Schemppho personal page - To The Moon

Schemppho

Schemppho

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2022-04-28

$蘋果(AAPL)$Good

2022-04-28

$1P2R.SI(1P2R.SI)$??????

2022-04-28

$ZJGR.SI(ZJGR.SI)$G

2022-03-13

Ggg

Reminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.

2022-03-11

G

This is the type of asset Buffett bought during periods of high inflation.

2022-01-23

gg

It is unusual for the Nasdaq to fall by more than 1% for four consecutive days

2022-01-21

Aah

Financial world to delist from Nasdaq on Jan. 21

2022-01-17

G

Last year, American retail investors were mocked as "people are stupid and have more money". Now institutions regard visiting forums as a compulsory course

2022-01-16

G

He Xiaopeng: The Beginning and End of "Dreamers in the Air" in Car Manufacturing

2022-01-15

Happy

Sorry, the original content has been removed

2022-01-14

H

Tiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?

2021-09-22

????…….

US House Democrats plan to vote on infrastructure bill next week

2021-09-05

Okay

Will the "non-farm" dive scare off the Federal Reserve?

2021-08-12

Is this

Sorry, the original content has been removed

2021-08-12

Good ?

Atour Hotel's Dilemma: Listing is difficult, where is the way out?

2021-08-05

Good

Howard Marks: Macro forecasts are 'either wrong or waste'

2021-07-23

$Synthetic Biologics Inc(SYN)$?????

2021-07-23

???

2021-07-23

???

[Movement] China Concept Education Stocks Lower, Gaotu Drops Over 7%

2021-07-19

$Synthetic Biologics Inc(SYN)$ ?

