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2023-08-13

Great recap for 11 Aug. If you missed it, go through the article

@TigerOptions:Trade Recap 11 August

2023-04-23

Good one. It will help

2023-03-30

This is good info

2023-03-29

BRK.B during crisis

2023-03-21

Bank crisis... is it over?

2023-03-20

Banking crisis... is it over?

2023-03-18

Silver Gate Capital and money

2023-03-18

Grab holdings and debt

2023-03-18

Dividend higher than fixed deposit

2023-03-14

Good info for investors

2023-03-14

Good understanding... and nice to know

2023-03-05

$Invesco WilderHill Clean Energy ETF(PBW)$ Sustainable energy stock... green world

2023-03-05

Ok

Why The Market Could Drop By Another 20%-25%

2023-03-03

$Accenture PLC(ACN)$ Always consistent

2023-03-03

Market update for the day

2023-03-01

$Shopify(SHOP)$ Need this to go up again... great stock but not performing during the last few quarters

2023-02-27

$MicroStrategy(MSTR)$ Interesting stock

2023-02-27

Actuation with Rolls Royse

2023-02-27

Interesting read about avaition industry

2023-02-26

$PayPal(PYPL)$ Worth buying for long term prospects

Go to Tiger App to see more news

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If you missed it, go through the article&nbsp;","listText":"Great recap for 11 Aug. If you missed it, go through the article&nbsp;","text":"Great recap for 11 Aug. If you missed it, go through the article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/208358444355632","repostId":"207830509031600","repostType":1,"repost":{"id":207830509031600,"gmtCreate":1691763861487,"gmtModify":1691765387296,"author":{"id":"3572212908677301","authorId":"3572212908677301","name":"TigerOptions","avatar":"https://community-static.tradeup.com/news/20925853481806adc78dcdfe25f2fe89","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572212908677301","authorIdStr":"3572212908677301"},"themes":[],"title":"Trade Recap 11 August","htmlText":"Another day of trading, I'm grateful to be able to earn small profits again&nbsp;[Miser]&nbsp; Today I traded&nbsp;<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v> again. 2 trades <a href=\"https://ttm.financial/OPT/TSLA 20230818 240.0 PUT\">$TSLA 20230818 240.0 PUT$&nbsp;</a>Bought in early&nbsp;when the price is flushing down in hopes for the price to break down 10mins opening range. Thanks to Lady Luck on my side, the price breakdown and I sold half my position.&nbsp;I&nbsp;was holding on for the second leg down, but it didn't happen. When it breakouts to theupside of the consolidation, I sold my other half to secure my&nbsp;small profits. <a href=\"https://ttm.financial/OPT/TSLA 20230818 242.5 CALL\">$TSLA 20230818 242.5 CALL$&nbsp;</a>Bought","listText":"Another day of trading, I'm grateful to be able to earn small profits again&nbsp;[Miser]&nbsp; Today I traded&nbsp;<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v> again. 2 trades <a href=\"https://ttm.financial/OPT/TSLA 20230818 240.0 PUT\">$TSLA 20230818 240.0 PUT$&nbsp;</a>Bought in early&nbsp;when the price is flushing down in hopes for the price to break down 10mins opening range. Thanks to Lady Luck on my side, the price breakdown and I sold half my position.&nbsp;I&nbsp;was holding on for the second leg down, but it didn't happen. When it breakouts to theupside of the consolidation, I sold my other half to secure my&nbsp;small profits. <a href=\"https://ttm.financial/OPT/TSLA 20230818 242.5 CALL\">$TSLA 20230818 242.5 CALL$&nbsp;</a>Bought","text":"Another day of trading, I'm grateful to be able to earn small profits again [Miser] Today I traded $Tesla Motors(TSLA)$ again. 2 trades $TSLA 20230818 240.0 PUT$ Bought in early when the price is flushing down in hopes for the price to break down 10mins opening range. Thanks to Lady Luck on my side, the price breakdown and I sold half my position. I was holding on for the second leg down, but it didn't happen. When it breakouts to theupside of the consolidation, I sold my other half to secure my small profits. $TSLA 20230818 242.5 CALL$ Bought","images":[{"img":"https://community-static.tradeup.com/news/61723c3362891814afb7954c0ee17e1c","width":"2400","height":"1482"},{"img":"https://community-static.tradeup.com/news/44bdc801e875a37c0493811500ffa537","width":"632","height":"902"},{"img":"https://community-static.tradeup.com/news/e2259422beabf5aab809e792268a7d0f","width":"618","height":"1066"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/207830509031600","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944724469,"gmtCreate":1682220054652,"gmtModify":1682220059720,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Good one. It will help&nbsp;","listText":"Good one. It will help&nbsp;","text":"Good one. It will help","images":[{"img":"https://community-static.tradeup.com/news/a7c7ee44515d7889dc45a29ecec4568f","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944724469","isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9941699937,"gmtCreate":1680178426829,"gmtModify":1680178431696,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"This is good info&nbsp;","listText":"This is good info&nbsp;","text":"This is good 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crisis","images":[{"img":"https://community-static.tradeup.com/news/db8dba58d1002fc868b8f856b04fc043","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9941807891","isVote":1,"tweetType":1,"viewCount":260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9943692376,"gmtCreate":1679392548595,"gmtModify":1679392554709,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Bank crisis... is it over?&nbsp;","listText":"Bank crisis... is it over?&nbsp;","text":"Bank crisis... is it 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over?","images":[{"img":"https://community-static.tradeup.com/news/90b8ad9217063026df1ae56c2a1c90c4","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943143453","isVote":1,"tweetType":1,"viewCount":184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9943398400,"gmtCreate":1679101755100,"gmtModify":1679101760640,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Silver Gate Capital and money&nbsp;","listText":"Silver Gate Capital and money&nbsp;","text":"Silver Gate Capital and money","images":[{"img":"https://community-static.tradeup.com/news/4824ba985a0b60843aa8cf04ee03f16b","width":"1284","height":"13770"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943398400","isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9943398257,"gmtCreate":1679101722679,"gmtModify":1679101727425,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Grab holdings and debt&nbsp;","listText":"Grab holdings and debt&nbsp;","text":"Grab holdings and debt","images":[{"img":"https://community-static.tradeup.com/news/f9dadc84fc776e40f4ec469602b0fdd2","width":"1284","height":"11890"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9943398257","isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9943398614,"gmtCreate":1679101689339,"gmtModify":1679101694122,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Dividend higher than fixed deposit&nbsp;","listText":"Dividend higher than fixed deposit&nbsp;","text":"Dividend higher than fixed deposit","images":[{"img":"https://community-static.tradeup.com/news/74af58336bc4f47ae3d84c98b9396219","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943398614","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9949576707,"gmtCreate":1678791847710,"gmtModify":1678791851300,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Good info for investors&nbsp;","listText":"Good info for investors&nbsp;","text":"Good info for investors","images":[{"img":"https://community-static.tradeup.com/news/eaf5cf947ccd5bc83b98e54ad3a7fdaf","width":"1284","height":"11890"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949576707","isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9949556268,"gmtCreate":1678778303454,"gmtModify":1678778308363,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Good understanding... and nice to know&nbsp;","listText":"Good understanding... and nice to know&nbsp;","text":"Good understanding... and nice to know","images":[{"img":"https://community-static.tradeup.com/news/db137c2379920a5971df35df493dea22","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949556268","isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9940285030,"gmtCreate":1677968320321,"gmtModify":1677968323810,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PBW\">$Invesco WilderHill Clean Energy ETF(PBW)$&nbsp;</a>Sustainable energy stock... green world&nbsp;","listText":"<a href=\"https://ttm.financial/S/PBW\">$Invesco WilderHill Clean Energy ETF(PBW)$&nbsp;</a>Sustainable energy stock... green world&nbsp;","text":"$Invesco WilderHill Clean Energy ETF(PBW)$ Sustainable energy stock... green world","images":[{"img":"https://community-static.tradeup.com/news/955acc967e8bb63997417f9b4be9d1e8","width":"1284","height":"2517"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940285030","isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9940282449,"gmtCreate":1677968254881,"gmtModify":1677968260502,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940282449","repostId":"1188147335","repostType":4,"repost":{"id":"1188147335","pubTimestamp":1677896169,"share":"https://ttm.financial/m/news/1188147335?lang=&edition=fundamental","pubTime":"2023-03-04 10:16","market":"us","language":"en","title":"Why The Market Could Drop By Another 20%-25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1188147335","media":"Seeking Alpha","summary":"SummaryWe've seen one heck of a rally since the market reached an intermediate-term bottom in mid Oc","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>We&#39;ve seen one heck of a rally since the market reached an intermediate-term bottom in mid October.</li><li>Incidentally, a textbook 20% bear market rally took the S&amp;P 500 from 3,500 to 4,200 in about three months.</li><li>However, I&#39;m highly skeptical that the worst is behind us.</li><li>Unfortunately, inflation remains more persistent than anticipated, the Fed should continue tightening, and the economy will likely worsen as we advance.</li><li>Furthermore, stocks are not cheap, and my &#34;all-in&#34; bear market bottom target remains 3,000-3,200, roughly 20%-25% lower from here.</li></ul><p>The S&amp;P 500/SPX (SP500) had an excellent rally from its mid-October bottom at 3,500. After calling the bottom in my &#34;Stocks Are Heading Higher&#34; article, I indicated that the likely top for the rally would arrive in the 4,000-4,200. The market recently topped out around 4,200, after a textbook 20% bear market rally. Now, the SPX is at another critical inflection point, and despite a 6% correction from the recent high, the market could go significantly lower as we advance in the coming months. In addition to deteriorating technical conditions, inflation remains persistent.</p><p>Moreover, we&#39;re seeing worsening economic indicators, implying that the increased rate environment reflects poorly on the economy. Furthermore, due to the persistent inflation problem, the Fed will probably continue raising the benchmark rate, remaining relatively hawkish. Consumer sentiment and other crucial consumer-related readings will likely worsen along with the labor market leading to more pain on Main Street. As corporate profits worsen in the near term, the stock market will probably head lower, causing some panic on Wall Street in the coming months.</p><p>SPX - At Another Inflection Point<img src=\"https://static.tigerbbs.com/79e4c150b976cb211ccb6f5f67170f37\" tg-width=\"640\" tg-height=\"676\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>SPX(StockCharts.com)</p><p>The SPX is around critical support at 3,940 - 4,000, coinciding with the 50, and the 200-day moving averages. If the SPX decisively breaks down below this crucial support level, the market could swiftly drop to 3,800 support. If the 3,800 support breaks down, the market will likely retest 3,500 and move lower toward my long-term bear market bottom level at 3,000-3,200. This drop would equate to approximately 20-25% more downside from current levels. Unfortunately, due to the deteriorating fundamental factors surrounding the economy, there&#39;s a high probability that the SPX will revisit the 3,500 - 3,000 before achieving a true bottom. The peak-to-trough decline (4,800 to 3,000) would equate to a drop of approximately 38%, easily comparable to previous bear markets in recent history.</p><p><b>There&#39;s a Chance</b></p><p>Although the probability is relatively low, SPX&#39;s support could hold here, and we may see the market rebound and move higher. However, due to the challenging macroeconomic environment, the near-term upside is likely limited, and the path of least resistance is to the downside now. Also, it&#39;s premature to call an end to the bear market, and I am highly skeptical that a new bull market began in October and that the SPX will reach new highs soon.</p><p>Why Inflation Remains a Big Problem</p><p><b>CPI Inflation</b></p><p><img src=\"https://static.tigerbbs.com/10057ace35cbf6a1921aa9cae02f6d0b\" tg-width=\"640\" tg-height=\"302\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>CPI(TradingEconomics.com )</p><p>Inflation peaked at around 9% last year, and the Fed has raised rates significantly, utilizing other programs like QT to bring the inflation problem under control. There&#39;s been some success as inflation has come down from the ultra-high levels not seen in the last forty years. Nevertheless, inflation is still running red hot above 6%, while the Fed&#39;s target rate remains at 2%. Moreover, after several months of constructive inflation readings, January&#39;s CPI came in hotter than expected.</p><p><b>The Recent CPI Report</b></p><p><img src=\"https://static.tigerbbs.com/5f7c22ef79685f6f2789bc39233660b5\" tg-width=\"640\" tg-height=\"156\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>CPI (January)(Investing.com )</p><p>The market expected a drop to 6.2%, but the CPI came in at 6.4%, missing estimates and barely budging from the prior month&#39;s reading of 6.5%. Moreover, it&#39;s not just the CPI. Other critical inflation readings like the PCE also reversed, coming in hotter than anticipated.</p><p><b>PCE Inflation</b></p><p><img src=\"https://static.tigerbbs.com/100421b03f101dd14bf7039f266d679c\" tg-width=\"640\" tg-height=\"186\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>PCE inflation(Investing.com )</p><p>The PCE inflation readings were substantially higher than expected. We see the PCE at 5.4% vs. the expected 5%. Moreover, the PCE was even higher than the previous month&#39;s 5.3% reading. So, inflation is moving in the wrong direction, and this trend of persistently higher-than-expected inflation could continue. Furthermore, the PCE reading is critical as it&#39;s the Fed&#39;s preferred inflation gauge. Therefore, we will likely continue seeing tighter monetary for longer, which is a negative development for stocks and other risk assets.</p><p><b>Is the Fed Doing Too Much or Not Enough?</b></p><p>Unfortunately, the Fed is between a rock and a hard place. Remember all that talk about inflation being a transitory phenomenon and everything should be fine? I remember this specific rhetoric as the Fed printed money like there was no tomorrow. I always expressed that inflation would not be as &#34;transitory&#34; as the Fed claimed and that the economy would suffer significantly. Well, here we are. The Fed is battling highly persistent inflation, anything but transitory, and the economy is worsening considerably.</p><p><b>The Worsening Economy</b></p><p>Have you seen the recent economic readings? I see many problems, and they&#39;re not likely to go away anytime soon. Let&#39;s put inflation aside and look at some troubling critical economic data that&#39;s come out recently.</p><p>Just from the start of February, we&#39;ve seenISM manufacturing PMI, factory orders, consumer expectations, industrial production, building, housing, GDP, consumer confidence, oil inventories, and other crucial data points come in worse than expected. Moreover, the worse-than-expected data is coming in below lowered estimates, and even most of the better-than-anticipated data does not look great.</p><p><b>Is the Labor Market an Exception?</b><img src=\"https://static.tigerbbs.com/ada4e0ca1e2a60decab85dee6c4f940a\" tg-width=\"640\" tg-height=\"209\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Jobs data(Investing.com)</p><p>The latest nonfarm payrolls report came in significantly better than expected. The economy added 517K jobs while expectations were for 185K. The unemployment rate also dropped to a rock bottom of 3.4%. So, how can the economy worsen while the labor market remains this robust? First, the labor market data is a lagging indicator, not indicative of future results. Secondly, the labor market appeared very strong in other cycles just before the worst part of a downturn began. And thirdly, the labor market may be one of the last dominoes standing, and when it falls, it could drag the stock market substantially lower. We&#39;ve recently seen numerous companies reporting mass layoffs. These firings take time to filter through the system and should impact payroll reports negatively in the coming months. Moreover, not all jobs are the same. As major corporations cut hundreds of thousands of relatively high-paying jobs to improve efficiency and increase profitability, those fortunate enough to find new jobs will likely fill lower-paying positions. As this phenomenon persists, millions of consumers could suffer due to being pinched from multiple sides by high inflation and lower wages.</p><p><b>Valuations Are Not Cheap Anymore</b></p><p>We&#39;ve seen many companies&#39; earnings stagnate or decline in recent quarters. As the consumer continues to soften, lower earnings could continue as we advance in the near/intermediate term. Also, we&#39;ve seen many stocks appreciate considerably in the recent rally. Thus, while many valuations appeared cheap and attractive, with the SPX around 3,500, many companies are not cheap anymore and could become even more expensive as earnings and future estimates stumble in the coming months.</p><p><b>Shiller P/E Ratio</b></p><p><img src=\"https://static.tigerbbs.com/a5c0cae380760ab0af564889c1e421d0\" tg-width=\"640\" tg-height=\"297\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Shiller P/E(multpl.com)</p><p>We&#39;ve seen the Shiller P/E (cyclically adjusted &#34;CAPE&#34;) ratio come down some from the bubble days of November 2021. However, at around 29, the CAPE is still highly elevated, implying that most stocks are not cheap and likely have more room to fall as we grind through this bear market. The historical mean for the CAPE is 17, roughly 40% below its current level. If the CAPE reverts to its mean in this bear market, we could see the SPX bottom around 2,400. However, this ultra-bearish 50% peak-to-trough decline scenario is not a high-probability event due to the Fed and other factors. Nevertheless, the CAPE should move lower before going higher again, and my estimate for a bottom is around the 22-23 level, roughly in line with the 3,000-3,200 level in the SPX.</p><p><b>The Bottom Line</b></p><p>We&#39;ve seen a textbook 20% bear market rally lift stocks from the profoundly oversold 3,500 level in the SPX. Many stocks have appreciated considerably, some by 100% or more in this relatively short time frame. However, the rally ended around 4,200 due to the lack of constructive catalysts capable of propelling stocks into a new bull market. Moreover, we see persistently high inflation, and the recent progress is overshadowed by the higher-than-anticipated inflation results last month. Therefore, the Fed will likely continue raising interest rates and could remain hawkish for longer as the inflation problem persists.</p><p>Moreover, critical economic indicators and many corporate profits continue worsening, implying more pain ahead for Main Street and Wall Street. Furthermore, most stocks are not cheap here. Thus, many could drop precipitously if the selling accelerates. If SPX breaks below support (decisively) around 4,000, it could cascade to 3,800 next and 3,500 or lower afterward. My bear market bottom &#34;all-in&#34; buy-in range remains around 3,000-3,200, roughly 20-25% below current levels.</p></body></html>","source":"seekingalpha_fund","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>Why The Market Could Drop By Another 20%-25%</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\">\nWhy The Market Could Drop By Another 20%-25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-04 10:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4584309-why-the-market-could-drop-more><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryWe've seen one heck of a rally since the market reached an intermediate-term bottom in mid October.Incidentally, a textbook 20% bear market rally took the S&P 500 from 3,500 to 4,200 in about ...