只去过深圳的苹果店，确实觉得那里的苹果员工也很好，就是到处都是保安的感觉有点怪。在美国的苹果店好像是看不到保安，所以苹果店的方式在中国还是有点挑战的。\n2014-08-21，段永平：苹果的广告都没见过推销的，一般见到的都是融入生活的场景。这种广告效果慢但持久。\n2014-08-04，段永平：苹果是一家有利润之外追求的公司。真正有这种追求的公司非常少。\n2014-08-21，段永平：苹果现在的企业文化20年内大概都不太会变。如果Tim之后的CEO和董事会出问题了是有可能变的。对苹果而言，这个文化已经在骨子里了，相当长的时间里是不大可能变的。\n2014-08-22，段永平：这个对苹果的评价可能是两三年前说的？现在苹果已经6000亿了，但盈利还没达到我当时的预期，估计大屏手机出来后明年就应该可以赚到500亿以上了。\n（2015财年苹果实际净利润534亿，段永平预测的很准。但后续苹果的盈利增长停滞了，没有达到段永平的预期。问题的根源可能出在2015年前后，世界长期经济周期进入了衰退后期和萧条期，世界经济和智能手机行业均由增量市场转为存量市场，段永平没有经历过长期经济萧条期，依然按照增量市场的惯性做预测，所以对苹果的盈利能力预期出现了偏差。）\n2014-08-28，段永平：我同意苹果产品是高性价比的。高性价比的东西不等于便宜，该知道的人最后都会知道的。好的车往往也是性价比高的车，而且这些车往往比较贵，想通这个就明白苹果的性价比问题了。当然，对于那些整天换手机，最后换到iPhone的人们而言，这个问题就不是问题。\n2014-09-17，段永平：还没看到APPLE PAY业务（支付业务）具体的资料。按网上说的0.15%，毛估估算一年$100-200亿的利润增加是看得见的。这个东西重要的是增加了生态系统的粘性，整体效果要比仅仅增加盈利大得多。\n（APPLE PAY，在美国，苹果对每笔信用卡交易收取0.15%的手续费，对每笔借记卡交易收取0.5美分手续费。有机构预测：2024年，Apple Pay交易额将近七千亿美元。即便是7000亿信用卡交易，也就是赚10.5亿，现在赚钱还不多。）\n2014-11-16，段永平：买入可以等，等不到没关系。其实对自己懂的公司估值没人们说的那么难，难是难在不容易找到自己想买的公司。我对苹果的“估值”就是个例子，只有两个方面，简单起来就几句话（大概）：\n1. 3000多亿市值，1000多亿净现金，一年净利润400亿，未来会到500亿或更多（看不懂这个的为什么要对苹果感兴趣？）；2. 苹果会将利润以合适的方式还给股东。第二条在A股比较难解，这也是当时博友问我会选苹果还是茅台时，我毫不犹豫选苹果的原因。\n记得两年前有个朋友在球场碰到我，很沮丧地说他600多买了苹果，那时苹果一路在往下掉。我当时只说了一句：也许两年后你会觉得600块很便宜哈。\n（2014财年底，苹果净现金=现金及短期投资251亿+长期证券投资1302亿+应收272亿-应付314亿-有息负债（短期借款+长期借款）353亿=1158亿。2014年11月苹果市值为4700亿左右，扣除净现金后，相当于3500亿买的公司。苹果远期能赚500-1000亿，远期市盈率为3.5-7倍。）\n（2021年3月底，苹果净现金=现金及短期投资698亿+长期证券投资1345亿+应收330亿-应付401亿-有息负债（短期借款+长期借款）1216亿=756亿。2021年4月底苹果市值2.19万亿，扣除净现金后，相当于2.11万亿买的公司。苹果2021年预计赚900亿（占华为被制裁的便宜，非常态），2030年预计赚500-1000亿，远期市盈率为21-42倍。时过境迁，跟2014年完全没有可比性。）\n2015－02，段永平：关于苹果的东西，你可以查Tim Cook 都说过啥。该说的他都说过了。你把所有的苹果发布会都看几遍大概就明白苹果是这么回事了。如果还看不明白，我相信也没有谁能让你明白。\n补充一点，理解苹果确实不容易，我似乎从来就没让不明白的任何人明白过，所以也不可能在这里几句话说明白。我的建议就是把Tim Cook说过的东西都拿出来看一下，包括每一次发布会都认真看一下，哪怕不是为了投资苹果，至少也可以看到一家好公司应该是啥样子。