Go to Tiger App to see more news

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14:38","market":"us","language":"zh","title":"Reminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.","url":"https://stock-news.laohu8.com/highlight/detail?id=1177231006","media":"老虎资讯综合","summary":"美国2022年夏令时将于2022年3月13日美东时间02：00开始，至2022年11月6日美东时间02：00终止，届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00。3月14日为进入夏令时后美股首个交易日。","content":"<p><html><head></head><body>U.S. Daylight Saving Time 2022 will begin at 2:00 AM Eastern Time on March 13, 2022, and end at 2:00 AM Eastern Time on November 6, 2022. At that time, the regular trading hours of the U.S. stock market will be advanced by one hour to Beijing time, which will change from 9:30 PM Monday to Friday to 4:00 AM the following day. March 14th was the first trading day for US stocks after the start of daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 9:30 AM - 4:00 PM (No lunch break); Beijing time: 21:30-04:00 the next day (daylight saving time, March to early November)</p><p><b>Pre-market trading hours</b></p><p>Eastern Time: 04:00-09:30; Beijing time: 16:00-21:30 (Daylight Saving Time, March-early November)</p><p><b>After-hours trading</b></p><p>Eastern Time: 16:00-20:00; Beijing time: 04:00-08:00 (Daylight Saving Time, March to early November)</p><p>(Note: Daylight saving time is from the second Sunday of March to the first Sunday of November each year, and winter time is from the first Sunday of November to the second Sunday of March of the following year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-07 14:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. Daylight Saving Time 2022 will begin at 2:00 AM Eastern Time on March 13, 2022, and end at 2:00 AM Eastern Time on November 6, 2022. At that time, the regular trading hours of the U.S. stock market will be advanced by one hour to Beijing time, which will change from 9:30 PM Monday to Friday to 4:00 AM the following day. March 14th was the first trading day for US stocks after the start of daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 9:30 AM - 4:00 PM (No lunch break); Beijing time: 21:30-04:00 the next day (daylight saving time, March to early November)</p><p><b>Pre-market trading hours</b></p><p>Eastern Time: 04:00-09:30; Beijing time: 16:00-21:30 (Daylight Saving Time, March-early November)</p><p><b>After-hours trading</b></p><p>Eastern Time: 16:00-20:00; Beijing time: 04:00-08:00 (Daylight Saving Time, March to early November)</p><p>(Note: Daylight saving time is from the second Sunday of March to the first Sunday of November each year, and winter time is from the first Sunday of November to the second Sunday of March of the following year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177231006","content_text":"美国2022年夏令时将于2022年3月13日美东时间02：00开始，至2022年11月6日美东时间02：00终止，届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00。3月14日为进入夏令时后美股首个交易日。交易时间美国东部时间：09：30~16：00 (午间不休市)；北京时间：21：30~次日04：00（夏令时，3月~11月初）盘前交易时间美国东部时间：04：00~09：30；北京时间：16：00~21:30（夏令时，3月~11月初）盘后交易时间美国东部时间：16：00~20：00；北京时间：04：00~08：00（夏令时，3月~11月初）（注：夏令时为每年3月的第二个星期日至11月的第一个星期日，冬令时为每年11月的第一个星期日至次年3月的第二个星期日。）","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036198727,"gmtCreate":1647007985680,"gmtModify":1676534186721,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036198727","repostId":"1197145766","repostType":4,"repost":{"id":"1197145766","kind":"news","pubTimestamp":1646963483,"share":"https://ttm.financial/m/news/1197145766?lang=en_US&edition=fundamental","pubTime":"2022-03-11 09:51","market":"us","language":"zh","title":"This is the type of asset Buffett bought during periods of high inflation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1197145766","media":"Wind资讯","summary":"投资者担心即将出现滞涨风险，对全球经济前景感到担忧，避险情绪有所升温。","content":"<p><html><head></head><body>The U.S. Department of Labor released data for January showing that the Consumer Price Index (CPI) rose 7.9% in February compared to the same period in 2021. Now, the inflation rate in the United States has reached its highest point in nearly 40 years. Investors are worried about impending stagflation risks and are concerned about the global economic outlook, leading to a rise in risk aversion. The S&P 500 and Dow Jones Industrial Average remain in correction territory, while the Nasdaq is in a bear market.</p><p><img src=\"https://static.tigerbbs.com/e11858a9622f59c3239fcccc351b5768\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>U.S. inflation hit a four-year high in February, with the consumer price index rising 7.9% year-over-year. Gasoline prices are at record levels, hurting consumers' budgets. Analysts warn that the United States and Europe may experience persistent inflation and slowing economic growth (also known as stagflation), while rising energy prices will erode household spending on other projects.</p><p>Former Bank of England Governor Charles Goodhart said, \"The COVID-19 pandemic will mark the dividing line between the deflationary forces of the past 30 to 40 years and the inflationary recovery of the next 20 years.\" He predicts that inflation in developed economies will stabilize at 3% to 4% around the end of 2022 and remain at that level for decades, compared to about 1.5% in the decade before the COVID-19 pandemic.</p><p>Ed Keon, chief investment strategist at PGIM Quantitative Solutions, said: \"The Federal Reserve faces an extremely difficult challenge; it must truly walk a tightrope between inflation and pushing us into recession.\"</p><p>These figures will undoubtedly raise questions for many investors: How can I protect myself from inflation? In general, many experts recommend investing wisely to hedge against inflation. But what kind of companies should investors buy? Here's what Warren Buffett has said over the past few decades.</p><p>At the 2015 shareholders' meeting, the chairman and CEO of Berkshire Hathaway pointed out: \"In times of inflation, the best businesses are those that you buy once and then don't have to make any further capital investments,\" and you should avoid \"any business that requires a lot of capital investment.\" He emphasized that real estate performs well during periods of inflation; you can buy it once, and then it will appreciate in value. At the same time, he pointed out that industries such as utilities and railways are not good investments during periods of inflation.</p><p>At a 2009 shareholder meeting, Buffett pointed out that the first thing you can do to combat inflation is to invest in yourself and your skills. After that, he said, \"the second best protection is to run a good business,\" which means that even if the company has to raise prices, there will still be demand for its products.</p><p>In a 1981 letter to shareholders, Buffett made this as clear as ever, writing that companies that can withstand inflation must possess two characteristics:</p><p><b>(1) It can easily raise prices (even when product demand is flat and capacity is not fully utilized) without worrying about significant loss of market share or unit output;</b></p><p><b>(2) Only a small amount of additional capital investment is needed to accommodate a significant increase in business size (usually driven more by inflation than actual growth).</b></p><p>It is worth noting that Buffett prefers a proven method rather than selecting individual stocks: index funds. In 2021, at a shareholder meeting, Buffett declared, \"I don't think the average person can pick stocks,\" and pointed out that he recommended holding the S&P 500 index fund for the long term.</p><p></body></html></p>","source":"wind","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>This is the type of asset Buffett bought during periods of high inflation.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis is the type of asset Buffett bought during periods of high inflation.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2022-03-11 09:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The U.S. Department of Labor released data for January showing that the Consumer Price Index (CPI) rose 7.9% in February compared to the same period in 2021. Now, the inflation rate in the United States has reached its highest point in nearly 40 years. Investors are worried about impending stagflation risks and are concerned about the global economic outlook, leading to a rise in risk aversion. The S&P 500 and Dow Jones Industrial Average remain in correction territory, while the Nasdaq is in a bear market.</p><p><img src=\"https://static.tigerbbs.com/e11858a9622f59c3239fcccc351b5768\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>U.S. inflation hit a four-year high in February, with the consumer price index rising 7.9% year-over-year. Gasoline prices are at record levels, hurting consumers' budgets. Analysts warn that the United States and Europe may experience persistent inflation and slowing economic growth (also known as stagflation), while rising energy prices will erode household spending on other projects.</p><p>Former Bank of England Governor Charles Goodhart said, \"The COVID-19 pandemic will mark the dividing line between the deflationary forces of the past 30 to 40 years and the inflationary recovery of the next 20 years.\" He predicts that inflation in developed economies will stabilize at 3% to 4% around the end of 2022 and remain at that level for decades, compared to about 1.5% in the decade before the COVID-19 pandemic.</p><p>Ed Keon, chief investment strategist at PGIM Quantitative Solutions, said: \"The Federal Reserve faces an extremely difficult challenge; it must truly walk a tightrope between inflation and pushing us into recession.\"</p><p>These figures will undoubtedly raise questions for many investors: How can I protect myself from inflation? In general, many experts recommend investing wisely to hedge against inflation. But what kind of companies should investors buy? Here's what Warren Buffett has said over the past few decades.</p><p>At the 2015 shareholders' meeting, the chairman and CEO of Berkshire Hathaway pointed out: \"In times of inflation, the best businesses are those that you buy once and then don't have to make any further capital investments,\" and you should avoid \"any business that requires a lot of capital investment.\" He emphasized that real estate performs well during periods of inflation; you can buy it once, and then it will appreciate in value. At the same time, he pointed out that industries such as utilities and railways are not good investments during periods of inflation.</p><p>At a 2009 shareholder meeting, Buffett pointed out that the first thing you can do to combat inflation is to invest in yourself and your skills. After that, he said, \"the second best protection is to run a good business,\" which means that even if the company has to raise prices, there will still be demand for its products.</p><p>In a 1981 letter to shareholders, Buffett made this as clear as ever, writing that companies that can withstand inflation must possess two characteristics:</p><p><b>(1) It can easily raise prices (even when product demand is flat and capacity is not fully utilized) without worrying about significant loss of market share or unit output;</b></p><p><b>(2) Only a small amount of additional capital investment is needed to accommodate a significant increase in business size (usually driven more by inflation than actual growth).</b></p><p>It is worth noting that Buffett prefers a proven method rather than selecting individual stocks: index funds. In 2021, at a shareholder meeting, Buffett declared, \"I don't think the average person can pick stocks,\" and pointed out that he recommended holding the S&P 500 index fund for the long term.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://t.wind.com.cn/mobwftweb/M/news.html?show=wft&shareCode=ae1d15d7e346f65bac3a873b5fa3cc2d&code=D0E31498A0C5&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.1.0#/3E7BD334C3DCE52E5087F3BD55F83EE2\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://t.wind.com.cn/mobwftweb/M/news.html?show=wft&shareCode=ae1d15d7e346f65bac3a873b5fa3cc2d&code=D0E31498A0C5&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.1.0#/3E7BD334C3DCE52E5087F3BD55F83EE2","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197145766","content_text":"美国劳工部(Labor Department)公布1月数据显示，与2021年同期相比，2月份消费者价格指数(CPI)上涨了7.9%。现在，美国的通货膨胀率达到了近40年来的最高点。投资者担心即将出现滞涨风险，对全球经济前景感到担忧，避险情绪有所升温。标准普尔 500 指数和道琼斯工业指数仍处于修正区域，而纳斯达克指数则处于熊市。美国通胀在 2 月份达到了 4 年来的新高，消费者价格指数同比上涨 7.9%。汽油价格处于创纪录水平，损害了消费者的预算。分析师警告称，美国和欧洲可能会出现持续通胀和经济增长放缓（也称为滞胀），能源价格上涨会侵蚀家庭在其他项目上的支出。前英国央行行长查尔斯·古德哈特（CharlesGoodhart）表示：“新冠疫情将标志着过去30到40年的通缩力量与未来20年的通胀复苏之间的分界线。”他预测，发达经济体的通胀率将在2022年底左右稳定在3%至4%的水平，并在几十年内保持在该水平，而新冠疫情前十年约为1.5%。PGIM Quantitative Solutions 首席投资策略师 Ed Keon 表示：“美联储面临着极其艰巨的挑战，它必须在通胀和将我们推入衰退之间真正走钢丝。”这些数字无疑会让许多投资者产生疑问：我该如何保护自己不受通胀影响？一般来说，许多专家建议明智地投资以对冲通货膨胀。但投资者应该买入哪类公司呢？下面是沃伦·巴菲特在过去几十年里说过的话。在2015年的股东大会上，这位伯克希尔·哈撒韦公司的董事长兼首席执行官指出:“在通胀时期，最好的业务是那些你买了一次，之后就不必继续进行资本投资的业务，”同时你应该避免“任何需要大量资本投资的业务”。他强调，房地产在通货膨胀期间表现良好，你可以购买一次，然后也会升值；与此同时，他指出，公用事业和铁路等行业在通胀时期并不是好的投资。在2009年的一次股东大会上，巴菲特指出，你能做的抵御通胀的第一件事就是投资你自己和你的技能。在此之后，他说，“第二好的保护措施是经营好生意”，这意味着即使公司不得不提高价格，其产品仍有需求。在1981年的一封致股东的信中，巴菲特像以往一样清楚地阐明了这一点，他在信中写道，能够抵御通胀环境的公司必须具备两个特征：(1)能够很容易地提高价格(即使在产品需求持平和产能未被充分利用的情况下)，而不用担心市场份额或单位产量的显著损失；(2)只需要少量的额外资本投资，就能适应企业规模的大幅增长(通常更多地是由通胀而非实际增长产生的)。值得注意的是，比起选择个股，巴菲特更青睐采用久经考验的方法：指数基金。2021年，在一次股东大会上，巴菲特宣称“我不认为一般人可以挑选股票”，并指出，他建议长期持有标准普尔500指数基金。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007230788,"gmtCreate":1642902691559,"gmtModify":1676533755935,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"gg","listText":"gg","text":"gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007230788","repostId":"1182083319","repostType":4,"repost":{"id":"1182083319","kind":"news","pubTimestamp":1642847449,"share":"https://ttm.financial/m/news/1182083319?lang=en_US&edition=fundamental","pubTime":"2022-01-22 18:30","market":"us","language":"zh","title":"It is unusual for the Nasdaq to fall by more than 1% for four consecutive days","url":"https://stock-news.laohu8.com/highlight/detail?id=1182083319","media":"华尔街见闻","summary":"奈飞拉开了大型科技股财报季的序幕，但是奈飞财报“出师不利”，拖累了纳指走势。","content":"<p><html><head></head><body>As the market expected the Federal Reserve's rate hike in advance, U.S. stocks fell due to its influence, especially the decline of highly valued technology stocks.</p><p>The tech-heavy Nasdaq has been dragged down quickly, erasing nearly half of last year's full-year gains since the start of the year.</p><p><b>Overnight, U.S. stocks closed, and technology stocks avalanched. The Nasdaq fell for four consecutive days, closing down 385.10 points, or 2.72%, to 13,768.92 points, a record low in seven and a half months, and the first time since June 9th last year that it closed below 14,000 points.</b></p><p><img src=\"https://static.tigerbbs.com/2a7dd3c2c71a433b4efcf893ed952dd7\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>On Thursday, the Senate Judiciary Committee voted to advance the \"American Innovation and Choice Online Act\", and the Nasdaq closed more than 1% after the market was worried that the introduction of a blockbuster antitrust bill could deal a heavy blow to tech giants. Previously, the Nasdaq had fallen by more than 1% for two consecutive days.</p><p>Since entering 2022, the Nasdaq has suddenly changed its painting style and began to accelerate its decline, falling by 7.6% throughout the week, the worst weekly performance since October 2020.</p><p>At present, it has dropped by more than 14% compared with the historical closing high in mid-November last year, and is deep in the technical level callback range.</p><p>Bloomberg called it \"unusual\" for the Nasdaq to fall like this.<b>Analysts generally believe that when the index falls more than 10% from its high, the index enters an \"adjustment range\".</b></p><p><img src=\"https://static.tigerbbs.com/98c558a159e7017964d311f1b8b063ee\" tg-width=\"670\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Why are U.S. stocks volatile?</p><p>The analysis pointed out that this week, the yield of U.S. bonds rose sharply, and the rise in interest rates continued to put downward pressure on technology stocks and high-growth stocks by reducing the attractiveness of future profits of enterprises, which in turn put downward pressure on the trend of Nasdaq.</p><p>It is worth mentioning that at the beginning of this week, Netflix kicked off the earnings season of large technology stocks, but Netflix's earnings report \"made a bad start\", dragging down the trend of Nasdaq<b>。</b></p><p>In addition, investors turned to focus on the Federal Reserve's January FOMC policy meeting to be held next week. The market is mainly worried about the Fed's aggressive rate hike to curb inflation, and it is expected that it may aggressively rate hike, shrinking balance sheet and raise borrowing costs this year.</p><p>Coupled with the geopolitical tensions surrounding Ukraine between Russia and NATO.</p><p><b>Under multiple worries, market sentiment and risk appetite were suppressed, and risk assets generally fell.</b></p><p>Wall Street warned that the \"bubble\" was about to burst, with slowing economic growth on the one hand and accelerating policy tightening on the other. 2022 will not be a smooth year for U.S. stocks.</p><p>Jim Paulsen, chief investment strategist of Leuthold Group, an investment institution, believes that the stock market sentiment has been depressed in the past few days, and the driving role of fundamentals has been suspended. Market action completely depends on the technical support level. Before the plunge stops, fundamental factors such as bond market yield, economic data and even financial reports may not have much impact.</p><p></body></html></p>","source":"highlight_wallstreetcn","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>It is unusual for the Nasdaq to fall by more than 1% for four consecutive days</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIt is unusual for the Nasdaq to fall by more than 1% for four consecutive days\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-01-22 18:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>As the market expected the Federal Reserve's rate hike in advance, U.S. stocks fell due to its influence, especially the decline of highly valued technology stocks.</p><p>The tech-heavy Nasdaq has been dragged down quickly, erasing nearly half of last year's full-year gains since the start of the year.</p><p><b>Overnight, U.S. stocks closed, and technology stocks avalanched. The Nasdaq fell for four consecutive days, closing down 385.10 points, or 2.72%, to 13,768.92 points, a record low in seven and a half months, and the first time since June 9th last year that it closed below 14,000 points.</b></p><p><img src=\"https://static.tigerbbs.com/2a7dd3c2c71a433b4efcf893ed952dd7\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>On Thursday, the Senate Judiciary Committee voted to advance the \"American Innovation and Choice Online Act\", and the Nasdaq closed more than 1% after the market was worried that the introduction of a blockbuster antitrust bill could deal a heavy blow to tech giants. Previously, the Nasdaq had fallen by more than 1% for two consecutive days.</p><p>Since entering 2022, the Nasdaq has suddenly changed its painting style and began to accelerate its decline, falling by 7.6% throughout the week, the worst weekly performance since October 2020.</p><p>At present, it has dropped by more than 14% compared with the historical closing high in mid-November last year, and is deep in the technical level callback range.</p><p>Bloomberg called it \"unusual\" for the Nasdaq to fall like this.<b>Analysts generally believe that when the index falls more than 10% from its high, the index enters an \"adjustment range\".</b></p><p><img src=\"https://static.tigerbbs.com/98c558a159e7017964d311f1b8b063ee\" tg-width=\"670\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Why are U.S. stocks volatile?</p><p>The analysis pointed out that this week, the yield of U.S. bonds rose sharply, and the rise in interest rates continued to put downward pressure on technology stocks and high-growth stocks by reducing the attractiveness of future profits of enterprises, which in turn put downward pressure on the trend of Nasdaq.</p><p>It is worth mentioning that at the beginning of this week, Netflix kicked off the earnings season of large technology stocks, but Netflix's earnings report \"made a bad start\", dragging down the trend of Nasdaq<b>。</b></p><p>In addition, investors turned to focus on the Federal Reserve's January FOMC policy meeting to be held next week. The market is mainly worried about the Fed's aggressive rate hike to curb inflation, and it is expected that it may aggressively rate hike, shrinking balance sheet and raise borrowing costs this year.</p><p>Coupled with the geopolitical tensions surrounding Ukraine between Russia and NATO.</p><p><b>Under multiple worries, market sentiment and risk appetite were suppressed, and risk assets generally fell.</b></p><p>Wall Street warned that the \"bubble\" was about to burst, with slowing economic growth on the one hand and accelerating policy tightening on the other. 2022 will not be a smooth year for U.S. stocks.</p><p>Jim Paulsen, chief investment strategist of Leuthold Group, an investment institution, believes that the stock market sentiment has been depressed in the past few days, and the driving role of fundamentals has been suspended. Market action completely depends on the technical support level. Before the plunge stops, fundamental factors such as bond market yield, economic data and even financial reports may not have much impact.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3650405\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8d7665b640c6daf26b451cc5367e24e1","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://wallstreetcn.com/articles/3650405","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1182083319","content_text":"由于市场对美联储加息预期提前，美股受其影响下挫，尤其高估值科技股的跌幅更是首当其冲。以科技股为主的纳斯达克指数受到拖累迅速下挫，今年开年以来已抹掉去年全年涨幅的近一半。隔夜美股收盘，科技股雪崩，纳指连跌四日，收跌385.10点，跌幅2.72%，报13768.92点，创七个半月来新低记录，也是自从去年6月9日以来首次收盘失守14000点。周四，参议院司法委员会投票通过推进“美国创新与选择在线法案”，市场担忧重磅反垄断议案的出台可能会对科技巨头造成重磅打击，纳指收跌超1%。此前纳指已连续两日跌超1%。自从进入2022年以来，纳指画风突变，开始加速下跌，全周累跌7.6%，创2020年10月来最差单周表现。目前已较去年11月中旬的历史收盘高点跌超14%，深陷技术位回调区间。彭博社称纳指这么跌是“不寻常”的。分析人士通常认为，当指数从高点下挫超10%时，该指数就进入了“调整区间”。美股为何震荡不安？分析指出，本周美债收益率大幅上行，利率上升通过降低了企业未来利润的吸引力，继续对科技股和高成长股施加下行压力，继而对纳指的走势形成下行压力。值得一提的是，本周开始，奈飞拉开了大型科技股财报季的序幕，但是奈飞财报“出师不利”，拖累了纳指走势。此外，投资者转向关注下周召开的美联储1月FOMC政策会议，市场主要担心美联储激进加息来遏制通胀，并预计其今年可能会大举加息、缩表、提高借贷成本。再加上俄罗斯和北约围绕乌克兰的地缘政治局势紧张。多重担忧之下，打压了市场情绪和风险偏好，风险资产普遍回落。华尔街警告“泡沫”即将破裂，一边是经济增长放缓，一边是加速收紧政策，2022年对于美股将不会是顺利的一年。投资机构Leuthold Group首席投资策略师Jim Paulsen认为，过去几天股市情绪低迷，基本面的驱动作用已经暂停，市场行动完全取决于技术支撑位，在暴跌停止前，债市收益率、经济数据甚至财报等基本面要素可能不会产生太大影响。","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":5146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007007202,"gmtCreate":1642718395236,"gmtModify":1676533738183,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Aah","listText":"Aah","text":"Aah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007007202","repostId":"1140143929","repostType":4,"repost":{"id":"1140143929","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1642691551,"share":"https://ttm.financial/m/news/1140143929?lang=en_US&edition=fundamental","pubTime":"2022-01-20 23:12","market":"us","language":"zh","title":"Financial world to delist from Nasdaq on Jan. 21","url":"https://stock-news.laohu8.com/highlight/detail?id=1140143929","media":"老虎资讯综合","summary":"公司在2021年5月被告知，不符合上市规则第5450条(b)(1)(A)的股东权益要求。","content":"<p><html><head></head><body>January 20th news,<a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Announces that it has received notice from the Nasdaq Hearing Panel that it has decided to delist the Company's ADSs from the Nasdaq by filing Form 25 (Notice of Delisting) with the Securities and Exchange Commission after the end of the applicable appeal period, and that it will suspend trading in the Company's ADSs with effect from the opening of market on January 21, 2022.</p><p>As previously announced, the Company was notified in May 2021 that it did not meet the shareholders'interests requirements under Rule 5450 (b) (1) (a) of the Listing Rules and received the delisting notice in August 2021. Following a hearing held in September 2021, the Panel agreed that the Company would gradually release the Nasdaq Capital Markets requirements, which will be extended to January 14, 2022, to demonstrate evidence of compliance with the minimum shareholder equity requirement of $2.5 million, or alternative compliance criteria set forth in Nasdaq Listing Rule 5550 (b) (1).</p><p><img src=\"https://static.tigerbbs.com/4197b1b964cc12172e5e12b8ecb8f744\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>Financial world to delist from Nasdaq on Jan. 21</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFinancial world to delist from Nasdaq on Jan. 21\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-01-20 23:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>January 20th news,<a href=\"https://laohu8.com/S/JRJC\">Financial sector</a>Announces that it has received notice from the Nasdaq Hearing Panel that it has decided to delist the Company's ADSs from the Nasdaq by filing Form 25 (Notice of Delisting) with the Securities and Exchange Commission after the end of the applicable appeal period, and that it will suspend trading in the Company's ADSs with effect from the opening of market on January 21, 2022.</p><p>As previously announced, the Company was notified in May 2021 that it did not meet the shareholders'interests requirements under Rule 5450 (b) (1) (a) of the Listing Rules and received the delisting notice in August 2021. Following a hearing held in September 2021, the Panel agreed that the Company would gradually release the Nasdaq Capital Markets requirements, which will be extended to January 14, 2022, to demonstrate evidence of compliance with the minimum shareholder equity requirement of $2.5 million, or alternative compliance criteria set forth in Nasdaq Listing Rule 5550 (b) (1).</p><p><img src=\"https://static.tigerbbs.com/4197b1b964cc12172e5e12b8ecb8f744\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dbf3676ecdb49202a138cc71b154c5a","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140143929","content_text":"1月20日消息，金融界宣布收到纳斯达克听证会小组通知，其已决定在适用的上诉期结束后，通过向证券交易委员会提交表格25（退市通知）将本公司的美国存托股从纳斯达克退市，并将于2022年1月21日开市起暂停本公司的美国存托股票交易。如之前所宣布的，本公司在2021年5月被告知，不符合上市规则第5450条(b)(1)(A)的股东权益要求，并于2021年8月收到退市通知。在2021年9月举行的听证会之后，专家组同意本公司逐步下达纳斯达克资本市场的要求，并将延长至2022年1月14日，以证明符合最低250万美元股东权益要求的证据，或纳斯达克上市规则5550(b)(1)中规定的替代合规标准。","news_type":1,"symbols_score_info":{"JRJC":0.9}},"isVote":1,"tweetType":1,"viewCount":5078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005726497,"gmtCreate":1642420735890,"gmtModify":1676533709286,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005726497","repostId":"1126336580","repostType":4,"repost":{"id":"1126336580","kind":"news","pubTimestamp":1642419985,"share":"https://ttm.financial/m/news/1126336580?lang=en_US&edition=fundamental","pubTime":"2022-01-17 19:46","market":"us","language":"zh","title":"Last year, American retail investors were mocked as \"people are stupid and have more money\". Now institutions regard visiting forums as a compulsory course","url":"https://stock-news.laohu8.com/highlight/detail?id=1126336580","media":"华尔街见闻","summary":"大约85%的对冲基金和42%的资管经理现在都在跟踪散户交易的留言板。","content":"<p><html><head></head><body>Author: Wang Mei</p><p>Last year, a \"war\" of retail investors in the U.S. securities market not only subverted the market, but also changed the investment pattern to a great extent-</p><p>Fund managers who once ridiculed retail investors in U.S. stocks as \"fool money\" are looking for clues in social networking posts about where retail investors may turn next.</p><p><b>According to a Bloomberg survey, about 85% of hedge funds and 42% of asset managers now track message boards for retail trades.</b></p><p>JPMorgan launched a new data product last September that includes information on which stocks individual investors are likely to be buying and selling, as well as which sectors and stocks are being discussed on social forums. About 50 clients are testing the product, including some of the largest asset management and quantitative fund managers, the bank said. JPMorgan stock traders are also using the data product to help manage their own risk.</p><p>Chris Berthe, global co-head of cash equity trading at JPMorgan, was quoted by the Wall Street Journal as saying:</p><p>\"If you are a professional investor, you can't ignore the flow of money from retail investors. This is a whole new class of investors, and this class of investors is actually grasping the right investment themes.\" Professional investors are starting to avoid large-scale short selling</p><p>At the beginning of last year, no one expected that the madness of retail investors' group would actually make the big short citron surrender.</p><p>The story began on January 19 last year, when Citron, a Wall Street short-selling institution, released a message saying that GameStop shares were worth only $20, declaring that all the people who bought the company's stock at that time were \"fools\". Founded in 1984, Game Station is a chain game sales enterprise in the United States, specializing in electronic games and consumer electronics products. It has more than 6,000 retail stores in the United States, Canada, Europe, Australia and New Zealand. The company's share price had been lackluster until 2020, but from January 13, 2020, the company's share price has risen rapidly by nearly 50% to close to $40. After Citron Company released the short-selling news, it was unexpectedly attacked by retail investors on the popular \"investment\" section \"WSB\" of reddit website. Under the call of Keith Gill, the \"opinion leader\" of retail investors, retail investors, who only accounted for 10% of US stocks, united unprecedentedly and \"held a group\" to do more game stations, setting off an unprecedented long-short war. The share price of game stations also soared from $39.12 on January 20th last year to $347.51 on January 27th. Under the crazy purchase of retail investors and other investors, the market value of Game Station also soared from $2 billion to more than $24 billion, and the share price rose by 1700% in less than one year. Finally, Citron surrendered. On January 29th, it said on the social platform that the company would stop publishing short-selling reports, terminate this business that had been engaged in for 20 years, and focus on long-term investment opportunities in the future to explore potential stocks for retail investors. At the same time, Melvin Capital, a billion-dollar star fund on Wall Street, also announced the closing of its short position in Game Station, and the long-short war between Wall Street giants and American retail investors has come to an end. According to an estimate by an American data firm, short-selling institutions lost about $19 billion in the showdown. In fact, the game station is just a microcosm of the growing influence of retail investors in the US stock market.</p><p>At the end of last year, after the outbreak of Omicron virus, U.S. stocks fluctuated sharply for many days, and hedge funds sold quickly at the end of the year. However, retail investors in U.S. stocks vigorously bargained for the bottom to \"protect the market\" and frantically bought stocks sold on Wall Street on dips, reproducing the market memory at the beginning of the year.</p><p>According to the Wall Street Journal,<b>U.S. retail investors have changed the trading strategy of some professional investors, particularly when it comes to shorting a particular stock.</b></p><p>Investors these days avoid taking too much risk when it comes to shorting, according to an analysis by technology and data analytics firm S3 Partners.</p><p>S3 Partners closely tracks the activity of short sellers, and according to an analysis by its head of predictive analytics, Ihor Dusaniwsky, of stocks in which at least $10 million of shares were sold short,<b>By the end of 2021, there were only seven stocks in the U.S. market that had a total short-sold stake of 40% or more. That's down from 40 in early January 2020 and 19 in January 2021.</b></p><p>Different from the past, in his analysis,<b>No stock ended 2021 with 70% or more short-sold shares.</b></p><p>Last year, S3 began offering new tools to tell customers which stocks have high short positions and which stocks could suddenly lose money when retail investors flock in.</p><p>Dusaniwsky said:</p><p>\"Every hedge fund manager thinks, 'I don't want to be on the wrong side of the Meme stock game,' and making sure you don't get hit by a bus is a full-time job.\" Social forums are increasingly being used for trading</p><p>Millions of Americans have shied away from active investing for much of the past 10 years, and in 2020 they became day traders due to pandemic social distancing. Driven by volatile markets and mobile apps that freely trade stocks, they flocked to social networking sites for investment ideas.</p><p>Wall Street News mentioned earlier that American institutions generally trade through exchanges such as New York Stock Exchange and Nasdaq, while retail investors use brokerage apps such as Robinhood to trade outside exchanges. As brokers turn to commission-free trading, more retail investors are investing in U.S. stocks. The impact of retail investors on trading volume can be compared with the trading volume of places such as NYSE and Nasdaq with apps outside the exchange. Bloomberg data from early January last year showed the latter had more trading volumes than the former for the first time since 2008.</p><p>JPMorgan estimates that,<b>Retail investors in U.S. stocks have repeatedly accounted for more than a third of daily trading activity over the past 18 months, with peak days reaching nearly 40%.</b></p><p>They bought heavily into stocks like Hertz Global Holdings Inc., which eventually paid off when the car rental company exited bankruptcy protection. At the time, Devin Ryan, head of financial technology research at JMP Securities, expected<b>More than 10 million retail investors will open new stockbrokerage accounts in 2020.</b></p><p>In 2021, this trend accelerated. JMP Securities Estimates,<b>Another 15 million Americans signed up for stockbrokerage accounts in 2021. Social forums are increasingly being used for trading.</b>Some retail investors took advantage of the growth in numbers to push stocks, including Game Station and AMC Cinema, higher. Many retail investors are happy to let some hedge funds suffer huge losses and prove that traditional strategies aren't the only way to win.</p><p>In 2021, investments that looked worthless on the books became worthwhile as retail investors declared them worthwhile. There are data showing that hilarious cryptocurrencies like Dogecoin have skyrocketed by more than 1900% in the past year. The NFT market, the digital image market for items like bored ape avatars, has exploded.</p><p>So far, retail investors are still fighting</p><p>A year ago, market watchers questioned whether \"retail grouping\" would continue, and now, many are asking how things will fare this year.</p><p>Tony Pasquariello, head of global hedge funds at Goldman Sachs, previously wrote in his 2022 outlook:</p><p>U.S. retail investors stole the show in 2021, and the extent to which this group is still fighting will be a major unanswered question in early 2022 as more money flowed into U.S. stocks during the year than the previous 25 years combined. Overall, one of the biggest unknowns of 2022 is simple: Where does the money go? According to data from VandaTrack, a subsidiary of Vanda Research, a Research organization,<b>U.S. retail investors bought a net $292 billion of U.S. stocks and ETFs in 2021, more than seven times more than in 2019.</b>So far,<b>Retail investors appear poised to continue similar levels of buying activity in 2022.</b></p><p>Analysts expect U.S. stocks to have a rougher year, with some fund managers believing retail investors could be squeezed out of the market if volatility continues. Many say trading activity now resembles that in the late 1990s, when retail investors flocked the stock market but fled when the dot-com bubble burst.</p><p>So far, retail investors have shown a strong tolerance for volatile markets. According to VandaTrack data,<b>Last year, the group's eight most bought sessions in dollar terms occurred when the S&P 500 fell 1.3% or more.</b>Several academic papers have found that retail investors sometimes help stabilize the market, providing liquidity when the market is volatile.