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2022-11-16

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US STOCKS-Wall Street Gains on Inflation Data, but Rocky on Geopolitics

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3 Exceptional Growth Stocks That Could Shoot 28.3% to 40.6% Higher, According to Wall Street

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2 Stocks Down More Than 50% to Buy Right Now

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Elon Musk Reiterates His Worst Nightmare for The Economy

2022-02-21

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PCE Inflation, Consumer Confidence: What to Know This Week

2022-07-25

//@tbun:Ok//@StonkerLL: Yayayaya papaya//@koolgal: Thanks for liking my post. 😍😍😍//@JLSE: 👌👌👌// @koolgal: @Tiger_Comments . Thanks for your cautionary advice on Carvana, the largest investment loss of Tiger Global. It is a good time to reflect that when the tide turns, the market is merciless when investing in the wrong stocks.

@Tiger_chat:The largest investment loss of Tiger Global - Carvana

2022-09-29

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US STOCKS-Wall Street Ends Sharply Higher as Treasury Yields Dip

2023-02-26

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Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills

2022-08-24

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Nvidia: $10B GPU Demand May Be Gone Permanently

2022-03-19

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Sea Limited: The Three-Headed Monster

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US STOCKS-Wall St Ends down in Rocky Session as U.S. Bans Russian Oil Imports

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Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes

2021-06-30

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Tech stocks propel S&P 500, Nasdaq to fresh highs

2023-02-11

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Sorry, the original content has been removed

2022-10-26

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7 Dow Stocks to Sell Before They Tumble

2022-10-13

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US STOCKS-Wall St Ends Volatile Day Lower After Fed Minutes, PPI

2022-10-10

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CPI Sets the Stage for Fed's November Hike, Banks Report for Q3: What to Know This Week

2022-09-19

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All Eyes on Another Sizable Rate Hike From the Fed: What to Know This Week

2022-03-21

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Additional Support Expected For Singapore Stock Market

2022-01-26

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Wall Street Ends down as Markets Whipsaw Ahead of Fed Meeting