</p>\n\n<a href=\"https://seekingalpha.com/article/4584309-why-the-market-could-drop-more\">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://seekingalpha.com/article/4584309-why-the-market-could-drop-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188147335","content_text":"SummaryWe've seen one heck of a rally since the market reached an intermediate-term bottom in mid October.Incidentally, a textbook 20% bear market rally took the S&P 500 from 3,500 to 4,200 in about three months.However, I'm highly skeptical that the worst is behind us.Unfortunately, inflation remains more persistent than anticipated, the Fed should continue tightening, and the economy will likely worsen as we advance.Furthermore, stocks are not cheap, and my \"all-in\" bear market bottom target remains 3,000-3,200, roughly 20%-25% lower from here.The S&P 500/SPX (SP500) had an excellent rally from its mid-October bottom at 3,500. After calling the bottom in my \"Stocks Are Heading Higher\" article, I indicated that the likely top for the rally would arrive in the 4,000-4,200. The market recently topped out around 4,200, after a textbook 20% bear market rally. Now, the SPX is at another critical inflection point, and despite a 6% correction from the recent high, the market could go significantly lower as we advance in the coming months. In addition to deteriorating technical conditions, inflation remains persistent.Moreover, we're seeing worsening economic indicators, implying that the increased rate environment reflects poorly on the economy. Furthermore, due to the persistent inflation problem, the Fed will probably continue raising the benchmark rate, remaining relatively hawkish. Consumer sentiment and other crucial consumer-related readings will likely worsen along with the labor market leading to more pain on Main Street. As corporate profits worsen in the near term, the stock market will probably head lower, causing some panic on Wall Street in the coming months.SPX - At Another Inflection PointSPX(StockCharts.com)The SPX is around critical support at 3,940 - 4,000, coinciding with the 50, and the 200-day moving averages. If the SPX decisively breaks down below this crucial support level, the market could swiftly drop to 3,800 support. If the 3,800 support breaks down, the market will likely retest 3,500 and move lower toward my long-term bear market bottom level at 3,000-3,200. This drop would equate to approximately 20-25% more downside from current levels. Unfortunately, due to the deteriorating fundamental factors surrounding the economy, there's a high probability that the SPX will revisit the 3,500 - 3,000 before achieving a true bottom. The peak-to-trough decline (4,800 to 3,000) would equate to a drop of approximately 38%, easily comparable to previous bear markets in recent history.There's a ChanceAlthough the probability is relatively low, SPX's support could hold here, and we may see the market rebound and move higher. However, due to the challenging macroeconomic environment, the near-term upside is likely limited, and the path of least resistance is to the downside now. Also, it's premature to call an end to the bear market, and I am highly skeptical that a new bull market began in October and that the SPX will reach new highs soon.Why Inflation Remains a Big ProblemCPI InflationCPI(TradingEconomics.com )Inflation peaked at around 9% last year, and the Fed has raised rates significantly, utilizing other programs like QT to bring the inflation problem under control. There's been some success as inflation has come down from the ultra-high levels not seen in the last forty years. Nevertheless, inflation is still running red hot above 6%, while the Fed's target rate remains at 2%. Moreover, after several months of constructive inflation readings, January's CPI came in hotter than expected.The Recent CPI ReportCPI (January)(Investing.com )The market expected a drop to 6.2%, but the CPI came in at 6.4%, missing estimates and barely budging from the prior month's reading of 6.5%. Moreover, it's not just the CPI. Other critical inflation readings like the PCE also reversed, coming in hotter than anticipated.PCE InflationPCE inflation(Investing.com )The PCE inflation readings were substantially higher than expected. We see the PCE at 5.4% vs. the expected 5%. Moreover, the PCE was even higher than the previous month's 5.3% reading. So, inflation is moving in the wrong direction, and this trend of persistently higher-than-expected inflation could continue. Furthermore, the PCE reading is critical as it's the Fed's preferred inflation gauge. Therefore, we will likely continue seeing tighter monetary for longer, which is a negative development for stocks and other risk assets.Is the Fed Doing Too Much or Not Enough?Unfortunately, the Fed is between a rock and a hard place. Remember all that talk about inflation being a transitory phenomenon and everything should be fine? I remember this specific rhetoric as the Fed printed money like there was no tomorrow. I always expressed that inflation would not be as \"transitory\" as the Fed claimed and that the economy would suffer significantly. Well, here we are. The Fed is battling highly persistent inflation, anything but transitory, and the economy is worsening considerably.The Worsening EconomyHave you seen the recent economic readings? I see many problems, and they're not likely to go away anytime soon. Let's put inflation aside and look at some troubling critical economic data that's come out recently.Just from the start of February, we've seenISM manufacturing PMI, factory orders, consumer expectations, industrial production, building, housing, GDP, consumer confidence, oil inventories, and other crucial data points come in worse than expected. Moreover, the worse-than-expected data is coming in below lowered estimates, and even most of the better-than-anticipated data does not look great.Is the Labor Market an Exception?Jobs data(Investing.com)The latest nonfarm payrolls report came in significantly better than expected. The economy added 517K jobs while expectations were for 185K. The unemployment rate also dropped to a rock bottom of 3.4%. So, how can the economy worsen while the labor market remains this robust? First, the labor market data is a lagging indicator, not indicative of future results. Secondly, the labor market appeared very strong in other cycles just before the worst part of a downturn began. And thirdly, the labor market may be one of the last dominoes standing, and when it falls, it could drag the stock market substantially lower. We've recently seen numerous companies reporting mass layoffs. These firings take time to filter through the system and should impact payroll reports negatively in the coming months. Moreover, not all jobs are the same. As major corporations cut hundreds of thousands of relatively high-paying jobs to improve efficiency and increase profitability, those fortunate enough to find new jobs will likely fill lower-paying positions. As this phenomenon persists, millions of consumers could suffer due to being pinched from multiple sides by high inflation and lower wages.Valuations Are Not Cheap AnymoreWe've seen many companies' earnings stagnate or decline in recent quarters. As the consumer continues to soften, lower earnings could continue as we advance in the near/intermediate term. Also, we've seen many stocks appreciate considerably in the recent rally. Thus, while many valuations appeared cheap and attractive, with the SPX around 3,500, many companies are not cheap anymore and could become even more expensive as earnings and future estimates stumble in the coming months.Shiller P/E RatioShiller P/E(multpl.com)We've seen the Shiller P/E (cyclically adjusted \"CAPE\") ratio come down some from the bubble days of November 2021. However, at around 29, the CAPE is still highly elevated, implying that most stocks are not cheap and likely have more room to fall as we grind through this bear market. The historical mean for the CAPE is 17, roughly 40% below its current level. If the CAPE reverts to its mean in this bear market, we could see the SPX bottom around 2,400. However, this ultra-bearish 50% peak-to-trough decline scenario is not a high-probability event due to the Fed and other factors. Nevertheless, the CAPE should move lower before going higher again, and my estimate for a bottom is around the 22-23 level, roughly in line with the 3,000-3,200 level in the SPX.The Bottom LineWe've seen a textbook 20% bear market rally lift stocks from the profoundly oversold 3,500 level in the SPX. Many stocks have appreciated considerably, some by 100% or more in this relatively short time frame. However, the rally ended around 4,200 due to the lack of constructive catalysts capable of propelling stocks into a new bull market. Moreover, we see persistently high inflation, and the recent progress is overshadowed by the higher-than-anticipated inflation results last month. Therefore, the Fed will likely continue raising interest rates and could remain hawkish for longer as the inflation problem persists.Moreover, critical economic indicators and many corporate profits continue worsening, implying more pain ahead for Main Street and Wall Street. Furthermore, most stocks are not cheap here. Thus, many could drop precipitously if the selling accelerates. If SPX breaks below support (decisively) around 4,000, it could cascade to 3,800 next and 3,500 or lower afterward. My bear market bottom \"all-in\" buy-in range remains around 3,000-3,200, roughly 20-25% below current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940870442,"gmtCreate":1677836243287,"gmtModify":1677836272654,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ACN\">$Accenture PLC(ACN)$&nbsp;</a>Always consistent&nbsp;","listText":"<a href=\"https://ttm.financial/S/ACN\">$Accenture PLC(ACN)$&nbsp;</a>Always consistent&nbsp;","text":"$Accenture PLC(ACN)$ Always consistent","images":[{"img":"https://community-static.tradeup.com/news/9f83888ba3e58d4afe210bec83a5cbf9","width":"1284","height":"2688"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940870442","isVote":1,"tweetType":1,"viewCount":183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9940870228,"gmtCreate":1677836071265,"gmtModify":1677836077656,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Market update for the day&nbsp;","listText":"Market update for the day&nbsp;","text":"Market update for the day","images":[{"img":"https://community-static.tradeup.com/news/583a2317aa5fb630692669cc852a5afe","width":"1284","height":"8213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940870228","isVote":1,"tweetType":1,"viewCount":17,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9940397155,"gmtCreate":1677682540677,"gmtModify":1677682543366,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SHOP\">$Shopify(SHOP)$&nbsp;</a>Need this to go up again... great stock but not performing during the last few quarters&nbsp;","listText":"<a href=\"https://ttm.financial/S/SHOP\">$Shopify(SHOP)$&nbsp;</a>Need this to go up again... great stock but not performing during the last few quarters&nbsp;","text":"$Shopify(SHOP)$ Need this to go up again... great stock but not performing during the last few quarters","images":[{"img":"https://community-static.tradeup.com/news/a6164287afb1ba3503d1951f52f1c7ad","width":"1284","height":"2472"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":19,"repostSize":0,"link":"https://ttm.financial/post/9940397155","isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9957426662,"gmtCreate":1677504826657,"gmtModify":1677504830832,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a>Interesting stock&nbsp;","listText":"<a href=\"https://ttm.financial/S/MSTR\">$MicroStrategy(MSTR)$&nbsp;</a>Interesting stock&nbsp;","text":"$MicroStrategy(MSTR)$ Interesting stock","images":[{"img":"https://community-static.tradeup.com/news/6314a657594d64540e7367f0234a6c94","width":"1284","height":"2580"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957426662","isVote":1,"tweetType":1,"viewCount":34,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9957426303,"gmtCreate":1677504795902,"gmtModify":1677504799894,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Actuation with Rolls Royse","listText":"Actuation with Rolls Royse","text":"Actuation with Rolls Royse","images":[{"img":"https://community-static.tradeup.com/news/337566dad608b12920d8db6f205e432f","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957426303","isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9957548730,"gmtCreate":1677454156820,"gmtModify":1677454161029,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Interesting read about avaition&nbsp;industry&nbsp;","listText":"Interesting read about avaition&nbsp;industry&nbsp;","text":"Interesting read about avaition industry","images":[{"img":"https://community-static.tradeup.com/news/de4739132a6e248733d87241ed68f8bb","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957548730","isVote":1,"tweetType":1,"viewCount":40,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9957513024,"gmtCreate":1677382105968,"gmtModify":1677382110194,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a>Worth buying for long term prospects&nbsp;","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a>Worth buying for long term prospects&nbsp;","text":"$PayPal(PYPL)$ Worth buying for long term prospects","images":[{"img":"https://community-static.tradeup.com/news/cb79812f791737fe4498d4d3a06080b2","width":"1284","height":"2580"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957513024","isVote":1,"tweetType":1,"viewCount":133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":9940397155,"gmtCreate":1677682540677,"gmtModify":1677682543366,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SHOP\">$Shopify(SHOP)$&nbsp;</a>Need this to go up again... great stock but not performing during the last few quarters&nbsp;","listText":"<a href=\"https://ttm.financial/S/SHOP\">$Shopify(SHOP)$&nbsp;</a>Need this to go up again... great stock but not performing during the last few quarters&nbsp;","text":"$Shopify(SHOP)$ Need this to go up again... great stock but not performing during the last few quarters","images":[{"img":"https://community-static.tradeup.com/news/a6164287afb1ba3503d1951f52f1c7ad","width":"1284","height":"2472"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":19,"repostSize":0,"link":"https://ttm.financial/post/9940397155","isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9957595845,"gmtCreate":1677373873487,"gmtModify":1677373876838,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957595845","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.B":"伯克希尔B","BRK.A":"伯克希尔"},"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":9,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888341419,"gmtCreate":1631445121031,"gmtModify":1676530549383,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"You can’t buy Amazon stick with USD 1,000 ?","listText":"You can’t buy Amazon stick with USD 1,000 ?","text":"You can’t buy Amazon stick with USD 1,000 ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888341419","repostId":"2166377772","repostType":4,"repost":{"id":"2166377772","pubTimestamp":1631412043,"share":"https://ttm.financial/m/news/2166377772?lang=&edition=fundamental","pubTime":"2021-09-12 10:00","market":"us","language":"en","title":"Got $1,000? 4 Buffett Stocks to Buy and Hold Forever","url":"https://stock-news.laohu8.com/highlight/detail?id=2166377772","media":"Motley Fool","summary":"Strengthen your portfolio by following Warren Buffett's lead on these stocks.","content":"<p>When Warren Buffett took over <b>Berkshire Hathaway</b> (NYSE:BRK.A)(NYSE:BRK.B) in 1965, the company was valued at $19 per share. Today, the investment conglomerate's class A shares trade at roughly $424,200 -- good for growth of approximately 2,226,200% across the stretch. With that kind of incredible performance, it's no wonder he's widely considered one of history's best investors.</p>\n<p>Berkshire stock's massive size means that its days of explosive growth are probably in the rearview, but investors will likely still be able to bank strong gains by following moves made by the company and its chief executive officer. Read on for a look at four Buffett-backed stocks that look primed to deliver wins over the long term.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7e64d08376131e83c6ddb13b24638e8\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Image source: The Motley Fool.</span></p>\n<h2>1. Berkshire Hathaway</h2>\n<p>If you want to replicate The Oracle of Omaha's investing strategy, the single best way to do it is owning Berkshire Hathaway stock. Led by Buffett, vice chairman Charlie Munger, and a team of expert analysts, Berkshire stands as one of the best-managed investment conglomerates of the last half-century.</p>\n<p>Berkshire Hathaway has sector-spanning investment holdings and a legendary management team, so buying its stock is a top way to add a combination of diversified, relatively low-risk holdings to your portfolio. Investing in the company provides a convenient, trustworthy vehicle for broad exposure to the stock market and an equity stake in other businesses and assets under Berkshire's corporate umbrella.</p>\n<p>In addition to the other stocks profiled in this article, Berkshire Hathaway gives investors exposure to companies including <b>Coca-Cola</b>, <b>Bank of America</b>, <b>American Express</b>, and many others. While Berkshire has a reputation for focusing on value plays in time-tested business categories, the company has gradually been shifting to accommodate a more tech-focused approach to investing. Buffett's and Munger's investing philosophy still plays a key role in shaping the company's direction, but Berkshire is also building positions in future-oriented tech players, and that should work to the advantage of long-term shareholders.</p>\n<h2>2. Apple</h2>\n<p><b>Apple</b> (NASDAQ:AAPL) stands as the single largest stock holding in the Berkshire Hathaway portfolio. While Buffett is known to have been generally averse to tech stocks due to their complicated businesses and growth-dependent valuations, that's started to change in recent years, and his company has been adding more tech stocks to its holdings. Berkshire's big investments in Apple can be seen as leading the company's emerging tech foundations.</p>\n<p>Apple has built one of the strongest brands in the consumer hardware space, and that's also paved the way for a robust software and subscription services ecosystem. Apple will likely continue to command forefront positions in the mobile hardware and software spaces, and it stands out as a likely beneficiary of emerging long-term growth trends, including wearable computing, 5G, and augmented reality.</p>\n<h2>3. Verizon</h2>\n<p>Buffett is known for liking businesses that have strong brand strength, and <b>Verizon</b> (NYSE:VZ) certainly ticks that box. The telecommunications company has America's largest wireless subscriber base, and it regularly wins awards for having the industry's best network coverage and customer service. With 5G availability still rolling out and phones that support next-generation network services just starting to become widely available, Verizon is likely in the early stages of benefiting from a major transition.</p>\n<p>And when it's time to roll out the next wireless network generations and leaps forward in upload and download speeds, there's a good chance that Verizon will continue to be at the forefront. Access to dependable, high-quality internet service will only become increasingly central to business and everyday life, and Verizon is a top candidate for benefiting from this long-term trend.</p>\n<h2>4. Amazon</h2>\n<p><b>Amazon</b> (NASDAQ:AMZN) is one of the world's most influential companies, and it's likely that the tech giant will continue to improve and innovate. With leading positions in e-commerce and cloud infrastructure service, Amazon is at the forefront of incredibly important industries that have far-reaching connections to a huge range of businesses. The company has also used its strengths in online retail and data analysis to establish a third-place position in the digital advertising market, and it looks poised to continue benefiting from the ongoing growth of digital ads.</p>\n<p>The e-commerce, cloud computing services, and digital advertising industries still have long runways for growth, and there's a good chance that Amazon will be able to use its immense resources to expand into new growth categories that strengthen the overall business. The stock has already put up stellar performance, and it continues to offer an attractive risk-reward dynamic for long-term investors.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Got $1,000? 4 Buffett Stocks to Buy and Hold Forever</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\">\nGot $1,000? 4 Buffett Stocks to Buy and Hold Forever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-12 10:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/11/got-1000-4-buffett-stocks-to-buy-and-hold-forever/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When Warren Buffett took over Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) in 1965, the company was valued at $19 per share. Today, the investment conglomerate's class A shares trade at roughly $424,...