如果看完这些还是看不明白的话，我确实也是没办法让人明白的。只有真正的果粉才能明白苹果产品的性价比多数情况下是比别人高很多的。\n2015年，网友问：苹果以前400-500美金的时候，我是能看出便宜，现在近1000美金了，有点含糊了。您认为现在算是合理了吗？\n段永平：现在其实也不算贵，只是没有以前便宜了。就我自己而言，拿着苹果的选择如下：\n1.继续持有，享受苹果的成长和成就。现在拿着苹果，在可预见的未来的复合回报应该还可以有8%或以上的（这里指的是企业获利）2，找到比苹果更好回报的投资。我目前还没有任何目标，主要是自己能搞懂的生意太少。3.卖了拿着现金吃利息？这个显然不是太靠谱。当然，有人会说现在卖了等回调再买回来，这么说的人如果有过苹果的话应该早就等得胡子都白了吧？\n三种选择而已。苹果也是我自己投资上赚钱最多的公司（不算实业的情况下）。个人理解觉得苹果自己做车的可能性不大，可能一切都是为了car Play? 很难想象苹果电动车可以比别的车多卖20-30%的价钱同时还会有足够量的。iPhone贵30%的绝对金额并不多，绝大多数人都可以承受，但车的绝对价格要高很多。\n2015年，段永平：让我2011年1月下旬决定买苹果时最重要的一点就是发现Tim Cook会是个更好的CEO，启用他绝对是Jobs的最大“发明”，不是之一哈。有了Tim Cook，苹果的文化至少可以向前延伸50年。\n（段永平建仓时苹果市值2000亿美元左右）\n（2020财年底，苹果的存货为40.6亿，以苹果硬件产品营业成本1512亿计算，存货一年的周转次数高达40次，平均9.8天周转一次，存货周转率之高令人瞠目结舌、目眩神迷，库克是供应链大师，对苹果功不可没。段永平可能因此认为库克是比乔布斯更好的CEO。）\n（巴菲特在伯克希尔2021年股东会上说：我想强调一点，库克，苹果的CEO，他真的是我们所目睹的所有的很多行业的CEO里面最棒的一位管理人。他把苹果管理得井井有条。当然，他办不到之前乔布斯所做的一切，他在创意上做不到乔布斯那一步。但是，我也不觉得乔布斯在管理方面能像库克这么出色，尤其是多年来这么出色的管理。巴菲特对库克的点评非常中肯。）\n2015年，段永平：茅台的品质文化已经形成，相当长时间里大概没人敢动的。茅台的生意模式不错，但对赚到的钱的处理方式不尽如人意，苹果在这方面则是完美的。从这两年两个公司出现回购机会时两家公司完全不同的表现就可以看出这点。茅台甚至有些滑稽的地方是分红居然还因为股价掉了而下降了。苹果对分红和回购的策略的阐述是非常清晰的，作为股东基本可预期，而茅台则会受到非股东因素影响。\n2015年，段永平：40%只是毛估估的想法，理由是iPhone虽好，但Android系统要便宜很多，而且现在的Android比当年诺基亚的智能机已经好用太多了。这是个多元的世界，总有人会因为各种原因选择不同产品的。我的40%的意思是，如果苹果能有40%的份额的话，这个投资就是极好极好的投资了，而且40%是有可能达到的，因为在很多发达国家或地区目前已经达到40%或以上了。实际上，苹果只要有25%以上的份额就足够好了。\n（2015年，iPhone出货量2.26亿部，全球智能手机出货量14.3亿部，苹果占全球智能手机市场的份额15.8%。2020年，iPhone出货量2.06亿，全球智能手机出货量12.4亿部，苹果占全球智能手机市场份额15.9%，增长7.9%。苹果到2020年也没达到25%的市场份额。）\n2015-10，段永平：苹果2015财年全财年总营收2337亿美元，去年同期为1828亿美元；净利润534亿美元，去年同期为395亿美元。对此，苹果CEO蒂姆·库克表示：“2015财年是苹果最为成功的一年，总营收近2340亿美元，整体增长28%－－－我们已经借助强大的产品线迎接即将到来的购物季。”——苹果已经达到我几年前说的$500亿年利润的目标，本人预计五年内会到1000亿。\n（2020财年净利润574亿，过去5年利润增长停滞。\n2015-2020年，苹果核心产品iPhone的销售收入分别为1550.41亿美元、1367.00亿美元、1413.19亿美元、1648.88亿美元、1423.81亿美元、1377.81亿美元，增长陷入停滞。