SnailWalker personal page - To The Moon

SnailWalker

SnailWalker

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05-21

$SHENZHENEXPRESS(00548)$ no dividend declared yet?

01-23

$Berkshire Hathaway(BRK.B)$ [Miser] [Miser] [Miser]

01-11

fun game to play!!! hopefully can earn some stock vouchers!

2023-12-26

$Lion-OSPL China L S$(YYY.SI)$ we can refer to the indicative NAV of the fund here.

2023-12-15

$Berkshire Hathaway(BRK.B)$ yeah!

2023-12-01

$Lion-OSPL China L S$(YYY.SI)$ Buffet once said that he wish the stock exchange will close right after he purchased a stock. The moment it goes south, it is a good opportunity to accumulate more.

2023-11-06

nice game to earn some rewards.

2023-10-26

$Lion-OSPL China L S$(YYY.SI)$ i'm surprised to see the price going south! but I'm happy to collect more at lower price.

2023-09-30

$MAPLELEAF EDU(01317)$ is a good sign of seeing financial results released officially. [Thinking]

2023-08-18

$Lion-OSPL China L S$(YYY.SI)$ I still positive about China in long term!

2023-04-19

$MAPLELEAF EDU(01317)$ still cannot see the light at the end of tunnel! Any insider news with regards to the suspension? [Cry]

2023-04-11

$ZENGAME(02660)$ what happened these two weeks? price plunged from hkd4 to below hkd3.

2023-02-25

@zengame an underrated gems!

2023-01-14

$Alibaba(09988)$ jialat!

2022-12-22

[Bless] [Bless] [Bless]

2022-12-13

$Alibaba(09988)$ [Call] [Call] [Call]

2022-12-12

$Alibaba(09988)$ [Call] [Call] [Call]

2022-12-11

$Alibaba(09988)$ [Call] [Call] [Call]

2022-12-10

$Alibaba(09988)$ [Salute] [Salute]

2022-12-07

$Alibaba(09988)$ [Call] [Call] [Call]