</p><p></body></html></p>","source":"highlight_wallstreetcn","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>Last year, American retail investors were mocked as \"people are stupid and have more money\". Now institutions regard visiting forums as a compulsory course</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLast year, American retail investors were mocked as \"people are stupid and have more money\". Now institutions regard visiting forums as a compulsory course\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-01-17 19:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Wang Mei</p><p>Last year, a \"war\" of retail investors in the U.S. securities market not only subverted the market, but also changed the investment pattern to a great extent-</p><p>Fund managers who once ridiculed retail investors in U.S. stocks as \"fool money\" are looking for clues in social networking posts about where retail investors may turn next.</p><p><b>According to a Bloomberg survey, about 85% of hedge funds and 42% of asset managers now track message boards for retail trades.</b></p><p>JPMorgan launched a new data product last September that includes information on which stocks individual investors are likely to be buying and selling, as well as which sectors and stocks are being discussed on social forums. About 50 clients are testing the product, including some of the largest asset management and quantitative fund managers, the bank said. JPMorgan stock traders are also using the data product to help manage their own risk.</p><p>Chris Berthe, global co-head of cash equity trading at JPMorgan, was quoted by the Wall Street Journal as saying:</p><p>\"If you are a professional investor, you can't ignore the flow of money from retail investors. This is a whole new class of investors, and this class of investors is actually grasping the right investment themes.\" Professional investors are starting to avoid large-scale short selling</p><p>At the beginning of last year, no one expected that the madness of retail investors' group would actually make the big short citron surrender.</p><p>The story began on January 19 last year, when Citron, a Wall Street short-selling institution, released a message saying that GameStop shares were worth only $20, declaring that all the people who bought the company's stock at that time were \"fools\". Founded in 1984, Game Station is a chain game sales enterprise in the United States, specializing in electronic games and consumer electronics products. It has more than 6,000 retail stores in the United States, Canada, Europe, Australia and New Zealand. The company's share price had been lackluster until 2020, but from January 13, 2020, the company's share price has risen rapidly by nearly 50% to close to $40. After Citron Company released the short-selling news, it was unexpectedly attacked by retail investors on the popular \"investment\" section \"WSB\" of reddit website. Under the call of Keith Gill, the \"opinion leader\" of retail investors, retail investors, who only accounted for 10% of US stocks, united unprecedentedly and \"held a group\" to do more game stations, setting off an unprecedented long-short war. The share price of game stations also soared from $39.12 on January 20th last year to $347.51 on January 27th. Under the crazy purchase of retail investors and other investors, the market value of Game Station also soared from $2 billion to more than $24 billion, and the share price rose by 1700% in less than one year. Finally, Citron surrendered. On January 29th, it said on the social platform that the company would stop publishing short-selling reports, terminate this business that had been engaged in for 20 years, and focus on long-term investment opportunities in the future to explore potential stocks for retail investors. At the same time, Melvin Capital, a billion-dollar star fund on Wall Street, also announced the closing of its short position in Game Station, and the long-short war between Wall Street giants and American retail investors has come to an end. According to an estimate by an American data firm, short-selling institutions lost about $19 billion in the showdown. In fact, the game station is just a microcosm of the growing influence of retail investors in the US stock market.</p><p>At the end of last year, after the outbreak of Omicron virus, U.S. stocks fluctuated sharply for many days, and hedge funds sold quickly at the end of the year. However, retail investors in U.S. stocks vigorously bargained for the bottom to \"protect the market\" and frantically bought stocks sold on Wall Street on dips, reproducing the market memory at the beginning of the year.</p><p>According to the Wall Street Journal,<b>U.S. retail investors have changed the trading strategy of some professional investors, particularly when it comes to shorting a particular stock.</b></p><p>Investors these days avoid taking too much risk when it comes to shorting, according to an analysis by technology and data analytics firm S3 Partners.</p><p>S3 Partners closely tracks the activity of short sellers, and according to an analysis by its head of predictive analytics, Ihor Dusaniwsky, of stocks in which at least $10 million of shares were sold short,<b>By the end of 2021, there were only seven stocks in the U.S. market that had a total short-sold stake of 40% or more. That's down from 40 in early January 2020 and 19 in January 2021.</b></p><p>Different from the past, in his analysis,<b>No stock ended 2021 with 70% or more short-sold shares.</b></p><p>Last year, S3 began offering new tools to tell customers which stocks have high short positions and which stocks could suddenly lose money when retail investors flock in.</p><p>Dusaniwsky said:</p><p>\"Every hedge fund manager thinks, 'I don't want to be on the wrong side of the Meme stock game,' and making sure you don't get hit by a bus is a full-time job.\" Social forums are increasingly being used for trading</p><p>Millions of Americans have shied away from active investing for much of the past 10 years, and in 2020 they became day traders due to pandemic social distancing. Driven by volatile markets and mobile apps that freely trade stocks, they flocked to social networking sites for investment ideas.</p><p>Wall Street News mentioned earlier that American institutions generally trade through exchanges such as New York Stock Exchange and Nasdaq, while retail investors use brokerage apps such as Robinhood to trade outside exchanges. As brokers turn to commission-free trading, more retail investors are investing in U.S. stocks. The impact of retail investors on trading volume can be compared with the trading volume of places such as NYSE and Nasdaq with apps outside the exchange. Bloomberg data from early January last year showed the latter had more trading volumes than the former for the first time since 2008.</p><p>JPMorgan estimates that,<b>Retail investors in U.S. stocks have repeatedly accounted for more than a third of daily trading activity over the past 18 months, with peak days reaching nearly 40%.</b></p><p>They bought heavily into stocks like Hertz Global Holdings Inc., which eventually paid off when the car rental company exited bankruptcy protection. At the time, Devin Ryan, head of financial technology research at JMP Securities, expected<b>More than 10 million retail investors will open new stockbrokerage accounts in 2020.</b></p><p>In 2021, this trend accelerated. JMP Securities Estimates,<b>Another 15 million Americans signed up for stockbrokerage accounts in 2021. Social forums are increasingly being used for trading.</b>Some retail investors took advantage of the growth in numbers to push stocks, including Game Station and AMC Cinema, higher. Many retail investors are happy to let some hedge funds suffer huge losses and prove that traditional strategies aren't the only way to win.</p><p>In 2021, investments that looked worthless on the books became worthwhile as retail investors declared them worthwhile. There are data showing that hilarious cryptocurrencies like Dogecoin have skyrocketed by more than 1900% in the past year. The NFT market, the digital image market for items like bored ape avatars, has exploded.</p><p>So far, retail investors are still fighting</p><p>A year ago, market watchers questioned whether \"retail grouping\" would continue, and now, many are asking how things will fare this year.</p><p>Tony Pasquariello, head of global hedge funds at Goldman Sachs, previously wrote in his 2022 outlook:</p><p>U.S. retail investors stole the show in 2021, and the extent to which this group is still fighting will be a major unanswered question in early 2022 as more money flowed into U.S. stocks during the year than the previous 25 years combined. Overall, one of the biggest unknowns of 2022 is simple: Where does the money go? According to data from VandaTrack, a subsidiary of Vanda Research, a Research organization,<b>U.S. retail investors bought a net $292 billion of U.S. stocks and ETFs in 2021, more than seven times more than in 2019.</b>So far,<b>Retail investors appear poised to continue similar levels of buying activity in 2022.</b></p><p>Analysts expect U.S. stocks to have a rougher year, with some fund managers believing retail investors could be squeezed out of the market if volatility continues. Many say trading activity now resembles that in the late 1990s, when retail investors flocked the stock market but fled when the dot-com bubble burst.</p><p>So far, retail investors have shown a strong tolerance for volatile markets. According to VandaTrack data,<b>Last year, the group's eight most bought sessions in dollar terms occurred when the S&P 500 fell 1.3% or more.</b>Several academic papers have found that retail investors sometimes help stabilize the market, providing liquidity when the market is volatile.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3649909\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5af71bbd6192d9b63a935f2f641c8aa5","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3649909","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1126336580","content_text":"作者：王眉去年美国证券市场一场散户“抱团”逼空机构的“大战”，不仅颠覆了市场，也在很大程度上改变了投资格局——曾经嘲笑美股散户为“傻瓜钱”的基金经理们，正在社交网站帖子中寻找散户们下一步可能转向何处的线索。根据彭博的一项调查，大约85%的对冲基金和42%的资管经理现在都在跟踪散户交易的留言板。摩根大通在去年9月推出了一款新的数据产品，其中包括个人投资者可能在买卖哪些股票，以及社交论坛上正在讨论哪些行业和股票的信息。该行表示，约有50家客户正在测试这款产品，其中包括一些规模最大的资管和量化基金经理。摩根大通的股票交易员也在使用该数据产品来帮助管理自己的风险。华尔街日报援引摩根大通现金股票交易全球联席主管Chris Berthe表示：“如果你是一名专业投资者，就不能忽视来自散户的资金流。这是一个全新的投资者阶层，且这个投资者阶层实际上正在把握正确的投资主题。”专业投资者开始避免大规模做空去年初，谁也没想到，散户抱团的疯狂程度竟让大空头香橼都缴械投降。故事始于去年1月19日，当时华尔街空头机构香橼公司发布了一条消息，称游戏驿站公司（GameStop）的股价只值20美元，宣称当时买入该公司股票的都是“傻瓜”。游戏驿站成立于1984年，是美国的一家连锁游戏销售企业，专营电子游戏及消费性电子产品，旗下超过6000家零售店，遍布美国、加拿大、欧洲、澳大利亚和新西兰。这家公司的股价2020年前表现一直乏善可陈，但是从2020年1月13日开始，该公司股价快速上涨了近50%，接近40美元。在香橼公司发布做空消息后，不承想却遭遇了reddit网站高人气“投资”板块“WSB”上的散户们群起而攻，在散户“意见领袖”基思·吉尔的号召下，只占美股10%的散户空前团结，“抱团”做多游戏驿站，掀起史无前例的多空大战，游戏驿站股价也从去年1月20日的39.12美元，暴涨至1月27日的347.51美元。在散户等投资者的疯狂购买下，游戏驿站的市值也从20亿美元暴涨至240多亿美元，股价不到1年就上涨了1700%。终于，香橼公司缴械投降，1月29日其在社交平台上表示，该公司将停止发表做空报告，终止这项从事了20年的业务，今后专注于长线投资机会，为散户投资者发掘潜力股的机遇。与此同时，华尔街百亿明星基金梅尔文资本也宣布平仓游戏驿站的空头头寸，这场华尔街巨头与美国散户的多空大战暂告一段落。据一家美国数据公司估计，做空机构在此次对决中，损失约190亿美元。而事实上，游戏驿站只是美股市场上散户影响力日趋变大的一个缩影。去年底，在奥密克戎病毒爆出后，美股多日大幅震荡，对冲基金在年底快速卖出，但美股散户却大力抄底“护盘”，疯狂逢低买入华尔街抛售的股票，再现年初的市场记忆。据华尔街日报，美国散户投资者已经改变了一些专业投资者的交易策略，特别是在做空某只股票时。技术和数据分析公司S3 Partners的一份分析报告显示，如今投资者在做空方面都避免冒太大风险。S3 Partners密切跟踪卖空者的活动，根据其预测分析主管Ihor Dusaniwsky对至少有1000万美元股票被卖空的股票的分析，到2021年底，美国市场上只有7只股票的卖空股份总额达到或超过40%。这低于2020年1月初的40只和2021年1月的19只。与以往不同的是，在他的分析中，没有一只股票在2021年底有70%或以上的卖空份额。去年，S3 开始提供新工具，告诉客户哪些股票的空头头寸很高，以及哪些股票可能在散户投资者涌入时突然出现亏损。Dusaniwsky表示：“每个对冲基金经理都在想，‘我不想在Meme股票游戏中站在错误的一方’，确保不被公共汽车撞到是一份全职工作。”社交论坛越来越多地用于交易在过去10年的大部分时间里，数百万美国人回避积极投资，2020年由于疫情社交隔离，他们成为了日内交易者。在动荡的市场和可以自由交易股票的手机应用程序的带动下，他们蜂拥至社交网站上寻求投资点子。华尔街见闻此前提及，美国机构一般会通过纽交所以及纳斯达克等交易所进行交易，而散户则在交易所之外利用Robinhood等券商App进行交易。随着经纪商转向免佣金交易，更多散户投身美股，散户对交易量的影响，可以将纽交所和纳斯达克等地的交易量与交易所之外的App等进行比较。去年1月初的彭博数据显示，后者的交易量自2008年以来首次超过前者。摩根大通估计，在过去18个月中，美股散户投资者多次占每日交易活动的三分之一以上，峰值日达到近40%。他们大举买入赫兹租车公司(Hertz Global Holdings Inc.)等股票，最终在这家汽车租赁公司退出破产保护时获得了回报。当时，JMP Securities（摩根大通证券）金融技术研究主管Devin Ryan预计2020年将有超过1000万散户投资者开设新的股票经纪账户。2021年，这种趋势加速。JMP Securities 估计，2021年又有1500万美国人注册了股票经纪账户。社交论坛越来越多地用于交易。一些散户投资者利用人数增长的机会，将包括游戏驿站和AMC电影院在内的股票推高。许多散户乐于让一些对冲基金蒙受巨大损失，并证明传统的策略并不是唯一的获胜方式。在2021年，账面上看起来没有价值的投资变得有价值，因为散户们宣布它们有价值。有数据显示，像狗狗币这样的搞笑加密货币在过去一年中暴涨了1900%以上。NFT市场，即无聊猿化身等物品的数字图像市场，出现了爆炸式增长。目前为止，散户仍在战斗一年前，市场观察人士质疑“散户抱团”是否会继续，现在，许多人都在问，今年的情况会如何。高盛全球对冲基金主管帕斯夸里洛（Tony Pasquariello ）此前在2022年展望中写道：美国散户投资者在2021年抢尽了风头，由于这一年美股的资金流入超过了此前25年的总和，这群人在多大程度上仍在战斗，将是2022年初的一个主要未决问题。总的来说，2022年最大的未知数之一很简单：资金会去到哪里？根据研究机构Vanda Research旗下VandaTrack的数据，2021年美国散户净购买了 2920亿美元的美国股票和ETF，这是2019年的七倍多。到目前为止，散户投资者似乎准备在2022年继续保持类似水平的购买活动。分析师预计，美国股市今年的走势将更加坎坷，一些基金经理认为，如果市场持续波动，散户投资者可能会被挤出市场。许多人说，现在的交易活动类似于20世纪90年代末，当时散户蜂拥股市，但在互联网泡沫破灭时纷纷逃离。到目前为止，散户对动荡的市场表现出了很强的承受能力。VandaTrack数据显示，去年，该群体以美元计买入最多的八个交易日，发生在标普500指数下跌1.3%或更多时。几篇学术论文发现，散户投资者有时有助于稳定市场，在市场波动时提供流动性。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005538112,"gmtCreate":1642342992629,"gmtModify":1676533702658,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005538112","repostId":"1105926115","repostType":4,"repost":{"id":"1105926115","kind":"news","weMediaInfo":{"introduction":"解密财经，透视真相。为您传递第一手新鲜财经深度报道。","home_visible":1,"media_name":"棱镜","id":"91","head_image":"https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8"},"pubTimestamp":1642304577,"share":"https://ttm.financial/m/news/1105926115?lang=en_US&edition=fundamental","pubTime":"2022-01-16 11:42","market":"us","language":"zh","title":"He Xiaopeng: The Beginning and End of \"Dreamers in the Air\" in Car Manufacturing","url":"https://stock-news.laohu8.com/highlight/detail?id=1105926115","media":"棱镜","summary":"跻身国内顶级企业家群，何小鹏还是没有学会迎合观众期待值去“讲故事”。2021年年底，何小鹏在接受腾讯新闻《财约你》专访时，大多数时间都沉浸在自己所畅想的出行世界中。在专访的最后，《财约你》向他提出了几","content":"<p><html><head></head><body>Despite joining the ranks of top domestic entrepreneurs, He Xiaopeng still hasn't learned to \"tell stories\" to meet audience expectations.</p><p>At the end of 2021, He Xiaopeng was interviewed...<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the interview with the news program \"Caiyue Ni\", he spent most of his time immersed in his imagined world of travel. At the end of the interview, \"Caiyue Ni\" asked him a few quick questions. He got stuck while answering quickly, even though the questions were relatively easy and enjoyable.</p><p>\"Join<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>In four years, what was your happiest moment? \"Wealth Promises You\" asked.</p><p>\"I can't remember,\" He Xiaopeng replied.</p><p>\"Among the post-80s entrepreneurs, which one do you like best: Wang Xing, Zhang Yiming, or Huang Zheng?\" \"Caiyue Ni\" asked again.</p><p>\"It's hard to say.\" After thinking for a second, He Xiaopeng still didn't give an answer.</p><p>This is his usual style. On the one hand, XPeng Motors launched a high-profile \"flying vehicle,\" placing its products in the air, which made the outside world think that the leader of this emerging car manufacturer was arrogant and flamboyant. On the other hand, in his four years of manufacturing cars, He Xiaopeng has never shaken off the character traits of a product manager. He is reserved and cautious, and would rather avoid things he is unsure about than talk nonsense.</p><p>2021 was a year of comeback for XPeng, with deliveries reaching 98,155 vehicles, surpassing...<a href=\"https://laohu8.com/S/NIO\">Nio</a>With Li Auto, the \"Wei Xiaoli\" pattern that has been stable for many years among emerging car manufacturers has become \"Xiao Wei Li\".</p><p>However, with the entry of Huawei and Xiaomi, and the strong efforts of traditional automakers,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With renewed competition in the automotive industry, a key factor in determining who can go further and more steadily in this battlefield is the character and vision of the founder.</p><p>“Much of a company’s DNA comes from its founder. If the founder saves money, the company will save money too,” He Xiaopeng said. “I come from a technical background, and I pursue technological innovation and product differentiation. I am also quite pragmatic. I hope that these can become a symbol, a mindset, and a culture, and go global.”</p><p>Using his own name as a brand has deeply bound He Xiaopeng and XPeng Motor Company, with both prospering and disgracing each other. He Xiaopeng told \"Caiyue Ni\" that this represents his attitude and responsibility.</p><p>In August and November 2021, \"Caiyue Ni\" conducted two in-depth interviews with He Xiaopeng in Beijing and Guangzhou, attempting to uncover his inner personality traits and business logic.</p><p><img src=\"https://static.tigerbbs.com/53642452f6c22de755e1e8657036e330\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/></p><p><b>Adventurers who start a second business</b></p><p>At heart, He Xiaopeng is a person who loves to take risks and take risks, which stands in stark contrast to his shy appearance and low-key hairstyle.</p><p>He Xiaopeng, born into an ordinary family in Huangshi, Hubei Province, had never left the province or eaten before the college entrance examination.<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>And I've never been on a plane. At the time, he had a belief that traveling ten thousand miles was worse than reading ten thousand books. When filling out his college application, his only goal was to study outside the province, especially in developed cities like Beijing, Shanghai, and Guangzhou, and to see the outside world. He was eventually admitted to South China University of Technology in Guangzhou.</p><p>Today, He Xiaopeng extends this concept to children's education. As long as their lives and health are not seriously threatened, children can take risks and explore things.</p><p>One of his sons, when he was two years old, was particularly mischievous and full of curiosity about the pressure cooker, and his little hands always wanted to touch it. Most parents would stop it immediately, but He Xiaopeng had a different approach. He grabbed his son's hand and carefully let him touch it. As a result, his son was burned to tears and never dared to touch the pressure cooker again.</p><p>These personality traits were also fully demonstrated in his entrepreneurial process.</p><p>In June 2014, UC Browser, founded by He Xiaopeng, was acquired for a hefty $4 billion.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The acquisition brought him enormous wealth. $4 billion was also the highest merger and acquisition price for the Chinese internet at the time.</p><p>Subsequently, He Xiaopeng joined Alibaba, serving successively as president of Alibaba Mobile Business Group, chairman of Alibaba Games, and president of Tudou. Many people believed that He Xiaopeng would settle down and become a millionaire, and that this product manager would no longer be seen in the entrepreneurial world. But in the same year that he \"cashed out\", He Xiaopeng began to plan his new entrepreneurial venture in the new energy vehicle industry and invested in XPeng Motor, which was then called \"Chengxing Zhidong\".</p><p>“When I first saw smart electric vehicles, I immediately thought of the leap from the Symbian or JAVA era to the intelligent era,” He Xiaopeng said.</p><p>He Xiaopeng founded UC Browser, which transcended the eras of Symbian and intelligence. This experience gave him a natural sensitivity to new changes in traditional industries like automobiles. He felt that when this leap first occurred, people in the industry, being vested interests, were often unwilling to believe in this change.</p><p>It was during this industry's dormant period that he felt he had the opportunity to break through.</p><p>\"People in the internet industry are particularly daring to think, which is a characteristic formed by our long-term work,\" said He Xiaopeng.</p><p>In 2015, He Xiaopeng attended an auto show. What impressed him at the time was that 75 new cars were launched in one day at that auto show, which made him realize that the competition in the automotive industry is far more brutal than in the internet industry.</p><p>\"Imagine if the internet industry released 75 UC Browsers a day, wouldn't it feel pressure? Competition in the automotive industry is a global competition, a competition in technology, a competition in brand and reputation,\" said He Xiaopeng.</p><p>This made He Xiaopeng, who was naturally adventurous, even more determined to \"go into the water\" and give it a try.</p><p><b>\"Talking to people with your head tilted back\"</b></p><p>At that time, the success of UC Browser had accumulated a large network of connections and wealth for He Xiaopeng. When he decided to devote himself to intelligent cars, how to direct these resources to new projects and convince his old friends that he could still endure hardship and start a business was a problem that He Xiaopeng urgently needed to solve. His answer was to go all in first.</p><p>“My friends said, ‘Since you dare to go all in, then we can support you,’” He Xiaopeng said. “If I hadn’t given it my all, working a nine-to-five job every day and putting my money into financial management, how could anyone believe me?”</p><p>After devoting himself to starting a business in intelligent cars, learning from traditional cars became an important part of his work. He often tells his colleagues and friends about a common mistake that ordinary people make: drawing wrong conclusions with limited information and sound logic. The reason for this was that the information he received was incomplete, and he considered it a very terrible thing.</p><p>“In your original field, you may already be a doctoral student, but in a new field, you are still in kindergarten. Would you be willing to squat down and talk to others with your head tilted back?” He Xiaopeng said.</p><p>He Xiaopeng has always looked up to the automotive industry. He believes that mobile phones are already a remarkable combination of hardware and software, but a four- or five-meter-long car is a more imaginative and complex combination of hardware and software.</p><p>When he decided to devote himself wholeheartedly to XPeng Automotive, his early partner, Yu Yongfu, the current CEO of Alibaba Local Life and chairman of AutoNavi Group, gave him advice, and it was the only advice he could give—to find someone who could check and balance him. Because He Xiaopeng has many ideas, but not all of them are necessarily correct.</p><p>Today, there are many people within XPeng Motors' senior management who can check and balance him, and their management structure has attracted much attention from the outside world. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also spoke for the first time about the checks and balances and cooperation among management.</p><p>Currently, there are four people at the top of power in XPeng Automotive: He Xiaopeng, Xia Heng, Gu Hongdi, and He Tao. He Xiaopeng comes from the internet industry, Xia Heng and He Tao from the automotive technology field, and Gu Hongdi from the financial field. All four are very young: He Xiaopeng and Gu Hongdi are born in the 1970s, while Xia Heng and He Tao are born in the 1980s.</p><p>He Xiaopeng frankly stated that in the year and a half before their collaboration, there were many challenges. Faced with the same thing, the four of them had different strategies and solutions because they came from different fields.</p><p>For example, at the time, someone suggested setting up a forum within the company to allow employees to post and make suggestions freely. This is a common thing in internet companies, and He Xiaopeng thought that this was enough to do.</p><p>But this is something that \"shouldn't\" be done in the automotive industry. Unlike internet companies, car companies have a large number of partners and suppliers, and a wide variety of job types. The pointed questions raised by employees on the forum not only fail to promote problem-solving, but sometimes lead to misunderstandings due to the excessive diversity of information sources, thus stalling the problem-solving process.</p><p>As a result, the four of them had a heated argument over this matter. Since then, they have adjusted the forum to resolve some important and intense issues through other channels, instead of allowing tens or twenty thousand people to engage in ineffective discussions in the forum.</p><p>“Often, company founders are too familiar with an industry, or their perspectives are too unified. Whether they are right or wrong, they may also be wrong,” He Xiaopeng said. “Balance can help companies reach an organic and compromising point.”</p><p><b>Say no to \"involution\"</b></p><p>2020 was the peak period for He Xiaopeng's second entrepreneurial venture. In August of that year, XPeng went public on the New York Stock Exchange, with a market capitalization of $14.9 billion that day. This was a highlight moment that he couldn't even match when he founded UC Browser.</p><p>Today, XPeng Motors' stock price has tripled, and He Xiaopeng's net worth has risen accordingly. According to Forbes' real-time data, his current net worth has reached $8 billion, surpassing Nio Motors' Li Bin's $4.8 billion, making him the richest emerging Chinese car manufacturer.</p><p><img src=\"https://static.tigerbbs.com/7d75beebe9dfbb968a731155d3840ae8\" tg-width=\"877\" tg-height=\"1904\" referrerpolicy=\"no-referrer\"/></p><p>However, after its launch, XPeng did not slow down. The release of the P7 and P5 gave them family sedans and coupes in the price range of 200,000 to 400,000 yuan, while the debut of the G9 at last year's Guangzhou Auto Show filled the gap in the mid-to-large SUV model market. They have also taken an important step in internationalization, using Norway as a bridgehead to explore the European market; Aerial vehicles were also developed to prepare for \"air battles\" a few years later.</p><p>\"Going public allows us to gain more support from the capital market, which allows us to think about the medium to long term,\" said He Xiaopeng.</p><p>He Xiaopeng is a long-termist. When explaining the name \"XPeng\" to \"Caiyue Ni\", he said that \"small\" represents an original aspiration and represents eternal youth. When applied to corporate management, it will constantly remind oneself to move forward, not to have the problems of large corporations, and not to be satisfied with the status quo. The \"Peng\" is a large bird that can transform into a \"Kun\" and fly very high and far.</p><p>The name \"XPeng\" has always been criticized by the outside world. Some people think the name is rather old-fashioned, while others think it is too arrogant to name a vehicle after their own name. After all, only world-renowned automakers such as Honda and Mercedes-Benz use the name of their founders. He Xiaopeng jokingly told \"Cai Yue Ni\": \"You might feel rustic the first 100 times you read it, but you won't after the 101st time.\"</p><p>He Xiaopeng also has an expectation that in 10 or 20 years, brands named after Chinese names will go global.</p><p>He Xiaopeng has always had great respect for Toyota because they have trained a large number of engineers who can work for Toyota for the rest of their lives. This is particularly valuable among Chinese startups today. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also stated frankly that he hopes to create an environment and mechanism for lifelong service for employees. To this end, they have formulated a set of stock option incentive policies to encourage employees to broaden their horizons.</p><p>“Over the past two or three decades, China’s automotive industry has grown a lot, but to be honest, automotive workers work quite hard. Before new car manufacturers entered the market, their salaries were relatively low,” said He Xiaopeng.</p><p>At the same time, He Xiaopeng also hopes that the company can continue to explore and innovate, such as allowing employees to move to different positions and do different jobs. This will give employees more opportunities and enable them to stay with the company for a long time.</p><p>He Xiaopeng dislikes the word \"involution\". Previously, 35 years old was a hurdle that many internet company employees found difficult to overcome, and news of the dismissal of employees over 35 frequently sparked heated discussions.</p><p>He Xiaopeng stated that he welcomes mid-to-senior level talents aged 35 and above to XPeng Motor Company, and that XPeng currently has employees aged 60 and above. He believes that the automotive industry needs experienced and technically capable people, and these people are often quite old.</p><p>\"I don't pay much attention to whether I'm physically young; we focus on whether I'm mentally young,\" He Xiaopeng said.</p><p>XPeng has been around for seven years now, but compared to those well-known century-old automakers, it is still just a fledgling company. However, they already have more than 10,000 employees, and XPeng plans to expand its workforce to 50,000 in the next three years.</p><p>One question He Xiaopeng often ponders is whether the company could become even stronger if he were to be a cog in the machine. He believes that when a company is small, it focuses on people; when a company grows, it focuses on organization and systems, and everyone, including him, is part of the organizational system.</p><p><b>Product Manager Car Manufacturing</b></p><p>In 2021, the entry of Xiaomi and Huawei made the smart car market full of uncertainties.</p><p>Before deciding to start a car business, Lei Jun had a long phone call with He Xiaopeng to discuss entry methods, capital situation, and industry changes.</p><p>He Xiaopeng highly appreciated Lei Jun's thinking and encouraged him to work together to build cars. He believes that for many companies, the window to build cars has closed, but for companies like Huawei and Xiaomi, the window remains open, mainly because the accumulation of these companies over the years can be quickly transformed into value.</p><p>For example, these companies' technological accumulation allows them to skip the pure electric vehicle stage and directly enter the competition for intelligent vehicles. Before producing smart cars, XPeng Motors had been exploring pure electric vehicles for a long time and had taken some detours.</p><p>In He Xiaopeng's mind, elitism is an unavoidable concept. Besides his high regard for elite companies like Xiaomi and Huawei, his product design philosophy is also full of elitism.</p><p>Years of experience as a product manager have made him firmly believe that an excellent product is unlikely to be completed by too many people, because different people will have different demands. If these different demands are ultimately balanced, then it will be difficult for the product to reach its excellence. The height of a product depends more on the talent of the product manager.</p><p>He also believes that excellent product concepts come from a vision of the future, but many product managers fall into the dilemma of the blind men and the elephant, designing based on existing awareness. He believes that an excellent product manager should have the ability to think outside the box.</p><p>In September 2020, XPeng Motors unveiled a flying car at the Beijing Auto Show that was quite \"leapfrog,\" which once drew ridicule from the outside world—they were already thinking about \"air combat\" before the competition on the ground was over.</p><p>At the press conference on November 18, 2021, He Xiaopeng once again publicly announced that he had recruited many talents in the flight industry, clearly stated that the overall framework of the flying car would be mass-produced in 2024, and hoped to create a great flying car in a few years.</p><p>In fact, He Xiaopeng, who loves to \"fly,\" spends most of his time \"on the ground.\" During his two entrepreneurial ventures, he needed to solve all sorts of problems.</p><p>Currently, the \"chip shortage\" is a major problem facing the automotive industry. On November 18, after giving an exclusive interview to \"Caiyue Ni\", He Xiaopeng attended a conference on chips.</p><p>In 2021, XPeng surpassed Nio in deliveries, taking the top spot among emerging electric vehicle manufacturers. This was partly due to their management of the supply chain, which made them less affected by the \"chip shortage\". NIO, on the other hand, was once shut down due to chip issues.</p><p>“We have discussed this internally many times. In the short term, the chip shortage problem is difficult to solve. We hope that this problem can be solved in three or four quarters,” He Xiaopeng said.</p><p></body></html></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>He Xiaopeng: The Beginning and End of \"Dreamers in the Air\" in Car Manufacturing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHe Xiaopeng: The Beginning and End of \"Dreamers in the Air\" in Car Manufacturing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/91\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">棱镜 </p>\n<p class=\"h-time smaller\">2022-01-16 11:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Despite joining the ranks of top domestic entrepreneurs, He Xiaopeng still hasn't learned to \"tell stories\" to meet audience expectations.</p><p>At the end of 2021, He Xiaopeng was interviewed...<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the interview with the news program \"Caiyue Ni\", he spent most of his time immersed in his imagined world of travel. At the end of the interview, \"Caiyue Ni\" asked him a few quick questions. He got stuck while answering quickly, even though the questions were relatively easy and enjoyable.</p><p>\"Join<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>In four years, what was your happiest moment? \"Wealth Promises You\" asked.</p><p>\"I can't remember,\" He Xiaopeng replied.</p><p>\"Among the post-80s entrepreneurs, which one do you like best: Wang Xing, Zhang Yiming, or Huang Zheng?\" \"Caiyue Ni\" asked again.</p><p>\"It's hard to say.\" After thinking for a second, He Xiaopeng still didn't give an answer.</p><p>This is his usual style. On the one hand, XPeng Motors launched a high-profile \"flying vehicle,\" placing its products in the air, which made the outside world think that the leader of this emerging car manufacturer was arrogant and flamboyant. On the other hand, in his four years of manufacturing cars, He Xiaopeng has never shaken off the character traits of a product manager. He is reserved and cautious, and would rather avoid things he is unsure about than talk nonsense.</p><p>2021 was a year of comeback for XPeng, with deliveries reaching 98,155 vehicles, surpassing...<a href=\"https://laohu8.com/S/NIO\">Nio</a>With Li Auto, the \"Wei Xiaoli\" pattern that has been stable for many years among emerging car manufacturers has become \"Xiao Wei Li\".</p><p>However, with the entry of Huawei and Xiaomi, and the strong efforts of traditional automakers,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With renewed competition in the automotive industry, a key factor in determining who can go further and more steadily in this battlefield is the character and vision of the founder.</p><p>“Much of a company’s DNA comes from its founder. If the founder saves money, the company will save money too,” He Xiaopeng said. “I come from a technical background, and I pursue technological innovation and product differentiation. I am also quite pragmatic. I hope that these can become a symbol, a mindset, and a culture, and go global.”</p><p>Using his own name as a brand has deeply bound He Xiaopeng and XPeng Motor Company, with both prospering and disgracing each other. He Xiaopeng told \"Caiyue Ni\" that this represents his attitude and responsibility.</p><p>In August and November 2021, \"Caiyue Ni\" conducted two in-depth interviews with He Xiaopeng in Beijing and Guangzhou, attempting to uncover his inner personality traits and business logic.</p><p><img src=\"https://static.tigerbbs.com/53642452f6c22de755e1e8657036e330\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/></p><p><b>Adventurers who start a second business</b></p><p>At heart, He Xiaopeng is a person who loves to take risks and take risks, which stands in stark contrast to his shy appearance and low-key hairstyle.</p><p>He Xiaopeng, born into an ordinary family in Huangshi, Hubei Province, had never left the province or eaten before the college entrance examination.<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>And I've never been on a plane. At the time, he had a belief that traveling ten thousand miles was worse than reading ten thousand books. When filling out his college application, his only goal was to study outside the province, especially in developed cities like Beijing, Shanghai, and Guangzhou, and to see the outside world. He was eventually admitted to South China University of Technology in Guangzhou.</p><p>Today, He Xiaopeng extends this concept to children's education. As long as their lives and health are not seriously threatened, children can take risks and explore things.