原因可能是：\n1）产品自身不争气，泯然众人。2015年，苹果晚了3年才推出大屏手机。2019-2020年，无论是折叠屏的尝试，还是5G手机的推出，苹果都晚了一步。自iPhone6以来，苹果手机的升级、迭代，不再带来巨大惊喜。\n2）受到华为的强劲挑战。苹果手机的赚钱能力至今无人能超越，但苹果在高端手机市场的地位正在被冲击。\n3）智能手机市场停止扩张，消费者换机的周期增加，增量市场变为存量市场。\n2017年以来全球智能手机市场持续萎缩，2017-2020年，智能手机全球出货量分别下滑0.46%、5%、3.8%、8.8%。2020年中国大陆智能手机出货量同比下降11%至3.3亿台。\n中国移动终端实验室公布的《2020年第二期5G智能终端消费趋势报告》数据显示：中国消费者更换手机周期进一步加长，从24.6个月增长到平均25.3个月，苹果为27.1个月。\n2019年8月市场分析研究公司Strategy Analytics发布的调研报告显示，美国消费者的换机周期在不断增加，由多年前的19个月左右，增加至目前的平均33个月左右，苹果手机用户平均为18个月，苹果手机用户的换机周期也在增加。\n追本溯源，智能手机市场停止扩张的根本原因是全球经济进入长期经济周期的萧条期，萧条预计将持续至2030年。）\n苹果软件税增长良性，营业收入占比由2015财年的8.52%提高至2020财年的19.59%，营业利润占比由2018财年的23.72%提高至2020财年的33.82%。\n2021-2022，天上掉馅饼，由于主要对手华为受到致命一击，市场重新洗牌，苹果等厂商分享了华为让出来的巨大市场份额，销量将大幅增长。华为跌倒，苹果吃饱。2021财年半年末苹果净利润523.85亿美元，2020财年半年末334.85亿美元，增长56%。按照全年也增长56%，2020财年净利润574.11亿美元，预计2021财年苹果净利润896亿美元。2022财年，华为高端手机销量可能进一步下降，苹果预计还会有些增长，预计2022年苹果净利润增到1000亿美元左右。）\n2015-10，段永平：苹果去年这时总股数是59.648亿, 现在是56.735亿，少了2.9亿多股。这样下去20年后苹果公司就是我的了。如果目前这个价格能够持续10年的话，想不私有化也难啊。2015-10，段永平：我认为苹果只是围绕CarPlay在做事情，而不是要做苹果车，至少我目前还没有看出来苹果要做车的任何逻辑。似乎看上去未来很可能的结果是苹果会出现在很多好车里而不是出现在苹果车里。\n2015－11，段永平：不敢说苹果做车就一定是迷失，我只是暂时还无法想象而已。从我用CarPlay的体验看，汽车业确实有很大的改进空间。（“CarPlay”是由苹果推出的一款车载服务型汽车产品，旨在为iPhone驾驶者提供更安全、智能和有趣驾驶体验的车载服务。）\n我不懂汽车行业，但从用户的角度讲，有一些体验而已。有了CarPlay 后，iPhone接入汽车方便了许多（只要插上充电器），导航、音乐、接打电话、甚至包括iMessage的读写（英语语音）等，未来还会有啥不知道。可以看见的是，汽车导航仪、音乐电台、汽车电话等行业慢慢会像相机行业一样消亡的。以后买车CarPlay会成为标配。\n（2014年，苹果开始执行神秘的“泰坦计划”，有1000多名员工在库比蒂诺总部附近的一个秘密地点，从事电动汽车的开发工作。有传言称，由于内部发生了冲突，这个项目进展得一直不是很顺利。\n2016年开始，苹果调整了汽车项目的方向，将重点放在自动驾驶技术上，而不是整车制造。在2016年第三季度，苹果解雇了数十名员工，精简了团队。\n2018年以来，苹果的团队从造车项目转变为开发定制芯片，芯片的重点研发方向是自动学习、处理自动驾驶汽车底层的判断逻辑和动力衔接的搭配。据悉，目前苹果可能正在与台积电合作开发自动驾驶芯片技术。\n2017年以来，苹果公司一直在道路上测试自动驾驶技术。到2019年，该公司的自动驾驶测试车有将近66辆，并且以完全自动驾驶的状态平均行驶了约118英里\n苹果公司保留了一部分人员在研发整车项目，可能是为了学习如何将系统软件与硬件匹配。