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vwong

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03-03

A heartwarming decision especially in the context of the world today. Thank you for the article.

Sorry, the original content has been removed

02-15

Thank you for your informational and insightful article!

Sorry, the original content has been removed

2022-07-21

Thank you for sharing! What a genius he was.

Next time you swipe your credit card, thank this legend

2022-05-21

Thank you for such an informative article.

Sorry, the original content has been removed

2022-04-15

Thank you for your input.

@CrystalRose:$NIO Inc.(NIO)$ NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon$Amazon.com(AMZN)$ and Apple$Apple(AAPL)$ .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back? I love it, it just works with high quality & it is elegant. Bullish things.

2022-04-08

Good article

Tesla Is Due to Report Earnings in Late April. Consider This "Time Arbitrage" Move

Go to Tiger App to see more news

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heartwarming decision especially in the context of the world today. Thank you for the article.","listText":"A heartwarming decision especially in the context of the world today. Thank you for the article.","text":"A heartwarming decision especially in the context of the world today. Thank you for the article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/280315784376376","repostId":"2416885079","repostType":4,"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":274228084088912,"gmtCreate":1707988094418,"gmtModify":1707988097927,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for your informational and insightful article!","listText":"Thank you for your informational and insightful article!","text":"Thank you for your informational and insightful article!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/274228084088912","repostId":"2411792329","repostType":4,"isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9074295844,"gmtCreate":1658362368488,"gmtModify":1676536146501,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for sharing! What a genius he was.","listText":"Thank you for sharing! What a genius he was.","text":"Thank you for sharing! What a genius he was.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074295844","repostId":"2253602547","repostType":2,"repost":{"id":"2253602547","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1658360760,"share":"https://ttm.financial/m/news/2253602547?lang=&edition=fundamental","pubTime":"2022-07-21 07:46","market":"hk","language":"en","title":"Next time you swipe your credit card, thank this legend","url":"https://stock-news.laohu8.com/highlight/detail?id=2253602547","media":"Dow Jones","summary":"MW Next time you swipe your credit card, thank this legend\n\n\n  By Emily Bary \n\n\nVisa founder Dee Hoc","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Next time you swipe your credit card, thank this legend\n</p>\n<p>\n  By Emily Bary \n</p>\n<p>\n  <a href=\"https://laohu8.com/S/V\">Visa</a> founder Dee Hock dies at 93 after transforming the way we exchange money \n</p>\n<p>\n  Dee Hock, the visionary founder of Visa Inc. who built a system for modern electronic payments infrastructure that transformed how money changes hands, died this weekend at 93. \n</p>\n<p>\n  While Hock's name may not be well-known, his impact is felt by anyone who has made or received a card payment. Modern shoppers take for granted the nearly instantaneous speed of card payments online or at a store counter, but reaching that point required vast technological innovation as well as unprecedented coordination between rival banks. \n</p>\n<p>\n  Visa's (V) current chief executive, Al Kelly, expressed as much in a tribute to Hock on Wednesday, writing that the Visa founder was \"not a household name beyond the world of financial services\" even though \"in many ways, his impact and influence surpass that of almost any other leader in the last half-century.\" \n</p>\n<p>\n  Hock came from a different background than many other prominent finance executives, growing up as one of six children in a poor Utah family. He attended Weber Junior College, now known as Weber State University, on a $50 annual scholarship and then married his childhood sweetheart, according to Paul Chutkow's \"The Power of an Idea,\" which chronicles Visa's history. \n</p>\n<p>\n  Hock didn't create the first credit cards, but he began working in the business at a time when there were serious doubts about their future. Early card programs were rife with fraud and internally maligned, to the point where some initial bank participants weren't sure they could continue offering them. \n</p>\n<p>\n  Before Visa came into the fray, retailers, restaurants and other groups had their own payment cards that could be