</p><p>One of his sons, when he was two years old, was particularly mischievous and full of curiosity about the pressure cooker, and his little hands always wanted to touch it. Most parents would stop it immediately, but He Xiaopeng had a different approach. He grabbed his son's hand and carefully let him touch it. As a result, his son was burned to tears and never dared to touch the pressure cooker again.</p><p>These personality traits were also fully demonstrated in his entrepreneurial process.</p><p>In June 2014, UC Browser, founded by He Xiaopeng, was acquired for a hefty $4 billion.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The acquisition brought him enormous wealth. $4 billion was also the highest merger and acquisition price for the Chinese internet at the time.</p><p>Subsequently, He Xiaopeng joined Alibaba, serving successively as president of Alibaba Mobile Business Group, chairman of Alibaba Games, and president of Tudou. Many people believed that He Xiaopeng would settle down and become a millionaire, and that this product manager would no longer be seen in the entrepreneurial world. But in the same year that he \"cashed out\", He Xiaopeng began to plan his new entrepreneurial venture in the new energy vehicle industry and invested in XPeng Motor, which was then called \"Chengxing Zhidong\".</p><p>“When I first saw smart electric vehicles, I immediately thought of the leap from the Symbian or JAVA era to the intelligent era,” He Xiaopeng said.</p><p>He Xiaopeng founded UC Browser, which transcended the eras of Symbian and intelligence. This experience gave him a natural sensitivity to new changes in traditional industries like automobiles. He felt that when this leap first occurred, people in the industry, being vested interests, were often unwilling to believe in this change.</p><p>It was during this industry's dormant period that he felt he had the opportunity to break through.</p><p>\"People in the internet industry are particularly daring to think, which is a characteristic formed by our long-term work,\" said He Xiaopeng.</p><p>In 2015, He Xiaopeng attended an auto show. What impressed him at the time was that 75 new cars were launched in one day at that auto show, which made him realize that the competition in the automotive industry is far more brutal than in the internet industry.</p><p>\"Imagine if the internet industry released 75 UC Browsers a day, wouldn't it feel pressure? Competition in the automotive industry is a global competition, a competition in technology, a competition in brand and reputation,\" said He Xiaopeng.</p><p>This made He Xiaopeng, who was naturally adventurous, even more determined to \"go into the water\" and give it a try.</p><p><b>\"Talking to people with your head tilted back\"</b></p><p>At that time, the success of UC Browser had accumulated a large network of connections and wealth for He Xiaopeng. When he decided to devote himself to intelligent cars, how to direct these resources to new projects and convince his old friends that he could still endure hardship and start a business was a problem that He Xiaopeng urgently needed to solve. His answer was to go all in first.</p><p>“My friends said, ‘Since you dare to go all in, then we can support you,’” He Xiaopeng said. “If I hadn’t given it my all, working a nine-to-five job every day and putting my money into financial management, how could anyone believe me?”</p><p>After devoting himself to starting a business in intelligent cars, learning from traditional cars became an important part of his work. He often tells his colleagues and friends about a common mistake that ordinary people make: drawing wrong conclusions with limited information and sound logic. The reason for this was that the information he received was incomplete, and he considered it a very terrible thing.</p><p>“In your original field, you may already be a doctoral student, but in a new field, you are still in kindergarten. Would you be willing to squat down and talk to others with your head tilted back?” He Xiaopeng said.</p><p>He Xiaopeng has always looked up to the automotive industry. He believes that mobile phones are already a remarkable combination of hardware and software, but a four- or five-meter-long car is a more imaginative and complex combination of hardware and software.</p><p>When he decided to devote himself wholeheartedly to XPeng Automotive, his early partner, Yu Yongfu, the current CEO of Alibaba Local Life and chairman of AutoNavi Group, gave him advice, and it was the only advice he could give—to find someone who could check and balance him. Because He Xiaopeng has many ideas, but not all of them are necessarily correct.</p><p>Today, there are many people within XPeng Motors' senior management who can check and balance him, and their management structure has attracted much attention from the outside world. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also spoke for the first time about the checks and balances and cooperation among management.</p><p>Currently, there are four people at the top of power in XPeng Automotive: He Xiaopeng, Xia Heng, Gu Hongdi, and He Tao. He Xiaopeng comes from the internet industry, Xia Heng and He Tao from the automotive technology field, and Gu Hongdi from the financial field. All four are very young: He Xiaopeng and Gu Hongdi are born in the 1970s, while Xia Heng and He Tao are born in the 1980s.</p><p>He Xiaopeng frankly stated that in the year and a half before their collaboration, there were many challenges. Faced with the same thing, the four of them had different strategies and solutions because they came from different fields.</p><p>For example, at the time, someone suggested setting up a forum within the company to allow employees to post and make suggestions freely. This is a common thing in internet companies, and He Xiaopeng thought that this was enough to do.</p><p>But this is something that \"shouldn't\" be done in the automotive industry. Unlike internet companies, car companies have a large number of partners and suppliers, and a wide variety of job types. The pointed questions raised by employees on the forum not only fail to promote problem-solving, but sometimes lead to misunderstandings due to the excessive diversity of information sources, thus stalling the problem-solving process.</p><p>As a result, the four of them had a heated argument over this matter. Since then, they have adjusted the forum to resolve some important and intense issues through other channels, instead of allowing tens or twenty thousand people to engage in ineffective discussions in the forum.</p><p>“Often, company founders are too familiar with an industry, or their perspectives are too unified. Whether they are right or wrong, they may also be wrong,” He Xiaopeng said. “Balance can help companies reach an organic and compromising point.”</p><p><b>Say no to \"involution\"</b></p><p>2020 was the peak period for He Xiaopeng's second entrepreneurial venture. In August of that year, XPeng went public on the New York Stock Exchange, with a market capitalization of $14.9 billion that day. This was a highlight moment that he couldn't even match when he founded UC Browser.</p><p>Today, XPeng Motors' stock price has tripled, and He Xiaopeng's net worth has risen accordingly. According to Forbes' real-time data, his current net worth has reached $8 billion, surpassing Nio Motors' Li Bin's $4.8 billion, making him the richest emerging Chinese car manufacturer.</p><p><img src=\"https://static.tigerbbs.com/7d75beebe9dfbb968a731155d3840ae8\" tg-width=\"877\" tg-height=\"1904\" referrerpolicy=\"no-referrer\"/></p><p>However, after its launch, XPeng did not slow down. The release of the P7 and P5 gave them family sedans and coupes in the price range of 200,000 to 400,000 yuan, while the debut of the G9 at last year's Guangzhou Auto Show filled the gap in the mid-to-large SUV model market. They have also taken an important step in internationalization, using Norway as a bridgehead to explore the European market; Aerial vehicles were also developed to prepare for \"air battles\" a few years later.</p><p>\"Going public allows us to gain more support from the capital market, which allows us to think about the medium to long term,\" said He Xiaopeng.</p><p>He Xiaopeng is a long-termist. When explaining the name \"XPeng\" to \"Caiyue Ni\", he said that \"small\" represents an original aspiration and represents eternal youth. When applied to corporate management, it will constantly remind oneself to move forward, not to have the problems of large corporations, and not to be satisfied with the status quo. The \"Peng\" is a large bird that can transform into a \"Kun\" and fly very high and far.</p><p>The name \"XPeng\" has always been criticized by the outside world. Some people think the name is rather old-fashioned, while others think it is too arrogant to name a vehicle after their own name. After all, only world-renowned automakers such as Honda and Mercedes-Benz use the name of their founders. He Xiaopeng jokingly told \"Cai Yue Ni\": \"You might feel rustic the first 100 times you read it, but you won't after the 101st time.\"</p><p>He Xiaopeng also has an expectation that in 10 or 20 years, brands named after Chinese names will go global.</p><p>He Xiaopeng has always had great respect for Toyota because they have trained a large number of engineers who can work for Toyota for the rest of their lives. This is particularly valuable among Chinese startups today. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also stated frankly that he hopes to create an environment and mechanism for lifelong service for employees. To this end, they have formulated a set of stock option incentive policies to encourage employees to broaden their horizons.</p><p>“Over the past two or three decades, China’s automotive industry has grown a lot, but to be honest, automotive workers work quite hard. Before new car manufacturers entered the market, their salaries were relatively low,” said He Xiaopeng.</p><p>At the same time, He Xiaopeng also hopes that the company can continue to explore and innovate, such as allowing employees to move to different positions and do different jobs. This will give employees more opportunities and enable them to stay with the company for a long time.</p><p>He Xiaopeng dislikes the word \"involution\". Previously, 35 years old was a hurdle that many internet company employees found difficult to overcome, and news of the dismissal of employees over 35 frequently sparked heated discussions.</p><p>He Xiaopeng stated that he welcomes mid-to-senior level talents aged 35 and above to XPeng Motor Company, and that XPeng currently has employees aged 60 and above. He believes that the automotive industry needs experienced and technically capable people, and these people are often quite old.</p><p>\"I don't pay much attention to whether I'm physically young; we focus on whether I'm mentally young,\" He Xiaopeng said.</p><p>XPeng has been around for seven years now, but compared to those well-known century-old automakers, it is still just a fledgling company. However, they already have more than 10,000 employees, and XPeng plans to expand its workforce to 50,000 in the next three years.</p><p>One question He Xiaopeng often ponders is whether the company could become even stronger if he were to be a cog in the machine. He believes that when a company is small, it focuses on people; when a company grows, it focuses on organization and systems, and everyone, including him, is part of the organizational system.</p><p><b>Product Manager Car Manufacturing</b></p><p>In 2021, the entry of Xiaomi and Huawei made the smart car market full of uncertainties.</p><p>Before deciding to start a car business, Lei Jun had a long phone call with He Xiaopeng to discuss entry methods, capital situation, and industry changes.</p><p>He Xiaopeng highly appreciated Lei Jun's thinking and encouraged him to work together to build cars. He believes that for many companies, the window to build cars has closed, but for companies like Huawei and Xiaomi, the window remains open, mainly because the accumulation of these companies over the years can be quickly transformed into value.</p><p>For example, these companies' technological accumulation allows them to skip the pure electric vehicle stage and directly enter the competition for intelligent vehicles. Before producing smart cars, XPeng Motors had been exploring pure electric vehicles for a long time and had taken some detours.</p><p>In He Xiaopeng's mind, elitism is an unavoidable concept. Besides his high regard for elite companies like Xiaomi and Huawei, his product design philosophy is also full of elitism.</p><p>Years of experience as a product manager have made him firmly believe that an excellent product is unlikely to be completed by too many people, because different people will have different demands. If these different demands are ultimately balanced, then it will be difficult for the product to reach its excellence. The height of a product depends more on the talent of the product manager.</p><p>He also believes that excellent product concepts come from a vision of the future, but many product managers fall into the dilemma of the blind men and the elephant, designing based on existing awareness. He believes that an excellent product manager should have the ability to think outside the box.</p><p>In September 2020, XPeng Motors unveiled a flying car at the Beijing Auto Show that was quite \"leapfrog,\" which once drew ridicule from the outside world—they were already thinking about \"air combat\" before the competition on the ground was over.</p><p>At the press conference on November 18, 2021, He Xiaopeng once again publicly announced that he had recruited many talents in the flight industry, clearly stated that the overall framework of the flying car would be mass-produced in 2024, and hoped to create a great flying car in a few years.</p><p>In fact, He Xiaopeng, who loves to \"fly,\" spends most of his time \"on the ground.\" During his two entrepreneurial ventures, he needed to solve all sorts of problems.</p><p>Currently, the \"chip shortage\" is a major problem facing the automotive industry. On November 18, after giving an exclusive interview to \"Caiyue Ni\", He Xiaopeng attended a conference on chips.</p><p>In 2021, XPeng surpassed Nio in deliveries, taking the top spot among emerging electric vehicle manufacturers. This was partly due to their management of the supply chain, which made them less affected by the \"chip shortage\". NIO, on the other hand, was once shut down due to chip issues.</p><p>“We have discussed this internally many times. In the short term, the chip shortage problem is difficult to solve. We hope that this problem can be solved in three or four quarters,” He Xiaopeng said.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e9d0f16131bea4ece2670f7550b214b","relate_stocks":{"BK4526":"热门中概股","BK1119":"汽车制造商","BK1588":"回港中概股","BK4505":"高瓴资本持仓","BK1587":"次新股","09868":"小鹏集团-W","BK1575":"同股不同权","BK4555":"新能源车","XPEV":"小鹏集团","BK4551":"寇图资本持仓","BK4099":"汽车制造商","BK1539":"汽车股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105926115","content_text":"跻身国内顶级企业家群，何小鹏还是没有学会迎合观众期待值去“讲故事”。2021年年底，何小鹏在接受腾讯新闻《财约你》专访时，大多数时间都沉浸在自己所畅想的出行世界中。在专访的最后，《财约你》向他提出了几个快问题，他在速答时出现了卡壳，即便问题都比较轻松愉快。“加入小鹏汽车四年，你最快乐的时刻是什么时候？”《财约你》问。“想不起来了。”何小鹏答。“80后创业者中，王兴、张一鸣、黄铮你最喜欢哪一个？”《财约你》再问。“不好说。”想了一秒钟，何小鹏依然没有给出答案。这是他一贯的风格。一方面，小鹏汽车高调推出“飞行器”，将产品布局在空中，让外界觉得这家造车新势力的掌门人轻狂、张扬；另一方面，造车4年，何小鹏始终没有摆脱产品经理的性格痕迹，内敛、谨慎，拿不准的宁可回避也不乱说。2021年是小鹏汽车逆袭的一年，交付量达到98155辆，超越了蔚来和理想，造车新势力稳固多年的“蔚小理”格局变成了“小蔚理”。不过，随着华为、小米的入局，传统车企的强势发力，智能汽车这个行业硝烟再起，谁能在这个战场里走得更稳、更远，一个重要的因素就是创始人的性格和格局。“一个企业的基因，很多是来自创始人身上的基因，如果创始人节约，那企业也会节约。”何小鹏说，“我是技术出身，追求技术上的创新、产品上的差异，也比较务实，我希望这些能够成为一种符号、心智和文化，走向全球。”用自己的名字做品牌让何小鹏与小鹏汽车深度捆绑，一荣俱荣，一辱俱辱。何小鹏向《财约你》表示，这代表了他的态度和责任。2021年的8月和11月，《财约你》在北京、广州两次深度对话何小鹏，试图挖掘他内心深处的性格特征和商业逻辑。二次创业的冒险家骨子里，何小鹏就是一个爱折腾、爱冒险的人，这与他腼腆的长相、低调的发型形成鲜明对比。出生于湖北黄石一个普通家庭的何小鹏，高考前没有出过省，没有吃过麦当劳，更没有坐过飞机。当时，他有一个信念，读万卷书不如行万里路，在高考填报志愿时，唯一的目标就是去省外上学，尤其是北上广这样的发达城市，去看看外面的世界。最终他被位于广州的华南理工大学录取。如今，何小鹏把这种理念延伸到对孩子的教育上，只要生命健康不被严重威胁，孩子们就可以去冒险探索一些事情。他的一个儿子在两岁时，特别调皮，对高压锅充满了好奇心，小手总是想去摸一下。一般的家长会马上制止，但何小鹏却有不同的处理方法。他抓着儿子的手，小心翼翼地让儿子摸了一下，结果儿子被烫哭了，再也不敢去摸高压锅了。这些性格特征在他的创业过程中也被彰显无遗。2014年6月，何小鹏创办的UC浏览器以40亿美元的高价被阿里巴巴收购，为他带来了巨额财富。40亿美元也是当时中国互联网最高的并购价。随后，何小鹏加入阿里，先后担任阿里移动事业群总裁、阿里游戏董事长、土豆总裁，很多人都认为何小鹏将会安心地做一个富豪，创业江湖中将不会再有这个产品经理的身影。但就在“套现”当年，何小鹏开始谋划新能源汽车的再创业，并投资了当时还叫“橙行智动”的小鹏汽车。“当我第一次看到智能电动车的时候，我马上想到的是从塞班时代或JAVA时代向智能时代的跳跃。”何小鹏说。何小鹏创办的UC浏览器正是跨越了塞班和智能两个时代，这经历让他对汽车这种个传统行业的新变化有着天然的敏感。他觉得，在这种跳跃刚刚发生时，行业里的人由于是既得利益者，往往不愿意相信这种变化。也正是在这种行业的沉睡期，让他觉得自己有机会可以撕开一个口子。“互联网行业出来的人，都特别敢想，这是我们长期工作形成的一个特点。”何小鹏说。2015年，何小鹏曾经去参加了一次车展。当时，给他留下深刻印象的是，那次车展一天发布了75款新车，这让他深感汽车行业竞争的残酷要远远大于互联网行业。“试想，如果互联网行业一天发布75个UC浏览器，会不会有压力？汽车的竞争是全球的竞争、科技的竞争、品牌和口碑的竞争。”何小鹏说。这让天生爱冒险的何小鹏更有“下水”一试的决心。“仰着头跟人说话”彼时，UC浏览器的成功为何小鹏积攒了大量的人脉和财富，决定投身智能汽车时，如何将这些资源引流到新项目上，让老伙计们相信他依然能够吃苦创业，是何小鹏急需解决的问题。他的答案是，首先自己all in。“朋友们说，既然你敢all in，那我们就可以支持你。”何小鹏说，“如果我没有全力以赴，每天朝九晚五，把自己的钱拿去理财，那别人怎么会相信我。”在投身智能汽车的创业之后，向传统汽车学习，成为了他的一个重要工作。他经常向同事、朋友讲述一个普通人容易犯的错误：用有限的信息，在正确的逻辑下，得出错误的结论。之所以这样，就是因为获得的信息不全面，他认为这是一件非常可怕的事情。“在原来的领域，你可能已经是博士生了，但是在新领域，你还是在上幼儿园，那你愿不愿意蹲下来，仰着头跟别人说话呢？”何小鹏说。何小鹏一直仰视着汽车这个行业，他认为，手机已经是一个了不起的软硬件结合体，但四五米长的汽车，是一个想象空间更大、更复杂的软硬件结合体。而在决定全身心投入到小鹏汽车时，他早期的合伙人、现任阿里本地生活CEO、高德集团董事长俞永福曾给了他一个建议，并且是唯一的建议——让他找一个可以制衡自己的人。因为何小鹏的想法太多，但不一定都正确。如今，小鹏汽车高层内部就有不少可以制衡他的人，他们的管理架构也备受外界关注。在接受《财约你》专访时，何小鹏也首次讲述了管理层的制衡和合作。目前，站在小鹏汽车权力顶层的有四个人：何小鹏、夏珩、顾宏地、何涛。何小鹏来自互联网行业，夏珩、何涛来自汽车技术领域，顾宏地则来自金融领域。四个人都很年轻，何小鹏、顾宏地是70后，夏珩、何涛则是80后。何小鹏直言，在他们合作的前一年半中，挑战很多，面对同一件事情，由于来自不同的领域，四人的策略、解决方案也不同。比如当时，有人建议在公司内部设立一个论坛，允许员工随意发帖，提建议，这在互联网公司里是一件常见的事情，何小鹏就觉得这件事做就行了。但这在汽车行业里是一件“不应该”的事情。与互联网公司不同，车企有大量的合作伙伴、供应商，岗位的类型也很多。论坛上的员工们提出的尖锐问题，不但不能促进问题的解决，有时还会因为信息来源过于多元造成误解，从而使得问题解决方案停滞不前。于是，四人在这件事上进行了激烈的争吵。此后，他们对论坛进行了调整，对于一些重要的、激烈的问题通过其他渠道进行解决，而不是在论坛里让一两万人进行无效讨论。“很多时候，企业创始人对一个行业太熟悉了，或者角度太统一，对是一样的对，错也可能是一样的错。”何小鹏说，“平衡能使企业达到一个有机、妥协的点。”对“内卷”说不2020年是何小鹏二次创业的高峰期。这一年的8月，小鹏汽车登陆纽交所，当天市值就高达149亿美金。这是他在创办UC浏览器时都比不上的高光时刻。如今，小鹏汽车的股价涨了三倍，何小鹏身家水涨船高。根据福布斯实时数据，他如今的身价达到80亿美元，超过了蔚来汽车李斌48亿美元，成为了中国造车新势力的首富。不过，上市之后，小鹏汽车的脚步没有放慢，P7、P5的发布让他们在20万-40万的价格区间拥有了家用轿车、轿跑，而G9在去年广州车展的亮相则补全了中大型SUV车型的空白。他们在国际化上也迈出了重要一步，以挪威为桥头堡，开拓了欧洲市场；还研制了空中飞行器，为几年后的“空战”做准备。“上市对于我们来说，可以获得资本市场更多的支持，这让我们能够做一些中长线的思考。”何小鹏说。何小鹏是一个长期主义者，他在向《财约你》解释“小鹏”这个名字的时候说，“小”代表一种初心，代表永远年轻，放在企业管理上，就会时刻提醒自己要向前，不能有大企业病，不能满足现状；“鹏”则是一种大鸟，可以化成“鲲”，飞得很高、很远。而一直以来，外界都对“小鹏”这个名字颇有非议，有觉得名字比较土的，也有认为用自己的名字来命名车辆太狂妄的，毕竟本田、奔驰这些世界知名车企才会用创始人名字。何小鹏则向《财约你》笑谈：“你读前100遍的时候会有土的感觉，但是第101遍就不会。”何小鹏也有个期待，就是再过10年、20年，用中国名字命名的品牌会走向世界。何小鹏一直都对丰田这家企业充满敬意，因为他们培养了大量的、可以一生都在丰田工作的工程师。这在今天的中国创业企业当中显得尤为珍贵。在接受《财约你》专访时，何小鹏也直言，希望能够为员工创造一个终生服务的环境和机制，为此他们制定了一套期权激励政策，就是希望员工们将目光放得更远。“过去二三十年，中国的汽车成长了很多，但说实话，汽车人是挺辛苦的，在造车新势力没有进来之前，汽车人的待遇也比较低。”何小鹏说。同时，何小鹏也期待公司能够继续折腾、创新，比如让员工换到不同的岗位，从事不同的工作，这会让员工获得更多的机会，从而能够在公司长时间干下去。何小鹏不喜欢“内卷”这个词。在此前，35岁曾是很多互联网公司员工难以逾越的坎，辞退35岁以上员工的新闻也频频引发热议。何小鹏则表示，他欢迎35岁以上的中高级段位的人才来到小鹏汽车，目前小鹏也有60岁以上的员工。他认为，汽车这个行业需要那些有经验的、技术实力强的人，而这些人的年龄往往都比较大。“我不太关注身体是否年轻，我们关注的是心态是否年轻。”何小鹏说如今的小鹏汽车已经走过了7个年头，与那些知名的百年车企相比，还只是个毛头小子。不过，他们的员工已经超过了万人，未来三年，小鹏还计划将员工规模扩大到5万人。何小鹏经常思考的一个问题是，如果让他做一个螺丝钉，公司是否还能做得更强？他认为，当企业很小的时候，重视的是人，当企业做大的时候，就要重视组织和体系，包括他在内，每个人都是组织体系的一部分。产品经理造车路2021年，小米、华为的入局，让智能汽车的赛道充满未知数。雷军在决定做汽车之前，曾经给何小鹏打过一个很长时间的电话，交流了切入的方法、资本的情况、行业的变革等。何小鹏对雷军的思考很认可，并鼓励雷军一起造车。他认为，对于很多企业来说，造车的窗口已经关闭，但对于华为、小米这样的企业来说，窗口仍然敞开着，主要是因为这些企业多年的积累可以迅速转换成价值。比如，这些企业在技术上的积累，可以让他们跳过纯电动车这个环节，直接进入到智能汽车的竞争中。而小鹏汽车在生产智能汽车之前，曾探索了很久纯电动车，走过了弯路。在何小鹏的意识中，精英主义是一个绕不过去的概念。他除了对小米、华为这样的精英企业倍加推崇之外，在产品设计的理念上也充满了精英主义的影子。多年的产品经理生涯，让他坚信，一个极致的产品不太可能由太多的人共同参与完成，因为不同的人会有不同的诉求，如果最后平衡了这些不同的诉求，那么产品就很难达到极致。一个产品的高度更依赖产品经理的天赋高度。他还认为，优秀的产品理念来自于对未来的看法，但是很多产品经理会陷入到盲人摸象的困境之中，基于已有的意识去设计。他认为，优秀的产品经理应该有跳跃性的思考能力。2020年9月，小鹏汽车在北京车展发布的飞行汽车器就很有“跳跃性”，这一度引起了外界对他们的嘲讽——地面上的竞争还没打完，就想着“空战”了。在2021年11月18日的发布会上，何小鹏再次公开对外宣布，已经招募了很多飞行行业的人才，明确将在2024年量产飞行汽车的整体框架，并希望用几年的时间打造一款很棒的飞行汽车。事实上，爱“飞翔”的何小鹏更多时候还是在“地上”，两次创业过程中，他需要解决各种各样的难题。时下，“芯片荒”是汽车行业面临的一大难题。11月18日，在接受《财约你》专访完之后，何小鹏就去参加了一个有关芯片的会议。在2021年，小鹏汽车的交付量超过了蔚来，独占造车新势力的交付排行榜榜首，这在一定程度上正是得益于他们对供应链的管理，较少受到“芯片荒”的影响。而蔚来汽车，则一度因为芯片问题，陷入停产状态。“我们内部讨论过很多次，短期内，芯片荒的问题很难解决，我们期待三四个季度后，这个问题能够得到解决吧。”何小鹏说。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":4216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005835770,"gmtCreate":1642223545321,"gmtModify":1676533694427,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Happy&nbsp;","listText":"Happy&nbsp;","text":"Happy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005835770","repostId":"1154278005","repostType":4,"isVote":1,"tweetType":1,"viewCount":6481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005903358,"gmtCreate":1642130039096,"gmtModify":1676533684915,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005903358","repostId":"1141935271","repostType":4,"repost":{"id":"1141935271","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点，观察市场，提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1642126617,"share":"https://ttm.financial/m/news/1141935271?lang=en_US&edition=fundamental","pubTime":"2022-01-14 10:16","market":"us","language":"zh","title":"Tiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1141935271","media":"老虎锐评","summary":"为何30年都不上市的公司，突然上市了？","content":"<p><html><head></head><body>U.S. stocks fell on Thursday, with Nasdaq plunging 2.5% and Chinese stocks falling 6%.</p><p><img src=\"https://static.tigerbbs.com/6db99d5fbcec803c7b7d074ea53de752\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>The famous TPG goes public, but do you dare to buy the stock?</b></p><p>Prominent private equity firm TPG went public today, closing 15% higher than its IPO price. Today, the market is very weak, and Nasdaq plummeted. Such stock price performance is commendable. TPG has been established for 30 years and has a good reputation, but because it is not a listed company, everyone can only see the financial situation in the fog. Should we use TPG's reputation to charge the stock market, or should we slowly think about a question-why did the company that had not been listed for 30 years suddenly go public?</p><p>TPG's S1 can be described as extremely complicated, with a length of 459 pages (Rivian was only listed some time ago with less than 300 pages). Of course, the complexity of S1 proves that the company is willing to disclose, and whether it can be read or not depends on your level. You think that the purpose of a company's listing is nothing more than to make money, which is naive. This round of TPG's listing is about the transfer of assets.</p><p>Let's start with the big picture. According to the company's S1 disclosure, this round of IPO, excluding the old shareholder China Life selling shares and listing underwriting fees, TPG expects the revenue to be $820 million (after green shoes).</p><p><img src=\"https://static.tigerbbs.com/9bf32d7816a1ac3b9cf28f0b1b158a1c\" tg-width=\"719\" tg-height=\"139\" width=\"100%\" height=\"auto\"/></p><p>You think this $820 million will go into the company's books, no, this $820 million should first give $380 million to the company's old shareholders (not the old shareholders of China Life). Generally speaking, a prospectus can clearly see which old shareholders sold their stocks to withdraw, but this prospectus can't be seen at all. Just saying that the $380 million will go to the old shareholders of a company called TPG Operating Group.</p><p>The shares in this public offering are shares of TPG Partners, but TPG Partners is only a shell company and the real Operating company is TPG Operating Group. This is very powerful, because the shareholders of TPG Operating Group are completely hidden, so we don't know how the $380 million will be distributed to old shareholders. The operations of the TPG Operating Group are well concealed through this operation.</p><p>It is small for old shareholders to cash out through this anonymous operation. The real problem lies in some asset transfers carried out by the listing of TPG. The prospectus did not hide it, saying that this operation was called \"reorganization\". The following picture is the structure diagram before and after this \"reorganization\" in the company's prospectus.</p><p><img src=\"https://static.tigerbbs.com/1d4cdde7c992a6a198378084e9c81590\" tg-width=\"775\" tg-height=\"337\" width=\"100%\" height=\"auto\"/></p><p>Through this listing, all institutional/retail shareholders received 11% equity and 1.4% voting rights in the actual company, but this completely did not reflect the true asset transfer situation.</p><p>According to page 126 of the prospectus, in addition to the old shareholders taking $380 million in cash, the old shareholders also divested the assets of TPG Operating Group of $1.15 billion through a number of operations.</p><p><img src=\"https://static.tigerbbs.com/46dee0004f1f082d6dbb06ab12893faf\" tg-width=\"791\" tg-height=\"231\" width=\"100%\" height=\"auto\"/></p><p>This includes $80 million in cash and two large investments ($720 million and $250 million). Of these, $720 million has no public investment target, and $250 million comes from TPG Group Holdings (SBS). According to the data from the Care Book, the cost of this investment in 2019 was $180 million, which means that the benefit reached 34% in two years.</p><p>I don't know what considerations TPG's old shareholders took to divesting the $1.1 billion assets from the assets of listed companies, and of course the prospectus won't explain it. However, this kind of operation will inevitably make people think that the company has the suspicion of divesting good assets and listing bad assets. If this is listed on the Shanghai Stock Exchange, 100% will receive an inquiry letter from the CSRC.</p><p>It is usually thought that when a company goes public, it is at most A shares and B shares, two kinds of equity. But TPG's listing just came up with four things: ordinary A shares, A shares without voting rights, B shares and Common Unit. Really a master of equity operation.</p><p><b>Company News</b></p><p><b>TPG Partners (TPG): IPO offering price $29.50, open $33, up 15%.</b></p><p><img src=\"https://static.tigerbbs.com/164be6623bcb921239a016153a234acc\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>Ford Motor (F): Market cap topped $100 billion for the first time, gaining as much as 5.7% today and up 2% at the close.</b>Ford Motor currently outperforms General Motors (GM) and Rivian (RIVN) in market capitalization, but still trails Tesla (TSLA) significantly.</p><p></body></html></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>Tiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\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\">老虎锐评 </p>\n<p class=\"h-time smaller\">2022-01-14 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stocks fell on Thursday, with Nasdaq plunging 2.5% and Chinese stocks falling 6%.</p><p><img src=\"https://static.tigerbbs.com/6db99d5fbcec803c7b7d074ea53de752\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>The famous TPG goes public, but do you dare to buy the stock?</b></p><p>Prominent private equity firm TPG went public today, closing 15% higher than its IPO price. Today, the market is very weak, and Nasdaq plummeted. Such stock price performance is commendable. TPG has been established for 30 years and has a good reputation, but because it is not a listed company, everyone can only see the financial situation in the fog. Should we use TPG's reputation to charge the stock market, or should we slowly think about a question-why did the company that had not been listed for 30 years suddenly go public?</p><p>TPG's S1 can be described as extremely complicated, with a length of 459 pages (Rivian was only listed some time ago with less than 300 pages). Of course, the complexity of S1 proves that the company is willing to disclose, and whether it can be read or not depends on your level. You think that the purpose of a company's listing is nothing more than to make money, which is naive. This round of TPG's listing is about the transfer of assets.</p><p>Let's start with the big picture. According to the company's S1 disclosure, this round of IPO, excluding the old shareholder China Life selling shares and listing underwriting fees, TPG expects the revenue to be $820 million (after green shoes).</p><p><img src=\"https://static.tigerbbs.com/9bf32d7816a1ac3b9cf28f0b1b158a1c\" tg-width=\"719\" tg-height=\"139\" width=\"100%\" height=\"auto\"/></p><p>You think this $820 million will go into the company's books, no, this $820 million should first give $380 million to the company's old shareholders (not the old shareholders of China Life). Generally speaking, a prospectus can clearly see which old shareholders sold their stocks to withdraw, but this prospectus can't be seen at all. Just saying that the $380 million will go to the old shareholders of a company called TPG Operating Group.</p><p>The shares in this public offering are shares of TPG Partners, but TPG Partners is only a shell company and the real Operating company is TPG Operating Group. This is very powerful, because the shareholders of TPG Operating Group are completely hidden, so we don't know how the $380 million will be distributed to old shareholders. The operations of the TPG Operating Group are well concealed through this operation.</p><p>It is small for old shareholders to cash out through this anonymous operation. The real problem lies in some asset transfers carried out by the listing of TPG. The prospectus did not hide it, saying that this operation was called \"reorganization\". The following picture is the structure diagram before and after this \"reorganization\" in the company's prospectus.</p><p><img src=\"https://static.tigerbbs.com/1d4cdde7c992a6a198378084e9c81590\" tg-width=\"775\" tg-height=\"337\" width=\"100%\" height=\"auto\"/></p><p>Through this listing, all institutional/retail shareholders received 11% equity and 1.4% voting rights in the actual company, but this completely did not reflect the true asset transfer situation.</p><p>According to page 126 of the prospectus, in addition to the old shareholders taking $380 million in cash, the old shareholders also divested the assets of TPG Operating Group of $1.15 billion through a number of operations.</p><p><img src=\"https://static.tigerbbs.com/46dee0004f1f082d6dbb06ab12893faf\" tg-width=\"791\" tg-height=\"231\" width=\"100%\" height=\"auto\"/></p><p>This includes $80 million in cash and two large investments ($720 million and $250 million). Of these, $720 million has no public investment target, and $250 million comes from TPG Group Holdings (SBS). According to the data from the Care Book, the cost of this investment in 2019 was $180 million, which means that the benefit reached 34% in two years.</p><p>I don't know what considerations TPG's old shareholders took to divesting the $1.1 billion assets from the assets of listed companies, and of course the prospectus won't explain it. However, this kind of operation will inevitably make people think that the company has the suspicion of divesting good assets and listing bad assets. If this is listed on the Shanghai Stock Exchange, 100% will receive an inquiry letter from the CSRC.</p><p>It is usually thought that when a company goes public, it is at most A shares and B shares, two kinds of equity. But TPG's listing just came up with four things: ordinary A shares, A shares without voting rights, B shares and Common Unit. Really a master of equity operation.</p><p><b>Company News</b></p><p><b>TPG Partners (TPG): IPO offering price $29.50, open $33, up 15%.</b></p><p><img src=\"https://static.tigerbbs.com/164be6623bcb921239a016153a234acc\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>Ford Motor (F): Market cap topped $100 billion for the first time, gaining as much as 5.7% today and up 2% at the close.</b>Ford Motor currently outperforms General Motors (GM) and Rivian (RIVN) in market capitalization, but still trails Tesla (TSLA) significantly.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e51dca4aea5a4f4975d48e2264c0446","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141935271","content_text":"周四美股下跌，纳斯达克大跌2.5%，中概股跟跌6%。大名鼎鼎的TPG上市，但股票你敢买吗？著名私募公司TPG今天上市，收盘价格较IPO价格上涨15%。今天大盘很弱纳斯达克大跌，这样的股价表现难能可贵。TPG成立了30年，名声响亮，但由于不是上市公司，财务状况大家都只能雾里看花。是借着TPG的名声去股市冲锋，还是先缓缓想一个问题——为何30年都不上市的公司，突然上市了？TPG的S1可谓是极其复杂，长达459页（前段时间才上市Rivian才300页不到）。当然，S1复杂证明公司愿意披露，能不能读懂就是看各位的水平了。你以为一个公司上市的目的无非就是圈钱，幼稚。TPG这一轮上市，玩的是资产大转移。先从大的方面来说。根据公司S1披露，这一轮IPO上市，刨去老股东China Life卖股票和上市承销费用，TPG预计收入将是$8.2亿（绿鞋后）。你以为这$8.2亿会进入公司的账本，不会，这$8.2亿首先要拿出$3.8亿给公司的老股东（非China Life的老股东）。通常来说，一个招股书能够清晰看出是哪些老股东售卖股票退出，但是这份招股书却完全看不出来。只是说这$3.8亿会给一家公司的老股东，这家公司叫做TPG Operating Group。这次公开发行的股票是TPG Partners的股票，但是TPG Partners只是一个壳公司，真正运营公司是TPG Operating Group。这招非常厉害，因为TPG Operating Group的股东被完全隐藏起来了，所以并不知道这$3.8亿怎么分配给老股东。TPG Operating Group的运营情况，也通过这种操作，被很好的隐藏起来。老股东通过这种匿名操作套现事情算小，真正的问题在于还是TPG上市来进行的一些列资产转移。招股书也没有隐瞒，称这个操作叫做“重组”，下图是公司招股书中关于这次“重组”前后的结构图。通过这次上市，所有的机构/零售股东得到了实际公司11%的股权和1.4%的投票权，但这完全没有反映真实的资产转移情况。根据招股书第126页显示，除了老股东拿走$3.8亿现金之外，老股东还通过一些列操作，剥离了TPG Operating Group旗下$11.5亿的资产。这其中包括现金$0.8亿，以及两个大的投资（一笔$7.2亿，一笔$2.5亿）。其中$7.2亿的投资并没有公开投资标的，$2.5亿来自于TPG Group Holdings (SBS)。根据照顾书的数据显示，这笔投资2019年的成本是$1.8亿，也就是说两年收益达到了34%。不知道TPG的老股东是经过什么考虑，把这$11亿资产从上市公司的资产中剥离出去，当然招股书也不会解释。但这种操作难免会让人觉得公司有把好资产剥离，坏资产上市的嫌疑。这要是在上交所上市，100%会收到证监会的询问函。通常以为一家公司上市，最多就是A股和B股，两种股权。但TPG上市硬是搞出了4种东西：普通A股，没有投票权的A股，B股和Common Unit。真的是股权运作的高手。公司新闻TPG Partners(TPG)：IPO发行价$29.50，开盘$33，涨15%。 福特汽车(F)：市值首次突破$1,000亿，今日最高上涨5.7%，截止收盘上涨2%。福特汽车目前市值超过通用汽车(GM)和Rivian(RIVN)，但仍大幅落后于特斯拉(TSLA)。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869808120,"gmtCreate":1632270270860,"gmtModify":1676530738814,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"????…….","listText":"????…….","text":"????…….","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/869808120","repostId":"2169063415","repostType":4,"repost":{"id":"2169063415","kind":"highlight","pubTimestamp":1632269610,"share":"https://ttm.financial/m/news/2169063415?lang=en_US&edition=fundamental","pubTime":"2021-09-22 08:13","market":"hk","language":"zh","title":"US House Democrats plan to vote on infrastructure bill next week","url":"https://stock-news.laohu8.com/highlight/detail?id=2169063415","media":"市场资讯","summary":"美国众议院民主党领袖们计划在下周一对参议院通过的基础设施法案进行投票，此举可能加剧民主党内的分歧，并令总统乔·拜登的经济议程面临挫折。　　然而，进步派民主党人坚持认为，若在众议院和参议院通过更广泛的社会和其他项目支出法案之前，众议院就对基建法案进行投票，那么他们不会投赞成票。　　他指出，相信众议院民主党人会团结一致，最终通过两项法案。","content":"<p>Democratic leaders in the U.S. House of Representatives plan to vote on an infrastructure bill passed by the Senate next Monday, a move that could worsen divisions within the Democratic Party and set President Joe Biden's economic agenda back.</p><p>The vote on the infrastructure bill will almost certainly precede the vote on the broader tax and spending bill, the size and scope of which has been at the forefront of contention within the Democratic Party over the past few weeks.</p><p>The timing of the vote on the infrastructure bill will appease moderate Democrats, who were assured last month that the $550 billion package, backed by bipartisan senators, would be delivered to the House for a vote by Sept. 27. In exchange, they supported the $3.5 trillion budget outline and used it as a starting point for this broader spending bill.</p><p>Progressive Democrats, however, insist that if the House votes on the infrastructure bill before the House and Senate pass the broader spending bill on social and other programs, then they will not vote for it. That means the infrastructure bill may not pass the House of Representatives.</p><p>House Majority Leader Steny Hoyer said in a conference call with reporters on Tuesday about the broader spending bill described above, \"I don't think it will be ready next week.\"</p><p><b>The Senate is the key</b></p><p>Hoyer did not directly explain when asked how the timeline would reconcile with the progressives' positions.</p><p>\"We're going to pass a bill that will get through the Senate,\" Hoyer said of what a larger bill could involve and what it costs.</p><p>The White House is pressuring Democrats to stick with Biden's economic plan. The White House sent National Economic Council Director Brian Deese and White House Legislative Affairs Director Louisa Terrell to Capitol Hill on Tuesday to meet with some House Democrats.</p><p>Senate Democratic moderates Joe Manchin and Kyrsten Sinema have said they do not support a package that reaches $3.5 trillion.</p><p>\"If the Senate can't do $3.5 trillion, we'll see what they can do,\" Hoyer said.</p><p>He noted confidence that House Democrats will come together and ultimately pass both bills.</p>","source":"sina_us","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>US House Democrats plan to vote on infrastructure bill next week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS House Democrats plan to vote on infrastructure bill next week\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">市场资讯</strong><span class=\"h-time small\">2021-09-22 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Democratic leaders in the U.S. House of Representatives plan to vote on an infrastructure bill passed by the Senate next Monday, a move that could worsen divisions within the Democratic Party and set President Joe Biden's economic agenda back.