\n目前还不能确定苹果公司未来是否会制造整车。即便造整车，一时半会也出不来。）\n2017-12，（关于苹果调解CPU性能的做法）段永平：师弟的说法显然对苹果没信心啊。变慢是结果，但绝对不是有意而为之的。在把事情做对的过程当中是避免不了犯错的，我个人觉得苹果也许应该在更新的时候简单告诉一下用户。但要更新的东西太多，做到提前沟通似乎不易。\n2018-03，（巴菲特卖IBM，买入苹果，巴老到底是看到了什么本质？）段永平：现金流，现在的现金流和未来的现金流。\n2018-06，段永平：老巴确实厉害，居然就看明白了苹果而且下手很重啊！估计是被苹果的现金流吸引的。老巴其实一直很花时间在思考这些年新起来的公司，他对苹果，google，亚马逊等公司的了解远超大家的想象。\n2018年，段永平：苹果市值站上万亿美元，库克居功至伟。严格意义上来说，库克与自己的前任、已故苹果创始人史蒂夫-乔布斯（Steve Jobs）相比，并不是那种具有远见卓识的首席执行官。\n其实，库克是个比乔布斯更好的CEO。库克更理性，同时骨子里对乔布斯的追求非常理解。前段时间我见到一个投资界的老前辈时，我说我认为库克其实是个更好的CEO时，他老人家说其实我也这么认为。基业长青里说乔布斯是个“报时人”，其实乔布斯同时还是个非常好的“造钟人”，库克其实就是乔布斯最伟大的发明（发现）之一。\n2019-01，段永平：段：苹果似乎又到了不贵的价钱了。我又买了一些。（苹果当时市值6300亿美元左右）\n2019-01，（怎么看库克2018年收入近1.4亿美元?）段永平：公司赚了接近600亿，CEO拿1.4个亿，大概千分之二多一点。如果将苹果分成100家公司，每家公司赚6亿，CEO们的总收入会是多少？查下其他上市公司就知道了。说明了啥？（和库克创造的价值来比）不是不高，是相对而言很低。\n2019-01，段永平：2011年的今天（1月19日）突然想明白并开始买苹果，那时苹果股价大概是310/7=44.3加上这些年的分红。回想起来，我还是非常满意当时这个决定的。这些年大概认真买了不少苹果和茅台以及最近增加了一些腾讯和fb以及不太多的goog, 如果pdd不算的话。今天又买了苹果，纪念一下8年前的决定。不管怎么说，我觉得我这八年虽然没太用功，但投资的功夫似乎涨了一点!\n（段永平对腾讯的建仓成本300港币左右，Facebook的建仓成本130美元左右，google的建仓成本1000美元左右。）\n2019-02，（苹果零售主管为什么离职？）段永平：不清楚她为什么离开，但一直觉得空降兵很难做好，当时苹果请空降兵让我非常意外，看来效果确实不太好啊。没觉得她是Cook的接班人的说法是靠谱的，也没觉得苹果的定价体系有任何问题。当然，谁都有可能定错价，改一下就是了。\n苹果绝对是这个行业里定价最厉害的公司了，但这不意味着他们不会定错价。目前你知道的智能手机大概只有苹果是一年一定价的了，至少我们做不到（一年内要推出超过一款手机产品。\n2019-03，（对苹果不看好的人的常见问题， 您有什么评论？）段永平：我对不看好苹果的言论基本都看过，觉得他们对苹果太不了解或者看得太短了。有机会看下我以前对苹果的说法，到目前为止还没看到变化。\n2019年，段永平：（关于Air Power（iPhone的无线充电座））段：虽然iPhone早就有了无线充电，但Air Power出不来还是有点可惜。终于见到苹果掉一次链子了，不过这比强行推出来好。（截止2021年4月，Air Power依然没有推出来，命运多舛。）\n2019-5-4，段永平：举个所谓懂的例子：比如苹果，我在2011年买苹果的时候，苹果大概3000亿市值（当时股价310/7=44），手里有1000亿净现金，那时候利润大概不到200亿。以我对苹果的理解，我认为苹果未来5年左右赢利大概率会涨很多，所以我就猜个500亿（去年595亿）。\n所以当时想的东西非常简单，用2000亿左右市值买个目前赚接近200亿/年，未来5左右会赚到500亿/年或以上的公司（而且还会往后继续很好）。如果有这个结论，买苹果不过是个简单算术题，你只要根据你自己的机会成本就可以决定了。但得到这个结论非常不容易，对我来说至少20年功夫吧。