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this event to win many prizes!","listText":"join this event to win many prizes!","text":"join this event to win many prizes!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942356129","isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9946384822,"gmtCreate":1680864135566,"gmtModify":1680864139974,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Need another&nbsp;0.5 shares to get disney share","listText":"Need another&nbsp;0.5 shares to get disney share","text":"Need another 0.5 shares to get disney share","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946384822","isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957584749,"gmtCreate":1677399332081,"gmtModify":1677399335597,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9957584749","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957254061,"gmtCreate":1677318277254,"gmtModify":1677318281601,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957254061","repostId":"2314011339","repostType":4,"repost":{"id":"2314011339","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1677279021,"share":"https://ttm.financial/m/news/2314011339?lang=&edition=fundamental","pubTime":"2023-02-25 06:50","market":"us","language":"en","title":"Wall St Ends Sharply Down, Posts Biggest Weekly Drop of 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2314011339","media":"Reuters","summary":"Dow's worst weekly performance in 5 monthsPCE data comes in strong, showing resilient consumerFor th","content":"<html><head></head><body><ul><li>Dow&#39;s worst weekly performance in 5 months</li><li>PCE data comes in strong, showing resilient consumer</li><li>For the week, all down: Dow 2.99%, S&amp;P 2.66%, Nasdaq 3.33%</li><li>Indexes down: Dow 1.02%, S&amp;P 1.05%, Nasdaq 1.69%</li></ul><p>Wall Street&#39;s main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.</p><p>For the blue-chip Dow Jones Industrial Average   , the 3% fall was its biggest weekly decline since September. It was also the Dow&#39;s fourth straight weekly decline, its longest losing streak for nearly 10 months.</p><p>The S&amp;P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.</p><p>After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.</p><p>Data on Friday showed the personal consumption expenditures (PCE) price index, the Fed&#39;s preferred inflation gauge, shot up 0.6% last month after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.</p><p>Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust.</p><p>&#34;This market has not yet realized the likelihood of a recession that we think is reality,&#34; he said, noting past rate hikes normally had taken between six and 18 months before their effects had fully filtered through into the economy.</p><p>&#34;We don&#39;t think (a recession is) a given, but there&#39;s a higher likelihood than the market has embedded in its thought process.&#34;</p><p>Traders of futures tied to the Fed&#39;s policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.</p><p>Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.</p><p>The Dow Jones Industrial Average fell 336.99 points, or 1.02%, to 32,816.92, the S&amp;P 500    lost 42.28 points, or 1.05%, to 3,970.04 and the Nasdaq Composite    dropped 195.46 points, or 1.69%, to 11,394.94.</p><p>Nine of the 11 major S&amp;P sectors fell, with real estate, technology and consumer discretionary the biggest decliners. Communication services fell 1.4% to a sixth straight loss, its worst run since a similar six-session skid in August.</p><p>Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.</p><p>The yield on two-year Treasury notes, which are highly sensitive to Fed policy, climbed to 4.826% - its highest in nearly four months.</p><p>Boeing Co slid 4.8% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.</p><p><a href=\"https://laohu8.com/S/ADBE\">Adobe</a> Inc sank 7.6% on reports the U.S. Justice Department would block the Photoshop maker&#39;s $20 billion bid for cloud-based designer platform Figma.</p><p>The decline in Adobe&#39;s stock was the largest since Sept. 15, the day the Figma agreement was announced.</p><p>Meanwhile, Range Resources Corp jumped 11.9% in late trading, its biggest gain in nine months, after Bloomberg News reported that Pioneer Natural Resources was in talks to buy it. Pioneer&#39;s stock fell 4.1% on the report.</p><p>Volume on U.S. exchanges was 10.31 billion shares, compared with the 11.53 billion average for the full session over the last 20 trading days.</p><p>The S&amp;P 500 posted 2 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 44 new highs and 162 new lows.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall St Ends Sharply Down, Posts Biggest Weekly Drop of 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall St Ends Sharply Down, Posts Biggest Weekly Drop of 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-02-25 06:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Dow&#39;s worst weekly performance in 5 months</li><li>PCE data comes in strong, showing resilient consumer</li><li>For the week, all down: Dow 2.99%, S&amp;P 2.66%, Nasdaq 3.33%</li><li>Indexes down: Dow 1.02%, S&amp;P 1.05%, Nasdaq 1.69%</li></ul><p>Wall Street&#39;s main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.</p><p>For the blue-chip Dow Jones Industrial Average   , the 3% fall was its biggest weekly decline since September. It was also the Dow&#39;s fourth straight weekly decline, its longest losing streak for nearly 10 months.</p><p>The S&amp;P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.</p><p>After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.</p><p>Data on Friday showed the personal consumption expenditures (PCE) price index, the Fed&#39;s preferred inflation gauge, shot up 0.6% last month after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.</p><p>Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust.</p><p>&#34;This market has not yet realized the likelihood of a recession that we think is reality,&#34; he said, noting past rate hikes normally had taken between six and 18 months before their effects had fully filtered through into the economy.</p><p>&#34;We don&#39;t think (a recession is) a given, but there&#39;s a higher likelihood than the market has embedded in its thought process.&#34;</p><p>Traders of futures tied to the Fed&#39;s policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.</p><p>Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.</p><p>The Dow Jones Industrial Average fell 336.99 points, or 1.02%, to 32,816.92, the S&amp;P 500    lost 42.28 points, or 1.05%, to 3,970.04 and the Nasdaq Composite    dropped 195.46 points, or 1.69%, to 11,394.94.</p><p>Nine of the 11 major S&amp;P sectors fell, with real estate, technology and consumer discretionary the biggest decliners. Communication services fell 1.4% to a sixth straight loss, its worst run since a similar six-session skid in August.</p><p>Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.</p><p>The yield on two-year Treasury notes, which are highly sensitive to Fed policy, climbed to 4.826% - its highest in nearly four months.</p><p>Boeing Co slid 4.8% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.</p><p><a href=\"https://laohu8.com/S/ADBE\">Adobe</a> Inc sank 7.6% on reports the U.S. Justice Department would block the Photoshop maker&#39;s $20 billion bid for cloud-based designer platform Figma.</p><p>The decline in Adobe&#39;s stock was the largest since Sept. 15, the day the Figma agreement was announced.</p><p>Meanwhile, Range Resources Corp jumped 11.9% in late trading, its biggest gain in nine months, after Bloomberg News reported that Pioneer Natural Resources was in talks to buy it. Pioneer&#39;s stock fell 4.1% on the report.</p><p>Volume on U.S. exchanges was 10.31 billion shares, compared with the 11.53 billion average for the full session over the last 20 trading days.</p><p>The S&amp;P 500 posted 2 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 44 new highs and 162 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"513500":"标普500ETF","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","CGEM":"Cullinan Therapeutics","LU0122376428.USD":"贝莱德世界能源基金A2","BK4581":"高盛持仓","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","TSLA":"特斯拉","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","BK4099":"汽车制造商","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","RRC":"山脉资源","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0238689110.USD":"贝莱德环球动力股票基金","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","SSO":"两倍做多标普500ETF","BK4532":"文艺复兴科技持仓","APR":"Apria, Inc.","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","OEF":"标普100指数ETF-iShares","LABP":"Landos Biopharma, Inc.","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4196":"保健护理服务","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4559":"巴菲特持仓","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","NVDA":"英伟达","BK4588":"碎股",".DJI":"道琼斯","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC",".IXIC":"NASDAQ Composite","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2314011339","content_text":"Dow's worst weekly performance in 5 monthsPCE data comes in strong, showing resilient consumerFor the week, all down: Dow 2.99%, S&P 2.66%, Nasdaq 3.33%Indexes down: Dow 1.02%, S&P 1.05%, Nasdaq 1.69%Wall Street's main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.For the blue-chip Dow Jones Industrial Average   , the 3% fall was its biggest weekly decline since September. It was also the Dow's fourth straight weekly decline, its longest losing streak for nearly 10 months.The S&P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.Data on Friday showed the personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, shot up 0.6% last month after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust.\"This market has not yet realized the likelihood of a recession that we think is reality,\" he said, noting past rate hikes normally had taken between six and 18 months before their effects had fully filtered through into the economy.\"We don't think (a recession is) a given, but there's a higher likelihood than the market has embedded in its thought process.\"Traders of futures tied to the Fed's policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.The Dow Jones Industrial Average fell 336.99 points, or 1.02%, to 32,816.92, the S&P 500    lost 42.28 points, or 1.05%, to 3,970.04 and the Nasdaq Composite    dropped 195.46 points, or 1.69%, to 11,394.94.Nine of the 11 major S&P sectors fell, with real estate, technology and consumer discretionary the biggest decliners. Communication services fell 1.4% to a sixth straight loss, its worst run since a similar six-session skid in August.Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.The yield on two-year Treasury notes, which are highly sensitive to Fed policy, climbed to 4.826% - its highest in nearly four months.Boeing Co slid 4.8% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.Adobe Inc sank 7.6% on reports the U.S. Justice Department would block the Photoshop maker's $20 billion bid for cloud-based designer platform Figma.The decline in Adobe's stock was the largest since Sept. 15, the day the Figma agreement was announced.Meanwhile, Range Resources Corp jumped 11.9% in late trading, its biggest gain in nine months, after Bloomberg News reported that Pioneer Natural Resources was in talks to buy it. Pioneer's stock fell 4.1% on the report.Volume on U.S. exchanges was 10.31 billion shares, compared with the 11.53 billion average for the full session over the last 20 trading days.The S&P 500 posted 2 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 44 new highs and 162 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957604338,"gmtCreate":1677198853525,"gmtModify":1677198856655,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957604338","repostId":"2313709862","repostType":4,"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957128451,"gmtCreate":1677112470373,"gmtModify":1677112473486,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked&nbsp;","listText":"Liked&nbsp;","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957128451","repostId":"2313010470","repostType":4,"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954628127,"gmtCreate":1676337247570,"gmtModify":1676337250239,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked&nbsp;","listText":"Liked&nbsp;","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954628127","repostId":"9954668066","repostType":1,"repost":{"id":9954668066,"gmtCreate":1676332774856,"gmtModify":1676336924351,"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"themes":[],"title":"TSLA Chart Pattern 101: Trend Is Your Friend","htmlText":"Tesla stock (ticker: TSLA) is down about 2% in midday trading after dropping 5% on Friday. What's more, shares are&nbsp;dropping while the market is moving higher. The S&amp;P 500 and Nasdaq Composite are up 0.9% and 1.4%, respectively. Took the put at the second red candle&nbsp;when price falls below 193 breaking down the range marked out using the&nbsp;yellow box indicator to short TSLA.&nbsp; The simpler explanation is the stock is down because it was up -- a lot. Before Friday's drop, Tesla stock was up&nbsp;for eight consecutive days. The run pushed shares up more than 100% from the 52-week intraday low of $101.82 on Jan. 6. That has traders and market technicians thinking that Tesla shares were due for a pause. \"Take profits on the&nbsp;double into resistance in a month, \" wrote Ever","listText":"Tesla stock (ticker: TSLA) is down about 2% in midday trading after dropping 5% on Friday. What's more, shares are&nbsp;dropping while the market is moving higher. The S&amp;P 500 and Nasdaq Composite are up 0.9% and 1.4%, respectively. Took the put at the second red candle&nbsp;when price falls below 193 breaking down the range marked out using the&nbsp;yellow box indicator to short TSLA.&nbsp; The simpler explanation is the stock is down because it was up -- a lot. Before Friday's drop, Tesla stock was up&nbsp;for eight consecutive days. The run pushed shares up more than 100% from the 52-week intraday low of $101.82 on Jan. 6. That has traders and market technicians thinking that Tesla shares were due for a pause. \"Take profits on the&nbsp;double into resistance in a month, \" wrote Ever","text":"Tesla stock (ticker: TSLA) is down about 2% in midday trading after dropping 5% on Friday. What's more, shares are dropping while the market is moving higher. The S&P 500 and Nasdaq Composite are up 0.9% and 1.4%, respectively. Took the put at the second red candle when price falls below 193 breaking down the range marked out using the yellow box indicator to short TSLA. The simpler explanation is the stock is down because it was up -- a lot. Before Friday's drop, Tesla stock was up for eight consecutive days. The run pushed shares up more than 100% from the 52-week intraday low of $101.82 on Jan. 6. That has traders and market technicians thinking that Tesla shares were due for a pause. \"Take profits on the double into resistance in a month, \" wrote Ever","images":[{"img":"https://community-static.tradeup.com/news/7704c5fa9ec985e5462646645ab311be","width":"1200","height":"675"},{"img":"https://community-static.tradeup.com/news/94c4da545d7610dd7b67678ada54f3c0","width":"720","height":"316"},{"img":"https://community-static.tradeup.com/news/83759f9de26506c016446152d4bb9664","width":"1284","height":"1433"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954668066","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954185139,"gmtCreate":1676098261122,"gmtModify":1676098265792,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9954185139","repostId":"2310619261","repostType":4,"repost":{"id":"2310619261","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1676079335,"share":"https://ttm.financial/m/news/2310619261?lang=&edition=fundamental","pubTime":"2023-02-11 09:35","market":"us","language":"en","title":"Microsoft Co-Founder Bill Gates: ChatGPT “Will Change Our World”","url":"https://stock-news.laohu8.com/highlight/detail?id=2310619261","media":"Reuters","summary":" - Microsoft co-founder Bill Gates believes ChatGPT, a chatbot that gives strikingly human-like responses to user queries, is as significant as the invention of the internet, he told German business daily Handelsblatt in an interview published on Friday.\"Until now, artificial intelligence could read and write, but could not understand the content. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world,\" he said,","content":"<html><head></head><body><p>(Reuters) - Microsoft co-founder Bill Gates believes ChatGPT, a chatbot that gives strikingly human-like responses to user queries, is as significant as the invention of the internet, he told German business daily Handelsblatt in an interview published on Friday.</p><p>&#34;Until now, artificial intelligence could read and write, but could not understand the content. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world,&#34; he said, in comments published in German.</p><p>ChatGPT, developed by U.S. firm OpenAI and backed by Microsoft Corp   , has been rated the fastest-growing consumer app in history.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Co-Founder Bill Gates: ChatGPT “Will Change Our World”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft Co-Founder Bill Gates: ChatGPT “Will Change Our World”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-02-11 09:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Microsoft co-founder Bill Gates believes ChatGPT, a chatbot that gives strikingly human-like responses to user queries, is as significant as the invention of the internet, he told German business daily Handelsblatt in an interview published on Friday.</p><p>&#34;Until now, artificial intelligence could read and write, but could not understand the content. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world,&#34; he said, in comments published in German.</p><p>ChatGPT, developed by U.S. firm OpenAI and backed by Microsoft Corp   , has been rated the fastest-growing consumer app in history.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2310619261","content_text":"(Reuters) - Microsoft co-founder Bill Gates believes ChatGPT, a chatbot that gives strikingly human-like responses to user queries, is as significant as the invention of the internet, he told German business daily Handelsblatt in an interview published on Friday.\"Until now, artificial intelligence could read and write, but could not understand the content. The new programs like ChatGPT will make many office jobs more efficient by helping to write invoices or letters. This will change our world,\" he said, in comments published in German.ChatGPT, developed by U.S. firm OpenAI and backed by Microsoft Corp   , has been rated the fastest-growing consumer app in history.","news_type":1},"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955381791,"gmtCreate":1675212138313,"gmtModify":1676538983653,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955381791","repostId":"9955383609","repostType":1,"repost":{"id":9955383609,"gmtCreate":1675211479002,"gmtModify":1676538983615,"author":{"id":"4101948424484190","authorId":"4101948424484190","name":"Success88","avatar":"https://static.itradeup.com/news/4408e1a22d73e99adb53aa65dde8ad91","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4101948424484190","authorIdStr":"4101948424484190"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AMD\">$Advanced Micro Devices(AMD)$&nbsp;</a><v-v data-views=\"1\"></v-v>Share AMD as new AI chips in demand. Bullish on AMD. AMD revenue also beats target. More business in demand and expected business to improve in 2nd half 2023.&nbsp;<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/AMD\">$Advanced Micro Devices(AMD)$&nbsp;</a><v-v data-views=\"1\"></v-v>Share AMD as new AI chips in demand. Bullish on AMD. AMD revenue also beats target. More business in demand and expected business to improve in 2nd half 2023.&nbsp;<a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents&nbsp;</a>","text":"$Advanced Micro Devices(AMD)$ Share AMD as new AI chips in demand. Bullish on AMD. AMD revenue also beats target. More business in demand and expected business to improve in 2nd half 2023. @TigerEvents","images":[{"img":"https://community-static.tradeup.com/news/ae731d32cb2fb88e16991aa79e648497","width":"1179","height":"3067"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955383609","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955097744,"gmtCreate":1675059946089,"gmtModify":1676538972852,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955097744","repostId":"9955095056","repostType":1,"repost":{"id":9955095056,"gmtCreate":1675059176575,"gmtModify":1676538972750,"author":{"id":"9000000000000652","authorId":"9000000000000652","name":"ChristKitto","avatar":"https://static.tigerbbs.com/4978f4a510bcf43d5d844a52ae86fd92","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000652","authorIdStr":"9000000000000652"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/RIVN\">$Rivian Automotive, Inc.(RIVN)$</a> Be careful shorties. All it takes is another contract with a delivery Company to supply vehicles to. Rivian's Amazon<a href=\"https://ttm.financial/S/AMZN\">$Amazon.com(AMZN)$</a> vehicles are a perfect Adverisement of success. RIVN is going to be a huge Billion dollar company so load up on shares and hold for 5 yrs. Continue to load as much as you can through the years. You won't be sorry. Ignore the nay sayer shorties, ignore the bearish shorties comments, just hold for the ride.","listText":"<a href=\"https://ttm.financial/S/RIVN\">$Rivian Automotive, Inc.(RIVN)$</a> Be careful shorties. All it takes is another contract with a delivery Company to supply vehicles to. Rivian's Amazon<a href=\"https://ttm.financial/S/AMZN\">$Amazon.com(AMZN)$</a> vehicles are a perfect Adverisement of success. RIVN is going to be a huge Billion dollar company so load up on shares and hold for 5 yrs. Continue to load as much as you can through the years. You won't be sorry. Ignore the nay sayer shorties, ignore the bearish shorties comments, just hold for the ride.","text":"$Rivian Automotive, Inc.(RIVN)$ Be careful shorties. All it takes is another contract with a delivery Company to supply vehicles to. Rivian's Amazon$Amazon.com(AMZN)$ vehicles are a perfect Adverisement of success. RIVN is going to be a huge Billion dollar company so load up on shares and hold for 5 yrs. Continue to load as much as you can through the years. You won't be sorry. Ignore the nay sayer shorties, ignore the bearish shorties comments, just hold for the ride.","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955095056","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955097656,"gmtCreate":1675059920675,"gmtModify":1676538972836,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955097656","repostId":"9955095747","repostType":1,"repost":{"id":9955095747,"gmtCreate":1675059488089,"gmtModify":1676538972781,"author":{"id":"9000000000000513","authorId":"9000000000000513","name":"LeilaLynch","avatar":"https://static.tigerbbs.com/e32612860d02f31ae6eb923f14c61b63","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000513","authorIdStr":"9000000000000513"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CVX\">$Chevron(CVX)$</a> CVX is a leading integrated oil company with exploration, production, and refining operations. It is the second largest oil company in the United States with more than 70% of production volumes from oil and liquid-linked natural gas. I believe it has a sustainable competitive advantage due to its scale and low-cost position. It has a large acreage position in the Permian Basin, which is a high-quality oil field. CVX was an early mover in the Permian and did not overpay to enter the oilfield; 75% of its position has a no or low royalty rate, which gives it a cost advantage over competitors.The company has also made important investments in low-carbon areas like greenhouse gas reduction, carbon capture, hydrogen, and renewable fuels wh","listText":"<a href=\"https://ttm.financial/S/CVX\">$Chevron(CVX)$</a> CVX is a leading integrated oil company with exploration, production, and refining operations. It is the second largest oil company in the United States with more than 70% of production volumes from oil and liquid-linked natural gas. I believe it has a sustainable competitive advantage due to its scale and low-cost position. It has a large acreage position in the Permian Basin, which is a high-quality oil field. CVX was an early mover in the Permian and did not overpay to enter the oilfield; 75% of its position has a no or low royalty rate, which gives it a cost advantage over competitors.The company has also made important investments in low-carbon areas like greenhouse gas reduction, carbon capture, hydrogen, and renewable fuels wh","text":"$Chevron(CVX)$ CVX is a leading integrated oil company with exploration, production, and refining operations. It is the second largest oil company in the United States with more than 70% of production volumes from oil and liquid-linked natural gas. I believe it has a sustainable competitive advantage due to its scale and low-cost position. It has a large acreage position in the Permian Basin, which is a high-quality oil field. CVX was an early mover in the Permian and did not overpay to enter the oilfield; 75% of its position has a no or low royalty rate, which gives it a cost advantage over competitors.The company has also made important investments in low-carbon areas like greenhouse gas reduction, carbon capture, hydrogen, and renewable fuels wh","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955095747","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950149088,"gmtCreate":1672706519144,"gmtModify":1676538722331,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950149088","repostId":"9950154823","repostType":1,"repost":{"id":9950154823,"gmtCreate":1672706082763,"gmtModify":1676538722260,"author":{"id":"3585110223650286","authorId":"3585110223650286","name":"Mooo","avatar":"https://community-static.tradeup.com/news/dbb24c57aa23bfd5058a3c4d4d9014b0","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585110223650286","authorIdStr":"3585110223650286"},"themes":[],"title":"Where to invest in 2023?  ","htmlText":"It is the start of a new chapter in the markets with the ushering of the new year 2023. The past year has surely been a roller coaster for everyone in the markets. With the beginning of 2023, the question investors ask would be “where do I invest my money in 2023?” This question can be easily broken down into many sections but only a few would be covered here. Broad ETFs (Exchange Traded Funds) Broad ETFs are said to be the go to point where investors seek coverage if they do not know which stocks to put their money in. Broad ETFs give the investor a diversified base meaning that they would not have to worry about each individual stock they choose. Typically in such situations or environments that we are in, broad ETFs like those that track the S&amp;P 500 usually do well compared to cherr","listText":"It is the start of a new chapter in the markets with the ushering of the new year 2023. The past year has surely been a roller coaster for everyone in the markets. With the beginning of 2023, the question investors ask would be “where do I invest my money in 2023?” This question can be easily broken down into many sections but only a few would be covered here. Broad ETFs (Exchange Traded Funds) Broad ETFs are said to be the go to point where investors seek coverage if they do not know which stocks to put their money in. Broad ETFs give the investor a diversified base meaning that they would not have to worry about each individual stock they choose. Typically in such situations or environments that we are in, broad ETFs like those that track the S&amp;P 500 usually do well compared to cherr","text":"It is the start of a new chapter in the markets with the ushering of the new year 2023. The past year has surely been a roller coaster for everyone in the markets. With the beginning of 2023, the question investors ask would be “where do I invest my money in 2023?” This question can be easily broken down into many sections but only a few would be covered here. Broad ETFs (Exchange Traded Funds) Broad ETFs are said to be the go to point where investors seek coverage if they do not know which stocks to put their money in. Broad ETFs give the investor a diversified base meaning that they would not have to worry about each individual stock they choose. Typically in such situations or environments that we are in, broad ETFs like those that track the S&P 500 usually do well compared to cherr","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950154823","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927043280,"gmtCreate":1672360909440,"gmtModify":1676538678148,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9927043280","repostId":"1184571168","repostType":4,"repost":{"id":"1184571168","pubTimestamp":1672355752,"share":"https://ttm.financial/m/news/1184571168?lang=&edition=fundamental","pubTime":"2022-12-30 07:15","market":"us","language":"en","title":"How Elon Musk, Mark Zuckerberg and the World’s 500 Richest Billionaires Lost $1.4 Trillion in a Year","url":"https://stock-news.laohu8.com/highlight/detail?id=1184571168","media":"Bloomberg","summary":"For the vast majority of the world’s wealthiest people, 2022 was a year to forget.It’s not just the ","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/5f2da7c9d8ae62714b18de6c8891895e\" tg-width=\"1400\" tg-height=\"1050\" width=\"100%\" height=\"auto\"/></p><p>For the vast majority of the world’s wealthiest people, 2022 was a year to forget.</p><p>It’s not just the money that was lost, though it was staggering — almost $1.4 trillion was wiped from the fortunes of the richest 500 alone, according to theBloomberg Billionaires Index. Plenty of the pain, it turns out, was self-inflicted: The alleged fraud by onetime crypto wunderkind Sam Bankman-Fried; the devastating war waged by Russia on Ukraine that spurred crippling sanctions on its business titans; and, of course, the antics ofElon Musk, the new owner of Twitter who’s worth $138 billion less than he was on Jan. 1.</p><p>Combined with a backdrop of widespread inflation and aggressive central bank tightening, the year was a dramatic comedown for a group of billionaires whose fortunes swelled to unfathomable heights in the Covid era of easy money. In most cases, the bigger the rise, the more dramatic the fall: Musk,Jeff Bezos,Changpeng ZhaoandMark Zuckerbergalone saw some $392 billion erased from their cumulative net worth.</p><p><img src=\"https://static.tigerbbs.com/e7e036c54f11dc387c25a85c525e512d\" tg-width=\"800\" tg-height=\"556\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Elon MuskPhotographer: Liesa Johannssen-Koppitz/Bloomberg</p><p>It wasn’t all bad news for the billionaire class, though. India’sGautam AdanisurpassedBill GatesandWarren Buffetton the wealth index, while some of theworld’s richest families, like the Kochs and the Mars clan, also added to their fortunes. Sports franchises only became more valuable, growing increasingly unobtainable for anyone outside the top 0.0001%.</p><p>Here’s a month-by-month review of the data and stories that defined a tumultuous year for billionaires.</p><h2>January: Warning Shots</h2><p>Musk, the world’s richest person at the time,loses$25.8 billion on Jan. 27 after Tesla Inc. warns about supply challenges. It’s the fourth-steepest one-day fall in the history of the Bloomberg wealth index and foreshadows a rocky year ahead for Musk, both personally and financially.</p><h2>February: Oligarch Wealth Obliterated</h2><p>Russia’s richest people collectively lose $46.6 billion on Feb. 24, the day Vladimir Putin orders his army to invade Ukraine. In short order, authorities in the European Union, UK and US target Russia’s “oligarchs” and their companies with sanctions that make it next-to-impossible for the business tycoons to keep control of their assets in the West. Superyachts are grounded, London’s ultra-luxury property market braces for a slowdown andRoman Abramovichannounces he’ssellingChelsea FC of the Premier League. The wealthiest Russians go on to lose another $47 billion over the course of 2022 as the war grinds on.</p><h2>March: China’s Fortunes Crushed</h2><p>China’s markets go frombad to worse, erasing $64.6 billion from the fortunes of the country’s wealthiest people on March 14. They lose another $164 billion in 2022 as strenuous Covid-containment efforts, a buckling property market, heightened scrutiny of the tech industry and trade tensions with the US drag on the world’s second-largest economy. That, combined with President Xi Jinping’s populist rhetoric, has more affluent Chinese plotting to get themselves — and their money — out of the country.</p><h2>April: Musk’s Twitter Gambit</h2><p>Soon after revealing a 9.1% stake in Twitter, Musk offers to buy the company outright on April 14 at a $44 billion valuation. It’s a steep price, even for him. Tofinancethe deal, he initially plans to borrow billions, leverage more of his Tesla shares and pony up$21 billionin cash, which analysts correctly predict will require offloading Tesla stock. Markets deteriorate in the coming months and Musk tries to devise an escape route, kicking off a months-long legal wrangle with Twitter. By the time the deal is completed in October, Musk’s net worth is $39 billion lower than when he made his initial offer.</p><p><img src=\"https://static.tigerbbs.com/c09b98b62f617dee77fe625d72db870b\" tg-width=\"642\" tg-height=\"385\" width=\"100%\" height=\"auto\"/></p><h2>May: Boehly Buys Chelsea</h2><p>A group helmed by finance billionaireTodd Boehly and Clearlake Capitalclinchesthe £4.25 billion ($5.25 billion) winning bid for Chelsea. It’s the highest price ever paid for a sports team, and it caps a frenzied two-month process that attracted more than 100 bidders from all over the world, including British billionaireJim Ratcliffe, Apollo Global Management co-founderJosh Harris, Bain Capital co-Chairman Steve Pagliuca and Citadel’sKen Griffinwith the Ricketts family. The net proceeds from the sale, including £1.6 billion in waived debt owed to Abramovich by the team, is earmarked for charity benefiting Ukraine.</p><h2>June: Waltons Win Broncos</h2><p>Rob Walton, heir to the Walmart fortune, agrees tobuythe Denver Broncos for $4.65 billion, setting a record for a US sports team, and underscoring the enduring appeal of owning an NFL franchise. The Walton consortium includes Rob’s daughter Carrie, her husband Greg Penner, Ariel Investments President Mellody Hobson, racecar driver Lewis Hamilton and Condoleezza Rice. The deal made Hobson and Rice the first Black women to hold an ownership stake in an NFL team. The Walton-led offer trumped those from Clearlake Capital founder Jose Feliciano, United Wholesale Mortgage CEOMat Ishbiaand, again, Harris. (Ishbia and his brother would agree to buy a majority stake in the NBA’s Phoenix Suns in December.)</p><p><img src=\"https://static.tigerbbs.com/335974f748460762f93b6a614c4fcf80\" tg-width=\"612\" tg-height=\"353\" width=\"100%\" height=\"auto\"/></p><h2>July: China’s Homebuilders Crumble</h2><p>Yang Huiyan losesthe title of Asia’s wealthiest woman after her fortune more than halves over seven months amid China’s unfolding property crisis. Country Garden Holdings, the developer that Yang inherited from her father in 2005, benefited from a dizzying homebuilding spree in recent years. But the country’s efforts to curb real estate prices and Xi’s crackdown on consumption put a stranglehold on the sector, stalling projects and leading frustrated homeowners to quit paying mortgages on halted developments. Country Garden’s stock price — and Yang’s wealth — has yet to recover.</p><p><img src=\"https://static.tigerbbs.com/2ccf53932ed41ab98502ad77aa9e342f\" tg-width=\"646\" tg-height=\"391\" width=\"100%\" height=\"auto\"/></p><h2>August: Adani Ascends</h2><p>Coal tycoons sound like a relic of another era. But with the world roiled by the war in Ukraine, Adani, an Indian coal miner with a fast-expanding empire, surges past Gates and France’sBernard Arnaultto become the world’sthird-richestperson at the end of August. It marks the highest ranking ever for an Asian billionaire. Aligning himself with Indian Prime Minister Narendra Modi, Adani has used debt to rapidly diversify his relatively opaque conglomerate, Adani Group, into ports, data centers, highways and controversially, green energy. In September, he briefly passed Bezos to become the world’ssecond-richest person.</p><p><img src=\"https://static.tigerbbs.com/6aafb5b53642e2be2b6f3ccca478f673\" tg-width=\"652\" tg-height=\"393\" width=\"100%\" height=\"auto\"/></p><h2>September: Zuckerberg’s Wipeout</h2><p>Even in a rough year for US tech titans, Zuckerberg’s losses stand out. By mid-September his net worth hasplungedby $71 billion since Jan. 1 — a 57% loss — on account of a costly pivot to the metaverse and the industry-wide downturn that’s dragged down the stock price of Meta Platforms Inc. Over the course of the year he’ll fall 19 ranks on the Bloomberg wealth index, finishing 2022 at 25th, his lowest position since 2014.</p><p><img src=\"https://static.tigerbbs.com/8cd93c4663e2ceb50d48ec70a18b02a6\" tg-width=\"658\" tg-height=\"337\" width=\"100%\" height=\"auto\"/></p><h2>October: Covid Billionaires Collapse</h2><p>The bubble of the Covid economy is deflating fast and with it, the fortunes of the so-called Covid billionaires — those moguls who minted enormous fortunes from vaccines (Moderna’sStephane Bancel), used cars (Carvana’sErnie Garcia IIand Ernie Garcia III), online shopping (Coupang’sBom Kim) and, of course, Zoom (Eric Yuan). The 58 billionaires whose fortunes multiplied at a blistering pace from such pandemic industries saw an average decline in the value of their assets of 58% from their peak, a far sharper fall than the other constituents of the Bloomberg wealth index.</p><h2>November: $16 Billion to Zero</h2><p>Bankman-Fried’s crypto exchange FTX collapses after a liquidity crunch reveals gaping holes in his empire’s balance sheet and an absence of risk controls. The 30-year-old’s $16 billion fortune iserasedin less than a week. At its peak, his net worth was valued at $26 billion. The debacle taints numerous Washingtonpoliticianswho took his donations, stiffs many charities, humiliates investors in Silicon Valley and beyond, and leaves some 1 million clients in limbo and wondering if they’ll get their money back. Binance CEO Zhao, known in the crypto world as CZ, has seen his net worth tumble by about $84 billion this year, while other crypto billionaires likeCameronandTyler Winklevoss,Michael NovogratzandBrian Armstronglook todistance themselvesfrom FTX’s collapse.</p><h2>December: Musk DethronedRichest of All</h2><p><img src=\"https://static.tigerbbs.com/72cda84d03d420f20f66f664738478d1\" tg-width=\"643\" tg-height=\"385\" width=\"100%\" height=\"auto\"/></p><p>Musk is unseated as theworld’s richest personby Arnault, the French luxury tycoon behind LVMH. While Arnault hasn’t been immune to the tough 2022, down about $16 billion for the year, it pales next to Musk’s losses of more than $138 billion. How did we get here? Take a market downturn, add an impulse purchase of an unprofitable, lightning rod social-media company, mix in a heap of leverage, more supply-chain woes and an insatiable desire for attention. Easy come, easy go.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Elon Musk, Mark Zuckerberg and the World’s 500 Richest Billionaires Lost $1.4 Trillion in a Year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Elon Musk, Mark Zuckerberg and the World’s 500 Richest Billionaires Lost $1.4 Trillion in a Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-30 07:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2022-12-29/billionaire-wealth-losses-in-2022-hit-1-4-trillion-led-by-elon-musk-jeff-bezos?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For the vast majority of the world’s wealthiest people, 2022 was a year to forget.It’s not just the money that was lost, though it was staggering — almost $1.4 trillion was wiped from the fortunes of ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2022-12-29/billionaire-wealth-losses-in-2022-hit-1-4-trillion-led-by-elon-musk-jeff-bezos?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.bloomberg.com/news/features/2022-12-29/billionaire-wealth-losses-in-2022-hit-1-4-trillion-led-by-elon-musk-jeff-bezos?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184571168","content_text":"For the vast majority of the world’s wealthiest people, 2022 was a year to forget.It’s not just the money that was lost, though it was staggering — almost $1.4 trillion was wiped from the fortunes of the richest 500 alone, according to theBloomberg Billionaires Index. Plenty of the pain, it turns out, was self-inflicted: The alleged fraud by onetime crypto wunderkind Sam Bankman-Fried; the devastating war waged by Russia on Ukraine that spurred crippling sanctions on its business titans; and, of course, the antics ofElon Musk, the new owner of Twitter who’s worth $138 billion less than he was on Jan. 1.Combined with a backdrop of widespread inflation and aggressive central bank tightening, the year was a dramatic comedown for a group of billionaires whose fortunes swelled to unfathomable heights in the Covid era of easy money. In most cases, the bigger the rise, the more dramatic the fall: Musk,Jeff Bezos,Changpeng ZhaoandMark Zuckerbergalone saw some $392 billion erased from their cumulative net worth.Elon MuskPhotographer: Liesa Johannssen-Koppitz/BloombergIt wasn’t all bad news for the billionaire class, though. India’sGautam AdanisurpassedBill GatesandWarren Buffetton the wealth index, while some of theworld’s richest families, like the Kochs and the Mars clan, also added to their fortunes. Sports franchises only became more valuable, growing increasingly unobtainable for anyone outside the top 0.0001%.Here’s a month-by-month review of the data and stories that defined a tumultuous year for billionaires.January: Warning ShotsMusk, the world’s richest person at the time,loses$25.8 billion on Jan. 27 after Tesla Inc. warns about supply challenges. It’s the fourth-steepest one-day fall in the history of the Bloomberg wealth index and foreshadows a rocky year ahead for Musk, both personally and financially.February: Oligarch Wealth ObliteratedRussia’s richest people collectively lose $46.6 billion on Feb. 24, the day Vladimir Putin orders his army to invade Ukraine. In short order, authorities in the European Union, UK and US target Russia’s “oligarchs” and their companies with sanctions that make it next-to-impossible for the business tycoons to keep control of their assets in the West. Superyachts are grounded, London’s ultra-luxury property market braces for a slowdown andRoman Abramovichannounces he’ssellingChelsea FC of the Premier League. The wealthiest Russians go on to lose another $47 billion over the course of 2022 as the war grinds on.March: China’s Fortunes CrushedChina’s markets go frombad to worse, erasing $64.6 billion from the fortunes of the country’s wealthiest people on March 14. They lose another $164 billion in 2022 as strenuous Covid-containment efforts, a buckling property market, heightened scrutiny of the tech industry and trade tensions with the US drag on the world’s second-largest economy. That, combined with President Xi Jinping’s populist rhetoric, has more affluent Chinese plotting to get themselves — and their money — out of the country.April: Musk’s Twitter GambitSoon after revealing a 9.1% stake in Twitter, Musk offers to buy the company outright on April 14 at a $44 billion valuation. It’s a steep price, even for him. Tofinancethe deal, he initially plans to borrow billions, leverage more of his Tesla shares and pony up$21 billionin cash, which analysts correctly predict will require offloading Tesla stock. Markets deteriorate in the coming months and Musk tries to devise an escape route, kicking off a months-long legal wrangle with Twitter. By the time the deal is completed in October, Musk’s net worth is $39 billion lower than when he made his initial offer.May: Boehly Buys ChelseaA group helmed by finance billionaireTodd Boehly and Clearlake Capitalclinchesthe £4.25 billion ($5.25 billion) winning bid for Chelsea. It’s the highest price ever paid for a sports team, and it caps a frenzied two-month process that attracted more than 100 bidders from all over the world, including British billionaireJim Ratcliffe, Apollo Global Management co-founderJosh Harris, Bain Capital co-Chairman Steve Pagliuca and Citadel’sKen Griffinwith the Ricketts family. The net proceeds from the sale, including £1.6 billion in waived debt owed to Abramovich by the team, is earmarked for charity benefiting Ukraine.June: Waltons Win BroncosRob Walton, heir to the Walmart fortune, agrees tobuythe Denver Broncos for $4.65 billion, setting a record for a US sports team, and underscoring the enduring appeal of owning an NFL franchise. The Walton consortium includes Rob’s daughter Carrie, her husband Greg Penner, Ariel Investments President Mellody Hobson, racecar driver Lewis Hamilton and Condoleezza Rice. The deal made Hobson and Rice the first Black women to hold an ownership stake in an NFL team. The Walton-led offer trumped those from Clearlake Capital founder Jose Feliciano, United Wholesale Mortgage CEOMat Ishbiaand, again, Harris. (Ishbia and his brother would agree to buy a majority stake in the NBA’s Phoenix Suns in December.)July: China’s Homebuilders CrumbleYang Huiyan losesthe title of Asia’s wealthiest woman after her fortune more than halves over seven months amid China’s unfolding property crisis. Country Garden Holdings, the developer that Yang inherited from her father in 2005, benefited from a dizzying homebuilding spree in recent years. But the country’s efforts to curb real estate prices and Xi’s crackdown on consumption put a stranglehold on the sector, stalling projects and leading frustrated homeowners to quit paying mortgages on halted developments. Country Garden’s stock price — and Yang’s wealth — has yet to recover.August: Adani AscendsCoal tycoons sound like a relic of another era. But with the world roiled by the war in Ukraine, Adani, an Indian coal miner with a fast-expanding empire, surges past Gates and France’sBernard Arnaultto become the world’sthird-richestperson at the end of August. It marks the highest ranking ever for an Asian billionaire. Aligning himself with Indian Prime Minister Narendra Modi, Adani has used debt to rapidly diversify his relatively opaque conglomerate, Adani Group, into ports, data centers, highways and controversially, green energy. In September, he briefly passed Bezos to become the world’ssecond-richest person.September: Zuckerberg’s WipeoutEven in a rough year for US tech titans, Zuckerberg’s losses stand out. By mid-September his net worth hasplungedby $71 billion since Jan. 1 — a 57% loss — on account of a costly pivot to the metaverse and the industry-wide downturn that’s dragged down the stock price of Meta Platforms Inc. Over the course of the year he’ll fall 19 ranks on the Bloomberg wealth index, finishing 2022 at 25th, his lowest position since 2014.October: Covid Billionaires CollapseThe bubble of the Covid economy is deflating fast and with it, the fortunes of the so-called Covid billionaires — those moguls who minted enormous fortunes from vaccines (Moderna’sStephane Bancel), used cars (Carvana’sErnie Garcia IIand Ernie Garcia III), online shopping (Coupang’sBom Kim) and, of course, Zoom (Eric Yuan). The 58 billionaires whose fortunes multiplied at a blistering pace from such pandemic industries saw an average decline in the value of their assets of 58% from their peak, a far sharper fall than the other constituents of the Bloomberg wealth index.November: $16 Billion to ZeroBankman-Fried’s crypto exchange FTX collapses after a liquidity crunch reveals gaping holes in his empire’s balance sheet and an absence of risk controls. The 30-year-old’s $16 billion fortune iserasedin less than a week. At its peak, his net worth was valued at $26 billion. The debacle taints numerous Washingtonpoliticianswho took his donations, stiffs many charities, humiliates investors in Silicon Valley and beyond, and leaves some 1 million clients in limbo and wondering if they’ll get their money back. Binance CEO Zhao, known in the crypto world as CZ, has seen his net worth tumble by about $84 billion this year, while other crypto billionaires likeCameronandTyler Winklevoss,Michael NovogratzandBrian Armstronglook todistance themselvesfrom FTX’s collapse.December: Musk DethronedRichest of AllMusk is unseated as theworld’s richest personby Arnault, the French luxury tycoon behind LVMH. While Arnault hasn’t been immune to the tough 2022, down about $16 billion for the year, it pales next to Musk’s losses of more than $138 billion. How did we get here? Take a market downturn, add an impulse purchase of an unprofitable, lightning rod social-media company, mix in a heap of leverage, more supply-chain woes and an insatiable desire for attention. Easy come, easy go.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9928245155,"gmtCreate":1671302216178,"gmtModify":1676538521982,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Both are&nbsp;great company to invest in long run","listText":"Both are&nbsp;great company to invest in long run","text":"Both are great company to invest in long run","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9928245155","repostId":"2291076952","repostType":4,"repost":{"id":"2291076952","pubTimestamp":1671260506,"share":"https://ttm.financial/m/news/2291076952?lang=&edition=fundamental","pubTime":"2022-12-17 15:01","market":"us","language":"en","title":"Better Buy: Amazon vs. Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=2291076952","media":"Motley Fool","summary":"Both of these stocks have excellent long-term outlooks, but one is unquestionably the better buy.","content":"<html><head></head><body><p>A stock market sell-off in 2022 has tanked the share prices of some of the world&#39;s most valuable companies, creating an excellent time to invest in growth stocks like <b>Amazon</b> (AMZN) and <b>Apple</b> (AAPL). These companies are known as leaders of their respective industries, yet have watched their stocks suffer double-digit declines over the past year.</p><p>Regardless, Amazon and Apple continue to have great long-term outlooks, making both of their stocks worth an investment. However, if you&#39;re only looking to add one stock to your portfolio, you might wonder which is the better buy. So, let&#39;s assess.</p><h2>1. <a href=\"https://laohu8.com/S/AMZN\">Amazon</a></h2><p>Amazon has come a long way since starting out as an online book retailer in 1994, expanding into several lucrative industries. The company&#39;s stock has plummeted 46% since January amid macroeconomic headwinds. However, its diverse business has continued to see revenue growth in 2022, a promising sign for its future.</p><p>In the third quarter of 2022, Amazon&#39;s revenue rose 14.7% year over year to $127.1 billion, with operating income coming in at $2.5 billion.</p><p>In its e-commerce business, the company&#39;s North American segment increased by 20% to $78.8 billion, and its international revenue decreased by 5% to $27.7 billion. However, its earnings abroad primarily suffered from changes in foreign exchange rates, resulting in a strong dollar. Thus, Amazon&#39;s international revenue rose 12%, excluding exchange fluctuations.</p><p>The bright spot of Amazon&#39;s year amid an economic downturn has, no doubt, been its cloud computing business, Amazon Web Services (AWS). The platform&#39;s segment made up 100% of the company&#39;s operating income in Q3 2022, with revenue increasing 27% year over year to $20.5 billion.</p><p>While a potential recession in 2023 could lead to further declines in its e-commerce business, AWS&#39;s continued growth over the last year proves it will likely continue flourishing no matter the economic climate and prop the company up through a possibly challenging year.</p><p>However, according to the Federal Reserve, consumer spending has risen for the last three quarters. If this continues on its current trajectory, Amazon could see a return to operating income in its e-commerce business next year, along with continued growth in AWS.</p><h2>2. <a href=\"https://laohu8.com/S/AAPL\">Apple</a></h2><p>Despite falling 21% year to date, Apple stock has risen 228% over the last five years, making it one of the best growth companies out there. By comparison, Amazon&#39;s stock has increased by 55% in five years.</p><p>In a year plagued by tech industry declines, Apple has reported strong sales for its products. In the fourth quarter of 2022, the company&#39;s iPhone revenue increased by 9.6% to $42.6 billion despite worldwide smartphone shipments decreasing by 9.7%, according to IDC.</p><p>Similarly, the company&#39;s Mac segment reported growth of 25.3% year over year, hitting $11.5 billion, while worldwide PC shipments fell 15%.</p><p>Apple has attracted investor concern over the last month because of its dependence on China for iPhone production as the smartphones made up 52% of the company&#39;s revenue in its fiscal 2022. COVID-19 restrictions in the country have strained production and motivated Apple to begin diversifying its iPhone manufacturing.</p><p>The company is now making a portion of its iPhone 14s in India, with <b>JP Morgan Chase </b>estimating that about 25% of all Apple&#39;s products will be produced there by 2025. It could take years for Apple to move out of China completely; however, that doesn&#39;t dampen its long-term prospects.</p><p>In addition to diversifying its product manufacturing, the company has a swiftly growing services business that could alleviate pressure from its iPhone segment. As Apple&#39;s second-biggest segment in its fiscal 2022, services revenue rose 14% year over year to $78.1 billion. By contrast, iPhone revenue increased by 7% during the year.</p><p>Regarding key metrics for Amazon and Apple, Amazon&#39;s price-to-earnings ratio is at 84, rising 27% in the last year. Meanwhile, Apple&#39;s is about 23 after declining 24% since last December.</p><p>In terms of free cash flow, Amazon&#39;s stood at a negative 26.3 billion as of Sept. 30, while Apple&#39;s came in at $111.44 billion.</p><p>Amazon continues to have an excellent outlook over the long term. However, Apple has fared far better in 2022, and the stock currently offers more value. Additionally, the company&#39;s ability to keep up stellar demand for its products in a poor economic climate makes its stock undoubtedly a more reliable and better buy.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Buy: Amazon vs. Apple</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBetter Buy: Amazon vs. Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-17 15:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/12/16/better-buy-amazon-vs-apple/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A stock market sell-off in 2022 has tanked the share prices of some of the world's most valuable companies, creating an excellent time to invest in growth stocks like Amazon (AMZN) and Apple (AAPL). ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/12/16/better-buy-amazon-vs-apple/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2022/12/16/better-buy-amazon-vs-apple/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2291076952","content_text":"A stock market sell-off in 2022 has tanked the share prices of some of the world's most valuable companies, creating an excellent time to invest in growth stocks like Amazon (AMZN) and Apple (AAPL). These companies are known as leaders of their respective industries, yet have watched their stocks suffer double-digit declines over the past year.Regardless, Amazon and Apple continue to have great long-term outlooks, making both of their stocks worth an investment. However, if you're only looking to add one stock to your portfolio, you might wonder which is the better buy. So, let's assess.1. AmazonAmazon has come a long way since starting out as an online book retailer in 1994, expanding into several lucrative industries. The company's stock has plummeted 46% since January amid macroeconomic headwinds. However, its diverse business has continued to see revenue growth in 2022, a promising sign for its future.In the third quarter of 2022, Amazon's revenue rose 14.7% year over year to $127.1 billion, with operating income coming in at $2.5 billion.In its e-commerce business, the company's North American segment increased by 20% to $78.8 billion, and its international revenue decreased by 5% to $27.7 billion. However, its earnings abroad primarily suffered from changes in foreign exchange rates, resulting in a strong dollar. Thus, Amazon's international revenue rose 12%, excluding exchange fluctuations.The bright spot of Amazon's year amid an economic downturn has, no doubt, been its cloud computing business, Amazon Web Services (AWS). The platform's segment made up 100% of the company's operating income in Q3 2022, with revenue increasing 27% year over year to $20.5 billion.While a potential recession in 2023 could lead to further declines in its e-commerce business, AWS's continued growth over the last year proves it will likely continue flourishing no matter the economic climate and prop the company up through a possibly challenging year.However, according to the Federal Reserve, consumer spending has risen for the last three quarters. If this continues on its current trajectory, Amazon could see a return to operating income in its e-commerce business next year, along with continued growth in AWS.2. AppleDespite falling 21% year to date, Apple stock has risen 228% over the last five years, making it one of the best growth companies out there. By comparison, Amazon's stock has increased by 55% in five years.In a year plagued by tech industry declines, Apple has reported strong sales for its products. In the fourth quarter of 2022, the company's iPhone revenue increased by 9.6% to $42.6 billion despite worldwide smartphone shipments decreasing by 9.7%, according to IDC.Similarly, the company's Mac segment reported growth of 25.3% year over year, hitting $11.5 billion, while worldwide PC shipments fell 15%.Apple has attracted investor concern over the last month because of its dependence on China for iPhone production as the smartphones made up 52% of the company's revenue in its fiscal 2022. COVID-19 restrictions in the country have strained production and motivated Apple to begin diversifying its iPhone manufacturing.The company is now making a portion of its iPhone 14s in India, with JP Morgan Chase estimating that about 25% of all Apple's products will be produced there by 2025. It could take years for Apple to move out of China completely; however, that doesn't dampen its long-term prospects.In addition to diversifying its product manufacturing, the company has a swiftly growing services business that could alleviate pressure from its iPhone segment. As Apple's second-biggest segment in its fiscal 2022, services revenue rose 14% year over year to $78.1 billion. By contrast, iPhone revenue increased by 7% during the year.Regarding key metrics for Amazon and Apple, Amazon's price-to-earnings ratio is at 84, rising 27% in the last year. Meanwhile, Apple's is about 23 after declining 24% since last December.In terms of free cash flow, Amazon's stood at a negative 26.3 billion as of Sept. 30, while Apple's came in at $111.44 billion.Amazon continues to have an excellent outlook over the long term. However, Apple has fared far better in 2022, and the stock currently offers more value. Additionally, the company's ability to keep up stellar demand for its products in a poor economic climate makes its stock undoubtedly a more reliable and better buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921296584,"gmtCreate":1671063812948,"gmtModify":1676538483206,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9921296584","repostId":"2291844850","repostType":4,"repost":{"id":"2291844850","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1671058684,"share":"https://ttm.financial/m/news/2291844850?lang=&edition=fundamental","pubTime":"2022-12-15 06:58","market":"us","language":"en","title":"Wall Street Ends Lower After Latest Fed Rate Hike","url":"https://stock-news.laohu8.com/highlight/detail?id=2291844850","media":"Reuters","summary":"* Fed raises interest rates by 50 basis points* Summary of economic projections sees higher policy r","content":"<html><head></head><body><p>* Fed raises interest rates by 50 basis points</p><p>* Summary of economic projections sees higher policy rate</p><p>* Tesla falls after Goldman cuts price target</p><p>* Dow down 0.42%, S&amp;P 500 down 0.61%, Nasdaq down 0.76%</p><p><img src=\"https://static.tigerbbs.com/605a67e74e73b0af686fc3093f27837c\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>NEW YORK, Dec 14 (Reuters) - U.S. stocks closed lower in volatile trading on Wednesday following a policy announcement by the Federal Reserve that raised interest rates by an expected 50 basis points, but its economic projections see higher rates for a longer period.</p><p>The central bank raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023, as well as a rise in unemployment and a near-stalling of economic growth.</p><p>The Fed&#39;s latest quarterly summary of economic projections shows U.S. central bankers see the policy rate - now in the 4.25%-to-4.5% range - at 5.1% by the end of next year, according to the median estimate of all 19 Fed policymakers, up from the 4.6% view at the end of September.</p><p>In comments after the statement, Fed Chair Jerome Powell said it was too soon to talk about cutting rates as the focus is on making the central bank&#39;s policy stance restrictive enough to push inflation down to its 2% goal.</p><p>Economic data on Tuesday, which showed cooling consumer inflation for November, had heightened expectations a move by the Fed to halt rate hikes might be on the horizon next year.</p><p>“They may be using these sort of very aggressive dot plot forecasts to take any steam out of the easing that has gone on in the last couple of months,&#34; said Rhys Williams, chief strategist at Spouting Rock Asset Management in Bryn Mawr, Pennsylvania, said of Feb policymakers.</p><p>&#34;Conditions have eased, and that is their way of jawboning they are not going to let any easing really happen until they see unemployment go up.&#34;</p><p>The Dow Jones Industrial Average fell 142.29 points, or 0.42%, to 33,966.35, the S&amp;P 500 lost 24.33 points, or 0.61%, to 3,995.32 and the Nasdaq Composite dropped 85.93 points, or 0.76%, to 11,170.89.</p><p>Nearly all of the 11 major S&amp;P sectors ended the session in negative territory, with healthcare the sole advancer. Financials, down 1.29%, were the worst performing sector.</p><p>Despite the Fed statement, U.S. Treasury yields were slightly lower after initially jumping in the wake of the announcement.</p><p>The strategy of aggressive interest rate increases by major central banks around the world this year has increased worries the global economy could be pushed into a recession and weighed heavily on riskier assets such as equities this year.</p><p>Each of the three major averages on Wall Street are on track for their first yearly decline since 2018, and their biggest yearly percentage decline since the financial crisis of 2008.</p><p>Tesla Inc slipped 2.58% after a Goldman Sachs analyst trimmed the price target for the electric-vehicle maker&#39;s stock.</p><p>Charter Communications Inc tumbled 16.38% as brokerages cut their price targets following the telecom services firm&#39;s mega-spending plans for a higher-speed internet upgrade.</p><p>Volume on U.S. exchanges was 12.15 billion shares, compared with the 10.55 billion-share average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.39-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted eight new 52-week highs and two new lows; the Nasdaq Composite recorded 82 new highs and 223 new lows.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Ends Lower After Latest Fed Rate Hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Ends Lower After Latest Fed Rate Hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-12-15 06:58</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Fed raises interest rates by 50 basis points</p><p>* Summary of economic projections sees higher policy rate</p><p>* Tesla falls after Goldman cuts price target</p><p>* Dow down 0.42%, S&amp;P 500 down 0.61%, Nasdaq down 0.76%</p><p><img src=\"https://static.tigerbbs.com/605a67e74e73b0af686fc3093f27837c\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>NEW YORK, Dec 14 (Reuters) - U.S. stocks closed lower in volatile trading on Wednesday following a policy announcement by the Federal Reserve that raised interest rates by an expected 50 basis points, but its economic projections see higher rates for a longer period.</p><p>The central bank raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023, as well as a rise in unemployment and a near-stalling of economic growth.</p><p>The Fed&#39;s latest quarterly summary of economic projections shows U.S. central bankers see the policy rate - now in the 4.25%-to-4.5% range - at 5.1% by the end of next year, according to the median estimate of all 19 Fed policymakers, up from the 4.6% view at the end of September.</p><p>In comments after the statement, Fed Chair Jerome Powell said it was too soon to talk about cutting rates as the focus is on making the central bank&#39;s policy stance restrictive enough to push inflation down to its 2% goal.</p><p>Economic data on Tuesday, which showed cooling consumer inflation for November, had heightened expectations a move by the Fed to halt rate hikes might be on the horizon next year.</p><p>“They may be using these sort of very aggressive dot plot forecasts to take any steam out of the easing that has gone on in the last couple of months,&#34; said Rhys Williams, chief strategist at Spouting Rock Asset Management in Bryn Mawr, Pennsylvania, said of Feb policymakers.</p><p>&#34;Conditions have eased, and that is their way of jawboning they are not going to let any easing really happen until they see unemployment go up.&#34;</p><p>The Dow Jones Industrial Average fell 142.29 points, or 0.42%, to 33,966.35, the S&amp;P 500 lost 24.33 points, or 0.61%, to 3,995.32 and the Nasdaq Composite dropped 85.93 points, or 0.76%, to 11,170.89.</p><p>Nearly all of the 11 major S&amp;P sectors ended the session in negative territory, with healthcare the sole advancer. Financials, down 1.29%, were the worst performing sector.</p><p>Despite the Fed statement, U.S. Treasury yields were slightly lower after initially jumping in the wake of the announcement.</p><p>The strategy of aggressive interest rate increases by major central banks around the world this year has increased worries the global economy could be pushed into a recession and weighed heavily on riskier assets such as equities this year.</p><p>Each of the three major averages on Wall Street are on track for their first yearly decline since 2018, and their biggest yearly percentage decline since the financial crisis of 2008.</p><p>Tesla Inc slipped 2.58% after a Goldman Sachs analyst trimmed the price target for the electric-vehicle maker&#39;s stock.</p><p>Charter Communications Inc tumbled 16.38% as brokerages cut their price targets following the telecom services firm&#39;s mega-spending plans for a higher-speed internet upgrade.</p><p>Volume on U.S. exchanges was 12.15 billion shares, compared with the 10.55 billion-share average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.39-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted eight new 52-week highs and two new lows; the Nasdaq Composite recorded 82 new highs and 223 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4552":"Archegos爆仓风波概念",".DJI":"道琼斯","COMP":"Compass, Inc.",".IXIC":"NASDAQ Composite","CHTR":"特许通讯","BK4127":"投资银行业与经纪业","TSLA":"特斯拉","BK4550":"红杉资本持仓","BK4585":"ETF&股票定投概念","BK4539":"次新股","BK4559":"巴菲特持仓","BK4534":"瑞士信贷持仓",".SPX":"S&P 500 Index","BK4079":"房地产服务","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4581":"高盛持仓","BK4504":"桥水持仓","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2291844850","content_text":"* Fed raises interest rates by 50 basis points* Summary of economic projections sees higher policy rate* Tesla falls after Goldman cuts price target* Dow down 0.42%, S&P 500 down 0.61%, Nasdaq down 0.76%NEW YORK, Dec 14 (Reuters) - U.S. stocks closed lower in volatile trading on Wednesday following a policy announcement by the Federal Reserve that raised interest rates by an expected 50 basis points, but its economic projections see higher rates for a longer period.The central bank raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023, as well as a rise in unemployment and a near-stalling of economic growth.The Fed's latest quarterly summary of economic projections shows U.S. central bankers see the policy rate - now in the 4.25%-to-4.5% range - at 5.1% by the end of next year, according to the median estimate of all 19 Fed policymakers, up from the 4.6% view at the end of September.In comments after the statement, Fed Chair Jerome Powell said it was too soon to talk about cutting rates as the focus is on making the central bank's policy stance restrictive enough to push inflation down to its 2% goal.Economic data on Tuesday, which showed cooling consumer inflation for November, had heightened expectations a move by the Fed to halt rate hikes might be on the horizon next year.“They may be using these sort of very aggressive dot plot forecasts to take any steam out of the easing that has gone on in the last couple of months,\" said Rhys Williams, chief strategist at Spouting Rock Asset Management in Bryn Mawr, Pennsylvania, said of Feb policymakers.\"Conditions have eased, and that is their way of jawboning they are not going to let any easing really happen until they see unemployment go up.\"The Dow Jones Industrial Average fell 142.29 points, or 0.42%, to 33,966.35, the S&P 500 lost 24.33 points, or 0.61%, to 3,995.32 and the Nasdaq Composite dropped 85.93 points, or 0.76%, to 11,170.89.Nearly all of the 11 major S&P sectors ended the session in negative territory, with healthcare the sole advancer. Financials, down 1.29%, were the worst performing sector.Despite the Fed statement, U.S. Treasury yields were slightly lower after initially jumping in the wake of the announcement.The strategy of aggressive interest rate increases by major central banks around the world this year has increased worries the global economy could be pushed into a recession and weighed heavily on riskier assets such as equities this year.Each of the three major averages on Wall Street are on track for their first yearly decline since 2018, and their biggest yearly percentage decline since the financial crisis of 2008.Tesla Inc slipped 2.58% after a Goldman Sachs analyst trimmed the price target for the electric-vehicle maker's stock.Charter Communications Inc tumbled 16.38% as brokerages cut their price targets following the telecom services firm's mega-spending plans for a higher-speed internet upgrade.Volume on U.S. exchanges was 12.15 billion shares, compared with the 10.55 billion-share average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 1.39-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.The S&P 500 posted eight new 52-week highs and two new lows; the Nasdaq Composite recorded 82 new highs and 223 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968124409,"gmtCreate":1669163964402,"gmtModify":1676538160261,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968124409","repostId":"2285176837","repostType":4,"repost":{"id":"2285176837","pubTimestamp":1669185892,"share":"https://ttm.financial/m/news/2285176837?lang=&edition=fundamental","pubTime":"2022-11-23 14:44","market":"other","language":"en","title":"3 Lessons Every Investor Needs to Learn From the Collapse of FTX","url":"https://stock-news.laohu8.com/highlight/detail?id=2285176837","media":"Motley Fool","summary":"Knowing these three things could make or break your portfolio.","content":"<html><head></head><body><p>The debacle that ensued last week can trace its roots to an investment Binance made in FTX back in 2019. At the time, FTX was a newcomer on the crypto scene, and Binance wanted to promote solidarity (and make a couple of bucks) in the crypto sphere, so they invested early on when FTX was just starting.</p><p>Eventually, FTX grew to the point that they felt Binance&#39;s stake in the company wasn&#39;t necessary. So in the summer of 2021, FTX bought out Binance&#39;s position in order to distance themselves from the competing exchange. The buyout was valued at $2.1 billion and came in the form of FTX&#39;s native token, <b>FTT</b>, and Binance&#39;s stablecoin,<b> Binance USD</b>.</p><p>Fast forward to a year later. In early November 2022, CEO of Binance, Changpeng Zhao, took to Twitter to announce that they would be liquidating their entire FTT holding. This sent the first tremor through the crypto market. The tweet referenced &#34;recent revelations&#34; as the reason to sell their holdings, but what could those be? In typical crypto fashion, speculation ensued, and the market had a knee-jerk reaction to the news.</p><p>It seemed that Zhao knew something the rest of the world didn&#39;t. A few days later, the cat was out of the bag -- FTX was going broke. After a series of losses in May and June this year, Bankman-Fried allocated at least $4 billion to FTX&#39;s trading firm Alameda Research. This $4 billion came in the form of client funds stored on FTX, FTT tokens, and even shares of <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> that FTX&#39;s CEO purchased back in May this year. Even with the extra injection of cash, Alameda Research was unable to recoup its losses, putting FTX in dire territory.</p><p>Binance entered discussions to bailout FTX, but after their due diligence, Binance executives came to the realization that FTX was too far gone. In the aftermath of the news that Binance was no longer interested in buying FTX, the crypto market shed around $250 billion, with some cryptocurrencies falling more than 25%.</p><p>While much remains unknown about the future of FTX, there are a few things that investors should take away from all of this.</p><h2>Painful but valuable lessons</h2><p>First and most importantly, stop storing your cryptocurrency on exchanges. When you purchase cryptocurrency on an exchange like <b>Coinbase</b> or Binance, you should send those funds to a crypto wallet. This can be a hardware wallet or a digital wallet on your phone. Hardware wallets are some of the most secure forms of holding crypto since they store funds offline without an internet connection. By using a wallet, you can prevent exchanges from using your funds to make their own trades, like what FTX did. In addition, you can protect your crypto from any hacks that could happen.</p><p>Second, crypto will look dramatically different in the future. This doesn&#39;t mean cryptocurrencies are going away, but events like this set a precedent for government regulation. The state of California has already announced an investigation into FTX is underway. Multiple senators have voiced their opinion that some sort of legislation is needed to create a &#34;regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe.&#34;</p><p>Hopefully, these efforts by governments increase transparency in the market and provide more protection for investors. Registration with the government will likely become the norm. Exchanges, stablecoins, and even some cryptocurrencies will have to obtain approval, much like the stock market, and provide quarterly reports on holdings and other financial information.</p><p>Last but not least, the world of crypto offers investors a multitude of possibilities. You can invest in all kinds of cryptocurrencies that offer to solve some sort of problem. However, as promising as they might sound, things can change quickly and oftentimes for the worse. To ensure that your portfolio remains protected from any potential black swan event, investors should prioritize holding cryptocurrencies that are clearly head and shoulders above the rest.</p><p>Cryptocurrencies with large market caps like <b>Bitcoin</b> and <b>Ethereum</b> are deemed safer than the rest due to their massive acceptance and trading volumes. Together, the two make up more than 55% of the value in the entire cryptocurrency asset class. This strategy of investing in Bitcoin and Ethereum might not be glitzy or glamorous, but in the short history of cryptocurrencies, it&#39;s easily the most proven. There&#39;s no telling what the crypto market will look like in the future, but investors should have confidence that these two juggernauts will stick around for the long haul.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Lessons Every Investor Needs to Learn From the Collapse of FTX</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Lessons Every Investor Needs to Learn From the Collapse of FTX\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-23 14:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/11/22/3-lessons-every-investor-needs-to-learn-from-the-c/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The debacle that ensued last week can trace its roots to an investment Binance made in FTX back in 2019. At the time, FTX was a newcomer on the crypto scene, and Binance wanted to promote solidarity (...</p>\n\n<a href=\"https://www.fool.com/investing/2022/11/22/3-lessons-every-investor-needs-to-learn-from-the-c/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2022/11/22/3-lessons-every-investor-needs-to-learn-from-the-c/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285176837","content_text":"The debacle that ensued last week can trace its roots to an investment Binance made in FTX back in 2019. At the time, FTX was a newcomer on the crypto scene, and Binance wanted to promote solidarity (and make a couple of bucks) in the crypto sphere, so they invested early on when FTX was just starting.Eventually, FTX grew to the point that they felt Binance's stake in the company wasn't necessary. So in the summer of 2021, FTX bought out Binance's position in order to distance themselves from the competing exchange. The buyout was valued at $2.1 billion and came in the form of FTX's native token, FTT, and Binance's stablecoin, Binance USD.Fast forward to a year later. In early November 2022, CEO of Binance, Changpeng Zhao, took to Twitter to announce that they would be liquidating their entire FTT holding. This sent the first tremor through the crypto market. The tweet referenced \"recent revelations\" as the reason to sell their holdings, but what could those be? In typical crypto fashion, speculation ensued, and the market had a knee-jerk reaction to the news.It seemed that Zhao knew something the rest of the world didn't. A few days later, the cat was out of the bag -- FTX was going broke. After a series of losses in May and June this year, Bankman-Fried allocated at least $4 billion to FTX's trading firm Alameda Research. This $4 billion came in the form of client funds stored on FTX, FTT tokens, and even shares of Robinhood that FTX's CEO purchased back in May this year. Even with the extra injection of cash, Alameda Research was unable to recoup its losses, putting FTX in dire territory.Binance entered discussions to bailout FTX, but after their due diligence, Binance executives came to the realization that FTX was too far gone. In the aftermath of the news that Binance was no longer interested in buying FTX, the crypto market shed around $250 billion, with some cryptocurrencies falling more than 25%.While much remains unknown about the future of FTX, there are a few things that investors should take away from all of this.Painful but valuable lessonsFirst and most importantly, stop storing your cryptocurrency on exchanges. When you purchase cryptocurrency on an exchange like Coinbase or Binance, you should send those funds to a crypto wallet. This can be a hardware wallet or a digital wallet on your phone. Hardware wallets are some of the most secure forms of holding crypto since they store funds offline without an internet connection. By using a wallet, you can prevent exchanges from using your funds to make their own trades, like what FTX did. In addition, you can protect your crypto from any hacks that could happen.Second, crypto will look dramatically different in the future. This doesn't mean cryptocurrencies are going away, but events like this set a precedent for government regulation. The state of California has already announced an investigation into FTX is underway. Multiple senators have voiced their opinion that some sort of legislation is needed to create a \"regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe.\"Hopefully, these efforts by governments increase transparency in the market and provide more protection for investors. Registration with the government will likely become the norm. Exchanges, stablecoins, and even some cryptocurrencies will have to obtain approval, much like the stock market, and provide quarterly reports on holdings and other financial information.Last but not least, the world of crypto offers investors a multitude of possibilities. You can invest in all kinds of cryptocurrencies that offer to solve some sort of problem. However, as promising as they might sound, things can change quickly and oftentimes for the worse. To ensure that your portfolio remains protected from any potential black swan event, investors should prioritize holding cryptocurrencies that are clearly head and shoulders above the rest.Cryptocurrencies with large market caps like Bitcoin and Ethereum are deemed safer than the rest due to their massive acceptance and trading volumes. Together, the two make up more than 55% of the value in the entire cryptocurrency asset class. This strategy of investing in Bitcoin and Ethereum might not be glitzy or glamorous, but in the short history of cryptocurrencies, it's easily the most proven. There's no telling what the crypto market will look like in the future, but investors should have confidence that these two juggernauts will stick around for the long haul.","news_type":1},"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968082762,"gmtCreate":1669077593456,"gmtModify":1676538147794,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968082762","repostId":"9968015174","repostType":1,"repost":{"id":9968015174,"gmtCreate":1669076624699,"gmtModify":1676538147500,"author":{"id":"3583757299776757","authorId":"3583757299776757","name":"SG58","avatar":"https://static.tigerbbs.com/c8154cfcb764b658e710cc08e7ee30a5","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583757299776757","authorIdStr":"3583757299776757"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D05.SI\">$DBS GROUP HOLDINGS LTD(D05.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>BullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullish[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp; Hold hold hold... I should have been loading up... But nevermind, next dividend will come soon. [LOL]&nbsp;[LOL]&nbsp;[LOL]&nbsp;[USD]&nbsp;[USD]&nbsp;[USD]&nbsp;","listText":"<a href=\"https://ttm.financial/S/D05.SI\">$DBS GROUP HOLDINGS LTD(D05.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>BullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullish[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp;[Cool]&nbsp; Hold hold hold... I should have been loading up... But nevermind, next dividend will come soon. [LOL]&nbsp;[LOL]&nbsp;[LOL]&nbsp;[USD]&nbsp;[USD]&nbsp;[USD]&nbsp;","text":"$DBS GROUP HOLDINGS LTD(D05.SI)$ BullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullishBullish[Cool] [Cool] [Cool] [Cool] [Cool] [Cool] [Cool] [Cool] [Cool] [Cool] Hold hold hold... I should have been loading up... But nevermind, next dividend will come soon. [LOL] [LOL] [LOL] [USD] [USD] [USD]","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968015174","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961112358,"gmtCreate":1668878172575,"gmtModify":1676538123772,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9961112358","repostId":"1143890380","repostType":4,"repost":{"id":"1143890380","pubTimestamp":1668822759,"share":"https://ttm.financial/m/news/1143890380?lang=&edition=fundamental","pubTime":"2022-11-19 09:52","market":"us","language":"en","title":"Sea Limited: Profitability May Be Around The Corner","url":"https://stock-news.laohu8.com/highlight/detail?id=1143890380","media":"Seeking Alpha","summary":"SummaryFurther uncertainty for Sea Limited's Garena as its QAU did not stabilize as expected. New ga","content":"<html><head></head><body><h3>Summary</h3><ul><li>Further uncertainty for Sea Limited&#39;s Garena as its QAU did not stabilize as expected. New games were launched in recent months.</li><li>Shopee’s race to profitability has accelerated as shown in the material improvements in unit economics, and they are expected to be profitable by FY23.</li><li>SeaBank&#39;s credit business is growing strongly and its overall credit business is profitable and cash flow positive. Its revenue now makes up 10.4% of its overall revenue.</li><li>Execution has been on point in attaining profitability although that resulted in declining growth in FY22. Management believes growth can reaccelerate once it achieves profitability.</li><li>Sea Limited has sufficient cash reserves to pay off the convertible notes.</li></ul><h3>Investment Thesis</h3><p><a href=\"https://laohu8.com/S/SE\">Sea Limited</a> has come under much scrutiny in the past 2 years as the shift in focus from growth to profitability and macro headwinds have led to a massive growth decline across itsShopee and Garena units. While this is unfortunate, management has executed brilliantly so far to turn the company into an increasingly self-sufficient business in the near term.</p><p>In this article, I attempt to dive deeper into itsQ3 2022 resultand provide an overall analysis of the earnings. Although I’d like to highlight that the management has explicitly stated that growth can reaccelerate after attaining profitability and that they have a sufficient cash reserve to pay off the convertible notes sitting on the balance sheet.</p><h3>Garena<img src=\"https://static.tigerbbs.com/ab8fe0ed7909a98b7fdf0b930bc362df\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></h3><p>SE 10-Q</p><p><img src=\"https://static.tigerbbs.com/8386bb1c95c3d5300e1fe0f371528199\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></p><p>SE 10-Q</p><p>Garena’s QAU and QPU continued to decline sequentially, as the management’s anticipation of its user base stabilizing did not materialize. The macro headwinds continue to be a headache, and it seems that there is more uncertainty lying ahead for Garena Free Fire. The key forward is to focus on launching new games, with games such asPrimitive EraandBlack Clover Mobilelaunching recently. While this indicates that management is working hard to reaccelerate Garena’s growth, it is important to recognize that the success of games is not guaranteed, and this is the bigger uncertainty for the business. As a result, this caused its adjusted EBITDA margin to further decline to 32.5% during the quarter.</p><p>Additionally, management states that the expiry of the agreement with Riot Games will have no impact on Garena’s publishing business, and Garena is seeking other top-game developers for their publishing business.</p><p>Shopee<img src=\"https://static.tigerbbs.com/79b7f33be279fa015f52addd35b55d96\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/>SE 10-Q<img src=\"https://static.tigerbbs.com/6aaff49a0ba8c901eadda2b7cf01a391\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/>SE 10-Q</p><p>Shopee’s GMV grew 14% Y/Y and the number of orders grew 18% Y/Y, a continuous decline in the past couple of quarters. This is a result of management pulling back on its sales and marketing (“S&amp;M”) expenses, exiting multiple markets, cutting costs aggressively (such as hiring), and lastly, the lower consumer discretionary spending. This is in contrast to Lazada (NYSE: BABA), as the number oforders declined Y/Yand they are also prioritizing profitability through increased monetization.</p><p>While this does show that consumers continue to spend on Shopee in SEA, its GMV and number of orders are partially contributed by Shopee Brazil. In a tough macro environment, Shopee experienced a 36% Y/Y growth in the number of brands on the platform, indicating that Shopee is an increasingly important partner in growing its online revenue.<img src=\"https://static.tigerbbs.com/7e09e1e030c482f41afaf8695896f9ec\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/>SE 10-Q</p><p>The more important portion is Shopee’s improvement in profitability. Its overall adjusted EBITDA loss per order continues to improve by 23.5% sequentially, and more specifically, Shopee Brazil’s loss per order improved by 27.5% sequentially during the quarter as compared to 6.6% in the last quarter. Moreover, Shopee is expected to attain profitability by FY23 instead of FY25 as previously guided by the management. This goes to show that the management has made great strides in pursuing profitability, which is impressive in my view. Once it attained self-sufficiency, growth can reaccelerate, although, the management is expecting flat or negative growth in certain metrics in the near term.</p><h3>SeaBank</h3><p><i>Note that I will be using “SeaBank” and “SeaMoney” interchangeably.</i></p><p><img src=\"https://static.tigerbbs.com/0f0cb77d6ac22f50a1208eaf075db51c\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></p><p>SE 10-Q</p><p>SeaMoney’s loan receivables grew 46% from 4Q21 and 110% from 3Q21 to $2.2 billion. These are loans provided to customers whereby SeaMoney generates revenue by charging interest rates, and it has been growing quickly. In myprevious article, I showed that in Sep 2022, SeaBank Indonesia grew its loans and customer deposits by 111% Y/Y and 147% Y/Y, respectively, and the launch of ShopeePay in Brazil. During the earnings call, management stated that the credit business is profitable and cash flow positive, and it will be focusing on growing this business in Southeast Asia (“SEA”) and Brazil.</p><p>Additionally, they have also said to diversify their source of funding for the credit business, which I believe is to seek third-party financing partners to reduce the capital required for the business and at the same time, reduce credit risk. Similar to Bank Jago (IDX: ARTO), SeaBank may utilize the data of its partners to help improve the non-performing loans and scale its lending. Readers who are unaware of SeaBank’s business model can head to mydeep diveinto the company.</p><p><img src=\"https://static.tigerbbs.com/2de194897c03f180f99a0dd2b75bf2d0\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></p><p>SE 10-Q</p><p><img src=\"https://static.tigerbbs.com/5932cc09aca0134084217800afb30399\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></p><p>SE 10-Q</p><p><img src=\"https://static.tigerbbs.com/6205c82c79c753720862ed8385dd0e2a\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/></p><p>SE 10-Q</p><p>As a result of its growing deposits and loan books, its Q3 2022 revenue grew 147% Y/Y, and it has been increasingly making up a bigger portion of its overall revenue at 10.4% this quarter. Management had also been deliberate in cutting down on S&amp;M expenses and combined with its acceleration revenue growth, its adjusted EBITDA margin has improved massively to -20.7% during the quarter. This is compared to -40% in 2Q22 and -120.3% a year ago.</p><h3>Sufficient Cash Reserves To Pay off Convertible Notes<img src=\"https://static.tigerbbs.com/4ff585449530fce4084e7d1447e077b4\" tg-width=\"1280\" tg-height=\"798\" referrerpolicy=\"no-referrer\"/></h3><p>SE 10-Q</p><p>One of the biggest concerns about Sea Limited for investors is the cash burn rate, as they fear that the company does not have enough sufficient cash reserves to pay off convertible notes maturing in 2026. However, not only did the cash outflow slow in Q3 2022, but the management has also hinted that there are sufficient cash reserves to pay off the convertible notes:</p><blockquote>“We aim to continue to maintain a net cash position, after budgeting for the full retirement in cash of outstanding convertible bonds and assuming no external funding.”</blockquote><h3>Conclusion</h3><p>Overall, this was a pretty decent quarter for Sea Limited, as we could see that they had made huge improvements on the road to profitability, particularly for Shopee. While that comes at a growth trade-off, management has indicated that Shopee can reaccelerate its growth after attaining profitability in FY23, which is pulled forward from FY25 as guided previously.</p><p>Garena&#39;s results continue to be a concern as macro seems to have a longer-than-expected impact on its user base and its profitability as a result has been trending downwards over the past couple of quarters. Management has been working hard on its gaming pipelines, although the uncertainty lies in the successes of these new games and whether they could reaccelerate their growth in the future.</p><p>SeaBank has been growing its top line really quickly and huge improvements were made on the bottom line as well. Furthermore, the overall credit business is profitable and is generating positive cash flow, and has been increasingly making up a larger proportion of its total revenue. I continue to believe that this can be a potential growth driver for Sea Limited.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: Profitability May Be Around The Corner</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited: Profitability May Be Around The Corner\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-19 09:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559176-sea-limited-profitability-may-be-around-the-corner><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryFurther uncertainty for Sea Limited's Garena as its QAU did not stabilize as expected. New games were launched in recent months.Shopee’s race to profitability has accelerated as shown in the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559176-sea-limited-profitability-may-be-around-the-corner\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4559176-sea-limited-profitability-may-be-around-the-corner","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143890380","content_text":"SummaryFurther uncertainty for Sea Limited's Garena as its QAU did not stabilize as expected. New games were launched in recent months.Shopee’s race to profitability has accelerated as shown in the material improvements in unit economics, and they are expected to be profitable by FY23.SeaBank's credit business is growing strongly and its overall credit business is profitable and cash flow positive. Its revenue now makes up 10.4% of its overall revenue.Execution has been on point in attaining profitability although that resulted in declining growth in FY22. Management believes growth can reaccelerate once it achieves profitability.Sea Limited has sufficient cash reserves to pay off the convertible notes.Investment ThesisSea Limited has come under much scrutiny in the past 2 years as the shift in focus from growth to profitability and macro headwinds have led to a massive growth decline across itsShopee and Garena units. While this is unfortunate, management has executed brilliantly so far to turn the company into an increasingly self-sufficient business in the near term.In this article, I attempt to dive deeper into itsQ3 2022 resultand provide an overall analysis of the earnings. Although I’d like to highlight that the management has explicitly stated that growth can reaccelerate after attaining profitability and that they have a sufficient cash reserve to pay off the convertible notes sitting on the balance sheet.GarenaSE 10-QSE 10-QGarena’s QAU and QPU continued to decline sequentially, as the management’s anticipation of its user base stabilizing did not materialize. The macro headwinds continue to be a headache, and it seems that there is more uncertainty lying ahead for Garena Free Fire. The key forward is to focus on launching new games, with games such asPrimitive EraandBlack Clover Mobilelaunching recently. While this indicates that management is working hard to reaccelerate Garena’s growth, it is important to recognize that the success of games is not guaranteed, and this is the bigger uncertainty for the business. As a result, this caused its adjusted EBITDA margin to further decline to 32.5% during the quarter.Additionally, management states that the expiry of the agreement with Riot Games will have no impact on Garena’s publishing business, and Garena is seeking other top-game developers for their publishing business.ShopeeSE 10-QSE 10-QShopee’s GMV grew 14% Y/Y and the number of orders grew 18% Y/Y, a continuous decline in the past couple of quarters. This is a result of management pulling back on its sales and marketing (“S&M”) expenses, exiting multiple markets, cutting costs aggressively (such as hiring), and lastly, the lower consumer discretionary spending. This is in contrast to Lazada (NYSE: BABA), as the number oforders declined Y/Yand they are also prioritizing profitability through increased monetization.While this does show that consumers continue to spend on Shopee in SEA, its GMV and number of orders are partially contributed by Shopee Brazil. In a tough macro environment, Shopee experienced a 36% Y/Y growth in the number of brands on the platform, indicating that Shopee is an increasingly important partner in growing its online revenue.SE 10-QThe more important portion is Shopee’s improvement in profitability. Its overall adjusted EBITDA loss per order continues to improve by 23.5% sequentially, and more specifically, Shopee Brazil’s loss per order improved by 27.5% sequentially during the quarter as compared to 6.6% in the last quarter. Moreover, Shopee is expected to attain profitability by FY23 instead of FY25 as previously guided by the management. This goes to show that the management has made great strides in pursuing profitability, which is impressive in my view. Once it attained self-sufficiency, growth can reaccelerate, although, the management is expecting flat or negative growth in certain metrics in the near term.SeaBankNote that I will be using “SeaBank” and “SeaMoney” interchangeably.SE 10-QSeaMoney’s loan receivables grew 46% from 4Q21 and 110% from 3Q21 to $2.2 billion. These are loans provided to customers whereby SeaMoney generates revenue by charging interest rates, and it has been growing quickly. In myprevious article, I showed that in Sep 2022, SeaBank Indonesia grew its loans and customer deposits by 111% Y/Y and 147% Y/Y, respectively, and the launch of ShopeePay in Brazil. During the earnings call, management stated that the credit business is profitable and cash flow positive, and it will be focusing on growing this business in Southeast Asia (“SEA”) and Brazil.Additionally, they have also said to diversify their source of funding for the credit business, which I believe is to seek third-party financing partners to reduce the capital required for the business and at the same time, reduce credit risk. Similar to Bank Jago (IDX: ARTO), SeaBank may utilize the data of its partners to help improve the non-performing loans and scale its lending. Readers who are unaware of SeaBank’s business model can head to mydeep diveinto the company.SE 10-QSE 10-QSE 10-QAs a result of its growing deposits and loan books, its Q3 2022 revenue grew 147% Y/Y, and it has been increasingly making up a bigger portion of its overall revenue at 10.4% this quarter. Management had also been deliberate in cutting down on S&M expenses and combined with its acceleration revenue growth, its adjusted EBITDA margin has improved massively to -20.7% during the quarter. This is compared to -40% in 2Q22 and -120.3% a year ago.Sufficient Cash Reserves To Pay off Convertible NotesSE 10-QOne of the biggest concerns about Sea Limited for investors is the cash burn rate, as they fear that the company does not have enough sufficient cash reserves to pay off convertible notes maturing in 2026. However, not only did the cash outflow slow in Q3 2022, but the management has also hinted that there are sufficient cash reserves to pay off the convertible notes:“We aim to continue to maintain a net cash position, after budgeting for the full retirement in cash of outstanding convertible bonds and assuming no external funding.”ConclusionOverall, this was a pretty decent quarter for Sea Limited, as we could see that they had made huge improvements on the road to profitability, particularly for Shopee. While that comes at a growth trade-off, management has indicated that Shopee can reaccelerate its growth after attaining profitability in FY23, which is pulled forward from FY25 as guided previously.Garena's results continue to be a concern as macro seems to have a longer-than-expected impact on its user base and its profitability as a result has been trending downwards over the past couple of quarters. Management has been working hard on its gaming pipelines, although the uncertainty lies in the successes of these new games and whether they could reaccelerate their growth in the future.SeaBank has been growing its top line really quickly and huge improvements were made on the bottom line as well. Furthermore, the overall credit business is profitable and is generating positive cash flow, and has been increasingly making up a larger proportion of its total revenue. I continue to believe that this can be a potential growth driver for Sea Limited.","news_type":1},"isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963404924,"gmtCreate":1668732686168,"gmtModify":1676538103695,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963404924","repostId":"9963403980","repostType":1,"repost":{"id":9963403980,"gmtCreate":1668732147141,"gmtModify":1676538103406,"author":{"id":"3569274903458035","authorId":"3569274903458035","name":"HLPA","avatar":"https://static.tigerbbs.com/07e7b987a9127c5a47dbc3ae02db548b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3569274903458035","authorIdStr":"3569274903458035"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"0\"></v-v>Oh my TSLA! The share price went south again dropping to close at 183.17. Likely it would trend downwards to its 52 week low of 177.12 after a Tesla board member revealed that Elon Musk had found another person ro take over his hief Executive Officer&nbsp;ole. Musk had stated before that he is more of an engineer than a CEO and decided a few months back that he has someone in mind to take over TSLA. This is bad news for TSLA investors as they see Elon as the one to drive the company forward with his wild ideas. Market cap has dropped to a low of 578.5 billion.","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"0\"></v-v>Oh my TSLA! The share price went south again dropping to close at 183.17. Likely it would trend downwards to its 52 week low of 177.12 after a Tesla board member revealed that Elon Musk had found another person ro take over his hief Executive Officer&nbsp;ole. Musk had stated before that he is more of an engineer than a CEO and decided a few months back that he has someone in mind to take over TSLA. This is bad news for TSLA investors as they see Elon as the one to drive the company forward with his wild ideas. Market cap has dropped to a low of 578.5 billion.","text":"$Tesla Motors(TSLA)$ Oh my TSLA! The share price went south again dropping to close at 183.17. Likely it would trend downwards to its 52 week low of 177.12 after a Tesla board member revealed that Elon Musk had found another person ro take over his hief Executive Officer ole. Musk had stated before that he is more of an engineer than a CEO and decided a few months back that he has someone in mind to take over TSLA. This is bad news for TSLA investors as they see Elon as the one to drive the company forward with his wild ideas. Market cap has dropped to a low of 578.5 billion.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963403980","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963402257,"gmtCreate":1668732518280,"gmtModify":1676538103654,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963402257","repostId":"2284716909","repostType":4,"repost":{"id":"2284716909","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1668718854,"share":"https://ttm.financial/m/news/2284716909?lang=&edition=fundamental","pubTime":"2022-11-18 05:00","market":"us","language":"en","title":"US STOCKS-Wall Street Drops As Hawkish Fed Official Comments Weigh","url":"https://stock-news.laohu8.com/highlight/detail?id=2284716909","media":"Reuters","summary":"(Reuters) - Wall Street's main indexes ended modestly lower on Thursday in a choppy session as hawki","content":"<html><head></head><body><p>(Reuters) - Wall Street&#39;s main indexes ended modestly lower on Thursday in a choppy session as hawkish comments from a U.S. Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes.</p><p>St. Louis Fed President James Bullard said the central bank needs to keep raising rates given that its tightening so far &#34;had only limited effects on observed inflation.&#34;</p><p>Stocks have retreated in recent days after a strong month-long rally spurred by softer-than-expected inflation reports that raised hopes the Fed would temper its rate hikes.</p><p>&#34;The Fed is still talking up, generally, interest rates,&#34; said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. &#34;There might be some disagreement about the pace. But interest rates are not coming down anytime soon.”</p><p>Stocks reduced losses late in the session but the major indexes still ended in negative territory.</p><p>The Dow Jones Industrial Average (.DJI) fell 7.51 points, or 0.02%, to 33,546.32, the S&amp;P 500 (.SPX) lost 12.23 points, or 0.31%, to 3,946.56 and the Nasdaq Composite (.IXIC) dropped 38.70 points, or 0.35%, to 11,144.96.</p><p>Data showed the number of Americans filing new claims for unemployment benefits fell last week, suggesting the labor market remained tight. A report on Wednesday detailed strong retail sales growth last month, indicating the economy has weathered rate hikes.</p><p>Bets from traders of a 75 basis point hike at the Fed&#39;s next meeting climbed to 19% from about 15% a day earlier, according to the CME Group&#39;s FedWatch tool. Most investors still expect a 50 basis point increase.</p><p>Cisco Systems (CSCO.O) shares rose 5% after the company raised its full-year revenue and profit forecast with supply chain hurdles easing. The stock helped the S&amp;P 500 information technology sector (.SPLRCT) log a 0.2% gain.</p><p>Most S&amp;P 500 sectors ended lower, however, with utilities (.SPLRCU) shedding 1.8% and consumer discretionary (.SPLRCD) dropping about 1.3%.</p><p>In company news, shares of Macy&#39;s (M.N) surged 15% after the department store chain raised its annual profit forecast on resilient demand for high-end clothes and beauty products.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 46 new highs and 169 new lows.</p><p>About 10.3 billion shares changed hands in U.S. exchanges, compared with the 12.1 billion daily average over the last 20 sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall Street Drops As Hawkish Fed Official Comments Weigh</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall Street Drops As Hawkish Fed Official Comments Weigh\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-11-18 05:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Wall Street&#39;s main indexes ended modestly lower on Thursday in a choppy session as hawkish comments from a U.S. Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes.</p><p>St. Louis Fed President James Bullard said the central bank needs to keep raising rates given that its tightening so far &#34;had only limited effects on observed inflation.&#34;</p><p>Stocks have retreated in recent days after a strong month-long rally spurred by softer-than-expected inflation reports that raised hopes the Fed would temper its rate hikes.</p><p>&#34;The Fed is still talking up, generally, interest rates,&#34; said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. &#34;There might be some disagreement about the pace. But interest rates are not coming down anytime soon.”</p><p>Stocks reduced losses late in the session but the major indexes still ended in negative territory.</p><p>The Dow Jones Industrial Average (.DJI) fell 7.51 points, or 0.02%, to 33,546.32, the S&amp;P 500 (.SPX) lost 12.23 points, or 0.31%, to 3,946.56 and the Nasdaq Composite (.IXIC) dropped 38.70 points, or 0.35%, to 11,144.96.</p><p>Data showed the number of Americans filing new claims for unemployment benefits fell last week, suggesting the labor market remained tight. A report on Wednesday detailed strong retail sales growth last month, indicating the economy has weathered rate hikes.</p><p>Bets from traders of a 75 basis point hike at the Fed&#39;s next meeting climbed to 19% from about 15% a day earlier, according to the CME Group&#39;s FedWatch tool. Most investors still expect a 50 basis point increase.</p><p>Cisco Systems (CSCO.O) shares rose 5% after the company raised its full-year revenue and profit forecast with supply chain hurdles easing. The stock helped the S&amp;P 500 information technology sector (.SPLRCT) log a 0.2% gain.</p><p>Most S&amp;P 500 sectors ended lower, however, with utilities (.SPLRCU) shedding 1.8% and consumer discretionary (.SPLRCD) dropping about 1.3%.</p><p>In company news, shares of Macy&#39;s (M.N) surged 15% after the department store chain raised its annual profit forecast on resilient demand for high-end clothes and beauty products.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 46 new highs and 169 new lows.</p><p>About 10.3 billion shares changed hands in U.S. exchanges, compared with the 12.1 billion daily average over the last 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2284716909","content_text":"(Reuters) - Wall Street's main indexes ended modestly lower on Thursday in a choppy session as hawkish comments from a U.S. Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes.St. Louis Fed President James Bullard said the central bank needs to keep raising rates given that its tightening so far \"had only limited effects on observed inflation.\"Stocks have retreated in recent days after a strong month-long rally spurred by softer-than-expected inflation reports that raised hopes the Fed would temper its rate hikes.\"The Fed is still talking up, generally, interest rates,\" said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. \"There might be some disagreement about the pace. But interest rates are not coming down anytime soon.”Stocks reduced losses late in the session but the major indexes still ended in negative territory.The Dow Jones Industrial Average (.DJI) fell 7.51 points, or 0.02%, to 33,546.32, the S&P 500 (.SPX) lost 12.23 points, or 0.31%, to 3,946.56 and the Nasdaq Composite (.IXIC) dropped 38.70 points, or 0.35%, to 11,144.96.Data showed the number of Americans filing new claims for unemployment benefits fell last week, suggesting the labor market remained tight. A report on Wednesday detailed strong retail sales growth last month, indicating the economy has weathered rate hikes.Bets from traders of a 75 basis point hike at the Fed's next meeting climbed to 19% from about 15% a day earlier, according to the CME Group's FedWatch tool. Most investors still expect a 50 basis point increase.Cisco Systems (CSCO.O) shares rose 5% after the company raised its full-year revenue and profit forecast with supply chain hurdles easing. The stock helped the S&P 500 information technology sector (.SPLRCT) log a 0.2% gain.Most S&P 500 sectors ended lower, however, with utilities (.SPLRCU) shedding 1.8% and consumer discretionary (.SPLRCD) dropping about 1.3%.In company news, shares of Macy's (M.N) surged 15% after the department store chain raised its annual profit forecast on resilient demand for high-end clothes and beauty products.Declining issues outnumbered advancing ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.The S&P 500 posted 1 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 46 new highs and 169 new lows.About 10.3 billion shares changed hands in U.S. exchanges, compared with the 12.1 billion daily average over the last 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9963078082,"gmtCreate":1668559344047,"gmtModify":1676538075395,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9963078082","repostId":"2283433332","repostType":4,"repost":{"id":"2283433332","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1668548417,"share":"https://ttm.financial/m/news/2283433332?lang=&edition=fundamental","pubTime":"2022-11-16 05:40","market":"us","language":"en","title":"US STOCKS-Wall Street Gains on Inflation Data, but Rocky on Geopolitics","url":"https://stock-news.laohu8.com/highlight/detail?id=2283433332","media":"Reuters","summary":"(Reuters) - Wall Street's main indexes gained on Tuesday, shaking off an unconfirmed report of Russi","content":"<html><head></head><body><p>(Reuters) - Wall Street&#39;s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the U.S. Federal Reserve.</p><p>Equities were boosted by Tuesday&#39;s inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.</p><p>The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices.</p><p>&#34;The market has been driven by the inflation number that came out a little bit lower than expected and confirmed last week&#39;s number to some degree that we may have rounded the corner on inflation,&#34; said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.</p><p>The market was &#34;a little bit more volatile this afternoon as news stories came out about the Russian missile landing in Poland,&#34; Tuz said.</p><p>The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&amp;P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.</p><p>Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.</p><p>The Associated Press earlier cited a senior U.S. intelligence official as saying the blast was due to Russian missiles crossing into Poland. But the Pentagon said it could not confirm that account.</p><p>Stocks pulled back around mid-day after the report, with the Dow turning negative, before they steadied.</p><p>&#34;The decline was triggered by reports of a Russian missile landing in Poland,&#34; said Steve Sosnick, chief strategist at Interactive Brokers. &#34;This could develop into something far worse, but right now markets are nervous, not panicked.&#34;</p><p>Shares of Walmart Inc jumped 6.5% after the top U.S. retailer lifted its annual sales and profit forecasts, benefiting from a steady demand for groceries despite higher prices.</p><p>Shares of other retailers, including Target Corp and Costco, also rose following Walmart&#39;s report. Target, which is due to report on Wednesday, rose 3.9%, while Costco gained 3.3%.</p><p>Home Depot shares rose 1.6% after the home improvement chain&#39;s results showed it tapped higher prices to override a drop in customer transactions for the third quarter.