</p><p>The vote on the infrastructure bill will almost certainly precede the vote on the broader tax and spending bill, the size and scope of which has been at the forefront of contention within the Democratic Party over the past few weeks.</p><p>The timing of the vote on the infrastructure bill will appease moderate Democrats, who were assured last month that the $550 billion package, backed by bipartisan senators, would be delivered to the House for a vote by Sept. 27. In exchange, they supported the $3.5 trillion budget outline and used it as a starting point for this broader spending bill.</p><p>Progressive Democrats, however, insist that if the House votes on the infrastructure bill before the House and Senate pass the broader spending bill on social and other programs, then they will not vote for it. That means the infrastructure bill may not pass the House of Representatives.</p><p>House Majority Leader Steny Hoyer said in a conference call with reporters on Tuesday about the broader spending bill described above, \"I don't think it will be ready next week.\"</p><p><b>The Senate is the key</b></p><p>Hoyer did not directly explain when asked how the timeline would reconcile with the progressives' positions.</p><p>\"We're going to pass a bill that will get through the Senate,\" Hoyer said of what a larger bill could involve and what it costs.</p><p>The White House is pressuring Democrats to stick with Biden's economic plan. The White House sent National Economic Council Director Brian Deese and White House Legislative Affairs Director Louisa Terrell to Capitol Hill on Tuesday to meet with some House Democrats.</p><p>Senate Democratic moderates Joe Manchin and Kyrsten Sinema have said they do not support a package that reaches $3.5 trillion.</p><p>\"If the Senate can't do $3.5 trillion, we'll see what they can do,\" Hoyer said.</p><p>He noted confidence that House Democrats will come together and ultimately pass both bills.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-09-22/doc-iktzqtyt7314684.shtml\">市场资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-09-22/doc-iktzqtyt7314684.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2169063415","content_text":"美国众议院民主党领袖们计划在下周一对参议院通过的基础设施法案进行投票，此举可能加剧民主党内的分歧，并令总统乔·拜登的经济议程面临挫折。\n基建法案的投票几乎肯定会在更广泛的税收和支出法案投票之前进行，在过去几周里，后者的规模和范围一直是民主党内争论的焦点。\n对基础设施法案进行投票的时机将安抚温和派民主党人，他们上个月得到保证，这个由两党参议员支持的5500亿美元一揽子计划将在9月27日之前交付众议院投票。作为交换，他们支持了3.5万亿美元预算纲要，并以此作为这项更广泛支出法案的起点。\n然而，进步派民主党人坚持认为，若在众议院和参议院通过更广泛的社会和其他项目支出法案之前，众议院就对基建法案进行投票，那么他们不会投赞成票。这意味着基建法案可能在众议院无法获得通过。\n众议院多数党领袖Steny Hoyer在周二与记者举行的电话会议上谈及上述更广泛支出法案时表示，“我认为下周可能还无法准备好。”\n参议院是关键\n在被问及该时间表将如何与进步派的立场进行协调时，Hoyer没有直接解释。\n“我们将通过一个能在参议院获得通过的法案，”Hoyer谈到了更大规模法案可能包含的内容和成本。\n白宫正在向民主党人施压，要求他们坚持推进拜登的经济计划。周二白宫派出国家经济委员会主任Brian Deese和白宫立法事务主任Louisa Terrell前往国会山与一些众议院民主党人会面。\n参议院民主党温和派Joe Manchin和Kyrsten Sinema已经表示，他们不支持规模达到3.5万亿美元的一揽子计划。\nHoyer表示，“如果参议院不能做到3.5万亿美元，我们将看看他们能做到什么。”\n他指出，相信众议院民主党人会团结一致，最终通过两项法案。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814615381,"gmtCreate":1630812057143,"gmtModify":1676530399211,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Okay&nbsp;","listText":"Okay&nbsp;","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814615381","repostId":"1159579630","repostType":4,"repost":{"id":"1159579630","kind":"news","pubTimestamp":1630805949,"share":"https://ttm.financial/m/news/1159579630?lang=en_US&edition=fundamental","pubTime":"2021-09-05 09:39","market":"us","language":"zh","title":"Will the \"non-farm\" dive scare off the Federal Reserve?","url":"https://stock-news.laohu8.com/highlight/detail?id=1159579630","media":"兴业研究","summary":"北京时间9月3日晚，美国劳工部公布8月非农就业数据，8月非农就业人口增加23.5万人，大幅不及市场预期的73.3万人，创2021年1月以来最小增幅。事件：8月非农就业大幅不及预期\n北京时间9月3日晚，","content":"<p>On the evening of September 3rd, Beijing time, the U.S. Department of Labor released the non-farm payroll data for August. In August, the non-farm payroll population increased by 235,000, a sharp miss the market expectation of 733,000, the smallest increase since January 2021.<img src=\"https://static.tigerbbs.com/5f2a5367c8d07ef8dc9b53c315d9058f\" tg-width=\"1080\" tg-height=\"1926\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Event: Non-farm payrolls fell significantly short of expectations in August</p><p>On the evening of September 3rd, Beijing time, the U.S. Department of Labor released the non-farm payroll data for August. In August, the non-farm payroll population increased by 235,000, a sharp miss the market expectation of 733,000, the smallest increase since January 2021. The unemployment rate of 5.2% was in line with market expectations and slightly lower than the previous value of 5.4%. Average hourly earnings rose 4.3% year over year, higher than expectations of 3.9% and a previous value of 4.1%. The labor participation rate was 61.7%, which was the same as the previous value and lower than the expected 61.8%. After the release of the data, the decline of the US Dollar Index narrowed after the short-term dive. The yield of U.S. bonds first fell and then rose, and London's gold once again exceeded $1,820/oz.</p><p><img src=\"https://static.tigerbbs.com/60a9254922e805a0b840c4a2053f51d1\" tg-width=\"900\" tg-height=\"485\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Analysis of Non-farm Employment in August</p><p>As the August ADP employment announced earlier this Wednesday has been significantly lower than expected, the market has lowered its expectations for non-farm employment, but the final data is still shocking. Why is the non-farm payroll data so sluggish in August? From the perspective of industry distribution, since 2021, the leisure and hotel industries have been the absolute main contributors of jobs, followed by professional and commercial services, education, medical and health services. However, the number of new jobs in the leisure and hotel industries was 0 in August, and the contribution of other industries was a drop in the bucket.</p><p><img src=\"https://static.tigerbbs.com/81ab82136bb97e0caafb0593409da6c0\" tg-width=\"900\" tg-height=\"293\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Furthermore, why did the number of leisure and hotel employment suddenly fall into zero growth in August? On the demand side, on the one hand, due to the recent resurgence of the epidemic in the United States and the passing of the peak travel in summer, the operation of the service industry has been affected, such as visits to retail and entertainment locations and restaurant reservations have declined. On the other hand, it may be because most Americans don't have money to spend anymore. The financial aid that has been distributed has been exhausted, and 26 more states stopped paying extra unemployment benefits in June and July, adding to the financial situation of the unemployed. After the retaliatory consumption in the second quarter, both service consumption and commodity consumption weakened significantly in the third quarter, and the hot real estate market also cooled down, which was consistent with the sluggish employment situation in the service and construction industries in August.</p><p><img src=\"https://static.tigerbbs.com/291e17c7fed595614996557f19a908b6\" tg-width=\"900\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/42085c9f669424576521a38015e76b0a\" tg-width=\"900\" tg-height=\"815\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Strange phenomena in the labor market</p><p>From the supply side of the service industry, the U.S. labor market seems to be stuck in a strange circle: consumption weakens after the loss of financial assistance, which reduces labor demand (mentioned above); However, the high financial assistance has made more and more people of working age withdraw from the labor market, and the employment gap continues to exist. The current strange phenomenon is that despite the dismal performance of service employment in August, a large number of low-end service employment gaps are still at historically high levels. One possible explanation is that additional unemployment benefits will be stopped after September 6, and large numbers of the working-age population will be forced back into the workforce. Faced with recent rapid wage increases, business owners are reluctant to increase hiring, instead choosing to wait for the labor market to return to balance.</p><p><img src=\"https://static.tigerbbs.com/15a6f458a8f82385f64a0d599cab0db8\" tg-width=\"900\" tg-height=\"451\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ef1dcf7522b1d034347d54139c60236\" tg-width=\"900\" tg-height=\"820\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/f7e1c5abb32aea0044ac97c63c436d9a\" tg-width=\"900\" tg-height=\"700\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Third, how the Fed responds</p><p>U.S. Treasury Secretary Yellen doesn't think that additional unemployment benefits negotiate employment enthusiasm, and even encourages state and local governments to use the remaining funds (about $350 billion) issued to state and local governments in the previous fiscal stimulus case to continue to distribute supplementary unemployment benefits. At present, about 11 million people are still claiming unemployment benefits. This means that if the full amount of $350 billion is spent and the weekly relief standard of $300 continues, it can be maintained for about half a year. However, it is unclear whether states will respond to Yellen's call. In June and July, 26 states have stopped paying additional unemployment benefits to push the unemployed back into the labor market. Therefore, it is reasonable for the Fed to continue to observe whether the non-farm data in September and October reflect the improvement of labor market structure.</p><p>The deterioration of the monthly data is contingent and will not immediately sway the Fed's plan to implement Taper within the year. Looking at the overall situation of the labor market, the current recovery momentum is still good, stronger than in 2013. Since the August data did not meet the Taper trigger conditions of 800,000 new jobs proposed by several officials, there is a higher chance that the Federal Reserve will continue to stand still in September, or officially announce it in November and implement Taper in December. the US Dollar Index is facing periodic downward pressure, and RMB has once again ushered in a window period of foreign exchange purchase. The expectation that the US Dollar Index weakens and Taper is delayed to after September supports commodity prices and inflation expectations, which is positive for gold in the short term. In the fourth quarter, the issuance of medium and long-term U.S. bonds surged, with stable inflation expectations and Taper expectations still existing during the year, and the long-term yield of U.S. bonds is expected to continue to rebound.</p><p><img src=\"https://static.tigerbbs.com/2878342f80668fa205e4b71bceb8d3af\" tg-width=\"900\" tg-height=\"802\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"lsy1588042834664","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>Will the \"non-farm\" dive scare off the Federal Reserve?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill the \"non-farm\" dive scare off the Federal Reserve?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">兴业研究</strong><span class=\"h-time small\">2021-09-05 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of September 3rd, Beijing time, the U.S. Department of Labor released the non-farm payroll data for August. In August, the non-farm payroll population increased by 235,000, a sharp miss the market expectation of 733,000, the smallest increase since January 2021.<img src=\"https://static.tigerbbs.com/5f2a5367c8d07ef8dc9b53c315d9058f\" tg-width=\"1080\" tg-height=\"1926\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Event: Non-farm payrolls fell significantly short of expectations in August</p><p>On the evening of September 3rd, Beijing time, the U.S. Department of Labor released the non-farm payroll data for August. In August, the non-farm payroll population increased by 235,000, a sharp miss the market expectation of 733,000, the smallest increase since January 2021. The unemployment rate of 5.2% was in line with market expectations and slightly lower than the previous value of 5.4%. Average hourly earnings rose 4.3% year over year, higher than expectations of 3.9% and a previous value of 4.1%. The labor participation rate was 61.7%, which was the same as the previous value and lower than the expected 61.8%. After the release of the data, the decline of the US Dollar Index narrowed after the short-term dive. The yield of U.S. bonds first fell and then rose, and London's gold once again exceeded $1,820/oz.</p><p><img src=\"https://static.tigerbbs.com/60a9254922e805a0b840c4a2053f51d1\" tg-width=\"900\" tg-height=\"485\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Analysis of Non-farm Employment in August</p><p>As the August ADP employment announced earlier this Wednesday has been significantly lower than expected, the market has lowered its expectations for non-farm employment, but the final data is still shocking. Why is the non-farm payroll data so sluggish in August? From the perspective of industry distribution, since 2021, the leisure and hotel industries have been the absolute main contributors of jobs, followed by professional and commercial services, education, medical and health services. However, the number of new jobs in the leisure and hotel industries was 0 in August, and the contribution of other industries was a drop in the bucket.</p><p><img src=\"https://static.tigerbbs.com/81ab82136bb97e0caafb0593409da6c0\" tg-width=\"900\" tg-height=\"293\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Furthermore, why did the number of leisure and hotel employment suddenly fall into zero growth in August? On the demand side, on the one hand, due to the recent resurgence of the epidemic in the United States and the passing of the peak travel in summer, the operation of the service industry has been affected, such as visits to retail and entertainment locations and restaurant reservations have declined. On the other hand, it may be because most Americans don't have money to spend anymore. The financial aid that has been distributed has been exhausted, and 26 more states stopped paying extra unemployment benefits in June and July, adding to the financial situation of the unemployed. After the retaliatory consumption in the second quarter, both service consumption and commodity consumption weakened significantly in the third quarter, and the hot real estate market also cooled down, which was consistent with the sluggish employment situation in the service and construction industries in August.</p><p><img src=\"https://static.tigerbbs.com/291e17c7fed595614996557f19a908b6\" tg-width=\"900\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/42085c9f669424576521a38015e76b0a\" tg-width=\"900\" tg-height=\"815\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Strange phenomena in the labor market</p><p>From the supply side of the service industry, the U.S. labor market seems to be stuck in a strange circle: consumption weakens after the loss of financial assistance, which reduces labor demand (mentioned above); However, the high financial assistance has made more and more people of working age withdraw from the labor market, and the employment gap continues to exist. The current strange phenomenon is that despite the dismal performance of service employment in August, a large number of low-end service employment gaps are still at historically high levels. One possible explanation is that additional unemployment benefits will be stopped after September 6, and large numbers of the working-age population will be forced back into the workforce. Faced with recent rapid wage increases, business owners are reluctant to increase hiring, instead choosing to wait for the labor market to return to balance.</p><p><img src=\"https://static.tigerbbs.com/15a6f458a8f82385f64a0d599cab0db8\" tg-width=\"900\" tg-height=\"451\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ef1dcf7522b1d034347d54139c60236\" tg-width=\"900\" tg-height=\"820\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/f7e1c5abb32aea0044ac97c63c436d9a\" tg-width=\"900\" tg-height=\"700\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Third, how the Fed responds</p><p>U.S. Treasury Secretary Yellen doesn't think that additional unemployment benefits negotiate employment enthusiasm, and even encourages state and local governments to use the remaining funds (about $350 billion) issued to state and local governments in the previous fiscal stimulus case to continue to distribute supplementary unemployment benefits. At present, about 11 million people are still claiming unemployment benefits. This means that if the full amount of $350 billion is spent and the weekly relief standard of $300 continues, it can be maintained for about half a year. However, it is unclear whether states will respond to Yellen's call. In June and July, 26 states have stopped paying additional unemployment benefits to push the unemployed back into the labor market. Therefore, it is reasonable for the Fed to continue to observe whether the non-farm data in September and October reflect the improvement of labor market structure.</p><p>The deterioration of the monthly data is contingent and will not immediately sway the Fed's plan to implement Taper within the year. Looking at the overall situation of the labor market, the current recovery momentum is still good, stronger than in 2013. Since the August data did not meet the Taper trigger conditions of 800,000 new jobs proposed by several officials, there is a higher chance that the Federal Reserve will continue to stand still in September, or officially announce it in November and implement Taper in December. the US Dollar Index is facing periodic downward pressure, and RMB has once again ushered in a window period of foreign exchange purchase. The expectation that the US Dollar Index weakens and Taper is delayed to after September supports commodity prices and inflation expectations, which is positive for gold in the short term. In the fourth quarter, the issuance of medium and long-term U.S. bonds surged, with stable inflation expectations and Taper expectations still existing during the year, and the long-term yield of U.S. bonds is expected to continue to rebound.</p><p><img src=\"https://static.tigerbbs.com/2878342f80668fa205e4b71bceb8d3af\" tg-width=\"900\" tg-height=\"802\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/554426.html\">兴业研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f09c44f289c2f0d40610768fe6661fab","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/554426.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159579630","content_text":"北京时间9月3日晚，美国劳工部公布8月非农就业数据，8月非农就业人口增加23.5万人，大幅不及市场预期的73.3万人，创2021年1月以来最小增幅。事件：8月非农就业大幅不及预期\n北京时间9月3日晚，美国劳工部公布8月非农就业数据，8月非农就业人口增加23.5万人，大幅不及市场预期的73.3万人，创2021年1月以来最小增幅。失业率5.2%与市场预期持平，略低于前值5.4%。平均时薪同比上涨4.3%，高于预期的3.9%和前值4.1%。劳动参与率61.7%，与前值持平，低于预期的61.8%。数据公布后美元指数短线跳水后跌幅收窄，美债收益率先跌后涨，伦敦金再度突破1820美元/盎司。\n\n一、8月非农就业剖析\n由于本周三早先公布的8月ADP就业已经显著不及预期，市场已经降低了对于非农就业的期待，但最终数据仍然令人大跌眼镜。为何8月非农就业数据如此低迷?从行业分布看，2021年以来，休闲、酒店行业是贡献就业岗位的绝对主力，其次是专业和商业服务、教育和医疗健康等服务业。然而8月休闲、酒店业新增就业人数为0，其他行业的贡献杯水车薪。\n\n更进一步，为何8月休闲、酒店就业人数突然陷入0增长?从需求端而言，一方面是因为近期美国疫情复燃，加之夏季出行高峰过去，服务业运行受到影响，例如零售和娱乐地点访问、餐厅预订均有所下滑。另一方面可能是因为大多数美国人没有钱消费了。目前已发放的财政援助消耗殆尽，6、7月还有26个州停止发放额外失业救济，这让失业者的财务状况雪上加霜。在第二季度的报复性消费后，第三季度无论是服务消费还是商品消费都显著边际转弱，火爆的房地产市场也有所降温，与8月服务业、建筑业低迷的就业形势吻合。\n\n二、劳动力市场之怪现象\n从服务业供给端而言，美国劳动力市场似乎陷入某种怪圈：失去财政援助后消费走弱，使得劳动力需求减少(前文所述);但高额的财政援助又使得越来越多的适龄人口退出劳动力市场，用工缺口持续存在。目前的奇怪现象是，尽管8月服务业就业表现惨淡，但大量中低端服务业用工缺口仍在历史高位。一个可能的解释是，9月6日后额外失业救济将停发，大量适龄人口将被迫重返劳动力市场。面对近期薪资快速上涨，企业主并不愿意增加雇佣，而是选择等待劳动力市场重回平衡。\n\n三、美联储如何应对\n美国财长耶伦并不认为额外失业救济磋商了就业积极性，甚至鼓励州和地方政府动用此前财政刺激案中的“美国拯救计划(AmericanRescue Plan)”下发给州和地方政府的剩余资金(大约3500亿美元)继续发放补充失业救济。而目前约有1100万人仍在申领失业救济。这意味着如果全额动用3500亿美元且继续维持每周300美元的救济标准，尚可以继续维持约半年时间。不过目前尚不清楚各州是否会响应耶伦的号召，在6、7月已经有26个州停发额外失业救济，以推动失业者重返劳动力市场。因此，美联储有理由继续观察9月、10月的非农数据是否反映出劳动力市场结构的改善。\n单月数据的恶化具有偶然性，不会立刻动摇美联储年内实施Taper的计划。从劳动力市场全局看，目前复苏势头依然良好，比2013年更加强劲。由于8月数据未达到多位官员提出的新增就业80万人的Taper触发条件，美联储在9月继续按兵不动的几率较大，或在11月正式宣布、12月实施Taper。美元指数面临阶段性回落压力，人民币再度迎来购汇窗口期。美元指数走弱、Taper延至9月后的预期支撑商品价格和通胀预期，短线利好黄金。第四季度中长期美债发行量激增，叠加通胀预期持稳和年内Taper预期仍存，美债长端收益率有望延续反弹。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895735856,"gmtCreate":1628772439075,"gmtModify":1676529849041,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Is this&nbsp;","listText":"Is this&nbsp;","text":"Is this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895735856","repostId":"1108496725","repostType":4,"isVote":1,"tweetType":1,"viewCount":1840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895732738,"gmtCreate":1628772394524,"gmtModify":1676529849021,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Good ?&nbsp;","listText":"Good ?&nbsp;","text":"Good ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895732738","repostId":"1124093135","repostType":4,"repost":{"id":"1124093135","kind":"news","pubTimestamp":1628772261,"share":"https://ttm.financial/m/news/1124093135?lang=en_US&edition=fundamental","pubTime":"2021-08-12 20:44","market":"us","language":"zh","title":"Atour Hotel's Dilemma: Listing is difficult, where is the way out?","url":"https://stock-news.laohu8.com/highlight/detail?id=1124093135","media":"DoNews","summary":"亚朵酒店的一则声明将自己推上了风口浪尖。\n8月11日，关于“阿里女员工事件”网 传“酒店违规办理房卡”事宜，涉事酒店所属的上海亚朵商业管理（集团）有限公司发布最新声明称，经过反复内部调查确认，前台工作","content":"<p><img src=\"https://static.tigerbbs.com/26054ea7224928f13924681df5e29ce9\" tg-width=\"1080\" tg-height=\"675\" referrerpolicy=\"no-referrer\">An announcement from the Atour Hotel puts itself on the forefront.</p><p>On August 11th, regarding the \"Ali Female Employee Incident\" online transmission of \"hotel illegal handling of room card\", Shanghai Atour Commercial Management (Group) Co., Ltd., to which the hotel involved belongs, issued the latest statement, saying that after repeated internal investigations and confirmations, the front desk staff handled the room card for the man according to the co-living procedures, and registered his identity and uploaded his public security information. The whole process complies with the accommodation management regulations of the hotel industry, and there is no illegal operation. The above surveillance information has been submitted to the police as evidence.</p><p>However, this statement was quickly slapped in the face by Jinan police. Jinan police pointed out that there was no official channel to recognize that the operation of Atour Hotel was not in violation of regulations, and believed that Atour Hotel needed to produce evidence and make a statement, which would continue to be verified in the future.</p><p>Atour Hotel's response also aroused public doubts. Some netizens showed up and pointed out the previous operation loopholes of Atour Hotel, such as giving others room cards without confirming to the tenants. In other cases, the Atour Hotel gives the room card when a third person acts as the guest agrees.</p><p>A few days ago, the All Seasons Hotel also broke out with security problems. When a woman named fiore Huahua checked into the All Seasons Hotel, her room was broken into by a strange naked man at 3 am.</p><p>Humanism and warmth are the brand image that Atour Hotel has always emphasized to the outside world, but its indifferent statement makes this positioning collapse. Some netizens said, \"Before the statement was made, I didn't know which hotel was involved. Now I finally know it, so I should avoid it in the future.\"</p><p>Starting from IP, trapped in IP</p><p>It is worth mentioning that Atour Hotel has some roots with All Seasons Hotel. All Seasons Hotel belongs to Huazhu Group, and Wang Haijun, founder of Atour Hotel, was the co-founder of Huazhu Group and served as executive vice president of Huazhu Group.</p><p>Wang Haijun, who later resigned from Huazhu Group, founded Atour. In July 2013, Atour's first hotel was born in Xi' an. It is reported that the name of Atour comes from a remote mountain village in Yunnan. Wang Haijun positioned Atour as a humanistic hotel, and used humanistic elements to arouse everyone to enjoy quality life.</p><p>At that time, under the background of express hotels, Atour Hotel, which focused on humanities, quickly won the favor of capital. Sky Eye Check shows that Atour Hotel received four rounds of financing from 2014 to 2017. Investors include Legend Capital, Alibaba honorary partner Lu Zhaoxi, Dehui Capital and Qunar.</p><p><img src=\"https://static.tigerbbs.com/4116f3551e68a127da1f30148546056d\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p>(Source: Tianyancha)</p><p>The rise of Atour Hotels is inseparable from its IP strategy. The so-called IP strategy, that is, Atour cooperates with popular IP to launch cross-border joint hotels. In November 2016, Atour and Wu Xiaobo Channel jointly built its first IP hotel \"Atour Wu Hotel\" in Hangzhou. Later, Atour Hotel successively launched theme hotels jointly with Netease Yanxuan, Zhihu, Netease Cloud Music, Hupu and other IPs. According to data, as of March 31, 2021, there were 14 IP hotels in Atour Hotels with themes such as music, basketball and literature.</p><p>With its creative and novel form, IP Hotel really helped Atour Hotel earn enough attention in the early stage, attracting many consumers to check in. However, the drawbacks of IP hotels are slowly revealed.</p><p>\"On the basis of the mature service standards we have created, we can cooperate with any excellent IP with the same tone and values to integrate the content of IP with our service process. IP is like a kind of production means. Today, the combination of Atour and these IPs is to better digest these production means and let it bring better products and experiences to customers.\" Wang Haijun once said when talking about the IP cooperation of Atour Hotel.</p><p>To some extent, IP is like a spokesperson for Atour Hotels. As for brands, once IP is in crisis, it will have an impact on IP Hotels. At least the brand can reduce the damage by terminating the contract with the spokesperson. If IP hotels want to cut their robes with negative IP, they have to pay a price of injury. For example, Wu Xiaobo, who overturned due to his remarks some time ago, is hard to say that the public opinion is not tired of \"Wu\" and \"Wu Hotel\".</p><p>Moreover, the gradually losing popularity of IP may also greatly reduce the charm of theme hotels, just like the original Zhihu and the current Zhihu, which are no longer the same Zhihu.</p><p>In addition, IP hotels with highly personalized and in-depth operation are not only difficult to achieve scale profitability, but also hinder scale expansion. It is reported that Atour only opened its 100th hotel in 2017.</p><p>As of the first quarter of 2021, Atour Hotel Network covered 608 hotels in 131 cities in China, with a total of 71,121 hotel rooms, including 575 franchised hotels under management, with a total of 66,267 hotel rooms under management; It owns 299 hotels with a total of 66,267 hotel rooms. The total number of rooms under development is 32,825.</p><p>It is difficult to go public. Where is the way out?</p><p>At present, Atour Group owns Qingju, Atour Hotel, Atour X Hotel, Atour S Hotel, ZHotel and T.HOUSE, covering four market segments: mid-end, mid-to-high-end, high-end and luxury. In addition, Atour Hotel has launched Atour Market, a scene retail brand, and has incubated three original lifestyle brands, namely \"α Tour PLANET\", \"SAVHE\" and \"Z2GO & CO.\", covering areas such as sleep, fragrance personal care and travel.</p><p>On June 8th this year, Atour Hotel submitted its listing prospectus to the U.S. Securities and Exchange Commission (SEC), and in the later updated prospectus, Atour Hotel raised a maximum of 300 million dollars. Among them, Hillhouse Capital's funds are ready to subscribe for $120 million. But in the end, the dream of listing Atour Hotel failed. At that time, some media broke the news that its prospectus was fraudulent. It is reported that among the 608 hotels announced in the prospectus, there may actually be only more than 580.</p><p>On the road to listing, Atour Hotel can be said to be ill-fated. As early as 2019, Atour Hotel had put the listing into action, hired CITIC Construction Investment as a counseling institution, and planned to list on the GEM. However, in January of the next year, CITIC Construction Investment announced that it would no longer serve as Atour counseling, and then CICC International took over. Unexpectedly, in March 2021, CICC also suspended the counseling work for Atour.</p><p>Compared with the listing, the performance of Atour Hotel is also unsatisfactory.</p><p>According to the prospectus, the net profit margin of Atour Hotel in 2019 was 3.88% and the gross profit margin was 29.97%; The net profit margin in 2020 was 2.4% and 26.58%; In 2021, its net profit margin and gross profit margin were 2.73% and 26.78%, respectively. Occupancy was 73.4% in 2019 and decreased to 67.1% in 2020; The average daily house price dropped from 429.5 yuan to 389.8 yuan; The average room yield dropped from 329.5 yuan to 275.1 yuan. In addition, the liabilities of Atour Hotels have been rising, with total liabilities of 1.42 billion yuan in 2020, which has increased to 1.53 billion yuan in the first quarter of 2021.</p><p>Wang Haijun once said that Atour was positioned as a lifestyle company from the beginning, and the hotel was only the starting point. Starting in hotels, not stopping in hotels, so where to go, it must go to people's lives, related to lifestyle.</p><p>According to him, one of the life experience scenes extended by Atour is new retail, which is purchased when used. It is mainly the products in the room scene, including bath series, tea and four-piece sets, which can be purchased by scanning the code.</p><p>As of the end of March 2021, Atour had developed a total of 1,136 scenario retail SKUs. In 2019 and 2020, the GMV generated by the retail business was 82.8 million yuan and 107.2 million yuan, respectively, representing a year-on-year increase of 29.5%. The GMV of retail business in the first quarter of 2021 reached 32.6 million yuan.</p><p>It is still unknown whether the new retail model in the hotel scene can become a new growth point of Atour Hotel. At present, the first thing Atour Hotel may have to solve is how to restore its brand image and make the outside world believe that it is indeed a warm brand.</p>","source":"dns","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>Atour Hotel's Dilemma: Listing is difficult, where is the way out?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAtour Hotel's Dilemma: Listing is difficult, where is the way out?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">DoNews</strong><span class=\"h-time small\">2021-08-12 20:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/26054ea7224928f13924681df5e29ce9\" tg-width=\"1080\" tg-height=\"675\" referrerpolicy=\"no-referrer\">An announcement from the Atour Hotel puts itself on the forefront.</p><p>On August 11th, regarding the \"Ali Female Employee Incident\" online transmission of \"hotel illegal handling of room card\", Shanghai Atour Commercial Management (Group) Co., Ltd., to which the hotel involved belongs, issued the latest statement, saying that after repeated internal investigations and confirmations, the front desk staff handled the room card for the man according to the co-living procedures, and registered his identity and uploaded his public security information. The whole process complies with the accommodation management regulations of the hotel industry, and there is no illegal operation. The above surveillance information has been submitted to the police as evidence.</p><p>However, this statement was quickly slapped in the face by Jinan police. Jinan police pointed out that there was no official channel to recognize that the operation of Atour Hotel was not in violation of regulations, and believed that Atour Hotel needed to produce evidence and make a statement, which would continue to be verified in the future.</p><p>Atour Hotel's response also aroused public doubts. Some netizens showed up and pointed out the previous operation loopholes of Atour Hotel, such as giving others room cards without confirming to the tenants. In other cases, the Atour Hotel gives the room card when a third person acts as the guest agrees.</p><p>A few days ago, the All Seasons Hotel also broke out with security problems. When a woman named fiore Huahua checked into the All Seasons Hotel, her room was broken into by a strange naked man at 3 am.</p><p>Humanism and warmth are the brand image that Atour Hotel has always emphasized to the outside world, but its indifferent statement makes this positioning collapse. Some netizens said, \"Before the statement was made, I didn't know which hotel was involved. Now I finally know it, so I should avoid it in the future.\"</p><p>Starting from IP, trapped in IP</p><p>It is worth mentioning that Atour Hotel has some roots with All Seasons Hotel. All Seasons Hotel belongs to Huazhu Group, and Wang Haijun, founder of Atour Hotel, was the co-founder of Huazhu Group and served as executive vice president of Huazhu Group.</p><p>Wang Haijun, who later resigned from Huazhu Group, founded Atour. In July 2013, Atour's first hotel was born in Xi' an. It is reported that the name of Atour comes from a remote mountain village in Yunnan. Wang Haijun positioned Atour as a humanistic hotel, and used humanistic elements to arouse everyone to enjoy quality life.</p><p>At that time, under the background of express hotels, Atour Hotel, which focused on humanities, quickly won the favor of capital. Sky Eye Check shows that Atour Hotel received four rounds of financing from 2014 to 2017. Investors include Legend Capital, Alibaba honorary partner Lu Zhaoxi, Dehui Capital and Qunar.</p><p><img src=\"https://static.tigerbbs.com/4116f3551e68a127da1f30148546056d\" tg-width=\"1080\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p>(Source: Tianyancha)</p><p>The rise of Atour Hotels is inseparable from its IP strategy. The so-called IP strategy, that is, Atour cooperates with popular IP to launch cross-border joint hotels. In November 2016, Atour and Wu Xiaobo Channel jointly built its first IP hotel \"Atour Wu Hotel\" in Hangzhou. Later, Atour Hotel successively launched theme hotels jointly with Netease Yanxuan, Zhihu, Netease Cloud Music, Hupu and other IPs. According to data, as of March 31, 2021, there were 14 IP hotels in Atour Hotels with themes such as music, basketball and literature.</p><p>With its creative and novel form, IP Hotel really helped Atour Hotel earn enough attention in the early stage, attracting many consumers to check in. However, the drawbacks of IP hotels are slowly revealed.</p><p>\"On the basis of the mature service standards we have created, we can cooperate with any excellent IP with the same tone and values to integrate the content of IP with our service process. IP is like a kind of production means. Today, the combination of Atour and these IPs is to better digest these production means and let it bring better products and experiences to customers.\" Wang Haijun once said when talking about the IP cooperation of Atour Hotel.</p><p>To some extent, IP is like a spokesperson for Atour Hotels. As for brands, once IP is in crisis, it will have an impact on IP Hotels. At least the brand can reduce the damage by terminating the contract with the spokesperson. If IP hotels want to cut their robes with negative IP, they have to pay a price of injury. For example, Wu Xiaobo, who overturned due to his remarks some time ago, is hard to say that the public opinion is not tired of \"Wu\" and \"Wu Hotel\".</p><p>Moreover, the gradually losing popularity of IP may also greatly reduce the charm of theme hotels, just like the original Zhihu and the current Zhihu, which are no longer the same Zhihu.</p><p>In addition, IP hotels with highly personalized and in-depth operation are not only difficult to achieve scale profitability, but also hinder scale expansion. It is reported that Atour only opened its 100th hotel in 2017.</p><p>As of the first quarter of 2021, Atour Hotel Network covered 608 hotels in 131 cities in China, with a total of 71,121 hotel rooms, including 575 franchised hotels under management, with a total of 66,267 hotel rooms under management; It owns 299 hotels with a total of 66,267 hotel rooms. The total number of rooms under development is 32,825.</p><p>It is difficult to go public. Where is the way out?</p><p>At present, Atour Group owns Qingju, Atour Hotel, Atour X Hotel, Atour S Hotel, ZHotel and T.HOUSE, covering four market segments: mid-end, mid-to-high-end, high-end and luxury. In addition, Atour Hotel has launched Atour Market, a scene retail brand, and has incubated three original lifestyle brands, namely \"α Tour PLANET\", \"SAVHE\" and \"Z2GO & CO.