used within a small loop of merchants. Some banks were also eager to build their own card programs, which proved easier said than done. Visa traces its own history back to Bank of America's <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a>BankAmericard program, which reportedly racked up millions of dollars in losses in its late-1950s debut amid rampant fraud. \n</p>\n<p>\n  See also: The Apple effort that could mark a 'tipping point' in lending \n</p>\n<p>\n  The power of debit and credit cards lies in their near universality: A shopper using a card issued by one bank can seamlessly purchase from a retailer served by a different bank, trusting that the funds move properly behind the scenes. Once BankAmericard became the rare card program to reverse its fortunes in the 1960s, it began signing on other banks around the country as licensees with the vision of building a national system. \n</p>\n<p>\n  That's where Hock stepped in. As the licensees complained about fraud issues, slow authorization processes and general disorganization, Hock sought to bring structure to the BankAmericard program. In the late 1960s, he came to helm National BankAmericard Inc., later known as Visa, which brought together Bank of America and the licensees through a cooperative. \n</p>\n<p>\n  The goal was not only to improve the financial fortunes of card programs but also to make it so that people would actually want to use the cards and merchants would want to accept them. Visa and the banks can make fraud determinations within seconds now, but in the 1960s, merchants were supposed to call a number to seek authorization for purchases above a certain amount, a process that could take at least five minutes, according to David Stearns' Electronic Value Exchange, a book that looked at Visa's early history. \n</p>\n<p>\n  Recall that when chip cards were first rolled out in the modern card era, long after Hock had left Visa, merchants and shoppers chafed at the 15-second wait times that could come with some card dips. As you might imagine, a wait of five minutes or more seemed endless, which is why some merchants didn't bother to make authorization calls, adding dysfunction to the system. \n</p>\n<p>\n  The member banks had other priorities beyond cards and weren't always inclined to spend up on new infrastructure that would advance the network. But Hock, as the organization's CEO, was focused on the big picture and worked to see through projects that would allow for a global footprint as well as round-the-clock authorizations that could take under a minute. \n</p>\n<p>\n  Hock's autobiography indicates his focus on a grand vision for payments. He sought to \"examine in the most fundamental way the functions of a bank, of money, of a credit card; even beyond that to the essential nature of each and how it might change with full application of emerging electronic technology.\" \n</p>\n<p>\n  Further, he recognized that money \"was not coin, currency, or credit card,\" but rather \"anything customarily used as a measure of equivalent value and medium of exchange.\" \n</p>\n<p>\n  Hock's success was rooted in management prowess as much as it was in technological vision. Written accounts indicate that he was persuasive but also adopted clever tactics to advance what he believed was the broader mission. \n</p>\n<p>\n  Visa, like its predecessor organization, was a cooperative, and Hock was said to opt for a large board with committees made up of infighting rivals so that he and the management team could actually run the show in the wake of board indecision, according to Electronic Value Exchange. \n</p>\n<p>\n  Read: These companies hopped on the crypto train when times were booming. Which are exposed in a downturn? \n</p>\n<p>\n  The book further noted that Visa paid for and allowed spouses to attend board meetings, including one 1982 Bermuda event in which Hock was to push for a proposal that would make banks aggressively adopt terminals. The thinking was that board members might be more receptive to resolutions so they could enjoy a vacation, and he supposedly went as far as to propose the terminal policy after those who would have been expected to oppose the matter had left the meeting. \n</p>\n<p>\n  Hock clashed with organization in his early career but relished being able to create a new model once managing what became known as Visa. He called his organizational design \"chaordic,\" a merger of the words chaos and order, which he defined as \"the behavior of any self-organizing and self-governing organism\" that encompassed both principles. \n</p>\n<p>\n  Kelly's tribute said Hock \"left Visa in 1984 to pursue other endeavors but retained a keen interest in the organization he founded.