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 3.25-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 76 new lows.</p><p>About 13.1 billion shares changed hands in U.S. exchanges, compared with the 12.2 billion daily average over the last 20 sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall Street Gains on Inflation Data, but Rocky on Geopolitics</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall Street Gains on Inflation Data, but Rocky on Geopolitics\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-11-16 05:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Wall Street&#39;s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the U.S. Federal Reserve.</p><p>Equities were boosted by Tuesday&#39;s inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.</p><p>The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices.</p><p>&#34;The market has been driven by the inflation number that came out a little bit lower than expected and confirmed last week&#39;s number to some degree that we may have rounded the corner on inflation,&#34; said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.</p><p>The market was &#34;a little bit more volatile this afternoon as news stories came out about the Russian missile landing in Poland,&#34; Tuz said.</p><p>The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&amp;P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.</p><p>Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.</p><p>The Associated Press earlier cited a senior U.S. intelligence official as saying the blast was due to Russian missiles crossing into Poland. But the Pentagon said it could not confirm that account.</p><p>Stocks pulled back around mid-day after the report, with the Dow turning negative, before they steadied.</p><p>&#34;The decline was triggered by reports of a Russian missile landing in Poland,&#34; said Steve Sosnick, chief strategist at Interactive Brokers. &#34;This could develop into something far worse, but right now markets are nervous, not panicked.&#34;</p><p>Shares of Walmart Inc jumped 6.5% after the top U.S. retailer lifted its annual sales and profit forecasts, benefiting from a steady demand for groceries despite higher prices.</p><p>Shares of other retailers, including Target Corp and Costco, also rose following Walmart&#39;s report. Target, which is due to report on Wednesday, rose 3.9%, while Costco gained 3.3%.</p><p>Home Depot shares rose 1.6% after the home improvement chain&#39;s results showed it tapped higher prices to override a drop in customer transactions for the third quarter.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 3.25-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 76 new lows.</p><p>About 13.1 billion shares changed hands in U.S. exchanges, compared with the 12.2 billion daily average over the last 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2283433332","content_text":"(Reuters) - Wall Street's main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the U.S. Federal Reserve.Equities were boosted by Tuesday's inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices.\"The market has been driven by the inflation number that came out a little bit lower than expected and confirmed last week's number to some degree that we may have rounded the corner on inflation,\" said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.The market was \"a little bit more volatile this afternoon as news stories came out about the Russian missile landing in Poland,\" Tuz said.The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.The Associated Press earlier cited a senior U.S. intelligence official as saying the blast was due to Russian missiles crossing into Poland. But the Pentagon said it could not confirm that account.Stocks pulled back around mid-day after the report, with the Dow turning negative, before they steadied.\"The decline was triggered by reports of a Russian missile landing in Poland,\" said Steve Sosnick, chief strategist at Interactive Brokers. \"This could develop into something far worse, but right now markets are nervous, not panicked.\"Shares of Walmart Inc jumped 6.5% after the top U.S. retailer lifted its annual sales and profit forecasts, benefiting from a steady demand for groceries despite higher prices.Shares of other retailers, including Target Corp and Costco, also rose following Walmart's report. Target, which is due to report on Wednesday, rose 3.9%, while Costco gained 3.3%.Home Depot shares rose 1.6% after the home improvement chain's results showed it tapped higher prices to override a drop in customer transactions for the third quarter.Advancing issues outnumbered declining ones on the NYSE by a 3.25-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favored advancers.The S&P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 76 new lows.About 13.1 billion shares changed hands in U.S. exchanges, compared with the 12.2 billion daily average over the last 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957604338,"gmtCreate":1677198853525,"gmtModify":1677198856655,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957604338","repostId":"2313709862","repostType":4,"repost":{"id":"2313709862","pubTimestamp":1677210607,"share":"https://ttm.financial/m/news/2313709862?lang=&edition=fundamental","pubTime":"2023-02-24 11:50","market":"us","language":"en","title":"3 Exceptional Growth Stocks That Could Shoot 28.3% to 40.6% Higher, According to Wall Street","url":"https://stock-news.laohu8.com/highlight/detail?id=2313709862","media":"Motley Fool","summary":"Big gains could lie ahead if the rest of the market begins looking at these stocks in the same light as the investment bank analysts who follow them.","content":"<html><head></head><body><p>The looming fear of a potential recession for the global economy has been more than a little damaging to growth stocks of all descriptions. The <b>Nasdaq Composite</b> index is down more than 28% from the peak it set all the way back in 2021.</p><p>Despite a difficult market, investment bank analysts on Wall Street have identified a handful of top stocks with much more potential than their present-day prices suggest. Read on to see why consensus expectations suggest these three can climb between 28.3% and 40.6% higher.</p><h2>Global-e Online</h2><p><b>Global-e Online</b>&#39;s shares are down about 64% from the peak they set back in 2021. Analysts up and down Wall Street are expecting a rebound. This stock&#39;s average price target currently represents a 30.3% premium.</p><p>E-commerce has come a long way in recent years, but cross-border selling is still a lot more complicated than it could be. Global-e helps its customers overcome those complications and expand their businesses to international markets.</p><p>Global-e&#39;s platform integrates with <b>Salesforce</b>, <b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a></b>, and <b>DHL</b> to help merchants manage their customer relationships, payments, and fulfillment services. It also assists with crucial localization services so, for instance, merchants in France don&#39;t need to hire Japanese speakers to access that market.</p><p>Global-e&#39;s differentiated services are resonating with international merchants. The company reported gross merchandise value (GMV) that rose 69% in 2022, and this could be another big year. Management is already projecting a GMV gain of around 40% in 2023.</p><h2>ShockWave Medical</h2><p>Shares of <b>ShockWave Medical</b> are down around 40% from the peak they reached last year. Wall Street analysts think it can begin bouncing back. The consensus target on ShockWave is 28.3% above the stock&#39;s recent closing price.</p><p>ShockWave develops and markets intravenous lithotripsy (IVL) catheters that apply high-pressure sound waves to the walls of arteries hardened by calcium deposits. Analysts are highly encouraged by ShockWave&#39;s performance. Last year, sales soared 107%, but operating expenses came in just 53% higher.</p><p>Reestablishing blood flow through a blocked artery generally involves stretching the artery with an angioplasty balloon, followed by inserting a stent. Softening hardened arteries with ShockWave&#39;s IVL devices greatly reduces the risk of dangerous complications.</p><p>ShockWave&#39;s IVL devices boost the success rate of commonly performed procedures, so sales could continue soaring for years to come. Since this is the only company with approved IVL devices on the market, buying the stock now and patiently holding on looks like a smart move to make.</p><h2>Amazon</h2><p><b>Amazon</b> stock is down around 49% from the high-water mark it set during the lockdown phase of the pandemic. Wall Street analysts think it can recover much of those losses in a short time span. Its consensus price target implies a 40.6% gain up ahead.</p><p>Amazon shares fell dramatically because the company made enormous investments in 2020 and 2021 that doubled the size of its fulfillment network. When pandemic-fueled demand for online shopping returned to normal, the company began posting frightening losses.</p><p>Amazon&#39;s e-commerce business stumbled, but its cloud computing segment, Amazon Web Services (AWS), hasn&#39;t missed a beat. Operating income from AWS climbed 23% last year to $22.8 billion. That makes it easily the world&#39;s leading cloud infrastructure provider, with roughly one-third of the market. Spending on cloud computing reached an estimated $484 billion in 2022 and is expected to reach $1.55 trillion in 2030, according to Grand View Research.</p><p>Amazon&#39;s consumer-facing business has been in tight spots in the past, and its long-term investors came out on top. These days, it also has enormous cash flows from a market-leading cloud services segment. Because this is a diverse operation that can produce overall profits in good times and bad, buying this stock now and holding it over the long run looks like a smart move.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Exceptional Growth Stocks That Could Shoot 28.3% to 40.6% Higher, According to Wall Street</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Exceptional Growth Stocks That Could Shoot 28.3% to 40.6% Higher, According to Wall Street\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-24 11:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/02/23/3-exceptional-growth-stocks-that-could-shoot-283-t/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The looming fear of a potential recession for the global economy has been more than a little damaging to growth stocks of all descriptions. The Nasdaq Composite index is down more than 28% from the ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/02/23/3-exceptional-growth-stocks-that-could-shoot-283-t/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GLBE":"Global-E Online Ltd.","SWAV":"Shockwave Medical Inc .","AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2023/02/23/3-exceptional-growth-stocks-that-could-shoot-283-t/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313709862","content_text":"The looming fear of a potential recession for the global economy has been more than a little damaging to growth stocks of all descriptions. The Nasdaq Composite index is down more than 28% from the peak it set all the way back in 2021.Despite a difficult market, investment bank analysts on Wall Street have identified a handful of top stocks with much more potential than their present-day prices suggest. Read on to see why consensus expectations suggest these three can climb between 28.3% and 40.6% higher.Global-e OnlineGlobal-e Online's shares are down about 64% from the peak they set back in 2021. Analysts up and down Wall Street are expecting a rebound. This stock's average price target currently represents a 30.3% premium.E-commerce has come a long way in recent years, but cross-border selling is still a lot more complicated than it could be. Global-e helps its customers overcome those complications and expand their businesses to international markets.Global-e's platform integrates with Salesforce, PayPal, and DHL to help merchants manage their customer relationships, payments, and fulfillment services. It also assists with crucial localization services so, for instance, merchants in France don't need to hire Japanese speakers to access that market.Global-e's differentiated services are resonating with international merchants. The company reported gross merchandise value (GMV) that rose 69% in 2022, and this could be another big year. Management is already projecting a GMV gain of around 40% in 2023.ShockWave MedicalShares of ShockWave Medical are down around 40% from the peak they reached last year. Wall Street analysts think it can begin bouncing back. The consensus target on ShockWave is 28.3% above the stock's recent closing price.ShockWave develops and markets intravenous lithotripsy (IVL) catheters that apply high-pressure sound waves to the walls of arteries hardened by calcium deposits. Analysts are highly encouraged by ShockWave's performance. Last year, sales soared 107%, but operating expenses came in just 53% higher.Reestablishing blood flow through a blocked artery generally involves stretching the artery with an angioplasty balloon, followed by inserting a stent. Softening hardened arteries with ShockWave's IVL devices greatly reduces the risk of dangerous complications.ShockWave's IVL devices boost the success rate of commonly performed procedures, so sales could continue soaring for years to come. Since this is the only company with approved IVL devices on the market, buying the stock now and patiently holding on looks like a smart move to make.AmazonAmazon stock is down around 49% from the high-water mark it set during the lockdown phase of the pandemic. Wall Street analysts think it can recover much of those losses in a short time span. Its consensus price target implies a 40.6% gain up ahead.Amazon shares fell dramatically because the company made enormous investments in 2020 and 2021 that doubled the size of its fulfillment network. When pandemic-fueled demand for online shopping returned to normal, the company began posting frightening losses.Amazon's e-commerce business stumbled, but its cloud computing segment, Amazon Web Services (AWS), hasn't missed a beat. Operating income from AWS climbed 23% last year to $22.8 billion. That makes it easily the world's leading cloud infrastructure provider, with roughly one-third of the market. Spending on cloud computing reached an estimated $484 billion in 2022 and is expected to reach $1.55 trillion in 2030, according to Grand View Research.Amazon's consumer-facing business has been in tight spots in the past, and its long-term investors came out on top. These days, it also has enormous cash flows from a market-leading cloud services segment. Because this is a diverse operation that can produce overall profits in good times and bad, buying this stock now and holding it over the long run looks like a smart move.","news_type":1},"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957128451,"gmtCreate":1677112470373,"gmtModify":1677112473486,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Liked&nbsp;","listText":"Liked&nbsp;","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957128451","repostId":"2313010470","repostType":4,"repost":{"id":"2313010470","pubTimestamp":1677110623,"share":"https://ttm.financial/m/news/2313010470?lang=&edition=fundamental","pubTime":"2023-02-23 08:03","market":"us","language":"en","title":"2 Stocks Down More Than 50% to Buy Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2313010470","media":"Motley Fool","summary":"After sell-offs, these top tech stocks are set for big comebacks.","content":"<html><head></head><body><p>Tech stocks have seen some recovery momentum early in 2023&#39;s trading, but many top stocks still trade at big discounts compared to previous valuation highs. While the tech-heavy <b>Nasdaq Composite</b> index climbed roughly 10.3% year to date as of this writing, the index&#39;s level is still down more than 28% from its peak.</p><p>For investors looking to build long-term positions in top companies, there are still opportunities to buy stocks with the potential to deliver explosive returns at big discounts. Read on to see why two Motley Fool contributors believe that adding these two stocks to your portfolio would be a smart move right now.</p><h2>CrowdStrike&#39;s best days are still ahead</h2><p><b>Keith Noonan: </b>For hackers attempting to illegally gain access to networks, trying to exploit connected hardware devices is one of the most common avenues of attack. <b>CrowdStrike</b> stands as the leading provider of cloud-based endpoint device protection software, and its technologies prevent servers, mobile devices, and computers from being used as weak points for carrying out cyberattacks.</p><p>Despite providing essential, category-leading cybersecurity services, CrowdStrike saw its stock price slashed in conjunction with broader bearish trends for growth stocks and signs that economic conditions will create a less-favorable near-term growth outlook. CrowdStrike&#39;s stock currently trades down roughly 61% from its lifetime high, but I think that it stands a very good chance of bouncing back and delivering strong returns for patient investors.</p><p>Even with macroeconomic headwinds over the last year, CrowdStrike managed to increase revenue at an impressive clip, and it&#39;s got a large, fast-growing addressable market to continue expanding into. Management expects that it will have a total addressable market (TAM) of $76.1 billion this year. Based on its current software lineup, the company estimates that its TAM will grow at 13% compound annual growth rate from 2024 through 2025, reaching $97.8 billion.</p><p>With the company&#39;s guidance suggesting that it grew sales roughly 64% annually and reached revenue of approximately $2.23 billion last fiscal year, the business is still capturing just a small fraction of its addressable market. Rapid growth also shows that CrowdStrike is quickly gaining market share.</p><p>But the opportunity going forward actually looks even better. Spurred on by market growth for its existing service categories, new product launches, and an unfolding cloud security opportunity, management expects that the company&#39;s TAM in 2026 will actually be $158 billion.</p><p><img src=\"https://static.tigerbbs.com/98a23041d3f1435d35f27348078cadab\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>CRWD PE Ratio (Forward) data by YCharts</p><p>With the company valued at approximately 57 times expected forward earnings and 9 times expected forward sales, CrowdStrike undeniably has a highly growth-dependent valuation, even after some big sell-offs for the stock. But its price-to-earnings and price-to-sales ratios also look low on a historical basis, and I believe the company&#39;s long-term growth story is still in its very early innings.</p><h2><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> has dealt with significant challenges effectively in the past</h2><p><b>Parkev Tatevosian:</b> Down 54% off its high in 2021, this might be an excellent time to buy <b>Meta Platforms</b> stock. The social media giant boasts billions of monthly active users across its family of apps, which are free to join and use. Meta makes its money by selling advertising to folks browsing the applications.</p><p>Additionally, Meta recently announced a premium plan that includes additional verification features and other benefits for users of some of its services who pay a monthly fee. It&#39;s too early to tell whether the premium service will gain widespread adoption.</p><p>Nevertheless, Meta has had no trouble turning the free service into a pot of gold. Between 2013 and 2022, Meta&#39;s revenue grew at a compounded annual rate of 36.8%. More impressively, the top-line growth boosted operating income from $2.8 billion to $28.9 billion in that same time frame.</p><p>Admittedly, that growth slowed in recent quarters as privacy policy changes implemented by <b>Apple</b> made it more difficult for Meta to sell targeted advertising. Marketers are willing to pay higher prices for precision ads because it reduces waste and increases return on investment.</p><p>This headwind goes some way to explaining why Meta&#39;s stock is trading at a discount. Still, the company has gone through challenging situations in the past and dealt with them successfully. Examples include the significant shift from desktop to mobile devices, and then from images to stories with multiple images uploaded in a single post.</p><p>All this suggests investors can be reasonably confident in Meta&#39;s ability to handle the current challenges effectively. Meanwhile, they can buy Meta&#39;s stock at a relatively cheap forward price-to-earnings ratio of 18.82.</p><h2>CrowdStrike and Meta Platforms are poised to deliver wins down the stretch</h2><p>Investors can use valuation pullbacks for top technology stocks as an opportunity to build positions that could translate to life-changing returns. CrowdStrike and Meta Platforms both enjoy leadership positions in their respective corners of the tech sector, and each of these companies looks poised to continue delivering wins over the long term. While the market may continue to be volatile in the near term, these two stocks stand out as worthwhile buys for investors looking to add top tech stocks to their portfolios.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Stocks Down More Than 50% to Buy Right Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Stocks Down More Than 50% to Buy Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-23 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/02/22/2-stocks-down-more-than-50-to-buy-right-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tech stocks have seen some recovery momentum early in 2023's trading, but many top stocks still trade at big discounts compared to previous valuation highs. While the tech-heavy Nasdaq Composite index...</p>\n\n<a href=\"https://www.fool.com/investing/2023/02/22/2-stocks-down-more-than-50-to-buy-right-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRWD":"CrowdStrike Holdings, Inc.","META":"Meta Platforms, Inc."},"source_url":"https://www.fool.com/investing/2023/02/22/2-stocks-down-more-than-50-to-buy-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313010470","content_text":"Tech stocks have seen some recovery momentum early in 2023's trading, but many top stocks still trade at big discounts compared to previous valuation highs. While the tech-heavy Nasdaq Composite index climbed roughly 10.3% year to date as of this writing, the index's level is still down more than 28% from its peak.For investors looking to build long-term positions in top companies, there are still opportunities to buy stocks with the potential to deliver explosive returns at big discounts. Read on to see why two Motley Fool contributors believe that adding these two stocks to your portfolio would be a smart move right now.CrowdStrike's best days are still aheadKeith Noonan: For hackers attempting to illegally gain access to networks, trying to exploit connected hardware devices is one of the most common avenues of attack. CrowdStrike stands as the leading provider of cloud-based endpoint device protection software, and its technologies prevent servers, mobile devices, and computers from being used as weak points for carrying out cyberattacks.Despite providing essential, category-leading cybersecurity services, CrowdStrike saw its stock price slashed in conjunction with broader bearish trends for growth stocks and signs that economic conditions will create a less-favorable near-term growth outlook. CrowdStrike's stock currently trades down roughly 61% from its lifetime high, but I think that it stands a very good chance of bouncing back and delivering strong returns for patient investors.Even with macroeconomic headwinds over the last year, CrowdStrike managed to increase revenue at an impressive clip, and it's got a large, fast-growing addressable market to continue expanding into. Management expects that it will have a total addressable market (TAM) of $76.1 billion this year. Based on its current software lineup, the company estimates that its TAM will grow at 13% compound annual growth rate from 2024 through 2025, reaching $97.8 billion.With the company's guidance suggesting that it grew sales roughly 64% annually and reached revenue of approximately $2.23 billion last fiscal year, the business is still capturing just a small fraction of its addressable market. Rapid growth also shows that CrowdStrike is quickly gaining market share.But the opportunity going forward actually looks even better. Spurred on by market growth for its existing service categories, new product launches, and an unfolding cloud security opportunity, management expects that the company's TAM in 2026 will actually be $158 billion.CRWD PE Ratio (Forward) data by YChartsWith the company valued at approximately 57 times expected forward earnings and 9 times expected forward sales, CrowdStrike undeniably has a highly growth-dependent valuation, even after some big sell-offs for the stock. But its price-to-earnings and price-to-sales ratios also look low on a historical basis, and I believe the company's long-term growth story is still in its very early innings.Meta Platforms has dealt with significant challenges effectively in the pastParkev Tatevosian: Down 54% off its high in 2021, this might be an excellent time to buy Meta Platforms stock. The social media giant boasts billions of monthly active users across its family of apps, which are free to join and use. Meta makes its money by selling advertising to folks browsing the applications.Additionally, Meta recently announced a premium plan that includes additional verification features and other benefits for users of some of its services who pay a monthly fee. It's too early to tell whether the premium service will gain widespread adoption.Nevertheless, Meta has had no trouble turning the free service into a pot of gold. Between 2013 and 2022, Meta's revenue grew at a compounded annual rate of 36.8%. More impressively, the top-line growth boosted operating income from $2.8 billion to $28.9 billion in that same time frame.Admittedly, that growth slowed in recent quarters as privacy policy changes implemented by Apple made it more difficult for Meta to sell targeted advertising. Marketers are willing to pay higher prices for precision ads because it reduces waste and increases return on investment.This headwind goes some way to explaining why Meta's stock is trading at a discount. Still, the company has gone through challenging situations in the past and dealt with them successfully. Examples include the significant shift from desktop to mobile devices, and then from images to stories with multiple images uploaded in a single post.All this suggests investors can be reasonably confident in Meta's ability to handle the current challenges effectively. Meanwhile, they can buy Meta's stock at a relatively cheap forward price-to-earnings ratio of 18.82.CrowdStrike and Meta Platforms are poised to deliver wins down the stretchInvestors can use valuation pullbacks for top technology stocks as an opportunity to build positions that could translate to life-changing returns. CrowdStrike and Meta Platforms both enjoy leadership positions in their respective corners of the tech sector, and each of these companies looks poised to continue delivering wins over the long term. While the market may continue to be volatile in the near term, these two stocks stand out as worthwhile buys for investors looking to add top tech stocks to their portfolios.","news_type":1},"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934102211,"gmtCreate":1663201743933,"gmtModify":1676537225306,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/9934102211","repostId":"1180934509","repostType":4,"repost":{"id":"1180934509","pubTimestamp":1663198498,"share":"https://ttm.financial/m/news/1180934509?lang=&edition=fundamental","pubTime":"2022-09-15 07:34","market":"us","language":"en","title":"Elon Musk Reiterates His Worst Nightmare for The Economy","url":"https://stock-news.laohu8.com/highlight/detail?id=1180934509","media":"The Street","summary":"The world's richest man worries about the Federal Reserve's aggressive rate hikes to fight inflation","content":"<html><head></head><body><p>The world&#39;s richest man worries about the Federal Reserve&#39;s aggressive rate hikes to fight inflation.</p><p>The markets are slumping as investors worry about the consequences of the Federal Reserve&#39;s aggressive interest-rate hikes, designed to fight aninflationrate that&#39;s the highest in 40 years.</p><p>The feverishness of investors was marked by the Sept. 13 equity-market rout that followed a report confirming that inflation is not easing.</p><p>This hotter-than-expected inflation report wiped almost $1.6 trillion from theS&amp;P 500, marking the worst session for U.S. stocks since June 2020.</p><p>The rout particularly affected risky assets such as technology groups. The Nasdaq 100 lost more than 5.5%.</p><p>The inflation report bolstered investors&#39; expectation that the Fed would raise rates by at least 0.75 percentage point, or 75 basis points during its two-day meeting on September 21-22.</p><p>Core U.S. consumer prices jumped 0.6% last month, powered not only by rising rents but also by accelerating pressures across a broad range of the products and services. The figures suggested that pressures have yet to peak in the world&#39;s biggest economy, data from the Bureau of Labor Statistics indicated.</p><h3>0.25, 0.75 or 1 Percentage Point</h3><p>The headline consumer price index for the month of August was estimated to have risen 8.3% from a year earlier, down from the 8.5% pace recorded in July but faster than the Wall Street consensus forecast of 8.1%.</p><p>The report, however, also increased bets that the Fed would raise a full percentage point, or 100 basis points.</p><p>&#34;Today’sCPIreport confirms that the US has a serious inflation problem,&#34; commented former Treasury Secretary Larry Summers on Twitter, He&#39;s one observer who says the Fed must go even faster in its monetary tightening.</p><p>&#34;It has seemed self evident to me for some time now that a 75 basis points move in September is appropriate. And, if I had to choose between 100 basis points in September and 50 basis points, I would choose a 100 basis points move to reinforce credibility,&#34; Summers, who is president emeritus of Harvard University, added.</p><p><img src=\"https://static.tigerbbs.com/4739ddde5cac2c956ac95cf340e3c28c\" tg-width=\"614\" tg-height=\"475\" width=\"100%\" height=\"auto\"/></p><p>A hike of 0.75 point or, worse, a full point will choke the economy and cause the nightmare scenario of deflation, says Elon Musk, chief executive of electric vehicle leader Tesla (<b>TSLA</b>). The billionaire thus suggests an increase of 0.25 percentage point.</p><p>&#34;Drop 0.25%,&#34; Musk tweeted on Sept.14.</p><p><img src=\"https://static.tigerbbs.com/8f4edc908b13265e41c8397dda6b6dcb\" tg-width=\"618\" tg-height=\"263\" width=\"100%\" height=\"auto\"/></p><p>The tycoon, who is also involved with three other companies -- SpaceX, Neuralink and Boring Co. -- made the suggestion after a Twitter user asked him what the Fed should do as it balances between fighting inflation and avoiding catastrophe for the economy.</p><h3>Early Signs of Deflation?</h3><p>It all started with a tweet from Ark Investment Management&#39;s Cathie Wood warning of early signs of deflation. The prices of many raw materials have recently fallen sharply, the star financier noted.</p><p>&#34;Deflation in the pipeline, &#34; Wood warned. &#34;Heading for thePPI, CPI, PCE Deflator: from post-COVID price peaks, lumber -60%, copper -35%, oil -35%, iron ore -60%, DRAM -46%, corn -17%, Baltic freight rates -79%, gold -17%, and silver -39%.&#34;</p><p>&#34;Exactly, this is neither subtle nor secret,&#34; Musk commented.</p><p>&#34;What should the fed do?&#34; asked a Twitter user.</p><p>This is the second time in less than a week that Musk has warned against a jumbo interest rate hike by the Fed.</p><p>On Sept. 9, the influential CEO, who has nearly 106 million followers on the social network Twitter, had warnedthat if the central bank raised its rates by 75 basis points, the move would provoke deflation, which means most goods and services would become ridiculously cheap.</p><p>&#34;A major Fed rate hike risks deflation,&#34; the billionaire said.</p><p>Basically, Tesla&#39;s CEO is saying the Fed is going too far, too fast and must slow down.</p><p>Deflation is the opposite of inflation. It is characterized by a continuous fall in the general level of prices. It can encourage households to postpone their purchasing decisions as they wait for further price declines, economists say. The consequences can be devastating as overall consumption slumps. Then, companies that can no longer sell their products reduce production and investment.</p><p>Above all, deflation can cause borrowers&#39; financial situation to deteriorate. That&#39;s because the real, or inflation-adjusted, cost of debt increases because loan repayments generally aren&#39;t indexed to inflation. So companies are less able to invest and households are less able to buy necessities and consume.</p><p>Instances of deflation are rare in rich countries. Just two incidences of deflation have occurred in the past century: the 1930s, which affected the U.S. and then Europe, and the Japanese economy at the end of the 1990s.</p></body></html>","source":"lsy1610613172068","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>Elon Musk Reiterates His Worst Nightmare for The Economy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Reiterates His Worst Nightmare for The Economy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-15 07:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/technology/elon-musk-says-this-move-can-avert-economic-disaster><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The world's richest man worries about the Federal Reserve's aggressive rate hikes to fight inflation.The markets are slumping as investors worry about the consequences of the Federal Reserve's ...</p>\n\n<a href=\"https://www.thestreet.com/technology/elon-musk-says-this-move-can-avert-economic-disaster\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.thestreet.com/technology/elon-musk-says-this-move-can-avert-economic-disaster","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180934509","content_text":"The world's richest man worries about the Federal Reserve's aggressive rate hikes to fight inflation.The markets are slumping as investors worry about the consequences of the Federal Reserve's aggressive interest-rate hikes, designed to fight aninflationrate that's the highest in 40 years.The feverishness of investors was marked by the Sept. 13 equity-market rout that followed a report confirming that inflation is not easing.This hotter-than-expected inflation report wiped almost $1.6 trillion from theS&P 500, marking the worst session for U.S. stocks since June 2020.The rout particularly affected risky assets such as technology groups. The Nasdaq 100 lost more than 5.5%.The inflation report bolstered investors' expectation that the Fed would raise rates by at least 0.75 percentage point, or 75 basis points during its two-day meeting on September 21-22.Core U.S. consumer prices jumped 0.6% last month, powered not only by rising rents but also by accelerating pressures across a broad range of the products and services. The figures suggested that pressures have yet to peak in the world's biggest economy, data from the Bureau of Labor Statistics indicated.0.25, 0.75 or 1 Percentage PointThe headline consumer price index for the month of August was estimated to have risen 8.3% from a year earlier, down from the 8.5% pace recorded in July but faster than the Wall Street consensus forecast of 8.1%.The report, however, also increased bets that the Fed would raise a full percentage point, or 100 basis points.\"Today’sCPIreport confirms that the US has a serious inflation problem,\" commented former Treasury Secretary Larry Summers on Twitter, He's one observer who says the Fed must go even faster in its monetary tightening.\"It has seemed self evident to me for some time now that a 75 basis points move in September is appropriate. And, if I had to choose between 100 basis points in September and 50 basis points, I would choose a 100 basis points move to reinforce credibility,\" Summers, who is president emeritus of Harvard University, added.A hike of 0.75 point or, worse, a full point will choke the economy and cause the nightmare scenario of deflation, says Elon Musk, chief executive of electric vehicle leader Tesla (TSLA). The billionaire thus suggests an increase of 0.25 percentage point.\"Drop 0.25%,\" Musk tweeted on Sept.14.The tycoon, who is also involved with three other companies -- SpaceX, Neuralink and Boring Co. -- made the suggestion after a Twitter user asked him what the Fed should do as it balances between fighting inflation and avoiding catastrophe for the economy.Early Signs of Deflation?It all started with a tweet from Ark Investment Management's Cathie Wood warning of early signs of deflation. The prices of many raw materials have recently fallen sharply, the star financier noted.\"Deflation in the pipeline, \" Wood warned. \"Heading for thePPI, CPI, PCE Deflator: from post-COVID price peaks, lumber -60%, copper -35%, oil -35%, iron ore -60%, DRAM -46%, corn -17%, Baltic freight rates -79%, gold -17%, and silver -39%.\"\"Exactly, this is neither subtle nor secret,\" Musk commented.\"What should the fed do?\" asked a Twitter user.This is the second time in less than a week that Musk has warned against a jumbo interest rate hike by the Fed.On Sept. 9, the influential CEO, who has nearly 106 million followers on the social network Twitter, had warnedthat if the central bank raised its rates by 75 basis points, the move would provoke deflation, which means most goods and services would become ridiculously cheap.\"A major Fed rate hike risks deflation,\" the billionaire said.Basically, Tesla's CEO is saying the Fed is going too far, too fast and must slow down.Deflation is the opposite of inflation. It is characterized by a continuous fall in the general level of prices. It can encourage households to postpone their purchasing decisions as they wait for further price declines, economists say. The consequences can be devastating as overall consumption slumps. Then, companies that can no longer sell their products reduce production and investment.Above all, deflation can cause borrowers' financial situation to deteriorate. That's because the real, or inflation-adjusted, cost of debt increases because loan repayments generally aren't indexed to inflation. So companies are less able to invest and households are less able to buy necessities and consume.Instances of deflation are rare in rich countries. Just two incidences of deflation have occurred in the past century: the 1930s, which affected the U.S. and then Europe, and the Japanese economy at the end of the 1990s.","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097805615,"gmtCreate":1645403461167,"gmtModify":1676534024285,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097805615","repostId":"2213670409","repostType":4,"repost":{"id":"2213670409","pubTimestamp":1645399123,"share":"https://ttm.financial/m/news/2213670409?lang=&edition=fundamental","pubTime":"2022-02-21 07:18","market":"us","language":"en","title":"PCE Inflation, Consumer Confidence: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2213670409","media":"Yahoo Finance","summary":"After stocks endured a second straight week of selling last week, investors will be looking to a sla","content":"<html><head></head><body><p>After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.</p><p>The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.</p><p>While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.</p><p>&#34;I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,&#34; Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. &#34;We&#39;re looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that&#39;s what&#39;s causing the volatility.&#34;</p><p>On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.</p><p>Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December&#39;s 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December&#39;s 5.8% annual rise.</p><p><img src=\"https://static.tigerbbs.com/83b39365db67b4cbe5d9181911de7b8a\" tg-width=\"4421\" tg-height=\"2947\" referrerpolicy=\"no-referrer\"/></p><p>The core PCE index — the Fed&#39;s preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December&#39;s index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December&#39;s 4.9% rise.</p><p>Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.</p><p>&#34;Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,&#34; Federal Reserve Chair Jerome Powell said in a January press conference. &#34;I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.&#34;</p><p>And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December&#39;s record increase of 9.8%.</p><h2>Consumer confidence</h2><h2></h2><p>Despite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.</p><p>And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.</p><p>&#34;The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,&#34; Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. &#34;The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.&#34;</p><p>The Conference Board&#39;s Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers&#39; thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers&#39; outlooks. The consumer confidence index had been at 113.8 in January.</p><h2>Earnings season rolls on</h2><h2><img src=\"https://static.tigerbbs.com/2704a78dbeac36d3a78a7c3a7e70f026\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></h2><p>Investors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe&#39;s (LOW), Macy&#39;s (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to <a href=\"https://laohu8.com/S/W\">Wayfair</a> (W) and Nikola (NKLA).</p><p>So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&amp;P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&amp;P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.</p><p>Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.</p><p>But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned &#34;inflation.&#34;</p><p>&#34;In terms of earnings guidance from corporations, 71% of the S&amp;P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,&#34; FactSet&#39;s John Butters wrote in a note Friday. &#34;This is the highest percentage of S&amp;P 500 companies issuing negative guidance since Q3 2019 (73%).&#34;</p><p>&#34;Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,&#34; Butters added.</p><h2>Economic calendar</h2><ul><li><p><b>Monday: </b><i>No notable reports scheduled for release</i></p></li><li><p><b>Tuesday: </b>FHFA House Price Index, December (1.1% expected, 1.1% in November); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&amp;P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)</p></li><li><p><b>Thursday: </b>Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)</p></li><li><p><b>Friday: </b>Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)</p></li></ul><h2>Earnings calendar</h2><h2></h2><p><b>Monday</b></p><p><i>No notable reports scheduled for release</i></p><p><b>Tuesday</b></p><p>Before market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy&#39;s (M)</p><p>After market close: Caesar&#39;s Entertainment (CZR), Agilent Technologies (A), <a href=\"https://laohu8.com/S/FANG\">Diamondback Energy</a> (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), <a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks</a> (PANW), Teladoc Health (TDOC)</p><p><b>Wednesday</b></p><p>Before market open: Lowe&#39;s (LOW), <a href=\"https://laohu8.com/S/OSTK\">Overstock.com</a> (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)</p><p>After market close: Hertz (HTZ), <a href=\"https://laohu8.com/S/EBAY\">eBay</a> (EBAY), Revolve Group Inc. (RVLV), <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), <a href=\"https://laohu8.com/S/LYV\">Live Nation Entertainment</a> (LYV), The Real Real (REAL), Lemonade (LMND)</p><p><b>Thursday</b></p><p>Before market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)</p><p>After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), <a href=\"https://laohu8.com/S/SQ2.AU\">Block Inc.</a> (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)</p><p><b>Friday</b></p><p><i>No notable reports scheduled for release</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PCE Inflation, Consumer Confidence: What to Know This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPCE Inflation, Consumer Confidence: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-21 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.The U.S. stock and ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LOW":"劳氏","BK4548":"巴美列捷福持仓","SPY":"标普500ETF","BK4112":"金融交易所和数据","BK4170":"电脑硬件、储存设备及电脑周边","HD":"家得宝","BK4562":"SPAC上市公司","BK4107":"财产与意外伤害保险","NKLA":"Nikola Corporation","BK4023":"应用软件","KDP":"Keurig Dr Pepper Inc","A":"安捷伦科技","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","CPI":"IQ Real Return ETF","BK4515":"5G概念","BK4187":"航天航空与国防","BK4177":"软饮料","COIN":"Coinbase Global, Inc.","JPM":"摩根大通","PANW":"Palo Alto Networks","OXY":"西方石油","BK4108":"电影和娱乐","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","HTZ":"赫兹租车","BK4139":"生物科技","FANG":"Diamondback Energy","SPY.AU":"SPDR® S&P 500® ETF Trust","DISCA":"探索传播","PLNT":"Planet Fitness Inc","ZS":"Zscaler Inc.","BK4150":"赌场与赌博","BK4149":"建筑机械与重型卡车","BK4524":"宅经济概念","BK4121":"生命科学工具和服务","BK4559":"巴菲特持仓","BK4077":"互动媒体与服务",".SPX":"S&P 500 Index","M":"梅西百货","TJX":"The TJX Companies Inc.","BK4095":"家庭装饰品","BK4517":"邮轮概念","APA":"阿帕契","BK4551":"寇图资本持仓","BK4094":"服装零售","BK4022":"陆运","BBWI":"Bath & Body Works Inc.","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4560":"网络安全概念","SPCE":"维珍银河","CZR":"凯撒娱乐","BK4125":"广播","BK4504":"桥水持仓","MOS":"美国美盛","BK4142":"酒店、度假村与豪华游轮"},"source_url":"https://finance.yahoo.com/news/pce-inflation-consumer-confidence-earnings-what-to-know-this-week-164350893.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2213670409","content_text":"After stocks endured a second straight week of selling last week, investors will be looking to a slate of fresh economic and earnings data as a catalyst for a potential reprieve.The U.S. stock and bond markets will be closed Monday in observance of the Presidents Day holiday, so new data releases will be consolidated to the later part of the week. And updates on tensions in Russia and Ukraine will also remain in focus throughout the week after stocks sank to their lowest levels in a month on Friday, amid concerns about the escalating geopolitical conflict.While the emerging threat of military conflict has overshadowed many other worries in the markets, inflation has still remained a central issue for investors. Inflation has implications both in informing the speed at which the Federal Reserve tightens monetary policy, and the extent to which consumers pull back on spending and slow overall economic activity in response to rising prices.\"I really think most of the Russia-Ukraine volatility occurred in the energy space, particularly with oil. I think the rest of the volatility in the broader market has to do with the Fed tightening conversation,\" Frances Stacy, Optimal Capital director of strategy, told Yahoo Finance Live on Friday. \"We're looking at this sort of aggressive tightening against this backdrop of inflation, and I think that that's what's causing the volatility.\"On Friday, the Bureau of Economic Analysis will release its monthly personal consumption expenditures (PCE) deflator, offering a fresh print on the extent of price increases across the recovering economy.Consensus economists expect the PCE to post a rise of another 0.6% in January, according to Bloomberg data, accelerating from December's 0.4% increase. This would represent a 14th consecutive monthly increase, and bring the index up by 6.0% on a year-over-year basis. This, in turn, would mark the fastest increase since 1982, and also accelerate from December's 5.8% annual rise.The core PCE index — the Fed's preferred gauge of underlying inflation stripping out volatile food and energy prices — likely also ramped compared to December's index. Consensus economists are looking for a 5.2% increase in core PCE in January, compared to December's 4.9% rise.Expectations for the latest inflation print suggest the economy has still not yet seen the peak in price increases. And increasingly, central bank officials have come around to the notion that inflation has remained stickier than previously expected, especially as supply chain issues and virus-related disruptions persist.\"Since the December meeting, I would say that the inflation situation is about the same but probably slightly worse,\" Federal Reserve Chair Jerome Powell said in a January press conference. \"I’d be inclined to raise my own estimate of 2022 core PCE inflation ... by a few tenths today.\"And the latest print on PCE will likely reaffirm readings from other closely watched inflation prints. The January Consumer Price Index (CPI) jumped by 7.5% year-over-year to represent the largest increase since 1982, accelerating markedly from the 7.0% increase from December. And on the producer side, wholesale prices jumped 9.7% year-on-year in January, ticking down only slightly from December's record increase of 9.8%.Consumer confidenceDespite the mounting inflationary pressures, however, consumers have largely continued to spend. Retail sales rose by a better-than-expected 3.8% in January, marking the biggest jump since March 2021 and exceeding estimates.And this steady consumption has come even as consumers increasingly cited inflation as a key concern for their own personal finances. Average hourly wages have also climbed in recent months, but have still not kept pace with inflation.\"The resilience of spending stands in stark contrast to the slump in consumer confidence, with households upping their purchases of big ticket items while simultaneously reporting that now is a particularly bad time to make those purchases,\" Paul Ashworth, chief North American economist for Capital Economics, wrote in a note. \"The surge in inflation is the root cause of consumer angst. Sentiment should improve as inflation falls back later this year, but the current weakness is a reminder that real consumption growth will be muted this year.\"The Conference Board's Consumer Confidence Index due for release on Tuesday will help provide a timely snapshot of consumers' thinking following the latest spike in prices at the beginning of the year. Consensus economists are looking for the index to fall to 110.0 for February, which would mark the lowest level since September 2021, when the Delta variant had weighed on consumers' outlooks. The consumer confidence index had been at 113.8 in January.Earnings season rolls onInvestors will also receive a number of new earnings results this week, with major retailers including Home Depot (HD), Lowe's (LOW), Macy's (M) and The TJX Cos. (TJX) reporting alongside other closely watched names from Coinbase (COIN) to Wayfair (W) and Nikola (NKLA).So far this earnings season, corporate profits have remained robust, albeit while slowing compared to prior quarters. As of Friday, 84% of S&P 500 companies had reported actual fourth-quarter earnings results, according to FactSet. And the estimated earnings growth rate for S&P 500 companies in aggregate stood at 30.9%, compared to about 40% from the third quarter.Still, the estimated earnings growth rate for the fourth quarter has trended continuously higher as more companies reported better-than-expected results. On December 31, the estimated earnings growth rate for the fourth quarter had been at just 21.2%.But while results for many companies have been positive for the final three months of 2021, outlooks have weakened, reflecting lingering supply chain uncertainty, rising prices and other macro concerns. FactSet noted that of companies that held their earnings conference calls between Dec. 15 and Feb. 17, 72% of the corporations mentioned \"inflation.\"\"In terms of earnings guidance from corporations, 71% of the S&P 500 companies (55 out of 77) that have issued EPS [earnings per share] guidance for Q1 2022 have issued negative guidance,\" FactSet's John Butters wrote in a note Friday. \"This is the highest percentage of S&P 500 companies issuing negative guidance since Q3 2019 (73%).\"\"Thus, the market may be reacting more to the negative earnings guidance and downward estimates revisions for the first quarter of 2022 than the earnings surprises being reported for the fourth-quarter of 2021,\" Butters added.Economic calendarMonday: No notable reports scheduled for releaseTuesday: FHFA House Price Index, December (1.1% expected, 1.1% in November); S&P CoreLogic Case-Shiller 20-City Composite Index, December month-over-month (1.10% expected, 1.18% in November); S&P CoreLogic Case-Shiller 20-City Composite Index, December year-over-year (18.30% expected, 18.29% in November); Markit U.S. Manufacturing PMI, February preliminary (56.0 expected, 55.5 in January); Markit U.S. Services PMI, February preliminary (53.0 expected, 51.2 in January); Markit U.S. Composite PMI, February preliminary (51.1 in January); Conference Board Consumer Confidence Index, February (110.0 expected, 113.8 in January); Richmond Fed Manufacturing Index, February (10 expected, 8 in January)Wednesday: MBA Mortgage Applications, week ended February 18 (-5.4% during prior week)Thursday: Chicago Fed National Activity Index, January (-0.15 in December); GDP annualized, quarter-over-quarter, 4Q second estimate (7.0% expected, 6.9% in prior estimate); Personal consumption, 4Q second estimate (3.3% expected, 3.3% in prior estimate); Core PCE quarter-over-quarter, 4Q second estimate (4.9% expected, 4.9% in prior estimate); Kansas City Fed Manufacturing Activity, February (24 in January)Friday: Personal income, January (-0.4%, 0.3% in December); Personal spending, January (1.5% expected, -0.6% in December); Durable Goods Orders, January preliminary (0.9% -0.7% in December); Durable Goods Orders excluding transportation, January preliminary (0.3% expected, 0.6% in December); PCE deflator, January year-over-year (6.0% expected, 5.8% in December); PCE deflator, January month-over-month (0.6% expected, 0.4% in December); PCE core deflator, January year-over-year (5.2% expected, 4.9% in December); PCE core deflator, January month-over-month (0.5% expected, 0.5% in December)Earnings calendarMondayNo notable reports scheduled for releaseTuesdayBefore market open: Apache Corp. (APA), Home Depot (HD), Tempur Sealy International (TPX), Macy's (M)After market close: Caesar's Entertainment (CZR), Agilent Technologies (A), Diamondback Energy (FANG), The Mosaic Co. (MOS), Toll Brothers (TOL), Virgin Galactic (SPCE), Palo Alto Networks (PANW), Teladoc Health (TDOC)WednesdayBefore market open: Lowe's (LOW), Overstock.com (OSTK), The TJX Cos. (TJX), Cerner Corp. (CERN)After market close: Hertz (HTZ), eBay (EBAY), Revolve Group Inc. (RVLV), Booking Holdings (BKNG), FuboTV (FUBO), Allbirds (BIRD), Bath and Body Works (BBWI), Chesapeake Energy (CHK), Live Nation Entertainment (LYV), The Real Real (REAL), Lemonade (LMND)ThursdayBefore market open: Keurig Dr. Pepper (KDP), Newmont Corp. (NEM), SeaWorld Entertainment (SEAS), Moderna (MRNA), Planet Fitness (PLNT), Nikola (NKLA), Wayfair (W), Six Flags Entertainment (SIX), Discovery Inc. (DISCA), Norwegian Cruise Line Holdings (NCLH), Occidental Petroleum (OXY)After market close: Intuit (INTU), Opendoor Technologies (OPEN), Autodesk (ADSK), Coinbase (COIN), Dell Technologies (DELL), Block Inc. (SQ), Zscaler (ZS), Rocket Cos. (RKT), VMWare (VMW), Etsy (ETSY), Beyond Meat (BYND), Monster Beverage Corp. (MNST)FridayNo notable reports scheduled for release","news_type":1},"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9900407366,"gmtCreate":1658744450455,"gmtModify":1676536200680,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"//<a href=\"https://ttm.financial/U/3570852434754937\">@tbun</a>:Ok//<a href=\"https://ttm.financial/U/3561713422683896\">@StonkerLL</a>: Yayayaya papaya//<a href=\"https://ttm.financial/U/3559581955535845\">@koolgal</a>: Thanks for liking my post. 😍😍😍//<a href=\"https://ttm.financial/U/4089028522442560\">@JLSE</a>: 👌👌👌// <a href=\"https://ttm.financial/U/3559581955535845\">@koolgal</a>: <a href=\"https://ttm.financial/U/9000000000000522\">@Tiger_Comments</a>&nbsp;.&nbsp; Thanks for your cautionary advice on Carvana, the largest investment loss of Tiger Global.&nbsp; It is a good time to reflect that when the tide turns, the market is merciless when investing in the wrong stocks.&nbsp;","listText":"//<a href=\"https://ttm.financial/U/3570852434754937\">@tbun</a>:Ok//<a href=\"https://ttm.financial/U/3561713422683896\">@StonkerLL</a>: Yayayaya papaya//<a href=\"https://ttm.financial/U/3559581955535845\">@koolgal</a>: Thanks for liking my post. 😍😍😍//<a href=\"https://ttm.financial/U/4089028522442560\">@JLSE</a>: 👌👌👌// <a href=\"https://ttm.financial/U/3559581955535845\">@koolgal</a>: <a href=\"https://ttm.financial/U/9000000000000522\">@Tiger_Comments</a>&nbsp;.&nbsp; Thanks for your cautionary advice on Carvana, the largest investment loss of Tiger Global.&nbsp; It is a good time to reflect that when the tide turns, the market is merciless when investing in the wrong stocks.