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/11/got-1000-4-buffett-stocks-to-buy-and-hold-forever/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VZ":"威瑞森","AMZN":"亚马逊","AAPL":"苹果","BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.fool.com/investing/2021/09/11/got-1000-4-buffett-stocks-to-buy-and-hold-forever/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166377772","content_text":"When Warren Buffett took over Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) in 1965, the company was valued at $19 per share. Today, the investment conglomerate's class A shares trade at roughly $424,200 -- good for growth of approximately 2,226,200% across the stretch. With that kind of incredible performance, it's no wonder he's widely considered one of history's best investors.\nBerkshire stock's massive size means that its days of explosive growth are probably in the rearview, but investors will likely still be able to bank strong gains by following moves made by the company and its chief executive officer. Read on for a look at four Buffett-backed stocks that look primed to deliver wins over the long term.\nImage source: The Motley Fool.\n1. Berkshire Hathaway\nIf you want to replicate The Oracle of Omaha's investing strategy, the single best way to do it is owning Berkshire Hathaway stock. Led by Buffett, vice chairman Charlie Munger, and a team of expert analysts, Berkshire stands as one of the best-managed investment conglomerates of the last half-century.\nBerkshire Hathaway has sector-spanning investment holdings and a legendary management team, so buying its stock is a top way to add a combination of diversified, relatively low-risk holdings to your portfolio. Investing in the company provides a convenient, trustworthy vehicle for broad exposure to the stock market and an equity stake in other businesses and assets under Berkshire's corporate umbrella.\nIn addition to the other stocks profiled in this article, Berkshire Hathaway gives investors exposure to companies including Coca-Cola, Bank of America, American Express, and many others. While Berkshire has a reputation for focusing on value plays in time-tested business categories, the company has gradually been shifting to accommodate a more tech-focused approach to investing. Buffett's and Munger's investing philosophy still plays a key role in shaping the company's direction, but Berkshire is also building positions in future-oriented tech players, and that should work to the advantage of long-term shareholders.\n2. Apple\nApple (NASDAQ:AAPL) stands as the single largest stock holding in the Berkshire Hathaway portfolio. While Buffett is known to have been generally averse to tech stocks due to their complicated businesses and growth-dependent valuations, that's started to change in recent years, and his company has been adding more tech stocks to its holdings. Berkshire's big investments in Apple can be seen as leading the company's emerging tech foundations.\nApple has built one of the strongest brands in the consumer hardware space, and that's also paved the way for a robust software and subscription services ecosystem. Apple will likely continue to command forefront positions in the mobile hardware and software spaces, and it stands out as a likely beneficiary of emerging long-term growth trends, including wearable computing, 5G, and augmented reality.\n3. Verizon\nBuffett is known for liking businesses that have strong brand strength, and Verizon (NYSE:VZ) certainly ticks that box. The telecommunications company has America's largest wireless subscriber base, and it regularly wins awards for having the industry's best network coverage and customer service. With 5G availability still rolling out and phones that support next-generation network services just starting to become widely available, Verizon is likely in the early stages of benefiting from a major transition.\nAnd when it's time to roll out the next wireless network generations and leaps forward in upload and download speeds, there's a good chance that Verizon will continue to be at the forefront. Access to dependable, high-quality internet service will only become increasingly central to business and everyday life, and Verizon is a top candidate for benefiting from this long-term trend.\n4. Amazon\nAmazon (NASDAQ:AMZN) is one of the world's most influential companies, and it's likely that the tech giant will continue to improve and innovate. With leading positions in e-commerce and cloud infrastructure service, Amazon is at the forefront of incredibly important industries that have far-reaching connections to a huge range of businesses. The company has also used its strengths in online retail and data analysis to establish a third-place position in the digital advertising market, and it looks poised to continue benefiting from the ongoing growth of digital ads.\nThe e-commerce, cloud computing services, and digital advertising industries still have long runways for growth, and there's a good chance that Amazon will be able to use its immense resources to expand into new growth categories that strengthen the overall business. The stock has already put up stellar performance, and it continues to offer an attractive risk-reward dynamic for long-term investors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114196171,"gmtCreate":1623055721593,"gmtModify":1704195132547,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Looking forward&nbsp;","listText":"Looking forward&nbsp;","text":"Looking forward","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114196171","repostId":"1184606456","repostType":4,"repost":{"id":"1184606456","pubTimestamp":1623048513,"share":"https://ttm.financial/m/news/1184606456?lang=&edition=fundamental","pubTime":"2021-06-07 14:48","market":"us","language":"en","title":"Here's what to expect at Apple's WWDC this week","url":"https://stock-news.laohu8.com/highlight/detail?id=1184606456","media":"cnn","summary":"(CNN Business)Revamped MacBooks. Updated iMessage features. An overhaul of the iPad operating system","content":"<p>(CNN Business)Revamped MacBooks. Updated iMessage features. An overhaul of the iPad operating system.</p>\n<p>These are among the announcements Apple (AAPL) may make this week during its Worldwide Developer Conference, a multi-day event that kicks off Monday. The annual event is typically a chance for the tech company to introduce changes to the software used everyday by millions of people.</p>\n<p>eyond new gadgets and the introduction of iOS 15, WWDC will also be an opportunity for Apple to address its developer community in the midst of two major recent spats with app makers — a contentious legal battle with Fortnite-maker Epic Games over its App Store fees and a feud with Facebook (FB) over Apple's new app-tracking privacy policy.</p>\n<p>This year, for the second time, Apple's WWDC will be held online, though there will still be plenty for developers to do virtually, including more than 200 sessions on how to build new apps and services.</p>\n<p>The event begins with a keynote at 1 p.m. ET on Monday, June 7. Here's what to expect based on the latest reports and rumors.</p>\n<p><b>New gadgets</b></p>\n<p>The most significant hardware announcement expected during WWDC is the introduction of a redesigned 16-inch MacBook Pro, and possibly a 14-inch version, too, Bloomberg has reported.</p>\n<p>The device — like other recent computer and iPad launches from the company — would likely be built with Apple's M1 chip, which it has said provides longer battery life and faster processing speeds, among other benefits. The new laptop could also bring back the popular MagSafe power connector, Ben Wood, chief analyst at CCS Insight, said in an email last week.</p>\n<p>Among other hardware updates, Apple could announce a new version of its AirPods, a breakout product for the company but one that is facing increasing competition from the likes of Google and others.</p>\n<p>\"I'm sure Apple is aware of that competition\" and has plans to counter it, said Mike Bailey, director of research at FBB Capital Partners.</p>\n<p>Finally, the iPad could get major new operating system updates, after Apple introduced a new iPad Pro with its M1 chip last fall.</p>\n<p>\"We expect to see the lines between the Mac and the iPad continue to blur with powerful demos of high-performance video editing software and more,\" Wood said.</p>\n<p><b>iMessage gets a social media makeover</b></p>\n<p>Based on the company's promotional materials for WWDC, a centerpiece of the event could be iMessage, the messaging service used by countless Apple device owners.</p>\n<p>The iPhone maker has been working to make iMessage more like a social media platform that competes with Facebook's WhatsApp. Bloomberg reported that iOS 15 iMessage updates will include new options for automatic replies, beyond the existing auto-reply for when users are driving.</p>\n<p>This could further inflame the tensions with Facebook that emerged over privacy.</p>\n<p><b>Focus on privacy</b></p>\n<p>Industry watchers expect Apple to double down on its privacy focus during WWDC this year.</p>\n<p>At last year's conference, Apple announced its iOS 14.5 update that now gives users the option to deny apps permission to track their activity, a move that has drawn the ire of Facebook, which uses this data to target ads. Analysts will be watching for any data from Apple on how many users have stopped sharing data with apps since the feature went into effect in April.</p>\n<p>The company may also introduce even more ways for users to control what data they share with developers and app makers in the latest iOS update.</p>\n<p>\"We expect data privacy and security to be a main focus and theme of [CEO Tim] Cook's keynote as Apple solidifies its privacy policy with the iOS 15 unveil,\" Wedbush analyst Dan Ives said in an investor note last week.</p>\n<p><b>Scrutiny amid Epic trial</b></p>\n<p>The developer conference comes weeks after Apple's blockbuster trial against Fortnite maker Epic Games, in which the 30% commission that Apple takes from developers was heavily scrutinized.</p>\n<p>\"In light of the controversy kicked up by the recent lawsuit with Epic, Apple will likely go out of its way to reassure the developer community that it has their best interests at heart,\" CCS Insight's Wood said.</p>\n<p>The conference was mentioned on the stand during the trial: An Apple executive revealed that the company spends $50 million a year to put WWDC together, in an effort to shore up its argument that it does a lot to support developers.</p>\n<p>\"We turn the place upside down for developers,\" Cook said during his testimony, citing the company's responsiveness to developer complaints.</p>\n<p>But Cook also acknowledged during his testimony that Apple's ultimate allegiance and priority is its users.</p>\n<p>\"We're making decisions in the best interests of the user,\" he said, \"and I think it's important to note that sometimes there's a conflict between what the developer may want and what the user may want.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's what to expect at Apple's WWDC 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\">\nHere's what to expect at Apple's WWDC this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 14:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/06/06/tech/apple-wwdc-2021-preview/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(CNN Business)Revamped MacBooks. Updated iMessage features. An overhaul of the iPad operating system.\nThese are among the announcements Apple (AAPL) may make this week during its Worldwide Developer ...</p>\n\n<a href=\"https://edition.cnn.com/2021/06/06/tech/apple-wwdc-2021-preview/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://edition.cnn.com/2021/06/06/tech/apple-wwdc-2021-preview/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184606456","content_text":"(CNN Business)Revamped MacBooks. Updated iMessage features. An overhaul of the iPad operating system.\nThese are among the announcements Apple (AAPL) may make this week during its Worldwide Developer Conference, a multi-day event that kicks off Monday. The annual event is typically a chance for the tech company to introduce changes to the software used everyday by millions of people.\neyond new gadgets and the introduction of iOS 15, WWDC will also be an opportunity for Apple to address its developer community in the midst of two major recent spats with app makers — a contentious legal battle with Fortnite-maker Epic Games over its App Store fees and a feud with Facebook (FB) over Apple's new app-tracking privacy policy.\nThis year, for the second time, Apple's WWDC will be held online, though there will still be plenty for developers to do virtually, including more than 200 sessions on how to build new apps and services.\nThe event begins with a keynote at 1 p.m. ET on Monday, June 7. Here's what to expect based on the latest reports and rumors.\nNew gadgets\nThe most significant hardware announcement expected during WWDC is the introduction of a redesigned 16-inch MacBook Pro, and possibly a 14-inch version, too, Bloomberg has reported.\nThe device — like other recent computer and iPad launches from the company — would likely be built with Apple's M1 chip, which it has said provides longer battery life and faster processing speeds, among other benefits. The new laptop could also bring back the popular MagSafe power connector, Ben Wood, chief analyst at CCS Insight, said in an email last week.\nAmong other hardware updates, Apple could announce a new version of its AirPods, a breakout product for the company but one that is facing increasing competition from the likes of Google and others.\n\"I'm sure Apple is aware of that competition\" and has plans to counter it, said Mike Bailey, director of research at FBB Capital Partners.\nFinally, the iPad could get major new operating system updates, after Apple introduced a new iPad Pro with its M1 chip last fall.\n\"We expect to see the lines between the Mac and the iPad continue to blur with powerful demos of high-performance video editing software and more,\" Wood said.\niMessage gets a social media makeover\nBased on the company's promotional materials for WWDC, a centerpiece of the event could be iMessage, the messaging service used by countless Apple device owners.\nThe iPhone maker has been working to make iMessage more like a social media platform that competes with Facebook's WhatsApp. Bloomberg reported that iOS 15 iMessage updates will include new options for automatic replies, beyond the existing auto-reply for when users are driving.\nThis could further inflame the tensions with Facebook that emerged over privacy.\nFocus on privacy\nIndustry watchers expect Apple to double down on its privacy focus during WWDC this year.\nAt last year's conference, Apple announced its iOS 14.5 update that now gives users the option to deny apps permission to track their activity, a move that has drawn the ire of Facebook, which uses this data to target ads. Analysts will be watching for any data from Apple on how many users have stopped sharing data with apps since the feature went into effect in April.\nThe company may also introduce even more ways for users to control what data they share with developers and app makers in the latest iOS update.\n\"We expect data privacy and security to be a main focus and theme of [CEO Tim] Cook's keynote as Apple solidifies its privacy policy with the iOS 15 unveil,\" Wedbush analyst Dan Ives said in an investor note last week.\nScrutiny amid Epic trial\nThe developer conference comes weeks after Apple's blockbuster trial against Fortnite maker Epic Games, in which the 30% commission that Apple takes from developers was heavily scrutinized.\n\"In light of the controversy kicked up by the recent lawsuit with Epic, Apple will likely go out of its way to reassure the developer community that it has their best interests at heart,\" CCS Insight's Wood said.\nThe conference was mentioned on the stand during the trial: An Apple executive revealed that the company spends $50 million a year to put WWDC together, in an effort to shore up its argument that it does a lot to support developers.\n\"We turn the place upside down for developers,\" Cook said during his testimony, citing the company's responsiveness to developer complaints.\nBut Cook also acknowledged during his testimony that Apple's ultimate allegiance and priority is its users.\n\"We're making decisions in the best interests of the user,\" he said, \"and I think it's important to note that sometimes there's a conflict between what the developer may want and what the user may want.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":97,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181528469,"gmtCreate":1623402806151,"gmtModify":1704202640247,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Crypto is future&nbsp;","listText":"Crypto is future&nbsp;","text":"Crypto is future","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/181528469","repostId":"1161105783","repostType":4,"repost":{"id":"1161105783","pubTimestamp":1623401328,"share":"https://ttm.financial/m/news/1161105783?lang=&edition=fundamental","pubTime":"2021-06-11 16:48","market":"us","language":"en","title":"JPMorgan says there’s weak bitcoin demand from big investors and a crypto bear market could be on the way","url":"https://stock-news.laohu8.com/highlight/detail?id=1161105783","media":"cnbc","summary":"A bitcoin bear market could be on the way as the demand from big investors to support the cryptocurr","content":"<div>\n<p>A bitcoin bear market could be on the way as the demand from big investors to support the cryptocurrency — a key narrative of the bulls — is just not there, according to JPMorgan analyst Nikolaos ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/jpmorgan-says-theres-weak-bitcoin-demand-from-big-investors-and-that-will-keep-it-in-a-bear-market.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>JPMorgan says there’s weak bitcoin demand from big investors and a crypto bear market could be on the way</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\">\nJPMorgan says there’s weak bitcoin demand from big investors and a crypto bear market could be on the way\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 16:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/10/jpmorgan-says-theres-weak-bitcoin-demand-from-big-investors-and-that-will-keep-it-in-a-bear-market.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A bitcoin bear market could be on the way as the demand from big investors to support the cryptocurrency — a key narrative of the bulls — is just not there, according to JPMorgan analyst Nikolaos ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/jpmorgan-says-theres-weak-bitcoin-demand-from-big-investors-and-that-will-keep-it-in-a-bear-market.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/10/jpmorgan-says-theres-weak-bitcoin-demand-from-big-investors-and-that-will-keep-it-in-a-bear-market.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1161105783","content_text":"A bitcoin bear market could be on the way as the demand from big investors to support the cryptocurrency — a key narrative of the bulls — is just not there, according to JPMorgan analyst Nikolaos Panigirtzoglou.\nThe bitcoin futures curve is in so-called backwardation, meaning the current spot price of bitcoin is higher than that of the futures contracts. This is happening for the first time since 2018, the quantitative analyst said, and is a signal of the lack of interest from the institutional buyer.\n“This is an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin,” he said, referring to the derivatives marketplace.\nIn a normal environment, bitcoin futures trade at a higher, positive spread over current or spot prices.\n“We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market,” the analyst said.\nEven with the introduction of crypto-related funds and the increasing participation in the futures market by institutional investors, they haven’t caused a normalization of the futures to spot spread and the market is still “crypto rich and cash poor,” Panigirtzoglou said.\nThe price of bitcoin is down more than 40% from its all-time high above $64,000 reached in April. The cryptocurrency fell to almost $30,000 during a 30% intraday crash last month. It has since rebounded to above $36,000, raising hopes a bottom could be in.\nPanigirtzoglou’s analysis of investor flows in bitcoin is being widely followed on Wall Street. Sometraders believe his report indicating big investors dumping bitcoinhad a hand in May’s aggressive pullback.\nThe largest cryptocurrency by market cap needs to regain its dominance in the total crypto market for it to bounce, JPMorgan said in the note. It currently comprises about 31.5% of total crypto market volume, according to Coin Gecko. Panigirtzoglou said it would have to move to more than 50% for the bank to change its negative outlook.","news_type":1},"isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943398257,"gmtCreate":1679101722679,"gmtModify":1679101727425,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Grab holdings and debt&nbsp;","listText":"Grab holdings and debt&nbsp;","text":"Grab holdings and debt","images":[{"img":"https://community-static.tradeup.com/news/f9dadc84fc776e40f4ec469602b0fdd2","width":"1284","height":"11890"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9943398257","isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":117695526,"gmtCreate":1623135515065,"gmtModify":1704196795342,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117695526","repostId":"1135714831","repostType":4,"repost":{"id":"1135714831","pubTimestamp":1623135005,"share":"https://ttm.financial/m/news/1135714831?lang=&edition=fundamental","pubTime":"2021-06-08 14:50","market":"us","language":"en","title":"Biogen’s Japanese Partner Has a Second Alzheimer’s Drug Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=1135714831","media":"bloomberg","summary":"Biogen Inc. beat the odds, bringing the first drug intended to slow the progression of Alzheimer’s d","content":"<p>Biogen Inc. beat the odds, bringing the first drug intended to slow the progression of Alzheimer’s disease to the U.S market. Investors are hoping Eisai Co. Ltd, its Japanese partner in the medicine, can do it again with a second compound from the pair that’s still in development.