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/00548\">$SHENZHENEXPRESS(00548)$ </a> no dividend declared yet?","listText":"<a href=\"https://ttm.financial/S/00548\">$SHENZHENEXPRESS(00548)$ </a> no dividend declared yet?","text":"$SHENZHENEXPRESS(00548)$ no dividend declared yet?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/308180655181960","isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":266055757701176,"gmtCreate":1705975441246,"gmtModify":1705980717133,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","text":"$Berkshire Hathaway(BRK.B)$ [Miser] [Miser] [Miser]","images":[{"img":"https://community-static.tradeup.com/news/8aeeb526bb905f89ea63b3ed553fd27e","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/266055757701176","isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":261946966958192,"gmtCreate":1704986654779,"gmtModify":1704986659219,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"fun game to play!!! hopefully can earn some stock vouchers!","listText":"fun game to play!!! hopefully can earn some stock vouchers!","text":"fun game to play!!! hopefully can earn some stock vouchers!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/261946966958192","isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256093617217720,"gmtCreate":1703557003575,"gmtModify":1703557006522,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","text":"$Lion-OSPL China L S$(YYY.SI)$ we can refer to the indicative NAV of the fund here.","images":[{"img":"https://community-static.tradeup.com/news/2b67d06fa53fc09178f2554c3c64e01d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/256093617217720","isVote":1,"tweetType":1,"viewCount":586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":252192422101128,"gmtCreate":1702604226852,"gmtModify":1702604229738,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a> yeah!","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a> yeah!","text":"$Berkshire Hathaway(BRK.B)$ yeah!","images":[{"img":"https://community-static.tradeup.com/news/2bb4236e3344094029c324592040b2a3","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/252192422101128","isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":247293560434848,"gmtCreate":1701412441368,"gmtModify":1701412443781,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","text":"$Lion-OSPL China L S$(YYY.SI)$ Buffet once said that he wish the stock exchange will close right after he purchased a stock. The moment it goes south, it is a good opportunity to accumulate more.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":2,"link":"https://ttm.financial/post/247293560434848","isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582922989777578","authorId":"3582922989777578","name":"SPOT_ON","avatar":"https://static.tigerbbs.com/080f029371339d9db26930961de6adb1","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3582922989777578","idStr":"3582922989777578"},"content":"hahaha..think you are bankrupt now","text":"hahaha..think you are bankrupt now","html":"hahaha..think you are bankrupt now"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":238495421517832,"gmtCreate":1699261958533,"gmtModify":1699261963217,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"nice game to earn some rewards.","listText":"nice game to earn some rewards.","text":"nice game to earn some rewards.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/238495421517832","isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234324102373376,"gmtCreate":1698251484749,"gmtModify":1698251487231,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ i'm surprised to see the price going south! but I'm happy to collect more at lower price.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/234324102373376","isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":225032128942136,"gmtCreate":1696017655293,"gmtModify":1696017659438,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","text":"$MAPLELEAF EDU(01317)$ is a good sign of seeing financial results released officially. [Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/225032128942136","isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":210216467239000,"gmtCreate":1692344697766,"gmtModify":1692344700467,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ I still positive about China in long term!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/210216467239000","isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944220175,"gmtCreate":1681874829698,"gmtModify":1681874832900,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>still cannot see the light at the end of tunnel! Any insider news with regards to the suspension?&nbsp;[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>still cannot see the light at the end of tunnel! Any insider news with regards to the suspension?&nbsp;[Cry]&nbsp;","text":"$MAPLELEAF EDU(01317)$ still cannot see the light at the end of tunnel! Any insider news with regards to the suspension? [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944220175","isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9942812532,"gmtCreate":1681178216127,"gmtModify":1681178218332,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","listText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","text":"$ZENGAME(02660)$ what happened these two weeks? price plunged from hkd4 to below hkd3.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942812532","isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957245717,"gmtCreate":1677334780239,"gmtModify":1677334784268,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"@zengame an underrated gems!&nbsp;","listText":"@zengame an underrated gems!&nbsp;","text":"@zengame an underrated gems!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957245717","isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9958197670,"gmtCreate":1673655564391,"gmtModify":1676538870771,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","text":"$Alibaba(09988)$ jialat!","images":[{"img":"https://community-static.tradeup.com/news/40ad4e0100b0aaf532cf11f3ecca8fe3","width":"1080","height":"2182"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9958197670","isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9922093785,"gmtCreate":1671640954748,"gmtModify":1676538569309,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"[Bless]&nbsp;[Bless]&nbsp;[Bless]&nbsp;","listText":"[Bless]&nbsp;[Bless]&nbsp;[Bless]&nbsp;","text":"[Bless] [Bless] [Bless]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922093785","isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923431785,"gmtCreate":1670892363547,"gmtModify":1676538454335,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","text":"$Alibaba(09988)$ [Call] [Call] [Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923431785","isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923169404,"gmtCreate":1670810558609,"gmtModify":1676538437801,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","text":"$Alibaba(09988)$ [Call] [Call] [Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923169404","isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929703014,"gmtCreate":1670726578138,"gmtModify":1676538423894,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","text":"$Alibaba(09988)$ [Call] [Call] [Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9929703014","isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929202360,"gmtCreate":1670665497050,"gmtModify":1676538414536,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Salute]&nbsp;[Salute]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Salute]&nbsp;[Salute]&nbsp;","text":"$Alibaba(09988)$ [Salute] [Salute]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9929202360","isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9967462848,"gmtCreate":1670371321684,"gmtModify":1676538353339,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3585039741547804","idStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","text":"$Alibaba(09988)$ [Call] [Call] [Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967462848","isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":234324102373376,"gmtCreate":1698251484749,"gmtModify":1698251487231,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>i'm surprised to see the price going south! but I'm happy to collect more at lower price.