\", covering areas such as sleep, fragrance personal care and travel.</p><p>On June 8th this year, Atour Hotel submitted its listing prospectus to the U.S. Securities and Exchange Commission (SEC), and in the later updated prospectus, Atour Hotel raised a maximum of 300 million dollars. Among them, Hillhouse Capital's funds are ready to subscribe for $120 million. But in the end, the dream of listing Atour Hotel failed. At that time, some media broke the news that its prospectus was fraudulent. It is reported that among the 608 hotels announced in the prospectus, there may actually be only more than 580.</p><p>On the road to listing, Atour Hotel can be said to be ill-fated. As early as 2019, Atour Hotel had put the listing into action, hired CITIC Construction Investment as a counseling institution, and planned to list on the GEM. However, in January of the next year, CITIC Construction Investment announced that it would no longer serve as Atour counseling, and then CICC International took over. Unexpectedly, in March 2021, CICC also suspended the counseling work for Atour.</p><p>Compared with the listing, the performance of Atour Hotel is also unsatisfactory.</p><p>According to the prospectus, the net profit margin of Atour Hotel in 2019 was 3.88% and the gross profit margin was 29.97%; The net profit margin in 2020 was 2.4% and 26.58%; In 2021, its net profit margin and gross profit margin were 2.73% and 26.78%, respectively. Occupancy was 73.4% in 2019 and decreased to 67.1% in 2020; The average daily house price dropped from 429.5 yuan to 389.8 yuan; The average room yield dropped from 329.5 yuan to 275.1 yuan. In addition, the liabilities of Atour Hotels have been rising, with total liabilities of 1.42 billion yuan in 2020, which has increased to 1.53 billion yuan in the first quarter of 2021.</p><p>Wang Haijun once said that Atour was positioned as a lifestyle company from the beginning, and the hotel was only the starting point. Starting in hotels, not stopping in hotels, so where to go, it must go to people's lives, related to lifestyle.</p><p>According to him, one of the life experience scenes extended by Atour is new retail, which is purchased when used. It is mainly the products in the room scene, including bath series, tea and four-piece sets, which can be purchased by scanning the code.</p><p>As of the end of March 2021, Atour had developed a total of 1,136 scenario retail SKUs. In 2019 and 2020, the GMV generated by the retail business was 82.8 million yuan and 107.2 million yuan, respectively, representing a year-on-year increase of 29.5%. The GMV of retail business in the first quarter of 2021 reached 32.6 million yuan.</p><p>It is still unknown whether the new retail model in the hotel scene can become a new growth point of Atour Hotel. At present, the first thing Atour Hotel may have to solve is how to restore its brand image and make the outside world believe that it is indeed a warm brand.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1351675204403585\">DoNews</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad7ac20d268be280f403f838be8b26e9","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://36kr.com/p/1351675204403585","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124093135","content_text":"亚朵酒店的一则声明将自己推上了风口浪尖。\n8月11日，关于“阿里女员工事件”网 传“酒店违规办理房卡”事宜，涉事酒店所属的上海亚朵商业管理（集团）有限公司发布最新声明称，经过反复内部调查确认，前台工作人员是在得到该女士确认的情况下，按照同住手续给该男士办理的房卡，并进行了身份登记和公安信息上传。整个流程遵守酒店业住宿管理规定，没有违规操作。以上监控资料已作为证据提交给了警方。\n不过，此番声明很快被济南警方打脸。济南警方指出现无官方渠道认可亚朵酒店操作未违规，并认为亚朵酒店需要拿出证据再发声明，后续会继续核实。\n亚朵酒店的回应，也引起了舆论质疑。有网友现身说法，指出亚朵酒店此前的操作漏洞，比如未向房客确认，就给别人房卡。另有用第三人充当房客同意，亚朵酒店就给房卡的情况。\n而几天前，全季酒店也爆出安全问题，一位网名为fiore花花的女士，入住全季酒店时，凌晨3点房间遭陌生赤身男子闯入。\n人文主义、温暖是亚朵酒店一直以来对外强调的品牌形象，但其冷漠的声明却让这一定位崩坏瓦解。有网友表示，“没发声明前，还不知道涉事的是哪家酒店，现在终于知道了，以后要避开。”\n起于IP，困于IP\n值得一说的是，亚朵酒店与全季酒店还有一些渊源。全季酒店隶属于华住集团，而亚朵酒店创始人王海军曾是华住集团的联合创始人，在华住集团担任执行副总裁一职。\n后来从华住集团离职的王海军于创办了亚朵，2013年7月，亚朵的第一家酒店诞生在西安。据悉，亚朵的名字就来源于云南的一个避世山村，王海军把亚朵定位于人文酒店，用人文元素去唤起大家享受品质生活。\n在当时快捷酒店当道的背景下，主打人文的亚朵酒店很快获得资本青睐。天眼查显示，亚朵酒店在2014年到2017年期间，相继获得四轮融资，投资方包括君联资本、阿里巴巴荣誉合伙人陆兆禧、德晖资本、去哪儿。\n\n（来源：天眼查）\n亚朵酒店的崛起，与其IP化战略密不可分。所谓的IP战略，即亚朵与热门IP合作推出跨界联名酒店。2016年11月，亚朵与吴晓波频道在杭州联合打造了其第一个IP酒店“亚朵·吴酒店”。后来，亚朵酒店又先后与网易严选、知乎、网易云音乐、虎扑等IP联名推出主题酒店。有数据显示，截至2021年3月31日，亚朵酒店共有14家以音乐、篮球、文学等为主题的IP酒店。\n凭借创意新颖的形式，IP酒店初期确实帮助亚朵酒店赚足了眼球，吸引不少消费者打卡入住。但IP酒店的弊端也慢慢显露出来。\n“在我们打造的成熟服务标准的基础上，可以和任何优秀的、调性及价值观相同的IP合作，把IP的内容跟我们的服务流程进行整合。IP就像是一种生产资料，今天亚朵跟这些IP的结合，就是更好地去消化这些生产资料，让它给客户带来更好的产品和体验。”王海军在谈到亚朵酒店的IP合作时曾如此说道。\n某种程度来说，IP对于亚朵酒店来说，就像代言人至于品牌，一旦IP出现危机，将会给IP酒店带来冲击。品牌至少还可以通过与代言人解约将损害降低，IP酒店想要和负面IP割袍断义那可是需要付出伤筋动骨的代价。比如前段时间因言论翻车的吴晓波，舆论的反感很难说不厌“吴”及“吴酒店”。\n再就是，IP渐失的人气也可能会让主题酒店的魅力大打折扣，就像当初的知乎和现在的知乎，早已不是一个知乎。\n另外，高度个性化、重深度运营的IP酒店，不仅难实现规模盈利，亦会阻碍规模化扩张。据悉，2017年亚朵才开出第100家酒店。\n截至2021年一季度，亚朵酒店网络覆盖中国131个城市的608家酒店，酒店客房总数为71,121间，其中管理加盟酒店575家，管理酒店客房总数66,267间；自有酒店299家，酒店客房总数为66,267间。正在开发的客房总数为32,825间。\n上市艰难，出路在哪？\n目前，亚朵集团旗下拥有轻居、亚朵酒店、亚朵X酒店、亚朵S酒店、ZHotel、T.HOUSE，覆盖中端、中高端、高端、豪华四大细分市场。此外，亚朵酒店还推出了场景零售品牌Atour Market亚朵百货，并已孵化三大原创生活方式品牌，包含「αTOUR PLANET亚朵星球」、「SAVHE 萨和」，以及「Z2GO&CO.」，覆盖包含睡眠、香氛个护及出行等领域。\n今年6月8日，亚朵酒店向美国证券交易委员会(SEC)递交了上市招股书,而在后来更新的招股书中，亚朵酒店最高募资为3亿美元。其中，高瓴资本旗下基金准备认购1.2亿美元。但最终亚朵酒店上市梦落空。当时有媒体爆料其招股书造假，据悉，招股书里公布的608家酒店，实际可能只有580多家。\n在上市路上，亚朵酒店可以说是命途多舛。早在2019年，亚朵酒店就曾将上市付诸行动，聘请中信建投为辅导机构，计划在创业板上市，但第二年1月，中信建投宣布不再担任亚朵辅导工作，后由中金国际接手。谁知2021年3月，中金公司也中止了对亚朵的辅导工作。\n相比上市，亚朵酒店的业绩表现同样不尽人意。\n招股书显示，亚朵酒店2019年净利率为3.88%、毛利率为29.97%；2020年净利率为2.4%，26.58%；2021年其净利率、毛利率分别为2.73%、26.78%。入住率2019年为73.4%，2020年降至67.1%；日平均房价从429.5元降到389.8元；平均客房收益从329.5元下降到275.1元。另外，亚朵酒店负债不断攀升，2020年负债总额为14.2亿，2021年一季度已经增加到15.3亿元。\n王海军曾表示，亚朵一开始就定位生活方式公司，酒店只是起点。始于酒店、不止于酒店，那么去哪里呢，肯定是去人的生活里，跟生活方式相关。\n据他所说，亚朵所延伸出的生活体验场景，其中一个是新零售，所用即所购，主要是房间场景里的产品，包括沐浴系列、茶、四件套，扫码就可以购买。\n截至2021年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。2021一季度的零售业务GMV达到3260万元。\n酒店场景下的零售新模式，能否成为亚朵酒店的新增长点尚不可知。而当下，亚朵酒店可能首先要解决的是如何挽回品牌形象，让外界相信它确实是一个温暖的品牌。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890457486,"gmtCreate":1628129970245,"gmtModify":1703501781931,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890457486","repostId":"2157481313","repostType":4,"repost":{"id":"2157481313","kind":"highlight","pubTimestamp":1628136529,"share":"https://ttm.financial/m/news/2157481313?lang=en_US&edition=fundamental","pubTime":"2021-08-05 12:08","market":"us","language":"zh","title":"Howard Marks: Macro forecasts are 'either wrong or waste'","url":"https://stock-news.laohu8.com/highlight/detail?id=2157481313","media":"华尔街见闻","summary":"德尔塔变异毒株对经济复苏会造成怎样的影响？高企的通胀是否会促使美联储改变政策立场？对于当下的投资者来说，宏观因素正成为观测市场未来走势的重要一部分。\n英国金融时报8月4日周三刊发了橡树资本联合创始人霍","content":"<p>How will the Delta variant affect the economic recovery? Will high inflation prompt the Fed to change its policy stance? For current investors, macro factors are becoming an important part of observing the future trend of the market.</p><p>The Financial Times published on Wednesday, August 4<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>A byline article by co-founder Howard Marks. In the article, the investment guru gives his take on macro forecasts.</p><p>At the beginning of the article, Howard Marks threw out his opinion:<b>As an investor who has been through multiple market cycles, he has learned to look at macro forecasts with skepticism.</b></p><p>These predictions are usually either unhelpful consensus expectations or non-consensus predictions, but they are rarely correct. But as I explained in my latest memo to investors, these predictions shouldn't be completely ignored, especially now. Although the forecasts don't seem so reliable, Howard Marks points out,<b>These forecasts should not be ignored entirely: macro forecasts may be unknowable, but they are important.</b></p><p>Macro factors undoubtedly dominated, focusing on inflation. Over the past 16 months, the Federal Reserve, the U.S. Treasury and the U.S. Congress have deployed significant amounts of money to support, subsidize, stimulate workers, businesses, the overall economy, capital markets and securities markets. (In fact, I think 2020 was the year that \"trillions\" began to be used on a daily basis) One of the results that came with it was that people were worried about inflation.<b>Taking the inflation issue, which is attracting much attention at present, as an example, Howard Marks said that there are many smart people on both sides of the debate, but there is no \"knowing\" what the result will be.</b></p><p>On the one hand, the Federal Reserve keeps reiterating that the continued rise in inflation in recent months \"is temporary<b>”。</b>But in Marks' view, the Fed is obviously more concerned about the economic downturn, but the risk of high inflation can't be ignored; Moreover, even Fed officials are not 100% sure they are correct.</p><p>Consider the limitations of what the Fed knows. For many years, the United States, Europe and Japan set inflation targets at 2%, but none of the central banks have achieved them. Today, by maintaining high levels of easing, the Fed has shown that it is more worried about the downturn than about inflation. Although the former is more risky, the risk of persistently high inflation remains. Furthermore, Fed officials typically hold opposite views about the phenomenon, with some even admitting that they are not 100% sure they are correct. Such blunt speaking is all we need, but obviously, we cannot conclude that \"we have an answer\" on inflation…without even knowing that \"there is an answer\". On the other hand, investors are worried that inflation may persist for a longer period of time. Marks believes that markets are good observers, but rarely good forecasters.</p><p>How is the market? What do they know? Although market inflation is a good \"observer\" and highly sensitive to current developments, their reaction to events can be fickle. Moreover, they are rarely good \"forecasters\" when it comes to knowing what will happen next.<b>Howard Marks concluded that the truth of the matter is that very little is known about inflation, both the causes and the solutions. \"I describe it as 'mysterious', so I think we should trust predictions about price increases less than in other areas.\"</b></p><p>Since it is impossible to predict, what should investors do?</p><p>Howard Marks ends his essay by suggesting that readers Can review a 2001 memo he wrote entitled \"You Can't Predict. You Can Prepare.\"</p><p>No one can confidently predict whether we are entering an era of inflation, but the results of doing so will be huge, he said.<b>Therefore, he believes that it is reasonable for investors to admit the possibility of high inflation, but they should not significantly adjust asset allocation according to macro expectations, which may or may not be accurate.</b></p><p>We all have our own opinions on the future, but as we say at Oaktree: \"It's one thing to have an opinion, but it's quite another to assume it's right and bet heavily.\" So we don't generally bet on macro developments.</p>","source":"wallstreetcn_api","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>Howard Marks: Macro forecasts are 'either wrong or waste'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHoward Marks: Macro forecasts are 'either wrong or waste'\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-05 12:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How will the Delta variant affect the economic recovery? Will high inflation prompt the Fed to change its policy stance? For current investors, macro factors are becoming an important part of observing the future trend of the market.</p><p>The Financial Times published on Wednesday, August 4<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>A byline article by co-founder Howard Marks. In the article, the investment guru gives his take on macro forecasts.</p><p>At the beginning of the article, Howard Marks threw out his opinion:<b>As an investor who has been through multiple market cycles, he has learned to look at macro forecasts with skepticism.</b></p><p>These predictions are usually either unhelpful consensus expectations or non-consensus predictions, but they are rarely correct. But as I explained in my latest memo to investors, these predictions shouldn't be completely ignored, especially now. Although the forecasts don't seem so reliable, Howard Marks points out,<b>These forecasts should not be ignored entirely: macro forecasts may be unknowable, but they are important.</b></p><p>Macro factors undoubtedly dominated, focusing on inflation. Over the past 16 months, the Federal Reserve, the U.S. Treasury and the U.S. Congress have deployed significant amounts of money to support, subsidize, stimulate workers, businesses, the overall economy, capital markets and securities markets. (In fact, I think 2020 was the year that \"trillions\" began to be used on a daily basis) One of the results that came with it was that people were worried about inflation.<b>Taking the inflation issue, which is attracting much attention at present, as an example, Howard Marks said that there are many smart people on both sides of the debate, but there is no \"knowing\" what the result will be.</b></p><p>On the one hand, the Federal Reserve keeps reiterating that the continued rise in inflation in recent months \"is temporary<b>”。</b>But in Marks' view, the Fed is obviously more concerned about the economic downturn, but the risk of high inflation can't be ignored; Moreover, even Fed officials are not 100% sure they are correct.</p><p>Consider the limitations of what the Fed knows. For many years, the United States, Europe and Japan set inflation targets at 2%, but none of the central banks have achieved them. Today, by maintaining high levels of easing, the Fed has shown that it is more worried about the downturn than about inflation. Although the former is more risky, the risk of persistently high inflation remains. Furthermore, Fed officials typically hold opposite views about the phenomenon, with some even admitting that they are not 100% sure they are correct. Such blunt speaking is all we need, but obviously, we cannot conclude that \"we have an answer\" on inflation…without even knowing that \"there is an answer\". On the other hand, investors are worried that inflation may persist for a longer period of time. Marks believes that markets are good observers, but rarely good forecasters.</p><p>How is the market? What do they know? Although market inflation is a good \"observer\" and highly sensitive to current developments, their reaction to events can be fickle. Moreover, they are rarely good \"forecasters\" when it comes to knowing what will happen next.<b>Howard Marks concluded that the truth of the matter is that very little is known about inflation, both the causes and the solutions. \"I describe it as 'mysterious', so I think we should trust predictions about price increases less than in other areas.\"</b></p><p>Since it is impossible to predict, what should investors do?</p><p>Howard Marks ends his essay by suggesting that readers Can review a 2001 memo he wrote entitled \"You Can't Predict. You Can Prepare.\"</p><p>No one can confidently predict whether we are entering an era of inflation, but the results of doing so will be huge, he said.<b>Therefore, he believes that it is reasonable for investors to admit the possibility of high inflation, but they should not significantly adjust asset allocation according to macro expectations, which may or may not be accurate.</b></p><p>We all have our own opinions on the future, but as we say at Oaktree: \"It's one thing to have an opinion, but it's quite another to assume it's right and bet heavily.\" So we don't generally bet on macro developments.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3637182\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a106188796ec9abb78b8a3cfbae334a5","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","DOG":"道指ETF-ProShares做空","DDM":"2倍做多道指ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","PSQ":"做空纳斯达克100指数ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","OEX":"标普100","DJX":"1/100道琼斯","QID":"两倍做空纳斯达克指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637182","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157481313","content_text":"德尔塔变异毒株对经济复苏会造成怎样的影响？高企的通胀是否会促使美联储改变政策立场？对于当下的投资者来说，宏观因素正成为观测市场未来走势的重要一部分。\n英国金融时报8月4日周三刊发了橡树资本联合创始人霍华德·马克斯的署名文章。在文章中，这位投资大师就宏观预测给出了自己的看法。\n在文章开头，霍华德·马克斯就抛出了观点：作为一名经历过多轮市场周期的投资者，他已经学会用怀疑的目光看待宏观预测。\n\n 这些预测通常要么是毫无帮助的共识性预测（unhelpful consensus expectations），要么是非共识性预测，但是很少情况下是正确的。但是正如我在最新一篇给投资者的备忘录中解释的那样，这些预测不应该被完全忽视，尤其是现在。\n\n尽管预测看起来不这么靠谱，霍华德·马克斯还是指出，不应该完全忽视这些预测：宏观预测可能是不可知的，但是确是重要的。\n\n 宏观因素毫无疑问地占据了主导地位，主要集中在了通胀问题上。过去16个月，美联储、美国财政部和美国国会已经动用了大量资金用于支持、补贴、刺激工人、企业、整体经济、资本市场和证券市场。（事实上，我认为2020年是“万亿trillions”开始日常使用的一年）带来的结果之一就是人们担心通胀。\n\n以当下备受关注的通胀问题为例，霍华德·马克斯表示，争论的两方都不乏聪明之人，但是根本不存在“知道”结果会是怎样的情况。\n一方面是美联储不断重申最近几个月来通胀持续走高“是临时现象”。但在马克斯看来，美联储显然更关心经济低迷问题，但是通胀高企的风险也不容忽视；此外，即便是美联储官员也并不100%确定自己是正确的。\n\n 考虑美联储知道的局限性。许多年以来，美国、欧洲和日本把通胀目标设定在2%，但是没有一家央行实现了。如今，通过维持高水平的宽松措施，美联储表明它更担心经济低迷，而不是通胀问题。尽管前者的风险更大，但是通胀持续高企的风险依然存在。此外，美联储官员通常对这一现象持有相反观点，一些人甚至承认他们并不100%确定自己是正确的。这样直率的发言是我们所需要的，但显然，我们不能在通胀问题上得出“我们有答案”的结论……甚至不知道“有一个答案”。\n\n另一方面投资者担心通胀可能会持续较长一段时间。马克斯认为，市场是好的观察者，却极少是好的预测者。\n\n 市场如何？他们知道些什么？尽管市场通胀是不错的“观察者”，且对当前事态的发展高度敏感，但是他们对事件的反应可能是善变的。此外，在知晓接下来将发生什么方面，他们也很少是好的“预测者”。\n\n霍华德·马克斯总结到，事实的真相是，大家对通胀知之甚少，包括原因和解决方法。“我把它描述为‘神秘的’，因此我认为我们应该比其他领域更少相信关于价格上涨的预测。”\n既然无法预测，那么投资者该做些什么呢？\n霍华德·马克斯在文章末尾提出，读者可以回顾下他在2001年写的一篇备忘录，名称为《你不能预测，但可以做好准备》（You Can’t Predict. You Can Prepare）。\n他说，没有人能自信地预测我们是否正进入一个通胀时代，但是这样做的结果将是巨大的。所以他认为，投资者承认高通胀的可能性是具有合理性的，但是不应该根据宏观预期大幅调整资产配置，宏观预测可能是准确的，也可能不准确。\n\n 我们对未来都有自己的看法，但是正如我们在橡树资本所说的：“有观点是一回事，但假设它正确并下重注就完全是另一回事了。”所以我们一般不押注宏观发展。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"OEX":0.9,"SQQQ":0.9,"SH":0.9,".SPX":0.9,"DOG":0.9,"SDS":0.9,"DDM":0.9,"QLD":0.9,"SDOW":0.9,"QID":0.9,"SPXU":0.9,"DXD":0.9,"ESmain":0.9,"PSQ":0.9,"MNQmain":0.9,"QQQ":0.9,".IXIC":0.9,"UPRO":0.9,".DJI":0.9,"IVV":0.9,"OEF":0.9,"SSO":0.9,"TQQQ":0.9,"SPY":0.9,"NQmain":0.9,"UDOW":0.9,"DJX":0.9}},"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175278519,"gmtCreate":1627038540531,"gmtModify":1703482969608,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SYN\">$Synthetic Biologics Inc(SYN)$</a>?????","listText":"<a href=\"https://laohu8.com/S/SYN\">$Synthetic Biologics Inc(SYN)$</a>?????","text":"$Synthetic Biologics Inc(SYN)$?????","images":[{"img":"https://static.tigerbbs.com/8c8fa140ea16664b2fc208b270dab261","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175278519","isVote":1,"tweetType":1,"viewCount":1813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":175273893,"gmtCreate":1627038428712,"gmtModify":1703482966119,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[{"img":"https://static.tigerbbs.com/aec36bd5a4956de09588b5a25dce1463","width":"1125","height":"3685"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175273893","isVote":1,"tweetType":1,"viewCount":1845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":175031547,"gmtCreate":1626998035789,"gmtModify":1703482006834,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175031547","repostId":"1118052551","repostType":4,"repost":{"id":"1118052551","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626964515,"share":"https://ttm.financial/m/news/1118052551?lang=en_US&edition=fundamental","pubTime":"2021-07-22 22:35","market":"us","language":"zh","title":"[Movement] China Concept Education Stocks Lower, Gaotu Drops Over 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1118052551","media":"老虎资讯综合","summary":"7月22日，中概教育股走低，高途跌超7%，好未来跌超6%，新东方、有道跌超4%。\n2021年初，几道政策相继下发，教培行业按下了暂停键。在线教育企业忙着裁员、转型，投资人也集体坐不住了。一时间，关闭K","content":"<p>On July 22nd, China Education stocks were lower,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>fell by more than 7%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>fell by more than 6%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Youdao fell by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/ccc11b364cd6fb48eeb5107a4498847b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">In early 2021, several policies were issued one after another, and the education and training industry pressed the pause button. Online education companies are busy laying off employees and transforming, and investors collectively can't sit still. For a time, it became a new trend to close the K12 track and switch to quality education and vocational education.</p><p>Moreover, this is not a short-term pain of the industry. With the regulation of the qualification, teaching time and capitalization of online education enterprises, the growth space of enterprises is limited. In addition, without capital leverage, enterprises cannot expand brutally, but can only snowball with their strength, and the scale effect is greatly reduced.</p><p>Nowadays, online education is falling from its peak, and the sword of Damocles hangs high above its head. No matter what form the industry moves forward in the future, enterprises need to eliminate distracting thoughts and return to the original intention of education.</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>[Movement] China Concept Education Stocks Lower, Gaotu Drops Over 7%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Movement] China Concept Education Stocks Lower, Gaotu Drops Over 7%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-22 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 22nd, China Education stocks were lower,<a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>fell by more than 7%,<a href=\"https://laohu8.com/S/TAL\">TAL</a>fell by more than 6%,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>Youdao fell by more than 4%.</p><p><img src=\"https://static.tigerbbs.com/ccc11b364cd6fb48eeb5107a4498847b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">In early 2021, several policies were issued one after another, and the education and training industry pressed the pause button. Online education companies are busy laying off employees and transforming, and investors collectively can't sit still. For a time, it became a new trend to close the K12 track and switch to quality education and vocational education.</p><p>Moreover, this is not a short-term pain of the industry. With the regulation of the qualification, teaching time and capitalization of online education enterprises, the growth space of enterprises is limited. In addition, without capital leverage, enterprises cannot expand brutally, but can only snowball with their strength, and the scale effect is greatly reduced.</p><p>Nowadays, online education is falling from its peak, and the sword of Damocles hangs high above its head. No matter what form the industry moves forward in the future, enterprises need to eliminate distracting thoughts and return to the original intention of education.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2a65ddf73055baf7ee7e017124875990","relate_stocks":{"GOTU":"高途"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118052551","content_text":"7月22日，中概教育股走低，高途跌超7%，好未来跌超6%，新东方、有道跌超4%。\n2021年初，几道政策相继下发，教培行业按下了暂停键。在线教育企业忙着裁员、转型，投资人也集体坐不住了。一时间，关闭K12赛道，转投素质教育、职业教育成了新风向。\n而且，这不是行业短期的阵痛，随着监管对在线教育企业资质、教学时间、资本化的规范，企业增长空间受限，此外，没有了资金杠杆，各企业无法野蛮扩张，只能凭实力滚雪球，规模效应大大下降。\n如今，在线教育正在从巅峰跌落，达摩克里斯之剑高悬头顶，无论未来行业以何种形式前进，都需要企业剔除杂念，回归教育初心。","news_type":1,"symbols_score_info":{"GOTU":0.9}},"isVote":1,"tweetType":1,"viewCount":1509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173563011,"gmtCreate":1626670629933,"gmtModify":1703763077046,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582187509385859","idStr":"3582187509385859"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SYN\">$Synthetic Biologics Inc(SYN)$</a> ?&nbsp;","listText":"<a href=\"https://laohu8.com/S/SYN\">$Synthetic Biologics Inc(SYN)$</a> ?&nbsp;","text":"$Synthetic Biologics Inc(SYN)$ ?","images":[{"img":"https://static.tigerbbs.com/471de3f90977b102df6cc9e1fdd2dc85","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173563011","isVote":1,"tweetType":1,"viewCount":1740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":100460397,"gmtCreate":1619631452419,"gmtModify":1704727131802,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/RIBT\">$RiceBran(RIBT)$</a>[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;","listText":"<a href=\"https://laohu8.com/S/RIBT\">$RiceBran(RIBT)$</a>[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;[Cry]&nbsp;","text":"$RiceBran(RIBT)$[Cry] [Cry] [Cry] [Cry] [Cry] [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/100460397","isVote":1,"tweetType":1,"viewCount":2292,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581413944630908","authorId":"3581413944630908","name":"WalkingIn","avatar":"https://static.tigerbbs.com/74ca2c98f1ef1d4b5f17b3666953d588","crmLevel":11,"crmLevelSwitch":0,"idStr":"3581413944630908","authorIdStr":"3581413944630908"},"content":"Don give up..fly to the Moon bext tuesday","text":"Don give up..fly to the Moon bext tuesday","html":"Don give up..fly to the Moon bext tuesday"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005835770,"gmtCreate":1642223545321,"gmtModify":1676533694427,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Happy&nbsp;","listText":"Happy&nbsp;","text":"Happy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005835770","repostId":"1154278005","repostType":4,"isVote":1,"tweetType":1,"viewCount":6481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890457486,"gmtCreate":1628129970245,"gmtModify":1703501781931,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890457486","repostId":"2157481313","repostType":4,"repost":{"id":"2157481313","kind":"highlight","pubTimestamp":1628136529,"share":"https://ttm.financial/m/news/2157481313?lang=en_US&edition=fundamental","pubTime":"2021-08-05 12:08","market":"us","language":"zh","title":"Howard Marks: Macro forecasts are 'either wrong or waste'","url":"https://stock-news.laohu8.com/highlight/detail?id=2157481313","media":"华尔街见闻","summary":"德尔塔变异毒株对经济复苏会造成怎样的影响？高企的通胀是否会促使美联储改变政策立场？对于当下的投资者来说，宏观因素正成为观测市场未来走势的重要一部分。\n英国金融时报8月4日周三刊发了橡树资本联合创始人霍","content":"<p>How will the Delta variant affect the economic recovery? Will high inflation prompt the Fed to change its policy stance? For current investors, macro factors are becoming an important part of observing the future trend of the market.</p><p>The Financial Times published on Wednesday, August 4<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>A byline article by co-founder Howard Marks. In the article, the investment guru gives his take on macro forecasts.</p><p>At the beginning of the article, Howard Marks threw out his opinion:<b>As an investor who has been through multiple market cycles, he has learned to look at macro forecasts with skepticism.</b></p><p>These predictions are usually either unhelpful consensus expectations or non-consensus predictions, but they are rarely correct. But as I explained in my latest memo to investors, these predictions shouldn't be completely ignored, especially now. Although the forecasts don't seem so reliable, Howard Marks points out,<b>These forecasts should not be ignored entirely: macro forecasts may be unknowable, but they are important.</b></p><p>Macro factors undoubtedly dominated, focusing on inflation. Over the past 16 months, the Federal Reserve, the U.S. Treasury and the U.S. Congress have deployed significant amounts of money to support, subsidize, stimulate workers, businesses, the overall economy, capital markets and securities markets. (In fact, I think 2020 was the year that \"trillions\" began to be used on a daily basis) One of the results that came with it was that people were worried about inflation.<b>Taking the inflation issue, which is attracting much attention at present, as an example, Howard Marks said that there are many smart people on both sides of the debate, but there is no \"knowing\" what the result will be.</b></p><p>On the one hand, the Federal Reserve keeps reiterating that the continued rise in inflation in recent months \"is temporary<b>”。</b>But in Marks' view, the Fed is obviously more concerned about the economic downturn, but the risk of high inflation can't be ignored; Moreover, even Fed officials are not 100% sure they are correct.</p><p>Consider the limitations of what the Fed knows. For many years, the United States, Europe and Japan set inflation targets at 2%, but none of the central banks have achieved them. Today, by maintaining high levels of easing, the Fed has shown that it is more worried about the downturn than about inflation. Although the former is more risky, the risk of persistently high inflation remains. Furthermore, Fed officials typically hold opposite views about the phenomenon, with some even admitting that they are not 100% sure they are correct. Such blunt speaking is all we need, but obviously, we cannot conclude that \"we have an answer\" on inflation…without even knowing that \"there is an answer\". On the other hand, investors are worried that inflation may persist for a longer period of time. Marks believes that markets are good observers, but rarely good forecasters.</p><p>How is the market? What do they know? Although market inflation is a good \"observer\" and highly sensitive to current developments, their reaction to events can be fickle. Moreover, they are rarely good \"forecasters\" when it comes to knowing what will happen next.<b>Howard Marks concluded that the truth of the matter is that very little is known about inflation, both the causes and the solutions. \"I describe it as 'mysterious', so I think we should trust predictions about price increases less than in other areas.\"</b></p><p>Since it is impossible to predict, what should investors do?</p><p>Howard Marks ends his essay by suggesting that readers Can review a 2001 memo he wrote entitled \"You Can't Predict. You Can Prepare.\"</p><p>No one can confidently predict whether we are entering an era of inflation, but the results of doing so will be huge, he said.<b>Therefore, he believes that it is reasonable for investors to admit the possibility of high inflation, but they should not significantly adjust asset allocation according to macro expectations, which may or may not be accurate.</b></p><p>We all have our own opinions on the future, but as we say at Oaktree: \"It's one thing to have an opinion, but it's quite another to assume it's right and bet heavily.\" So we don't generally bet on macro developments.</p>","source":"wallstreetcn_api","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>Howard Marks: Macro forecasts are 'either wrong or waste'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHoward Marks: Macro forecasts are 'either wrong or waste'\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-05 12:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How will the Delta variant affect the economic recovery? Will high inflation prompt the Fed to change its policy stance? For current investors, macro factors are becoming an important part of observing the future trend of the market.</p><p>The Financial Times published on Wednesday, August 4<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>A byline article by co-founder Howard Marks. In the article, the investment guru gives his take on macro forecasts.</p><p>At the beginning of the article, Howard Marks threw out his opinion:<b>As an investor who has been through multiple market cycles, he has learned to look at macro forecasts with skepticism.</b></p><p>These predictions are usually either unhelpful consensus expectations or non-consensus predictions, but they are rarely correct. But as I explained in my latest memo to investors, these predictions shouldn't be completely ignored, especially now. Although the forecasts don't seem so reliable, Howard Marks points out,<b>These forecasts should not be ignored entirely: macro forecasts may be unknowable, but they are important.</b></p><p>Macro factors undoubtedly dominated, focusing on inflation. Over the past 16 months, the Federal Reserve, the U.S. Treasury and the U.S. Congress have deployed significant amounts of money to support, subsidize, stimulate workers, businesses, the overall economy, capital markets and securities markets. (In fact, I think 2020 was the year that \"trillions\" began to be used on a daily basis) One of the results that came with it was that people were worried about inflation.<b>Taking the inflation issue, which is attracting much attention at present, as an example, Howard Marks said that there are many smart people on both sides of the debate, but there is no \"knowing\" what the result will be.</b></p><p>On the one hand, the Federal Reserve keeps reiterating that the continued rise in inflation in recent months \"is temporary<b>”。</b>But in Marks' view, the Fed is obviously more concerned about the economic downturn, but the risk of high inflation can't be ignored; Moreover, even Fed officials are not 100% sure they are correct.</p><p>Consider the limitations of what the Fed knows. For many years, the United States, Europe and Japan set inflation targets at 2%, but none of the central banks have achieved them. Today, by maintaining high levels of easing, the Fed has shown that it is more worried about the downturn than about inflation. Although the former is more risky, the risk of persistently high inflation remains. Furthermore, Fed officials typically hold opposite views about the phenomenon, with some even admitting that they are not 100% sure they are correct. Such blunt speaking is all we need, but obviously, we cannot conclude that \"we have an answer\" on inflation…without even knowing that \"there is an answer\". On the other hand, investors are worried that inflation may persist for a longer period of time. Marks believes that markets are good observers, but rarely good forecasters.</p><p>How is the market? What do they know? Although market inflation is a good \"observer\" and highly sensitive to current developments, their reaction to events can be fickle. Moreover, they are rarely good \"forecasters\" when it comes to knowing what will happen next.<b>Howard Marks concluded that the truth of the matter is that very little is known about inflation, both the causes and the solutions. \"I describe it as 'mysterious', so I think we should trust predictions about price increases less than in other areas.\"</b></p><p>Since it is impossible to predict, what should investors do?</p><p>Howard Marks ends his essay by suggesting that readers Can review a 2001 memo he wrote entitled \"You Can't Predict. You Can Prepare.\"</p><p>No one can confidently predict whether we are entering an era of inflation, but the results of doing so will be huge, he said.<b>Therefore, he believes that it is reasonable for investors to admit the possibility of high inflation, but they should not significantly adjust asset allocation according to macro expectations, which may or may not be accurate.</b></p><p>We all have our own opinions on the future, but as we say at Oaktree: \"It's one thing to have an opinion, but it's quite another to assume it's right and bet heavily.\" So we don't generally bet on macro developments.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3637182\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a106188796ec9abb78b8a3cfbae334a5","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","DOG":"道指ETF-ProShares做空","DDM":"2倍做多道指ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","PSQ":"做空纳斯达克100指数ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF","OEX":"标普100","DJX":"1/100道琼斯","QID":"两倍做空纳斯达克指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637182","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157481313","content_text":"德尔塔变异毒株对经济复苏会造成怎样的影响？高企的通胀是否会促使美联储改变政策立场？对于当下的投资者来说，宏观因素正成为观测市场未来走势的重要一部分。\n英国金融时报8月4日周三刊发了橡树资本联合创始人霍华德·马克斯的署名文章。在文章中，这位投资大师就宏观预测给出了自己的看法。\n在文章开头，霍华德·马克斯就抛出了观点：作为一名经历过多轮市场周期的投资者，他已经学会用怀疑的目光看待宏观预测。\n\n 这些预测通常要么是毫无帮助的共识性预测（unhelpful consensus expectations），要么是非共识性预测，但是很少情况下是正确的。但是正如我在最新一篇给投资者的备忘录中解释的那样，这些预测不应该被完全忽视，尤其是现在。\n\n尽管预测看起来不这么靠谱，霍华德·马克斯还是指出，不应该完全忽视这些预测：宏观预测可能是不可知的，但是确是重要的。\n\n 宏观因素毫无疑问地占据了主导地位，主要集中在了通胀问题上。过去16个月，美联储、美国财政部和美国国会已经动用了大量资金用于支持、补贴、刺激工人、企业、整体经济、资本市场和证券市场。（事实上，我认为2020年是“万亿trillions”开始日常使用的一年）带来的结果之一就是人们担心通胀。\n\n以当下备受关注的通胀问题为例，霍华德·马克斯表示，争论的两方都不乏聪明之人，但是根本不存在“知道”结果会是怎样的情况。\n一方面是美联储不断重申最近几个月来通胀持续走高“是临时现象”。但在马克斯看来，美联储显然更关心经济低迷问题，但是通胀高企的风险也不容忽视；此外，即便是美联储官员也并不100%确定自己是正确的。\n\n 考虑美联储知道的局限性。许多年以来，美国、欧洲和日本把通胀目标设定在2%，但是没有一家央行实现了。如今，通过维持高水平的宽松措施，美联储表明它更担心经济低迷，而不是通胀问题。尽管前者的风险更大，但是通胀持续高企的风险依然存在。此外，美联储官员通常对这一现象持有相反观点，一些人甚至承认他们并不100%确定自己是正确的。这样直率的发言是我们所需要的，但显然，我们不能在通胀问题上得出“我们有答案”的结论……甚至不知道“有一个答案”。\n\n另一方面投资者担心通胀可能会持续较长一段时间。马克斯认为，市场是好的观察者，却极少是好的预测者。\n\n 市场如何？他们知道些什么？尽管市场通胀是不错的“观察者”，且对当前事态的发展高度敏感，但是他们对事件的反应可能是善变的。此外，在知晓接下来将发生什么方面，他们也很少是好的“预测者”。\n\n霍华德·马克斯总结到，事实的真相是，大家对通胀知之甚少，包括原因和解决方法。“我把它描述为‘神秘的’，因此我认为我们应该比其他领域更少相信关于价格上涨的预测。”\n既然无法预测，那么投资者该做些什么呢？\n霍华德·马克斯在文章末尾提出，读者可以回顾下他在2001年写的一篇备忘录，名称为《你不能预测，但可以做好准备》（You Can’t Predict. You Can Prepare）。