&nbsp;","text":"//@tbun:Ok//@StonkerLL: Yayayaya papaya//@koolgal: Thanks for liking my post. 😍😍😍//@JLSE: 👌👌👌// @koolgal: @Tiger_Comments . Thanks for your cautionary advice on Carvana, the largest investment loss of Tiger Global. It is a good time to reflect that when the tide turns, the market is merciless when investing in the wrong stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/9900407366","repostId":"9075530584","repostType":1,"repost":{"id":9075530584,"gmtCreate":1658220233911,"gmtModify":1676536124041,"author":{"id":"9000000000000522","authorId":"9000000000000522","name":"Tiger_chat","avatar":"https://community-static.tradeup.com/news/57276a3cb24e4dcb6ae9d7b36c274097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000522","authorIdStr":"9000000000000522"},"themes":[],"title":"The largest investment loss of Tiger Global - Carvana","htmlText":"As of May&nbsp;2022, the flagship fund&nbsp;from&nbsp;Tiger Global (TG) fund&nbsp;has&nbsp;retraced 52%. &nbsp;In addition to TG's primary market investment losses, the investment in Carvana (an used car dealer) is the largest loss in secondary market. The stock has retraced more than 94% from its highs over the past 11 months, with the stock price retreating from $350 to $21.25 as well as the company's market cap falling from $62 billion to $3.8 billion. Carvana is probably the worst performer in terms of stock price amidst the gradual cooling of US consumption and interest rate hikes.The chart below shows TG's position in Carvana. As the stock price retreats, TG continuously adds the position, leading to the enlargement of losses. If TG still doesn’t reduce its position in Q2 this year,&amp;","listText":"As of May&nbsp;2022, the flagship fund&nbsp;from&nbsp;Tiger Global (TG) fund&nbsp;has&nbsp;retraced 52%. &nbsp;In addition to TG's primary market investment losses, the investment in Carvana (an used car dealer) is the largest loss in secondary market. The stock has retraced more than 94% from its highs over the past 11 months, with the stock price retreating from $350 to $21.25 as well as the company's market cap falling from $62 billion to $3.8 billion. Carvana is probably the worst performer in terms of stock price amidst the gradual cooling of US consumption and interest rate hikes.The chart below shows TG's position in Carvana. As the stock price retreats, TG continuously adds the position, leading to the enlargement of losses. If TG still doesn’t reduce its position in Q2 this year,&amp;","text":"As of May 2022, the flagship fund from Tiger Global (TG) fund has retraced 52%. In addition to TG's primary market investment losses, the investment in Carvana (an used car dealer) is the largest loss in secondary market. The stock has retraced more than 94% from its highs over the past 11 months, with the stock price retreating from $350 to $21.25 as well as the company's market cap falling from $62 billion to $3.8 billion. Carvana is probably the worst performer in terms of stock price amidst the gradual cooling of US consumption and interest rate hikes.The chart below shows TG's position in Carvana. As the stock price retreats, TG continuously adds the position, leading to the enlargement of losses. If TG still doesn’t reduce its position in Q2 this year,&","images":[{"img":"https://community-static.tradeup.com/news/9f762b7acfc0ea4b93d3cec649ee2585","width":"839","height":"217"},{"img":"https://community-static.tradeup.com/news/33164b21a4155750fe8b1279748ce733","width":"1265","height":"351"},{"img":"https://community-static.tradeup.com/news/3e941760be4bc9f31f8d374ce04882ea","width":"788","height":"334"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075530584","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9918596355,"gmtCreate":1664412293477,"gmtModify":1676537449291,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9918596355","repostId":"2271737074","repostType":4,"repost":{"id":"2271737074","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1664406595,"share":"https://ttm.financial/m/news/2271737074?lang=&edition=fundamental","pubTime":"2022-09-29 07:09","market":"us","language":"en","title":"US STOCKS-Wall Street Ends Sharply Higher as Treasury Yields Dip","url":"https://stock-news.laohu8.com/highlight/detail?id=2271737074","media":"Reuters","summary":"Apple drops on concerns about iPhone demandTreasury prices rebound after BoE decisionS&P 500 records largest one-day gain since Aug. 10Indexes: Dow +1.88%, S&P 500 +1.97%, Nasdaq +2.05%Sept 28 (Reuter","content":"<html><head></head><body><ul><li>Apple drops on concerns about iPhone demand</li><li>Treasury prices rebound after BoE decision</li><li>S&amp;P 500 records largest one-day gain since Aug. 10</li><li>Indexes: Dow +1.88%, S&amp;P 500 +1.97%, Nasdaq +2.05%</li></ul><p>Sept 28 (Reuters) - Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns about demand for iPhones.</p><p>The S&amp;P 500 recorded its first gain in seven sessions after closing on Tuesday at its lowest since late 2020.</p><p>Interest rate-sensitive megacaps Microsoft, Amazon and <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> rallied as the yield on 10-year Treasury notes fell over 0.26 percentage point in its biggest one-day drop since 2009.</p><p>Pushing yields lower on Treasuries with maturities six months and longer, the Bank of England said it would buy long-dated British bonds in a move aimed at restoring financial stability in markets rocked globally by the fiscal policy of the new government in London.</p><p>&#34;The yield on the two-year Treasury has gone up persistently over the course of the last several weeks, and for the first time we&#39;ve seen it go down for two days in a row, and that has given equities a breather,&#34; said Art Hogan, chief market strategist at B. Riley Wealth.</p><p>Investors have been keenly listening to comments from Federal Reserve officials about the path of monetary policy, with Atlanta Fed President Raphael Bostic on Wednesday backing another 75-basis-point interest rate hike in November. The Fed will likely get borrowing costs to where they need to be by early next year, Federal Reserve Bank of Chicago President Charles Evans said.</p><p>U.S. stocks have been battered in 2022 by worries that an aggressive push by the Fed to raise borrowing costs could throw the economy into a downturn.</p><p>Apple Inc dropped 1.3% after Bloomberg reported the company is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.</p><p>Apple has been a relative outperformer in 2022&#39;s stock market sell-off, down about 15% in the year to date, versus the S&amp;P 500&#39;s 22% loss.</p><p>All of the 11 S&amp;P 500 sector indexes rose, led by a 4.4% jump in energy and a 3.2% leap in communication services .</p><p>The Dow Jones Industrial Average rose 1.88% to end at 29,683.74 points, while the S&amp;P 500 gained 1.97% to 3,719.04. It was the S&amp;P 500&#39;s largest one-day gain since Aug. 10.</p><p>The Nasdaq Composite jumped 2.05% to 11,051.64.</p><p>Biogen Inc surged 40% after saying its experimental Alzheimer&#39;s drug, developed with Japanese partner Eisai Co Ltd , succeeded in slowing cognitive decline.</p><p>Eli Lilly &amp; Co, which is also developing an Alzheimer&#39;s drug, jumped 7.5%, and it was among the biggest boosts to the S&amp;P 500 index.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 5.82-to-1 ratio; on Nasdaq, a 3.66-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 26 new highs and 224 new lows.</p><p>Volume on U.S. exchanges was 11.7 billion shares, compared with an 11.4 billion average for the full session over the last 20 trading days.</p><p><img src=\"https://static.tigerbbs.com/da8e9a6ce881361e45c74a1b02609eaf\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall Street Ends Sharply Higher as Treasury Yields Dip</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall Street Ends Sharply Higher as Treasury Yields Dip\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-09-29 07:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Apple drops on concerns about iPhone demand</li><li>Treasury prices rebound after BoE decision</li><li>S&amp;P 500 records largest one-day gain since Aug. 10</li><li>Indexes: Dow +1.88%, S&amp;P 500 +1.97%, Nasdaq +2.05%</li></ul><p>Sept 28 (Reuters) - Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns about demand for iPhones.</p><p>The S&amp;P 500 recorded its first gain in seven sessions after closing on Tuesday at its lowest since late 2020.</p><p>Interest rate-sensitive megacaps Microsoft, Amazon and <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> rallied as the yield on 10-year Treasury notes fell over 0.26 percentage point in its biggest one-day drop since 2009.</p><p>Pushing yields lower on Treasuries with maturities six months and longer, the Bank of England said it would buy long-dated British bonds in a move aimed at restoring financial stability in markets rocked globally by the fiscal policy of the new government in London.</p><p>&#34;The yield on the two-year Treasury has gone up persistently over the course of the last several weeks, and for the first time we&#39;ve seen it go down for two days in a row, and that has given equities a breather,&#34; said Art Hogan, chief market strategist at B. Riley Wealth.</p><p>Investors have been keenly listening to comments from Federal Reserve officials about the path of monetary policy, with Atlanta Fed President Raphael Bostic on Wednesday backing another 75-basis-point interest rate hike in November. The Fed will likely get borrowing costs to where they need to be by early next year, Federal Reserve Bank of Chicago President Charles Evans said.</p><p>U.S. stocks have been battered in 2022 by worries that an aggressive push by the Fed to raise borrowing costs could throw the economy into a downturn.</p><p>Apple Inc dropped 1.3% after Bloomberg reported the company is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.</p><p>Apple has been a relative outperformer in 2022&#39;s stock market sell-off, down about 15% in the year to date, versus the S&amp;P 500&#39;s 22% loss.</p><p>All of the 11 S&amp;P 500 sector indexes rose, led by a 4.4% jump in energy and a 3.2% leap in communication services .</p><p>The Dow Jones Industrial Average rose 1.88% to end at 29,683.74 points, while the S&amp;P 500 gained 1.97% to 3,719.04. It was the S&amp;P 500&#39;s largest one-day gain since Aug. 10.</p><p>The Nasdaq Composite jumped 2.05% to 11,051.64.</p><p>Biogen Inc surged 40% after saying its experimental Alzheimer&#39;s drug, developed with Japanese partner Eisai Co Ltd , succeeded in slowing cognitive decline.</p><p>Eli Lilly &amp; Co, which is also developing an Alzheimer&#39;s drug, jumped 7.5%, and it was among the biggest boosts to the S&amp;P 500 index.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 5.82-to-1 ratio; on Nasdaq, a 3.66-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 26 new highs and 224 new lows.</p><p>Volume on U.S. exchanges was 11.7 billion shares, compared with an 11.4 billion average for the full session over the last 20 trading days.</p><p><img src=\"https://static.tigerbbs.com/da8e9a6ce881361e45c74a1b02609eaf\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2271737074","content_text":"Apple drops on concerns about iPhone demandTreasury prices rebound after BoE decisionS&P 500 records largest one-day gain since Aug. 10Indexes: Dow +1.88%, S&P 500 +1.97%, Nasdaq +2.05%Sept 28 (Reuters) - Wall Street ended sharply higher on Wednesday following its recent sell-off, helped by falling Treasury yields, while Apple dropped on concerns about demand for iPhones.The S&P 500 recorded its first gain in seven sessions after closing on Tuesday at its lowest since late 2020.Interest rate-sensitive megacaps Microsoft, Amazon and Meta Platforms rallied as the yield on 10-year Treasury notes fell over 0.26 percentage point in its biggest one-day drop since 2009.Pushing yields lower on Treasuries with maturities six months and longer, the Bank of England said it would buy long-dated British bonds in a move aimed at restoring financial stability in markets rocked globally by the fiscal policy of the new government in London.\"The yield on the two-year Treasury has gone up persistently over the course of the last several weeks, and for the first time we've seen it go down for two days in a row, and that has given equities a breather,\" said Art Hogan, chief market strategist at B. Riley Wealth.Investors have been keenly listening to comments from Federal Reserve officials about the path of monetary policy, with Atlanta Fed President Raphael Bostic on Wednesday backing another 75-basis-point interest rate hike in November. The Fed will likely get borrowing costs to where they need to be by early next year, Federal Reserve Bank of Chicago President Charles Evans said.U.S. stocks have been battered in 2022 by worries that an aggressive push by the Fed to raise borrowing costs could throw the economy into a downturn.Apple Inc dropped 1.3% after Bloomberg reported the company is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.Apple has been a relative outperformer in 2022's stock market sell-off, down about 15% in the year to date, versus the S&P 500's 22% loss.All of the 11 S&P 500 sector indexes rose, led by a 4.4% jump in energy and a 3.2% leap in communication services .The Dow Jones Industrial Average rose 1.88% to end at 29,683.74 points, while the S&P 500 gained 1.97% to 3,719.04. It was the S&P 500's largest one-day gain since Aug. 10.The Nasdaq Composite jumped 2.05% to 11,051.64.Biogen Inc surged 40% after saying its experimental Alzheimer's drug, developed with Japanese partner Eisai Co Ltd , succeeded in slowing cognitive decline.Eli Lilly & Co, which is also developing an Alzheimer's drug, jumped 7.5%, and it was among the biggest boosts to the S&P 500 index.Advancing issues outnumbered declining ones on the NYSE by a 5.82-to-1 ratio; on Nasdaq, a 3.66-to-1 ratio favored advancers.The S&P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 26 new highs and 224 new lows.Volume on U.S. exchanges was 11.7 billion shares, compared with an 11.4 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":71,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957584749,"gmtCreate":1677399332081,"gmtModify":1677399335597,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9957584749","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992876681,"gmtCreate":1661301530745,"gmtModify":1676536492314,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992876681","repostId":"1172549736","repostType":4,"repost":{"id":"1172549736","pubTimestamp":1661299320,"share":"https://ttm.financial/m/news/1172549736?lang=&edition=fundamental","pubTime":"2022-08-24 08:02","market":"us","language":"en","title":"Nvidia: $10B GPU Demand May Be Gone Permanently","url":"https://stock-news.laohu8.com/highlight/detail?id=1172549736","media":"Seeking Alpha","summary":"SummaryEthereum switch away from GPU-based mining will permanently remove over $10 billion in demand","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Ethereum switch away from GPU-based mining will permanently remove over $10 billion in demand for GPUs.</li><li>Nvidia&#39;s revenues, margins, and profits are all going to take a dive.</li><li>With a nosebleed valuation before the crypto demand crunches earnings, NVDA has a long way to fall before the valuation makes sense.</li></ul><p>Nvidia&#39;s (NASDAQ:NVDA) revenues primarily come from GPUs. And GPU market demand is about to drop permanently by perhaps in excess of $10 billion. On top of that, GPU margins are also about to take a big dive. The comments to my recent Nvidia articles, and the NVDA price action following the horrendous Q2 earnings pre-announcement, tell me that the market has no idea what is about to happen. The company&#39;s profits are going to take a big hit, and there is no quick recovery in sight.</p><p><b>GPUs mine Ethereum</b></p><p>Nvidia is the largest producer of discrete GPUs. GPUs purchased to use in cryptocurrency mining has been big business for a few years. Ethereum can be mined by GPUs, and has been valuable enough to make wide scale mining profitable at recent coin prices and elevated GPU prices. From increases in the Ethereum network hash rate we can tell that millions of GPUs were added in the recent past.</p><p><img src=\"https://static.tigerbbs.com/b96cfac3a90268022c80c34292c38b95\" tg-width=\"640\" tg-height=\"234\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Bit Info Charts</p><p>The demand for mining has driven GPU prices to the moon. For example, 3D Center has tracked GPU prices and their data found that NVDA card prices were well over 2x the MSRP during much of 2021.</p><p><img src=\"https://static.tigerbbs.com/7e1d8cb28e7a1a003be1e1709f2a47d9\" tg-width=\"640\" tg-height=\"328\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>3D Center</p><p><b>Estimating Ethereum GPU Demand</b></p><p>Since Nvidia management has obfuscated the amount of demand for their GPUs coming from crypto mining (something the SEC sanctioned the company for), we can&#39;t know for sure what the actual numbers are. But we can get a ballpark estimate. Obviously a wide variety of cards models were added to the Ethereum network during 2021, with differing MH/s capabilities and pricing. But to keep the math simple we&#39;ll just pick a popular card, the Nvidia RTX 3080 Ti. Its MSRP is $1200, but given that during 2021 NVDA cards routinely sold for well over double the MSRP, we&#39;ll just estimate that the average price during the year was something like $2500. And there are different configurations for how many hashes per second a 3080 Ti can compute, but 110 MH/s isa reasonable estimate.</p><p>BitInfoCharts says the Ethereum hash rate increased from 294 TH/s on December 31, 2020 to 926 TH/s on December 31, 2021. So during calendar year 2021, the Ethereum hash rate increased by about 632 TH/s. If all of that increase were from 110 MH/s Nvidia RTX 3080 Ti cards, it would mean over 6 million 3080 Ti cards were added to the Ethereum mining network on a full time basis. With an MSRP of $1200, if the cards actually sold for $2500 each, they would have totaled $15 billion. And this is on top of any cards purchased to mine other crypto coins besides Ethereum.</p><p>The calculation ignores the increased amount paid for GPUs used only by gamers, and not used to mine Ethereum. Since those cards were selling for over 2x MSRP, the GPU mining demand led to something like a more than doubling of the amount spend on non-mining GPUs as well. This increased cost could easily be in the billions of dollars per year as well.</p><p>Some of those cards may have been purchased anyway for use by gamers. But without the mining demand, the pricing (and NVDA&#39;s margins) would have been MUCH lower. It&#39;s safe to say that the crypto mining demand increased GPU sales by over $10 billion in 2021--and likely closer to $15 billion.</p><p><b>Ethereum Will Stop Using GPUs to Mine</b></p><p>And now that demand is going away permanently. Ethereum is scheduled to switch from Proof of Work (generally GPU-based mining) to Proof of Stake (coin ownership)around September 15th. So no more GPUs will be purchased to mine Ethereum. And all the GPUs recently mining Ethereum will need to find other uses (likely many will be dumped into the used GPU market).</p><p>Since Nvidia sold the supermajority of discrete graphics cards in 2021, they will take the brunt of the permanent reduction in demand. It would not be surprising to see their revenues drop more than $2 billion per quarter going forward.</p><p>AMD (AMD) will also see the effects of this reduction in GPU demand, as forecasted by AMD management on their Q2 earnings call. But it will not affect AMD as much. AMD is in the market share gaining phase and can continue to take share from Nvidia, even while the overall market is getting smaller. Also, discrete GPUs are just a minority of AMD&#39;s business, and all the other business lines are growing rapidly. This is in contrast with Nvidia, which receives nearly all of its revenues from GPUs.</p><p><b>Market Doesn&#39;t Get it Yet</b></p><p>One of the major misconceptions by NVDA bulls is that the Ethereum change is well known and has already been fully priced in by the ~50% decline from the all-time highs. I don&#39;t agree.</p><p>Firstly, that decline was at least significantly due to market-wide multiple compression of high multiple stocks. Many high-multiple stocks, or stock with no earnings, went down over 80%. NVDA had a TTM GAAP PE ratio of over 100 at its highs, and corrected down to a PE ratio around 50. Even without the crypto demand going away, NVDA would still be quite expensive.</p><p>Secondly, as seen in the tweet below, many NVDA bulls and sell side analysts do not realize that the Ethereum change will result in a permanent loss of that revenue. They are thinking about the 2018 crypto crash that caused miners to slow purchasing of GPUs for mining because Ethereum prices dropped so low that mining was not profitable. But within months the Ethereum price began a long run upwards, making mining profitable again. And mining GPU purchases exploded, causing Nvidia GPU sales to increase and the market prices to far exceed MSRP. Nvidia was able to get back to prior revenue levels in only a year. This time is different. The mining demand is gone permanently. The core gamer demand for GPUs is nowhere close to being able to support that level of GPU sales.</p><p><img src=\"https://static.tigerbbs.com/ebc868cb6ccfcedbfba91453d7353144\" tg-width=\"593\" tg-height=\"594\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Twitter</p><p>In addition to losing the revenues, margins are getting squashed, as Nvidia has confirmed. Most gamers are not willing to pay anywhere near recent GPU prices. GPUs in Nvidia&#39;s &#34;Gaming&#34; line, selling for over twice MSRP, had enormous margins. And the MSRP itself was inflated due to the mining demand. And the sales mix was skewed to the higher end cards by the mining demand. Nvidia could charge AIBs (who assemble and market the final GPU cards) much higher prices for cards selling at much higher prices. Going forward, ASPs will decline significantly (as mix shifts), AIBs will require lower prices from Nvidia, and Nvidia&#39;s margins (and profits) will go down significantly.</p><p>The pre-announced disastrous Q2 earnings probably does not fully demonstrate the new reality. In Q2 Nvidia GPU prices stayed well over MSRP and the Ethereum hashrate showed millions of GPUs still being used to mine. By the time Q3 and Q4 numbers arrive, GPU sales will be down further, GPU prices will be down further, and miners will likely have dumped millions of used cards into the market. The bloodbath has only just started.</p><p>Nvidia pre-announced inventory and capacity charges of $1.32 billion for Q2, and GAAP margins of 43.7% (vs 65.1% expected). I think charges at a similar level will likely be needed to move the rest of their inventory in H2 given that the demand collapse has just begun, there is a huge amount of mining GPUs that may get dumped into the market, and NVDA needs to clear out inventory before launching their anticipated new products in H2. As a result of the decreased revenues, and lower margins, and these charges, I estimate Nvidia&#39;s GAAP earnings are probably going be somewhere around zero for perhaps Q2 and Q3 and are not likely to return to prior levels for years, if ever.</p><p>In their FY 2022 (comparable to calendar 2021), Nvidia posted revenues of $26.9 billion. If something like $8 billion of that was from crypto mining demand that is permanently gone, that is a huge hit to their top and bottom lines. And since GPU pricing has dropped from over 2x MSRP to now below MSRP, margins will likely go down heavily as well. Earnings leverage looks great while sales and margins are rising, but it gets very ugly when those reverse downwards. With a current nosebleed TTM PE ratio of around 50, there is a lot of room for multiple compression as the market deals with the reality that Nvidia is a busted growth story with declining revenues, declining margins, and declining earnings.</p><p><b>Valuations and risks</b></p><p>Currently there is not another cryptocurrency that is competitive for GPUs to mine and has a high enough price to make mining profitable with the amount of mining activity that Ethereum supported. Miners generally must pay for the electricity their rigs consume. If the coins earned from mining are not valuable enough to pay the electricity bill, the miner loses money. It&#39;s possible that some GPU-mineable crypto coin suddenly explodes in price and attracts some portion of the flood of GPUs that will be available when they can&#39;t be used for Ethereum. But on the flip side, there will be a lot of pressure on other coins to make their operations more environmentally friendly like Ethereum has. We could see mining for cryptocurrencies going away entirely.</p><p>Even before the Ethereum mining demand went away, NVDA was ridiculously overpriced relative to peers. Now the valuation is going to be increasingly absurd without a massive decline in the stock price. For example, in Q2 AMD has caught up to Nvidia in revenues, is growing faster than NVDA, surpassed Nvidia in margins, and likely surpassed Nvidia in earnings. AMD also has a much more diversified set of business lines. Yet NVDA has a market cap 3x AMD&#39;s. There is going to be strong pressure for that mismatch in fundamentals and stock prices to correct. NVDA could drop below $100 and still be overpriced.</p><p>Q2 comparison</p><p><img src=\"https://static.tigerbbs.com/f3edd2392d8cf1df350db1464096e338\" tg-width=\"609\" tg-height=\"224\" width=\"100%\" height=\"auto\"/>NVDA is a cult stock, and has been driven to unsustainable levels. Many NVDA bulls and sell side analysts paint magical stories of future revenue growth unsupported by the fundamentals. It may take some time before the true believers wake up to reality. But the massive deterioration of the company&#39;s fundamentals will start that process in many minds. As with any stock, shorting is a risky proposition. Stocks with nonsensically high valuations (like NVDA) can be pushed up to even more absurd higher valuations. But at least with NVDA there will be little positive financial news for quite some time to embolden speculative stock traders.</p><p>NVDA is a strong sell.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia: $10B GPU Demand May Be Gone Permanently</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia: $10B GPU Demand May Be Gone Permanently\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-24 08:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4536320-nvidia-10b-gpu-demand-may-be-gone-permanently?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A41><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryEthereum switch away from GPU-based mining will permanently remove over $10 billion in demand for GPUs.Nvidia's revenues, margins, and profits are all going to take a dive.With a nosebleed ...</p>\n\n<a href=\"https://seekingalpha.com/article/4536320-nvidia-10b-gpu-demand-may-be-gone-permanently?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A41\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4536320-nvidia-10b-gpu-demand-may-be-gone-permanently?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A41","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172549736","content_text":"SummaryEthereum switch away from GPU-based mining will permanently remove over $10 billion in demand for GPUs.Nvidia's revenues, margins, and profits are all going to take a dive.With a nosebleed valuation before the crypto demand crunches earnings, NVDA has a long way to fall before the valuation makes sense.Nvidia's (NASDAQ:NVDA) revenues primarily come from GPUs. And GPU market demand is about to drop permanently by perhaps in excess of $10 billion. On top of that, GPU margins are also about to take a big dive. The comments to my recent Nvidia articles, and the NVDA price action following the horrendous Q2 earnings pre-announcement, tell me that the market has no idea what is about to happen. The company's profits are going to take a big hit, and there is no quick recovery in sight.GPUs mine EthereumNvidia is the largest producer of discrete GPUs. GPUs purchased to use in cryptocurrency mining has been big business for a few years. Ethereum can be mined by GPUs, and has been valuable enough to make wide scale mining profitable at recent coin prices and elevated GPU prices. From increases in the Ethereum network hash rate we can tell that millions of GPUs were added in the recent past.Bit Info ChartsThe demand for mining has driven GPU prices to the moon. For example, 3D Center has tracked GPU prices and their data found that NVDA card prices were well over 2x the MSRP during much of 2021.3D CenterEstimating Ethereum GPU DemandSince Nvidia management has obfuscated the amount of demand for their GPUs coming from crypto mining (something the SEC sanctioned the company for), we can't know for sure what the actual numbers are. But we can get a ballpark estimate. Obviously a wide variety of cards models were added to the Ethereum network during 2021, with differing MH/s capabilities and pricing. But to keep the math simple we'll just pick a popular card, the Nvidia RTX 3080 Ti. Its MSRP is $1200, but given that during 2021 NVDA cards routinely sold for well over double the MSRP, we'll just estimate that the average price during the year was something like $2500. And there are different configurations for how many hashes per second a 3080 Ti can compute, but 110 MH/s isa reasonable estimate.BitInfoCharts says the Ethereum hash rate increased from 294 TH/s on December 31, 2020 to 926 TH/s on December 31, 2021. So during calendar year 2021, the Ethereum hash rate increased by about 632 TH/s. If all of that increase were from 110 MH/s Nvidia RTX 3080 Ti cards, it would mean over 6 million 3080 Ti cards were added to the Ethereum mining network on a full time basis. With an MSRP of $1200, if the cards actually sold for $2500 each, they would have totaled $15 billion. And this is on top of any cards purchased to mine other crypto coins besides Ethereum.The calculation ignores the increased amount paid for GPUs used only by gamers, and not used to mine Ethereum. Since those cards were selling for over 2x MSRP, the GPU mining demand led to something like a more than doubling of the amount spend on non-mining GPUs as well. This increased cost could easily be in the billions of dollars per year as well.Some of those cards may have been purchased anyway for use by gamers. But without the mining demand, the pricing (and NVDA's margins) would have been MUCH lower. It's safe to say that the crypto mining demand increased GPU sales by over $10 billion in 2021--and likely closer to $15 billion.Ethereum Will Stop Using GPUs to MineAnd now that demand is going away permanently. Ethereum is scheduled to switch from Proof of Work (generally GPU-based mining) to Proof of Stake (coin ownership)around September 15th. So no more GPUs will be purchased to mine Ethereum. And all the GPUs recently mining Ethereum will need to find other uses (likely many will be dumped into the used GPU market).Since Nvidia sold the supermajority of discrete graphics cards in 2021, they will take the brunt of the permanent reduction in demand. It would not be surprising to see their revenues drop more than $2 billion per quarter going forward.AMD (AMD) will also see the effects of this reduction in GPU demand, as forecasted by AMD management on their Q2 earnings call. But it will not affect AMD as much. AMD is in the market share gaining phase and can continue to take share from Nvidia, even while the overall market is getting smaller. Also, discrete GPUs are just a minority of AMD's business, and all the other business lines are growing rapidly. This is in contrast with Nvidia, which receives nearly all of its revenues from GPUs.Market Doesn't Get it YetOne of the major misconceptions by NVDA bulls is that the Ethereum change is well known and has already been fully priced in by the ~50% decline from the all-time highs. I don't agree.Firstly, that decline was at least significantly due to market-wide multiple compression of high multiple stocks. Many high-multiple stocks, or stock with no earnings, went down over 80%. NVDA had a TTM GAAP PE ratio of over 100 at its highs, and corrected down to a PE ratio around 50. Even without the crypto demand going away, NVDA would still be quite expensive.Secondly, as seen in the tweet below, many NVDA bulls and sell side analysts do not realize that the Ethereum change will result in a permanent loss of that revenue. They are thinking about the 2018 crypto crash that caused miners to slow purchasing of GPUs for mining because Ethereum prices dropped so low that mining was not profitable. But within months the Ethereum price began a long run upwards, making mining profitable again. And mining GPU purchases exploded, causing Nvidia GPU sales to increase and the market prices to far exceed MSRP. Nvidia was able to get back to prior revenue levels in only a year. This time is different. The mining demand is gone permanently. The core gamer demand for GPUs is nowhere close to being able to support that level of GPU sales.TwitterIn addition to losing the revenues, margins are getting squashed, as Nvidia has confirmed. Most gamers are not willing to pay anywhere near recent GPU prices. GPUs in Nvidia's \"Gaming\" line, selling for over twice MSRP, had enormous margins. And the MSRP itself was inflated due to the mining demand. And the sales mix was skewed to the higher end cards by the mining demand. Nvidia could charge AIBs (who assemble and market the final GPU cards) much higher prices for cards selling at much higher prices. Going forward, ASPs will decline significantly (as mix shifts), AIBs will require lower prices from Nvidia, and Nvidia's margins (and profits) will go down significantly.The pre-announced disastrous Q2 earnings probably does not fully demonstrate the new reality. In Q2 Nvidia GPU prices stayed well over MSRP and the Ethereum hashrate showed millions of GPUs still being used to mine. By the time Q3 and Q4 numbers arrive, GPU sales will be down further, GPU prices will be down further, and miners will likely have dumped millions of used cards into the market. The bloodbath has only just started.Nvidia pre-announced inventory and capacity charges of $1.32 billion for Q2, and GAAP margins of 43.7% (vs 65.1% expected). I think charges at a similar level will likely be needed to move the rest of their inventory in H2 given that the demand collapse has just begun, there is a huge amount of mining GPUs that may get dumped into the market, and NVDA needs to clear out inventory before launching their anticipated new products in H2. As a result of the decreased revenues, and lower margins, and these charges, I estimate Nvidia's GAAP earnings are probably going be somewhere around zero for perhaps Q2 and Q3 and are not likely to return to prior levels for years, if ever.In their FY 2022 (comparable to calendar 2021), Nvidia posted revenues of $26.9 billion. If something like $8 billion of that was from crypto mining demand that is permanently gone, that is a huge hit to their top and bottom lines. And since GPU pricing has dropped from over 2x MSRP to now below MSRP, margins will likely go down heavily as well. Earnings leverage looks great while sales and margins are rising, but it gets very ugly when those reverse downwards. With a current nosebleed TTM PE ratio of around 50, there is a lot of room for multiple compression as the market deals with the reality that Nvidia is a busted growth story with declining revenues, declining margins, and declining earnings.Valuations and risksCurrently there is not another cryptocurrency that is competitive for GPUs to mine and has a high enough price to make mining profitable with the amount of mining activity that Ethereum supported. Miners generally must pay for the electricity their rigs consume. If the coins earned from mining are not valuable enough to pay the electricity bill, the miner loses money. It's possible that some GPU-mineable crypto coin suddenly explodes in price and attracts some portion of the flood of GPUs that will be available when they can't be used for Ethereum. But on the flip side, there will be a lot of pressure on other coins to make their operations more environmentally friendly like Ethereum has. We could see mining for cryptocurrencies going away entirely.Even before the Ethereum mining demand went away, NVDA was ridiculously overpriced relative to peers. Now the valuation is going to be increasingly absurd without a massive decline in the stock price. For example, in Q2 AMD has caught up to Nvidia in revenues, is growing faster than NVDA, surpassed Nvidia in margins, and likely surpassed Nvidia in earnings. AMD also has a much more diversified set of business lines. Yet NVDA has a market cap 3x AMD's. There is going to be strong pressure for that mismatch in fundamentals and stock prices to correct. NVDA could drop below $100 and still be overpriced.Q2 comparisonNVDA is a cult stock, and has been driven to unsustainable levels. Many NVDA bulls and sell side analysts paint magical stories of future revenue growth unsupported by the fundamentals. It may take some time before the true believers wake up to reality. But the massive deterioration of the company's fundamentals will start that process in many minds. As with any stock, shorting is a risky proposition. Stocks with nonsensically high valuations (like NVDA) can be pushed up to even more absurd higher valuations. But at least with NVDA there will be little positive financial news for quite some time to embolden speculative stock traders.NVDA is a strong sell.","news_type":1},"isVote":1,"tweetType":1,"viewCount":38,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035731445,"gmtCreate":1647674671009,"gmtModify":1676534257990,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035731445","repostId":"2220777059","repostType":4,"repost":{"id":"2220777059","pubTimestamp":1647653153,"share":"https://ttm.financial/m/news/2220777059?lang=&edition=fundamental","pubTime":"2022-03-19 09:25","market":"us","language":"en","title":"Sea Limited: The Three-Headed Monster","url":"https://stock-news.laohu8.com/highlight/detail?id=2220777059","media":"seekingalpha","summary":"SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but B","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Garena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.</li><li>In addition, Shopee&#39;s losses are widening. However, the e-commerce segment is expected to be self-funded by 2025. This is achievable as take rates are trending in the right direction.</li><li>SeaMoney is also gaining traction at an unprecedented pace, a monster lurking in the shadows. Investors should pay attention as this segment could serve as Sea&#39;s second cash cow.</li><li>With a net cash position of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won&#39;t be long before Sea requires another cash infusion.</li><li>Despite unprofitability risks, Sea has a strong brand, network effects, and barriers to entry moats. The stock is trading at the lowest multiple ever - it is worth a nibble at these prices.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51b3290f2015840c5d8f754c01de8a85\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/><span>undefined undefined/iStock via Getty Images</span></p><p>I&#39;ve been following Sea Limited ADR (NYSE:SE) for quite some time now and the stock got me interested again given the recent 75% selloff. Today, I&#39;m doing a deep dive on the three-headed monster (and each of its heads) to see if the company is a good investment opportunity at these levels. Let&#39;s get started!</p><p><b>Investment Thesis</b></p><p>Sea is at the forefront of the internet revolution in developing regions. This had many investors buying into the growth story of the company, sending shares soaring high into the sun for the better part of 2020 and 2021. However, the stock has cratered back to sea amid concerns about the company&#39;s slowing growth, especially for its only cash cow, Garena. To make matters worse, Shopee&#39;s losses are also getting worse.</p><p>The Group&#39;s cash burn rate is still high, estimated to be $(3.6) billion in FY2022. With a net cash position of $5.9 billion, future capital raises are very likely.</p><p>On the bright side, Sea still has a long growth runway ahead, solidified by its leadership positions in Southeast Asia and Latin America. SeaMoney, although still unprofitable, could also emerge as Sea&#39;s second cash cow.</p><p>Despite unprofitability and competitive risks, Sea has strong competitive moats and it is trading at the cheapest valuation multiples since its IPO.</p><p>The three-headed monster is a Buy at these levels.</p><p><b>Value Proposition</b></p><p>Founded in Singapore in 2009, Sea has grown to become the leading consumer internet company in the world, with a substantial presence in the Southeast Asian region.</p><blockquote><b>Mission</b>: To better the lives of consumers and small businesses with technology.</blockquote><p>Sea is a holding company for three core businesses: Garena, Shopee, and SeaMoney. Sea&#39;s main value proposition is providing a vertically-integrated experience through its different core businesses.</p><p><b>Garena</b></p><p>Its digital entertainment division, Garena, was Sea&#39;s first business venture. In fact, Sea was originally named Garena Interactive Holding Limited before changing its name to Sea Limited in 2017.</p><p>Garena is one of the largest online games developers and publishers, releasing some of the most successful mobile and PC games over the last decade. For example, Garena&#39;s Free Fire, its self-developed mobile battle royale game, topped the global download charts for the last three years. According to data.ai, Free Fire also ranked second globally by average monthly active users on Google Play in 2021. In Southeast Asia and Latin America, Free Fire was the highest-grossing mobile game for ten consecutive quarters, and in the US for four consecutive quarters. Based on Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a>&#39;s findings, Free Fire still holds the most downloads globally as of January 2022.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa392753c19f14d60ee0d992e58c3d2f\" tg-width=\"1280\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p>Garena also exclusively licenses and publishes games from global partners and third-party developers. Some of these partners include Tencent (OTCPK:TCEHY), Activision (ATVI), and Arumgames. Games like Speed Drifters, Arena of Valor, and Fantasy Town fall into this category as they are co-developed with partners or licensed from partners.</p><p>In addition, Garena organizes some of the largest e-sports events from local tournaments to professional competitions at a global level. Moreover, Garena offers other entertainment content such as live-streaming, user chat, and online forums.</p><p><b>Shopee</b></p><p>Perhaps the most exciting business segment is Sea&#39;s mobile-centric e-commerce platform, Shopee. Launched in 2015, Shopee is now one of the fastest-growing e-commerce marketplaces with a strong presence in Southeast Asia, as well as growing recognition in Latin America and some European countries.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6649de846b2942b928a3f3e5d4035003\" tg-width=\"640\" tg-height=\"200\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee</span></p><p>Through the Shopee platform, buyers can purchase items from sellers which are primarily small and medium businesses (or mom-and-pop stores). At the same time, larger, more established retailers like Xiaomi (OTCPK:XIACF), Microsoft (MSFT), or Samsung (OTC:SSNLF) can leverage Shopee&#39;s two premium shopping platforms, Shopee Mall and Shopee Premium.</p><p>Along with Shopee&#39;s e-commerce marketplace, Shopee also offers adjacent products and services for both buyers and sellers:</p><ul><li><b>Service by Shopee</b> - Value-added services for sellers such as integrated payment, logistics, fulfillment, seller support, inventory management, and online store operations.</li><li><b>BuyerProtection</b> - Consumer protection policies and procedures including seller verification, product listing screening, and dispute resolution. In addition, Shopee Guarantee reduces settlement risks by holding customers&#39; funds in a separate account until delivery is complete, where funds will be released to buyers.</li><li><b>Integrated Logistics Services</b>- Shopee partners with various local and regional third-party logistics service providers to provide a seamless last-mile delivery experience for both buyers and sellers. Shopee also has its own delivery service called Shopee Xpress.</li><li><b>Social Features</b> - Shopee also offers other social and gamification features, including Shopee Coins (virtual currency), Shopee Live (livestream), Shopee Games (in-app games), and Shopee Feed (similar to Instagram).</li><li><b>On-demand Services</b>- Shopee also recently launched on-demand services such as ShopeeFood, instant delivery, and groceries, competing directly with Grab (GRAB), Gojek, and Uber (UBER).</li></ul><p>Shopee&#39;s scale is unmatched and it is still growing at an unprecedented pace. According to data.ai, Shopee in Southeast Asia and Taiwan ranked first in average monthly active users and total time spent in the app in 2021. Shopee Indonesia, arguably Shopee&#39;s most important market, ranked first in the Shopping category. Shopee Brazil, which launched in October 2019, was also ranked first in the Shopping category. And globally, Shopee ranked first in the Shopping category, and is the #13 most downloaded app regardless of category, logging in 200+ million downloads in 2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f9c550b140720336e00cc78e954d184\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p><b>SeaMoney</b></p><p>SeaMoney was launched in 2014 and is now one of the leading digital financial services providers in Sea&#39;s operating countries. SeaMoney offers mobile wallet services, payment processing, credit, and other digital financial services. These services are offered under SeaMoney&#39;s various brands including AirPay, ShopeePay, SPayLater, and other local brands depending on the country. SeaMoney was initially launched in Vietnam and Thailand but has since expanded to other regions.</p><p>Through SeaMoney&#39;s mobile wallet offerings, consumers and merchants have added flexibility in terms of payment options, whether through online or offline means. The launch of SPayLater, which is basically a &#34;buy now pay later&#34; payment option, enables consumers to purchase items without accessing credit. For those who are interested, I&#39;ve written a deep dive on Affirm (AFRM) where I discuss the main value propositions that BNPL provides.</p><p>SeaMoney has obtained bank licenses and government approvals to provide financial services in various countries. For example, Sea acquired Bank Kesejahteraan Ekonomi in Indonesia back in early 2021 as a push towards offering a digital banking solution. The company is now rebranded to SeaBank, which currently offers a high-yield savings account and virtual account.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c85c862195f86fe9d4f0f8c8beced6b\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SeaBank Website</span></p><p>SeaMoney&#39;s main value proposition lies in offering a mobile wallet and payment solutions that are integrated with Sea&#39;s other businesses, namely Garena and Shopee, enabling consumers and merchants to transact seamlessly in one vertically-integrated platform.</p><p><b>Market Opportunity</b></p><p>Sea&#39;s market opportunity is predicated around the industry outlook of each of its business segments: mobile gaming, e-commerce, and fintech. Let&#39;s take a look at each industry that Sea operates in.</p><p>First, we have the mobile gaming industry. According to data.ai, Mobile Game Consumer Spend grew from $74 billion in 2018 to $116 billion in 2021, while Mobile Game Downloads grew from 63 billion in 2018 to 83 billion in 2021. Among the Top Genres by Downloads were Hypercasual games such as Hair Challenge and Water Sort Puzzle. However, the Top Genres by Consumer Spend belong to the Strategy, RPG, and Shooting categories where Garena specializes in. For example, Free Fire was the top Shooting game by revenue in Thailand, Brazil, Mexico, and the US, in 2021. Globally, however, it is still behind PUBG Mobile, which generates the bulk of its revenue from China.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f72bda6df6bc2b7bdf8756d218f53185\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p>According to Adjust, the mobile gaming industry is expected to reach $272 billion by 2030, which is about 1.5x of 2021&#39;s total figure. Given Garena&#39;s successes in monetizing its games, Garena should continue to enjoy gaming tailwinds in the foreseeable future, provided that its games remain in trend. This is also supported by Unity&#39;s findings that the APAC region is the fastest-growing regional market, a market that Garena dominates in.</p><p>Moving on to e-commerce, we all know that e-commerce is growing rapidly and that its market share as a whole will continue to trend up from here. This is especially true for the Southeast Asian region where internet and smartphone adoption continues to increase by the day. Based on the e-Conomy SEA report, Southeast Asia now has 440 million internet users, up from 360 million in 2019. Its total population is about 589 million.</p><p>Internet Gross Merchandise Value, or GMV, for the region was $170 billion in 2021 and is expected to reach $360 billion by 2025 with e-commerce leading the charge. The shift to e-commerce is not only happening on the consumer side but also on the merchant side. Digital marketing tools, analytical tools, and digital payment solutions have accelerated business for merchants. Shopee&#39;s vertically-integrated platform also makes it easy for merchants in these developing countries to set up shop, distribute goods, and accept payments in a single platform.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fcb903aed7c0ec901fc83c4f25f18b8\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: e-Conomy SEA 2021</span></p><p>Furthermore, Sea has recently expanded its e-commerce operations to other regions such as Latin America and Europe, which further expands its market opportunity.</p><p>Lastly, we have the fintech industry pertaining to SeaMoney. In my <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) deep dive, I discussed the growth of mobile wallets as a payment method in both online and offline transactions. The shift to a cashless and cardless society is inevitable and that is also true for Sea&#39;s markets.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47ec896a6208b6023ae89f654704bbc7\" tg-width=\"1261\" tg-height=\"706\" referrerpolicy=\"no-referrer\"/><span>Source: Ark Invest Big Ideas 2022</span></p><p>As you can see below, mobile wallets continue to gain traction in Southeast Asia. In addition, 92% of digital merchants intend to maintain usage or increase usage of digital payments in the next 1 to 2 years. ShopeePay and SeaMoney&#39;s other brands will benefit from this trend. Also of important note, SeaMoney&#39;s expansion to buy now pay later with SPayLater will be a key GMV and revenue driver for the segment. These are the reasons why some investors are so bullish on SeaMoney and why SeaMoney is a monster lurking in the shadows.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0eb814b800c3121e3fb8cd0913f239d5\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: e-Conomy SEA 2021</span></p><p>As you can see, Sea is at the forefront of three megatrends which should propel the business forward from here. Also, combining the different verticals in the same platform would present a significant synergistic opportunity as Sea establishes itself as a SuperApp in the making.</p><p><b>Revenue Model</b></p><p>As mentioned previously, Sea operates three main business segments.</p><p><b>Digital Entertainment</b></p><p>Garena operates a freemium model whereby users can download and play games for free. The company generates revenue by selling in-game virtual items such as clothing, weaponry, or equipment.</p><p>Investors should take note of how revenue is recognized for this segment. According to Sea&#39;s 10-K:</p><blockquote>Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable.</blockquote><p>Garena also licenses games from other game developers. Revenue is generated based on revenue-sharing/royalty agreements with these developers. Revenue is recognized over the performance obligation period.</p><blockquote>Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold or estimated average lifespan of the paying users of the said games or similar games.</blockquote><p><b>E-commerce</b></p><p>Shopee generates revenue through a marketplace model. Sellers on the platform pay Shopee based on paid advertisement services, transaction-based fees, logistics services, and other value-added services.</p><p>Shopee also generates revenue from goods sold directly by Shopee, which the company purchases in bulk from manufacturers or third-party suppliers.</p><p><b>Digital Financial Services</b></p><p>SeaMoney revenue consists of:</p><ul><li>Interest and fees from loans granted to commercial customers</li><li>Interest and fees from Sea&#39;s consumer credit business such as SPayLater</li><li>Commissions charged to merchants when a customer pays using SeaMoney&#39;s mobile wallet</li></ul><p><b>Income Statement</b></p><p>Let&#39;s analyze each of the business segments and then look at the entire Group as a whole.</p><p><b>Digital Entertainment</b></p><p>Garena Revenue saw a 104% increase YoY in Q4. For the full year, Garena Revenue was up 114% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/998dfbcf3f3dba11b8f8722710c36ba4\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The rapid increase in Revenue was primarily due to recognition of accumulated deferred revenue from previous quarters. Bookings—which is essentially GAAP Revenue plus the change in digital entertainment deferred revenue —actually dropped for the first time QoQ and it is now lower than Revenue. This means that gamers are spending less on in-virtual items which will lead to lower Revenue recognized in subsequent quarters. As you can see, Bookings is in a massive deceleration.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06de5e6066b66cd5596a445cd912c98\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The drop in Bookings was due to fewer gamers in the platform as the economy reopens and people spend more time outdoors, at school, or in the office. Quarterly Active Users, or QAUs, grew only 7% in Q4 to 652 million, compared to Q3&#39;s QAUs of 729 million.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c5bdd570a9eb859a9fef8569c9fad10a\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As a result, Quarterly Paying Users, or QPUs, decelerated as well, which led to lower Bookings. Q4 QPUs was 77 million compared to Q3&#39;s 93 million.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/092c4a2f47b9336f2753b4548707b39f\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The markets reacted negatively to this slowdown in Garena growth as the gaming business acts as the lifeline for Sea&#39;s two other segments. As you can see, Garena is a high-margin business, producing Adjusted EBITDA of $2.7 billion in FY2021. Operating Margin is very high at 61% in Q4. AEBITDA margin, on the other hand, is trending downwards as QoQ adds in Bookings wither.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f28c9f35ee55afb5c7d170a80d26ebf2\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As such, the slowdown in growth for Garena is scaring investors away as it may not provide sufficient cash flow to fund the continued growth of Shopee and SeaMoney.</p><p><b>E-Commerce</b></p><p>Shopee GMV continues its upward march as e-commerce continues to gain traction in Shopee&#39;s existing and newer markets. However, we&#39;re also seeing a deceleration in growth due to tough YoY comps. GMV in FY2021 was $62.5 billion, an increase of 77%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f657f7cacc9e00bc57df0e913fdb9ae\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>GMV growth was also due to an increase in Orders in the Shopee platform, which totaled 6.1 billion in FY2021, an increase of 117%. Average Order Value, or AOV, however, is trending downwards. This may be perceived negatively as processing more lower-AOV orders meant higher logistical expenses and thus lower margins per order.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fbc7f044de03ec379f262a5bfcdf331\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The increase in GMV translated to higher Shopee Revenue, which grew faster than GMV. Shopee Revenue grew 136% to $5.1 billion in FY2021, as compared to GMV growth of 77%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27710dc2140a6d139900819f51bd688a\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The faster growth in Revenue was due to Shopee&#39;s increasing take rate, which displays Shopee&#39;s ability to monetize its marketplace platform. This is one of the only few positive developments coming out of the most recent earnings update.