&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ i'm surprised to see the price going south! but I'm happy to collect more at lower price.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/234324102373376","isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256093617217720,"gmtCreate":1703557003575,"gmtModify":1703557006522,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> we can refer to the indicative NAV of the fund here.","text":"$Lion-OSPL China L S$(YYY.SI)$ we can refer to the indicative NAV of the fund here.","images":[{"img":"https://community-static.tradeup.com/news/2b67d06fa53fc09178f2554c3c64e01d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/256093617217720","isVote":1,"tweetType":1,"viewCount":586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":247293560434848,"gmtCreate":1701412441368,"gmtModify":1701412443781,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ </a> Buffet once said that he wish the stock exchange will close right after he purchased a stock.&nbsp; The moment it goes south, it is a good opportunity to accumulate more.","text":"$Lion-OSPL China L S$(YYY.SI)$ Buffet once said that he wish the stock exchange will close right after he purchased a stock. The moment it goes south, it is a good opportunity to accumulate more.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":2,"link":"https://ttm.financial/post/247293560434848","isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582922989777578","authorId":"3582922989777578","name":"SPOT_ON","avatar":"https://static.tigerbbs.com/080f029371339d9db26930961de6adb1","crmLevel":4,"crmLevelSwitch":1,"idStr":"3582922989777578","authorIdStr":"3582922989777578"},"content":"hahaha..think you are bankrupt now","text":"hahaha..think you are bankrupt now","html":"hahaha..think you are bankrupt now"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":210216467239000,"gmtCreate":1692344697766,"gmtModify":1692344700467,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","listText":"<a href=\"https://ttm.financial/S/YYY.SI\">$Lion-OSPL China L S$(YYY.SI)$ &nbsp;</a>I still positive about China in long term!&nbsp;","text":"$Lion-OSPL China L S$(YYY.SI)$ I still positive about China in long term!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/210216467239000","isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":225032128942136,"gmtCreate":1696017655293,"gmtModify":1696017659438,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$ &nbsp;</a>is a good sign of seeing financial results released officially.&nbsp;[Thinking]&nbsp;&nbsp;","text":"$MAPLELEAF EDU(01317)$ is a good sign of seeing financial results released officially. [Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/225032128942136","isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":238495421517832,"gmtCreate":1699261958533,"gmtModify":1699261963217,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"nice game to earn some rewards.","listText":"nice game to earn some rewards.","text":"nice game to earn some rewards.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/238495421517832","isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915666956,"gmtCreate":1665022427976,"gmtModify":1676537545938,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$</a>financial result unable to piblish; now unable to redeem matured bonds;&nbsp; sigh~~ boarded on a sinking ship!&nbsp;[Sweats]&nbsp;[Sweats]&nbsp;","listText":"<a href=\"https://ttm.financial/S/01317\">$MAPLELEAF EDU(01317)$</a>financial result unable to piblish; now unable to redeem matured bonds;&nbsp; sigh~~ boarded on a sinking ship!&nbsp;[Sweats]&nbsp;[Sweats]&nbsp;","text":"$MAPLELEAF EDU(01317)$financial result unable to piblish; now unable to redeem matured bonds; sigh~~ boarded on a sinking ship! [Sweats] [Sweats]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/9915666956","isVote":1,"tweetType":1,"viewCount":443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9942812532,"gmtCreate":1681178216127,"gmtModify":1681178218332,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","listText":"<a href=\"https://ttm.financial/S/02660\">$ZENGAME(02660)$ &nbsp;</a>what happened these two weeks? price plunged from hkd4 to below hkd3.","text":"$ZENGAME(02660)$ what happened these two weeks? price plunged from hkd4 to below hkd3.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942812532","isVote":1,"tweetType":1,"viewCount":340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963574705,"gmtCreate":1668731841807,"gmtModify":1676538103304,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","text":"$Alibaba(09988)$ [Put] [Put] [Put]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":1,"link":"https://ttm.financial/post/9963574705","isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804660110,"gmtCreate":1627954286230,"gmtModify":1703498464112,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"crash is coming.","listText":"crash is coming.","text":"crash is coming.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/804660110","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":266055757701176,"gmtCreate":1705975441246,"gmtModify":1705980717133,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","listText":"<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$ </a>&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","text":"$Berkshire Hathaway(BRK.B)$ [Miser] [Miser] [Miser]","images":[{"img":"https://community-static.tradeup.com/news/8aeeb526bb905f89ea63b3ed553fd27e","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/266055757701176","isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9958197670,"gmtCreate":1673655564391,"gmtModify":1676538870771,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$ &nbsp;</a>jialat!","text":"$Alibaba(09988)$ jialat!","images":[{"img":"https://community-static.tradeup.com/news/40ad4e0100b0aaf532cf11f3ecca8fe3","width":"1080","height":"2182"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9958197670","isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9989492665,"gmtCreate":1666056311057,"gmtModify":1676537698140,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"[Salute]&nbsp;[Salute]&nbsp;","listText":"[Salute]&nbsp;[Salute]&nbsp;","text":"[Salute] [Salute]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9989492665","repostId":"1160967547","repostType":4,"repost":{"id":"1160967547","kind":"news","pubTimestamp":1666065333,"share":"https://ttm.financial/m/news/1160967547?lang=&edition=fundamental","pubTime":"2022-10-18 11:55","market":"us","language":"en","title":"One Trading Strategy Is Winning Big in This Nasty Year for Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1160967547","media":"Bloomberg","summary":"Dispersion trade up as single stocks swing, VIX stays mutedSubdued demand for portfolio hedges is be","content":"<html><head></head><body><ul><li>Dispersion trade up as single stocks swing, VIX stays muted</li><li>Subdued demand for portfolio hedges is behind volatility quirk</li></ul><p>A strange thing keeps happening in this nightmare year on Wall Street: Seemingly surefire bets that outsize volatility will engulf equity indexes keep misfiring, even as those riding turmoil in single stocks pay off handsomely.