\n他说，没有人能自信地预测我们是否正进入一个通胀时代，但是这样做的结果将是巨大的。所以他认为，投资者承认高通胀的可能性是具有合理性的，但是不应该根据宏观预期大幅调整资产配置，宏观预测可能是准确的，也可能不准确。\n\n 我们对未来都有自己的看法，但是正如我们在橡树资本所说的：“有观点是一回事，但假设它正确并下重注就完全是另一回事了。”所以我们一般不押注宏观发展。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"OEX":0.9,"SQQQ":0.9,"SH":0.9,".SPX":0.9,"DOG":0.9,"SDS":0.9,"DDM":0.9,"QLD":0.9,"SDOW":0.9,"QID":0.9,"SPXU":0.9,"DXD":0.9,"ESmain":0.9,"PSQ":0.9,"MNQmain":0.9,"QQQ":0.9,".IXIC":0.9,"UPRO":0.9,".DJI":0.9,"IVV":0.9,"OEF":0.9,"SSO":0.9,"TQQQ":0.9,"SPY":0.9,"NQmain":0.9,"UDOW":0.9,"DJX":0.9}},"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173563011,"gmtCreate":1626670629933,"gmtModify":1703763077046,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SYN\">$Synthetic Biologics Inc(SYN)$</a> ?&nbsp;","listText":"<a href=\"https://laohu8.com/S/SYN\">$Synthetic Biologics Inc(SYN)$</a> ?&nbsp;","text":"$Synthetic Biologics Inc(SYN)$ ?","images":[{"img":"https://static.tigerbbs.com/471de3f90977b102df6cc9e1fdd2dc85","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173563011","isVote":1,"tweetType":1,"viewCount":1740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9005903358,"gmtCreate":1642130039096,"gmtModify":1676533684915,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005903358","repostId":"1141935271","repostType":4,"repost":{"id":"1141935271","kind":"news","weMediaInfo":{"introduction":"提供来自华尔街的观点，观察市场，提供独道的解读视角。","home_visible":1,"media_name":"老虎锐评","id":"1005414032","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1642126617,"share":"https://ttm.financial/m/news/1141935271?lang=en_US&edition=fundamental","pubTime":"2022-01-14 10:16","market":"us","language":"zh","title":"Tiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1141935271","media":"老虎锐评","summary":"为何30年都不上市的公司，突然上市了？","content":"<p><html><head></head><body>U.S. stocks fell on Thursday, with Nasdaq plunging 2.5% and Chinese stocks falling 6%.</p><p><img src=\"https://static.tigerbbs.com/6db99d5fbcec803c7b7d074ea53de752\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>The famous TPG goes public, but do you dare to buy the stock?</b></p><p>Prominent private equity firm TPG went public today, closing 15% higher than its IPO price. Today, the market is very weak, and Nasdaq plummeted. Such stock price performance is commendable. TPG has been established for 30 years and has a good reputation, but because it is not a listed company, everyone can only see the financial situation in the fog. Should we use TPG's reputation to charge the stock market, or should we slowly think about a question-why did the company that had not been listed for 30 years suddenly go public?</p><p>TPG's S1 can be described as extremely complicated, with a length of 459 pages (Rivian was only listed some time ago with less than 300 pages). Of course, the complexity of S1 proves that the company is willing to disclose, and whether it can be read or not depends on your level. You think that the purpose of a company's listing is nothing more than to make money, which is naive. This round of TPG's listing is about the transfer of assets.</p><p>Let's start with the big picture. According to the company's S1 disclosure, this round of IPO, excluding the old shareholder China Life selling shares and listing underwriting fees, TPG expects the revenue to be $820 million (after green shoes).</p><p><img src=\"https://static.tigerbbs.com/9bf32d7816a1ac3b9cf28f0b1b158a1c\" tg-width=\"719\" tg-height=\"139\" width=\"100%\" height=\"auto\"/></p><p>You think this $820 million will go into the company's books, no, this $820 million should first give $380 million to the company's old shareholders (not the old shareholders of China Life). Generally speaking, a prospectus can clearly see which old shareholders sold their stocks to withdraw, but this prospectus can't be seen at all. Just saying that the $380 million will go to the old shareholders of a company called TPG Operating Group.</p><p>The shares in this public offering are shares of TPG Partners, but TPG Partners is only a shell company and the real Operating company is TPG Operating Group. This is very powerful, because the shareholders of TPG Operating Group are completely hidden, so we don't know how the $380 million will be distributed to old shareholders. The operations of the TPG Operating Group are well concealed through this operation.</p><p>It is small for old shareholders to cash out through this anonymous operation. The real problem lies in some asset transfers carried out by the listing of TPG. The prospectus did not hide it, saying that this operation was called \"reorganization\". The following picture is the structure diagram before and after this \"reorganization\" in the company's prospectus.</p><p><img src=\"https://static.tigerbbs.com/1d4cdde7c992a6a198378084e9c81590\" tg-width=\"775\" tg-height=\"337\" width=\"100%\" height=\"auto\"/></p><p>Through this listing, all institutional/retail shareholders received 11% equity and 1.4% voting rights in the actual company, but this completely did not reflect the true asset transfer situation.</p><p>According to page 126 of the prospectus, in addition to the old shareholders taking $380 million in cash, the old shareholders also divested the assets of TPG Operating Group of $1.15 billion through a number of operations.</p><p><img src=\"https://static.tigerbbs.com/46dee0004f1f082d6dbb06ab12893faf\" tg-width=\"791\" tg-height=\"231\" width=\"100%\" height=\"auto\"/></p><p>This includes $80 million in cash and two large investments ($720 million and $250 million). Of these, $720 million has no public investment target, and $250 million comes from TPG Group Holdings (SBS). According to the data from the Care Book, the cost of this investment in 2019 was $180 million, which means that the benefit reached 34% in two years.</p><p>I don't know what considerations TPG's old shareholders took to divesting the $1.1 billion assets from the assets of listed companies, and of course the prospectus won't explain it. However, this kind of operation will inevitably make people think that the company has the suspicion of divesting good assets and listing bad assets. If this is listed on the Shanghai Stock Exchange, 100% will receive an inquiry letter from the CSRC.</p><p>It is usually thought that when a company goes public, it is at most A shares and B shares, two kinds of equity. But TPG's listing just came up with four things: ordinary A shares, A shares without voting rights, B shares and Common Unit. Really a master of equity operation.</p><p><b>Company News</b></p><p><b>TPG Partners (TPG): IPO offering price $29.50, open $33, up 15%.</b></p><p><img src=\"https://static.tigerbbs.com/164be6623bcb921239a016153a234acc\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>Ford Motor (F): Market cap topped $100 billion for the first time, gaining as much as 5.7% today and up 2% at the close.</b>Ford Motor currently outperforms General Motors (GM) and Rivian (RIVN) in market capitalization, but still trails Tesla (TSLA) significantly.</p><p></body></html></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>Tiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Comments: The mysterious asset management predator is listed, but do you dare to buy stocks?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1005414032\">\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\">老虎锐评 </p>\n<p class=\"h-time smaller\">2022-01-14 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stocks fell on Thursday, with Nasdaq plunging 2.5% and Chinese stocks falling 6%.</p><p><img src=\"https://static.tigerbbs.com/6db99d5fbcec803c7b7d074ea53de752\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>The famous TPG goes public, but do you dare to buy the stock?</b></p><p>Prominent private equity firm TPG went public today, closing 15% higher than its IPO price. Today, the market is very weak, and Nasdaq plummeted. Such stock price performance is commendable. TPG has been established for 30 years and has a good reputation, but because it is not a listed company, everyone can only see the financial situation in the fog. Should we use TPG's reputation to charge the stock market, or should we slowly think about a question-why did the company that had not been listed for 30 years suddenly go public?</p><p>TPG's S1 can be described as extremely complicated, with a length of 459 pages (Rivian was only listed some time ago with less than 300 pages). Of course, the complexity of S1 proves that the company is willing to disclose, and whether it can be read or not depends on your level. You think that the purpose of a company's listing is nothing more than to make money, which is naive. This round of TPG's listing is about the transfer of assets.</p><p>Let's start with the big picture. According to the company's S1 disclosure, this round of IPO, excluding the old shareholder China Life selling shares and listing underwriting fees, TPG expects the revenue to be $820 million (after green shoes).</p><p><img src=\"https://static.tigerbbs.com/9bf32d7816a1ac3b9cf28f0b1b158a1c\" tg-width=\"719\" tg-height=\"139\" width=\"100%\" height=\"auto\"/></p><p>You think this $820 million will go into the company's books, no, this $820 million should first give $380 million to the company's old shareholders (not the old shareholders of China Life). Generally speaking, a prospectus can clearly see which old shareholders sold their stocks to withdraw, but this prospectus can't be seen at all. Just saying that the $380 million will go to the old shareholders of a company called TPG Operating Group.</p><p>The shares in this public offering are shares of TPG Partners, but TPG Partners is only a shell company and the real Operating company is TPG Operating Group. This is very powerful, because the shareholders of TPG Operating Group are completely hidden, so we don't know how the $380 million will be distributed to old shareholders. The operations of the TPG Operating Group are well concealed through this operation.</p><p>It is small for old shareholders to cash out through this anonymous operation. The real problem lies in some asset transfers carried out by the listing of TPG. The prospectus did not hide it, saying that this operation was called \"reorganization\". The following picture is the structure diagram before and after this \"reorganization\" in the company's prospectus.</p><p><img src=\"https://static.tigerbbs.com/1d4cdde7c992a6a198378084e9c81590\" tg-width=\"775\" tg-height=\"337\" width=\"100%\" height=\"auto\"/></p><p>Through this listing, all institutional/retail shareholders received 11% equity and 1.4% voting rights in the actual company, but this completely did not reflect the true asset transfer situation.</p><p>According to page 126 of the prospectus, in addition to the old shareholders taking $380 million in cash, the old shareholders also divested the assets of TPG Operating Group of $1.15 billion through a number of operations.</p><p><img src=\"https://static.tigerbbs.com/46dee0004f1f082d6dbb06ab12893faf\" tg-width=\"791\" tg-height=\"231\" width=\"100%\" height=\"auto\"/></p><p>This includes $80 million in cash and two large investments ($720 million and $250 million). Of these, $720 million has no public investment target, and $250 million comes from TPG Group Holdings (SBS). According to the data from the Care Book, the cost of this investment in 2019 was $180 million, which means that the benefit reached 34% in two years.</p><p>I don't know what considerations TPG's old shareholders took to divesting the $1.1 billion assets from the assets of listed companies, and of course the prospectus won't explain it. However, this kind of operation will inevitably make people think that the company has the suspicion of divesting good assets and listing bad assets. If this is listed on the Shanghai Stock Exchange, 100% will receive an inquiry letter from the CSRC.</p><p>It is usually thought that when a company goes public, it is at most A shares and B shares, two kinds of equity. But TPG's listing just came up with four things: ordinary A shares, A shares without voting rights, B shares and Common Unit. Really a master of equity operation.</p><p><b>Company News</b></p><p><b>TPG Partners (TPG): IPO offering price $29.50, open $33, up 15%.</b></p><p><img src=\"https://static.tigerbbs.com/164be6623bcb921239a016153a234acc\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p><b>Ford Motor (F): Market cap topped $100 billion for the first time, gaining as much as 5.7% today and up 2% at the close.</b>Ford Motor currently outperforms General Motors (GM) and Rivian (RIVN) in market capitalization, but still trails Tesla (TSLA) significantly.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e51dca4aea5a4f4975d48e2264c0446","relate_stocks":{".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141935271","content_text":"周四美股下跌，纳斯达克大跌2.5%，中概股跟跌6%。大名鼎鼎的TPG上市，但股票你敢买吗？著名私募公司TPG今天上市，收盘价格较IPO价格上涨15%。今天大盘很弱纳斯达克大跌，这样的股价表现难能可贵。TPG成立了30年，名声响亮，但由于不是上市公司，财务状况大家都只能雾里看花。是借着TPG的名声去股市冲锋，还是先缓缓想一个问题——为何30年都不上市的公司，突然上市了？TPG的S1可谓是极其复杂，长达459页（前段时间才上市Rivian才300页不到）。当然，S1复杂证明公司愿意披露，能不能读懂就是看各位的水平了。你以为一个公司上市的目的无非就是圈钱，幼稚。TPG这一轮上市，玩的是资产大转移。先从大的方面来说。根据公司S1披露，这一轮IPO上市，刨去老股东China Life卖股票和上市承销费用，TPG预计收入将是$8.2亿（绿鞋后）。你以为这$8.2亿会进入公司的账本，不会，这$8.2亿首先要拿出$3.8亿给公司的老股东（非China Life的老股东）。通常来说，一个招股书能够清晰看出是哪些老股东售卖股票退出，但是这份招股书却完全看不出来。只是说这$3.8亿会给一家公司的老股东，这家公司叫做TPG Operating Group。这次公开发行的股票是TPG Partners的股票，但是TPG Partners只是一个壳公司，真正运营公司是TPG Operating Group。这招非常厉害，因为TPG Operating Group的股东被完全隐藏起来了，所以并不知道这$3.8亿怎么分配给老股东。TPG Operating Group的运营情况，也通过这种操作，被很好的隐藏起来。老股东通过这种匿名操作套现事情算小，真正的问题在于还是TPG上市来进行的一些列资产转移。招股书也没有隐瞒，称这个操作叫做“重组”，下图是公司招股书中关于这次“重组”前后的结构图。通过这次上市，所有的机构/零售股东得到了实际公司11%的股权和1.4%的投票权，但这完全没有反映真实的资产转移情况。根据招股书第126页显示，除了老股东拿走$3.8亿现金之外，老股东还通过一些列操作，剥离了TPG Operating Group旗下$11.5亿的资产。这其中包括现金$0.8亿，以及两个大的投资（一笔$7.2亿，一笔$2.5亿）。其中$7.2亿的投资并没有公开投资标的，$2.5亿来自于TPG Group Holdings (SBS)。根据照顾书的数据显示，这笔投资2019年的成本是$1.8亿，也就是说两年收益达到了34%。不知道TPG的老股东是经过什么考虑，把这$11亿资产从上市公司的资产中剥离出去，当然招股书也不会解释。但这种操作难免会让人觉得公司有把好资产剥离，坏资产上市的嫌疑。这要是在上交所上市，100%会收到证监会的询问函。通常以为一家公司上市，最多就是A股和B股，两种股权。但TPG上市硬是搞出了4种东西：普通A股，没有投票权的A股，B股和Common Unit。真的是股权运作的高手。公司新闻TPG Partners(TPG)：IPO发行价$29.50，开盘$33，涨15%。 福特汽车(F)：市值首次突破$1,000亿，今日最高上涨5.7%，截止收盘上涨2%。福特汽车目前市值超过通用汽车(GM)和Rivian(RIVN)，但仍大幅落后于特斯拉(TSLA)。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036557695,"gmtCreate":1647150721882,"gmtModify":1676534199290,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"Ggg","listText":"Ggg","text":"Ggg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036557695","repostId":"1177231006","repostType":4,"repost":{"id":"1177231006","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646635096,"share":"https://ttm.financial/m/news/1177231006?lang=en_US&edition=fundamental","pubTime":"2022-03-07 14:38","market":"us","language":"zh","title":"Reminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.","url":"https://stock-news.laohu8.com/highlight/detail?id=1177231006","media":"老虎资讯综合","summary":"美国2022年夏令时将于2022年3月13日美东时间02：00开始，至2022年11月6日美东时间02：00终止，届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00。3月14日为进入夏令时后美股首个交易日。","content":"<p><html><head></head><body>U.S. Daylight Saving Time 2022 will begin at 2:00 AM Eastern Time on March 13, 2022, and end at 2:00 AM Eastern Time on November 6, 2022. At that time, the regular trading hours of the U.S. stock market will be advanced by one hour to Beijing time, which will change from 9:30 PM Monday to Friday to 4:00 AM the following day. March 14th was the first trading day for US stocks after the start of daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 9:30 AM - 4:00 PM (No lunch break); Beijing time: 21:30-04:00 the next day (daylight saving time, March to early November)</p><p><b>Pre-market trading hours</b></p><p>Eastern Time: 04:00-09:30; Beijing time: 16:00-21:30 (Daylight Saving Time, March-early November)</p><p><b>After-hours trading</b></p><p>Eastern Time: 16:00-20:00; Beijing time: 04:00-08:00 (Daylight Saving Time, March to early November)</p><p>(Note: Daylight saving time is from the second Sunday of March to the first Sunday of November each year, and winter time is from the first Sunday of November to the second Sunday of March of the following year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: On the 13th, US daylight saving time, US stocks opened one hour earlier.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-07 14:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. Daylight Saving Time 2022 will begin at 2:00 AM Eastern Time on March 13, 2022, and end at 2:00 AM Eastern Time on November 6, 2022. At that time, the regular trading hours of the U.S. stock market will be advanced by one hour to Beijing time, which will change from 9:30 PM Monday to Friday to 4:00 AM the following day. March 14th was the first trading day for US stocks after the start of daylight saving time.</p><p><b>Trading hours</b></p><p>Eastern Time: 9:30 AM - 4:00 PM (No lunch break); Beijing time: 21:30-04:00 the next day (daylight saving time, March to early November)</p><p><b>Pre-market trading hours</b></p><p>Eastern Time: 04:00-09:30; Beijing time: 16:00-21:30 (Daylight Saving Time, March-early November)</p><p><b>After-hours trading</b></p><p>Eastern Time: 16:00-20:00; Beijing time: 04:00-08:00 (Daylight Saving Time, March to early November)</p><p>(Note: Daylight saving time is from the second Sunday of March to the first Sunday of November each year, and winter time is from the first Sunday of November to the second Sunday of March of the following year.)</p><p><img src=\"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69c49b7e49385a32a49c0ed123c91847","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177231006","content_text":"美国2022年夏令时将于2022年3月13日美东时间02：00开始，至2022年11月6日美东时间02：00终止，届时美股市场的常规交易时段对应的北京时间将提前1小时，即变为周一至周五21：30至次日04：00。3月14日为进入夏令时后美股首个交易日。交易时间美国东部时间：09：30~16：00 (午间不休市)；北京时间：21：30~次日04：00（夏令时，3月~11月初）盘前交易时间美国东部时间：04：00~09：30；北京时间：16：00~21:30（夏令时，3月~11月初）盘后交易时间美国东部时间：16：00~20：00；北京时间：04：00~08：00（夏令时，3月~11月初）（注：夏令时为每年3月的第二个星期日至11月的第一个星期日，冬令时为每年11月的第一个星期日至次年3月的第二个星期日。）","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005538112,"gmtCreate":1642342992629,"gmtModify":1676533702658,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005538112","repostId":"1105926115","repostType":4,"repost":{"id":"1105926115","kind":"news","weMediaInfo":{"introduction":"解密财经，透视真相。为您传递第一手新鲜财经深度报道。","home_visible":1,"media_name":"棱镜","id":"91","head_image":"https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8"},"pubTimestamp":1642304577,"share":"https://ttm.financial/m/news/1105926115?lang=en_US&edition=fundamental","pubTime":"2022-01-16 11:42","market":"us","language":"zh","title":"He Xiaopeng: The Beginning and End of \"Dreamers in the Air\" in Car Manufacturing","url":"https://stock-news.laohu8.com/highlight/detail?id=1105926115","media":"棱镜","summary":"跻身国内顶级企业家群，何小鹏还是没有学会迎合观众期待值去“讲故事”。2021年年底，何小鹏在接受腾讯新闻《财约你》专访时，大多数时间都沉浸在自己所畅想的出行世界中。在专访的最后，《财约你》向他提出了几","content":"<p><html><head></head><body>Despite joining the ranks of top domestic entrepreneurs, He Xiaopeng still hasn't learned to \"tell stories\" to meet audience expectations.</p><p>At the end of 2021, He Xiaopeng was interviewed...<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the interview with the news program \"Caiyue Ni\", he spent most of his time immersed in his imagined world of travel. At the end of the interview, \"Caiyue Ni\" asked him a few quick questions. He got stuck while answering quickly, even though the questions were relatively easy and enjoyable.</p><p>\"Join<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>In four years, what was your happiest moment? \"Wealth Promises You\" asked.</p><p>\"I can't remember,\" He Xiaopeng replied.</p><p>\"Among the post-80s entrepreneurs, which one do you like best: Wang Xing, Zhang Yiming, or Huang Zheng?\" \"Caiyue Ni\" asked again.</p><p>\"It's hard to say.\" After thinking for a second, He Xiaopeng still didn't give an answer.</p><p>This is his usual style. On the one hand, XPeng Motors launched a high-profile \"flying vehicle,\" placing its products in the air, which made the outside world think that the leader of this emerging car manufacturer was arrogant and flamboyant. On the other hand, in his four years of manufacturing cars, He Xiaopeng has never shaken off the character traits of a product manager. He is reserved and cautious, and would rather avoid things he is unsure about than talk nonsense.</p><p>2021 was a year of comeback for XPeng, with deliveries reaching 98,155 vehicles, surpassing...<a href=\"https://laohu8.com/S/NIO\">Nio</a>With Li Auto, the \"Wei Xiaoli\" pattern that has been stable for many years among emerging car manufacturers has become \"Xiao Wei Li\".</p><p>However, with the entry of Huawei and Xiaomi, and the strong efforts of traditional automakers,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With renewed competition in the automotive industry, a key factor in determining who can go further and more steadily in this battlefield is the character and vision of the founder.</p><p>“Much of a company’s DNA comes from its founder. If the founder saves money, the company will save money too,” He Xiaopeng said. “I come from a technical background, and I pursue technological innovation and product differentiation. I am also quite pragmatic. I hope that these can become a symbol, a mindset, and a culture, and go global.”</p><p>Using his own name as a brand has deeply bound He Xiaopeng and XPeng Motor Company, with both prospering and disgracing each other. He Xiaopeng told \"Caiyue Ni\" that this represents his attitude and responsibility.</p><p>In August and November 2021, \"Caiyue Ni\" conducted two in-depth interviews with He Xiaopeng in Beijing and Guangzhou, attempting to uncover his inner personality traits and business logic.</p><p><img src=\"https://static.tigerbbs.com/53642452f6c22de755e1e8657036e330\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/></p><p><b>Adventurers who start a second business</b></p><p>At heart, He Xiaopeng is a person who loves to take risks and take risks, which stands in stark contrast to his shy appearance and low-key hairstyle.</p><p>He Xiaopeng, born into an ordinary family in Huangshi, Hubei Province, had never left the province or eaten before the college entrance examination.<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>And I've never been on a plane. At the time, he had a belief that traveling ten thousand miles was worse than reading ten thousand books. When filling out his college application, his only goal was to study outside the province, especially in developed cities like Beijing, Shanghai, and Guangzhou, and to see the outside world. He was eventually admitted to South China University of Technology in Guangzhou.</p><p>Today, He Xiaopeng extends this concept to children's education. As long as their lives and health are not seriously threatened, children can take risks and explore things.</p><p>One of his sons, when he was two years old, was particularly mischievous and full of curiosity about the pressure cooker, and his little hands always wanted to touch it. Most parents would stop it immediately, but He Xiaopeng had a different approach. He grabbed his son's hand and carefully let him touch it. As a result, his son was burned to tears and never dared to touch the pressure cooker again.</p><p>These personality traits were also fully demonstrated in his entrepreneurial process.</p><p>In June 2014, UC Browser, founded by He Xiaopeng, was acquired for a hefty $4 billion.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The acquisition brought him enormous wealth. $4 billion was also the highest merger and acquisition price for the Chinese internet at the time.</p><p>Subsequently, He Xiaopeng joined Alibaba, serving successively as president of Alibaba Mobile Business Group, chairman of Alibaba Games, and president of Tudou. Many people believed that He Xiaopeng would settle down and become a millionaire, and that this product manager would no longer be seen in the entrepreneurial world. But in the same year that he \"cashed out\", He Xiaopeng began to plan his new entrepreneurial venture in the new energy vehicle industry and invested in XPeng Motor, which was then called \"Chengxing Zhidong\".</p><p>“When I first saw smart electric vehicles, I immediately thought of the leap from the Symbian or JAVA era to the intelligent era,” He Xiaopeng said.</p><p>He Xiaopeng founded UC Browser, which transcended the eras of Symbian and intelligence. This experience gave him a natural sensitivity to new changes in traditional industries like automobiles. He felt that when this leap first occurred, people in the industry, being vested interests, were often unwilling to believe in this change.</p><p>It was during this industry's dormant period that he felt he had the opportunity to break through.</p><p>\"People in the internet industry are particularly daring to think, which is a characteristic formed by our long-term work,\" said He Xiaopeng.</p><p>In 2015, He Xiaopeng attended an auto show. What impressed him at the time was that 75 new cars were launched in one day at that auto show, which made him realize that the competition in the automotive industry is far more brutal than in the internet industry.</p><p>\"Imagine if the internet industry released 75 UC Browsers a day, wouldn't it feel pressure? Competition in the automotive industry is a global competition, a competition in technology, a competition in brand and reputation,\" said He Xiaopeng.</p><p>This made He Xiaopeng, who was naturally adventurous, even more determined to \"go into the water\" and give it a try.</p><p><b>\"Talking to people with your head tilted back\"</b></p><p>At that time, the success of UC Browser had accumulated a large network of connections and wealth for He Xiaopeng. When he decided to devote himself to intelligent cars, how to direct these resources to new projects and convince his old friends that he could still endure hardship and start a business was a problem that He Xiaopeng urgently needed to solve. His answer was to go all in first.</p><p>“My friends said, ‘Since you dare to go all in, then we can support you,’” He Xiaopeng said. “If I hadn’t given it my all, working a nine-to-five job every day and putting my money into financial management, how could anyone believe me?”</p><p>After devoting himself to starting a business in intelligent cars, learning from traditional cars became an important part of his work. He often tells his colleagues and friends about a common mistake that ordinary people make: drawing wrong conclusions with limited information and sound logic. The reason for this was that the information he received was incomplete, and he considered it a very terrible thing.</p><p>“In your original field, you may already be a doctoral student, but in a new field, you are still in kindergarten. Would you be willing to squat down and talk to others with your head tilted back?” He Xiaopeng said.</p><p>He Xiaopeng has always looked up to the automotive industry. He believes that mobile phones are already a remarkable combination of hardware and software, but a four- or five-meter-long car is a more imaginative and complex combination of hardware and software.</p><p>When he decided to devote himself wholeheartedly to XPeng Automotive, his early partner, Yu Yongfu, the current CEO of Alibaba Local Life and chairman of AutoNavi Group, gave him advice, and it was the only advice he could give—to find someone who could check and balance him. Because He Xiaopeng has many ideas, but not all of them are necessarily correct.</p><p>Today, there are many people within XPeng Motors' senior management who can check and balance him, and their management structure has attracted much attention from the outside world. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also spoke for the first time about the checks and balances and cooperation among management.</p><p>Currently, there are four people at the top of power in XPeng Automotive: He Xiaopeng, Xia Heng, Gu Hongdi, and He Tao. He Xiaopeng comes from the internet industry, Xia Heng and He Tao from the automotive technology field, and Gu Hongdi from the financial field. All four are very young: He Xiaopeng and Gu Hongdi are born in the 1970s, while Xia Heng and He Tao are born in the 1980s.</p><p>He Xiaopeng frankly stated that in the year and a half before their collaboration, there were many challenges. Faced with the same thing, the four of them had different strategies and solutions because they came from different fields.</p><p>For example, at the time, someone suggested setting up a forum within the company to allow employees to post and make suggestions freely. This is a common thing in internet companies, and He Xiaopeng thought that this was enough to do.</p><p>But this is something that \"shouldn't\" be done in the automotive industry. Unlike internet companies, car companies have a large number of partners and suppliers, and a wide variety of job types. The pointed questions raised by employees on the forum not only fail to promote problem-solving, but sometimes lead to misunderstandings due to the excessive diversity of information sources, thus stalling the problem-solving process.</p><p>As a result, the four of them had a heated argument over this matter. Since then, they have adjusted the forum to resolve some important and intense issues through other channels, instead of allowing tens or twenty thousand people to engage in ineffective discussions in the forum.</p><p>“Often, company founders are too familiar with an industry, or their perspectives are too unified. Whether they are right or wrong, they may also be wrong,” He Xiaopeng said. “Balance can help companies reach an organic and compromising point.”</p><p><b>Say no to \"involution\"</b></p><p>2020 was the peak period for He Xiaopeng's second entrepreneurial venture. In August of that year, XPeng went public on the New York Stock Exchange, with a market capitalization of $14.9 billion that day. This was a highlight moment that he couldn't even match when he founded UC Browser.</p><p>Today, XPeng Motors' stock price has tripled, and He Xiaopeng's net worth has risen accordingly. According to Forbes' real-time data, his current net worth has reached $8 billion, surpassing Nio Motors' Li Bin's $4.8 billion, making him the richest emerging Chinese car manufacturer.</p><p><img src=\"https://static.tigerbbs.com/7d75beebe9dfbb968a731155d3840ae8\" tg-width=\"877\" tg-height=\"1904\" referrerpolicy=\"no-referrer\"/></p><p>However, after its launch, XPeng did not slow down. The release of the P7 and P5 gave them family sedans and coupes in the price range of 200,000 to 400,000 yuan, while the debut of the G9 at last year's Guangzhou Auto Show filled the gap in the mid-to-large SUV model market. They have also taken an important step in internationalization, using Norway as a bridgehead to explore the European market; Aerial vehicles were also developed to prepare for \"air battles\" a few years later.</p><p>\"Going public allows us to gain more support from the capital market, which allows us to think about the medium to long term,\" said He Xiaopeng.</p><p>He Xiaopeng is a long-termist. When explaining the name \"XPeng\" to \"Caiyue Ni\", he said that \"small\" represents an original aspiration and represents eternal youth. When applied to corporate management, it will constantly remind oneself to move forward, not to have the problems of large corporations, and not to be satisfied with the status quo. The \"Peng\" is a large bird that can transform into a \"Kun\" and fly very high and far.</p><p>The name \"XPeng\" has always been criticized by the outside world. Some people think the name is rather old-fashioned, while others think it is too arrogant to name a vehicle after their own name. After all, only world-renowned automakers such as Honda and Mercedes-Benz use the name of their founders. He Xiaopeng jokingly told \"Cai Yue Ni\": \"You might feel rustic the first 100 times you read it, but you won't after the 101st time.\"</p><p>He Xiaopeng also has an expectation that in 10 or 20 years, brands named after Chinese names will go global.</p><p>He Xiaopeng has always had great respect for Toyota because they have trained a large number of engineers who can work for Toyota for the rest of their lives. This is particularly valuable among Chinese startups today. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also stated frankly that he hopes to create an environment and mechanism for lifelong service for employees. To this end, they have formulated a set of stock option incentive policies to encourage employees to broaden their horizons.</p><p>“Over the past two or three decades, China’s automotive industry has grown a lot, but to be honest, automotive workers work quite hard. Before new car manufacturers entered the market, their salaries were relatively low,” said He Xiaopeng.</p><p>At the same time, He Xiaopeng also hopes that the company can continue to explore and innovate, such as allowing employees to move to different positions and do different jobs. This will give employees more opportunities and enable them to stay with the company for a long time.</p><p>He Xiaopeng dislikes the word \"involution\". Previously, 35 years old was a hurdle that many internet company employees found difficult to overcome, and news of the dismissal of employees over 35 frequently sparked heated discussions.</p><p>He Xiaopeng stated that he welcomes mid-to-senior level talents aged 35 and above to XPeng Motor Company, and that XPeng currently has employees aged 60 and above. He believes that the automotive industry needs experienced and technically capable people, and these people are often quite old.</p><p>\"I don't pay much attention to whether I'm physically young; we focus on whether I'm mentally young,\" He Xiaopeng said.</p><p>XPeng has been around for seven years now, but compared to those well-known century-old automakers, it is still just a fledgling company. However, they already have more than 10,000 employees, and XPeng plans to expand its workforce to 50,000 in the next three years.</p><p>One question He Xiaopeng often ponders is whether the company could become even stronger if he were to be a cog in the machine. He believes that when a company is small, it focuses on people; when a company grows, it focuses on organization and systems, and everyone, including him, is part of the organizational system.</p><p><b>Product Manager Car Manufacturing</b></p><p>In 2021, the entry of Xiaomi and Huawei made the smart car market full of uncertainties.</p><p>Before deciding to start a car business, Lei Jun had a long phone call with He Xiaopeng to discuss entry methods, capital situation, and industry changes.</p><p>He Xiaopeng highly appreciated Lei Jun's thinking and encouraged him to work together to build cars. He believes that for many companies, the window to build cars has closed, but for companies like Huawei and Xiaomi, the window remains open, mainly because the accumulation of these companies over the years can be quickly transformed into value.</p><p>For example, these companies' technological accumulation allows them to skip the pure electric vehicle stage and directly enter the competition for intelligent vehicles. Before producing smart cars, XPeng Motors had been exploring pure electric vehicles for a long time and had taken some detours.</p><p>In He Xiaopeng's mind, elitism is an unavoidable concept. Besides his high regard for elite companies like Xiaomi and Huawei, his product design philosophy is also full of elitism.</p><p>Years of experience as a product manager have made him firmly believe that an excellent product is unlikely to be completed by too many people, because different people will have different demands. If these different demands are ultimately balanced, then it will be difficult for the product to reach its excellence. The height of a product depends more on the talent of the product manager.</p><p>He also believes that excellent product concepts come from a vision of the future, but many product managers fall into the dilemma of the blind men and the elephant, designing based on existing awareness. He believes that an excellent product manager should have the ability to think outside the box.</p><p>In September 2020, XPeng Motors unveiled a flying car at the Beijing Auto Show that was quite \"leapfrog,\" which once drew ridicule from the outside world—they were already thinking about \"air combat\" before the competition on the ground was over.</p><p>At the press conference on November 18, 2021, He Xiaopeng once again publicly announced that he had recruited many talents in the flight industry, clearly stated that the overall framework of the flying car would be mass-produced in 2024, and hoped to create a great flying car in a few years.</p><p>In fact, He Xiaopeng, who loves to \"fly,\" spends most of his time \"on the ground.