\" Stearns' history of Visa says the circumstances of Hock's exit are \"somewhat contested,\" as Hock clashed with the board prior to his final meeting and angered them over matters such as a flashy new office. \n</p>\n<p>\n  Hock's influence on the financial system is undisputed, but his broader insights on money and leadership continue to resonate as well. Perhaps ironically, he's found a following among the members of the cryptocurrency community, who see links between the world of digital assets and Visa's original \"chaordic\" goals and structure. \n</p>\n<p>\n  Hock's autobiography was a mix of history and musings, and he moved into the modern era by continuing to wax philosophical on his Twitter Inc. (TWTR)account until last month. \n</p>\n<p>\n  Occasionally, Hock broke from the philosophical and the financial to relate to people in a different way. Last fall, he expressed \"little or no confidence in the logistics of this Twitter site\" while pondering a stagnant follower count that was at odds with his notification stream. \n</p>\n<p>\n  Twitter users urged him to think about the followers he was reaching with his insights and asked him to keep posting, which he did. Hock had amassed 28,540 followers as of Wednesday evening. Not bad for a poor Utah farmer. \n</p>\n<p>\n  -Emily Bary \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  July 20, 2022 19:46 ET (23:46 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Next time you swipe your credit card, thank this legend</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\">\nNext time you swipe your credit card, thank this legend\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-07-21 07:46</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Next time you swipe your credit card, thank this legend\n</p>\n<p>\n  By Emily Bary \n</p>\n<p>\n  <a href=\"https://laohu8.com/S/V\">Visa</a> founder Dee Hock dies at 93 after transforming the way we exchange money \n</p>\n<p>\n  Dee Hock, the visionary founder of Visa Inc. who built a system for modern electronic payments infrastructure that transformed how money changes hands, died this weekend at 93. \n</p>\n<p>\n  While Hock's name may not be well-known, his impact is felt by anyone who has made or received a card payment. Modern shoppers take for granted the nearly instantaneous speed of card payments online or at a store counter, but reaching that point required vast technological innovation as well as unprecedented coordination between rival banks. \n</p>\n<p>\n  Visa's (V) current chief executive, Al Kelly, expressed as much in a tribute to Hock on Wednesday, writing that the Visa founder was \"not a household name beyond the world of financial services\" even though \"in many ways, his impact and influence surpass that of almost any other leader in the last half-century.\" \n</p>\n<p>\n  Hock came from a different background than many other prominent finance executives, growing up as one of six children in a poor Utah family. He attended Weber Junior College, now known as Weber State University, on a $50 annual scholarship and then married his childhood sweetheart, according to Paul Chutkow's \"The Power of an Idea,\" which chronicles Visa's history. \n</p>\n<p>\n  Hock didn't create the first credit cards, but he began working in the business at a time when there were serious doubts about their future. Early card programs were rife with fraud and internally maligned, to the point where some initial bank participants weren't sure they could continue offering them. \n</p>\n<p>\n  Before Visa came into the fray, retailers, restaurants and other groups had their own payment cards that could be used within a small loop of merchants. Some banks were also eager to build their own card programs, which proved easier said than done. Visa traces its own history back to Bank of America's <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a>BankAmericard program, which reportedly racked up millions of dollars in losses in its late-1950s debut amid rampant fraud. \n</p>\n<p>\n  See also: The Apple effort that could mark a 'tipping point' in lending \n</p>\n<p>\n  The power of debit and credit cards lies in their near universality: A shopper using a card issued by one bank can seamlessly purchase from a retailer served by a different bank, trusting that the funds move properly behind the scenes. Once BankAmericard became the rare card program to reverse its fortunes in the 1960s, it began signing on other banks around the country as licensees with the vision of building a national system. \n</p>\n<p>\n  That's where Hock stepped in. As the licensees complained about fraud issues, slow authorization processes and general disorganization, Hock sought to bring structure to the BankAmericard program. In the late 1960s, he came to helm National BankAmericard Inc., later known as Visa, which brought together Bank of America and the licensees through a cooperative. \n</p>\n<p>\n  The goal was not only to improve the financial fortunes