能得到这个结论，就叫懂了。\n不懂则千万千万别碰，我有个球友320/7=46买了一些，结果一个回，310/7就卖了（现在苹果加上分红可能早就超过200了），还跟我讲为什么要卖的道理，从此我不再跟他说投资了。\n2019-6-19，（请问在你看来苹果和茅台有哪些共性？）段永平：产品文化和生意模式都很好。整个企业文化方面茅台由于某些原因要不如苹果，但生意模式的强大能弥补一些。（茅台、苹果，堪称价值投资领域的绝代双骄。）\n2020年，（大概10年前就有网友问您苹果这么大的市值应该没有什么成长空间，但现在回头看看市值更大了。我记得您曾经说过要忘掉市值关注生意本身，那怎么确定一家伟大的公司在生意模式企业文化不变的情况下，确实是有了天花板了？）\n段永平：如果你关注生意本身，你到时就会知道的，没有一个公式可以借用。我开始买苹果时苹果市值大概310/7/4=11块左右（分了两次股，1:7，1:4），这些年还有不少分红。那个时候就不停地有人跟我说难道树还能长到天上去？连芒格当时也说过他们不会买苹果。\n我本来曾经想跟老巴聊苹果的（那时苹果大概15块左右），但看了芒格说的话之后就犹豫了。这事我其实一直有点后悔，如果当时老巴要买了苹果20%的话，我会非常开心的。\n多年后当老巴已经买了很多苹果后，我确实曾经跟老巴当面聊过苹果。我说我其实很久以前就想跟你聊苹果的，他说，哎呀，你当时应该说的，下不为例哈。所以独立思考，关注生意本身最重要哈。（人家问的是苹果的天花板在哪儿，段永平没回答。）\n2020年，（您卖出Facebook后为什么加仓苹果而不是别的公司？）段永平：我对苹果还是更了解一些，也正好碰上苹果大掉了一下。我就都又买成苹果了。苹果不便宜，现金更贵啊。\n（2020年4月，苹果市值跌至8800亿，段永平认为此时苹果不便宜。）\n2020年，段永平：好几年前，我在某个场合碰到Tim Cook。他问我你干嘛的，我说，投资。他问，投啥了？我说，苹果。他再问，还有呢？我说，没了，基本上都是苹果。然后他没接话，可能他觉得他见的投资人里没这样的。\n然后我说，如果苹果一直这个价钱，十来年后我可能就是苹果的唯一股东了哈，因为苹果的盈利会把除了我以外的所有股票都买回去的，他听了后微笑了一下，啥也没说。大家都知道，很可惜这个事情没能发生，尤其是有个叫巴菲特的人跑进来把我的如意算盘给搅和了。\n2020年，段永平：Think different 是不从众的意思。这个说法并不完全对。正确的说法是消费者导向。当年苹果一直不出大屏手机就是个例子。消费者需要大屏，但苹果think different，结果晚了三年多。\n（快充的需求，苹果也跟进的也比较慢，OPPO的“充电5分钟，通话2小时”都家喻户晓了，苹果才开始慢慢增加快充功能，现在才30W快充，OPPO Find X3是65W快充。）\n（苹果犯了守正出奇的错误，老想着出奇，守正反而没做好，正确的做法是守正不出奇。）\n02\n基本结论\n（一）苹果的长期竞争优势明确，未来10年，其他公司很难追上苹果，因此，苹果的市场份额能保持稳定。\n（二）由于智能手机行业转为存量市场，总量持续下降，叠加苹果自身的创新不温不火，iPhone的市场份额很难大幅增长。\n如果华为经过此劫，就此沉沦（可能性小），2021-2023年iPhone火爆过后，销量可能重新陷入停滞。如果2-3年后，华为找到应对之策，重新崛起、浴火重生（可能性大），iPhone的销量届时可能将较大幅度萎缩。\niPhone是苹果的根本，没有iPhone的增长，其他相关业务特别是软件税，会成为无本之木，无源之水，增长不可持续。\n（三）10年后，2030年，苹果能赚多少钱？好的话，保持在2021-2022年的水平，1000亿美元左右；差的话，回到2016-2020年的水平，550亿美元左右。\n一般公司，我只能接受3倍远期市盈率。由于苹果的确定性高，我可以接受5倍远期市盈率。","news_type":1},"isVote":1,"tweetType":1,"viewCount":42,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}