\" During his two entrepreneurial ventures, he needed to solve all sorts of problems.</p><p>Currently, the \"chip shortage\" is a major problem facing the automotive industry. On November 18, after giving an exclusive interview to \"Caiyue Ni\", He Xiaopeng attended a conference on chips.</p><p>In 2021, XPeng surpassed Nio in deliveries, taking the top spot among emerging electric vehicle manufacturers. This was partly due to their management of the supply chain, which made them less affected by the \"chip shortage\". NIO, on the other hand, was once shut down due to chip issues.</p><p>“We have discussed this internally many times. In the short term, the chip shortage problem is difficult to solve. We hope that this problem can be solved in three or four quarters,” He Xiaopeng said.</p><p></body></html></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>He Xiaopeng: The Beginning and End of \"Dreamers in the Air\" in Car Manufacturing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHe Xiaopeng: The Beginning and End of \"Dreamers in the Air\" in Car Manufacturing\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/91\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">棱镜 </p>\n<p class=\"h-time smaller\">2022-01-16 11:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Despite joining the ranks of top domestic entrepreneurs, He Xiaopeng still hasn't learned to \"tell stories\" to meet audience expectations.</p><p>At the end of 2021, He Xiaopeng was interviewed...<a href=\"https://laohu8.com/S/00700\">Tencent</a>During the interview with the news program \"Caiyue Ni\", he spent most of his time immersed in his imagined world of travel. At the end of the interview, \"Caiyue Ni\" asked him a few quick questions. He got stuck while answering quickly, even though the questions were relatively easy and enjoyable.</p><p>\"Join<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>In four years, what was your happiest moment? \"Wealth Promises You\" asked.</p><p>\"I can't remember,\" He Xiaopeng replied.</p><p>\"Among the post-80s entrepreneurs, which one do you like best: Wang Xing, Zhang Yiming, or Huang Zheng?\" \"Caiyue Ni\" asked again.</p><p>\"It's hard to say.\" After thinking for a second, He Xiaopeng still didn't give an answer.</p><p>This is his usual style. On the one hand, XPeng Motors launched a high-profile \"flying vehicle,\" placing its products in the air, which made the outside world think that the leader of this emerging car manufacturer was arrogant and flamboyant. On the other hand, in his four years of manufacturing cars, He Xiaopeng has never shaken off the character traits of a product manager. He is reserved and cautious, and would rather avoid things he is unsure about than talk nonsense.</p><p>2021 was a year of comeback for XPeng, with deliveries reaching 98,155 vehicles, surpassing...<a href=\"https://laohu8.com/S/NIO\">Nio</a>With Li Auto, the \"Wei Xiaoli\" pattern that has been stable for many years among emerging car manufacturers has become \"Xiao Wei Li\".</p><p>However, with the entry of Huawei and Xiaomi, and the strong efforts of traditional automakers,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>With renewed competition in the automotive industry, a key factor in determining who can go further and more steadily in this battlefield is the character and vision of the founder.</p><p>“Much of a company’s DNA comes from its founder. If the founder saves money, the company will save money too,” He Xiaopeng said. “I come from a technical background, and I pursue technological innovation and product differentiation. I am also quite pragmatic. I hope that these can become a symbol, a mindset, and a culture, and go global.”</p><p>Using his own name as a brand has deeply bound He Xiaopeng and XPeng Motor Company, with both prospering and disgracing each other. He Xiaopeng told \"Caiyue Ni\" that this represents his attitude and responsibility.</p><p>In August and November 2021, \"Caiyue Ni\" conducted two in-depth interviews with He Xiaopeng in Beijing and Guangzhou, attempting to uncover his inner personality traits and business logic.</p><p><img src=\"https://static.tigerbbs.com/53642452f6c22de755e1e8657036e330\" tg-width=\"1080\" tg-height=\"718\" referrerpolicy=\"no-referrer\"/></p><p><b>Adventurers who start a second business</b></p><p>At heart, He Xiaopeng is a person who loves to take risks and take risks, which stands in stark contrast to his shy appearance and low-key hairstyle.</p><p>He Xiaopeng, born into an ordinary family in Huangshi, Hubei Province, had never left the province or eaten before the college entrance examination.<a href=\"https://laohu8.com/S/MCD\">McDonald's</a>And I've never been on a plane. At the time, he had a belief that traveling ten thousand miles was worse than reading ten thousand books. When filling out his college application, his only goal was to study outside the province, especially in developed cities like Beijing, Shanghai, and Guangzhou, and to see the outside world. He was eventually admitted to South China University of Technology in Guangzhou.</p><p>Today, He Xiaopeng extends this concept to children's education. As long as their lives and health are not seriously threatened, children can take risks and explore things.</p><p>One of his sons, when he was two years old, was particularly mischievous and full of curiosity about the pressure cooker, and his little hands always wanted to touch it. Most parents would stop it immediately, but He Xiaopeng had a different approach. He grabbed his son's hand and carefully let him touch it. As a result, his son was burned to tears and never dared to touch the pressure cooker again.</p><p>These personality traits were also fully demonstrated in his entrepreneurial process.</p><p>In June 2014, UC Browser, founded by He Xiaopeng, was acquired for a hefty $4 billion.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The acquisition brought him enormous wealth. $4 billion was also the highest merger and acquisition price for the Chinese internet at the time.</p><p>Subsequently, He Xiaopeng joined Alibaba, serving successively as president of Alibaba Mobile Business Group, chairman of Alibaba Games, and president of Tudou. Many people believed that He Xiaopeng would settle down and become a millionaire, and that this product manager would no longer be seen in the entrepreneurial world. But in the same year that he \"cashed out\", He Xiaopeng began to plan his new entrepreneurial venture in the new energy vehicle industry and invested in XPeng Motor, which was then called \"Chengxing Zhidong\".</p><p>“When I first saw smart electric vehicles, I immediately thought of the leap from the Symbian or JAVA era to the intelligent era,” He Xiaopeng said.</p><p>He Xiaopeng founded UC Browser, which transcended the eras of Symbian and intelligence. This experience gave him a natural sensitivity to new changes in traditional industries like automobiles. He felt that when this leap first occurred, people in the industry, being vested interests, were often unwilling to believe in this change.</p><p>It was during this industry's dormant period that he felt he had the opportunity to break through.</p><p>\"People in the internet industry are particularly daring to think, which is a characteristic formed by our long-term work,\" said He Xiaopeng.</p><p>In 2015, He Xiaopeng attended an auto show. What impressed him at the time was that 75 new cars were launched in one day at that auto show, which made him realize that the competition in the automotive industry is far more brutal than in the internet industry.</p><p>\"Imagine if the internet industry released 75 UC Browsers a day, wouldn't it feel pressure? Competition in the automotive industry is a global competition, a competition in technology, a competition in brand and reputation,\" said He Xiaopeng.</p><p>This made He Xiaopeng, who was naturally adventurous, even more determined to \"go into the water\" and give it a try.</p><p><b>\"Talking to people with your head tilted back\"</b></p><p>At that time, the success of UC Browser had accumulated a large network of connections and wealth for He Xiaopeng. When he decided to devote himself to intelligent cars, how to direct these resources to new projects and convince his old friends that he could still endure hardship and start a business was a problem that He Xiaopeng urgently needed to solve. His answer was to go all in first.</p><p>“My friends said, ‘Since you dare to go all in, then we can support you,’” He Xiaopeng said. “If I hadn’t given it my all, working a nine-to-five job every day and putting my money into financial management, how could anyone believe me?”</p><p>After devoting himself to starting a business in intelligent cars, learning from traditional cars became an important part of his work. He often tells his colleagues and friends about a common mistake that ordinary people make: drawing wrong conclusions with limited information and sound logic. The reason for this was that the information he received was incomplete, and he considered it a very terrible thing.</p><p>“In your original field, you may already be a doctoral student, but in a new field, you are still in kindergarten. Would you be willing to squat down and talk to others with your head tilted back?” He Xiaopeng said.</p><p>He Xiaopeng has always looked up to the automotive industry. He believes that mobile phones are already a remarkable combination of hardware and software, but a four- or five-meter-long car is a more imaginative and complex combination of hardware and software.</p><p>When he decided to devote himself wholeheartedly to XPeng Automotive, his early partner, Yu Yongfu, the current CEO of Alibaba Local Life and chairman of AutoNavi Group, gave him advice, and it was the only advice he could give—to find someone who could check and balance him. Because He Xiaopeng has many ideas, but not all of them are necessarily correct.</p><p>Today, there are many people within XPeng Motors' senior management who can check and balance him, and their management structure has attracted much attention from the outside world. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also spoke for the first time about the checks and balances and cooperation among management.</p><p>Currently, there are four people at the top of power in XPeng Automotive: He Xiaopeng, Xia Heng, Gu Hongdi, and He Tao. He Xiaopeng comes from the internet industry, Xia Heng and He Tao from the automotive technology field, and Gu Hongdi from the financial field. All four are very young: He Xiaopeng and Gu Hongdi are born in the 1970s, while Xia Heng and He Tao are born in the 1980s.</p><p>He Xiaopeng frankly stated that in the year and a half before their collaboration, there were many challenges. Faced with the same thing, the four of them had different strategies and solutions because they came from different fields.</p><p>For example, at the time, someone suggested setting up a forum within the company to allow employees to post and make suggestions freely. This is a common thing in internet companies, and He Xiaopeng thought that this was enough to do.</p><p>But this is something that \"shouldn't\" be done in the automotive industry. Unlike internet companies, car companies have a large number of partners and suppliers, and a wide variety of job types. The pointed questions raised by employees on the forum not only fail to promote problem-solving, but sometimes lead to misunderstandings due to the excessive diversity of information sources, thus stalling the problem-solving process.</p><p>As a result, the four of them had a heated argument over this matter. Since then, they have adjusted the forum to resolve some important and intense issues through other channels, instead of allowing tens or twenty thousand people to engage in ineffective discussions in the forum.</p><p>“Often, company founders are too familiar with an industry, or their perspectives are too unified. Whether they are right or wrong, they may also be wrong,” He Xiaopeng said. “Balance can help companies reach an organic and compromising point.”</p><p><b>Say no to \"involution\"</b></p><p>2020 was the peak period for He Xiaopeng's second entrepreneurial venture. In August of that year, XPeng went public on the New York Stock Exchange, with a market capitalization of $14.9 billion that day. This was a highlight moment that he couldn't even match when he founded UC Browser.</p><p>Today, XPeng Motors' stock price has tripled, and He Xiaopeng's net worth has risen accordingly. According to Forbes' real-time data, his current net worth has reached $8 billion, surpassing Nio Motors' Li Bin's $4.8 billion, making him the richest emerging Chinese car manufacturer.</p><p><img src=\"https://static.tigerbbs.com/7d75beebe9dfbb968a731155d3840ae8\" tg-width=\"877\" tg-height=\"1904\" referrerpolicy=\"no-referrer\"/></p><p>However, after its launch, XPeng did not slow down. The release of the P7 and P5 gave them family sedans and coupes in the price range of 200,000 to 400,000 yuan, while the debut of the G9 at last year's Guangzhou Auto Show filled the gap in the mid-to-large SUV model market. They have also taken an important step in internationalization, using Norway as a bridgehead to explore the European market; Aerial vehicles were also developed to prepare for \"air battles\" a few years later.</p><p>\"Going public allows us to gain more support from the capital market, which allows us to think about the medium to long term,\" said He Xiaopeng.</p><p>He Xiaopeng is a long-termist. When explaining the name \"XPeng\" to \"Caiyue Ni\", he said that \"small\" represents an original aspiration and represents eternal youth. When applied to corporate management, it will constantly remind oneself to move forward, not to have the problems of large corporations, and not to be satisfied with the status quo. The \"Peng\" is a large bird that can transform into a \"Kun\" and fly very high and far.</p><p>The name \"XPeng\" has always been criticized by the outside world. Some people think the name is rather old-fashioned, while others think it is too arrogant to name a vehicle after their own name. After all, only world-renowned automakers such as Honda and Mercedes-Benz use the name of their founders. He Xiaopeng jokingly told \"Cai Yue Ni\": \"You might feel rustic the first 100 times you read it, but you won't after the 101st time.\"</p><p>He Xiaopeng also has an expectation that in 10 or 20 years, brands named after Chinese names will go global.</p><p>He Xiaopeng has always had great respect for Toyota because they have trained a large number of engineers who can work for Toyota for the rest of their lives. This is particularly valuable among Chinese startups today. In an exclusive interview with \"Caiyue Ni\", He Xiaopeng also stated frankly that he hopes to create an environment and mechanism for lifelong service for employees. To this end, they have formulated a set of stock option incentive policies to encourage employees to broaden their horizons.</p><p>“Over the past two or three decades, China’s automotive industry has grown a lot, but to be honest, automotive workers work quite hard. Before new car manufacturers entered the market, their salaries were relatively low,” said He Xiaopeng.</p><p>At the same time, He Xiaopeng also hopes that the company can continue to explore and innovate, such as allowing employees to move to different positions and do different jobs. This will give employees more opportunities and enable them to stay with the company for a long time.</p><p>He Xiaopeng dislikes the word \"involution\". Previously, 35 years old was a hurdle that many internet company employees found difficult to overcome, and news of the dismissal of employees over 35 frequently sparked heated discussions.</p><p>He Xiaopeng stated that he welcomes mid-to-senior level talents aged 35 and above to XPeng Motor Company, and that XPeng currently has employees aged 60 and above. He believes that the automotive industry needs experienced and technically capable people, and these people are often quite old.</p><p>\"I don't pay much attention to whether I'm physically young; we focus on whether I'm mentally young,\" He Xiaopeng said.</p><p>XPeng has been around for seven years now, but compared to those well-known century-old automakers, it is still just a fledgling company. However, they already have more than 10,000 employees, and XPeng plans to expand its workforce to 50,000 in the next three years.</p><p>One question He Xiaopeng often ponders is whether the company could become even stronger if he were to be a cog in the machine. He believes that when a company is small, it focuses on people; when a company grows, it focuses on organization and systems, and everyone, including him, is part of the organizational system.</p><p><b>Product Manager Car Manufacturing</b></p><p>In 2021, the entry of Xiaomi and Huawei made the smart car market full of uncertainties.</p><p>Before deciding to start a car business, Lei Jun had a long phone call with He Xiaopeng to discuss entry methods, capital situation, and industry changes.</p><p>He Xiaopeng highly appreciated Lei Jun's thinking and encouraged him to work together to build cars. He believes that for many companies, the window to build cars has closed, but for companies like Huawei and Xiaomi, the window remains open, mainly because the accumulation of these companies over the years can be quickly transformed into value.</p><p>For example, these companies' technological accumulation allows them to skip the pure electric vehicle stage and directly enter the competition for intelligent vehicles. Before producing smart cars, XPeng Motors had been exploring pure electric vehicles for a long time and had taken some detours.</p><p>In He Xiaopeng's mind, elitism is an unavoidable concept. Besides his high regard for elite companies like Xiaomi and Huawei, his product design philosophy is also full of elitism.</p><p>Years of experience as a product manager have made him firmly believe that an excellent product is unlikely to be completed by too many people, because different people will have different demands. If these different demands are ultimately balanced, then it will be difficult for the product to reach its excellence. The height of a product depends more on the talent of the product manager.</p><p>He also believes that excellent product concepts come from a vision of the future, but many product managers fall into the dilemma of the blind men and the elephant, designing based on existing awareness. He believes that an excellent product manager should have the ability to think outside the box.</p><p>In September 2020, XPeng Motors unveiled a flying car at the Beijing Auto Show that was quite \"leapfrog,\" which once drew ridicule from the outside world—they were already thinking about \"air combat\" before the competition on the ground was over.</p><p>At the press conference on November 18, 2021, He Xiaopeng once again publicly announced that he had recruited many talents in the flight industry, clearly stated that the overall framework of the flying car would be mass-produced in 2024, and hoped to create a great flying car in a few years.</p><p>In fact, He Xiaopeng, who loves to \"fly,\" spends most of his time \"on the ground.\" During his two entrepreneurial ventures, he needed to solve all sorts of problems.</p><p>Currently, the \"chip shortage\" is a major problem facing the automotive industry. On November 18, after giving an exclusive interview to \"Caiyue Ni\", He Xiaopeng attended a conference on chips.</p><p>In 2021, XPeng surpassed Nio in deliveries, taking the top spot among emerging electric vehicle manufacturers. This was partly due to their management of the supply chain, which made them less affected by the \"chip shortage\". NIO, on the other hand, was once shut down due to chip issues.</p><p>“We have discussed this internally many times. In the short term, the chip shortage problem is difficult to solve. We hope that this problem can be solved in three or four quarters,” He Xiaopeng said.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e9d0f16131bea4ece2670f7550b214b","relate_stocks":{"BK4526":"热门中概股","BK1119":"汽车制造商","BK1588":"回港中概股","BK4505":"高瓴资本持仓","BK1587":"次新股","09868":"小鹏集团-W","BK1575":"同股不同权","BK4555":"新能源车","XPEV":"小鹏集团","BK4551":"寇图资本持仓","BK4099":"汽车制造商","BK1539":"汽车股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105926115","content_text":"跻身国内顶级企业家群，何小鹏还是没有学会迎合观众期待值去“讲故事”。2021年年底，何小鹏在接受腾讯新闻《财约你》专访时，大多数时间都沉浸在自己所畅想的出行世界中。在专访的最后，《财约你》向他提出了几个快问题，他在速答时出现了卡壳，即便问题都比较轻松愉快。“加入小鹏汽车四年，你最快乐的时刻是什么时候？”《财约你》问。“想不起来了。”何小鹏答。“80后创业者中，王兴、张一鸣、黄铮你最喜欢哪一个？”《财约你》再问。“不好说。”想了一秒钟，何小鹏依然没有给出答案。这是他一贯的风格。一方面，小鹏汽车高调推出“飞行器”，将产品布局在空中，让外界觉得这家造车新势力的掌门人轻狂、张扬；另一方面，造车4年，何小鹏始终没有摆脱产品经理的性格痕迹，内敛、谨慎，拿不准的宁可回避也不乱说。2021年是小鹏汽车逆袭的一年，交付量达到98155辆，超越了蔚来和理想，造车新势力稳固多年的“蔚小理”格局变成了“小蔚理”。不过，随着华为、小米的入局，传统车企的强势发力，智能汽车这个行业硝烟再起，谁能在这个战场里走得更稳、更远，一个重要的因素就是创始人的性格和格局。“一个企业的基因，很多是来自创始人身上的基因，如果创始人节约，那企业也会节约。”何小鹏说，“我是技术出身，追求技术上的创新、产品上的差异，也比较务实，我希望这些能够成为一种符号、心智和文化，走向全球。”用自己的名字做品牌让何小鹏与小鹏汽车深度捆绑，一荣俱荣，一辱俱辱。何小鹏向《财约你》表示，这代表了他的态度和责任。2021年的8月和11月，《财约你》在北京、广州两次深度对话何小鹏，试图挖掘他内心深处的性格特征和商业逻辑。二次创业的冒险家骨子里，何小鹏就是一个爱折腾、爱冒险的人，这与他腼腆的长相、低调的发型形成鲜明对比。出生于湖北黄石一个普通家庭的何小鹏，高考前没有出过省，没有吃过麦当劳，更没有坐过飞机。当时，他有一个信念，读万卷书不如行万里路，在高考填报志愿时，唯一的目标就是去省外上学，尤其是北上广这样的发达城市，去看看外面的世界。最终他被位于广州的华南理工大学录取。如今，何小鹏把这种理念延伸到对孩子的教育上，只要生命健康不被严重威胁，孩子们就可以去冒险探索一些事情。他的一个儿子在两岁时，特别调皮，对高压锅充满了好奇心，小手总是想去摸一下。一般的家长会马上制止，但何小鹏却有不同的处理方法。他抓着儿子的手，小心翼翼地让儿子摸了一下，结果儿子被烫哭了，再也不敢去摸高压锅了。这些性格特征在他的创业过程中也被彰显无遗。2014年6月，何小鹏创办的UC浏览器以40亿美元的高价被阿里巴巴收购，为他带来了巨额财富。40亿美元也是当时中国互联网最高的并购价。随后，何小鹏加入阿里，先后担任阿里移动事业群总裁、阿里游戏董事长、土豆总裁，很多人都认为何小鹏将会安心地做一个富豪，创业江湖中将不会再有这个产品经理的身影。但就在“套现”当年，何小鹏开始谋划新能源汽车的再创业，并投资了当时还叫“橙行智动”的小鹏汽车。“当我第一次看到智能电动车的时候，我马上想到的是从塞班时代或JAVA时代向智能时代的跳跃。”何小鹏说。何小鹏创办的UC浏览器正是跨越了塞班和智能两个时代，这经历让他对汽车这种个传统行业的新变化有着天然的敏感。他觉得，在这种跳跃刚刚发生时，行业里的人由于是既得利益者，往往不愿意相信这种变化。也正是在这种行业的沉睡期，让他觉得自己有机会可以撕开一个口子。“互联网行业出来的人，都特别敢想，这是我们长期工作形成的一个特点。”何小鹏说。2015年，何小鹏曾经去参加了一次车展。当时，给他留下深刻印象的是，那次车展一天发布了75款新车，这让他深感汽车行业竞争的残酷要远远大于互联网行业。“试想，如果互联网行业一天发布75个UC浏览器，会不会有压力？汽车的竞争是全球的竞争、科技的竞争、品牌和口碑的竞争。”何小鹏说。这让天生爱冒险的何小鹏更有“下水”一试的决心。“仰着头跟人说话”彼时，UC浏览器的成功为何小鹏积攒了大量的人脉和财富，决定投身智能汽车时，如何将这些资源引流到新项目上，让老伙计们相信他依然能够吃苦创业，是何小鹏急需解决的问题。他的答案是，首先自己all in。“朋友们说，既然你敢all in，那我们就可以支持你。”何小鹏说，“如果我没有全力以赴，每天朝九晚五，把自己的钱拿去理财，那别人怎么会相信我。”在投身智能汽车的创业之后，向传统汽车学习，成为了他的一个重要工作。他经常向同事、朋友讲述一个普通人容易犯的错误：用有限的信息，在正确的逻辑下，得出错误的结论。之所以这样，就是因为获得的信息不全面，他认为这是一件非常可怕的事情。“在原来的领域，你可能已经是博士生了，但是在新领域，你还是在上幼儿园，那你愿不愿意蹲下来，仰着头跟别人说话呢？”何小鹏说。何小鹏一直仰视着汽车这个行业，他认为，手机已经是一个了不起的软硬件结合体，但四五米长的汽车，是一个想象空间更大、更复杂的软硬件结合体。而在决定全身心投入到小鹏汽车时，他早期的合伙人、现任阿里本地生活CEO、高德集团董事长俞永福曾给了他一个建议，并且是唯一的建议——让他找一个可以制衡自己的人。因为何小鹏的想法太多，但不一定都正确。如今，小鹏汽车高层内部就有不少可以制衡他的人，他们的管理架构也备受外界关注。在接受《财约你》专访时，何小鹏也首次讲述了管理层的制衡和合作。目前，站在小鹏汽车权力顶层的有四个人：何小鹏、夏珩、顾宏地、何涛。何小鹏来自互联网行业，夏珩、何涛来自汽车技术领域，顾宏地则来自金融领域。四个人都很年轻，何小鹏、顾宏地是70后，夏珩、何涛则是80后。何小鹏直言，在他们合作的前一年半中，挑战很多，面对同一件事情，由于来自不同的领域，四人的策略、解决方案也不同。比如当时，有人建议在公司内部设立一个论坛，允许员工随意发帖，提建议，这在互联网公司里是一件常见的事情，何小鹏就觉得这件事做就行了。但这在汽车行业里是一件“不应该”的事情。与互联网公司不同，车企有大量的合作伙伴、供应商，岗位的类型也很多。论坛上的员工们提出的尖锐问题，不但不能促进问题的解决，有时还会因为信息来源过于多元造成误解，从而使得问题解决方案停滞不前。于是，四人在这件事上进行了激烈的争吵。此后，他们对论坛进行了调整，对于一些重要的、激烈的问题通过其他渠道进行解决，而不是在论坛里让一两万人进行无效讨论。“很多时候，企业创始人对一个行业太熟悉了，或者角度太统一，对是一样的对，错也可能是一样的错。”何小鹏说，“平衡能使企业达到一个有机、妥协的点。”对“内卷”说不2020年是何小鹏二次创业的高峰期。这一年的8月，小鹏汽车登陆纽交所，当天市值就高达149亿美金。这是他在创办UC浏览器时都比不上的高光时刻。如今，小鹏汽车的股价涨了三倍，何小鹏身家水涨船高。根据福布斯实时数据，他如今的身价达到80亿美元，超过了蔚来汽车李斌48亿美元，成为了中国造车新势力的首富。不过，上市之后，小鹏汽车的脚步没有放慢，P7、P5的发布让他们在20万-40万的价格区间拥有了家用轿车、轿跑，而G9在去年广州车展的亮相则补全了中大型SUV车型的空白。他们在国际化上也迈出了重要一步，以挪威为桥头堡，开拓了欧洲市场；还研制了空中飞行器，为几年后的“空战”做准备。“上市对于我们来说，可以获得资本市场更多的支持，这让我们能够做一些中长线的思考。”何小鹏说。何小鹏是一个长期主义者，他在向《财约你》解释“小鹏”这个名字的时候说，“小”代表一种初心，代表永远年轻，放在企业管理上，就会时刻提醒自己要向前，不能有大企业病，不能满足现状；“鹏”则是一种大鸟，可以化成“鲲”，飞得很高、很远。而一直以来，外界都对“小鹏”这个名字颇有非议，有觉得名字比较土的，也有认为用自己的名字来命名车辆太狂妄的，毕竟本田、奔驰这些世界知名车企才会用创始人名字。何小鹏则向《财约你》笑谈：“你读前100遍的时候会有土的感觉，但是第101遍就不会。”何小鹏也有个期待，就是再过10年、20年，用中国名字命名的品牌会走向世界。何小鹏一直都对丰田这家企业充满敬意，因为他们培养了大量的、可以一生都在丰田工作的工程师。这在今天的中国创业企业当中显得尤为珍贵。在接受《财约你》专访时，何小鹏也直言，希望能够为员工创造一个终生服务的环境和机制，为此他们制定了一套期权激励政策，就是希望员工们将目光放得更远。“过去二三十年，中国的汽车成长了很多，但说实话，汽车人是挺辛苦的，在造车新势力没有进来之前，汽车人的待遇也比较低。”何小鹏说。同时，何小鹏也期待公司能够继续折腾、创新，比如让员工换到不同的岗位，从事不同的工作，这会让员工获得更多的机会，从而能够在公司长时间干下去。何小鹏不喜欢“内卷”这个词。在此前，35岁曾是很多互联网公司员工难以逾越的坎，辞退35岁以上员工的新闻也频频引发热议。何小鹏则表示，他欢迎35岁以上的中高级段位的人才来到小鹏汽车，目前小鹏也有60岁以上的员工。他认为，汽车这个行业需要那些有经验的、技术实力强的人，而这些人的年龄往往都比较大。“我不太关注身体是否年轻，我们关注的是心态是否年轻。”何小鹏说如今的小鹏汽车已经走过了7个年头，与那些知名的百年车企相比，还只是个毛头小子。不过，他们的员工已经超过了万人，未来三年，小鹏还计划将员工规模扩大到5万人。何小鹏经常思考的一个问题是，如果让他做一个螺丝钉，公司是否还能做得更强？他认为，当企业很小的时候，重视的是人，当企业做大的时候，就要重视组织和体系，包括他在内，每个人都是组织体系的一部分。产品经理造车路2021年，小米、华为的入局，让智能汽车的赛道充满未知数。雷军在决定做汽车之前，曾经给何小鹏打过一个很长时间的电话，交流了切入的方法、资本的情况、行业的变革等。何小鹏对雷军的思考很认可，并鼓励雷军一起造车。他认为，对于很多企业来说，造车的窗口已经关闭，但对于华为、小米这样的企业来说，窗口仍然敞开着，主要是因为这些企业多年的积累可以迅速转换成价值。比如，这些企业在技术上的积累，可以让他们跳过纯电动车这个环节，直接进入到智能汽车的竞争中。而小鹏汽车在生产智能汽车之前，曾探索了很久纯电动车，走过了弯路。在何小鹏的意识中，精英主义是一个绕不过去的概念。他除了对小米、华为这样的精英企业倍加推崇之外，在产品设计的理念上也充满了精英主义的影子。多年的产品经理生涯，让他坚信，一个极致的产品不太可能由太多的人共同参与完成，因为不同的人会有不同的诉求，如果最后平衡了这些不同的诉求，那么产品就很难达到极致。一个产品的高度更依赖产品经理的天赋高度。他还认为，优秀的产品理念来自于对未来的看法，但是很多产品经理会陷入到盲人摸象的困境之中，基于已有的意识去设计。他认为，优秀的产品经理应该有跳跃性的思考能力。2020年9月，小鹏汽车在北京车展发布的飞行汽车器就很有“跳跃性”，这一度引起了外界对他们的嘲讽——地面上的竞争还没打完，就想着“空战”了。在2021年11月18日的发布会上，何小鹏再次公开对外宣布，已经招募了很多飞行行业的人才，明确将在2024年量产飞行汽车的整体框架，并希望用几年的时间打造一款很棒的飞行汽车。事实上，爱“飞翔”的何小鹏更多时候还是在“地上”，两次创业过程中，他需要解决各种各样的难题。时下，“芯片荒”是汽车行业面临的一大难题。11月18日，在接受《财约你》专访完之后，何小鹏就去参加了一个有关芯片的会议。在2021年，小鹏汽车的交付量超过了蔚来，独占造车新势力的交付排行榜榜首，这在一定程度上正是得益于他们对供应链的管理，较少受到“芯片荒”的影响。而蔚来汽车，则一度因为芯片问题，陷入停产状态。“我们内部讨论过很多次，短期内，芯片荒的问题很难解决，我们期待三四个季度后，这个问题能够得到解决吧。”何小鹏说。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":4216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100383243,"gmtCreate":1619580784982,"gmtModify":1704726298833,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"New guy&nbsp;","listText":"New guy&nbsp;","text":"New guy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/100383243","isVote":1,"tweetType":1,"viewCount":1485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060074939,"gmtCreate":1651075746503,"gmtModify":1676534845632,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/1P2R.SI\">$1P2R.SI(1P2R.SI)$</a>??????","listText":"<a href=\"https://ttm.financial/S/1P2R.SI\">$1P2R.SI(1P2R.SI)$</a>??????","text":"$1P2R.SI(1P2R.SI)$??????","images":[{"img":"https://community-static.tradeup.com/news/684c9e9c90b32ea9aa1401b1e3b07a64","width":"1125","height":"2488"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9060074939","isVote":1,"tweetType":1,"viewCount":6257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9036198727,"gmtCreate":1647007985680,"gmtModify":1676534186721,"author":{"id":"3582187509385859","authorId":"3582187509385859","name":"Schemppho","avatar":"https://community-static.tradeup.com/news/4b8b45305de74218d5dd4689c73a09d4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582187509385859","authorIdStr":"3582187509385859"},"themes":[],"title":"","htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036198727","repostId":"1197145766","repostType":4,"repost":{"id":"1197145766","kind":"news","pubTimestamp":1646963483,"share":"https://ttm.financial/m/news/1197145766?lang=en_US&edition=fundamental","pubTime":"2022-03-11 09:51","market":"us","language":"zh","title":"This is the type of asset Buffett bought during periods of high inflation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1197145766","media":"Wind资讯","summary":"投资者担心即将出现滞涨风险，对全球经济前景感到担忧，避险情绪有所升温。","content":"<p><html><head></head><body>The U.S. Department of Labor released data for January showing that the Consumer Price Index (CPI) rose 7.9% in February compared to the same period in 2021. Now, the inflation rate in the United States has reached its highest point in nearly 40 years. Investors are worried about impending stagflation risks and are concerned about the global economic outlook, leading to a rise in risk aversion. The S&P 500 and Dow Jones Industrial Average remain in correction territory, while the Nasdaq is in a bear market.</p><p><img src=\"https://static.tigerbbs.com/e11858a9622f59c3239fcccc351b5768\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>U.S. inflation hit a four-year high in February, with the consumer price index rising 7.9% year-over-year. Gasoline prices are at record levels, hurting consumers' budgets. Analysts warn that the United States and Europe may experience persistent inflation and slowing economic growth (also known as stagflation), while rising energy prices will erode household spending on other projects.</p><p>Former Bank of England Governor Charles Goodhart said, \"The COVID-19 pandemic will mark the dividing line between the deflationary forces of the past 30 to 40 years and the inflationary recovery of the next 20 years.\" He predicts that inflation in developed economies will stabilize at 3% to 4% around the end of 2022 and remain at that level for decades, compared to about 1.5% in the decade before the COVID-19 pandemic.</p><p>Ed Keon, chief investment strategist at PGIM Quantitative Solutions, said: \"The Federal Reserve faces an extremely difficult challenge; it must truly walk a tightrope between inflation and pushing us into recession.\"</p><p>These figures will undoubtedly raise questions for many investors: How can I protect myself from inflation? In general, many experts recommend investing wisely to hedge against inflation. But what kind of companies should investors buy? Here's what Warren Buffett has said over the past few decades.</p><p>At the 2015 shareholders' meeting, the chairman and CEO of Berkshire Hathaway pointed out: \"In times of inflation, the best businesses are those that you buy once and then don't have to make any further capital investments,\" and you should avoid \"any business that requires a lot of capital investment.\" He emphasized that real estate performs well during periods of inflation; you can buy it once, and then it will appreciate in value. At the same time, he pointed out that industries such as utilities and railways are not good investments during periods of inflation.</p><p>At a 2009 shareholder meeting, Buffett pointed out that the first thing you can do to combat inflation is to invest in yourself and your skills. After that, he said, \"the second best protection is to run a good business,\" which means that even if the company has to raise prices, there will still be demand for its products.</p><p>In a 1981 letter to shareholders, Buffett made this as clear as ever, writing that companies that can withstand inflation must possess two characteristics:</p><p><b>(1) It can easily raise prices (even when product demand is flat and capacity is not fully utilized) without worrying about significant loss of market share or unit output;</b></p><p><b>(2) Only a small amount of additional capital investment is needed to accommodate a significant increase in business size (usually driven more by inflation than actual growth).</b></p><p>It is worth noting that Buffett prefers a proven method rather than selecting individual stocks: index funds. In 2021, at a shareholder meeting, Buffett declared, \"I don't think the average person can pick stocks,\" and pointed out that he recommended holding the S&P 500 index fund for the long term.</p><p></body></html></p>","source":"wind","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>This is the type of asset Buffett bought during periods of high inflation.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis is the type of asset Buffett bought during periods of high inflation.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wind资讯</strong><span class=\"h-time small\">2022-03-11 09:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The U.S. Department of Labor released data for January showing that the Consumer Price Index (CPI) rose 7.9% in February compared to the same period in 2021. Now, the inflation rate in the United States has reached its highest point in nearly 40 years. Investors are worried about impending stagflation risks and are concerned about the global economic outlook, leading to a rise in risk aversion. The S&P 500 and Dow Jones Industrial Average remain in correction territory, while the Nasdaq is in a bear market.</p><p><img src=\"https://static.tigerbbs.com/e11858a9622f59c3239fcccc351b5768\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>U.S. inflation hit a four-year high in February, with the consumer price index rising 7.9% year-over-year. Gasoline prices are at record levels, hurting consumers' budgets. Analysts warn that the United States and Europe may experience persistent inflation and slowing economic growth (also known as stagflation), while rising energy prices will erode household spending on other projects.</p><p>Former Bank of England Governor Charles Goodhart said, \"The COVID-19 pandemic will mark the dividing line between the deflationary forces of the past 30 to 40 years and the inflationary recovery of the next 20 years.\" He predicts that inflation in developed economies will stabilize at 3% to 4% around the end of 2022 and remain at that level for decades, compared to about 1.5% in the decade before the COVID-19 pandemic.</p><p>Ed Keon, chief investment strategist at PGIM Quantitative Solutions, said: \"The Federal Reserve faces an extremely difficult challenge; it must truly walk a tightrope between inflation and pushing us into recession.\"</p><p>These figures will undoubtedly raise questions for many investors: How can I protect myself from inflation? In general, many experts recommend investing wisely to hedge against inflation. But what kind of companies should investors buy? Here's what Warren Buffett has said over the past few decades.</p><p>At the 2015 shareholders' meeting, the chairman and CEO of Berkshire Hathaway pointed out: \"In times of inflation, the best businesses are those that you buy once and then don't have to make any further capital investments,\" and you should avoid \"any business that requires a lot of capital investment.\" He emphasized that real estate performs well during periods of inflation; you can buy it once, and then it will appreciate in value. At the same time, he pointed out that industries such as utilities and railways are not good investments during periods of inflation.</p><p>At a 2009 shareholder meeting, Buffett pointed out that the first thing you can do to combat inflation is to invest in yourself and your skills. After that, he said, \"the second best protection is to run a good business,\" which means that even if the company has to raise prices, there will still be demand for its products.</p><p>In a 1981 letter to shareholders, Buffett made this as clear as ever, writing that companies that can withstand inflation must possess two characteristics:</p><p><b>(1) It can easily raise prices (even when product demand is flat and capacity is not fully utilized) without worrying about significant loss of market share or unit output;</b></p><p><b>(2) Only a small amount of additional capital investment is needed to accommodate a significant increase in business size (usually driven more by inflation than actual growth).</b></p><p>It is worth noting that Buffett prefers a proven method rather than selecting individual stocks: index funds. In 2021, at a shareholder meeting, Buffett declared, \"I don't think the average person can pick stocks,\" and pointed out that he recommended holding the S&P 500 index fund for the long term.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://t.wind.com.cn/mobwftweb/M/news.html?show=wft&shareCode=ae1d15d7e346f65bac3a873b5fa3cc2d&code=D0E31498A0C5&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.1.0#/3E7BD334C3DCE52E5087F3BD55F83EE2\">Wind资讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://t.wind.com.cn/mobwftweb/M/news.html?show=wft&shareCode=ae1d15d7e346f65bac3a873b5fa3cc2d&code=D0E31498A0C5&newsopenstyle=original&lan=cn&device=ios&fontsize=normal&related=true&version=22.1.0#/3E7BD334C3DCE52E5087F3BD55F83EE2","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197145766","content_text":"美国劳工部(Labor Department)公布1月数据显示，与2021年同期相比，2月份消费者价格指数(CPI)上涨了7.9%。现在，美国的通货膨胀率达到了近40年来的最高点。投资者担心即将出现滞涨风险，对全球经济前景感到担忧，避险情绪有所升温。标准普尔 500 指数和道琼斯工业指数仍处于修正区域，而纳斯达克指数则处于熊市。美国通胀在 2 月份达到了 4 年来的新高，消费者价格指数同比上涨 7.9%。汽油价格处于创纪录水平，损害了消费者的预算。分析师警告称，美国和欧洲可能会出现持续通胀和经济增长放缓（也称为滞胀），能源价格上涨会侵蚀家庭在其他项目上的支出。前英国央行行长查尔斯·古德哈特（CharlesGoodhart）表示：“新冠疫情将标志着过去30到40年的通缩力量与未来20年的通胀复苏之间的分界线。”他预测，发达经济体的通胀率将在2022年底左右稳定在3%至4%的水平，并在几十年内保持在该水平，而新冠疫情前十年约为1.5%。PGIM Quantitative Solutions 首席投资策略师 Ed Keon 表示：“美联储面临着极其艰巨的挑战，它必须在通胀和将我们推入衰退之间真正走钢丝。”这些数字无疑会让许多投资者产生疑问：我该如何保护自己不受通胀影响？一般来说，许多专家建议明智地投资以对冲通货膨胀。但投资者应该买入哪类公司呢？下面是沃伦·巴菲特在过去几十年里说过的话。在2015年的股东大会上，这位伯克希尔·哈撒韦公司的董事长兼首席执行官指出:“在通胀时期，最好的业务是那些你买了一次，之后就不必继续进行资本投资的业务，”同时你应该避免“任何需要大量资本投资的业务”。他强调，房地产在通货膨胀期间表现良好，你可以购买一次，然后也会升值；与此同时，他指出，公用事业和铁路等行业在通胀时期并不是好的投资。在2009年的一次股东大会上，巴菲特指出，你能做的抵御通胀的第一件事就是投资你自己和你的技能。在此之后，他说，“第二好的保护措施是经营好生意”，这意味着即使公司不得不提高价格，其产品仍有需求。在1981年的一封致股东的信中，巴菲特像以往一样清楚地阐明了这一点，他在信中写道，能够抵御通胀环境的公司必须具备两个特征：(1)能够很容易地提高价格(即使在产品需求持平和产能未被充分利用的情况下)，而不用担心市场份额或单位产量的显著损失；(2)只需要少量的额外资本投资，就能适应企业规模的大幅增长(通常更多地是由通胀而非实际增长产生的)。值得注意的是，比起选择个股，巴菲特更青睐采用久经考验的方法：指数基金。2021年，在一次股东大会上，巴菲特宣称“我不认为一般人可以挑选股票”，并指出，他建议长期持有标准普尔500指数基金。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}