</p><p>The U.S. Food and Drug Administration’s backing of the drug Aduhelm may boost the chances for BAN2401 and Tokyo-based Eisai, which is in a sales and profit sharing agreement with Biogen for both treatments. The drugs work by targeting the beta amyloid protein that clogs the brains of patients with Alzheimer’s disease.</p><p>Researchers long believed that interfering with the protein, a hallmark of the disease, was the key to treating the condition, but pharmaceutical companies spent billions of dollars on experimental compounds that failed again and again to slow the inexorable progression of the mind-wasting disease. Aduhelm is the first such medicine to make it to the market.</p><p>“This approval will have a halo effect on BAN2401 and the wider pipeline,” said Jefferies analyst Stephen Barker. “It will certainly impact how the stock market evaluates the Alzheimer’s research from Biogen and Eisai in general.”</p><p>The Japanese drugmaker partnered with Biogenin 2014to co-develop several Alzheimer’s related compounds. In 2017, Eisai exercised an option toexpand the agreement</p><p>Eisai’s shares were untraded in Tokyo Tuesday amid a trading imbalance, as bids outweighed offers. Biogen shares closed at $395.85, up 38.3% in U.S. trading.</p><p>Two Trials</p><p>Eisai is leading two pivotal trials on BAN2401, which also goes by the name lecanemab. Final results for the study in patients with early-stage disease are expected within the next year. The FDA’s approval of Aduhelm may indicate a shift in how the agency thinks about Alzheimer’s disease, and the sentiments are lifting expectations for the experimental compound’s future.</p><p>“Our other drug lecanemab is also based on the beta amyloid hypothesis, so we are very encouraged by this approval,” an Eisai spokesman told Bloomberg by phone.</p><p>Closer on the calendar are regulatory approval decisions for Aduhelm in Europe and Japan, which will likely come later this year, Barker said.</p><p>Japan’s top government spokesman Katsunobu Kato said Tuesday that the country would review the drug in an appropriate manner, while Australia’s Therapeutic Goods Administration said it is currently evaluating the medication.</p><p>For the Aduhelm agreement, Eisai will book sales in Asia outside of China and South Korea, while Biogen will book most of the rest of the world, including U.S. and Europe.</p><p>Profits will be split about 50-50, with Biogen taking a greater share in U.S. and Europe, and Eisai taking a greater share in Japan and Asia, other than China and South Korea.</p>","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>Biogen’s Japanese Partner Has a Second Alzheimer’s Drug Coming</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\">\nBiogen’s Japanese Partner Has a Second Alzheimer’s Drug Coming\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 14:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-08/biogen-s-alzheimer-drug-nod-may-bode-well-for-eisai-s-efforts><strong>bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Biogen Inc. beat the odds, bringing the first drug intended to slow the progression of Alzheimer’s disease to the U.S market. Investors are hoping Eisai Co. Ltd, its Japanese partner in the medicine, ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-08/biogen-s-alzheimer-drug-nod-may-bode-well-for-eisai-s-efforts\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-08/biogen-s-alzheimer-drug-nod-may-bode-well-for-eisai-s-efforts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135714831","content_text":"Biogen Inc. beat the odds, bringing the first drug intended to slow the progression of Alzheimer’s disease to the U.S market. Investors are hoping Eisai Co. Ltd, its Japanese partner in the medicine, can do it again with a second compound from the pair that’s still in development.The U.S. Food and Drug Administration’s backing of the drug Aduhelm may boost the chances for BAN2401 and Tokyo-based Eisai, which is in a sales and profit sharing agreement with Biogen for both treatments. The drugs work by targeting the beta amyloid protein that clogs the brains of patients with Alzheimer’s disease.Researchers long believed that interfering with the protein, a hallmark of the disease, was the key to treating the condition, but pharmaceutical companies spent billions of dollars on experimental compounds that failed again and again to slow the inexorable progression of the mind-wasting disease. Aduhelm is the first such medicine to make it to the market.“This approval will have a halo effect on BAN2401 and the wider pipeline,” said Jefferies analyst Stephen Barker. “It will certainly impact how the stock market evaluates the Alzheimer’s research from Biogen and Eisai in general.”The Japanese drugmaker partnered with Biogenin 2014to co-develop several Alzheimer’s related compounds. In 2017, Eisai exercised an option toexpand the agreementEisai’s shares were untraded in Tokyo Tuesday amid a trading imbalance, as bids outweighed offers. Biogen shares closed at $395.85, up 38.3% in U.S. trading.Two TrialsEisai is leading two pivotal trials on BAN2401, which also goes by the name lecanemab. Final results for the study in patients with early-stage disease are expected within the next year. The FDA’s approval of Aduhelm may indicate a shift in how the agency thinks about Alzheimer’s disease, and the sentiments are lifting expectations for the experimental compound’s future.“Our other drug lecanemab is also based on the beta amyloid hypothesis, so we are very encouraged by this approval,” an Eisai spokesman told Bloomberg by phone.Closer on the calendar are regulatory approval decisions for Aduhelm in Europe and Japan, which will likely come later this year, Barker said.Japan’s top government spokesman Katsunobu Kato said Tuesday that the country would review the drug in an appropriate manner, while Australia’s Therapeutic Goods Administration said it is currently evaluating the medication.For the Aduhelm agreement, Eisai will book sales in Asia outside of China and South Korea, while Biogen will book most of the rest of the world, including U.S. and Europe.Profits will be split about 50-50, with Biogen taking a greater share in U.S. and Europe, and Eisai taking a greater share in Japan and Asia, other than China and South Korea.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941807891,"gmtCreate":1680097429313,"gmtModify":1680097433325,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"BRK.B during crisis&nbsp;","listText":"BRK.B during crisis&nbsp;","text":"BRK.B during crisis","images":[{"img":"https://community-static.tradeup.com/news/db8dba58d1002fc868b8f856b04fc043","width":"1284","height":"3331"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9941807891","isVote":1,"tweetType":1,"viewCount":260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":166899310,"gmtCreate":1624000033130,"gmtModify":1703826187965,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Bigger than Apple… Lifetime opportunity&nbsp;","listText":"Bigger than Apple… Lifetime opportunity&nbsp;","text":"Bigger than Apple… Lifetime opportunity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/166899310","repostId":"2144742925","repostType":4,"repost":{"id":"2144742925","pubTimestamp":1623976535,"share":"https://ttm.financial/m/news/2144742925?lang=&edition=fundamental","pubTime":"2021-06-18 08:35","market":"us","language":"en","title":"1 Growth Stock That Could Be Bigger Than Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=2144742925","media":"Motley Fool","summary":"The next decade looks bright for this supercomputing company.","content":"<p>In 1999, <b>NVIDIA</b> (NASDAQ:NVDA) invented the graphics processing unit (GPU), a chip that revolutionized the gaming industry. Then in 2006, it introduced the CUDA programming model, turning GPUs into general-purpose processors. Together, these innovations transformed NVIDIA into a supercomputing company, powering its rise in the data center market.</p>\n<p>NVIDIA hasn't lost that innovative spark, and its pipeline is full of products that could be growth drivers over the coming decade. In fact, if the company executes on its massive market opportunity, I think NVIDIA could be bigger than <b>Apple</b> by 2031. Here are three reasons why.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8eaf8802c7ed003335f2860d2fb148e9\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images</span></p>\n<h2>1. The data center</h2>\n<p>Currently, NVIDIA controls over 90%&nbsp;of the data center accelerator market. Over the past 12 months, its data center business generated $7.6 billion in revenue, up 117%. But management sees a much larger market opportunity -- which could generate $100 billion by 2024.</p>\n<p>To that end, NVIDIA recently launched the DGX SuperPOD, a turnkey solution for enterprise artificial intelligence (AI). This cloud-native supercomputer simplifies AI, delivering in <a href=\"https://laohu8.com/S/AONE\">one</a> platform all of the resources (i.e., hardware and software) clients need to build and deploy AI applications.</p>\n<p>Likewise, the Bluefield-3 data processing unit (DPU) is a new chip designed to accelerate and secure data center infrastructure. Specifically, DPUs off-load services like networking, storage, and security, boosting the performance of central processing units (CPU).</p>\n<p>Finally, NVIDIA recently announced the Grace CPU. Set to launch in 2023, this ARM-based processor will accelerate AI workloads by a factor of 10. Moreover, alongside the DPU and GPU, it will make NVIDIA a three-chip company. CEO Jensen Huang believes this vertical integration will be a significant advantage, allowing NVIDIA to \"re-architect the data center to advance AI.\"</p>\n<h2><b>2. Autonomous vehicles</b></h2>\n<p>The NVIDIA DRIVE platform is designed to power autonomous vehicles (AVs). It combines in-car hardware with AI software, allowing vehicles to see, think, and move safely through their environments. In a recent report from advisory firm Navigant Research, NVIDIA DRIVE ranked as the No. 1 AV compute platform on the market.</p>\n<p>The brains behind this system is NVIDIA Orin, a supercomputer that delivers 254 TOPS of performance, meaning it can perform 254 trillion operations per second. By comparison, the latest chip from <b>Intel</b>'s&nbsp;<a href=\"https://laohu8.com/S/MBLY\">Mobileye</a> -- the No. 2 player in Navigant's report -- delivers just 24 TOPS.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d24136b7828e9c57db066423f43bfd7\" tg-width=\"700\" tg-height=\"525\"><span>The NVIDIA Orin. Image source: NVIDIA.</span></p>\n<p>While NVIDIA Orin won't ship until 2022, automakers like <b>NIO</b> &nbsp;and <b>Volvo</b> have already selected NVIDIA DRIVE to power their autonomous fleets. As a result, NVIDIA is set to recognize $8 billion in automotive revenue over the next six years. But that small figure doesn't scratch the surface of its long-term potential.</p>\n<p>Management believes the AV platform market will reach $25 billion by 2025. Given its competitive edge, NVIDIA could capture the lion's share of that figure. And if that happens, automotive sales could become a third major revenue stream for NVIDIA, supplementing its gaming and data center businesses.</p>\n<h2><b>3. NVIDIA Omniverse</b></h2>\n<p>This summer, NVIDIA will launch Omniverse, a platform that allows clients to build 3D simulations in real time. It connects industry-leading design tools from partners like <b>Autodesk</b> and <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b>, enabling collaboration in a shared virtual space. This is a big deal for three reasons.</p>\n<p>First, Omniverse will accelerate AI. NVIDIA DRIVE Sim&nbsp;is an Omniverse-powered application that allows clients to generate synthetic driving data. That data can then be used in the real world to train AI models for autonomous vehicles.</p>\n<p>Second, Omniverse is a subscription product. That's noteworthy because semiconductor sales tend to be cyclical, which can cause lumpy revenue growth. But subscription sales are typically recurring in nature, meaning Omniverse could help NVIDIA grow its top line more consistently.</p>\n<p>Third, NVIDIA believes this is a stepping-stone to the Metaverse. If you're unfamiliar with the term, the idea comes from science fiction. The Metaverse refers to a persistent virtual world, a digital reality where people can interact and share experiences.</p>\n<p>Here's the big picture: The virtual reality market will hit $69 billion by 2028, according to Grand View Research. And so far, NVIDIA Omniverse is gaining traction rapidly. During the three-month beta testing period, it was downloaded by over 17,000 users.</p>\n<h2>A final word</h2>\n<p>To summarize, NVIDIA benefits from a solid competitive position and a massive market opportunity. Both advantages should be growth drivers over the coming decade. But will they be enough to eclipse Apple's current market cap of $2.1 trillion?</p>\n<p>No one knows the future, but I think it's possible. Since fiscal 2016 (ended Jan. 31, 2016), NVIDIA's revenue has grown at 29% per year. If it can maintain an annual growth rate of just 17% over the next decade (assuming its price-to-sales ratio remains unchanged), NVIDIA's market cap would reach $2.2 trillion in 2031.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>1 Growth Stock That Could Be Bigger Than 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\">\n1 Growth Stock That Could Be Bigger Than Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/17/1-growth-stock-that-could-be-bigger-than-apple/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In 1999, NVIDIA (NASDAQ:NVDA) invented the graphics processing unit (GPU), a chip that revolutionized the gaming industry. Then in 2006, it introduced the CUDA programming model, turning GPUs into ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/17/1-growth-stock-that-could-be-bigger-than-apple/\">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","NVDA":"英伟达"},"source_url":"https://www.fool.com/investing/2021/06/17/1-growth-stock-that-could-be-bigger-than-apple/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144742925","content_text":"In 1999, NVIDIA (NASDAQ:NVDA) invented the graphics processing unit (GPU), a chip that revolutionized the gaming industry. Then in 2006, it introduced the CUDA programming model, turning GPUs into general-purpose processors. Together, these innovations transformed NVIDIA into a supercomputing company, powering its rise in the data center market.\nNVIDIA hasn't lost that innovative spark, and its pipeline is full of products that could be growth drivers over the coming decade. In fact, if the company executes on its massive market opportunity, I think NVIDIA could be bigger than Apple by 2031. Here are three reasons why.\nImage source: Getty Images\n1. The data center\nCurrently, NVIDIA controls over 90% of the data center accelerator market. Over the past 12 months, its data center business generated $7.6 billion in revenue, up 117%. But management sees a much larger market opportunity -- which could generate $100 billion by 2024.\nTo that end, NVIDIA recently launched the DGX SuperPOD, a turnkey solution for enterprise artificial intelligence (AI). This cloud-native supercomputer simplifies AI, delivering in one platform all of the resources (i.e., hardware and software) clients need to build and deploy AI applications.\nLikewise, the Bluefield-3 data processing unit (DPU) is a new chip designed to accelerate and secure data center infrastructure. Specifically, DPUs off-load services like networking, storage, and security, boosting the performance of central processing units (CPU).\nFinally, NVIDIA recently announced the Grace CPU. Set to launch in 2023, this ARM-based processor will accelerate AI workloads by a factor of 10. Moreover, alongside the DPU and GPU, it will make NVIDIA a three-chip company. CEO Jensen Huang believes this vertical integration will be a significant advantage, allowing NVIDIA to \"re-architect the data center to advance AI.\"\n2. Autonomous vehicles\nThe NVIDIA DRIVE platform is designed to power autonomous vehicles (AVs). It combines in-car hardware with AI software, allowing vehicles to see, think, and move safely through their environments. In a recent report from advisory firm Navigant Research, NVIDIA DRIVE ranked as the No. 1 AV compute platform on the market.\nThe brains behind this system is NVIDIA Orin, a supercomputer that delivers 254 TOPS of performance, meaning it can perform 254 trillion operations per second. By comparison, the latest chip from Intel's Mobileye -- the No. 2 player in Navigant's report -- delivers just 24 TOPS.\nThe NVIDIA Orin. Image source: NVIDIA.\nWhile NVIDIA Orin won't ship until 2022, automakers like NIO  and Volvo have already selected NVIDIA DRIVE to power their autonomous fleets. As a result, NVIDIA is set to recognize $8 billion in automotive revenue over the next six years. But that small figure doesn't scratch the surface of its long-term potential.\nManagement believes the AV platform market will reach $25 billion by 2025. Given its competitive edge, NVIDIA could capture the lion's share of that figure. And if that happens, automotive sales could become a third major revenue stream for NVIDIA, supplementing its gaming and data center businesses.\n3. NVIDIA Omniverse\nThis summer, NVIDIA will launch Omniverse, a platform that allows clients to build 3D simulations in real time. It connects industry-leading design tools from partners like Autodesk and Adobe, enabling collaboration in a shared virtual space. This is a big deal for three reasons.\nFirst, Omniverse will accelerate AI. NVIDIA DRIVE Sim is an Omniverse-powered application that allows clients to generate synthetic driving data. That data can then be used in the real world to train AI models for autonomous vehicles.\nSecond, Omniverse is a subscription product. That's noteworthy because semiconductor sales tend to be cyclical, which can cause lumpy revenue growth. But subscription sales are typically recurring in nature, meaning Omniverse could help NVIDIA grow its top line more consistently.\nThird, NVIDIA believes this is a stepping-stone to the Metaverse. If you're unfamiliar with the term, the idea comes from science fiction. The Metaverse refers to a persistent virtual world, a digital reality where people can interact and share experiences.\nHere's the big picture: The virtual reality market will hit $69 billion by 2028, according to Grand View Research. And so far, NVIDIA Omniverse is gaining traction rapidly. During the three-month beta testing period, it was downloaded by over 17,000 users.\nA final word\nTo summarize, NVIDIA benefits from a solid competitive position and a massive market opportunity. Both advantages should be growth drivers over the coming decade. But will they be enough to eclipse Apple's current market cap of $2.1 trillion?\nNo one knows the future, but I think it's possible. Since fiscal 2016 (ended Jan. 31, 2016), NVIDIA's revenue has grown at 29% per year. If it can maintain an annual growth rate of just 17% over the next decade (assuming its price-to-sales ratio remains unchanged), NVIDIA's market cap would reach $2.2 trillion in 2031.","news_type":1},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180431194,"gmtCreate":1623218049618,"gmtModify":1704198592483,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180431194","repostId":"2142429446","repostType":4,"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184013823,"gmtCreate":1623677829762,"gmtModify":1704208422511,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/184013823","repostId":"1167257883","repostType":4,"repost":{"id":"1167257883","pubTimestamp":1623677550,"share":"https://ttm.financial/m/news/1167257883?lang=&edition=fundamental","pubTime":"2021-06-14 21:32","market":"us","language":"en","title":"S&P 500 hovers near a record with Fed meeting looming, tech shares gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1167257883","media":"cnbc","summary":"The S&P 500 held steady near a record on Monday as investors digested the benchmark’s record level h","content":"<div>\n<p>The S&P 500 held steady near a record on Monday as investors digested the benchmark’s record level heading into a week with a key Federal Reserve meeting.\nThe broad equity benchmark traded near the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 hovers near a record with Fed meeting looming, tech shares gain</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 hovers near a record with Fed meeting looming, tech shares gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-14 21:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The S&P 500 held steady near a record on Monday as investors digested the benchmark’s record level heading into a week with a key Federal Reserve meeting.