</p><p>That’s proving a boon for a niche strategy known as dispersion trading, with nimble money managers netting double-digit gains by taking advantage of quirks in the world of equity derivatives.</p><p>Take the Cboe Volatility Index, a gauge of market-wide fear. Even as the S&amp;P 500 careens to fresh lows, it’s stuck below its March peak and actually declined in the aftermath of last week’s hot inflation report. At the same time the Federal Reserve’s disruptive policy-tightening campaign is fueling the wildest price swings for US large cap companies since the global financial crisis.</p><p>The thinking goes that the winners and losers in the S&amp;P 500 have become more pronounced in a world where corporate fundamentals matter. But index volatility is proving less severe, as price moves of its constituents offset each other, while demand for hedges remains muted due to low investor positioning.</p><p>For whatever reason this short-index-long-single-stock-volatility trade is working and may prove particularly lucrative this earnings season. The likes of PepsiCo Inc. and JPMorgan Chase &amp; Co. have been posting notable gains after better-than-expected reports while disappointments such as Morgan Stanley are getting punished.</p><p>“We haven’t seen any panic protection buying that will drive volatility much higher,” said Daniel Danon, managing director at Assenagon Asset Management, whose Assenagon Alpha Volatility fund is up 12% this year. “So your short leg is helping your long leg to perform.”</p><p><img src=\"https://static.tigerbbs.com/fe8b52b93f4df214ea58016e8a3f317f\" tg-width=\"739\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/>The VIX, which tracks the cost of S&amp;P 500 options, has stayed at elevated levels relative to its five-year average, but it’s yet to revisit 2022 highs of above 35 points. At the same time individual members in the S&amp;P 500 have been moving the most since the global financial crisis, according to Societe Generale SA.</p><p>While the Fed’s hike-at-all-costs policy stance has ignited fear and loathing for investors in bonds and currencies, the cost of one-month bearish put options on the equity benchmark versus bullish calls has slipped anew to the lowest since 2017. That suggests limited investor appetite to hedge at the index level.</p><p>Why that’s the case despite a prolonged drawdown has become a hot topic among market watchers of late. Some point out that money managers have slashed equity exposure to multi-year lows, itself a defensive stance that requires less protection. Others say a relatively orderly decline has made options hedging less rewarding than usual, prompting traders to short equity futures as an alternative way to buffer against losses.</p><p>A relatively well behaved VIX stands out at a time when the Fed’s resolve to crush inflation at decade highs with tighter policy is rocking the underbelly of of US equities. Some oil producers have doubled their share prices in this year’s supply-side mayhem while Big Tech names like Netflix Inc. and Meta Platforms Inc. have plunged big time in a rate-sensitive selloff that’s now casting a shadow over the business cycle.</p><p>“It’s about rotation between sectors at the moment,” said Stephen Crewe, whose Fulcrum Equity Dispersion Fund is up 10% this year. The London-based manager is positioning for continued volatility among companies in the technology and energy sectors. “No one really knows where the US economy is going to end up,” he said.</p><p>The strategy, which has cooled of late after notching outsize gains earlier in the year, is deployed mostly by volatility hedge funds and banks packaging it into systematic strategies. Versions of the trade may buy options on a basket of stocks while others, like those managed by Assenagon and Fulcrum, are more selective. Some are neutral to volatility, whereas others are buying more options than they sell.</p><p><img src=\"https://static.tigerbbs.com/f76b822562cb2fbba098512880ec9038\" tg-width=\"698\" tg-height=\"392\" referrerpolicy=\"no-referrer\"/>With expected swings embedded in index-level option prices relatively contained, it’s been harder for typical derivatives hedges to make money, with the payoff hinging more on getting the strike price or market timing right. For instance, an S&amp;P 500-tracking portfolio that’s added calls on the VIX -- which is supposed to buffer portfolios against a sudden outbreak in price swings -- has suffered a four-percentage-point drag on performance, a Cboe index shows.</p><p>Yet going forward, the big challenge for dispersion traders is hiding in plain sight: Supersized Fed rate hikes risk causing a sudden collapse in economic growth that may in turn spur a big jump in index volatility.</p><p>Still for now, institutions appear to have little appetite for adding market hedges, according to Michael Purves, founder of Tallbacken Capital Advisors. He recommends betting on the VIX to fall till the end of the year.</p><p>“Perhaps yields can creep higher, but not in a shocking way the way they did when they pierced 4% in September,” he wrote in a note. “Markets appear to have processed the notion that there is little doubt that a Fed pivot is not close at hand.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One Trading Strategy Is Winning Big in This Nasty Year for Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne Trading Strategy Is Winning Big in This Nasty Year for Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-18 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-10-17/one-options-trade-wins-big-in-strange-year-for-stock-volatility><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Dispersion trade up as single stocks swing, VIX stays mutedSubdued demand for portfolio hedges is behind volatility quirkA strange thing keeps happening in this nightmare year on Wall Street: ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-10-17/one-options-trade-wins-big-in-strange-year-for-stock-volatility\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIX":"标普500波动率指数"},"source_url":"https://www.bloomberg.com/news/articles/2022-10-17/one-options-trade-wins-big-in-strange-year-for-stock-volatility","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160967547","content_text":"Dispersion trade up as single stocks swing, VIX stays mutedSubdued demand for portfolio hedges is behind volatility quirkA strange thing keeps happening in this nightmare year on Wall Street: Seemingly surefire bets that outsize volatility will engulf equity indexes keep misfiring, even as those riding turmoil in single stocks pay off handsomely.That’s proving a boon for a niche strategy known as dispersion trading, with nimble money managers netting double-digit gains by taking advantage of quirks in the world of equity derivatives.Take the Cboe Volatility Index, a gauge of market-wide fear. Even as the S&P 500 careens to fresh lows, it’s stuck below its March peak and actually declined in the aftermath of last week’s hot inflation report. At the same time the Federal Reserve’s disruptive policy-tightening campaign is fueling the wildest price swings for US large cap companies since the global financial crisis.The thinking goes that the winners and losers in the S&P 500 have become more pronounced in a world where corporate fundamentals matter. But index volatility is proving less severe, as price moves of its constituents offset each other, while demand for hedges remains muted due to low investor positioning.For whatever reason this short-index-long-single-stock-volatility trade is working and may prove particularly lucrative this earnings season. The likes of PepsiCo Inc. and JPMorgan Chase & Co. have been posting notable gains after better-than-expected reports while disappointments such as Morgan Stanley are getting punished.