of card programs but also to make it so that people would actually want to use the cards and merchants would want to accept them. Visa and the banks can make fraud determinations within seconds now, but in the 1960s, merchants were supposed to call a number to seek authorization for purchases above a certain amount, a process that could take at least five minutes, according to David Stearns' Electronic Value Exchange, a book that looked at Visa's early history. \n</p>\n<p>\n  Recall that when chip cards were first rolled out in the modern card era, long after Hock had left Visa, merchants and shoppers chafed at the 15-second wait times that could come with some card dips. As you might imagine, a wait of five minutes or more seemed endless, which is why some merchants didn't bother to make authorization calls, adding dysfunction to the system. \n</p>\n<p>\n  The member banks had other priorities beyond cards and weren't always inclined to spend up on new infrastructure that would advance the network. But Hock, as the organization's CEO, was focused on the big picture and worked to see through projects that would allow for a global footprint as well as round-the-clock authorizations that could take under a minute. \n</p>\n<p>\n  Hock's autobiography indicates his focus on a grand vision for payments. He sought to \"examine in the most fundamental way the functions of a bank, of money, of a credit card; even beyond that to the essential nature of each and how it might change with full application of emerging electronic technology.\" \n</p>\n<p>\n  Further, he recognized that money \"was not coin, currency, or credit card,\" but rather \"anything customarily used as a measure of equivalent value and medium of exchange.\" \n</p>\n<p>\n  Hock's success was rooted in management prowess as much as it was in technological vision. Written accounts indicate that he was persuasive but also adopted clever tactics to advance what he believed was the broader mission. \n</p>\n<p>\n  Visa, like its predecessor organization, was a cooperative, and Hock was said to opt for a large board with committees made up of infighting rivals so that he and the management team could actually run the show in the wake of board indecision, according to Electronic Value Exchange. \n</p>\n<p>\n  Read: These companies hopped on the crypto train when times were booming. Which are exposed in a downturn? \n</p>\n<p>\n  The book further noted that Visa paid for and allowed spouses to attend board meetings, including one 1982 Bermuda event in which Hock was to push for a proposal that would make banks aggressively adopt terminals. The thinking was that board members might be more receptive to resolutions so they could enjoy a vacation, and he supposedly went as far as to propose the terminal policy after those who would have been expected to oppose the matter had left the meeting. \n</p>\n<p>\n  Hock clashed with organization in his early career but relished being able to create a new model once managing what became known as Visa. He called his organizational design \"chaordic,\" a merger of the words chaos and order, which he defined as \"the behavior of any self-organizing and self-governing organism\" that encompassed both principles. \n</p>\n<p>\n  Kelly's tribute said Hock \"left Visa in 1984 to pursue other endeavors but retained a keen interest in the organization he founded.\" Stearns' history of Visa says the circumstances of Hock's exit are \"somewhat contested,\" as Hock clashed with the board prior to his final meeting and angered them over matters such as a flashy new office. \n</p>\n<p>\n  Hock's influence on the financial system is undisputed, but his broader insights on money and leadership continue to resonate as well. Perhaps ironically, he's found a following among the members of the cryptocurrency community, who see links between the world of digital assets and Visa's original \"chaordic\" goals and structure. \n</p>\n<p>\n  Hock's autobiography was a mix of history and musings, and he moved into the modern era by continuing to wax philosophical on his Twitter Inc. (TWTR)account until last month. \n</p>\n<p>\n  Occasionally, Hock broke from the philosophical and the financial to relate to people in a different way. Last fall, he expressed \"little or no confidence in the logistics of this Twitter site\" while pondering a stagnant follower count that was at odds with his notification stream. \n</p>\n<p>\n  Twitter users urged him to think about the followers he was reaching with his insights and asked him to keep posting, which he did. Hock had amassed 28,540 followers as of Wednesday evening. Not bad for a poor Utah farmer. \n</p>\n<p>\n  -Emily Bary \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  July 20, 2022 19:46 ET (23:46 GMT)\n</p>\n<p>\n  Copyright (c) 2022 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4007":"制药","OLPX":"Olaplex