\nThe broad equity benchmark traded near the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1167257883","content_text":"The S&P 500 held steady near a record on Monday as investors digested the benchmark’s record level heading into a week with a key Federal Reserve meeting.\nThe broad equity benchmark traded near the flatline after closing at a record high in the previous session. The Dow Jones Industrial Average slipped 45 points. The Nasdaq Composite gained 0.1%.\nInvestors are giving growth and tech stocks another chance as bond yields come down. The 10-year Treasury went below 1.43% on Friday, a three-month low. Cathie Wood’s Ark Innovation, an ETF that focuses on disruptive technology,returned about 6% last week.\nBoosting cryptocurrency sentiment, Tesla CEO Elon Musk on Sundaysaid the company will resume bitcointransactions once it confirms there is reasonable clean energy usage by miners. Bitcoinrecovered back above$40,000 on the news.\nTesla, also a big holder of bitcoin, gained about 1%. Other key tech stocks Nvidia and Zoom also rose.\nThe Fed’s two-day policy meeting will likelydominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. The Fed could possibly move up its forecast for a rate hike after saying in its last quarterly update that it would keep its benchmark rate near zero through 2023,the Wall Street Journal reportedon Monday.\nFed Chairman Jerome Powell speaks to the press after the central bank issues its statement Wednesday and traders will be parsing his comments for any clues as to when the Fed could start to end its aggressive monthly asset purchases, especially given recenthotter-than-expected inflation readings.\n“Considering the recent outsized inflation reports, the Federal Reserve’s meeting this week will be scrutinized for any telltale sign the Fed’s timetable for either raising the Funds Rate or tapering QE is being moved forward,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.\n“Any evidence suggesting monetary tightening is being moved forward will likely bring volatility to the stock market,” added Paulsen.\nU.S. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names.\nLast week, the 30-stock Dow Jones Industrial Average fell 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. The Nasdaq Composite was the outperformer with a gain of nearly 1.9%, posting its fourth winning week in a row as the tech trade came back into favor.\n“Because the S&P 500 Index reached yet another new record high last week, investors will be watching to see if this signals even higher levels near term,” said Paulsen.\nMeme stocks also garnered attention last week. AMC Entertainment, Clover Health Investments, GameStop and more experienced volatile trading as the group continued to get attention from the social media investors on Reddit.","news_type":1},"isVote":1,"tweetType":1,"viewCount":113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183639152,"gmtCreate":1623327179776,"gmtModify":1704200939814,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Worth watching&nbsp;","listText":"Worth watching&nbsp;","text":"Worth watching","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183639152","repostId":"1131628976","repostType":4,"repost":{"id":"1131628976","pubTimestamp":1623325698,"share":"https://ttm.financial/m/news/1131628976?lang=&edition=fundamental","pubTime":"2021-06-10 19:48","market":"us","language":"en","title":"Goldman puts ServiceNow on its conviction buy list, sees 50% rally in the software stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1131628976","media":"cnbc","summary":"ServiceNow’s recent struggles should prove temporary as the company will soon resume its growth to b","content":"<div>\n<p>ServiceNow’s recent struggles should prove temporary as the company will soon resume its growth to becoming a major player in enterprise software, according to Goldman Sachs.\nThe investment firm added...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/servicenow-stock-conviction-list-goldman.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>Goldman puts ServiceNow on its conviction buy list, sees 50% rally in the software stock</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\">\nGoldman puts ServiceNow on its conviction buy list, sees 50% rally in the software stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 19:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/10/servicenow-stock-conviction-list-goldman.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ServiceNow’s recent struggles should prove temporary as the company will soon resume its growth to becoming a major player in enterprise software, according to Goldman Sachs.\nThe investment firm added...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/servicenow-stock-conviction-list-goldman.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOW":"ServiceNow"},"source_url":"https://www.cnbc.com/2021/06/10/servicenow-stock-conviction-list-goldman.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1131628976","content_text":"ServiceNow’s recent struggles should prove temporary as the company will soon resume its growth to becoming a major player in enterprise software, according to Goldman Sachs.\nThe investment firm added the stock to its conviction buy list, with analyst Kash Rangan saying in a note to clients on Thursday that the pandemic delivered a temporary hit to ServiceNow’s customer base that should lift going forward.\n2022 could be be a bounce back year for the company “given that net new business growth, which is a leading indicator for revenue growth, is accelerating with 1Q21 better than 4Q20 and 2Q21 tracking ahead of 1Q21,” Goldman said. “If this continues through 2H21, ServiceNow may reaccelerate revenue growth in C22.”\nThe company is trading below its pre-pandemic multiple of enterprise value to sales, Goldman said, and the stock has fallen 17% since late April.\nThe firm reiterated its price target of $695 per share, which is nearly 50% above where the stock closed on Wednesday.\nLooking further out, Goldman projects that ServiceNow could exceed $15 billion in subscription revenue in 2026. The company reported just under $1.3 billion in subscription revenue for its most recent quarter.\n“Average deal sizes are very large, highlighted by Customer Workflow deals at ~$267K and Creator Workflow deals at ~$225K. As well, we believe that dollar for dollar, NOW can complementSalesforce.comandWorkdayin how big they are in Customer Support and HR, respectively,” the note said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180436311,"gmtCreate":1623218167633,"gmtModify":1704198595752,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180436311","repostId":"2142294919","repostType":4,"repost":{"id":"2142294919","pubTimestamp":1623215721,"share":"https://ttm.financial/m/news/2142294919?lang=&edition=fundamental","pubTime":"2021-06-09 13:15","market":"us","language":"en","title":"The Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel","url":"https://stock-news.laohu8.com/highlight/detail?id=2142294919","media":"Bloomberg","summary":"(Bloomberg) -- When Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government ","content":"<p>(Bloomberg) -- When Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from among Exxon’s supermajor peers, including arch-rival Chevron Corp. There weren’t any takers.</p><p>That left Iraq with narrowed options: sell to <a href=\"https://laohu8.com/S/AONE\">one</a> of China’s state-backed oil majors, or else buy back Exxon’s stake itself. The sale process remains unresolved but either outcome would stand as a powerful indicator of what’s become of the global oil market. With supermajors from the U.S. and Europe in retreat around the world, national oil champions are set to fill the void.</p><p>The supermajors—a group that, in addition to Exxon and Chevron, includes BP Plc, Royal Dutch Shell Plc, TotalEnergies SE, and Eni SpA—are shrinking even while fossil-fuel demand holds strong. These companies are under growing pressure to pay down debt while cutting greenhouse gas and, for some, transitioning to renewable energy. Recent weeks saw Exxon and Chevron rebuked by their own shareholders over climate concerns, while Shell lost a lawsuit in the Hague over the pace of its shift away from oil and gas.</p><p>National oil companies, or NOCs, are largely shielded from those pressures. When the owners are governments, not shareholders, there aren’t dissident board members like those now sitting inside Exxon. That means state oil producers like those who populate OPEC+ can be the buyers of last resort for fossil-fuel projects cast off by the shrinking supermajors.</p><p>State companies can also gobble market share by simply producing oil that their private-sector rivals won’t. Saudi Aramco and Abu Dhabi National Oil Co. are spending billions to boost their respective outputs by a million barrels per day each, and Qatar Petroleum is spending more than $30 billion to increase its liquefied natural gas exports by more than 50%. (Aramco and Abu Dhabi National Oil declined to comment.)</p><p>Taken together, NOCs make up just over half of today’s worldwide oil supply. By 2050, Rystad Energy sees that share growing to 65%.</p><p>It’s an unmistakable trend that’s drawing heightened attention to some of the largest and most secretive entities in the world. Many government leaders are seeking to lower planet-warming emissions, with nine of the 10 biggest economies staked to net-zero goals. At the same time, these opaque government-sponsored oil producers—insulated in most cases from both investors and environmentalists, and under little obligation to disclose climate data—are taking over the job of filling the millions of barrels consumed each day.</p><p>“We hear government officials and NOC officials say, ‘We look at the divestment of international oil companies from some projects as an opportunity for us to grow,’” said Patrick Heller, an adviser at the Natural Resource Governance Institute. “And I do think that’s potentially really risky.”</p><p>Some observers worry that campaigns by activists to have oil majors divest from fossil fuels could end up accelerating a shift to government owners who operate with less transparency and, occasionally, worse environmental records. Jason Bordoff, director of the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs, argued in a recent essay that such efforts could result in a “pyrrhic victory.”</p><p>For all the focus on companies like Exxon and Shell, the majors recently accounted for only 15% of the world’s supply of oil, according to the International Energy Agency. Some of them are set to see their production drop, too, in part due to selling off chunks of their existing businesses.</p><p>BP has spent the past two years pursuing divestment deals partly to help meet its net-zero goal, and next it plans to sell a stake in an Omani gas block to Thailand’s national energy firm for $2.6 billion. Shell, with its own pledge to zero-out emissions, recently said it would hand back leases to the Tunisian government instead of producing more oil from them. Such deals reach beyond oil and gas extraction: Mexico’s Pemex is set to buy a Texas refinery from Shell. (Pemex declined to comment.)</p><p>While state-sponsored oil companies vary greatly—from Norway’s climate-conscious Equinor to Russia’s Gazprom, a top three emitter for decades—overall NOCs make an outsized contribution to global emissions. Consider methane, a greenhouse gas that’s far more potent than carbon dioxide in the short term. Countries where state-owned entities dominate energy supply make up three-quarters of all methane emissions from oil and gas, according to the IEA. The vast majority of those methane emissions are attributable to just 15 countries, including Russia, Saudi Arabia and Iraq.</p><p>Pressure driving supermajors to shrink isn’t coming solely from climate activists. The IEA drew widespread attention last month when it released its first report laying out a roadmap for a global net-zero economy by 2050. In that scenario, demand for fossil fuels plummets and investment&nbsp;in new oil and gas fields needs to stop. Methane emissions from fossil fuel, meanwhile, would fall 75% by 2030.</p><p>In the near-term, the majors have “ample spare capacity,” Bordoff said in an email interview. “But if investment by the majors remains depressed and oil demand continues on its current trajectory, markets will tighten.” As oil prices rise, he sees state-owned or smaller, private players&nbsp; stepping in to fill the gap. “A shift in production to major nationally owned companies—such as in Latin America or the Gulf or Russia—carries geopolitical supply risks,” Bordoff said, “while smaller independents have often demonstrated poorer safety and environmental practices.”</p><p>Divestments and reduced spending on exploration means oil majors will simply run out of proved reserves—the quantity of hydrocarbons that they can produce—within 15 years, Rystad said in a recent report, “unless the group makes more commercial discoveries, and fast.”</p><p>Even Exxon, which hasn’t set a net-zero target, has severely curtailed its ambitious growth plans&nbsp;to save money and reduce debt. The company is keeping production at the lowest level in two decades through 2025, a drop of 25% compared to pre-pandemic estimates.&nbsp;Exxon's asset sales are “financial transactions, not an effort to reduce emissions from our portfolio,” the company said in a statement. “Our business plans call for reduced emissions intensity, which emphasizes improved operational efficiencies and emissions performance, rather than the divestment of individual assets.”</p><p>Chevron has also backed away from new megaprojects in favor of more flexible U.S. shale. Both companies forecast flat output this year compared to last. BP will cut its oil and gas production by 40% by the end of this decade, while Shell sees a gradual decline in oil output of around 1% to 2% each year.</p><p>As a group, the majors are holding spending at 2% lower than last year, the IEA reported last week, despite overall capital expenditures on exploration and production rising 8% in 2021. Spending on new oil and gas fields “has traditionally been well above the levels from their peers in the Middle East, Russia and China,” the IEA said. “This is no longer the case.”</p><p>But global demand isn’t falling as rapidly, at least according to current projections. In fact, it’s expected to rise over the next 15 years based on recent estimates from clean-energy researchers at BloombergNEF. That leaves about 55 million barrels of oil a day of new supply needed by 2050, BloombergNEF says, equivalent to global demand in the middle of the 1980s.</p><p>State-owned oil companies see this as an opportunity. “A lot of oil and gas host governments and NOCs believe that the industry is underinvesting in exploration and production, and some believe they can step up and fill the gap,” said Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies.</p><p>Not all will be able to do so. Cahill said companies like Pemex, Venezuela’s PDVSA and Algeria’s Sonatrach will struggle just to maintain their output. But that leaves giants like Aramco, Russia’s Rosneft and Qatar Petroleum in a position to double down on their core business.</p><p>Iraq’s oil ministry said in a statement it’s committed to attracting new investments with international oil companies. This year Iraq has been discussing a $7 billion energy deal with Total, for example, even as Exxon has sought to shed its stake in an oil field. “Everyone knows that many international companies have changed their strategies,” said Asim Jihad, an oil ministry spokesman. “Iraq respects the will of the companies operating in Iraq.”</p><p>It’s hard to glean a complete picture of what that will mean for emissions, in large part because many state-owned companies don’t disclose greenhouse-gas data. Aramco recently revamped its disclosures and still doesn’t report data from join ventures or the emissions from customers burning its fuels. Overall, disclosure from state-owned oil companies are highly variable and lack the transparency of the majors.</p><p>But what little is known indicates there’s low-hanging fruit on greenhouse gas from NOCs. In some cases it would cost nothing for petrostates to slash methane emissions, according to a previous IEA report.</p><p>“NOCs are sort of the biggest keys when it comes to looking at country-level emissions,” said Ratnika Prasad, director of energy strategy at the Environmental Defense Fund, which recently commissioned a report by Carbon Limits on methane emissions by state-owned oil companies. “It’s easy to see how taking action on NOC emissions, especially methane, will yield pretty quick and more effective climate results.”</p><p>Pressuring government-run entities to take action introduces new, daunting hurdles. After years of campaigning, there’s a playbook of sorts for forcing change at the Western supermajors. Activist groups such as Follow This and As You Sow encourage climate-conscious citizens to buy stock in publicly traded companies like Exxon or Shell. Then shareholder activists push climate-friendly proxy measures during annual shareholder meetings.</p><p>Strategic pivots by Shell and BP toward low-carbon fuels came after years of intensifying shareholder pressure, and the same process appears to be playing out inside Exxon right now. The Texas oil giant lost an unprecedented battle with an activist investor Engine No. 1 at its annual meeting this year. With just 0.02% of Exxon’s shares, the previously unknown group won backing from large institutional investors and placed three of its own candidates on Exxon’s board.</p><p>State-owned entities lack an equivalent mechanism, unless a significant portion of their shares is listed on a stock exchange. Any drive to lower emissions is tied to the ambitions of the countries that own them. “NOCs are at the core of economic life in a lot of oil producing countries,” said Heller. “The health of the NOC is in some cases seen as synonymous with the health of the economy overall. So that does contribute to status-quo thinking.”</p><p>There’s some cause for optimism. Countries with the most prolific state-backed oil companies have signed on to the Paris Agreement, with some taking their commitment a step further and participating in voluntary coalitions aimed at reducing emissions. The Oil and Gas Climate Initiative counts five national oil companies, including Aramco and China National Petroleum Corp., among its members. That organization requires a target to reduce the average methane emissions per barrel of oil produced by 2025, although this doesn’t ensure that absolute emissions will fall.</p><p>To some degree, this is a phenomenon that Exxon has been warning against for years. As BP and Shell have sold off assets in a pivot to renewables, Exxon has said such moves only work to move production—and emissions—elsewhere. Exxon CEO Darren Woods drew criticism from climate activists last year for labeling rivals’&nbsp;asset sales to lower emissions nothing more than a “beauty competition.”&nbsp;His wider point underscores the long path ahead for the world as it grapples with climate change.</p><p>“This is not a company challenge, this is a global challenge,” Woods said in March 2020. “This idea of moving things in and out of the portfolio from <a href=\"https://laohu8.com/S/AONE.U\">one</a> company to the other actually isn't getting us any closer to a solution.”</p><p>But Mark van Baal, founder of Follow This, said that by pressuring the majors it’s still possible to drive an overall reduction in emissions—even without directly challenging the NOCs. State-owned entities will follow if majors push ahead on investment in renewable energy, he said, lowering the costs for everyone. “We need the most innovative oil and gas companies to change and put their full weight behind renewables to speed up the energy transition,” van Baal said. “Others will follow.”</p>","source":"yahoofinance","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>The Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel</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\">\nThe Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 13:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/retreat-exxon-oil-majors-won-040121383.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- When Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from ...</p>\n\n<a href=\"https://finance.yahoo.com/news/retreat-exxon-oil-majors-won-040121383.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVX":"雪佛龙","BP":"英国石油","FOSL":"福斯尔","XOM":"埃克森美孚"},"source_url":"https://finance.yahoo.com/news/retreat-exxon-oil-majors-won-040121383.