“We haven’t seen any panic protection buying that will drive volatility much higher,” said Daniel Danon, managing director at Assenagon Asset Management, whose Assenagon Alpha Volatility fund is up 12% this year. “So your short leg is helping your long leg to perform.”The VIX, which tracks the cost of S&P 500 options, has stayed at elevated levels relative to its five-year average, but it’s yet to revisit 2022 highs of above 35 points. At the same time individual members in the S&P 500 have been moving the most since the global financial crisis, according to Societe Generale SA.While the Fed’s hike-at-all-costs policy stance has ignited fear and loathing for investors in bonds and currencies, the cost of one-month bearish put options on the equity benchmark versus bullish calls has slipped anew to the lowest since 2017. That suggests limited investor appetite to hedge at the index level.Why that’s the case despite a prolonged drawdown has become a hot topic among market watchers of late. Some point out that money managers have slashed equity exposure to multi-year lows, itself a defensive stance that requires less protection. Others say a relatively orderly decline has made options hedging less rewarding than usual, prompting traders to short equity futures as an alternative way to buffer against losses.A relatively well behaved VIX stands out at a time when the Fed’s resolve to crush inflation at decade highs with tighter policy is rocking the underbelly of of US equities. Some oil producers have doubled their share prices in this year’s supply-side mayhem while Big Tech names like Netflix Inc. and Meta Platforms Inc. have plunged big time in a rate-sensitive selloff that’s now casting a shadow over the business cycle.“It’s about rotation between sectors at the moment,” said Stephen Crewe, whose Fulcrum Equity Dispersion Fund is up 10% this year. The London-based manager is positioning for continued volatility among companies in the technology and energy sectors. “No one really knows where the US economy is going to end up,” he said.The strategy, which has cooled of late after notching outsize gains earlier in the year, is deployed mostly by volatility hedge funds and banks packaging it into systematic strategies. Versions of the trade may buy options on a basket of stocks while others, like those managed by Assenagon and Fulcrum, are more selective. Some are neutral to volatility, whereas others are buying more options than they sell.With expected swings embedded in index-level option prices relatively contained, it’s been harder for typical derivatives hedges to make money, with the payoff hinging more on getting the strike price or market timing right. For instance, an S&P 500-tracking portfolio that’s added calls on the VIX -- which is supposed to buffer portfolios against a sudden outbreak in price swings -- has suffered a four-percentage-point drag on performance, a Cboe index shows.Yet going forward, the big challenge for dispersion traders is hiding in plain sight: Supersized Fed rate hikes risk causing a sudden collapse in economic growth that may in turn spur a big jump in index volatility.Still for now, institutions appear to have little appetite for adding market hedges, according to Michael Purves, founder of Tallbacken Capital Advisors. He recommends betting on the VIX to fall till the end of the year.“Perhaps yields can creep higher, but not in a shocking way the way they did when they pierced 4% in September,” he wrote in a note. “Markets appear to have processed the notion that there is little doubt that a Fed pivot is not close at hand.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915085978,"gmtCreate":1664927653495,"gmtModify":1676537529262,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$</a><v-v data-views=\"0\"></v-v>[Sweats]&nbsp;[Sweats]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$</a><v-v data-views=\"0\"></v-v>[Sweats]&nbsp;[Sweats]&nbsp;","text":"$Alibaba(09988)$[Sweats] [Sweats]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9915085978","isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"content":"@Remotecam bearish for the next 6 months...","text":"@Remotecam bearish for the next 6 months...","html":"@Remotecam bearish for the next 6 months..."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098363584,"gmtCreate":1644026455582,"gmtModify":1676533883387,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/02877\">$SHINEWAY PHARM(02877)$</a>anyone has position on this company?","listText":"<a href=\"https://ttm.financial/S/02877\">$SHINEWAY PHARM(02877)$</a>anyone has position on this company?","text":"$SHINEWAY PHARM(02877)$anyone has position on this company?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098363584","isVote":1,"tweetType":1,"viewCount":269,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4087945317850020","authorId":"4087945317850020","name":"hh488","avatar":"https://static.tigerbbs.com/7ef8dc41ed1e0c6e411a9a46b77edd66","crmLevel":5,"crmLevelSwitch":1,"idStr":"4087945317850020","authorIdStr":"4087945317850020"},"content":"Seem like 3 of us here. [Grin]","text":"Seem like 3 of us here. [Grin]","html":"Seem like 3 of us here. [Grin]"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813712994,"gmtCreate":1630246522618,"gmtModify":1676530250455,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"yeah!","listText":"yeah!","text":"yeah!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/813712994","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://ttm.financial/m/news/1129129956?lang=&edition=fundamental","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p>\n<ul>\n <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>\n <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>\n <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li>\n</ul>\n<p></p>\n<p>Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p>\n<p>Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p>\n<h3>1. Opendoor is winning the iBuying battle</h3>\n<p>The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p>\n<p>Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p>\n<p>After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p>\n<p>According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p>\n<h3>2. Revenue growth is ahead of schedule</h3>\n<p>When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p>\n<p>Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p>\n<p>In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p>\n<h3>3. SPACs are out of favor with the market... opportunity?