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e4267bc5d33a2153e8624f73ed71540\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Despite the improving Revenue and take rate, Shopee is still suffering huge losses and it is mounting with each subsequent quarter, primarily due to the company expanding into new markets. FY2021 Shopee AEBITDA was $(2.6) billion at a -50% margin. Recall that Garena AEBITDA was $2.7 billion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d9d27cef61bc9a9058233f7eccc5eaa1\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>AEBITDA per Order has been improving, although it flat-lined in the last few quarters. Again, this is due to the company aggressively expanding into new markets. For example, in Q4, Shopee Brazil recorded 140+ million gross orders with a $70+ million Revenue, up 400% and 326%, respectively. However, AEBITDA per Order in Brazil is still negative at $(2) per Order, despite being a 40% improvement from last year. As such, it is still a far cry from the overall AEBITDA per Order of $(0.45).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c0d6aa930a81ea4fc153b7134dbf9d3\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>On the bright side, in Southeast Asia and Taiwan, Q4 AEBITDA per Order before &#34;allocation of the headquarters’ common expenses&#34; was $(0.15), an improvement from last year&#39;s $(0.21). This shows that there is certainly hope for Shopee to be AEBITDA positive soon, which management has pointed out during the Q4 earnings call:</p><blockquote>We currently expect Shopee to achieve positive adjusted EBITDA before HQ cost allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025 cash generated by Shopee and SeaMoney proactively will enable these two businesses to substantially self-fund their own long-term growth.</blockquote><p><b>Digital Financial Services</b></p><p>SeaMoney&#39;s Mobile Wallet Total Payment Volume grew 120% YoY to $17.2 billion in FY2021 due to the increasing adoption of mobile wallets in the region.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fa5ef6efa513d9040963fda42b4b9f2\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The growth in TPV was largely driven by the growth in QAUs. As shown below, the total ending QAUs in Q4 grew 90% YoY to 45.8 million users.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9397aec066366f40ec92c24187347a44\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The real exciting part is that Revenue grew much faster than TPV and QAUs. SeaMoney Revenue is growing at a blistering pace, locking in high triple-digit growth rates over the last few years. FY2021 SeaMoney Revenue was $470 million, which is an increase of 673% from the previous year. This is due to take rates increasing from less than 1% in FY2020 to almost 4% by the end of the latest quarter.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcaf6046cf3c27e00b233a8428eb2d75\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Furthermore, in Indonesia, over 20% of the QAUs have used more than one SeaMoney product or service, which includes credit services, digital banking, and insurance. As SeaMoney introduces more offerings, revenue should accelerate meaningfully as average revenue per user increases when people use additional products.</p><p>As SeaMoney continues to gain scale, the segment will enjoy better unit economics. As shown below, while SeaMoney&#39;s AEBITDA is still in deeply negative territories, AEBITDA Margins has continued to trend towards profitability. Management also expects SeaMoney to be cash flow positive by next year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51f0d5a1800fef748694417e8cb8fc9f\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>This is the segment that investors should pay special attention to, given that it has the potential to be Sea&#39;s second cash cow. For example, PayPal has Operating Margins of 20%+, which could be SeaMoney&#39;s long-term margin profile.</p><p><b>Group</b></p><p>With that said, let&#39;s take a look at how the business is doing as a whole.</p><p>FY2021 Revenue was $10.0 billion, an increase of 128% YoY. Due to the law of large numbers and tough YoY comps, Revenue growth should decelerate from here.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38de60bd773f3ef7afc4b2e28aa1c08f\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Here, we can see how Revenue is distributed across the different segments.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a86e59478db8a3a4fdc85897f24410e9\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>What&#39;s encouraging is that Gross Profit Margins continue to trend upwards as the company gains economies of scale, even accounting for Shopee&#39;s aggressive expansion into new markets. FY2021 Gross Profit was $3.9 billion, up 189% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd978ba4047cc6e20ac6086ba8420a8f\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Operating Expenses, however, remain elevated as management forgoes short-term profitability for long-term market dominance. FY2021 Total Operating Expenses were $5.5 billion. Below shows the different components of Operating Expenses as a percentage of Revenue.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fbdbde2c2ae744f36f8168ed32f94d62\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Most of the Operating Expenses were used for Sales &amp; Marketing purposes. Unsurprisingly, Shopee had the highest S&amp;M burn rate. Discounts, cashback, celebrity promotions... they&#39;re everywhere.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5253f186120da17c4cd901e5c442bd1e\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As a result, Operating Profit Margins is still negative, although it is trending in the right direction.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a27b7833551107397c44acefc5ad2475\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>AEBITDA, on the other hand, is plunging. This is due to Garena&#39;s falling Bookings and Shoppe&#39;s widening losses. AEBITDA for FY2021 was $(594) million, compared to FY2020 positive AEBITDA of $107 million. This is probably the most concerning figure for investors as such a high cash burn rate is unsustainable, which may also lead to additional capital raises that are dilutive to shareholders.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d89fb95f74e23e85f8932870c0190bee\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The guidance did not help either. Garena Bookings is expected to fall to just $3 billion, which is $1.3 billion lower than FY2021&#39;s number. Management blamed the reopening of the economy as well as the ban of Free Fire in India for the expected drop in Bookings. Assuming a modest 50% AEBITDA margin, Garena would bring in just $1.5 billion of AEBITDA for Sea in FY2022.</p><p>On the other side, the other two segments are expected to continue with their immense pace of growth — Shopee and SeaMoney are expected to grow by 76% and 155%, respectively. If we assume a (50)% AEBITDA margin for both segments, Shopee and SeaMoney is expected to burn a total of about $(5.1) billion of AEBITDA. Adding Garena&#39;s estimated AEBITDA of $1.5 billion, Sea, as a Group, is expected to burn $(3.6) billion in FY2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae5e9399a838e5f841dcccaffbe673d8\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited FY2021 Q4 Investor Presentation</span></p><p>Because Garena is such an important piece of Shopee&#39;s and SeaMoney&#39;s growth story, a deceleration in Garena&#39;s business had investors reacting so negatively to Sea&#39;s latest earnings release, as now, the gaming business is incapable of covering the massive losses incurred by the other two business segments.</p><p><b>Balance Sheet</b></p><p>Sea&#39;s balance sheet position as of year-end FY2021 is at about $10.2 billion of Cash and Short Term Investments. While this may show that Sea has a substantial cushion against its short-term cash burn rate, its net cash position paints a different picture.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc30ee494abc2eda3b75434b96e4a66b\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited FY2021 Q4 Investor Presentation</span></p><p>Adjusting for Sea&#39;s debt, Sea ended the year with a net cash position of around $5.9 billion. A substantial amount of its total debt comes from its recent issuance of 0.25% Convertible Senior Notes due 2026. The notes were issued when the stock was trading at $318 per share back in September and the initial conversion price is set at $477 per share. So, yes... conversion in the next 2 to 3 years is very unlikely.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d3d0030e6518cc4198245f624cc75e1\" tg-width=\"640\" tg-height=\"437\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>With net cash of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won&#39;t be long before Sea requires another cash infusion. Therefore, if the high cash burn rate persists for the next 2 to 3 years, investors face a major risk of increasing financial leverage and/or dilution in the form of equity raises.</p><p><b>Cash Flow Statement</b></p><p>Here is what cash flow looks like over the last few quarters. Notice how Operating Cash Flow turned negative in the last quarter. Most of the cash also comes from Financing activities.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0aba061277a1410bb9f3dc176ea0115\" tg-width=\"640\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Unlike other high-flying growth companies, Sea&#39;s Share-Based Compensation expenses are relatively low.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81fa229682c8880d6edd35535ef6a747\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p><b>Competitive Moats</b></p><p>Based on my research and analysis, I identified three key competitive moats for Sea: brand, network effects, and barriers to entry. I used to think that Sea has cost advantages but as Garena becomes a smaller part of the overall business, and as losses continue to worsen, I have reason to believe that Sea no longer holds that moat.</p><p><b>Brand</b></p><p>As discussed in previous sections, Garena&#39;s games, particularly Free Fire, have consistently ranked as the most downloaded mobile game in the world. Additionally, the Shopee app has gained cross-border stardom and is now regarded as the most downloaded or fastest-trending shopping App in the countries it operates in. Lastly, SeaMoney is also gaining traction with banking licenses granted in various countries that should increase brand value and trust.</p><p><b>Network Effects</b></p><p>The sheer amount of app downloads leads to powerful network effects. Garena has 652 million QAUs, which is about 8% of the world&#39;s population. Shopee recorded 200+ million app downloads in FY2021 alone. SeaMoney QAUs topped 45.8 million in Q4 and it is still in the early stages of adoption.</p><p>With all these users in the Sea platform, cross-selling new products or services should be easier as Sea continues to scale. One such example is Shopee Brazil and Free Fire where each platform is encouraging consumers to use the other. As Sea continues to innovate and offer better experiences for its customers, the ecosystem gets bigger and tighter, leading to powerful network effects.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c641ac08707cc868b9e6004e2deaf950\" tg-width=\"1200\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee Brazil</span></p><p><b>Barriers To Entry</b></p><p>I believe each of Sea&#39;s core businesses is operating in a winner-takes-most environment with high barriers to entry.</p><p>The mobile gaming environment requires the most talented developers to launch blockbuster games. Garena&#39;s Free Fire is certainly a blockbuster game and time in Free Fire&#39;s game means time away from other mobile games.</p><p>Just like how Amazon (AMZN) dominates in the US, the e-commerce landscape in Southeast Asia and Latin America is dominated by a few players, such as Shopee, Tokopedia, and <a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> (MELI). The scale and unit economics that these players have achieved makes it unsustainable for new entrants to compete with them.</p><p>Banking and fintech is also a highly-regulated environment. Furthermore, consumers prefer to have just one mobile wallet, such as ShopeePay, as opposed to owning several different fintech applications.</p><p><b>Valuation</b></p><p>Based on my sum-of-the-parts and comparable company valuation analysis, Sea looks to be slightly undervalued with 19% upside potential. Of course, comparables are not perfect but based on this, we can gauge where Sea stands among peers.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2400cd917e5f6ce8c47ef74a8062093\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/><span>Source: Author&#39;s Analysis</span></p><p>On the flip side, Sea looks extremely cheap on a historical basis. In terms of EV/Sales, Sea is trading at the lowest valuation since its IPO, trading at just 4.2x forward sales.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bed1fd805a89523bbb8fa982bee40079\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><span>Source: Koyfin</span></p><p>In terms of EV/Gross Profit, Sea is trading even cheaper than its March 2020 lows.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf589a808c84131e9c36aa7b65a5129\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><span>Source: Koyfin</span></p><p>The valuation compression is warranted given that the company flew too close to the sun and now it is cratering back to the sea — not just for Sea, but almost all growth stocks took a beating. Growth is also slowing down and the macroeconomic environment looks gloomier than ever. However, this is not the end of the world; I think the markets are overreacting. Diversion from the mean goes both ways — perhaps, current prices present a good margin of safety for long-term investors.</p><p><b>Catalysts</b></p><ul><li><b>Successful International Expansion</b> — Shopee has been successful in replicating its playbook from Southeast Asia to Brazil. Recently, Shopee launched operations in India, Mexico, Chile, Colombia, Argentina, Poland, and Spain. If Shopee can take substantial market share in these new regions, Shopee&#39;s growth could turn exponential.</li><li><b>The Metaverse</b> — Sea&#39;s withering gaming division needs to be revitalized. New games and features could definitely provide the boost that it needs. For example, the metaverse is an exciting opportunity and Garena could introduce this concept to its 600+ million QAUs. Sea AI Lab (SAIL) and Sea Capital are two ventures that could accelerate the company into emerging industries, including the metaverse.</li></ul><blockquote>We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that a strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as metaverse.</blockquote><ul><li><b>Regional SuperApp</b> — Although this concept has yet to be discussed by management, launching a regional SuperApp could enhance user engagement to new levels. For example, imagine Shopee users being able to play games, shop, order food delivery, pay for services, transfer money, invest, all under one app. Imagine users being able to convert their deposited funds in ShopeePay, into ShopeeCoins, and use it to perform cross-border transactions.</li><li><b>Continued Growth In SeaMoney</b> — SeaMoney is still in its early stages and continued adoption of Sea&#39;s digital financial services offerings will be a strong addition to Sea&#39;s bull thesis. SPayLater has real potential to disrupt the consumer credit industry. SeaBank and ShopeePay have the opportunity to capture digital wallet, digital banking, and cashless society trends.</li><li><b>Free Fire India Ban Lift</b>— Garena&#39;s weak guidance factored in the headwinds coming from the ban in India. If the ban is lifted, the stock may react positively as much of Sea&#39;s cash burn problems may be eliminated.</li></ul><p><b>Risks</b></p><ul><li><b>The Pressure to Launch Blockbuster Games</b>— There will come a time when Free Fire will be dethroned as the most-played and most-downloaded game. That is just how the gaming business works. This puts a substantial risk on the cash flow generation potential of Garena. Launching blockbuster games is never easy and it requires many trials and errors along the way. For me, I would like to see Garena shift to a gaming franchise model where the company launches an updated version of an existing game every year or two, which presents a more stable and recurring revenue stream for the company. An example would be FIFA or Call of Duty.</li><li><b>Shopee India Ban</b> — With Free Fire banned in India, there&#39;s also the potential for Shoppe to be banned as well.</li><li><b>Failure to Gain Traction in International Markets</b>— Shopee pulled out of France in early March, an indication that Shoppe&#39;s business model is not replicable in other countries, especially in more developed regions. Shopee Poland and Spain may be next on the exit list as they hold a close resemblance to France.</li><li><b>Geopolitical Risks</b>— Tencent, a Chinese company, has an 18.7% equity stake in Sea. Sanctions, bans, and other restrictions on Chinese companies, given the current geopolitical environment, could spell trouble for Sea. Tencent may have to cut exposure on Sea or even dissolve its developing-publishing partnership with Garena.</li><li><b>Local Competition</b>— Local champions operating in their respective markets cannot be ignored. These include GoTo in Indonesia, MercadoLibre in Latin America, and Flipkart in India.</li></ul><p>In addition, there&#39;s a certain level of pride for consumers to see their native-born companies succeed. I&#39;m Indonesian, and it makes me really happy to see GoTo grow and grow.</p><p>GoTo, the holding company of both Indonesian tech darlings Gojek and Tokopedia, recently announced its plan to IPO in the Indonesia Stock Exchange. Here&#39;s a glance of GoTo&#39;s stats for the 12-months ended 30 September 2021:</p><ul><li>Valuation: $26.2 billion to $28.8 billion</li><li>GMV: $28.8 billion</li><li>Revenue: $1 billion</li><li>Gross Orders: 2 billion</li><li>Annual Transacting Users: 55 million</li><li>Driver Partners: 2.5 million</li><li>Merchants: 14 million</li></ul><p>The point is that there are big-time local players operating in Sea&#39;s markets that investors should never ignore. Here&#39;s a little snippet from my previous Shopee article:</p><blockquote>But with the GoTo merger, Indonesia could potentially extinguish the orange flame that charred its forest for many years. Now, GoTo could finally reclaim a good chunk of its territory that was lost to waves of competition, especially from Shopee. GoTo could finally gain more ground as the roots grew even stronger with the merger, fertilized with the synergies of value propositions, logistics, payments, and banking solutions.</blockquote><blockquote>Meanwhile, Sea Limited&#39;s stock continues to soar, ignoring the titan of an elephant in the room. And because of GoTo&#39;s integration, Shopee&#39;s vertically-integrated business model doesn&#39;t look like a strong competitive advantage anymore.</blockquote><p><b>Conclusion</b></p><p>Each of Sea&#39;s core businesses is in hypergrowth mode, propelled by megatrends in the mobile gaming, e-commerce, and fintech industry. Management understands these opportunities and therefore, is sacrificing short-term profitability for long-term market dominance. Despite being a larger business, Sea still has a massive growth runway ahead.</p><p>That is not to say that unprofitability and competition risks can and should be ignored. The biggest concern for investors is the company&#39;s unsustainable cash burn rate, which will likely lead to further capital raises in the near future.</p><p>Nonetheless, the long-term growth thesis for the three-headed monster remains intact. Strong brand, network effects, and barriers to entry moats should support the business going forward. In addition, shares of Sea are trading at the lowest valuation multiples ever, which presents a good margin of safety for an entry at these prices.</p><p>Thank you for reading my Sea Limited deep dive. If you enjoyed the article, please let me know in the comment section down below. If you have any suggestions or feedback, don&#39;t hesitate to share your thoughts as well.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: The Three-Headed Monster</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited: The Three-Headed Monster\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-19 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.In addition, Shopee's losses are widening. However, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2220777059","content_text":"SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.In addition, Shopee's losses are widening. However, the e-commerce segment is expected to be self-funded by 2025. This is achievable as take rates are trending in the right direction.SeaMoney is also gaining traction at an unprecedented pace, a monster lurking in the shadows. Investors should pay attention as this segment could serve as Sea's second cash cow.With a net cash position of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won't be long before Sea requires another cash infusion.Despite unprofitability risks, Sea has a strong brand, network effects, and barriers to entry moats. The stock is trading at the lowest multiple ever - it is worth a nibble at these prices.undefined undefined/iStock via Getty ImagesI've been following Sea Limited ADR (NYSE:SE) for quite some time now and the stock got me interested again given the recent 75% selloff. Today, I'm doing a deep dive on the three-headed monster (and each of its heads) to see if the company is a good investment opportunity at these levels. Let's get started!Investment ThesisSea is at the forefront of the internet revolution in developing regions. This had many investors buying into the growth story of the company, sending shares soaring high into the sun for the better part of 2020 and 2021. However, the stock has cratered back to sea amid concerns about the company's slowing growth, especially for its only cash cow, Garena. To make matters worse, Shopee's losses are also getting worse.The Group's cash burn rate is still high, estimated to be $(3.6) billion in FY2022. With a net cash position of $5.9 billion, future capital raises are very likely.On the bright side, Sea still has a long growth runway ahead, solidified by its leadership positions in Southeast Asia and Latin America. SeaMoney, although still unprofitable, could also emerge as Sea's second cash cow.Despite unprofitability and competitive risks, Sea has strong competitive moats and it is trading at the cheapest valuation multiples since its IPO.The three-headed monster is a Buy at these levels.Value PropositionFounded in Singapore in 2009, Sea has grown to become the leading consumer internet company in the world, with a substantial presence in the Southeast Asian region.Mission: To better the lives of consumers and small businesses with technology.Sea is a holding company for three core businesses: Garena, Shopee, and SeaMoney. Sea's main value proposition is providing a vertically-integrated experience through its different core businesses.GarenaIts digital entertainment division, Garena, was Sea's first business venture. In fact, Sea was originally named Garena Interactive Holding Limited before changing its name to Sea Limited in 2017.Garena is one of the largest online games developers and publishers, releasing some of the most successful mobile and PC games over the last decade. For example, Garena's Free Fire, its self-developed mobile battle royale game, topped the global download charts for the last three years. According to data.ai, Free Fire also ranked second globally by average monthly active users on Google Play in 2021. In Southeast Asia and Latin America, Free Fire was the highest-grossing mobile game for ten consecutive quarters, and in the US for four consecutive quarters. Based on Sensor Tower's findings, Free Fire still holds the most downloads globally as of January 2022.Source: SensorTowerGarena also exclusively licenses and publishes games from global partners and third-party developers. Some of these partners include Tencent (OTCPK:TCEHY), Activision (ATVI), and Arumgames. Games like Speed Drifters, Arena of Valor, and Fantasy Town fall into this category as they are co-developed with partners or licensed from partners.In addition, Garena organizes some of the largest e-sports events from local tournaments to professional competitions at a global level. Moreover, Garena offers other entertainment content such as live-streaming, user chat, and online forums.ShopeePerhaps the most exciting business segment is Sea's mobile-centric e-commerce platform, Shopee. Launched in 2015, Shopee is now one of the fastest-growing e-commerce marketplaces with a strong presence in Southeast Asia, as well as growing recognition in Latin America and some European countries.Source: ShopeeThrough the Shopee platform, buyers can purchase items from sellers which are primarily small and medium businesses (or mom-and-pop stores). At the same time, larger, more established retailers like Xiaomi (OTCPK:XIACF), Microsoft (MSFT), or Samsung (OTC:SSNLF) can leverage Shopee's two premium shopping platforms, Shopee Mall and Shopee Premium.Along with Shopee's e-commerce marketplace, Shopee also offers adjacent products and services for both buyers and sellers:Service by Shopee - Value-added services for sellers such as integrated payment, logistics, fulfillment, seller support, inventory management, and online store operations.BuyerProtection - Consumer protection policies and procedures including seller verification, product listing screening, and dispute resolution. In addition, Shopee Guarantee reduces settlement risks by holding customers' funds in a separate account until delivery is complete, where funds will be released to buyers.Integrated Logistics Services- Shopee partners with various local and regional third-party logistics service providers to provide a seamless last-mile delivery experience for both buyers and sellers. Shopee also has its own delivery service called Shopee Xpress.Social Features - Shopee also offers other social and gamification features, including Shopee Coins (virtual currency), Shopee Live (livestream), Shopee Games (in-app games), and Shopee Feed (similar to Instagram).On-demand Services- Shopee also recently launched on-demand services such as ShopeeFood, instant delivery, and groceries, competing directly with Grab (GRAB), Gojek, and Uber (UBER).Shopee's scale is unmatched and it is still growing at an unprecedented pace. According to data.ai, Shopee in Southeast Asia and Taiwan ranked first in average monthly active users and total time spent in the app in 2021. Shopee Indonesia, arguably Shopee's most important market, ranked first in the Shopping category. Shopee Brazil, which launched in October 2019, was also ranked first in the Shopping category. And globally, Shopee ranked first in the Shopping category, and is the #13 most downloaded app regardless of category, logging in 200+ million downloads in 2021.Source: SensorTowerSeaMoneySeaMoney was launched in 2014 and is now one of the leading digital financial services providers in Sea's operating countries. SeaMoney offers mobile wallet services, payment processing, credit, and other digital financial services. These services are offered under SeaMoney's various brands including AirPay, ShopeePay, SPayLater, and other local brands depending on the country. SeaMoney was initially launched in Vietnam and Thailand but has since expanded to other regions.Through SeaMoney's mobile wallet offerings, consumers and merchants have added flexibility in terms of payment options, whether through online or offline means. The launch of SPayLater, which is basically a \"buy now pay later\" payment option, enables consumers to purchase items without accessing credit. For those who are interested, I've written a deep dive on Affirm (AFRM) where I discuss the main value propositions that BNPL provides.SeaMoney has obtained bank licenses and government approvals to provide financial services in various countries. For example, Sea acquired Bank Kesejahteraan Ekonomi in Indonesia back in early 2021 as a push towards offering a digital banking solution. The company is now rebranded to SeaBank, which currently offers a high-yield savings account and virtual account.Source: SeaBank WebsiteSeaMoney's main value proposition lies in offering a mobile wallet and payment solutions that are integrated with Sea's other businesses, namely Garena and Shopee, enabling consumers and merchants to transact seamlessly in one vertically-integrated platform.Market OpportunitySea's market opportunity is predicated around the industry outlook of each of its business segments: mobile gaming, e-commerce, and fintech. Let's take a look at each industry that Sea operates in.First, we have the mobile gaming industry. According to data.ai, Mobile Game Consumer Spend grew from $74 billion in 2018 to $116 billion in 2021, while Mobile Game Downloads grew from 63 billion in 2018 to 83 billion in 2021. Among the Top Genres by Downloads were Hypercasual games such as Hair Challenge and Water Sort Puzzle. However, the Top Genres by Consumer Spend belong to the Strategy, RPG, and Shooting categories where Garena specializes in. For example, Free Fire was the top Shooting game by revenue in Thailand, Brazil, Mexico, and the US, in 2021. Globally, however, it is still behind PUBG Mobile, which generates the bulk of its revenue from China.Source: SensorTowerAccording to Adjust, the mobile gaming industry is expected to reach $272 billion by 2030, which is about 1.5x of 2021's total figure. Given Garena's successes in monetizing its games, Garena should continue to enjoy gaming tailwinds in the foreseeable future, provided that its games remain in trend. This is also supported by Unity's findings that the APAC region is the fastest-growing regional market, a market that Garena dominates in.Moving on to e-commerce, we all know that e-commerce is growing rapidly and that its market share as a whole will continue to trend up from here. This is especially true for the Southeast Asian region where internet and smartphone adoption continues to increase by the day. Based on the e-Conomy SEA report, Southeast Asia now has 440 million internet users, up from 360 million in 2019. Its total population is about 589 million.Internet Gross Merchandise Value, or GMV, for the region was $170 billion in 2021 and is expected to reach $360 billion by 2025 with e-commerce leading the charge. The shift to e-commerce is not only happening on the consumer side but also on the merchant side. Digital marketing tools, analytical tools, and digital payment solutions have accelerated business for merchants. Shopee's vertically-integrated platform also makes it easy for merchants in these developing countries to set up shop, distribute goods, and accept payments in a single platform.Source: e-Conomy SEA 2021Furthermore, Sea has recently expanded its e-commerce operations to other regions such as Latin America and Europe, which further expands its market opportunity.Lastly, we have the fintech industry pertaining to SeaMoney. In my PayPal (PYPL) deep dive, I discussed the growth of mobile wallets as a payment method in both online and offline transactions. The shift to a cashless and cardless society is inevitable and that is also true for Sea's markets.Source: Ark Invest Big Ideas 2022As you can see below, mobile wallets continue to gain traction in Southeast Asia. In addition, 92% of digital merchants intend to maintain usage or increase usage of digital payments in the next 1 to 2 years. ShopeePay and SeaMoney's other brands will benefit from this trend. Also of important note, SeaMoney's expansion to buy now pay later with SPayLater will be a key GMV and revenue driver for the segment. These are the reasons why some investors are so bullish on SeaMoney and why SeaMoney is a monster lurking in the shadows.Source: e-Conomy SEA 2021As you can see, Sea is at the forefront of three megatrends which should propel the business forward from here. Also, combining the different verticals in the same platform would present a significant synergistic opportunity as Sea establishes itself as a SuperApp in the making.Revenue ModelAs mentioned previously, Sea operates three main business segments.Digital EntertainmentGarena operates a freemium model whereby users can download and play games for free. The company generates revenue by selling in-game virtual items such as clothing, weaponry, or equipment.Investors should take note of how revenue is recognized for this segment. According to Sea's 10-K:Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable.Garena also licenses games from other game developers. Revenue is generated based on revenue-sharing/royalty agreements with these developers. Revenue is recognized over the performance obligation period.Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold or estimated average lifespan of the paying users of the said games or similar games.E-commerceShopee generates revenue through a marketplace model. Sellers on the platform pay Shopee based on paid advertisement services, transaction-based fees, logistics services, and other value-added services.Shopee also generates revenue from goods sold directly by Shopee, which the company purchases in bulk from manufacturers or third-party suppliers.Digital Financial ServicesSeaMoney revenue consists of:Interest and fees from loans granted to commercial customersInterest and fees from Sea's consumer credit business such as SPayLaterCommissions charged to merchants when a customer pays using SeaMoney's mobile walletIncome StatementLet's analyze each of the business segments and then look at the entire Group as a whole.Digital EntertainmentGarena Revenue saw a 104% increase YoY in Q4. For the full year, Garena Revenue was up 114% YoY.Source: Sea Limited Investor Relations and Author's AnalysisThe rapid increase in Revenue was primarily due to recognition of accumulated deferred revenue from previous quarters. Bookings—which is essentially GAAP Revenue plus the change in digital entertainment deferred revenue —actually dropped for the first time QoQ and it is now lower than Revenue. This means that gamers are spending less on in-virtual items which will lead to lower Revenue recognized in subsequent quarters. As you can see, Bookings is in a massive deceleration.Source: Sea Limited Investor Relations and Author's AnalysisThe drop in Bookings was due to fewer gamers in the platform as the economy reopens and people spend more time outdoors, at school, or in the office. Quarterly Active Users, or QAUs, grew only 7% in Q4 to 652 million, compared to Q3's QAUs of 729 million.Source: Sea Limited Investor Relations and Author's AnalysisAs a result, Quarterly Paying Users, or QPUs, decelerated as well, which led to lower Bookings. Q4 QPUs was 77 million compared to Q3's 93 million.Source: Sea Limited Investor Relations and Author's AnalysisThe markets reacted negatively to this slowdown in Garena growth as the gaming business acts as the lifeline for Sea's two other segments. As you can see, Garena is a high-margin business, producing Adjusted EBITDA of $2.7 billion in FY2021. Operating Margin is very high at 61% in Q4. AEBITDA margin, on the other hand, is trending downwards as QoQ adds in Bookings wither.Source: Sea Limited Investor Relations and Author's AnalysisAs such, the slowdown in growth for Garena is scaring investors away as it may not provide sufficient cash flow to fund the continued growth of Shopee and SeaMoney.E-CommerceShopee GMV continues its upward march as e-commerce continues to gain traction in Shopee's existing and newer markets. However, we're also seeing a deceleration in growth due to tough YoY comps. GMV in FY2021 was $62.5 billion, an increase of 77%.Source: Sea Limited Investor Relations and Author's AnalysisGMV growth was also due to an increase in Orders in the Shopee platform, which totaled 6.1 billion in FY2021, an increase of 117%. Average Order Value, or AOV, however, is trending downwards. This may be perceived negatively as processing more lower-AOV orders meant higher logistical expenses and thus lower margins per order.Source: Sea Limited Investor Relations and Author's AnalysisThe increase in GMV translated to higher Shopee Revenue, which grew faster than GMV. Shopee Revenue grew 136% to $5.1 billion in FY2021, as compared to GMV growth of 77%.Source: Sea Limited Investor Relations and Author's AnalysisThe faster growth in Revenue was due to Shopee's increasing take rate, which displays Shopee's ability to monetize its marketplace platform. This is one of the only few positive developments coming out of the most recent earnings update.Source: Sea Limited Investor Relations and Author's AnalysisDespite the improving Revenue and take rate, Shopee is still suffering huge losses and it is mounting with each subsequent quarter, primarily due to the company expanding into new markets. FY2021 Shopee AEBITDA was $(2.6) billion at a -50% margin. Recall that Garena AEBITDA was $2.7 billion.Source: Sea Limited Investor Relations and Author's AnalysisAEBITDA per Order has been improving, although it flat-lined in the last few quarters. Again, this is due to the company aggressively expanding into new markets. For example, in Q4, Shopee Brazil recorded 140+ million gross orders with a $70+ million Revenue, up 400% and 326%, respectively. However, AEBITDA per Order in Brazil is still negative at $(2) per Order, despite being a 40% improvement from last year. As such, it is still a far cry from the overall AEBITDA per Order of $(0.45).Source: Sea Limited Investor Relations and Author's AnalysisOn the bright side, in Southeast Asia and Taiwan, Q4 AEBITDA per Order before \"allocation of the headquarters’ common expenses\" was $(0.15), an improvement from last year's $(0.21). This shows that there is certainly hope for Shopee to be AEBITDA positive soon, which management has pointed out during the Q4 earnings call:We currently expect Shopee to achieve positive adjusted EBITDA before HQ cost allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025 cash generated by Shopee and SeaMoney proactively will enable these two businesses to substantially self-fund their own long-term growth.Digital Financial ServicesSeaMoney's Mobile Wallet Total Payment Volume grew 120% YoY to $17.2 billion in FY2021 due to the increasing adoption of mobile wallets in the region.Source: Sea Limited Investor Relations and Author's AnalysisThe growth in TPV was largely driven by the growth in QAUs. As shown below, the total ending QAUs in Q4 grew 90% YoY to 45.8 million users.Source: Sea Limited Investor Relations and Author's AnalysisThe real exciting part is that Revenue grew much faster than TPV and QAUs. SeaMoney Revenue is growing at a blistering pace, locking in high triple-digit growth rates over the last few years. FY2021 SeaMoney Revenue was $470 million, which is an increase of 673% from the previous year. This is due to take rates increasing from less than 1% in FY2020 to almost 4% by the end of the latest quarter.Source: Sea Limited Investor Relations and Author's AnalysisFurthermore, in Indonesia, over 20% of the QAUs have used more than one SeaMoney product or service, which includes credit services, digital banking, and insurance. As SeaMoney introduces more offerings, revenue should accelerate meaningfully as average revenue per user increases when people use additional products.As SeaMoney continues to gain scale, the segment will enjoy better unit economics. As shown below, while SeaMoney's AEBITDA is still in deeply negative territories, AEBITDA Margins has continued to trend towards profitability. Management also expects SeaMoney to be cash flow positive by next year.Source: Sea Limited Investor Relations and Author's AnalysisThis is the segment that investors should pay special attention to, given that it has the potential to be Sea's second cash cow. For example, PayPal has Operating Margins of 20%+, which could be SeaMoney's long-term margin profile.GroupWith that said, let's take a look at how the business is doing as a whole.FY2021 Revenue was $10.0 billion, an increase of 128% YoY. Due to the law of large numbers and tough YoY comps, Revenue growth should decelerate from here.Source: Sea Limited Investor Relations and Author's AnalysisHere, we can see how Revenue is distributed across the different segments.Source: Sea Limited Investor Relations and Author's AnalysisWhat's encouraging is that Gross Profit Margins continue to trend upwards as the company gains economies of scale, even accounting for Shopee's aggressive expansion into new markets. FY2021 Gross Profit was $3.9 billion, up 189% YoY.Source: Sea Limited Investor Relations and Author's AnalysisOperating Expenses, however, remain elevated as management forgoes short-term profitability for long-term market dominance. FY2021 Total Operating Expenses were $5.5 billion. Below shows the different components of Operating Expenses as a percentage of Revenue.Source: Sea Limited Investor Relations and Author's AnalysisMost of the Operating Expenses were used for Sales & Marketing purposes. Unsurprisingly, Shopee had the highest S&M burn rate. Discounts, cashback, celebrity promotions... they're everywhere.Source: Sea Limited Investor Relations and Author's AnalysisAs a result, Operating Profit Margins is still negative, although it is trending in the right direction.Source: Sea Limited Investor Relations and Author's AnalysisAEBITDA, on the other hand, is plunging. This is due to Garena's falling Bookings and Shoppe's widening losses. AEBITDA for FY2021 was $(594) million, compared to FY2020 positive AEBITDA of $107 million. This is probably the most concerning figure for investors as such a high cash burn rate is unsustainable, which may also lead to additional capital raises that are dilutive to shareholders.Source: Sea Limited Investor Relations and Author's AnalysisThe guidance did not help either. Garena Bookings is expected to fall to just $3 billion, which is $1.3 billion lower than FY2021's number. Management blamed the reopening of the economy as well as the ban of Free Fire in India for the expected drop in Bookings. Assuming a modest 50% AEBITDA margin, Garena would bring in just $1.5 billion of AEBITDA for Sea in FY2022.On the other side, the other two segments are expected to continue with their immense pace of growth — Shopee and SeaMoney are expected to grow by 76% and 155%, respectively. If we assume a (50)% AEBITDA margin for both segments, Shopee and SeaMoney is expected to burn a total of about $(5.1) billion of AEBITDA. Adding Garena's estimated AEBITDA of $1.5 billion, Sea, as a Group, is expected to burn $(3.6) billion in FY2021.Source: Sea Limited FY2021 Q4 Investor PresentationBecause Garena is such an important piece of Shopee's and SeaMoney's growth story, a deceleration in Garena's business had investors reacting so negatively to Sea's latest earnings release, as now, the gaming business is incapable of covering the massive losses incurred by the other two business segments.Balance SheetSea's balance sheet position as of year-end FY2021 is at about $10.2 billion of Cash and Short Term Investments. While this may show that Sea has a substantial cushion against its short-term cash burn rate, its net cash position paints a different picture.Source: Sea Limited FY2021 Q4 Investor PresentationAdjusting for Sea's debt, Sea ended the year with a net cash position of around $5.9 billion. A substantial amount of its total debt comes from its recent issuance of 0.25% Convertible Senior Notes due 2026. The notes were issued when the stock was trading at $318 per share back in September and the initial conversion price is set at $477 per share. So, yes... conversion in the next 2 to 3 years is very unlikely.Source: Sea Limited Investor Relations and Author's AnalysisWith net cash of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won't be long before Sea requires another cash infusion. Therefore, if the high cash burn rate persists for the next 2 to 3 years, investors face a major risk of increasing financial leverage and/or dilution in the form of equity raises.Cash Flow StatementHere is what cash flow looks like over the last few quarters. Notice how Operating Cash Flow turned negative in the last quarter. Most of the cash also comes from Financing activities.Source: Sea Limited Investor Relations and Author's AnalysisUnlike other high-flying growth companies, Sea's Share-Based Compensation expenses are relatively low.Source: Sea Limited Investor Relations and Author's AnalysisCompetitive MoatsBased on my research and analysis, I identified three key competitive moats for Sea: brand, network effects, and barriers to entry. I used to think that Sea has cost advantages but as Garena becomes a smaller part of the overall business, and as losses continue to worsen, I have reason to believe that Sea no longer holds that moat.BrandAs discussed in previous sections, Garena's games, particularly Free Fire, have consistently ranked as the most downloaded mobile game in the world. Additionally, the Shopee app has gained cross-border stardom and is now regarded as the most downloaded or fastest-trending shopping App in the countries it operates in. Lastly, SeaMoney is also gaining traction with banking licenses granted in various countries that should increase brand value and trust.Network EffectsThe sheer amount of app downloads leads to powerful network effects. Garena has 652 million QAUs, which is about 8% of the world's population. Shopee recorded 200+ million app downloads in FY2021 alone. SeaMoney QAUs topped 45.8 million in Q4 and it is still in the early stages of adoption.With all these users in the Sea platform, cross-selling new products or services should be easier as Sea continues to scale. One such example is Shopee Brazil and Free Fire where each platform is encouraging consumers to use the other. As Sea continues to innovate and offer better experiences for its customers, the ecosystem gets bigger and tighter, leading to powerful network effects.Source: Shopee BrazilBarriers To EntryI believe each of Sea's core businesses is operating in a winner-takes-most environment with high barriers to entry.The mobile gaming environment requires the most talented developers to launch blockbuster games. Garena's Free Fire is certainly a blockbuster game and time in Free Fire's game means time away from other mobile games.Just like how Amazon (AMZN) dominates in the US, the e-commerce landscape in Southeast Asia and Latin America is dominated by a few players, such as Shopee, Tokopedia, and MercadoLibre (MELI). The scale and unit economics that these players have achieved makes it unsustainable for new entrants to compete with them.Banking and fintech is also a highly-regulated environment. Furthermore, consumers prefer to have just one mobile wallet, such as ShopeePay, as opposed to owning several different fintech applications.ValuationBased on my sum-of-the-parts and comparable company valuation analysis, Sea looks to be slightly undervalued with 19% upside potential. Of course, comparables are not perfect but based on this, we can gauge where Sea stands among peers.Source: Author's AnalysisOn the flip side, Sea looks extremely cheap on a historical basis. In terms of EV/Sales, Sea is trading at the lowest valuation since its IPO, trading at just 4.2x forward sales.Source: KoyfinIn terms of EV/Gross Profit, Sea is trading even cheaper than its March 2020 lows.Source: KoyfinThe valuation compression is warranted given that the company flew too close to the sun and now it is cratering back to the sea — not just for Sea, but almost all growth stocks took a beating. Growth is also slowing down and the macroeconomic environment looks gloomier than ever. However, this is not the end of the world; I think the markets are overreacting. Diversion from the mean goes both ways — perhaps, current prices present a good margin of safety for long-term investors.CatalystsSuccessful International Expansion — Shopee has been successful in replicating its playbook from Southeast Asia to Brazil. Recently, Shopee launched operations in India, Mexico, Chile, Colombia, Argentina, Poland, and Spain. If Shopee can take substantial market share in these new regions, Shopee's growth could turn exponential.The Metaverse — Sea's withering gaming division needs to be revitalized. New games and features could definitely provide the boost that it needs. For example, the metaverse is an exciting opportunity and Garena could introduce this concept to its 600+ million QAUs. Sea AI Lab (SAIL) and Sea Capital are two ventures that could accelerate the company into emerging industries, including the metaverse.We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that a strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as metaverse.Regional SuperApp — Although this concept has yet to be discussed by management, launching a regional SuperApp could enhance user engagement to new levels. For example, imagine Shopee users being able to play games, shop, order food delivery, pay for services, transfer money, invest, all under one app. Imagine users being able to convert their deposited funds in ShopeePay, into ShopeeCoins, and use it to perform cross-border transactions.Continued Growth In SeaMoney — SeaMoney is still in its early stages and continued adoption of Sea's digital financial services offerings will be a strong addition to Sea's bull thesis. SPayLater has real potential to disrupt the consumer credit industry. SeaBank and ShopeePay have the opportunity to capture digital wallet, digital banking, and cashless society trends.Free Fire India Ban Lift— Garena's weak guidance factored in the headwinds coming from the ban in India. If the ban is lifted, the stock may react positively as much of Sea's cash burn problems may be eliminated.RisksThe Pressure to Launch Blockbuster Games— There will come a time when Free Fire will be dethroned as the most-played and most-downloaded game. That is just how the gaming business works. This puts a substantial risk on the cash flow generation potential of Garena. Launching blockbuster games is never easy and it requires many trials and errors along the way. For me, I would like to see Garena shift to a gaming franchise model where the company launches an updated version of an existing game every year or two, which presents a more stable and recurring revenue stream for the company. An example would be FIFA or Call of Duty.Shopee India Ban — With Free Fire banned in India, there's also the potential for Shoppe to be banned as well.Failure to Gain Traction in International Markets— Shopee pulled out of France in early March, an indication that Shoppe's business model is not replicable in other countries, especially in more developed regions. Shopee Poland and Spain may be next on the exit list as they hold a close resemblance to France.Geopolitical Risks— Tencent, a Chinese company, has an 18.7% equity stake in Sea. Sanctions, bans, and other restrictions on Chinese companies, given the current geopolitical environment, could spell trouble for Sea. Tencent may have to cut exposure on Sea or even dissolve its developing-publishing partnership with Garena.Local Competition— Local champions operating in their respective markets cannot be ignored. These include GoTo in Indonesia, MercadoLibre in Latin America, and Flipkart in India.In addition, there's a certain level of pride for consumers to see their native-born companies succeed. I'm Indonesian, and it makes me really happy to see GoTo grow and grow.GoTo, the holding company of both Indonesian tech darlings Gojek and Tokopedia, recently announced its plan to IPO in the Indonesia Stock Exchange. Here's a glance of GoTo's stats for the 12-months ended 30 September 2021:Valuation: $26.2 billion to $28.8 billionGMV: $28.8 billionRevenue: $1 billionGross Orders: 2 billionAnnual Transacting Users: 55 millionDriver Partners: 2.5 millionMerchants: 14 millionThe point is that there are big-time local players operating in Sea's markets that investors should never ignore. Here's a little snippet from my previous Shopee article:But with the GoTo merger, Indonesia could potentially extinguish the orange flame that charred its forest for many years. Now, GoTo could finally reclaim a good chunk of its territory that was lost to waves of competition, especially from Shopee. GoTo could finally gain more ground as the roots grew even stronger with the merger, fertilized with the synergies of value propositions, logistics, payments, and banking solutions.Meanwhile, Sea Limited's stock continues to soar, ignoring the titan of an elephant in the room. And because of GoTo's integration, Shopee's vertically-integrated business model doesn't look like a strong competitive advantage anymore.ConclusionEach of Sea's core businesses is in hypergrowth mode, propelled by megatrends in the mobile gaming, e-commerce, and fintech industry. Management understands these opportunities and therefore, is sacrificing short-term profitability for long-term market dominance. Despite being a larger business, Sea still has a massive growth runway ahead.That is not to say that unprofitability and competition risks can and should be ignored. The biggest concern for investors is the company's unsustainable cash burn rate, which will likely lead to further capital raises in the near future.Nonetheless, the long-term growth thesis for the three-headed monster remains intact. Strong brand, network effects, and barriers to entry moats should support the business going forward. In addition, shares of Sea are trading at the lowest valuation multiples ever, which presents a good margin of safety for an entry at these prices.Thank you for reading my Sea Limited deep dive. If you enjoyed the article, please let me know in the comment section down below. If you have any suggestions or feedback, don't hesitate to share your thoughts as well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038830167,"gmtCreate":1646786194188,"gmtModify":1676534162029,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038830167","repostId":"2218403389","repostType":4,"repost":{"id":"2218403389","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1646780725,"share":"https://ttm.financial/m/news/2218403389?lang=&edition=fundamental","pubTime":"2022-03-09 07:05","market":"us","language":"en","title":"US STOCKS-Wall St Ends down in Rocky Session as U.S. Bans Russian Oil Imports","url":"https://stock-news.laohu8.com/highlight/detail?id=2218403389","media":"Reuters","summary":"Major U.S. stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imp","content":"<html><head></head><body><p>Major U.S. stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.</p><p>Losses accelerated into the end of Tuesday&#39;s up-and-down session, a day after steep declines that saw the tech-heavy Nasdaq confirm it was in a bear market. The benchmark S&amp;P 500 fell for a fourth straight session.</p><p>U.S. President Joe Biden announced the ban on Russian oil and other energy imports, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022.</p><p>&#34;I think it is just investors trying to probe whether it is worth buying the dips and we had a real big <a href=\"https://laohu8.com/S/AONE.U\">one</a> yesterday,&#34; said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. &#34;Anytime that the buying seems to get a little out of hand on the upside there seems to be willing sellers coming in.&#34;</p><p>“To me, it’s a trader’s market and people looking for very short-term momentum shifts to trade,” Carlson said.</p><p>The Dow Jones Industrial Average    fell 184.74 points, or 0.56%, to 32,632.64, the S&amp;P 500    lost 30.39 points, or 0.72%, to 4,170.7 and the Nasdaq Composite    dropped 35.41 points, or 0.28%, to 12,795.55.</p><p>Defensive sectors were the biggest decliners, with consumer staples falling 2.6%, healthcare dropping 2.1% and utilities down 1.6%.</p><p>Gains in megacap growth stocks, such as Tesla, <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> and Alphabet, helped mitigate losses for the S&amp;P 500.</p><p>The energy sector, a standout performer this year,  continued its charge higher, rising 1.4%.</p><p>Brent crude topped $130 per barrel along with other commodities, triggering alarm over surging inflation and the impact on global economic growth. U.S. gasoline prices hit a record on Tuesday.</p><p>&#34;There is just a lot of uncertainty right now of what the impact is going to be on the U.S. economy,&#34; said James Ragan, director of wealth management research at D.A. Davidson. &#34;I think we will see a little pullback in the U.S. consumer. Obviously, the gasoline prices are going to cause people to pause a little bit.&#34;</p><p>Ukraine&#39;s government accused Russian forces of shelling a humanitarian corridor that Moscow, which describes its actions as a &#34;special operation&#34;, had promised to open to let residents flee the besieged port of Mariupol.</p><p>Stocks have struggled as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Federal Reserve is expected to tighten monetary policy this year to fight inflation.</p><p>On Monday, the Nasdaq confirmed it was in a bear market, falling over 20% from its record high, while the Dow Jones Industrial Average confirmed it was in a correction as it closed more than 10% lower from its record peak.</p><p>In company news, shares of Caterpillar Inc jumped 6.8% after Jefferies upgraded the construction equipment maker&#39;s stock to &#34;buy&#34; from &#34;hold&#34; as a hedge against inflation and prospects of more investments.