Holdings, Inc.","BK4535":"淡马锡持仓","BK4508":"社交媒体","FWRG":"First Watch Restaurant Group, Inc.","BK4167":"医疗保健技术","BK4527":"明星科技股","BK4559":"巴菲特持仓","BK4077":"互动媒体与服务","BK4579":"人工智能","BK4207":"综合性银行","BK4504":"桥水持仓","TERN":"Terns Pharmaceuticals, Inc.","BK4581":"高盛持仓","BK4209":"餐馆","TWTR":"Twitter","BK4183":"个人用品","V":"Visa","BK4539":"次新股","BK4516":"特朗普概念","BAC":"美国银行","CRCT":"Cricut, Inc.","BK4106":"数据处理与外包服务","BK4553":"喜马拉雅资本持仓","BK4191":"家用电器","HCTI":"Healthcare Triangle, Inc.","BK4534":"瑞士信贷持仓"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2253602547","content_text":"MW Next time you swipe your credit card, thank this legend\n\n\n  By Emily Bary \n\n\nVisa founder Dee Hock dies at 93 after transforming the way we exchange money \n\n\n  Dee Hock, the visionary founder of Visa Inc. who built a system for modern electronic payments infrastructure that transformed how money changes hands, died this weekend at 93. \n\n\n  While Hock's name may not be well-known, his impact is felt by anyone who has made or received a card payment. Modern shoppers take for granted the nearly instantaneous speed of card payments online or at a store counter, but reaching that point required vast technological innovation as well as unprecedented coordination between rival banks. \n\n\n  Visa's (V) current chief executive, Al Kelly, expressed as much in a tribute to Hock on Wednesday, writing that the Visa founder was \"not a household name beyond the world of financial services\" even though \"in many ways, his impact and influence surpass that of almost any other leader in the last half-century.\" \n\n\n  Hock came from a different background than many other prominent finance executives, growing up as one of six children in a poor Utah family. He attended Weber Junior College, now known as Weber State University, on a $50 annual scholarship and then married his childhood sweetheart, according to Paul Chutkow's \"The Power of an Idea,\" which chronicles Visa's history. \n\n\n  Hock didn't create the first credit cards, but he began working in the business at a time when there were serious doubts about their future. Early card programs were rife with fraud and internally maligned, to the point where some initial bank participants weren't sure they could continue offering them. \n\n\n  Before Visa came into the fray, retailers, restaurants and other groups had their own payment cards that could be used within a small loop of merchants. Some banks were also eager to build their own card programs, which proved easier said than done. Visa traces its own history back to Bank of America's $(BAC)$BankAmericard program, which reportedly racked up millions of dollars in losses in its late-1950s debut amid rampant fraud. \n\n\n  See also: The Apple effort that could mark a 'tipping point' in lending \n\n\n  The power of debit and credit cards lies in their near universality: A shopper using a card issued by one bank can seamlessly purchase from a retailer served by a different bank, trusting that the funds move properly behind the scenes. Once BankAmericard became the rare card program to reverse its fortunes in the 1960s, it began signing on other banks around the country as licensees with the vision of building a national system. \n\n\n  That's where Hock stepped in. As the licensees complained about fraud issues, slow authorization processes and general disorganization, Hock sought to bring structure to the BankAmericard program. In the late 1960s, he came to helm National BankAmericard Inc., later known as Visa, which brought together Bank of America and the licensees through a cooperative. \n\n\n  The goal was not only to improve the financial fortunes of card programs but also to make it so that people would actually want to use the cards and merchants would want to accept them. Visa and the banks can make fraud determinations within seconds now, but in the 1960s, merchants were supposed to call a number to seek authorization for purchases above a certain amount, a process that could take at least five minutes, according to David Stearns' Electronic Value Exchange, a book that looked at Visa's early history. \n\n\n  Recall that when chip cards were first rolled out in the modern card era, long after Hock had left Visa, merchants and shoppers chafed at the 15-second wait times that could come with some card dips. As you might imagine, a wait of five minutes or more seemed endless, which is why some merchants didn't bother to make authorization calls, adding dysfunction to the system. \n\n\n  The member banks had other priorities beyond cards and weren't always inclined to spend up on new infrastructure that would advance the network. But Hock, as the organization's CEO, was focused on the big picture and worked to see through projects that would allow for a global footprint as well as round-the-clock authorizations that could take under a minute. \n\n\n  Hock's autobiography indicates his focus on a grand vision for payments. He sought to \"examine in the most fundamental way the functions of a bank, of money, of a credit card; even beyond that to the essential nature of each and how it might change with full application of emerging electronic technology.