</h3>\n<p>Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p>\n<p>Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p>\n<p>But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p>\n<p>Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p>\n<h3>Here's the bottom line</h3>\n<p>Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Unloved Tech Stock Could Make You Rich One Day</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Unloved Tech Stock Could Make You Rich One Day\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-29 09:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1},"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838707265,"gmtCreate":1629427302957,"gmtModify":1676530037727,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"still undervalue?!","listText":"still undervalue?!","text":"still undervalue?!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/838707265","repostId":"1160234318","repostType":4,"repost":{"id":"1160234318","kind":"news","pubTimestamp":1629426487,"share":"https://ttm.financial/m/news/1160234318?lang=&edition=fundamental","pubTime":"2021-08-20 10:28","market":"us","language":"en","title":"Alphabet: Fundamentally Undervalued, But There Is Something More","url":"https://stock-news.laohu8.com/highlight/detail?id=1160234318","media":"seekingalpha","summary":"Summary\n\nGiven the growth of EPS and free cash flow, Alphabet does not look expensive now.\nLooking a","content":"<p><b>Summary</b></p>\n<ul>\n <li>Given the growth of EPS and free cash flow, Alphabet does not look expensive now.</li>\n <li>Looking at the forward multiples, especially in the context of expected EPS and revenue growth, the market is pulling Alphabet down.</li>\n <li>The company is still undervalued in the context of the present value of the potential future FCF volume.</li>\n <li>The current state of the market in many aspects has reached extreme points and this is a cause for concern.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76349c9ab8f3f6331a583172e492e24c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>400tmax/iStock Unreleased via Getty Images</span></p>\n<p><b>Thesis</b></p>\n<p>Among the companies from the FAAMG list, Alphabet (GOOG) (GOOGL) has shown the highest price return since the beginning of the year. However, maintaining the current rate of growth of the company's market capitalization looks doubtful. Moreover, the main reasons for these doubts do not relate directly to Alphabet.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca2bf5977f084e40231c372ea4e953f7\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data byYCharts</span></p>\n<p><b>Is Alphabet just growing or accelerating?</b></p>\n<p>Alphabet started publishing disaggregated revenue data relatively recently, but even that data is enough to see how rapidly growth in the key segments of the company's business has accelerated over the past three quarters:</p>\n<p><img src=\"https://static.tigerbbs.com/7ef18c5c0d152abd360d4e1e6a5f7d86\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><img src=\"https://static.tigerbbs.com/de1a4870a4261ce5e4ff958b006d6b05\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d229d96e3f324a3dbdb1f72b52c1c5b3\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>If we talk about revenue in general, then there is now an exponential growth. Moreover, the result of the last quarter turned out to be above the long-term trend:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2943b4f848efdba9f29e35d2f37a14d3\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><i>Of course, this is a consequence of the increased interest in digital advertising during the phase of the end of the coronavirus pandemic. Basically, this was the</i>&nbsp;<i>expected</i>&nbsp;<i>effect.</i></p>\n<p><b>Market Cap vs Financial Results</b></p>\n<p>The most rough version of evaluating the current market price of a company is to analyze the mutual dynamics of changes in the size of capitalization and key operating indicators.</p>\n<p>Over the last decade, Alphabet's capitalization has been in a qualitative linear relationship with its revenue TTM absolute size. And this relationship indicates an overvalued state of the company even in the context of the expected results of the next three quarters:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6147fa35fc829f5dcb156557895e67f4\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>But in the case of EPS, Alphabet's current market cap is fairly balanced:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3368b0fde66f762da5b38fb54e0eebce\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>The relationship between capitalization and free cash flow turns out to be of the highest quality. And this relationship also confirms the balanced state of the company's current price:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34dbd99f491ef12b268f9c0d597e2ced\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><i>So, at first glance, given the growth of EPS and free cash flow, the company does not look expensive now. And this is impressive.</i></p>\n<p><b>Comparative Valuation</b></p>\n<p>Comparative analysis of Alphabet's multiples did not give an unambiguous result. But it revealed one characteristic detail, which should be discussed.</p>\n<p>Comparing Alphabet to a broad sample of tech companies through historical multiples, it can be concluded that the company is in balance with the market.</p>\n<p>This is indicated by the EV/EBITDA multiple:</p>\n<p><img src=\"https://static.tigerbbs.com/1041e7dcef35b920b35acfbfd9f692c4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df80b3691561bd0413d9fd70ba6ba2b1\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>And the EV/FCF multiple:</p>\n<p><img src=\"https://static.tigerbbs.com/d6bfbb2e5f3b01ff92ccb097f52d3e1d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bfe8094ed0774076017dc9c6311f91d4\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>But if we turn to the forward multiples,<i>they will not allow us to draw such a conclusion</i>. So, judging by the Forward P/S (next FY) multiple, Alphabet is overvalued by 25%:</p>\n<p><img src=\"https://static.tigerbbs.com/eecbffc5c6a6c5dd6a4c660076fcac73\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9522696b884da86938cbd5552fcc5feb\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>If we adjust this multiple for the expected growth rate, the result will not change much:</p>\n<p><img src=\"https://static.tigerbbs.com/fe20a41142f56a3b67d470198521488a\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cb5901359f0343da4135b9e99782564\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>Judging by the forward P/E (next FY) multiple, Alphabet is balanced:</p>\n<p><img src=\"https://static.tigerbbs.com/8d8c203a8e7992753f480acea8dc104d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ceb3882c35c854fe5209649a8e43ffb9\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>But, the growth-adjusted forward P/E multiple indicates overvaluation:</p>\n<p><img src=\"https://static.tigerbbs.com/ab1456724d050ce5158dc999cf4712c6\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ae370ac3d9070d29c50075d95845b3a\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><i>As you can see, if we compare Alphabet in the context of the current multiples, then the company is quite adequately assessed. But if you look at the forward multiples, and especially in the context of the expected growth rates of EPS and revenue, then the market is pulling Alphabet down.