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 18 new 52-week highs and 78 new lows; the Nasdaq Composite recorded 34 new highs and 525 new lows.</p><p>About 19 billion shares changed hands in U.S. exchanges, the most in over a year, compared with the 13.4 billion daily average over the last 20 sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall St Ends down in Rocky Session as U.S. Bans Russian Oil Imports</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall St Ends down in Rocky Session as U.S. Bans Russian Oil Imports\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-09 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Major U.S. stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.</p><p>Losses accelerated into the end of Tuesday&#39;s up-and-down session, a day after steep declines that saw the tech-heavy Nasdaq confirm it was in a bear market. The benchmark S&amp;P 500 fell for a fourth straight session.</p><p>U.S. President Joe Biden announced the ban on Russian oil and other energy imports, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022.</p><p>&#34;I think it is just investors trying to probe whether it is worth buying the dips and we had a real big <a href=\"https://laohu8.com/S/AONE.U\">one</a> yesterday,&#34; said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. &#34;Anytime that the buying seems to get a little out of hand on the upside there seems to be willing sellers coming in.&#34;</p><p>“To me, it’s a trader’s market and people looking for very short-term momentum shifts to trade,” Carlson said.</p><p>The Dow Jones Industrial Average    fell 184.74 points, or 0.56%, to 32,632.64, the S&amp;P 500    lost 30.39 points, or 0.72%, to 4,170.7 and the Nasdaq Composite    dropped 35.41 points, or 0.28%, to 12,795.55.</p><p>Defensive sectors were the biggest decliners, with consumer staples falling 2.6%, healthcare dropping 2.1% and utilities down 1.6%.</p><p>Gains in megacap growth stocks, such as Tesla, <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> and Alphabet, helped mitigate losses for the S&amp;P 500.</p><p>The energy sector, a standout performer this year,  continued its charge higher, rising 1.4%.</p><p>Brent crude topped $130 per barrel along with other commodities, triggering alarm over surging inflation and the impact on global economic growth. U.S. gasoline prices hit a record on Tuesday.</p><p>&#34;There is just a lot of uncertainty right now of what the impact is going to be on the U.S. economy,&#34; said James Ragan, director of wealth management research at D.A. Davidson. &#34;I think we will see a little pullback in the U.S. consumer. Obviously, the gasoline prices are going to cause people to pause a little bit.&#34;</p><p>Ukraine&#39;s government accused Russian forces of shelling a humanitarian corridor that Moscow, which describes its actions as a &#34;special operation&#34;, had promised to open to let residents flee the besieged port of Mariupol.</p><p>Stocks have struggled as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Federal Reserve is expected to tighten monetary policy this year to fight inflation.</p><p>On Monday, the Nasdaq confirmed it was in a bear market, falling over 20% from its record high, while the Dow Jones Industrial Average confirmed it was in a correction as it closed more than 10% lower from its record peak.</p><p>In company news, shares of Caterpillar Inc jumped 6.8% after Jefferies upgraded the construction equipment maker&#39;s stock to &#34;buy&#34; from &#34;hold&#34; as a hedge against inflation and prospects of more investments.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 18 new 52-week highs and 78 new lows; the Nasdaq Composite recorded 34 new highs and 525 new lows.</p><p>About 19 billion shares changed hands in U.S. exchanges, the most in over a year, compared with the 13.4 billion daily average over the last 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4514":"搜索引擎","BK4077":"互动媒体与服务","BK4507":"流媒体概念","BK4527":"明星科技股","BK4579":"人工智能","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4548":"巴美列捷福持仓","BK4566":"资本集团","BK4554":"元宇宙及AR概念","BK4525":"远程办公概念","BK4553":"喜马拉雅资本持仓","GOOG":"谷歌"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2218403389","content_text":"Major U.S. stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.Losses accelerated into the end of Tuesday's up-and-down session, a day after steep declines that saw the tech-heavy Nasdaq confirm it was in a bear market. The benchmark S&P 500 fell for a fourth straight session.U.S. President Joe Biden announced the ban on Russian oil and other energy imports, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022.\"I think it is just investors trying to probe whether it is worth buying the dips and we had a real big one yesterday,\" said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. \"Anytime that the buying seems to get a little out of hand on the upside there seems to be willing sellers coming in.\"“To me, it’s a trader’s market and people looking for very short-term momentum shifts to trade,” Carlson said.The Dow Jones Industrial Average    fell 184.74 points, or 0.56%, to 32,632.64, the S&P 500    lost 30.39 points, or 0.72%, to 4,170.7 and the Nasdaq Composite    dropped 35.41 points, or 0.28%, to 12,795.55.Defensive sectors were the biggest decliners, with consumer staples falling 2.6%, healthcare dropping 2.1% and utilities down 1.6%.Gains in megacap growth stocks, such as Tesla, Meta Platforms and Alphabet, helped mitigate losses for the S&P 500.The energy sector, a standout performer this year,  continued its charge higher, rising 1.4%.Brent crude topped $130 per barrel along with other commodities, triggering alarm over surging inflation and the impact on global economic growth. U.S. gasoline prices hit a record on Tuesday.\"There is just a lot of uncertainty right now of what the impact is going to be on the U.S. economy,\" said James Ragan, director of wealth management research at D.A. Davidson. \"I think we will see a little pullback in the U.S. consumer. Obviously, the gasoline prices are going to cause people to pause a little bit.\"Ukraine's government accused Russian forces of shelling a humanitarian corridor that Moscow, which describes its actions as a \"special operation\", had promised to open to let residents flee the besieged port of Mariupol.Stocks have struggled as concerns about the Russia-Ukraine crisis have deepened a sell-off initially fueled by worries over higher bond yields as the Federal Reserve is expected to tighten monetary policy this year to fight inflation.On Monday, the Nasdaq confirmed it was in a bear market, falling over 20% from its record high, while the Dow Jones Industrial Average confirmed it was in a correction as it closed more than 10% lower from its record peak.In company news, shares of Caterpillar Inc jumped 6.8% after Jefferies upgraded the construction equipment maker's stock to \"buy\" from \"hold\" as a hedge against inflation and prospects of more investments.Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.The S&P 500 posted 18 new 52-week highs and 78 new lows; the Nasdaq Composite recorded 34 new highs and 525 new lows.About 19 billion shares changed hands in U.S. exchanges, the most in over a year, compared with the 13.4 billion daily average over the last 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":82,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008676513,"gmtCreate":1641439646513,"gmtModify":1676533615934,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008676513","repostId":"2201255535","repostType":4,"repost":{"id":"2201255535","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1641423313,"share":"https://ttm.financial/m/news/2201255535?lang=&edition=fundamental","pubTime":"2022-01-06 06:55","market":"us","language":"en","title":"Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes","url":"https://stock-news.laohu8.com/highlight/detail?id=2201255535","media":"Reuters","summary":"* S&P 500 posts biggest daily pct fall since Nov. 26* Fed minutes show officials said labor market \"very tight\"* Indexes: Dow down 1.1%, S&P 500 down 1.9%, Nasdaq down 3.3%NEW YORK, Jan 5 (Reuters) - ","content":"<html><head></head><body><p>* S&amp;P 500 posts biggest daily pct fall since Nov. 26</p><p>* Fed minutes show officials said labor market &#34;very tight&#34;</p><p>* Indexes: Dow down 1.1%, S&amp;P 500 down 1.9%, Nasdaq down 3.3%</p><p>NEW YORK, Jan 5 (Reuters) - U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.</p><p>The S&amp;P 500 fell more than 1%, its biggest daily percentage decline since Nov. 26, the first day of trading after news of the Omicron variant of the coronavirus.</p><p>The S&amp;P 500 and Nasdaq quickly extended their declines after the release of the minutes, which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and ended down more than 1%.</p><p>The selloff was broad, with all S&amp;P sectors ending in the red, and Wall Street&#39;s fear gauge, the Cboe Volatility index, closing at its highest level since Dec. 21.</p><p>In the minutes from the Fed&#39;s Dec. 14-15 policy meeting, central bank policymakers said a &#34;very tight&#34; job market and unabated inflation might require the Fed to raise rates sooner and begin reducing its overall asset holdings as a second brake on the economy.</p><p>&#34;Indications that the Fed is very concerned about inflation could quickly create a view that the Fed will aggressively tighten in 2022,&#34; said David Carter, chief investment officer at Lenox Wealth Advisors in New York, calling the minutes &#34;more hawkish than expected.&#34;</p><p>The S&amp;P 500 technology sector fell 3.1% and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2% in its biggest daily percentage decline since Jan. 4, 2021.</p><p>The Dow Jones Industrial Average fell 392.54 points, or 1.07%, to 36,407.11, the S&amp;P 500 lost 92.96 points, or 1.94%, to 4,700.58 and the Nasdaq Composite dropped 522.54 points, or 3.34%, to 15,100.17.</p><p>Rising interest rates increase borrowing costs for businesses and consumers, and higher rates can depress stock multiples, especially for technology and other growth stocks.</p><p>Growth shares have been under pressure from a recent rise in U.S. Treasury yields.</p><p>The Russell 2000 index also suffered its biggest one-day drop since Nov. 26, while the S&amp;P 500 financials index fell 1.3%, a day after it registered an all-time closing high.</p><p>Policymakers in December agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed&#39;s benchmark overnight interest rate is currently set near zero.</p><p>Early in the day, an ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.</p><p>The report comes ahead of the Labor Department&#39;s more comprehensive and closely watched nonfarm payrolls data for December on Friday.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 4.22-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 59 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 81 new highs and 307 new lows.</p><p>Volume on U.S. exchanges was 12.18 billion shares, compared with the 10.4 billion average for the full session over the last 20 trading days.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNasdaq posts biggest daily drop since Feb after 'hawkish' Fed minutes\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-01-06 06:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* S&amp;P 500 posts biggest daily pct fall since Nov. 26</p><p>* Fed minutes show officials said labor market &#34;very tight&#34;</p><p>* Indexes: Dow down 1.1%, S&amp;P 500 down 1.9%, Nasdaq down 3.3%</p><p>NEW YORK, Jan 5 (Reuters) - U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.</p><p>The S&amp;P 500 fell more than 1%, its biggest daily percentage decline since Nov. 26, the first day of trading after news of the Omicron variant of the coronavirus.</p><p>The S&amp;P 500 and Nasdaq quickly extended their declines after the release of the minutes, which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and ended down more than 1%.</p><p>The selloff was broad, with all S&amp;P sectors ending in the red, and Wall Street&#39;s fear gauge, the Cboe Volatility index, closing at its highest level since Dec. 21.</p><p>In the minutes from the Fed&#39;s Dec. 14-15 policy meeting, central bank policymakers said a &#34;very tight&#34; job market and unabated inflation might require the Fed to raise rates sooner and begin reducing its overall asset holdings as a second brake on the economy.</p><p>&#34;Indications that the Fed is very concerned about inflation could quickly create a view that the Fed will aggressively tighten in 2022,&#34; said David Carter, chief investment officer at Lenox Wealth Advisors in New York, calling the minutes &#34;more hawkish than expected.&#34;</p><p>The S&amp;P 500 technology sector fell 3.1% and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2% in its biggest daily percentage decline since Jan. 4, 2021.</p><p>The Dow Jones Industrial Average fell 392.54 points, or 1.07%, to 36,407.11, the S&amp;P 500 lost 92.96 points, or 1.94%, to 4,700.58 and the Nasdaq Composite dropped 522.54 points, or 3.34%, to 15,100.17.</p><p>Rising interest rates increase borrowing costs for businesses and consumers, and higher rates can depress stock multiples, especially for technology and other growth stocks.</p><p>Growth shares have been under pressure from a recent rise in U.S. Treasury yields.</p><p>The Russell 2000 index also suffered its biggest one-day drop since Nov. 26, while the S&amp;P 500 financials index fell 1.3%, a day after it registered an all-time closing high.</p><p>Policymakers in December agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed&#39;s benchmark overnight interest rate is currently set near zero.</p><p>Early in the day, an ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.</p><p>The report comes ahead of the Labor Department&#39;s more comprehensive and closely watched nonfarm payrolls data for December on Friday.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 4.22-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 59 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 81 new highs and 307 new lows.</p><p>Volume on U.S. exchanges was 12.18 billion shares, compared with the 10.4 billion average for the full session over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯","BK4559":"巴菲特持仓",".IXIC":"NASDAQ Composite","BK4534":"瑞士信贷持仓","BK4550":"红杉资本持仓","BK4504":"桥水持仓",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2201255535","content_text":"* S&P 500 posts biggest daily pct fall since Nov. 26* Fed minutes show officials said labor market \"very tight\"* Indexes: Dow down 1.1%, S&P 500 down 1.9%, Nasdaq down 3.3%NEW YORK, Jan 5 (Reuters) - U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February, after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.The S&P 500 fell more than 1%, its biggest daily percentage decline since Nov. 26, the first day of trading after news of the Omicron variant of the coronavirus.The S&P 500 and Nasdaq quickly extended their declines after the release of the minutes, which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and ended down more than 1%.The selloff was broad, with all S&P sectors ending in the red, and Wall Street's fear gauge, the Cboe Volatility index, closing at its highest level since Dec. 21.In the minutes from the Fed's Dec. 14-15 policy meeting, central bank policymakers said a \"very tight\" job market and unabated inflation might require the Fed to raise rates sooner and begin reducing its overall asset holdings as a second brake on the economy.\"Indications that the Fed is very concerned about inflation could quickly create a view that the Fed will aggressively tighten in 2022,\" said David Carter, chief investment officer at Lenox Wealth Advisors in New York, calling the minutes \"more hawkish than expected.\"The S&P 500 technology sector fell 3.1% and was the biggest drag on the benchmark index, while the rate-sensitive real estate sector dropped 3.2% in its biggest daily percentage decline since Jan. 4, 2021.The Dow Jones Industrial Average fell 392.54 points, or 1.07%, to 36,407.11, the S&P 500 lost 92.96 points, or 1.94%, to 4,700.58 and the Nasdaq Composite dropped 522.54 points, or 3.34%, to 15,100.17.Rising interest rates increase borrowing costs for businesses and consumers, and higher rates can depress stock multiples, especially for technology and other growth stocks.Growth shares have been under pressure from a recent rise in U.S. Treasury yields.The Russell 2000 index also suffered its biggest one-day drop since Nov. 26, while the S&P 500 financials index fell 1.3%, a day after it registered an all-time closing high.Policymakers in December agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. The Fed's benchmark overnight interest rate is currently set near zero.Early in the day, an ADP National Employment report showed private payrolls increased by 807,000 jobs last month, more than double of what economists polled by Reuters had forecast.The report comes ahead of the Labor Department's more comprehensive and closely watched nonfarm payrolls data for December on Friday.Declining issues outnumbered advancing ones on the NYSE by a 4.32-to-1 ratio; on Nasdaq, a 4.22-to-1 ratio favored decliners.The S&P 500 posted 59 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 81 new highs and 307 new lows.Volume on U.S. exchanges was 12.18 billion shares, compared with the 10.4 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153169318,"gmtCreate":1625013852034,"gmtModify":1703850048706,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/153169318","repostId":"1122418477","repostType":4,"repost":{"id":"1122418477","pubTimestamp":1625008161,"share":"https://ttm.financial/m/news/1122418477?lang=&edition=fundamental","pubTime":"2021-06-30 07:09","market":"us","language":"en","title":"Tech stocks propel S&P 500, Nasdaq to fresh highs","url":"https://stock-news.laohu8.com/highlight/detail?id=1122418477","media":"CNBC","summary":"The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility.The broad market index ticked up less than 0.1% to 4,291.80, good enough for its fourth-straight record close. The Dow Jones Industrial Average finished with a gain of about 9 points after being up more than 100 points earlier in the session, closing at 34,292.29. The tech-heavy Nasdaq Composite added ab","content":"<div>\n<p>The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility.\nThe ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/28/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech stocks propel S&P 500, Nasdaq to fresh highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTech stocks propel S&P 500, Nasdaq to fresh highs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-30 07:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/28/stock-market-futures-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility.\nThe ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/28/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","AMD":"美国超微公司","SWKS":"思佳讯",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/28/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1122418477","content_text":"The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility.\nThe broad market index ticked up less than 0.1% to 4,291.80, good enough for its fourth-straight record close. The Dow Jones Industrial Average finished with a gain of about 9 points after being up more than 100 points earlier in the session, closing at 34,292.29. The tech-heavy Nasdaq Composite added about 0.2% for its own record of 14,528.33.\nHomebuilder stocks moved higher after S&P Case-Shiller saidhome prices rose more than 14% in Aprilcompared to the prior year. Five U.S. cities, including Seattle, saw their largest annual increase on record. Shares of PulteGroup rose 2%.\nSemiconductor stocks gained strength later in the session, with Skyworks and Advanced Micro Devices climbing 4.5% and 2.8%, respectively. General Electric boosted the industrials sector, rising over 1% afterGoldman Sachs named the stock a top idea.\nThe market has churned out a series of record highs in recent weeks, but the gains have been relatively modest and some strategists have pointed to weak market breadth, measured by the performance of the average stock and the number of individual names making new highs, as a potential area of concern.\nOn Tuesday, there were slightly more declining stocks in the S&P 500 than those that rose during the session.\nHowever, the diminished breadth and volatility could simply be a natural pause during the summer months ahead of the busy earnings season in July, said Bill McMahon, the chief investment officer for active equity strategies at Charles Schwab Investment Management.\n\"I think people are in a little bit of a wait-and-see mode, so it's not surprising to see volatility decline and breadth worsen a tad,\" McMahon said, adding that concern about the spreading Delta variant of Covid-19 could also be weighing on stocks.\nShares of Morgan Stanley jumped more than 3% after the bank said it willdouble its quarterly dividend. The bank also announced a $12 billion stock buyback program. The announcement follows last week's stress tests by the Federal Reserve, which all 23 major banks passed. However, some other bank stocks gave up early gains and weighed on the broader indexes despite increasing their own payout plans.\nThe Conference Board's consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.\nWith the market entering the final trading days of June and the second quarter, the S&P 500 is on track to register its fifth straight month of gains. The Nasdaq is pacing for its seventh positive month in the last eight. The Dow, however, is in the red for the month, and on track to snap a four-month winning streak.\nSo far in 2021, the S&P 500 has added 14%, while the Nasdaq has added more than 12% with the Dow close behind.\nJPMorgan quantitative strategist Dubravkos Lakos-Bujas said on CNBC's \"Squawk Box\" that the market appeared to have near-term upside.\n\"The growth policy backdrop in our opinion still remains supportive for risk assets in general, certainly including equities. At the same time, the positioning is not really stretched to where we are in a problematic territory. So we do think there is still a runway. ... The summer period, the next two months, is where I think the market continues to break out,\" the strategist said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954185139,"gmtCreate":1676098261122,"gmtModify":1676098265792,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9954185139","repostId":"2310619261","repostType":4,"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9988662605,"gmtCreate":1666744723607,"gmtModify":1676537798745,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9988662605","repostId":"1112617869","repostType":4,"repost":{"id":"1112617869","pubTimestamp":1666756392,"share":"https://ttm.financial/m/news/1112617869?lang=&edition=fundamental","pubTime":"2022-10-26 11:53","market":"us","language":"en","title":"7 Dow Stocks to Sell Before They Tumble","url":"https://stock-news.laohu8.com/highlight/detail?id=1112617869","media":"InvestorPlace","summary":"Here are seven Dow stocks to sell to avoid getting hurt by negative trends.Apple(AAPL): AAPL is likely to be undermined by weak demand for iPhones.Travelers(TRV): Climate change is making TRV much mor","content":"<html><head></head><body><ul><li>Here are seven Dow stocks to sell to avoid getting hurt by negative trends.</li><li><b>Apple</b>(<b><u>AAPL</u></b>):  AAPL is likely to be undermined by weak demand for iPhones.</li><li><b>Travelers</b>(<b><u>TRV</u></b>): Climate change is making TRV much more risky than it used to be.</li><li><b>Chevron</b>(<b><u>CVX</u></b>): The appeal of CVX and its peers has been lowered by governments’ actions.</li><li><b>3M</b>(<b><u>MMM</u></b>): MMM reported weak Q3 results and is being threatened by hundreds of thousands of lawsuits.</li><li><b>Home Depot</b>(<b><u>HD</u></b>): The housing downturn is likely to significantly hurt HD.</li><li><b>Disney</b>(<b><u>DIS</u></b>): DIS continues to be undermined by cord cutting.</li><li><b>Procter &amp; Gamble</b>(<b><u>PG</u></b>): The valuation of PG stock is unattractive.</li><li><b>Nike</b>(<b><u>NKE</u></b>): Post-pandemic trends and a big inventory buildup are among the negative catalysts for NKE stock.</li></ul><p>As anyone who reads my columns regularly knows, I’m generally upbeat on stocks. That’s because I believe that inflation has peaked, the Federal Reserve is poised to become much more dovish.  In addition, the Street has, for some time, underestimated the importance of the exceptionally strong employment market. However, I believe that there are some good Dow stocks to sell at this point.</p><p>That’s because, in this stock picker’s market, there are several sectors that investors should definitely avoid. For example, with consumers being hurt by inflation and many still spending much more money on experiences than products, companies that specialize in selling fairly expensive products may struggle. While that trend should reverse at some point in the medium term, given the negative commentary of a number of companies that specialize in selling goods and poor macro manufacturing data, it appears to have been stickier than I previously believed.</p><p>That’s particularly true for firms whose products are relatively expensive but rely on attracting lower-middle-class and working class-consumers.</p><p>Oil companies may also be hurt by governments actions, while insurers could struggle due to the destruction wrought by Hurricane Ian, for example.</p><p>With all of that in mind, here are seven good Dow stocks to sell.</p><p><b>Apple (AAPL)</b></p><p>There’s now clear evidence that <b>Apple</b>(NASDAQ:<b><u>AAPL</u></b>) is getting being hurt by a goods-to-services shift. According to a recent report, weak demand for the iPhone 14 has caused the hardware giant to lower the “production of iPhone 14 Plus and is increasing the output of the more expensive iPhone 14 Pro.”</p><p>Also expressing caution about Apple on<i>CNBC</i>was investor Brenda Vingiello, who warned that the company could be hit by waning consumer demand for PCs and smartphones in the wake of the pandemic. Additionally, she noted that AAPL gets 60% of its revenue from outside of the U.S. Some of those overseas markets, especially China and Europe, have problems that are much worse than those of America. Additionally, the U.S. dollar’s strength is likely to negatively impact Apple’s overseas profits.</p><p>Despite these issues, the price-earnings ratio of AAPL stock remains fairly elevated at 23.4. That’s fairly high for a company whose revenues are growing relatively slowly; on average, analysts expect the firm’s revenues to increase 4.8% to $412 billion in 2023, up from $393 billion this year.</p><p><b>Travelers Companies (TRV)</b></p><p><b>Travelers Companies’</b>(NYSE:<b><u>TRV</u></b>) third-quarter results, reported on Oct. 19, were uninspiring, thanks to Hurricane Ian. Specifically, its net income sank to $454 million versus $662 million during the same period in 2021. Additionally, its top line increased just 6%. On a positive note, its revenue from its “net written premiums” climbed 10% year over year. Still, Ian caused the firm’s “catastrophe costs” to jump 11% year over year to “$512 million pretax, net of reinsurance, from the year-earlier period,” <i>The Wall Street Journal’s Leslie Scism</i> reported.</p><p>Ian could have been much worse for Travelers, but TRV and other companies had decided to offer relatively few homeowners’ insurance policies in the hurricane-prone state. However, with climate change causing the damage and frequency of storms to increase a great deal, the next extremely ruinous hurricane, flood, or tornado could occur in a highly populated state to which Travelers is much more exposed. Such an event, in turn, could cause TRV stock to sink meaningfully. Consequently, I urge investors to sell TRV and its peers.</p><p><b>Chevron (CVX)</b></p><p>Many haven’t realized it yet, but the world recently changed for <b>Chevron</b>(NYSE:<b><u>CVX</u></b>) and its peers in the oil and gas sector. Specifically, Western governments are no longer sitting on their hands as oil and gas prices soar; instead, these governments are realizing that they can take actions that stymie price jumps caused by the “animal spirits” of profit-hungry traders.</p><p>In the U.S., the Biden Administration’s releases from the U.S.Strategic Petroleum Reserve (SPR)have caused oil prices to sink. Meanwhile, the EU’s actions have caused European natural gas prices to tumble to around prewar levels. Once investors internalize the idea that Washington and Europe are determined to prevent oil and gas prices from soaring, their appetite for CVX stock is likely to take a big hit.</p><p>Also worth noting is that 30leftist members of Congress recently signed a letter to President Joe Biden calling on him to work harder to end the war in Ukraine. If pressure ramps up on the administration and on European governments to end the war, the fighting could indeed stop sooner rather than later, causing oil and gas prices to sink and meaningfully pushing down CVX stock.</p><p><b>3M (MMM)</b></p><p><b>3M</b>(NYSE:<b><u>MMM</u></b>) just reported weak third-quarter results. Meanwhile, the company is facing a number of lawsuits that could significantly undermine its financial position. It’s another one of the top Dow stocks to sell.</p><p>3M’s sales dropped 4% year-over-year to $8.6 billion, while its operating cash flow tumbled 18% year over year. Additionally, 3M cut its 2022 sales guidance, and now expects its revenue to fall 3% to 3.5% this year, as compared to its previous outlook for a 0.5%-2.5% decline. The conglomerate anticipates that its sales, excluding acquisitions, will climb 1.5% to 2% this year. But given the current, high-inflation environment, that’s a very unimpressive increase indeed.</p><p>Meanwhile, over 230,000lawsuits have been filed against 3M for its allegedly damaging earplugs. Partially because of the legal issue, <b>Bank of America</b>(NYSE:<b><u>BAC</u></b>) recently reiterated its “underperform” rating on the shares.</p><p>On Aug. 29, <b>Morgan Stanley</b> (NYSE:<b><u>MS</u></b>) analyst Joshua Pokrzywinski estimated that 3M’sliability for the earplugs could reach $14 billion with potential for something higher. The analyst kept an “underweight” rating on the shares. As of the end of last quarter, 3M has $3 billion of cash and $17.2 billion of debt, so $14 billion of liability would indeed greatly undermine its financial position at best and make its viability going forward uncertain at worst.</p><p>The firm is trying to spin off its healthcare unit, likely in order to prevent the parent company from being hurt by the lawsuits. However, the move has been challenged in court.</p><p><b>Home Depot (HD)</b></p><p>The tremendous slowdown in the housing sector, along with the goods-to-services spending shift, isn’t great news for <b>Home Depot</b>(NYSE:<b><u>HD</u></b>). It’s another one of the top Dow stocks to sell.</p><p>In September, U.S. existing home sales fell 1.5% versusAugust and tumbled 24% year-over-year.</p><p>“Three out of the four major U.S. regions notched month-over-month sales contractions, while the West held steady. On a year-over-year basis, sales dropped in all regions,” theNational Association of Realtors reported. The continuing housing slump is bad news for Home Depot, as consumers tend to spend a great deal of money to improve the homes into which they move.</p><p>Further, as consumers spend more money on experiences, they’ll have less to spend on upgrading their homes. Much like Apple, Home Depot benefited a great deal from spending patterns during the pandemic. Now that those patterns have reversed, HD’s financial results are likely to sink. Also boding badly for HD stock, research firm <b>Evercore</b> recently lowered its rating on Home Depot’s competitor, <b>Lowe’s</b>(NYSE:<b><u>LOW</u></b>) to in-line from outperform.</p><p>“Our downgrade is based on the view that slower [home improvement] demand and disinflation could push comps lower in 2023, making margin gains muted,” the firm explained. While Evercore said it was more bullish on HD stock, I still think that the firm’s assessment of Lowe’s indicates that investors should not expect good news anytime soon from Home Depot.</p><p><b>Disney (DIS)</b></p><p>I’ve been bearish on <b>Disney</b>(NYSE:<b><u>DIS</u></b>) stock for a few years, citing the negative impacts of the cord-cutting trend. The Street finally realized the truth of these points, causing DIS stock to tumble 34% so far this year.   But with those trends continuing and DISstill trading at a relatively high forward price-earnings ratio of 19, the shares are likely to decline much further going forward. It’s another one of the top Dow stocks to sell.</p><p>Ominously for Disney, <b>Wells Fargo</b>(NYSE:<b><u>WFC</u></b>)predicted in Aug. that cord cutting would continue to be “elevated given all the content shifting to streaming, and consumers looking to trim their subscriptions due to macro and/or subscription fatigue,” In Q2, the number of consumers paying traditional TV bills fell “5.2% year-over-year,” the firm noted, worse than the 3.7% decline in Q1.For 2022, 2023, and 2024, Wellsexpects the metric to sink 5.8%, 6.7%, and 6.9%, respectively.</p><p><b>Procter &amp; Gamble (PG)</b></p><p><b>Procter &amp; Gamble</b>(NYSE:<b><u>PG</u></b>) stock has a rather high price-earnings ratioof 22. That’s because many investors are predicting that the economy will nosedive over the next year and see PG as a safe haven. But, as I’ve stated in the past, I believe that the strong employment trend, along with America’s first manufacturing boom in many decades, will prevent the economy from meaningfully sinking.</p><p>If I’m correct (and so far I have been), then the valuation multiples of PG stock are likely to sink tremendously going forward. Further reducing the attractiveness of PG, its profitability actually fell last quarter, as its operating income dropped to $4.93 billion from $5.02 billion during the same period a year earlier. And in its fiscal 2022, its OI declined to $18.6 billion from $18.7 billion during the prior year.</p><p>On Oct. 10, <b>Goldman Sachs</b>(NYSE:<b><u>GS</u></b>) downgraded the PG stock to neutral from buy, citing valuation. The firm does not believe that PG’s market share is likely to rise going forward.</p><p><b>Nike (NKE)</b></p><p><b>Nike</b>(NYSE:<b><u>NKE</u></b>) is one of the top Dow stocks to sell.  With consumers spending much more money on experiences, they have less money left over to spend on Nike’s rather expensive footwear. Adding to Nike’s woes, the company relies on China for a significant amount of its revenue. In its fiscal first quarter, Nike’ssales rose only3.6% year-over-year. Given the high-inflation environment, that’s not an impressive increase. Meanwhile, the company’s gross margin sank 2.2 percentage points YOY to 44.3%.</p><p>And perhaps most importantly, the footwear maker’s inventories soared 44% YOY. While the company blamed the increase on “supply chain” issues, I would not be surprised if weaker-than-expected demand also actually played a significant role in the inventory jump.</p><p>Expressing caution on NKE stock on Oct. 11, <b>Bank of</b> <b>America</b> (NYSE:<b><u>BAC</u></b>)wrote, “We would like to see progress on clearing through the excess inventory and have better visibility on China demand before turning more constructive on the name.” The firm kept a neutral rating on NKE stock.</p></body></html>","source":"investorplace","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>7 Dow Stocks to Sell Before They Tumble</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n7 Dow Stocks to Sell Before They Tumble\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-26 11:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/10/7-dow-stocks-to-sell-before-they-tumble/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Here are seven Dow stocks to sell to avoid getting hurt by negative trends.Apple(AAPL):  AAPL is likely to be undermined by weak demand for iPhones.Travelers(TRV): Climate change is making TRV much ...</p>\n\n<a href=\"https://investorplace.com/2022/10/7-dow-stocks-to-sell-before-they-tumble/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","PG":"宝洁","DIS":"迪士尼","CVX":"雪佛龙","HD":"家得宝","TRV":"旅行者财产险集团","NKE":"耐克","MMM":"3M"},"source_url":"https://investorplace.com/2022/10/7-dow-stocks-to-sell-before-they-tumble/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112617869","content_text":"Here are seven Dow stocks to sell to avoid getting hurt by negative trends.Apple(AAPL):  AAPL is likely to be undermined by weak demand for iPhones.Travelers(TRV): Climate change is making TRV much more risky than it used to be.Chevron(CVX): The appeal of CVX and its peers has been lowered by governments’ actions.3M(MMM): MMM reported weak Q3 results and is being threatened by hundreds of thousands of lawsuits.Home Depot(HD): The housing downturn is likely to significantly hurt HD.Disney(DIS): DIS continues to be undermined by cord cutting.Procter & Gamble(PG): The valuation of PG stock is unattractive.Nike(NKE): Post-pandemic trends and a big inventory buildup are among the negative catalysts for NKE stock.As anyone who reads my columns regularly knows, I’m generally upbeat on stocks. That’s because I believe that inflation has peaked, the Federal Reserve is poised to become much more dovish.  In addition, the Street has, for some time, underestimated the importance of the exceptionally strong employment market. However, I believe that there are some good Dow stocks to sell at this point.That’s because, in this stock picker’s market, there are several sectors that investors should definitely avoid. For example, with consumers being hurt by inflation and many still spending much more money on experiences than products, companies that specialize in selling fairly expensive products may struggle. While that trend should reverse at some point in the medium term, given the negative commentary of a number of companies that specialize in selling goods and poor macro manufacturing data, it appears to have been stickier than I previously believed.That’s particularly true for firms whose products are relatively expensive but rely on attracting lower-middle-class and working class-consumers.Oil companies may also be hurt by governments actions, while insurers could struggle due to the destruction wrought by Hurricane Ian, for example.With all of that in mind, here are seven good Dow stocks to sell.Apple (AAPL)There’s now clear evidence that Apple(NASDAQ:AAPL) is getting being hurt by a goods-to-services shift. According to a recent report, weak demand for the iPhone 14 has caused the hardware giant to lower the “production of iPhone 14 Plus and is increasing the output of the more expensive iPhone 14 Pro.”Also expressing caution about Apple onCNBCwas investor Brenda Vingiello, who warned that the company could be hit by waning consumer demand for PCs and smartphones in the wake of the pandemic. Additionally, she noted that AAPL gets 60% of its revenue from outside of the U.S. Some of those overseas markets, especially China and Europe, have problems that are much worse than those of America. Additionally, the U.S. dollar’s strength is likely to negatively impact Apple’s overseas profits.Despite these issues, the price-earnings ratio of AAPL stock remains fairly elevated at 23.4. That’s fairly high for a company whose revenues are growing relatively slowly; on average, analysts expect the firm’s revenues to increase 4.8% to $412 billion in 2023, up from $393 billion this year.Travelers Companies (TRV)Travelers Companies’(NYSE:TRV) third-quarter results, reported on Oct. 19, were uninspiring, thanks to Hurricane Ian. Specifically, its net income sank to $454 million versus $662 million during the same period in 2021. Additionally, its top line increased just 6%. On a positive note, its revenue from its “net written premiums” climbed 10% year over year. Still, Ian caused the firm’s “catastrophe costs” to jump 11% year over year to “$512 million pretax, net of reinsurance, from the year-earlier period,” The Wall Street Journal’s Leslie Scism reported.Ian could have been much worse for Travelers, but TRV and other companies had decided to offer relatively few homeowners’ insurance policies in the hurricane-prone state. However, with climate change causing the damage and frequency of storms to increase a great deal, the next extremely ruinous hurricane, flood, or tornado could occur in a highly populated state to which Travelers is much more exposed. Such an event, in turn, could cause TRV stock to sink meaningfully. Consequently, I urge investors to sell TRV and its peers.Chevron (CVX)Many haven’t realized it yet, but the world recently changed for Chevron(NYSE:CVX) and its peers in the oil and gas sector. Specifically, Western governments are no longer sitting on their hands as oil and gas prices soar; instead, these governments are realizing that they can take actions that stymie price jumps caused by the “animal spirits” of profit-hungry traders.In the U.S., the Biden Administration’s releases from the U.S.Strategic Petroleum Reserve (SPR)have caused oil prices to sink. Meanwhile, the EU’s actions have caused European natural gas prices to tumble to around prewar levels. Once investors internalize the idea that Washington and Europe are determined to prevent oil and gas prices from soaring, their appetite for CVX stock is likely to take a big hit.Also worth noting is that 30leftist members of Congress recently signed a letter to President Joe Biden calling on him to work harder to end the war in Ukraine. If pressure ramps up on the administration and on European governments to end the war, the fighting could indeed stop sooner rather than later, causing oil and gas prices to sink and meaningfully pushing down CVX stock.3M (MMM)3M(NYSE:MMM) just reported weak third-quarter results. Meanwhile, the company is facing a number of lawsuits that could significantly undermine its financial position. It’s another one of the top Dow stocks to sell.3M’s sales dropped 4% year-over-year to $8.6 billion, while its operating cash flow tumbled 18% year over year. Additionally, 3M cut its 2022 sales guidance, and now expects its revenue to fall 3% to 3.5% this year, as compared to its previous outlook for a 0.5%-2.5% decline. The conglomerate anticipates that its sales, excluding acquisitions, will climb 1.5% to 2% this year. But given the current, high-inflation environment, that’s a very unimpressive increase indeed.Meanwhile, over 230,000lawsuits have been filed against 3M for its allegedly damaging earplugs. Partially because of the legal issue, Bank of America(NYSE:BAC) recently reiterated its “underperform” rating on the shares.On Aug. 29, Morgan Stanley (NYSE:MS) analyst Joshua Pokrzywinski estimated that 3M’sliability for the earplugs could reach $14 billion with potential for something higher. The analyst kept an “underweight” rating on the shares. As of the end of last quarter, 3M has $3 billion of cash and $17.2 billion of debt, so $14 billion of liability would indeed greatly undermine its financial position at best and make its viability going forward uncertain at worst.The firm is trying to spin off its healthcare unit, likely in order to prevent the parent company from being hurt by the lawsuits. However, the move has been challenged in court.Home Depot (HD)The tremendous slowdown in the housing sector, along with the goods-to-services spending shift, isn’t great news for Home Depot(NYSE:HD). It’s another one of the top Dow stocks to sell.In September, U.S. existing home sales fell 1.5% versusAugust and tumbled 24% year-over-year.“Three out of the four major U.S. regions notched month-over-month sales contractions, while the West held steady. On a year-over-year basis, sales dropped in all regions,” theNational Association of Realtors reported. The continuing housing slump is bad news for Home Depot, as consumers tend to spend a great deal of money to improve the homes into which they move.Further, as consumers spend more money on experiences, they’ll have less to spend on upgrading their homes. Much like Apple, Home Depot benefited a great deal from spending patterns during the pandemic. Now that those patterns have reversed, HD’s financial results are likely to sink. Also boding badly for HD stock, research firm Evercore recently lowered its rating on Home Depot’s competitor, Lowe’s(NYSE:LOW) to in-line from outperform.“Our downgrade is based on the view that slower [home improvement] demand and disinflation could push comps lower in 2023, making margin gains muted,” the firm explained. While Evercore said it was more bullish on HD stock, I still think that the firm’s assessment of Lowe’s indicates that investors should not expect good news anytime soon from Home Depot.Disney (DIS)I’ve been bearish on Disney(NYSE:DIS) stock for a few years, citing the negative impacts of the cord-cutting trend. The Street finally realized the truth of these points, causing DIS stock to tumble 34% so far this year.   But with those trends continuing and DISstill trading at a relatively high forward price-earnings ratio of 19, the shares are likely to decline much further going forward. It’s another one of the top Dow stocks to sell.Ominously for Disney, Wells Fargo(NYSE:WFC)predicted in Aug. that cord cutting would continue to be “elevated given all the content shifting to streaming, and consumers looking to trim their subscriptions due to macro and/or subscription fatigue,” In Q2, the number of consumers paying traditional TV bills fell “5.2% year-over-year,” the firm noted, worse than the 3.7% decline in Q1.For 2022, 2023, and 2024, Wellsexpects the metric to sink 5.8%, 6.7%, and 6.9%, respectively.Procter & Gamble (PG)Procter & Gamble(NYSE:PG) stock has a rather high price-earnings ratioof 22. That’s because many investors are predicting that the economy will nosedive over the next year and see PG as a safe haven. But, as I’ve stated in the past, I believe that the strong employment trend, along with America’s first manufacturing boom in many decades, will prevent the economy from meaningfully sinking.If I’m correct (and so far I have been), then the valuation multiples of PG stock are likely to sink tremendously going forward. Further reducing the attractiveness of PG, its profitability actually fell last quarter, as its operating income dropped to $4.93 billion from $5.02 billion during the same period a year earlier. And in its fiscal 2022, its OI declined to $18.6 billion from $18.7 billion during the prior year.On Oct. 10, Goldman Sachs(NYSE:GS) downgraded the PG stock to neutral from buy, citing valuation. The firm does not believe that PG’s market share is likely to rise going forward.Nike (NKE)Nike(NYSE:NKE) is one of the top Dow stocks to sell.  With consumers spending much more money on experiences, they have less money left over to spend on Nike’s rather expensive footwear. Adding to Nike’s woes, the company relies on China for a significant amount of its revenue. In its fiscal first quarter, Nike’ssales rose only3.6% year-over-year. Given the high-inflation environment, that’s not an impressive increase. Meanwhile, the company’s gross margin sank 2.2 percentage points YOY to 44.3%.And perhaps most importantly, the footwear maker’s inventories soared 44% YOY. While the company blamed the increase on “supply chain” issues, I would not be surprised if weaker-than-expected demand also actually played a significant role in the inventory jump.Expressing caution on NKE stock on Oct. 11, Bank of America (NYSE:BAC)wrote, “We would like to see progress on clearing through the excess inventory and have better visibility on China demand before turning more constructive on the name.” The firm kept a neutral rating on NKE stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9980070895,"gmtCreate":1665621658617,"gmtModify":1676537636780,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9980070895","repostId":"2275566046","repostType":4,"repost":{"id":"2275566046","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1665614340,"share":"https://ttm.financial/m/news/2275566046?lang=&edition=fundamental","pubTime":"2022-10-13 06:39","market":"us","language":"en","title":"US STOCKS-Wall St Ends Volatile Day Lower After Fed Minutes, PPI","url":"https://stock-news.laohu8.com/highlight/detail?id=2275566046","media":"Reuters","summary":"* U.S. producer prices rise more than expected in September* Consumer price data due Thursday* Index","content":"<html><head></head><body><p>* U.S. producer prices rise more than expected in September</p><p>* Consumer price data due Thursday</p><p>* Indexes: Dow down 0.1%, S&amp;P 500 down 0.3%, Nasdaq down 0.1%</p><p>NEW YORK, Oct 12 (Reuters) - U.S. stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance.</p><p>The September meeting minutes also showed many Fed officials stressed the cost of not doing enough to bring down inflation.</p><p>Recent market weakness has been tied in part to increasing fears among investors that aggressive rate hikes by the Fed could tip the world&#39;s largest economy into a recession.</p><p>Rate-sensitive utilities were down 3.4% while real estate fell 1.4%. They led percentage declines among S&amp;P sectors for the day.</p><p>Fed officials in the recent speeches have come out &#34;in unison regarding the Fed&#39;s commitment toward curtailing inflation and staying the course,&#34; said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.</p><p>&#34;There&#39;s an understanding now the Fed is going to keep going. The question for the market is where is the transition from 75 basis points to 50 and 25. That is what the market is focused on I think.&#34;</p><p>At the September meeting, Fed officials raised interest rates by three-quarters of a percentage point for the third straight time in an effort to drive inflation down from 40-year highs.</p><p>The market bounced around just after the open, with data earlier showing a surprise rise in September producer prices. The Labor Department&#39;s producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. Still, the reading was lower than an 8.7% increase in August.</p><p>The Dow Jones Industrial Average fell 28.34 points, or 0.1%, to 29,210.85, the S&amp;P 500 lost 11.81 points, or 0.33%, to 3,577.03 and the Nasdaq Composite dropped 9.09 points, or 0.09%, to 10,417.10.</p><p>Thursday&#39;s report on U.S. consumer prices is considered even more key and has been anxiously awaited by investors, along with the start of third-quarter U.S. earnings, which kick off with results from some of the big U.S. banks on Friday.</p><p>The S&amp;P 500 financial index ended down 0.3%.</p><p>Among gainers, PepsiCo Inc rose 4.2% after the soft-drinks maker raised its annual revenue and profit forecasts on firm demand for its sodas and snacks despite multiple price increases.</p><p>Alcoa Corp jumped 5.3%. The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow&#39;s military escalation in Ukraine, a person briefed on the conversations told Reuters.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.64-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted no new 52-week highs and 78 new lows; the Nasdaq Composite recorded 20 new highs and 433 new lows.</p><p>Volume on U.S. exchanges was 10.01 billion shares, compared with the 11.68 billion average for the full session over the last 20 trading days.</p><p><img src=\"https://static.tigerbbs.com/ee931f83d91ff70a9be72012d9185e74\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall St Ends Volatile Day Lower After Fed Minutes, PPI</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall St Ends Volatile Day Lower After Fed Minutes, PPI\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-10-13 06:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* U.S. producer prices rise more than expected in September</p><p>* Consumer price data due Thursday</p><p>* Indexes: Dow down 0.1%, S&amp;P 500 down 0.3%, Nasdaq down 0.1%</p><p>NEW YORK, Oct 12 (Reuters) - U.S. stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance.</p><p>The September meeting minutes also showed many Fed officials stressed the cost of not doing enough to bring down inflation.</p><p>Recent market weakness has been tied in part to increasing fears among investors that aggressive rate hikes by the Fed could tip the world&#39;s largest economy into a recession.</p><p>Rate-sensitive utilities were down 3.4% while real estate fell 1.4%. They led percentage declines among S&amp;P sectors for the day.</p><p>Fed officials in the recent speeches have come out &#34;in unison regarding the Fed&#39;s commitment toward curtailing inflation and staying the course,&#34; said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.</p><p>&#34;There&#39;s an understanding now the Fed is going to keep going. The question for the market is where is the transition from 75 basis points to 50 and 25. That is what the market is focused on I think.&#34;</p><p>At the September meeting, Fed officials raised interest rates by three-quarters of a percentage point for the third straight time in an effort to drive inflation down from 40-year highs.</p><p>The market bounced around just after the open, with data earlier showing a surprise rise in September producer prices. The Labor Department&#39;s producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. Still, the reading was lower than an 8.7% increase in August.</p><p>The Dow Jones Industrial Average fell 28.34 points, or 0.1%, to 29,210.85, the S&amp;P 500 lost 11.81 points, or 0.33%, to 3,577.03 and the Nasdaq Composite dropped 9.09 points, or 0.09%, to 10,417.10.</p><p>Thursday&#39;s report on U.S. consumer prices is considered even more key and has been anxiously awaited by investors, along with the start of third-quarter U.S. earnings, which kick off with results from some of the big U.S. banks on Friday.</p><p>The S&amp;P 500 financial index ended down 0.3%.</p><p>Among gainers, PepsiCo Inc rose 4.2% after the soft-drinks maker raised its annual revenue and profit forecasts on firm demand for its sodas and snacks despite multiple price increases.</p><p>Alcoa Corp jumped 5.3%. The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow&#39;s military escalation in Ukraine, a person briefed on the conversations told Reuters.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.64-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted no new 52-week highs and 78 new lows; the Nasdaq Composite recorded 20 new highs and 433 new lows.</p><p>Volume on U.S. exchanges was 10.01 billion shares, compared with the 11.68 billion average for the full session over the last 20 trading days.</p><p><img src=\"https://static.tigerbbs.com/ee931f83d91ff70a9be72012d9185e74\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","PEP":"百事可乐",".SPX":"S&P 500 Index","AA":"美国铝业",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2275566046","content_text":"* U.S. producer prices rise more than expected in September* Consumer price data due Thursday* Indexes: Dow down 0.1%, S&P 500 down 0.3%, Nasdaq down 0.1%NEW YORK, Oct 12 (Reuters) - U.S. stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance.The September meeting minutes also showed many Fed officials stressed the cost of not doing enough to bring down inflation.Recent market weakness has been tied in part to increasing fears among investors that aggressive rate hikes by the Fed could tip the world's largest economy into a recession.Rate-sensitive utilities were down 3.4% while real estate fell 1.4%. They led percentage declines among S&P sectors for the day.Fed officials in the recent speeches have come out \"in unison regarding the Fed's commitment toward curtailing inflation and staying the course,\" said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.\"There's an understanding now the Fed is going to keep going. The question for the market is where is the transition from 75 basis points to 50 and 25. That is what the market is focused on I think.\"At the September meeting, Fed officials raised interest rates by three-quarters of a percentage point for the third straight time in an effort to drive inflation down from 40-year highs.The market bounced around just after the open, with data earlier showing a surprise rise in September producer prices. The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. Still, the reading was lower than an 8.7% increase in August.The Dow Jones Industrial Average fell 28.34 points, or 0.1%, to 29,210.85, the S&P 500 lost 11.81 points, or 0.33%, to 3,577.03 and the Nasdaq Composite dropped 9.09 points, or 0.09%, to 10,417.10.Thursday's report on U.S. consumer prices is considered even more key and has been anxiously awaited by investors, along with the start of third-quarter U.S. earnings, which kick off with results from some of the big U.S. banks on Friday.The S&P 500 financial index ended down 0.3%.Among gainers, PepsiCo Inc rose 4.2% after the soft-drinks maker raised its annual revenue and profit forecasts on firm demand for its sodas and snacks despite multiple price increases.Alcoa Corp jumped 5.3%. The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a person briefed on the conversations told Reuters.Declining issues outnumbered advancing ones on the NYSE by a 1.64-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored decliners.The S&P 500 posted no new 52-week highs and 78 new lows; the Nasdaq Composite recorded 20 new highs and 433 new lows.Volume on U.S. exchanges was 10.01 billion shares, compared with the 11.68 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":30,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9914700244,"gmtCreate":1665362298488,"gmtModify":1676537591464,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9914700244","repostId":"2274458895","repostType":4,"repost":{"id":"2274458895","pubTimestamp":1665355533,"share":"https://ttm.financial/m/news/2274458895?lang=&edition=fundamental","pubTime":"2022-10-10 06:45","market":"us","language":"en","title":"CPI Sets the Stage for Fed's November Hike, Banks Report for Q3: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2274458895","media":"Yahoo Finance","summary":"An already strained U.S. stock market will be further challenged in the week ahead as the government publishes a key inflation report and megabanks kick off what’slikely to be a murky earnings season.","content":"<html><head></head><body><p>An already strained U.S. stock market will be further challenged in the week ahead as the government publishes a key inflation report and megabanks kick off what’s likely to be a murky earnings season.