\" \n\n\n  Further, he recognized that money \"was not coin, currency, or credit card,\" but rather \"anything customarily used as a measure of equivalent value and medium of exchange.\" \n\n\n  Hock's success was rooted in management prowess as much as it was in technological vision. Written accounts indicate that he was persuasive but also adopted clever tactics to advance what he believed was the broader mission. \n\n\n  Visa, like its predecessor organization, was a cooperative, and Hock was said to opt for a large board with committees made up of infighting rivals so that he and the management team could actually run the show in the wake of board indecision, according to Electronic Value Exchange. \n\n\n  Read: These companies hopped on the crypto train when times were booming. Which are exposed in a downturn? \n\n\n  The book further noted that Visa paid for and allowed spouses to attend board meetings, including one 1982 Bermuda event in which Hock was to push for a proposal that would make banks aggressively adopt terminals. The thinking was that board members might be more receptive to resolutions so they could enjoy a vacation, and he supposedly went as far as to propose the terminal policy after those who would have been expected to oppose the matter had left the meeting. \n\n\n  Hock clashed with organization in his early career but relished being able to create a new model once managing what became known as Visa. He called his organizational design \"chaordic,\" a merger of the words chaos and order, which he defined as \"the behavior of any self-organizing and self-governing organism\" that encompassed both principles. \n\n\n  Kelly's tribute said Hock \"left Visa in 1984 to pursue other endeavors but retained a keen interest in the organization he founded.\" Stearns' history of Visa says the circumstances of Hock's exit are \"somewhat contested,\" as Hock clashed with the board prior to his final meeting and angered them over matters such as a flashy new office. \n\n\n  Hock's influence on the financial system is undisputed, but his broader insights on money and leadership continue to resonate as well. Perhaps ironically, he's found a following among the members of the cryptocurrency community, who see links between the world of digital assets and Visa's original \"chaordic\" goals and structure. \n\n\n  Hock's autobiography was a mix of history and musings, and he moved into the modern era by continuing to wax philosophical on his Twitter Inc. (TWTR)account until last month. \n\n\n  Occasionally, Hock broke from the philosophical and the financial to relate to people in a different way. Last fall, he expressed \"little or no confidence in the logistics of this Twitter site\" while pondering a stagnant follower count that was at odds with his notification stream. \n\n\n  Twitter users urged him to think about the followers he was reaching with his insights and asked him to keep posting, which he did. Hock had amassed 28,540 followers as of Wednesday evening. Not bad for a poor Utah farmer. \n\n\n  -Emily Bary \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  July 20, 2022 19:46 ET (23:46 GMT)\n\n\n  Copyright (c) 2022 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9028063702,"gmtCreate":1653118820706,"gmtModify":1676535227896,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for such an informative article.","listText":"Thank you for such an informative article.","text":"Thank you for such an informative article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9028063702","repostId":"1188662284","repostType":4,"isVote":1,"tweetType":1,"viewCount":588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9089528509,"gmtCreate":1650008455601,"gmtModify":1676534628446,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for your input.","listText":"Thank you for your input.","text":"Thank you for your input.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089528509","repostId":"9080708335","repostType":1,"repost":{"id":9080708335,"gmtCreate":1649912447610,"gmtModify":1676534606005,"author":{"id":"9000000000000644","authorId":"9000000000000644","name":"CrystalRose","avatar":"https://static.tigerbbs.com/25ded438897391c2e32edc77a343fe21","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000644","authorIdStr":"9000000000000644"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon<a href=\"https://laohu8.com/S/AMZN\">$Amazon.com(AMZN)$</a> and Apple<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a> .