</i></p>\n<p><b>Fundamental Valuation (DCF model)</b></p>\n<p>To forecast Alphabet's revenue for the next decade, I used the current averageestimatesof analysts. Importantly, sentiment about Alphabet's future growth has improved significantly this year:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d9fe4f01e79caf2ec0eb3ff42bcd62b\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha Pro</span></p>\n<p>Operating margins have also jumped recently:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8265910d416d9c95f4544e6db5a18d55\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data byYCharts</span></p>\n<p>But the model is based on the assumption that the operating margin over the next 10 years will gradually decline from 26% to 21% in the terminal year. This is the standard approach, assuming increased competition in the industry.</p>\n<p>Here is the calculation of the Weighted Average Cost of Capital:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2eec731cefc1f1305b7f2a8ddd9863e6\" tg-width=\"434\" tg-height=\"385\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p>\n<p>Some explanations:</p>\n<ul>\n <li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.25%).</li>\n <li>I used the currentvalueof the three-year beta coefficient. For the terminal year, I used Beta equal to 1.</li>\n <li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li>\n</ul>\n<p>When building the model, I used the following key assumptions:</p>\n<ul>\n <li>The relative size of CAPEX will be at the average of the previous six years (14%).</li>\n <li>The averagetax ratewill amount to 26%.</li>\n</ul>\n<p>And, here's the model itself:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b39411acd119f583bda3362999499f95\" tg-width=\"640\" tg-height=\"497\" width=\"100%\" height=\"auto\"><span>(high resolution)Source: Author</span></p>\n<p><i>The DCF-based target price of Alphabet's shares is $4,430, offering ~62% upside. But, if we moderate the forecast for the operating margin and suppose that UST10 rises to 2%, then the growth potential drops to approximately 30%. This, however, is also a positive result.</i></p>\n<p>Technical picture</p>\n<p>Most stocks and indices follow their exponential trend, which tends to be well-identified on the graph with log y-axis. Let's take a look at Alphabet this way:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bec0b304aec5fd73b20552517ddf8d54\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>Starting from 2010, Alphabet's stock price had been following its long-term exponential trend. But now the company's stock price is above this trend by two standard deviations.<i>It means that Alphabet's stock price is growing at a faster than exponential rate. Generally speaking, it indicates an unstable state.</i></p>\n<p>But, sometimes this is a signal that the price intends to grow in this way and further. A prime example is Microsoft (MSFT), which overtook its long-term exponential trend last year:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/acc09617c1d8eb3259b2f778c531b1cb\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p><b>Dynamics of risks</b></p>\n<p>The risks that will be discussed in this block do not relate to the company itself, but to the market as a whole.</p>\n<p>The capitalization of Alphabet now accounts for about 4.3% of the capitalization of the entire US stock market. At the beginning of the year, this figure barely exceeded 3%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9303db3db81e41dd706bdfd5e999185e\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p></p>\n<p>Only Apple (AAPL) and Microsoft have comparable shares...</p>\n<p>Further, over the past 14 years, the value of the Nasdaq index as a percentage of the S&amp;P 500 index has grown from 175% to 330%. Moreover, the dynamics of the last few quarters suggest that this trend has reached a certain ceiling:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/264902a1ecd03164d6b1d969f99f8543\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p></p>\n<p>At the same time, microcycles allow us to expect that the market is entering a phase of increased volatility and tighter monetary policy:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d33e233159547a9eda0b4d79ebb8db81\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source:VisualizedAnalytics.com</span></p>\n<p>And it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level relative to GDP:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cae2307c42c76775fc9ae39cf8d6cb14\" tg-width=\"720\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>Source: cmegroup.com</span></p>\n<p><i>In short, the current state of the market in many aspects has reached extreme points and this is a cause for concern.</i></p>\n<p><b>Bottom line</b></p>\n<p>Looking at the results that Alphabet has shown in the last two quarters, the company's current price is not surprising.</p>\n<p>But the continuation of this growth at the same rates does not seem so obvious anymore. Especially with an eye to the general market situation and the expectation of a tightening of monetary policy in the US. On the whole, a neutral rating suggests itself.</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>Alphabet: Fundamentally Undervalued, But There Is Something More</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\">\nAlphabet: Fundamentally Undervalued, But There Is Something More\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-20 10:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4450520-alphabet-fundamentally-undervalued-but-there-is-something-more><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nGiven the growth of EPS and free cash flow, Alphabet does not look expensive now.\nLooking at the forward multiples, especially in the context of expected EPS and revenue growth, the market is...</p>\n\n<a href=\"https://seekingalpha.com/article/4450520-alphabet-fundamentally-undervalued-but-there-is-something-more\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://seekingalpha.com/article/4450520-alphabet-fundamentally-undervalued-but-there-is-something-more","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160234318","content_text":"Summary\n\nGiven the growth of EPS and free cash flow, Alphabet does not look expensive now.\nLooking at the forward multiples, especially in the context of expected EPS and revenue growth, the market is pulling Alphabet down.\nThe company is still undervalued in the context of the present value of the potential future FCF volume.\nThe current state of the market in many aspects has reached extreme points and this is a cause for concern.\n\n400tmax/iStock Unreleased via Getty Images\nThesis\nAmong the companies from the FAAMG list, Alphabet (GOOG) (GOOGL) has shown the highest price return since the beginning of the year. However, maintaining the current rate of growth of the company's market capitalization looks doubtful. Moreover, the main reasons for these doubts do not relate directly to Alphabet.\nData byYCharts\nIs Alphabet just growing or accelerating?\nAlphabet started publishing disaggregated revenue data relatively recently, but even that data is enough to see how rapidly growth in the key segments of the company's business has accelerated over the past three quarters:\n\n\nSource:VisualizedAnalytics.com\nIf we talk about revenue in general, then there is now an exponential growth. Moreover, the result of the last quarter turned out to be above the long-term trend:\nSource:VisualizedAnalytics.com\nOf course, this is a consequence of the increased interest in digital advertising during the phase of the end of the coronavirus pandemic. Basically, this was the expected effect.\nMarket Cap vs Financial Results\nThe most rough version of evaluating the current market price of a company is to analyze the mutual dynamics of changes in the size of capitalization and key operating indicators.