</p><p>The highly-awaited Consumer Price Index (CPI) takes top billing in coming days, with third-quarter financials from the country’s largest banks – JPMorgan (JPM), Citi (C), and Wells Fargo (WFC) – following suit in the line of importance.</p><p><img src=\"https://static.tigerbbs.com/0f0f37bbff5251cf5a672004561faeef\" tg-width=\"2044\" tg-height=\"1448\" width=\"100%\" height=\"auto\"/></p><p>A fresh CPI reading on Thursday is expected to dictate how much more aggressive the Federal Reserve will get with its interest rate hiking plans, which are already the most combative in decades. The consequential economic release will hold even greater significance after the Labor Department’s September jobs report on Friday suggested officials have further room for increases.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/541f2357db95a28c89672d947882d8dd\" tg-width=\"960\" tg-height=\"589\" referrerpolicy=\"no-referrer\"/><span>JPMorgan President and CEO Jamie Dimon testifies on Capitol Hill in Washington, U.S., September 22, 2022. (REUTERS/Evelyn Hockstein)</span></p><p>The U.S. economy added 263,000 jobs last month, a moderation from the prior print but still a robust hiring figure, as the unemployment rate fell to 3.5%. The weaker-than-expected decline in payroll gains dashed investor hopes that FOMC members might shift away from monetary tightening sooner than anticipated.</p><p>That reality sent stocks spiraling on Friday. The S&amp;P 500 (^GSPC) plunged 2.8%, the Dow Jones Industrial Average (^DJI) shed 630 points, and the Nasdaq Composite (^IXIC) led the way down at a decline of 3.8%. The major averages managed to end higher for the week after three straight down weeks after retaining some gains from a transient rally the first two trading days of October.</p><p><img src=\"https://static.tigerbbs.com/d03327c522e4f944485e66952e5c24a2\" tg-width=\"1016\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/></p><p>“Persistent strength in hiring and a drop in the unemployment rate, in our view, mean the Fed is unlikely to pivot in the direction of a slower pace of rate hikes until it has more clear evidence that employment growth is slowing,” analysts at Bank of America said in a note on Friday, adding that the institution expects a fourth 75-basis-point rate increase in November.</p><p>And this week’s inflation reading could corroborate such a move next month. According to Bloomberg forecasts, the headline consumer price index for September is expected to show a slight moderation on a year-over-year figure to 8.1% from 8.3% in August, but an increase to 0.2% from 0.1% over the month.</p><p>All eyes will be on the “core” component of the report, which strips out the volatile food and energy categories. Economists surveyed by Bloomberg project core CPI rose to 6.5% from 6.3% over the year but moderated to 0.4% monthly from 0.6% in August.</p><p>Marginal fluctuations in the data have not been reassuring enough to Federal Reserve members that they can step away from intervening any time soon. Speaking at an event in New York last week, Federal Reserve Bank of San Francisco President Mary Daly called inflation a “corrosive disease,”and a “toxin that erodes the real purchasing power of people.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a183e6937eab492d9c263c10c4650349\" tg-width=\"960\" tg-height=\"671\" referrerpolicy=\"no-referrer\"/><span>A sign for the Federal Reserve Board of Governors is seen at the entrance to the William McChesney Martin Jr. building ahead of a news conference by Federal Reserve Board Chairman Jerome Powell on interest rate policy, in Washington, U.S., September 21, 2022. REUTERS/Kevin Lamarque</span></p><p>Elsewhere in economic releases, investors will also get a gauge of how quickly prices are rising at the wholesale level with the producer price index, or PPI, which measures the change in the prices paid to U.S. producers of goods and services; a reading on how consumer spending is faring amid persistent inflation and slowing economic conditions with the government’s retail sales report; and a consumer sentiment check from the University of Michigan closely watched survey.</p><p>Meanwhile, bank earnings will set the stage for a third-quarter earnings season expected to be ridden with economic warnings from corporate executives about the state of their businesses, slashed earnings per share estimates across Wall Street, and generally milder results as price and rate pressures weighed on companies in the recent three-month period.</p><p>Results from JPMorgan, Citigroup, Wells Fargo, and Morgan Stanley are all on tap for the coming week and will be followed by Goldman Sachs (GS) and Bank of America (BAC) the following week.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5088c955861b1fd864d4c07b311fec8a\" tg-width=\"960\" tg-height=\"616\" referrerpolicy=\"no-referrer\"/><span>Chief executives of the country&#39;s largest banks are sworn-in at the start of a Senate Banking, Housing, and Urban Affairs hearing on &#34;Annual Oversight of the Nation&#39;s Largest Banks&#34;, on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn Hockstein</span></p><p>Banks typically benefit from central bank policy tightening, with higher interest rates boosting their net interest income (the bank’s earnings on its lending activities and interest it pays to depositors) and net interest margins (calculated by dividing net interest income by the average income earned from interest-producing assets.) However, challenging market conditions that have dealt a blow to dealmaking activity and general macroeconomic uncertainty are poised to offset higher net interest income.</p><p>Analysts at Bank of America project earnings growth to slow across banks and brokers to 2.0% year-over-year in the third quarter from 5.9% in the second and 7.7% in the third, per bottom-up consensus estimates, per a recent note.</p><p>However, that drop pales in comparison to expectations for sectors outside of financials — with the exception of the energy sector — according to BofA. Earnings growth in those areas “is expected to dip well into the negative territory,” the bank warned in a note, with expectations for growth of -4.2% year-over-year in the third quarter, down from -1.3% in the second quarter.</p><p>—</p><p><b>Economic Calendar</b></p><p><b>Monday:</b> <i>No notable reports scheduled for release.</i></p><p><b>Tuesday:</b> <b><i>NFIB Small Business Optimism</i></b>, September (91.8 expected, 91.8 during prior month); <b><i>Monthly Budget Statement</i></b>, September (-$219.6 billion)</p><p><b>Wednesday</b>: <b><i>MBA Mortgage Applications</i></b>, week ended Oct. 7 (-14.2% during prior week); <b><i>PPI excluding food and energy</i></b>, year-over-year, September (7.3% expected, 7.3% during prior month); <b><i>PPI final demand</i></b>, month-over-month, September (0.2% expected, -0.1% during prior month);<b><i>PPI excluding food and energy</i></b>, month-over-month, September (0.3% expected, 0.4% during prior month); <b><i>PPI excluding food, energy, and trade</i></b>, month-over-month, September (0.2% expected, 0.2% during prior month); <b><i>PPI final demand</i></b>, year-over-year, September (8.4% expected, 8.7% during prior month); <b><i>PPI excluding food, energy, and trade</i></b>, year-over-year, September (5.6% during prior month); <b><i>FOMC Meeting Minutes</i></b>, September 21</p><p><b>Thursday:</b> <b><i>Consumer Price Index</i></b>, month-over-month, September (0.2% expected, 0.1% during prior month); <b><i>CPI excluding food and energy</i></b>, month-over-month, September (0.4% expected, 0.6% during prior month); <b><i>Consumer Price Index</i></b>, year-over-year, September (8.1% expected, 8.3% during prior month); <b><i>CPI excluding food and energy</i></b>, year-over-year, September (6.5% expected, 6.3% during prior month); <b><i>CPI Index NSA</i></b>, September (296.417 expected, 296.171 during prior month); <b><i>CPI Core Index SA</i></b>, September (296.950 during prior month); <b><i>Initial jobless claims</i></b>, week ended Oct. 8 (225,000 expected, 219,000 during prior week); <b><i>Continuing claims</i></b>, week ended Oct.1 (1.361 during prior week); <b><i>Real Average Weekly Earnings</i></b>, year-over-year, September (-3.4% during prior month)</p><p><b>Friday:</b><b><i>Retail Sales Advance</i></b>, month-over-month, September (0.2% expected, 0.3% during prior month); <b><i>Retail Sales excluding autos</i></b>, month-over-month, September (-0.1% expected, -0.3% during prior month); <b><i>Retail Sales excluding autos and gas</i></b>, month-over-month, September (0.3% during prior month); <b><i>Retail Sales Control Group</i></b>, September (0.0% during prior month); <b><i>Import Price Index</i></b>, month-over-month, September (-1.1% expected, -1.0% during prior month); <b><i>Import Price Index excluding petroleum</i></b>, month-over-month, September (-0.2% during prior month);<b><i>Import Price Index</i></b>, year-over-year, September (7.8% during prior month); <b><i>Export Price Index</i></b>, month-over-month, September (-1.2% expected, -1.6% during prior month); <b><i>Export Price Index</i></b>, year-over-year, September (10.8% during prior month); <b><i>Bloomberg Oct. United States Economic Survey</i></b>; <b><i>Business Inventories</i></b>, August (0.9% expected, 0.6% during prior reading); <b><i>University of Michigan Consumer Sentiment</i></b>, October preliminary (58.8 expected, 58.6 during prior month)</p><p>—</p><p><b>Earnings Calendar</b></p><p><b>Monday:</b> <i>No notable reports scheduled for release.</i></p><p><b>Tuesday:</b> <b><i>AZZ</i></b>(AZZ), <b><i>Pinnacle Financial Partners</i></b>(PNFP)</p><p><b>Wednesday:</b> <b><i>PepsiCo</i></b>(PEP), <b><i>Duck Creek Technologies</i></b>(DCT)</p><p><b>Thursday:</b> <b><i>BlackRock</i></b>(BLK), <b><i>Delta Air Lines</i></b>(DAL), <b><i>Progressive</i></b>(PGR), <b><i>Walgreens Boots Alliance</i></b>(WBA), <b><i>Commercial Metals</i></b>(CMC), <b><i>Taiwan Semiconductor</i></b>(TSM)</p><p><b>Friday:</b> <b><i>JPMorgan</i></b>(JPM), <b><i>Citigroup</i></b>(C), <b><i>Morgan Stanley</i></b>(MS), <b><i>PNC</i></b>(PNC), <b><i>U.S. Bancorp</i></b>(USB), <b><i>UnitedHealth</i></b>(UNH), <b><i>Wells Fargo</i></b>(WFC)</p><p><img src=\"https://static.tigerbbs.com/ab39c81b03db8f153d4fd3ab9b19d463\" tg-width=\"1080\" tg-height=\"1920\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CPI Sets the Stage for Fed's November Hike, Banks Report for Q3: What to Know This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCPI Sets the Stage for Fed's November Hike, Banks Report for Q3: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-10 06:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stock-market-week-ahead-september-cpi-bank-earnings-195249849.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>An already strained U.S. stock market will be further challenged in the week ahead as the government publishes a key inflation report and megabanks kick off what’s likely to be a murky earnings season...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-market-week-ahead-september-cpi-bank-earnings-195249849.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通",".IXIC":"NASDAQ Composite","MS":"摩根士丹利",".DJI":"道琼斯","PNC":"PNC金融","BLK":"贝莱德",".SPX":"S&P 500 Index","UNH":"联合健康","WBA":"沃尔格林联合博姿","PEP":"百事可乐","C":"花旗","WFC":"富国银行","TSM":"台积电","DAL":"达美航空"},"source_url":"https://finance.yahoo.com/news/stock-market-week-ahead-september-cpi-bank-earnings-195249849.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2274458895","content_text":"An already strained U.S. stock market will be further challenged in the week ahead as the government publishes a key inflation report and megabanks kick off what’s likely to be a murky earnings season.The highly-awaited Consumer Price Index (CPI) takes top billing in coming days, with third-quarter financials from the country’s largest banks – JPMorgan (JPM), Citi (C), and Wells Fargo (WFC) – following suit in the line of importance.A fresh CPI reading on Thursday is expected to dictate how much more aggressive the Federal Reserve will get with its interest rate hiking plans, which are already the most combative in decades. The consequential economic release will hold even greater significance after the Labor Department’s September jobs report on Friday suggested officials have further room for increases.JPMorgan President and CEO Jamie Dimon testifies on Capitol Hill in Washington, U.S., September 22, 2022. (REUTERS/Evelyn Hockstein)The U.S. economy added 263,000 jobs last month, a moderation from the prior print but still a robust hiring figure, as the unemployment rate fell to 3.5%. The weaker-than-expected decline in payroll gains dashed investor hopes that FOMC members might shift away from monetary tightening sooner than anticipated.That reality sent stocks spiraling on Friday. The S&P 500 (^GSPC) plunged 2.8%, the Dow Jones Industrial Average (^DJI) shed 630 points, and the Nasdaq Composite (^IXIC) led the way down at a decline of 3.8%. The major averages managed to end higher for the week after three straight down weeks after retaining some gains from a transient rally the first two trading days of October.“Persistent strength in hiring and a drop in the unemployment rate, in our view, mean the Fed is unlikely to pivot in the direction of a slower pace of rate hikes until it has more clear evidence that employment growth is slowing,” analysts at Bank of America said in a note on Friday, adding that the institution expects a fourth 75-basis-point rate increase in November.And this week’s inflation reading could corroborate such a move next month. According to Bloomberg forecasts, the headline consumer price index for September is expected to show a slight moderation on a year-over-year figure to 8.1% from 8.3% in August, but an increase to 0.2% from 0.1% over the month.All eyes will be on the “core” component of the report, which strips out the volatile food and energy categories. Economists surveyed by Bloomberg project core CPI rose to 6.5% from 6.3% over the year but moderated to 0.4% monthly from 0.6% in August.Marginal fluctuations in the data have not been reassuring enough to Federal Reserve members that they can step away from intervening any time soon. Speaking at an event in New York last week, Federal Reserve Bank of San Francisco President Mary Daly called inflation a “corrosive disease,”and a “toxin that erodes the real purchasing power of people.”A sign for the Federal Reserve Board of Governors is seen at the entrance to the William McChesney Martin Jr. building ahead of a news conference by Federal Reserve Board Chairman Jerome Powell on interest rate policy, in Washington, U.S., September 21, 2022. REUTERS/Kevin LamarqueElsewhere in economic releases, investors will also get a gauge of how quickly prices are rising at the wholesale level with the producer price index, or PPI, which measures the change in the prices paid to U.S. producers of goods and services; a reading on how consumer spending is faring amid persistent inflation and slowing economic conditions with the government’s retail sales report; and a consumer sentiment check from the University of Michigan closely watched survey.Meanwhile, bank earnings will set the stage for a third-quarter earnings season expected to be ridden with economic warnings from corporate executives about the state of their businesses, slashed earnings per share estimates across Wall Street, and generally milder results as price and rate pressures weighed on companies in the recent three-month period.Results from JPMorgan, Citigroup, Wells Fargo, and Morgan Stanley are all on tap for the coming week and will be followed by Goldman Sachs (GS) and Bank of America (BAC) the following week.Chief executives of the country's largest banks are sworn-in at the start of a Senate Banking, Housing, and Urban Affairs hearing on \"Annual Oversight of the Nation's Largest Banks\", on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn HocksteinBanks typically benefit from central bank policy tightening, with higher interest rates boosting their net interest income (the bank’s earnings on its lending activities and interest it pays to depositors) and net interest margins (calculated by dividing net interest income by the average income earned from interest-producing assets.) However, challenging market conditions that have dealt a blow to dealmaking activity and general macroeconomic uncertainty are poised to offset higher net interest income.Analysts at Bank of America project earnings growth to slow across banks and brokers to 2.0% year-over-year in the third quarter from 5.9% in the second and 7.7% in the third, per bottom-up consensus estimates, per a recent note.However, that drop pales in comparison to expectations for sectors outside of financials — with the exception of the energy sector — according to BofA. Earnings growth in those areas “is expected to dip well into the negative territory,” the bank warned in a note, with expectations for growth of -4.2% year-over-year in the third quarter, down from -1.3% in the second quarter.—Economic CalendarMonday: No notable reports scheduled for release.Tuesday: NFIB Small Business Optimism, September (91.8 expected, 91.8 during prior month); Monthly Budget Statement, September (-$219.6 billion)Wednesday: MBA Mortgage Applications, week ended Oct. 7 (-14.2% during prior week); PPI excluding food and energy, year-over-year, September (7.3% expected, 7.3% during prior month); PPI final demand, month-over-month, September (0.2% expected, -0.1% during prior month);PPI excluding food and energy, month-over-month, September (0.3% expected, 0.4% during prior month); PPI excluding food, energy, and trade, month-over-month, September (0.2% expected, 0.2% during prior month); PPI final demand, year-over-year, September (8.4% expected, 8.7% during prior month); PPI excluding food, energy, and trade, year-over-year, September (5.6% during prior month); FOMC Meeting Minutes, September 21Thursday: Consumer Price Index, month-over-month, September (0.2% expected, 0.1% during prior month); CPI excluding food and energy, month-over-month, September (0.4% expected, 0.6% during prior month); Consumer Price Index, year-over-year, September (8.1% expected, 8.3% during prior month); CPI excluding food and energy, year-over-year, September (6.5% expected, 6.3% during prior month); CPI Index NSA, September (296.417 expected, 296.171 during prior month); CPI Core Index SA, September (296.950 during prior month); Initial jobless claims, week ended Oct. 8 (225,000 expected, 219,000 during prior week); Continuing claims, week ended Oct.1 (1.361 during prior week); Real Average Weekly Earnings, year-over-year, September (-3.4% during prior month)Friday:Retail Sales Advance, month-over-month, September (0.2% expected, 0.3% during prior month); Retail Sales excluding autos, month-over-month, September (-0.1% expected, -0.3% during prior month); Retail Sales excluding autos and gas, month-over-month, September (0.3% during prior month); Retail Sales Control Group, September (0.0% during prior month); Import Price Index, month-over-month, September (-1.1% expected, -1.0% during prior month); Import Price Index excluding petroleum, month-over-month, September (-0.2% during prior month);Import Price Index, year-over-year, September (7.8% during prior month); Export Price Index, month-over-month, September (-1.2% expected, -1.6% during prior month); Export Price Index, year-over-year, September (10.8% during prior month); Bloomberg Oct. United States Economic Survey; Business Inventories, August (0.9% expected, 0.6% during prior reading); University of Michigan Consumer Sentiment, October preliminary (58.8 expected, 58.6 during prior month)—Earnings CalendarMonday: No notable reports scheduled for release.Tuesday: AZZ(AZZ), Pinnacle Financial Partners(PNFP)Wednesday: PepsiCo(PEP), Duck Creek Technologies(DCT)Thursday: BlackRock(BLK), Delta Air Lines(DAL), Progressive(PGR), Walgreens Boots Alliance(WBA), Commercial Metals(CMC), Taiwan Semiconductor(TSM)Friday: JPMorgan(JPM), Citigroup(C), Morgan Stanley(MS), PNC(PNC), U.S. Bancorp(USB), UnitedHealth(UNH), Wells Fargo(WFC)","news_type":1},"isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910969029,"gmtCreate":1663548047061,"gmtModify":1676537287068,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9910969029","repostId":"1136811023","repostType":4,"repost":{"id":"1136811023","pubTimestamp":1663542845,"share":"https://ttm.financial/m/news/1136811023?lang=&edition=fundamental","pubTime":"2022-09-19 07:14","market":"us","language":"en","title":"All Eyes on Another Sizable Rate Hike From the Fed: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1136811023","media":"Yahoo Finance","summary":"Markets face another hefty interest rate hike in the week ahead as policymakers continue their fight","content":"<html><head></head><body><p>Markets face another hefty interest rate hike in the week ahead as policymakers continue their fight against stubborn inflation.</p><p>Investors will be squarely focused on theFederal Reserve’s two-day meeting on Sept. 20-21, with officials expected to deliver a third-straight 75-basis-point increase to their benchmark policy rate after discussions Wednesday at 2:00 p.m. ET.</p><p>Wall Street will also take its cue from Fed Chair Jerome Powell’s speech in the aftermath of the event, along with economic projections of U.S. central bank members and the latest dot plot showing each official’s forecast for the central bank&#39;s key short-term interest rate.</p><p>“In the updated projections, we look for revisions in the direction of less growth, higher unemployment, and a higher terminal rate – yet, we expect the inflation path to remain largely unchanged,” analysts at Bank of America led by Michael Gapen wrote in a note Friday. “To our eyes, this would suggest risks of a hard landing are rising, though we expect the median member to forecast a soft landing.”</p><p>The readout of Federal Reserve expectations may determine whether markets get relief from a recent sell-off or extend sharp declines. On Friday, all three major averages logged their worst week since June. The benchmark S&amp;P 500 shed 4.7% in the week ended Sept. 16, the Dow Jones Industrial Average fell 4.1%, and the tech-heavy Nasdaq Composite tumbled 5.5%.</p><p>Hotter-than-expected inflation data earlier this month sparked a new wave of pessimism about the U.S. central bank’s rate-hiking campaign and its potential to significantly stunt economic growth.</p><p>The Consumer Price Index (CPI) in August reflected an 8.3% increase over last year and a 0.1% increase over the prior month, the Bureau of Labor Statistics reported Tuesday. Economists had expected prices to rise 8.1% over last year and fall 0.1% over last month, according to estimates from Bloomberg.</p><p>Wall Street heavyweights including Bank of America, Goldman Sachs, and Nomura have all lifted their interest rate projections immediately after the reading while raising expectations for a hard landing — a sharp downturn following a period of rapid growth.</p><p>Goldman Sachs warned on Thursday that the stock market may plunge another 26% if the Fed’s rate-hiking campaign triggered a recession.</p><p>&#34;If only a severe recession — and a sharper Fed response to deliver it — will tame inflation, then the downside to both equities and government bonds could still be substantial, even after the damage that we have already seen,&#34; Goldman said.</p><p>Elsewhere in the coming week, a lineup of housing data is on the docket, with gauges on building permits, housing starts, and existing home sales all set to be closely watched. Releases will come after mortgage rates surged past 6% last week, the highest level since November 2008, exacerbating already rampant concerns around affordability.</p><p>On the earnings calendar, results are due out from headliners including FedEx (FDX), Lennar (LEN), General Mills (GIS), Costco (COST), and Darden Restaurants (DRI).</p><p>Shares of FedEx plunged 21% on Friday –wiping out $11 billion in market value for the shipping giant in its worst single-day drop on record after the company warned of a global recession in an ugly earnings pre-announcement. FedEx also withdrew its full-year guidance, citing macroeconomic trends that have &#34;significantly worsened.&#34;</p><p>The logistic giant&#39;s messaging could be a sign of what’s to come as investors inch closer toward the next earnings season, with many strategists sounding the alarm on earnings expectations for the remainder of this year.</p><p>According to data from FactSet Research, earnings growth expectations for the S&amp;P 500 stand at an increase of 3.7% for the third quarter, down sharply from expectations of 9.8% growth at the end of June. Analysts have cut Q3 earnings expectations over the last 2-3 months for every sector in the S&amp;P 500 except energy, and seven out of 11 sectors in the index are now expected to show outright year-over-year declines in earnings, compared to only three in the second quarter.</p><p>In a note on Friday, Bank of America’s Michael Hartnett said earnings per share recession shock could be the catalyst for new market lows, pointing to FedEx’s message.</p><p>—</p><p>Economic Calendar</p><p><b>Monday:</b> <b><i>NAHB Housing Market Index</i></b>, September (47 expected, 49 during prior month)</p><p><b>Tuesday:</b> <b><i>Building permits</i></b>, August (1.605 million expected, 1.674 million during prior month, revised to 1.685 million); <b><i>Building permits</i></b>, month-over-month, August (-4.8% expected, -1.3% during prior month, revised to -0.6%); <b><i>Housing Starts</i></b>, August (1.450 million expected, 1.446 during prior month); <b><i>Housing Starts</i></b>, month-over-month, August (0.3% expected, -9.6% during prior month)</p><p><b>Wednesday:</b> <b><i>MBA Mortgage Applications</i></b>, week ended August 12 (0.2% during prior week); <b><i>Existing Home Sales</i></b>, August (4.70 million expected, 4.81 million during prior month); <b><i>Existing Home Sales</i></b>, month-over-month, August (-2.3% expected, -5.9% during prior month); <b><i>FOMC Rate Decision</i></b>(Lower Bound), September 21 (3.00% expected, 2.25% during prior month); <b><i>FOMC Rate Decision</i></b>(Upper Bound), September 21 (3.25% expected, 2.50% during prior month); <b><i>Interest on Reserve Balances Due</i></b>, September 22 (3.15% expected, 2.40% during prior month)</p><p><b>Thursday</b>: <b><i>Current Account Balance</i></b>, Q2 (-$260.8 billion expected, -$291.4 billion during prior quarter); <b><i>Initial jobless claims</i></b>, week ended September 17 (217,000 expected, 213,000 during prior week); <b><i>Continuing claims</i></b>, week ended September 10 (1.398 expected, 1.403 during prior week); <b><i>Leading Index</i></b>, August (-0.1% expected, -0.14% during prior month); <b><i>Kansas City Fed. Manufacturing Activity</i></b>, September (5 expected, 3 during prior month)</p><p><b>Friday:</b> <b><i>S&amp;P Global U.S. Manufacturing PMI</i></b>, September Preliminary (51.3 expected, 51.5 during prior month); <b><i>S&amp;P Global U.S. Services PMI</i></b>, September Preliminary (45.5 expected, 43.7 during prior month); <b><i>S&amp;P Global U.S. Manufacturing PMI</i></b>, September Preliminary (46.0 expected, 44.6 during prior month)</p><p>—</p><p><b>Earnings Calendar</b></p><p><b>Monday: AutoZone</b>(AZO)</p><p><b>Tuesday:</b> <b>Stitch Fix</b>(SFIX)</p><p><b>Wednesday:FedEx</b>(FDX),<b>Lennar</b>(LEN),<b>General Mills</b>(GIS),<b>KB Home</b>(KBH),<b>Trip.com</b>(TCOM)</p><p><b>Thursday: Costco</b>(COST),<b>Darden Restaurants</b>(DRI),<b>FactSet</b>(FDS)</p><p><b>Friday: Carnival</b>(CCL)</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>All Eyes on Another Sizable Rate Hike From the Fed: What to Know This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAll Eyes on Another Sizable Rate Hike From the Fed: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-19 07:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stock-market-week-ahead-federal-reserve-meeting-rate-hike-september-18-162530690.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Markets face another hefty interest rate hike in the week ahead as policymakers continue their fight against stubborn inflation.Investors will be squarely focused on theFederal Reserve’s two-day ...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-market-week-ahead-federal-reserve-meeting-rate-hike-september-18-162530690.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/stock-market-week-ahead-federal-reserve-meeting-rate-hike-september-18-162530690.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136811023","content_text":"Markets face another hefty interest rate hike in the week ahead as policymakers continue their fight against stubborn inflation.Investors will be squarely focused on theFederal Reserve’s two-day meeting on Sept. 20-21, with officials expected to deliver a third-straight 75-basis-point increase to their benchmark policy rate after discussions Wednesday at 2:00 p.m. ET.Wall Street will also take its cue from Fed Chair Jerome Powell’s speech in the aftermath of the event, along with economic projections of U.S. central bank members and the latest dot plot showing each official’s forecast for the central bank's key short-term interest rate.“In the updated projections, we look for revisions in the direction of less growth, higher unemployment, and a higher terminal rate – yet, we expect the inflation path to remain largely unchanged,” analysts at Bank of America led by Michael Gapen wrote in a note Friday. “To our eyes, this would suggest risks of a hard landing are rising, though we expect the median member to forecast a soft landing.”The readout of Federal Reserve expectations may determine whether markets get relief from a recent sell-off or extend sharp declines. On Friday, all three major averages logged their worst week since June. The benchmark S&P 500 shed 4.7% in the week ended Sept. 16, the Dow Jones Industrial Average fell 4.1%, and the tech-heavy Nasdaq Composite tumbled 5.5%.Hotter-than-expected inflation data earlier this month sparked a new wave of pessimism about the U.S. central bank’s rate-hiking campaign and its potential to significantly stunt economic growth.The Consumer Price Index (CPI) in August reflected an 8.3% increase over last year and a 0.1% increase over the prior month, the Bureau of Labor Statistics reported Tuesday. Economists had expected prices to rise 8.1% over last year and fall 0.1% over last month, according to estimates from Bloomberg.Wall Street heavyweights including Bank of America, Goldman Sachs, and Nomura have all lifted their interest rate projections immediately after the reading while raising expectations for a hard landing — a sharp downturn following a period of rapid growth.Goldman Sachs warned on Thursday that the stock market may plunge another 26% if the Fed’s rate-hiking campaign triggered a recession.\"If only a severe recession — and a sharper Fed response to deliver it — will tame inflation, then the downside to both equities and government bonds could still be substantial, even after the damage that we have already seen,\" Goldman said.Elsewhere in the coming week, a lineup of housing data is on the docket, with gauges on building permits, housing starts, and existing home sales all set to be closely watched. Releases will come after mortgage rates surged past 6% last week, the highest level since November 2008, exacerbating already rampant concerns around affordability.On the earnings calendar, results are due out from headliners including FedEx (FDX), Lennar (LEN), General Mills (GIS), Costco (COST), and Darden Restaurants (DRI).Shares of FedEx plunged 21% on Friday –wiping out $11 billion in market value for the shipping giant in its worst single-day drop on record after the company warned of a global recession in an ugly earnings pre-announcement. FedEx also withdrew its full-year guidance, citing macroeconomic trends that have \"significantly worsened.\"The logistic giant's messaging could be a sign of what’s to come as investors inch closer toward the next earnings season, with many strategists sounding the alarm on earnings expectations for the remainder of this year.According to data from FactSet Research, earnings growth expectations for the S&P 500 stand at an increase of 3.7% for the third quarter, down sharply from expectations of 9.8% growth at the end of June. Analysts have cut Q3 earnings expectations over the last 2-3 months for every sector in the S&P 500 except energy, and seven out of 11 sectors in the index are now expected to show outright year-over-year declines in earnings, compared to only three in the second quarter.In a note on Friday, Bank of America’s Michael Hartnett said earnings per share recession shock could be the catalyst for new market lows, pointing to FedEx’s message.—Economic CalendarMonday: NAHB Housing Market Index, September (47 expected, 49 during prior month)Tuesday: Building permits, August (1.605 million expected, 1.674 million during prior month, revised to 1.685 million); Building permits, month-over-month, August (-4.8% expected, -1.3% during prior month, revised to -0.6%); Housing Starts, August (1.450 million expected, 1.446 during prior month); Housing Starts, month-over-month, August (0.3% expected, -9.6% during prior month)Wednesday: MBA Mortgage Applications, week ended August 12 (0.2% during prior week); Existing Home Sales, August (4.70 million expected, 4.81 million during prior month); Existing Home Sales, month-over-month, August (-2.3% expected, -5.9% during prior month); FOMC Rate Decision(Lower Bound), September 21 (3.00% expected, 2.25% during prior month); FOMC Rate Decision(Upper Bound), September 21 (3.25% expected, 2.50% during prior month); Interest on Reserve Balances Due, September 22 (3.15% expected, 2.40% during prior month)Thursday: Current Account Balance, Q2 (-$260.8 billion expected, -$291.4 billion during prior quarter); Initial jobless claims, week ended September 17 (217,000 expected, 213,000 during prior week); Continuing claims, week ended September 10 (1.398 expected, 1.403 during prior week); Leading Index, August (-0.1% expected, -0.14% during prior month); Kansas City Fed. Manufacturing Activity, September (5 expected, 3 during prior month)Friday: S&P Global U.S. Manufacturing PMI, September Preliminary (51.3 expected, 51.5 during prior month); S&P Global U.S. Services PMI, September Preliminary (45.5 expected, 43.7 during prior month); S&P Global U.S. Manufacturing PMI, September Preliminary (46.0 expected, 44.6 during prior month)—Earnings CalendarMonday: AutoZone(AZO)Tuesday: Stitch Fix(SFIX)Wednesday:FedEx(FDX),Lennar(LEN),General Mills(GIS),KB Home(KBH),Trip.com(TCOM)Thursday: Costco(COST),Darden Restaurants(DRI),FactSet(FDS)Friday: Carnival(CCL)","news_type":1},"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034196944,"gmtCreate":1647822514095,"gmtModify":1676534268399,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034196944","repostId":"1142484665","repostType":4,"repost":{"id":"1142484665","pubTimestamp":1647821003,"share":"https://ttm.financial/m/news/1142484665?lang=&edition=fundamental","pubTime":"2022-03-21 08:03","market":"sg","language":"en","title":"Additional Support Expected For Singapore Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1142484665","media":"RTTNews","summary":"The Singapore stock market has climbed higher in four straight sessions, advancing more than 95 poin","content":"<html><head></head><body><p>The Singapore stock market has climbed higher in four straight sessions, advancing more than 95 points or 3.2 percent along the way. The Straits Times Index now sits just above the 3,330-point plateau and it&#39;s expected to extend its gains on Monday.</p><p>The global forecast for the Asian markets suggests a higher opening, although last week&#39;s relief rally appears to be losing stream with tech and oil stocks figure to provide support. The European and U.S. markets were up and the Asian bourses figure to follow that lead.</p><p>The STI finished slightly higher on Friday following gains from the properties and industrials, while the financials were mixed.</p><p>For the day, the index rose 7.92 points or 0.24 percent to finish at 3,330.63 after trading between 3,313.87 and 3,346.37. Volume was 1.85 billion shares worth 2.24 billion Singapore dollars. There were 288 gainers and 179 decliners.</p><p>Among the actives, Ascendas REIT rallied 1.05 percent, while CapitaLand Integrated Commercial Trust and Jardine Matheson both advanced 0.92 percent, City Developments improved 0.54 percent, Comfort DelGro shed 0.70 percent, Dairy Farm International gathered 0.42 percent, DBS Group collected 0.12 percent, Genting Singapore added 0.65 percent, Hongkong Land strengthened 1.22 percent, Keppel Corp surged 3.88 percent, Mapletree Commercial Trust increased 0.53 percent, Mapletree Logistics Trust gained 0.55 percent, Oversea-Chinese Banking Corporation tumbled 0.91 percent, SATS skidded 0.75 percent, SembCorp Industries spiked 1.54 percent, Singapore Airlines retreated 0.77 percent, Singapore Exchange rose 0.52 percent, Singapore Press Holdings lost 0.43 percent, Singapore Technologies Engineering climbed 0.99 percent, SingTel fell 0.39 percent, Thai Beverage sank 0.72 percent, United Overseas Bank eased 0.09 percent, Wilmar International perked 0.22 percent and Yangzijiang Shipbuilding soared 2.22 percent.</p><p>The lead from Wall Street is positive as the major average shook off early weakness on Friday to finish well into the green.</p><p>The Dow jumped 274.13 points or 0.80 percent to finish at 34,754.93, while the NASDAQ spiked 279.04 points or 2.05 percent to end at 13,893.84 and the S&amp;P 500 climbed 51.45 points or 1.17 percent to close at 4,463.12. For the week, the NASDAQ surged 8.1 percent, the Dow spiked 5.4 percent and the S&amp;P gained 5.5 percent.</p><p>The markets continued to benefit from recent upward momentum, with the major averages recovering from the sell-off sparked by Russia&#39;s invasion of Ukraine, although ongoing peace talks have thus far failed to yield a breakthrough.</p><p>President Joe Biden spoke with Chinese President Xi Jinping about the conflict on Friday, with the White House saying Biden described the implications and consequences if China provides material support to Russia.</p><p>In U.S. economic news, the National Association of Realtors noted a sharp pullback in U.S. existing home sales in February. Also, the Conference Board&#39;s U.S. leading economic index rose more than expected last month.</p><p>Crude oil futures settled sharply higher on Friday but still posted a weekly loss due to concerns about outlook for energy demand and recent data showing a jump in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $1.72 or 1.7 percent at $104.70 a barrel. WTI crude oil futures shed more than 3 percent in the week.</p></body></html>","source":"lsy1626938412129","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>Additional Support Expected For Singapore Stock Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdditional Support Expected For Singapore Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-21 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.rttnews.com/3270736/additional-support-expected-for-singapore-stock-market.aspx?type=acom><strong>RTTNews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Singapore stock market has climbed higher in four straight sessions, advancing more than 95 points or 3.2 percent along the way. The Straits Times Index now sits just above the 3,330-point plateau...</p>\n\n<a href=\"https://www.rttnews.com/3270736/additional-support-expected-for-singapore-stock-market.aspx?type=acom\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.rttnews.com/3270736/additional-support-expected-for-singapore-stock-market.aspx?type=acom","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142484665","content_text":"The Singapore stock market has climbed higher in four straight sessions, advancing more than 95 points or 3.2 percent along the way. The Straits Times Index now sits just above the 3,330-point plateau and it's expected to extend its gains on Monday.The global forecast for the Asian markets suggests a higher opening, although last week's relief rally appears to be losing stream with tech and oil stocks figure to provide support. The European and U.S. markets were up and the Asian bourses figure to follow that lead.The STI finished slightly higher on Friday following gains from the properties and industrials, while the financials were mixed.For the day, the index rose 7.92 points or 0.24 percent to finish at 3,330.63 after trading between 3,313.87 and 3,346.37. Volume was 1.85 billion shares worth 2.24 billion Singapore dollars. There were 288 gainers and 179 decliners.Among the actives, Ascendas REIT rallied 1.05 percent, while CapitaLand Integrated Commercial Trust and Jardine Matheson both advanced 0.92 percent, City Developments improved 0.54 percent, Comfort DelGro shed 0.70 percent, Dairy Farm International gathered 0.42 percent, DBS Group collected 0.12 percent, Genting Singapore added 0.65 percent, Hongkong Land strengthened 1.22 percent, Keppel Corp surged 3.88 percent, Mapletree Commercial Trust increased 0.53 percent, Mapletree Logistics Trust gained 0.55 percent, Oversea-Chinese Banking Corporation tumbled 0.91 percent, SATS skidded 0.75 percent, SembCorp Industries spiked 1.54 percent, Singapore Airlines retreated 0.77 percent, Singapore Exchange rose 0.52 percent, Singapore Press Holdings lost 0.43 percent, Singapore Technologies Engineering climbed 0.99 percent, SingTel fell 0.39 percent, Thai Beverage sank 0.72 percent, United Overseas Bank eased 0.09 percent, Wilmar International perked 0.22 percent and Yangzijiang Shipbuilding soared 2.22 percent.The lead from Wall Street is positive as the major average shook off early weakness on Friday to finish well into the green.The Dow jumped 274.13 points or 0.80 percent to finish at 34,754.93, while the NASDAQ spiked 279.04 points or 2.05 percent to end at 13,893.84 and the S&P 500 climbed 51.45 points or 1.17 percent to close at 4,463.12. For the week, the NASDAQ surged 8.1 percent, the Dow spiked 5.4 percent and the S&P gained 5.5 percent.The markets continued to benefit from recent upward momentum, with the major averages recovering from the sell-off sparked by Russia's invasion of Ukraine, although ongoing peace talks have thus far failed to yield a breakthrough.President Joe Biden spoke with Chinese President Xi Jinping about the conflict on Friday, with the White House saying Biden described the implications and consequences if China provides material support to Russia.In U.S. economic news, the National Association of Realtors noted a sharp pullback in U.S. existing home sales in February. Also, the Conference Board's U.S. leading economic index rose more than expected last month.Crude oil futures settled sharply higher on Friday but still posted a weekly loss due to concerns about outlook for energy demand and recent data showing a jump in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $1.72 or 1.7 percent at $104.70 a barrel. WTI crude oil futures shed more than 3 percent in the week.","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090872746,"gmtCreate":1643157455782,"gmtModify":1676533779812,"author":{"id":"3582204952231455","authorId":"3582204952231455","name":"Miguho","avatar":"https://static.tigerbbs.com/1708e4937f87a14a9852d40bac0b0ce4","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582204952231455","authorIdStr":"3582204952231455"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090872746","repostId":"2206103855","repostType":4,"repost":{"id":"2206103855","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1643151600,"share":"https://ttm.financial/m/news/2206103855?lang=&edition=fundamental","pubTime":"2022-01-26 07:00","market":"us","language":"en","title":"Wall Street Ends down as Markets Whipsaw Ahead of Fed Meeting","url":"https://stock-news.laohu8.com/highlight/detail?id=2206103855","media":"Reuters","summary":"* Microsoft gains in after-hours trading after results* American Express, IBM rise on strong earning","content":"<html><head></head><body><p>* Microsoft gains in after-hours trading after results</p><p>* American Express, IBM rise on strong earnings</p><p>* Indexes down: Dow 0.19%, S&amp;P 1.22%, Nasdaq 2.28%</p><p>NEW YORK, Jan 25 (Reuters) - U.S. stocks gyrated in afternoon trading to close lower with interest rate sensitive tech stocks weighing most heavily as uncertainties surrounding an increasingly hawkish Federal Reserve and rising geopolitical tensions contributed to the market&#39;s churn.</p><p>In a pattern similar to Monday, U.S. stocks whipsawed between steep losses and modest gains. Equities ended well off session lows, where the S&amp;P 500 flirted once again with confirming a correction.</p><p>All three major U.S. stock indexes closed lower.</p><p>If the bellwether index closed 10% or more below its record high reached on Jan 3, it would have confirmed it entered a correction on that date. It ended the session 9.2% below that level.</p><p>&#34;We’re floating along this arbitrary 10% line, and investors are asking. &#39;Is it time to protect my capital by selling or is it time to buy the dip?&#39;,&#34; said Tom Martin, senior portfolio manager at GLOBALT in Atlanta. &#34;And between yesterday with downward and upward movement you have this battle between the two.&#34;</p><p>The CBOE Market Volatility index closed at its highest level since Jan. 29, 2021.</p><p>The Dow Jones Industrial Average fell 66.77 points, or 0.19%, to 34,297.73, the S&amp;P 500 lost 53.68 points, or 1.22%, to 4,356.45 and the Nasdaq Composite dropped 315.83 points, or 2.28%, to 13,539.30.</p><p>The members of the Federal Open Markets Committee (FOMC) convened on Tuesday for their two-day monetary policy meeting. Market participants on Wednesday will scrutinize the statement at the meeting&#39;s conclusion, along with Chairman Jerome Powell&#39;s subsequent Q&amp;A session, for clarity regarding the central bank&#39;s timeline for hiking key interest rates to combat inflation.</p><p>&#34;Certainly, the economic data of late shows some weakening,&#34; Martin added. &#34;You would think there might be a more dovish message from the Fed.&#34;</p><p>Geopolitical tensions are adding to investor uncertainty, with NATO putting forces on standby and the United States putting troops on heightened alert in response to a buildup of Russian forces along Ukraine border.</p><p>Those tensions prompted a rise in crude oil prices on concerns over tightening supply  , which in turn gave energy companies    a solid boost.</p><p>Energy was the top gainer among the 11 major sectors in the S&amp;P 500, with tech shares suffering the largest percentage decline.</p><p>The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&amp;P 500 having reported. Of those, 81% have delivered better-than-expected results, according to Refinitiv. But there have been notable misses, such as Netflix.</p><p>Analysts now see aggregate S&amp;P 500 earnings growth of 24.1% for the October-December period, per Refinitiv.</p><p>General Electric Co fell 6.0% after the industrial conglomerate, weighed down by global supply disruptions, reported a decline quarterly revenue.</p><p>IBM advanced 5.7% after the IT giant beat quarterly Wall Street estimates on strength in its cloud and consulting businesses.</p><p>American Express exceeded fourth-quarter profit estimates, sending the consumer credit company&#39;s stock up 8.9%, while Johnson &amp; Johnson gained 2.9% after reporting it expects a jump of as much as 46% in 2022 vaccine sales.</p><p>Shares of Microsoft climbed 3% after plunging 6% at one point in extended trading after the software maker reported its quarterly results.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted seven new 52-week highs and four new lows; the Nasdaq Composite recorded 19 new highs and 134 new lows.</p><p>Volume on U.S. exchanges was 13.13 billion shares, compared with the 11.23 billion average over the last 20 trading days.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Ends down as Markets Whipsaw Ahead of Fed Meeting</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Ends down as Markets Whipsaw Ahead of Fed Meeting\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-01-26 07:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Microsoft gains in after-hours trading after results</p><p>* American Express, IBM rise on strong earnings</p><p>* Indexes down: Dow 0.19%, S&amp;P 1.22%, Nasdaq 2.28%</p><p>NEW YORK, Jan 25 (Reuters) - U.S. stocks gyrated in afternoon trading to close lower with interest rate sensitive tech stocks weighing most heavily as uncertainties surrounding an increasingly hawkish Federal Reserve and rising geopolitical tensions contributed to the market&#39;s churn.</p><p>In a pattern similar to Monday, U.S. stocks whipsawed between steep losses and modest gains. Equities ended well off session lows, where the S&amp;P 500 flirted once again with confirming a correction.</p><p>All three major U.S. stock indexes closed lower.</p><p>If the bellwether index closed 10% or more below its record high reached on Jan 3, it would have confirmed it entered a correction on that date. It ended the session 9.2% below that level.</p><p>&#34;We’re floating along this arbitrary 10% line, and investors are asking. &#39;Is it time to protect my capital by selling or is it time to buy the dip?&#39;,&#34; said Tom Martin, senior portfolio manager at GLOBALT in Atlanta. &#34;And between yesterday with downward and upward movement you have this battle between the two.&#34;</p><p>The CBOE Market Volatility index closed at its highest level since Jan. 29, 2021.</p><p>The Dow Jones Industrial Average fell 66.77 points, or 0.19%, to 34,297.73, the S&amp;P 500 lost 53.68 points, or 1.22%, to 4,356.45 and the Nasdaq Composite dropped 315.83 points, or 2.28%, to 13,539.30.</p><p>The members of the Federal Open Markets Committee (FOMC) convened on Tuesday for their two-day monetary policy meeting. Market participants on Wednesday will scrutinize the statement at the meeting&#39;s conclusion, along with Chairman Jerome Powell&#39;s subsequent Q&amp;A session, for clarity regarding the central bank&#39;s timeline for hiking key interest rates to combat inflation.</p><p>&#34;Certainly, the economic data of late shows some weakening,&#34; Martin added. &#34;You would think there might be a more dovish message from the Fed.&#34;</p><p>Geopolitical tensions are adding to investor uncertainty, with NATO putting forces on standby and the United States putting troops on heightened alert in response to a buildup of Russian forces along Ukraine border.</p><p>Those tensions prompted a rise in crude oil prices on concerns over tightening supply  , which in turn gave energy companies    a solid boost.</p><p>Energy was the top gainer among the 11 major sectors in the S&amp;P 500, with tech shares suffering the largest percentage decline.</p><p>The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&amp;P 500 having reported. Of those, 81% have delivered better-than-expected results, according to Refinitiv. But there have been notable misses, such as Netflix.</p><p>Analysts now see aggregate S&amp;P 500 earnings growth of 24.1% for the October-December period, per Refinitiv.</p><p>General Electric Co fell 6.0% after the industrial conglomerate, weighed down by global supply disruptions, reported a decline quarterly revenue.</p><p>IBM advanced 5.7% after the IT giant beat quarterly Wall Street estimates on strength in its cloud and consulting businesses.</p><p>American Express exceeded fourth-quarter profit estimates, sending the consumer credit company&#39;s stock up 8.9%, while Johnson &amp; Johnson gained 2.9% after reporting it expects a jump of as much as 46% in 2022 vaccine sales.</p><p>Shares of Microsoft climbed 3% after plunging 6% at one point in extended trading after the software maker reported its quarterly results.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted seven new 52-week highs and four new lows; the Nasdaq Composite recorded 19 new highs and 134 new lows.</p><p>Volume on U.S. exchanges was 13.13 billion shares, compared with the 11.23 billion average over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4516":"特朗普概念","BK4528":"SaaS概念","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4534":"瑞士信贷持仓","BK4567":"ESG概念","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4525":"远程办公概念","BK4535":"淡马锡持仓","BK4077":"互动媒体与服务","SPY":"标普500ETF","BK4527":"明星科技股","BK4559":"巴菲特持仓","BK4538":"云计算","BK4550":"红杉资本持仓",".DJI":"道琼斯","BK4503":"景林资产持仓","BK4134":"信息科技咨询与其它服务","FOMC":"FOMO CORP.",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","IBM":"IBM","BK4097":"系统软件","MSFT":"微软","BK4504":"桥水持仓","BK4548":"巴美列捷福持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2206103855","content_text":"* Microsoft gains in after-hours trading after results* American Express, IBM rise on strong earnings* Indexes down: Dow 0.19%, S&P 1.22%, Nasdaq 2.28%NEW YORK, Jan 25 (Reuters) - U.S. stocks gyrated in afternoon trading to close lower with interest rate sensitive tech stocks weighing most heavily as uncertainties surrounding an increasingly hawkish Federal Reserve and rising geopolitical tensions contributed to the market's churn.In a pattern similar to Monday, U.S. stocks whipsawed between steep losses and modest gains. Equities ended well off session lows, where the S&P 500 flirted once again with confirming a correction.All three major U.S. stock indexes closed lower.If the bellwether index closed 10% or more below its record high reached on Jan 3, it would have confirmed it entered a correction on that date. It ended the session 9.2% below that level.\"We’re floating along this arbitrary 10% line, and investors are asking. 'Is it time to protect my capital by selling or is it time to buy the dip?',\" said Tom Martin, senior portfolio manager at GLOBALT in Atlanta. \"And between yesterday with downward and upward movement you have this battle between the two.\"The CBOE Market Volatility index closed at its highest level since Jan. 29, 2021.The Dow Jones Industrial Average fell 66.77 points, or 0.19%, to 34,297.73, the S&P 500 lost 53.68 points, or 1.22%, to 4,356.45 and the Nasdaq Composite dropped 315.83 points, or 2.28%, to 13,539.30.The members of the Federal Open Markets Committee (FOMC) convened on Tuesday for their two-day monetary policy meeting. Market participants on Wednesday will scrutinize the statement at the meeting's conclusion, along with Chairman Jerome Powell's subsequent Q&A session, for clarity regarding the central bank's timeline for hiking key interest rates to combat inflation.\"Certainly, the economic data of late shows some weakening,\" Martin added. \"You would think there might be a more dovish message from the Fed.\"Geopolitical tensions are adding to investor uncertainty, with NATO putting forces on standby and the United States putting troops on heightened alert in response to a buildup of Russian forces along Ukraine border.Those tensions prompted a rise in crude oil prices on concerns over tightening supply  , which in turn gave energy companies    a solid boost.Energy was the top gainer among the 11 major sectors in the S&P 500, with tech shares suffering the largest percentage decline.The fourth-quarter reporting season is in full-stride, with 79 of the companies in the S&P 500 having reported. Of those, 81% have delivered better-than-expected results, according to Refinitiv. But there have been notable misses, such as Netflix.Analysts now see aggregate S&P 500 earnings growth of 24.1% for the October-December period, per Refinitiv.General Electric Co fell 6.0% after the industrial conglomerate, weighed down by global supply disruptions, reported a decline quarterly revenue.IBM advanced 5.7% after the IT giant beat quarterly Wall Street estimates on strength in its cloud and consulting businesses.American Express exceeded fourth-quarter profit estimates, sending the consumer credit company's stock up 8.9%, while Johnson & Johnson gained 2.9% after reporting it expects a jump of as much as 46% in 2022 vaccine sales.Shares of Microsoft climbed 3% after plunging 6% at one point in extended trading after the software maker reported its quarterly results.Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored decliners.The S&P 500 posted seven new 52-week highs and four new lows; the Nasdaq Composite recorded 19 new highs and 134 new lows.Volume on U.S. exchanges was 13.13 billion shares, compared with the 11.23 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}