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back?&nbsp; I love it, it just works with high quality &amp; it is elegant.&nbsp;Bullish things.","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon<a href=\"https://laohu8.com/S/AMZN\">$Amazon.com(AMZN)$</a> and Apple<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a> .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back?&nbsp; I love it, it just works with high quality &amp; it is elegant.&nbsp;Bullish things.","text":"$NIO Inc.(NIO)$ NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon$Amazon.com(AMZN)$ and Apple$Apple(AAPL)$ .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back? I love it, it just works with high quality & it is elegant. Bullish things.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080708335","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012477417,"gmtCreate":1649377173840,"gmtModify":1676534501167,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Good article","listText":"Good article","text":"Good article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012477417","repostId":"1185894444","repostType":4,"repost":{"id":"1185894444","kind":"news","pubTimestamp":1649345400,"share":"https://ttm.financial/m/news/1185894444?lang=&edition=fundamental","pubTime":"2022-04-07 23:30","market":"us","language":"en","title":"Tesla Is Due to Report Earnings in Late April. Consider This \"Time Arbitrage\" Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1185894444","media":"Barron's","summary":"It will soon be truth or consequences time on Wall Street.Many of the world’s most important compani","content":"<html><head></head><body><p>It will soon be truth or consequences time on Wall Street.</p><p>Many of the world’s most important companies are about to start reporting quarterly earnings, providing investors with an opportunity to compare their estimates of reality with data and commentary from sophisticated corporate practitioners.</p><p>Whatever can be said about what happens next in the financial markets, one thing is clear: Many investors remain confused. The Federal Reserve and other central banks have begun to raise interest rates, bringing about the end of two decades of easy-money policies that supported stocks and the economy. Earnings reports should give investors insight into what comes next.</p><p>The trend, in short, may no longer be your friend, and in such times, it is helpful to have an investing framework. JPMorgan Chase CEO Jamie Dimon recently provided one in his annual letter to shareholders.</p><p>Dimon warned of the unprecedented risks facing the U.S. economy, ranging from persistent inflation, rising rates, the Covid-19 pandemic, and even the potential reordering of the world order. But he also offered some insight into the basic principles and strategies that he used to build his bank.</p><p>“We strive to build enduring businesses, and we are not a conglomerate—all our businesses rely on and benefit from each other. Both of these factors help generate our superior returns,” Dimon wrote, offering investors a useful way to evaluate companies that are well run—and potentially worthy of long-term investments.</p><p>Investors who are intrigued by this can take advantage of a strategy that we have long called “time arbitrage.” By selling short-term options on stocks that they can hold for a minimum of three to five years, investors can use present-day concerns to position to buy stocks that they are willing to warehouse.</p><p>The challenge, now and always, is to think like a thematic, long-term investor even when market conditions and cross currents are disquieting.</p><p>Consider <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>. The electric-vehicle maker recently reported better-than-expected sales data. If last year’s date is indicative, the company will report earnings in late April. To preposition, investors could consider selling Tesla’s put options to potentially buy the stock on weakness.</p><p>With Tesla’s stock at $1,045.76, investors could sell the May $900 put for about $31. The put sale positions them to buy the stock at $900. Should the stock be above $900 at expiration, investors can keep the options premium.</p><p>The great risk is that the stock falls far below the put price, obligating investors to cover the put or to make adjustments to it in the options market to avoid assignment.</p><p>During the past 52 weeks, the stock has ranged from $546.98 to $1,243.49. The company recently announced plans for a stock split “in the form of a stock dividend.” Tesla issued a 5-for-1 stock split in August 2020, but offered no details on the impending corporate action.</p><p>The world is increasingly realizing electric vehicles are the future. The recent surge in oil and gasoline prices has probably accelerated this trend.