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2142294919","content_text":"(Bloomberg) -- When Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from among Exxon’s supermajor peers, including arch-rival Chevron Corp. There weren’t any takers.That left Iraq with narrowed options: sell to one of China’s state-backed oil majors, or else buy back Exxon’s stake itself. The sale process remains unresolved but either outcome would stand as a powerful indicator of what’s become of the global oil market. With supermajors from the U.S. and Europe in retreat around the world, national oil champions are set to fill the void.The supermajors—a group that, in addition to Exxon and Chevron, includes BP Plc, Royal Dutch Shell Plc, TotalEnergies SE, and Eni SpA—are shrinking even while fossil-fuel demand holds strong. These companies are under growing pressure to pay down debt while cutting greenhouse gas and, for some, transitioning to renewable energy. Recent weeks saw Exxon and Chevron rebuked by their own shareholders over climate concerns, while Shell lost a lawsuit in the Hague over the pace of its shift away from oil and gas.National oil companies, or NOCs, are largely shielded from those pressures. When the owners are governments, not shareholders, there aren’t dissident board members like those now sitting inside Exxon. That means state oil producers like those who populate OPEC+ can be the buyers of last resort for fossil-fuel projects cast off by the shrinking supermajors.State companies can also gobble market share by simply producing oil that their private-sector rivals won’t. Saudi Aramco and Abu Dhabi National Oil Co. are spending billions to boost their respective outputs by a million barrels per day each, and Qatar Petroleum is spending more than $30 billion to increase its liquefied natural gas exports by more than 50%. (Aramco and Abu Dhabi National Oil declined to comment.)Taken together, NOCs make up just over half of today’s worldwide oil supply. By 2050, Rystad Energy sees that share growing to 65%.It’s an unmistakable trend that’s drawing heightened attention to some of the largest and most secretive entities in the world. Many government leaders are seeking to lower planet-warming emissions, with nine of the 10 biggest economies staked to net-zero goals. At the same time, these opaque government-sponsored oil producers—insulated in most cases from both investors and environmentalists, and under little obligation to disclose climate data—are taking over the job of filling the millions of barrels consumed each day.“We hear government officials and NOC officials say, ‘We look at the divestment of international oil companies from some projects as an opportunity for us to grow,’” said Patrick Heller, an adviser at the Natural Resource Governance Institute. “And I do think that’s potentially really risky.”Some observers worry that campaigns by activists to have oil majors divest from fossil fuels could end up accelerating a shift to government owners who operate with less transparency and, occasionally, worse environmental records. Jason Bordoff, director of the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs, argued in a recent essay that such efforts could result in a “pyrrhic victory.”For all the focus on companies like Exxon and Shell, the majors recently accounted for only 15% of the world’s supply of oil, according to the International Energy Agency. Some of them are set to see their production drop, too, in part due to selling off chunks of their existing businesses.BP has spent the past two years pursuing divestment deals partly to help meet its net-zero goal, and next it plans to sell a stake in an Omani gas block to Thailand’s national energy firm for $2.6 billion. Shell, with its own pledge to zero-out emissions, recently said it would hand back leases to the Tunisian government instead of producing more oil from them. Such deals reach beyond oil and gas extraction: Mexico’s Pemex is set to buy a Texas refinery from Shell. (Pemex declined to comment.)While state-sponsored oil companies vary greatly—from Norway’s climate-conscious Equinor to Russia’s Gazprom, a top three emitter for decades—overall NOCs make an outsized contribution to global emissions. Consider methane, a greenhouse gas that’s far more potent than carbon dioxide in the short term. Countries where state-owned entities dominate energy supply make up three-quarters of all methane emissions from oil and gas, according to the IEA. The vast majority of those methane emissions are attributable to just 15 countries, including Russia, Saudi Arabia and Iraq.Pressure driving supermajors to shrink isn’t coming solely from climate activists. The IEA drew widespread attention last month when it released its first report laying out a roadmap for a global net-zero economy by 2050. In that scenario, demand for fossil fuels plummets and investment in new oil and gas fields needs to stop. Methane emissions from fossil fuel, meanwhile, would fall 75% by 2030.In the near-term, the majors have “ample spare capacity,” Bordoff said in an email interview. “But if investment by the majors remains depressed and oil demand continues on its current trajectory, markets will tighten.” As oil prices rise, he sees state-owned or smaller, private players  stepping in to fill the gap. “A shift in production to major nationally owned companies—such as in Latin America or the Gulf or Russia—carries geopolitical supply risks,” Bordoff said, “while smaller independents have often demonstrated poorer safety and environmental practices.”Divestments and reduced spending on exploration means oil majors will simply run out of proved reserves—the quantity of hydrocarbons that they can produce—within 15 years, Rystad said in a recent report, “unless the group makes more commercial discoveries, and fast.”Even Exxon, which hasn’t set a net-zero target, has severely curtailed its ambitious growth plans to save money and reduce debt. The company is keeping production at the lowest level in two decades through 2025, a drop of 25% compared to pre-pandemic estimates. Exxon's asset sales are “financial transactions, not an effort to reduce emissions from our portfolio,” the company said in a statement. “Our business plans call for reduced emissions intensity, which emphasizes improved operational efficiencies and emissions performance, rather than the divestment of individual assets.”Chevron has also backed away from new megaprojects in favor of more flexible U.S. shale. Both companies forecast flat output this year compared to last. BP will cut its oil and gas production by 40% by the end of this decade, while Shell sees a gradual decline in oil output of around 1% to 2% each year.As a group, the majors are holding spending at 2% lower than last year, the IEA reported last week, despite overall capital expenditures on exploration and production rising 8% in 2021. Spending on new oil and gas fields “has traditionally been well above the levels from their peers in the Middle East, Russia and China,” the IEA said. “This is no longer the case.”But global demand isn’t falling as rapidly, at least according to current projections. In fact, it’s expected to rise over the next 15 years based on recent estimates from clean-energy researchers at BloombergNEF. That leaves about 55 million barrels of oil a day of new supply needed by 2050, BloombergNEF says, equivalent to global demand in the middle of the 1980s.State-owned oil companies see this as an opportunity. “A lot of oil and gas host governments and NOCs believe that the industry is underinvesting in exploration and production, and some believe they can step up and fill the gap,” said Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies.Not all will be able to do so. Cahill said companies like Pemex, Venezuela’s PDVSA and Algeria’s Sonatrach will struggle just to maintain their output. But that leaves giants like Aramco, Russia’s Rosneft and Qatar Petroleum in a position to double down on their core business.Iraq’s oil ministry said in a statement it’s committed to attracting new investments with international oil companies. This year Iraq has been discussing a $7 billion energy deal with Total, for example, even as Exxon has sought to shed its stake in an oil field. “Everyone knows that many international companies have changed their strategies,” said Asim Jihad, an oil ministry spokesman. “Iraq respects the will of the companies operating in Iraq.”It’s hard to glean a complete picture of what that will mean for emissions, in large part because many state-owned companies don’t disclose greenhouse-gas data. Aramco recently revamped its disclosures and still doesn’t report data from join ventures or the emissions from customers burning its fuels. Overall, disclosure from state-owned oil companies are highly variable and lack the transparency of the majors.But what little is known indicates there’s low-hanging fruit on greenhouse gas from NOCs. In some cases it would cost nothing for petrostates to slash methane emissions, according to a previous IEA report.“NOCs are sort of the biggest keys when it comes to looking at country-level emissions,” said Ratnika Prasad, director of energy strategy at the Environmental Defense Fund, which recently commissioned a report by Carbon Limits on methane emissions by state-owned oil companies. “It’s easy to see how taking action on NOC emissions, especially methane, will yield pretty quick and more effective climate results.”Pressuring government-run entities to take action introduces new, daunting hurdles. After years of campaigning, there’s a playbook of sorts for forcing change at the Western supermajors. Activist groups such as Follow This and As You Sow encourage climate-conscious citizens to buy stock in publicly traded companies like Exxon or Shell. Then shareholder activists push climate-friendly proxy measures during annual shareholder meetings.Strategic pivots by Shell and BP toward low-carbon fuels came after years of intensifying shareholder pressure, and the same process appears to be playing out inside Exxon right now. The Texas oil giant lost an unprecedented battle with an activist investor Engine No. 1 at its annual meeting this year. With just 0.02% of Exxon’s shares, the previously unknown group won backing from large institutional investors and placed three of its own candidates on Exxon’s board.State-owned entities lack an equivalent mechanism, unless a significant portion of their shares is listed on a stock exchange. Any drive to lower emissions is tied to the ambitions of the countries that own them. “NOCs are at the core of economic life in a lot of oil producing countries,” said Heller. “The health of the NOC is in some cases seen as synonymous with the health of the economy overall. So that does contribute to status-quo thinking.”There’s some cause for optimism. Countries with the most prolific state-backed oil companies have signed on to the Paris Agreement, with some taking their commitment a step further and participating in voluntary coalitions aimed at reducing emissions. The Oil and Gas Climate Initiative counts five national oil companies, including Aramco and China National Petroleum Corp., among its members. That organization requires a target to reduce the average methane emissions per barrel of oil produced by 2025, although this doesn’t ensure that absolute emissions will fall.To some degree, this is a phenomenon that Exxon has been warning against for years. As BP and Shell have sold off assets in a pivot to renewables, Exxon has said such moves only work to move production—and emissions—elsewhere. Exxon CEO Darren Woods drew criticism from climate activists last year for labeling rivals’ asset sales to lower emissions nothing more than a “beauty competition.” His wider point underscores the long path ahead for the world as it grapples with climate change.“This is not a company challenge, this is a global challenge,” Woods said in March 2020. “This idea of moving things in and out of the portfolio from one company to the other actually isn't getting us any closer to a solution.”But Mark van Baal, founder of Follow This, said that by pressuring the majors it’s still possible to drive an overall reduction in emissions—even without directly challenging the NOCs. State-owned entities will follow if majors push ahead on investment in renewable energy, he said, lowering the costs for everyone. “We need the most innovative oil and gas companies to change and put their full weight behind renewables to speed up the energy transition,” van Baal said. “Others will follow.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":71,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180433189,"gmtCreate":1623217960841,"gmtModify":1704198592811,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180433189","repostId":"1183830906","repostType":4,"repost":{"id":"1183830906","pubTimestamp":1623216866,"share":"https://ttm.financial/m/news/1183830906?lang=&edition=fundamental","pubTime":"2021-06-09 13:34","market":"us","language":"en","title":"Cathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify","url":"https://stock-news.laohu8.com/highlight/detail?id=1183830906","media":"benzinga","summary":"Cathie Wood-led Ark Investment Management on Monday booked profit in DocuSign Inc for a second strai","content":"<p>Cathie Wood-led Ark Investment Management on Monday booked profit in&nbsp;<b>DocuSign Inc</b>&nbsp;for a second straight day,&nbsp;after boosting confidence in&nbsp;the e-signature company's ability to draw more customers.</p><p>Ark Invest sold 46,938 shares, estimated to be worth about $11.37 million, in DocuSign as shares of the San Francisco, California-based company closed 0.56% higher at $242.32 on Tuesday. Shares of DocuSign have risen about 4% since Friday.</p><p>Wood's firm&nbsp;said on Friday, after market hours, DocuSignappears to be gaining tractionin international markets and the growth in its Agreement Cloud amid COVID-19 is not a temporary shift.</p><p>Wood’s firm sold the shares in DocuSign via the&nbsp;<b>Ark Innovation ETF</b>&nbsp;. Ark also holds a stake in the company via the&nbsp;<b>Ark Next Generation Internet ETF</b>.</p><p>The popular investment firm’s holding in DocuSign, whose worth is estimated to be about $592.9 million based on Tuesday’s closing price,&nbsp; is now down to 2.46 million shares.</p><p>The investment firm also sold 77,407 shares, estimated to be worth about $4.65 million, in Snapchat parent&nbsp;<b>Snap Inc</b>&nbsp;.</p><p>Shares of the social media company closed 1.99% lower at $60.15 on Tuesday.</p><p>Wood’s firm sold the shares in Snap via ARKW and also holds a stake in the company via the&nbsp;<b>Ark Fintech Innovation ETF</b>&nbsp;. Ark’s stake in Snap is now down to 2.75 million shares, lowering its estimated value to about $168.55 million, as of Tuesday.</p><p>The New York-based investment firm also bought 60,383 shares, estimated to be worth $14.64 million, in&nbsp;<b>Spotify Technology</b>&nbsp;, its second straight buy in the digital music streaming company.</p><p>Shares of Spotify closed marginally down at $242.51 on Tuesday.</p><p>ARKK made the purchase. It&nbsp;held about 3.12 million shares, worth about $758.4 million, in the company ahead of Tuesday's trade. ARKW too has a stake in Spotify.</p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify</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\">\nCathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 13:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/etfs/sector-etfs/21/06/21485239/cathie-wood-sells-snapchat-docusign-for-second-straight-day-buys-spotify><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood-led Ark Investment Management on Monday booked profit in DocuSign Inc for a second straight day, after boosting confidence in the e-signature company's ability to draw more customers.Ark ...</p>\n\n<a href=\"https://www.benzinga.com/etfs/sector-etfs/21/06/21485239/cathie-wood-sells-snapchat-docusign-for-second-straight-day-buys-spotify\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc","SPOT":"Spotify Technology S.A."},"source_url":"https://www.benzinga.com/etfs/sector-etfs/21/06/21485239/cathie-wood-sells-snapchat-docusign-for-second-straight-day-buys-spotify","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183830906","content_text":"Cathie Wood-led Ark Investment Management on Monday booked profit in DocuSign Inc for a second straight day, after boosting confidence in the e-signature company's ability to draw more customers.Ark Invest sold 46,938 shares, estimated to be worth about $11.37 million, in DocuSign as shares of the San Francisco, California-based company closed 0.56% higher at $242.32 on Tuesday. Shares of DocuSign have risen about 4% since Friday.Wood's firm said on Friday, after market hours, DocuSignappears to be gaining tractionin international markets and the growth in its Agreement Cloud amid COVID-19 is not a temporary shift.Wood’s firm sold the shares in DocuSign via the Ark Innovation ETF . Ark also holds a stake in the company via the Ark Next Generation Internet ETF.The popular investment firm’s holding in DocuSign, whose worth is estimated to be about $592.9 million based on Tuesday’s closing price,  is now down to 2.46 million shares.The investment firm also sold 77,407 shares, estimated to be worth about $4.65 million, in Snapchat parent Snap Inc .Shares of the social media company closed 1.99% lower at $60.15 on Tuesday.Wood’s firm sold the shares in Snap via ARKW and also holds a stake in the company via the Ark Fintech Innovation ETF . Ark’s stake in Snap is now down to 2.75 million shares, lowering its estimated value to about $168.55 million, as of Tuesday.The New York-based investment firm also bought 60,383 shares, estimated to be worth $14.64 million, in Spotify Technology , its second straight buy in the digital music streaming company.Shares of Spotify closed marginally down at $242.51 on Tuesday.ARKK made the purchase. It held about 3.12 million shares, worth about $758.4 million, in the company ahead of Tuesday's trade. ARKW too has a stake in Spotify.","news_type":1},"isVote":1,"tweetType":1,"viewCount":118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117138966,"gmtCreate":1623121232455,"gmtModify":1704196521262,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Waiting for a catalyst&nbsp;","listText":"Waiting for a catalyst&nbsp;","text":"Waiting for a catalyst","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117138966","repostId":"2141342255","repostType":4,"repost":{"id":"2141342255","pubTimestamp":1623098661,"share":"https://ttm.financial/m/news/2141342255?lang=&edition=fundamental","pubTime":"2021-06-08 04:44","market":"us","language":"en","title":"S&P closes nominally lower as investors wait for a catalyst","url":"https://stock-news.laohu8.com/highlight/detail?id=2141342255","media":"REUTERS","summary":"NEW YORK (REUTERS) - The S&P 500 ended a languid session slightly in the red on Monday (June 7), wit","content":"<div>\n<p>NEW YORK (REUTERS) - The S&P 500 ended a languid session slightly in the red on Monday (June 7), with investors standing by on news of a global minimum corporate tax rate, lingering inflation fears, ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/sp-closes-nominally-lower-as-investors-wait-for-a-catalyst\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P closes nominally lower as investors wait for a catalyst</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\">\nS&P closes nominally lower as investors wait for a catalyst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 04:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/companies-markets/sp-closes-nominally-lower-as-investors-wait-for-a-catalyst><strong>REUTERS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (REUTERS) - The S&P 500 ended a languid session slightly in the red on Monday (June 7), with investors standing by on news of a global minimum corporate tax rate, lingering inflation fears, ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/sp-closes-nominally-lower-as-investors-wait-for-a-catalyst\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSO":"两倍做多标普500ETF","SH":"标普500反向ETF","BIIB":"渤健公司","SDS":"两倍做空标普500ETF","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF","OEX":"标普100","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","IVV":"标普500指数ETF"},"source_url":"http://www.straitstimes.com/business/companies-markets/sp-closes-nominally-lower-as-investors-wait-for-a-catalyst","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141342255","content_text":"NEW YORK (REUTERS) - The S&P 500 ended a languid session slightly in the red on Monday (June 7), with investors standing by on news of a global minimum corporate tax rate, lingering inflation fears, and a lack of market-moving economic news.The Dow closed well within negative territory, while the Nasdaq advanced. Still, the S&P and the Dow remained inside one percentage point of their record closing highs.\"Thematically, we're done with earnings, so you have this lull in between earnings when what drives the market is economic data points,\" said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. \"There's not a lot of impetus for investors to take action today.\"\"There's been this flip-flop between whether inflation will be transitory or persistent, and the next card that gets flipped over for that is the CPI report on Thursday,\" Sroka added.Small-caps outperformed as the ongoing retail frenzy boosted stocks whose recent explosive trading volumes have been attributed to social media buzz.AMC Entertainment Holdings jumped 14.8%, extending the previous week's 85% gain.Other so-called \"meme stocks,\" including GameStop and US-listed shares of Blackberry advanced between 7% and 14%.