\nOver the last decade, Alphabet's capitalization has been in a qualitative linear relationship with its revenue TTM absolute size. And this relationship indicates an overvalued state of the company even in the context of the expected results of the next three quarters:\nSource:VisualizedAnalytics.com\nBut in the case of EPS, Alphabet's current market cap is fairly balanced:\nSource:VisualizedAnalytics.com\nThe relationship between capitalization and free cash flow turns out to be of the highest quality. And this relationship also confirms the balanced state of the company's current price:\nSource:VisualizedAnalytics.com\nSo, at first glance, given the growth of EPS and free cash flow, the company does not look expensive now. And this is impressive.\nComparative Valuation\nComparative analysis of Alphabet's multiples did not give an unambiguous result. But it revealed one characteristic detail, which should be discussed.\nComparing Alphabet to a broad sample of tech companies through historical multiples, it can be concluded that the company is in balance with the market.\nThis is indicated by the EV/EBITDA multiple:\n\nSource:VisualizedAnalytics.com\nAnd the EV/FCF multiple:\n\nSource:VisualizedAnalytics.com\nBut if we turn to the forward multiples,they will not allow us to draw such a conclusion. So, judging by the Forward P/S (next FY) multiple, Alphabet is overvalued by 25%:\n\nSource:VisualizedAnalytics.com\nIf we adjust this multiple for the expected growth rate, the result will not change much:\n\nSource:VisualizedAnalytics.com\nJudging by the forward P/E (next FY) multiple, Alphabet is balanced:\n\nSource:VisualizedAnalytics.com\nBut, the growth-adjusted forward P/E multiple indicates overvaluation:\n\nSource:VisualizedAnalytics.com\nAs you can see, if we compare Alphabet in the context of the current multiples, then the company is quite adequately assessed. But if you look at the forward multiples, and especially in the context of the expected growth rates of EPS and revenue, then the market is pulling Alphabet down.\nFundamental Valuation (DCF model)\nTo forecast Alphabet's revenue for the next decade, I used the current averageestimatesof analysts. Importantly, sentiment about Alphabet's future growth has improved significantly this year:\nSource: Seeking Alpha Pro\nOperating margins have also jumped recently:\nData byYCharts\nBut the model is based on the assumption that the operating margin over the next 10 years will gradually decline from 26% to 21% in the terminal year. This is the standard approach, assuming increased competition in the industry.\nHere is the calculation of the Weighted Average Cost of Capital:\nSource: Author\nSome explanations:\n\nIn order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.25%).\nI used the currentvalueof the three-year beta coefficient. For the terminal year, I used Beta equal to 1.\nTo calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.\n\nWhen building the model, I used the following key assumptions:\n\nThe relative size of CAPEX will be at the average of the previous six years (14%).\nThe averagetax ratewill amount to 26%.\n\nAnd, here's the model itself:\n(high resolution)Source: Author\nThe DCF-based target price of Alphabet's shares is $4,430, offering ~62% upside. But, if we moderate the forecast for the operating margin and suppose that UST10 rises to 2%, then the growth potential drops to approximately 30%. This, however, is also a positive result.\nTechnical picture\nMost stocks and indices follow their exponential trend, which tends to be well-identified on the graph with log y-axis. Let's take a look at Alphabet this way:\nSource:VisualizedAnalytics.com\nStarting from 2010, Alphabet's stock price had been following its long-term exponential trend. But now the company's stock price is above this trend by two standard deviations.It means that Alphabet's stock price is growing at a faster than exponential rate. Generally speaking, it indicates an unstable state.\nBut, sometimes this is a signal that the price intends to grow in this way and further. A prime example is Microsoft (MSFT), which overtook its long-term exponential trend last year:\nSource:VisualizedAnalytics.com\nDynamics of risks\nThe risks that will be discussed in this block do not relate to the company itself, but to the market as a whole.\nThe capitalization of Alphabet now accounts for about 4.3% of the capitalization of the entire US stock market. At the beginning of the year, this figure barely exceeded 3%:\nSource:VisualizedAnalytics.com\n\nOnly Apple (AAPL) and Microsoft have comparable shares...\nFurther, over the past 14 years, the value of the Nasdaq index as a percentage of the S&P 500 index has grown from 175% to 330%. Moreover, the dynamics of the last few quarters suggest that this trend has reached a certain ceiling:\nSource:VisualizedAnalytics.com\n\nAt the same time, microcycles allow us to expect that the market is entering a phase of increased volatility and tighter monetary policy:\nSource:VisualizedAnalytics.com\nAnd it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level relative to GDP:\nSource: cmegroup.com\nIn short, the current state of the market in many aspects has reached extreme points and this is a cause for concern.\nBottom line\nLooking at the results that Alphabet has shown in the last two quarters, the company's current price is not surprising.\nBut the continuation of this growth at the same rates does not seem so obvious anymore. Especially with an eye to the general market situation and the expectation of a tightening of monetary policy in the US. On the whole, a neutral rating suggests itself.","news_type":1},"isVote":1,"tweetType":1,"viewCount":88,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966588628,"gmtCreate":1669594149464,"gmtModify":1676538210029,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"0\"></v-v>[Put]&nbsp;[Put]&nbsp;[Put]&nbsp;","text":"$Alibaba(09988)$ [Put] [Put] [Put]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9966588628","isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039192416,"gmtCreate":1645941977219,"gmtModify":1676534076783,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"nice!&nbsp;[Happy]&nbsp;","listText":"nice!&nbsp;[Happy]&nbsp;","text":"nice! [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039192416","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","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":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett 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 Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</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 Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett 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":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”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 a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923431785,"gmtCreate":1670892363547,"gmtModify":1676538454335,"author":{"id":"3585039741547804","authorId":"3585039741547804","name":"SnailWalker","avatar":"https://community-static.tradeup.com/news/1ca9a8243835e2d952167186dea6c28b","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3585039741547804","authorIdStr":"3585039741547804"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","listText":"<a href=\"https://ttm.financial/S/09988\">$Alibaba(09988)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Call]&nbsp;[Call]&nbsp;[Call]&nbsp;","text":"$Alibaba(09988)$ [Call] [Call] [Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923431785","isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}