\"You've seen a decades-long, technology-enabled democratisation of the market and there's certainly groups of individual investors that flock to these ideas,\" Sroka said. \"We're seeing speculative trading in an age of multiple outlets and social media amplifies the news.\"The Group of Seven (G-7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%, a move Treasury Secretary Janet Yellen called a \"significant, unprecedented commitment\" to bring what she called a race to the bottom on global taxation.Lawmakers in Washington are doubling down on efforts to craft a bipartisan infrastructure spending package, with House Democrats expected to bring a bill to vote as early as Wednesday.The Dow Jones Industrial Average fell 126.15 points, or 0.36%, to 34,630.24; the S&P 500 lost 3.37 points, or 0.08%, at 4,226.52; and the Nasdaq Composite added 67.23 points, or 0.49%, at 13,881.72.Of the 11 major sectors in the S&P 500, seven lost ground, with materials suffering the largest percentage drop.Real estate led the gainers.Shares of Biogen Inc surged 38.3% following news that the US Food and Drug Administration approved its Alzheimer's disease drug aducanumab.Data centre operator QTS Realty Trust jumped 21.2% on reports of a takeover deal by investment firm Blackstone Group worth $6.7 billion. Cruise operator Royal Caribbean announced that six of its ships would begin sailing from Florida and Texas ports in July and August.Its shares gained 0.4%, while rivals Carnival and Norwegian Cruise Line advanced 1.1% and 3.1%, respectively.Advancing issues outnumbered decliners on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored advancers.The S&P 500 posted 62 new 52-week highs and one new low; the Nasdaq Composite recorded 168 new highs and 21 new lows.Volume on U.S. exchanges was 10.52 billion shares, compared with the 10.71 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114191575,"gmtCreate":1623055641897,"gmtModify":1704195129950,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Good case for both sides","listText":"Good case for both sides","text":"Good case for both sides","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114191575","repostId":"1112319097","repostType":4,"repost":{"id":"1112319097","pubTimestamp":1623055213,"share":"https://ttm.financial/m/news/1112319097?lang=&edition=fundamental","pubTime":"2021-06-07 16:40","market":"us","language":"en","title":"The Bear Case For Bionano Genomics Carries More Weight","url":"https://stock-news.laohu8.com/highlight/detail?id=1112319097","media":"InvestorPlace","summary":"BNGO is up against some stiff competition as it seeks to hold on to its recent gains.Bionano Genomic","content":"<blockquote><b>BNGO is up against some stiff competition as it seeks to hold on to its recent gains.</b></blockquote><p>Bionano Genomics&nbsp;rose&nbsp;more&nbsp;than&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading&nbsp;Monday.</p><p><img src=\"https://static.tigerbbs.com/c142fe03bfec78aa892afb92fb36fd80\" tg-width=\"662\" tg-height=\"439\"></p><p>It’s been quite the year for the life sciences company,<b>Bionano Genomics</b>(NASDAQ:<b><u>BNGO</u></b>). BNGO stock was trading for as little as 50 cents late last year before the short squeeze lifted the stock past it past the penny stock territory and then some.</p><p><img src=\"https://static.tigerbbs.com/a8dcd0cd230a30d7e81413d8aad0e588\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\">Source: Connect world / Shutterstock.com</p><p>Reddit traders believe that itsnovel gene diagnostic technology called Saphyrhas an incredible growth runway ahead. However, with its float at roughly 10%, the question is whether BNGO stock can establish its presence in the life sciences sector.</p><p>Bionano Genomics game changer is Saphyr. The product is unique as it relies on gene sequencing and can map an entire genome to enable more effective detection of specific disorders. Moreover, it also allows for more effective integrated testing and accepts various samples, including tissue biopsies, cultured cells, and others.</p><p>With over 2,500 cytogenetic labs, the company believes it has a massive addressable market of over $3 billion. However, several risks can currently outweigh the upside of investing in BNGO stock at this time.</p><p><b>The Bull Case</b></p><p>Naturally, the bull case for BNGO stock is linked to the success of the Saphyr device. Bionano received a huge boost last year. It posted the results of a study that highlighted how Saphyr outperformed a device developed by its rival<b>Pacific Biosciences</b>(NASDAQ:<b><u>PACB</u></b>). The genomics sector willramp up to $62.9 billionby 2028, growing at a compound annual growth rate of 15.3% from 2021 to 2028.</p><p>The company is finally showing signs of promise. Its first-quarter results sawits revenues rise by 179%on a year-over-year basis to $3.2 million, which comfortably surpassed estimates of $2.9 million. It alsoposted a net loss of $9.9 million, which showed a solid improvement over the $10.5 million net loss is generated in the same period last year.</p><p>Bionano analyzed more samples in the first quarter than ever before and shipped 11 Saphyr systems in the period. It hopes to take itsinstalled base up to 150 systemsby the conclusion of 2021. In that case, BNGO stock could keep its momentum if it makes significant strides towards its goals.</p><p><b>The Bear Case</b></p><p>There are several risks that Bionano currently faces, which are chomping away at its upside. The first is the stiff competition in the sector. In an industry where there is so much potential for growth, competition is imperative. Bionano has done well to convince investors that it’s carved a niche in one of the subsectors of the market. However, with several crossovers in the sectors, that notion is mostly inaccurate.</p><p>Moreover, with the high competition, companies must focus on product security and differentiation. For example, though Bionano has registered several patents concerning Saphyr, it has outsourced some key manufacturing components. This raises questions about whether competitors can produce similar types of products down the road.</p><p>Furthermore,&nbsp; it must continue to have enough cash to meet its expenditures on research and development. However, Bionano’s cash flows from operating activities were negative last year and were offset by common stock sales and exercise of stock warrants. Hence, the company needs to look at ways to maintain its cash balance that doesn’t involve shareholder dilution.</p><p><b>Concluding Thoughts On BNGO Stock</b></p><p>Six-month returns for Bionano stock are at a dumbfounding 1,150% due to the Reddit-induced short squeeze. However, the stock is now back to earth, and we can finally get down to the brass tacks.</p><p>Its Saphyr system has a robust growth runway ahead, but the risks surrounding its bull case are sizeable at this time. Therefore, it’s tough to invest in the stock unless it makes meaningful progress in the expansion of Saphyr.</p><p><i>On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines</i></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Bear Case For Bionano Genomics Carries More Weight</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\">\nThe Bear Case For Bionano Genomics Carries More Weight\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 16:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/05/the-bear-case-for-bngo-stock-carries-more-weight/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BNGO is up against some stiff competition as it seeks to hold on to its recent gains.Bionano Genomics rose more than 9% in premarket trading Monday.It’s been quite the year for the life sciences ...</p>\n\n<a href=\"https://investorplace.com/2021/05/the-bear-case-for-bngo-stock-carries-more-weight/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNGO":"Bionano Genomics"},"source_url":"https://investorplace.com/2021/05/the-bear-case-for-bngo-stock-carries-more-weight/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112319097","content_text":"BNGO is up against some stiff competition as it seeks to hold on to its recent gains.Bionano Genomics rose more than 9% in premarket trading Monday.It’s been quite the year for the life sciences company,Bionano Genomics(NASDAQ:BNGO). BNGO stock was trading for as little as 50 cents late last year before the short squeeze lifted the stock past it past the penny stock territory and then some.Source: Connect world / Shutterstock.comReddit traders believe that itsnovel gene diagnostic technology called Saphyrhas an incredible growth runway ahead. However, with its float at roughly 10%, the question is whether BNGO stock can establish its presence in the life sciences sector.Bionano Genomics game changer is Saphyr. The product is unique as it relies on gene sequencing and can map an entire genome to enable more effective detection of specific disorders. Moreover, it also allows for more effective integrated testing and accepts various samples, including tissue biopsies, cultured cells, and others.With over 2,500 cytogenetic labs, the company believes it has a massive addressable market of over $3 billion. However, several risks can currently outweigh the upside of investing in BNGO stock at this time.The Bull CaseNaturally, the bull case for BNGO stock is linked to the success of the Saphyr device. Bionano received a huge boost last year. It posted the results of a study that highlighted how Saphyr outperformed a device developed by its rivalPacific Biosciences(NASDAQ:PACB). The genomics sector willramp up to $62.9 billionby 2028, growing at a compound annual growth rate of 15.3% from 2021 to 2028.The company is finally showing signs of promise. Its first-quarter results sawits revenues rise by 179%on a year-over-year basis to $3.2 million, which comfortably surpassed estimates of $2.9 million. It alsoposted a net loss of $9.9 million, which showed a solid improvement over the $10.5 million net loss is generated in the same period last year.Bionano analyzed more samples in the first quarter than ever before and shipped 11 Saphyr systems in the period. It hopes to take itsinstalled base up to 150 systemsby the conclusion of 2021. In that case, BNGO stock could keep its momentum if it makes significant strides towards its goals.The Bear CaseThere are several risks that Bionano currently faces, which are chomping away at its upside. The first is the stiff competition in the sector. In an industry where there is so much potential for growth, competition is imperative. Bionano has done well to convince investors that it’s carved a niche in one of the subsectors of the market. However, with several crossovers in the sectors, that notion is mostly inaccurate.Moreover, with the high competition, companies must focus on product security and differentiation. For example, though Bionano has registered several patents concerning Saphyr, it has outsourced some key manufacturing components. This raises questions about whether competitors can produce similar types of products down the road.Furthermore,  it must continue to have enough cash to meet its expenditures on research and development. However, Bionano’s cash flows from operating activities were negative last year and were offset by common stock sales and exercise of stock warrants. Hence, the company needs to look at ways to maintain its cash balance that doesn’t involve shareholder dilution.Concluding Thoughts On BNGO StockSix-month returns for Bionano stock are at a dumbfounding 1,150% due to the Reddit-induced short squeeze. However, the stock is now back to earth, and we can finally get down to the brass tacks.Its Saphyr system has a robust growth runway ahead, but the risks surrounding its bull case are sizeable at this time. Therefore, it’s tough to invest in the stock unless it makes meaningful progress in the expansion of Saphyr.On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines","news_type":1},"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166899426,"gmtCreate":1624000059965,"gmtModify":1703826188455,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Bottoming&nbsp;","listText":"Bottoming&nbsp;","text":"Bottoming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/166899426","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","pubTimestamp":1623978463,"share":"https://ttm.financial/m/news/1175693382?lang=&edition=fundamental","pubTime":"2021-06-18 09:07","market":"us","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Alibaba is probably the most undervalued growth stock right now.</li>\n <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>\n <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>\n <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p>\n<p><b>The Technical Thesis</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p>\n<p>Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p>\n<p><b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p>\n<p>BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p>\n<p>Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p>\n<p>When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p>\n<p>Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p>\n<p>One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p>\n<p>Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p>\n<p>Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p>\n<p>We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p>\n<p>BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p>\n<p>Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p>\n<p><b>BABA's Valuations Look Highly Compelling</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p>\n<p>When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p>\n<p>By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p>\n<p><b>Risks to Assumptions</b></p>\n<p>Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p>\n<p><b>Wrapping It All Up</b></p>\n<p>Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Stock: The Bottoming Process Looks To Be Forming Already</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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 09:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short...</p>\n\n<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1},"isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183250505,"gmtCreate":1623333561307,"gmtModify":1704201145776,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Ballistic&nbsp;","listText":"Ballistic&nbsp;","text":"Ballistic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183250505","repostId":"1128810191","repostType":4,"repost":{"id":"1128810191","pubTimestamp":1623307595,"share":"https://ttm.financial/m/news/1128810191?lang=&edition=fundamental","pubTime":"2021-06-10 14:46","market":"us","language":"en","title":"Company spending is 'going ballistic.' Wall Street analysts expect these stocks to benefit","url":"https://stock-news.laohu8.com/highlight/detail?id=1128810191","media":"cnbc","summary":"Firms are “flush with cash” and spending is at its highest in history, according to investment firmJefferies, which recommended dozens of U.S. and global stocks to play the trend.Jefferies’ capital expenditure — or capex — indicator is “going ballistic,” the bank said in a research note Monday, and there has been a surge in corporate spending on big-ticket goods such as ships, as well as on smaller items like plant equipment.Investment bankJPMorganalso picked stocks set to get a boost from the c","content":"<div>\n<p>Firms are “flush with cash” and spending is at its highest in history, according to investment firmJefferies, which recommended dozens of U.S. and global stocks to play the trend.\nJefferies’ capital ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/investment-banks-pick-top-industrials-and-tech-stocks-to-buy.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Company spending is 'going ballistic.' Wall Street analysts expect these stocks to benefit</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\">\nCompany spending is 'going ballistic.' Wall Street analysts expect these stocks to benefit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 14:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/10/investment-banks-pick-top-industrials-and-tech-stocks-to-buy.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Firms are “flush with cash” and spending is at its highest in history, according to investment firmJefferies, which recommended dozens of U.S. and global stocks to play the trend.\nJefferies’ capital ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/10/investment-banks-pick-top-industrials-and-tech-stocks-to-buy.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","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/10/investment-banks-pick-top-industrials-and-tech-stocks-to-buy.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1128810191","content_text":"Firms are “flush with cash” and spending is at its highest in history, according to investment firmJefferies, which recommended dozens of U.S. and global stocks to play the trend.\nJefferies’ capital expenditure — or capex — indicator is “going ballistic,” the bank said in a research note Monday, and there has been a surge in corporate spending on big-ticket goods such as ships, as well as on smaller items like plant equipment.\nInvestment bankJPMorganalso picked stocks set to get a boost from the capital expenditure “bright spot.” It created two new lists of stocks likely to benefit from President Joe Biden’s $2.3 trillion infrastructure plan, as well as the E.U.’s 750 billion euro ($912 billion) recovery fund.\nThe banks’ stock picks include:\nIndustrials stocks\nMost of Jefferies buy-rated picks are industrials. It said U.S. firms were benefiting from a “huge turnaround” in capex and its picks include semiconductor firmAnalog Devicesand truck-makerPaccar. It also likes farm equipment companyJohn Deere, as well as air conditioning company Carrier Global.\nWhen it comes to international corporate spending, the analysts, led by Sean Darby, said: “We were wrong! It is not just the US that is enjoying a huge turnaround in capital investment intentions – even outside of Tech – but also the Rest-of-the-World.”\nJefferies’ international picks include Swedish leisure product manufacturerDometic Groupand German luxury RV-makerKnaus Tabbert, as well as Japanese firmHitachi Constructionand Chinese engineering firmChina Railway Group. All are buy-rated.\nEnergy and materials\nIn a note Monday, JPMorgan said it had put together two baskets of stocks: those set to benefit from President Biden’s infrastructure plan, and those likely to do well from the EU recovery fund. Firms that appear on both lists include steel firmArcelorMittaland Spanish energy companiesEDP RenewablesandIberdrola.\nTechnology and communications\nAnalysts from JPMorgan also picked semiconductor firmsInfineon TechnologiesandSTMicroelectronicsfor both their U.S. and European lists, as well as German firmDeutsche Telekom.\nFirms that appear on both Jefferies’ and JPMorgan’s lists include medical technology groupSiemens Healthineers, French train manufacturerAlstomand security firmAssa Abloy.\nA number of factors have combined to stimulate a capital spending surge, according to Jefferies’ analysts. These include old equipment that needs replacing, “buoyant” CEO confidence, an earnings turnaround leaving balance sheets “flush with cash,” and low industrial inventories.\n“Our US capex indicator has quite literally gone ballistic. It took around six years from the GFC [global financial crisis] to 2015 before a capex recovery emerged in the previous cycle. This one has taken approximately 13 months and has surged to the highest reading in history,” Jefferies’ analysts wrote.\nFor JPMorgan, company profits have also meant a surge in spending. “Corporate capex is on an accelerating path this year, given the strong rebound in corporate profitability, where profits have tended to lead capex pretty consistently. Further, bank lending standards are continuing to improve, which helps capex decisions,” the bank’s analysts wrote.","news_type":1},"isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940285030,"gmtCreate":1677968320321,"gmtModify":1677968323810,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PBW\">$Invesco WilderHill Clean Energy ETF(PBW)$&nbsp;</a>Sustainable energy stock... green world&nbsp;","listText":"<a href=\"https://ttm.financial/S/PBW\">$Invesco WilderHill Clean Energy ETF(PBW)$&nbsp;</a>Sustainable energy stock... green world&nbsp;","text":"$Invesco WilderHill Clean Energy ETF(PBW)$ Sustainable energy stock... green world","images":[{"img":"https://community-static.tradeup.com/news/955acc967e8bb63997417f9b4be9d1e8","width":"1284","height":"2517"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940285030","isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9940282449,"gmtCreate":1677968254881,"gmtModify":1677968260502,"author":{"id":"3583803140079308","authorId":"3583803140079308","name":"TVijay","avatar":"https://static.tigerbbs.com/d683e149ffed930daa8bb7dd999f14a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583803140079308","authorIdStr":"3583803140079308"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940282449","repostId":"1188147335","repostType":4,"repost":{"id":"1188147335","pubTimestamp":1677896169,"share":"https://ttm.financial/m/news/1188147335?lang=&edition=fundamental","pubTime":"2023-03-04 10:16","market":"us","language":"en","title":"Why The Market Could Drop By Another 20%-25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1188147335","media":"Seeking Alpha","summary":"SummaryWe've seen one heck of a rally since the market reached an intermediate-term bottom in mid Oc","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>We&#39;ve seen one heck of a rally since the market reached an intermediate-term bottom in mid October.</li><li>Incidentally, a textbook 20% bear market rally took the S&amp;P 500 from 3,500 to 4,200 in about three months.</li><li>However, I&#39;m highly skeptical that the worst is behind us.</li><li>Unfortunately, inflation remains more persistent than anticipated, the Fed should continue tightening, and the economy will likely worsen as we advance.</li><li>Furthermore, stocks are not cheap, and my &#34;all-in&#34; bear market bottom target remains 3,000-3,200, roughly 20%-25% lower from here.</li></ul><p>The S&amp;P 500/SPX (SP500) had an excellent rally from its mid-October bottom at 3,500. After calling the bottom in my &#34;Stocks Are Heading Higher&#34; article, I indicated that the likely top for the rally would arrive in the 4,000-4,200. The market recently topped out around 4,200, after a textbook 20% bear market rally. Now, the SPX is at another critical inflection point, and despite a 6% correction from the recent high, the market could go significantly lower as we advance in the coming months. In addition to deteriorating technical conditions, inflation remains persistent.</p><p>Moreover, we&#39;re seeing worsening economic indicators, implying that the increased rate environment reflects poorly on the economy. Furthermore, due to the persistent inflation problem, the Fed will probably continue raising the benchmark rate, remaining relatively hawkish. Consumer sentiment and other crucial consumer-related readings will likely worsen along with the labor market leading to more pain on Main Street. As corporate profits worsen in the near term, the stock market will probably head lower, causing some panic on Wall Street in the coming months.</p><p>SPX - At Another Inflection Point<img src=\"https://static.tigerbbs.com/79e4c150b976cb211ccb6f5f67170f37\" tg-width=\"640\" tg-height=\"676\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>SPX(StockCharts.com)</p><p>The SPX is around critical support at 3,940 - 4,000, coinciding with the 50, and the 200-day moving averages. If the SPX decisively breaks down below this crucial support level, the market could swiftly drop to 3,800 support. If the 3,800 support breaks down, the market will likely retest 3,500 and move lower toward my long-term bear market bottom level at 3,000-3,200. This drop would equate to approximately 20-25% more downside from current levels. Unfortunately, due to the deteriorating fundamental factors surrounding the economy, there&#39;s a high probability that the SPX will revisit the 3,500 - 3,000 before achieving a true bottom. The peak-to-trough decline (4,800 to 3,000) would equate to a drop of approximately 38%, easily comparable to previous bear markets in recent history.</p><p><b>There&#39;s a Chance</b></p><p>Although the probability is relatively low, SPX&#39;s support could hold here, and we may see the market rebound and move higher. However, due to the challenging macroeconomic environment, the near-term upside is likely limited, and the path of least resistance is to the downside now. Also, it&#39;s premature to call an end to the bear market, and I am highly skeptical that a new bull market began in October and that the SPX will reach new highs soon.</p><p>Why Inflation Remains a Big Problem</p><p><b>CPI Inflation</b></p><p><img src=\"https://static.tigerbbs.com/10057ace35cbf6a1921aa9cae02f6d0b\" tg-width=\"640\" tg-height=\"302\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>CPI(TradingEconomics.com )</p><p>Inflation peaked at around 9% last year, and the Fed has raised rates significantly, utilizing other programs like QT to bring the inflation problem under control. There&#39;s been some success as inflation has come down from the ultra-high levels not seen in the last forty years. Nevertheless, inflation is still running red hot above 6%, while the Fed&#39;s target rate remains at 2%. Moreover, after several months of constructive inflation readings, January&#39;s CPI came in hotter than expected.</p><p><b>The Recent CPI Report</b></p><p><img src=\"https://static.tigerbbs.com/5f7c22ef79685f6f2789bc39233660b5\" tg-width=\"640\" tg-height=\"156\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>CPI (January)(Investing.com )</p><p>The market expected a drop to 6.2%, but the CPI came in at 6.4%, missing estimates and barely budging from the prior month&#39;s reading of 6.5%. Moreover, it&#39;s not just the CPI. Other critical inflation readings like the PCE also reversed, coming in hotter than anticipated.</p><p><b>PCE Inflation</b></p><p><img src=\"https://static.tigerbbs.com/100421b03f101dd14bf7039f266d679c\" tg-width=\"640\" tg-height=\"186\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>PCE inflation(Investing.com )</p><p>The PCE inflation readings were substantially higher than expected. We see the PCE at 5.4% vs. the expected 5%. Moreover, the PCE was even higher than the previous month&#39;s 5.3% reading. So, inflation is moving in the wrong direction, and this trend of persistently higher-than-expected inflation could continue. Furthermore, the PCE reading is critical as it&#39;s the Fed&#39;s preferred inflation gauge. Therefore, we will likely continue seeing tighter monetary for longer, which is a negative development for stocks and other risk assets.</p><p><b>Is the Fed Doing Too Much or Not Enough?</b></p><p>Unfortunately, the Fed is between a rock and a hard place. Remember all that talk about inflation being a transitory phenomenon and everything should be fine? I remember this specific rhetoric as the Fed printed money like there was no tomorrow. I always expressed that inflation would not be as &#34;transitory&#34; as the Fed claimed and that the economy would suffer significantly. Well, here we are. The Fed is battling highly persistent inflation, anything but transitory, and the economy is worsening considerably.</p><p><b>The Worsening Economy</b></p><p>Have you seen the recent economic readings? I see many problems, and they&#39;re not likely to go away anytime soon. Let&#39;s put inflation aside and look at some troubling critical economic data that&#39;s come out recently.</p><p>Just from the start of February, we&#39;ve seenISM manufacturing PMI, factory orders, consumer expectations, industrial production, building, housing, GDP, consumer confidence, oil inventories, and other crucial data points come in worse than expected. Moreover, the worse-than-expected data is coming in below lowered estimates, and even most of the better-than-anticipated data does not look great.</p><p><b>Is the Labor Market an Exception?</b><img src=\"https://static.tigerbbs.com/ada4e0ca1e2a60decab85dee6c4f940a\" tg-width=\"640\" tg-height=\"209\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Jobs data(Investing.com)</p><p>The latest nonfarm payrolls report came in significantly better than expected. The economy added 517K jobs while expectations were for 185K. The unemployment rate also dropped to a rock bottom of 3.4%. So, how can the economy worsen while the labor market remains this robust? First, the labor market data is a lagging indicator, not indicative of future results. Secondly, the labor market appeared very strong in other cycles just before the worst part of a downturn began. And thirdly, the labor market may be one of the last dominoes standing, and when it falls, it could drag the stock market substantially lower. We&#39;ve recently seen numerous companies reporting mass layoffs. These firings take time to filter through the system and should impact payroll reports negatively in the coming months. Moreover, not all jobs are the same. As major corporations cut hundreds of thousands of relatively high-paying jobs to improve efficiency and increase profitability, those fortunate enough to find new jobs will likely fill lower-paying positions. As this phenomenon persists, millions of consumers could suffer due to being pinched from multiple sides by high inflation and lower wages.</p><p><b>Valuations Are Not Cheap Anymore</b></p><p>We&#39;ve seen many companies&#39; earnings stagnate or decline in recent quarters. As the consumer continues to soften, lower earnings could continue as we advance in the near/intermediate term. Also, we&#39;ve seen many stocks appreciate considerably in the recent rally. Thus, while many valuations appeared cheap and attractive, with the SPX around 3,500, many companies are not cheap anymore and could become even more expensive as earnings and future estimates stumble in the coming months.</p><p><b>Shiller P/E Ratio</b></p><p><img src=\"https://static.tigerbbs.com/a5c0cae380760ab0af564889c1e421d0\" tg-width=\"640\" tg-height=\"297\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Shiller P/E(multpl.com)</p><p>We&#39;ve seen the Shiller P/E (cyclically adjusted &#34;CAPE&#34;) ratio come down some from the bubble days of November 2021. However, at around 29, the CAPE is still highly elevated, implying that most stocks are not cheap and likely have more room to fall as we grind through this bear market. The historical mean for the CAPE is 17, roughly 40% below its current level. If the CAPE reverts to its mean in this bear market, we could see the SPX bottom around 2,400. However, this ultra-bearish 50% peak-to-trough decline scenario is not a high-probability event due to the Fed and other factors. Nevertheless, the CAPE should move lower before going higher again, and my estimate for a bottom is around the 22-23 level, roughly in line with the 3,000-3,200 level in the SPX.</p><p><b>The Bottom Line</b></p><p>We&#39;ve seen a textbook 20% bear market rally lift stocks from the profoundly oversold 3,500 level in the SPX. Many stocks have appreciated considerably, some by 100% or more in this relatively short time frame. However, the rally ended around 4,200 due to the lack of constructive catalysts capable of propelling stocks into a new bull market. Moreover, we see persistently high inflation, and the recent progress is overshadowed by the higher-than-anticipated inflation results last month. Therefore, the Fed will likely continue raising interest rates and could remain hawkish for longer as the inflation problem persists.</p><p>Moreover, critical economic indicators and many corporate profits continue worsening, implying more pain ahead for Main Street and Wall Street. Furthermore, most stocks are not cheap here. Thus, many could drop precipitously if the selling accelerates. If SPX breaks below support (decisively) around 4,000, it could cascade to 3,800 next and 3,500 or lower afterward. My bear market bottom &#34;all-in&#34; buy-in range remains around 3,000-3,200, roughly 20-25% below current levels.</p></body></html>","source":"seekingalpha_fund","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>Why The Market Could Drop By Another 20%-25%</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\">\nWhy The Market Could Drop By Another 20%-25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-04 10:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4584309-why-the-market-could-drop-more><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryWe've seen one heck of a rally since the market reached an intermediate-term bottom in mid October.Incidentally, a textbook 20% bear market rally took the S&P 500 from 3,500 to 4,200 in about ...</p>\n\n<a href=\"https://seekingalpha.com/article/4584309-why-the-market-could-drop-more\">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://seekingalpha.com/article/4584309-why-the-market-could-drop-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188147335","content_text":"SummaryWe've seen one heck of a rally since the market reached an intermediate-term bottom in mid October.Incidentally, a textbook 20% bear market rally took the S&P 500 from 3,500 to 4,200 in about three months.However, I'm highly skeptical that the worst is behind us.Unfortunately, inflation remains more persistent than anticipated, the Fed should continue tightening, and the economy will likely worsen as we advance.Furthermore, stocks are not cheap, and my \"all-in\" bear market bottom target remains 3,000-3,200, roughly 20%-25% lower from here.The S&P 500/SPX (SP500) had an excellent rally from its mid-October bottom at 3,500. After calling the bottom in my \"Stocks Are Heading Higher\" article, I indicated that the likely top for the rally would arrive in the 4,000-4,200. The market recently topped out around 4,200, after a textbook 20% bear market rally. Now, the SPX is at another critical inflection point, and despite a 6% correction from the recent high, the market could go significantly lower as we advance in the coming months. In addition to deteriorating technical conditions, inflation remains persistent.Moreover, we're seeing worsening economic indicators, implying that the increased rate environment reflects poorly on the economy. Furthermore, due to the persistent inflation problem, the Fed will probably continue raising the benchmark rate, remaining relatively hawkish. Consumer sentiment and other crucial consumer-related readings will likely worsen along with the labor market leading to more pain on Main Street. As corporate profits worsen in the near term, the stock market will probably head lower, causing some panic on Wall Street in the coming months.SPX - At Another Inflection PointSPX(StockCharts.com)The SPX is around critical support at 3,940 - 4,000, coinciding with the 50, and the 200-day moving averages. If the SPX decisively breaks down below this crucial support level, the market could swiftly drop to 3,800 support. If the 3,800 support breaks down, the market will likely retest 3,500 and move lower toward my long-term bear market bottom level at 3,000-3,200. This drop would equate to approximately 20-25% more downside from current levels. Unfortunately, due to the deteriorating fundamental factors surrounding the economy, there's a high probability that the SPX will revisit the 3,500 - 3,000 before achieving a true bottom. The peak-to-trough decline (4,800 to 3,000) would equate to a drop of approximately 38%, easily comparable to previous bear markets in recent history.There's a ChanceAlthough the probability is relatively low, SPX's support could hold here, and we may see the market rebound and move higher. However, due to the challenging macroeconomic environment, the near-term upside is likely limited, and the path of least resistance is to the downside now. Also, it's premature to call an end to the bear market, and I am highly skeptical that a new bull market began in October and that the SPX will reach new highs soon.Why Inflation Remains a Big ProblemCPI InflationCPI(TradingEconomics.com )Inflation peaked at around 9% last year, and the Fed has raised rates significantly, utilizing other programs like QT to bring the inflation problem under control. There's been some success as inflation has come down from the ultra-high levels not seen in the last forty years. Nevertheless, inflation is still running red hot above 6%, while the Fed's target rate remains at 2%. Moreover, after several months of constructive inflation readings, January's CPI came in hotter than expected.The Recent CPI ReportCPI (January)(Investing.com )The market expected a drop to 6.2%, but the CPI came in at 6.4%, missing estimates and barely budging from the prior month's reading of 6.5%. Moreover, it's not just the CPI. Other critical inflation readings like the PCE also reversed, coming in hotter than anticipated.PCE InflationPCE inflation(Investing.com )The PCE inflation readings were substantially higher than expected. We see the PCE at 5.4% vs. the expected 5%. Moreover, the PCE was even higher than the previous month's 5.3% reading. So, inflation is moving in the wrong direction, and this trend of persistently higher-than-expected inflation could continue. Furthermore, the PCE reading is critical as it's the Fed's preferred inflation gauge. Therefore, we will likely continue seeing tighter monetary for longer, which is a negative development for stocks and other risk assets.Is the Fed Doing Too Much or Not Enough?Unfortunately, the Fed is between a rock and a hard place. Remember all that talk about inflation being a transitory phenomenon and everything should be fine? I remember this specific rhetoric as the Fed printed money like there was no tomorrow. I always expressed that inflation would not be as \"transitory\" as the Fed claimed and that the economy would suffer significantly. Well, here we are. The Fed is battling highly persistent inflation, anything but transitory, and the economy is worsening considerably.The Worsening EconomyHave you seen the recent economic readings? I see many problems, and they're not likely to go away anytime soon. Let's put inflation aside and look at some troubling critical economic data that's come out recently.Just from the start of February, we've seenISM manufacturing PMI, factory orders, consumer expectations, industrial production, building, housing, GDP, consumer confidence, oil inventories, and other crucial data points come in worse than expected. Moreover, the worse-than-expected data is coming in below lowered estimates, and even most of the better-than-anticipated data does not look great.Is the Labor Market an Exception?Jobs data(Investing.com)The latest nonfarm payrolls report came in significantly better than expected. The economy added 517K jobs while expectations were for 185K. The unemployment rate also dropped to a rock bottom of 3.4%. So, how can the economy worsen while the labor market remains this robust? First, the labor market data is a lagging indicator, not indicative of future results. Secondly, the labor market appeared very strong in other cycles just before the worst part of a downturn began. And thirdly, the labor market may be one of the last dominoes standing, and when it falls, it could drag the stock market substantially lower. We've recently seen numerous companies reporting mass layoffs. These firings take time to filter through the system and should impact payroll reports negatively in the coming months. Moreover, not all jobs are the same. As major corporations cut hundreds of thousands of relatively high-paying jobs to improve efficiency and increase profitability, those fortunate enough to find new jobs will likely fill lower-paying positions. As this phenomenon persists, millions of consumers could suffer due to being pinched from multiple sides by high inflation and lower wages.Valuations Are Not Cheap AnymoreWe've seen many companies' earnings stagnate or decline in recent quarters. As the consumer continues to soften, lower earnings could continue as we advance in the near/intermediate term. Also, we've seen many stocks appreciate considerably in the recent rally. Thus, while many valuations appeared cheap and attractive, with the SPX around 3,500, many companies are not cheap anymore and could become even more expensive as earnings and future estimates stumble in the coming months.Shiller P/E RatioShiller P/E(multpl.com)We've seen the Shiller P/E (cyclically adjusted \"CAPE\") ratio come down some from the bubble days of November 2021. However, at around 29, the CAPE is still highly elevated, implying that most stocks are not cheap and likely have more room to fall as we grind through this bear market. The historical mean for the CAPE is 17, roughly 40% below its current level. If the CAPE reverts to its mean in this bear market, we could see the SPX bottom around 2,400. However, this ultra-bearish 50% peak-to-trough decline scenario is not a high-probability event due to the Fed and other factors. Nevertheless, the CAPE should move lower before going higher again, and my estimate for a bottom is around the 22-23 level, roughly in line with the 3,000-3,200 level in the SPX.The Bottom LineWe've seen a textbook 20% bear market rally lift stocks from the profoundly oversold 3,500 level in the SPX. Many stocks have appreciated considerably, some by 100% or more in this relatively short time frame. However, the rally ended around 4,200 due to the lack of constructive catalysts capable of propelling stocks into a new bull market. Moreover, we see persistently high inflation, and the recent progress is overshadowed by the higher-than-anticipated inflation results last month. Therefore, the Fed will likely continue raising interest rates and could remain hawkish for longer as the inflation problem persists.Moreover, critical economic indicators and many corporate profits continue worsening, implying more pain ahead for Main Street and Wall Street. Furthermore, most stocks are not cheap here. Thus, many could drop precipitously if the selling accelerates. If SPX breaks below support (decisively) around 4,000, it could cascade to 3,800 next and 3,500 or lower afterward. My bear market bottom \"all-in\" buy-in range remains around 3,000-3,200, roughly 20-25% below current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}