</p><p>Tesla pioneered the industry’s birth. The competitive moat might be narrowing as electric vehicles become more accepted, but Tesla founder and CEO Elon Musk has a mind of great singularity. He has seen the future. The short-term options trade outlined above is a way to monetize a long-term theme that will probably outlast economic and financial fluctuations.</p></body></html>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Is Due to Report Earnings in Late April. Consider This \"Time Arbitrage\" Move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Is Due to Report Earnings in Late April. Consider This \"Time Arbitrage\" Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-07 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/a-time-arbitrage-options-play-on-tesla-stock-51649314803?mod=Searchresults><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It will soon be truth or consequences time on Wall Street.Many of the world’s most important companies are about to start reporting quarterly earnings, providing investors with an opportunity to ...</p>\n\n<a href=\"https://www.barrons.com/articles/a-time-arbitrage-options-play-on-tesla-stock-51649314803?mod=Searchresults\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/a-time-arbitrage-options-play-on-tesla-stock-51649314803?mod=Searchresults","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185894444","content_text":"It will soon be truth or consequences time on Wall Street.Many of the world’s most important companies are about to start reporting quarterly earnings, providing investors with an opportunity to compare their estimates of reality with data and commentary from sophisticated corporate practitioners.Whatever can be said about what happens next in the financial markets, one thing is clear: Many investors remain confused. The Federal Reserve and other central banks have begun to raise interest rates, bringing about the end of two decades of easy-money policies that supported stocks and the economy. Earnings reports should give investors insight into what comes next.The trend, in short, may no longer be your friend, and in such times, it is helpful to have an investing framework. JPMorgan Chase CEO Jamie Dimon recently provided one in his annual letter to shareholders.Dimon warned of the unprecedented risks facing the U.S. economy, ranging from persistent inflation, rising rates, the Covid-19 pandemic, and even the potential reordering of the world order. But he also offered some insight into the basic principles and strategies that he used to build his bank.“We strive to build enduring businesses, and we are not a conglomerate—all our businesses rely on and benefit from each other. Both of these factors help generate our superior returns,” Dimon wrote, offering investors a useful way to evaluate companies that are well run—and potentially worthy of long-term investments.Investors who are intrigued by this can take advantage of a strategy that we have long called “time arbitrage.” By selling short-term options on stocks that they can hold for a minimum of three to five years, investors can use present-day concerns to position to buy stocks that they are willing to warehouse.The challenge, now and always, is to think like a thematic, long-term investor even when market conditions and cross currents are disquieting.Consider Tesla. The electric-vehicle maker recently reported better-than-expected sales data. If last year’s date is indicative, the company will report earnings in late April. To preposition, investors could consider selling Tesla’s put options to potentially buy the stock on weakness.With Tesla’s stock at $1,045.76, investors could sell the May $900 put for about $31. The put sale positions them to buy the stock at $900. Should the stock be above $900 at expiration, investors can keep the options premium.The great risk is that the stock falls far below the put price, obligating investors to cover the put or to make adjustments to it in the options market to avoid assignment.During the past 52 weeks, the stock has ranged from $546.98 to $1,243.49. The company recently announced plans for a stock split “in the form of a stock dividend.” Tesla issued a 5-for-1 stock split in August 2020, but offered no details on the impending corporate action.The world is increasingly realizing electric vehicles are the future. The recent surge in oil and gasoline prices has probably accelerated this trend.Tesla pioneered the industry’s birth. The competitive moat might be narrowing as electric vehicles become more accepted, but Tesla founder and CEO Elon Musk has a mind of great singularity. He has seen the future. The short-term options trade outlined above is a way to monetize a long-term theme that will probably outlast economic and financial fluctuations.","news_type":1},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9012477417,"gmtCreate":1649377173840,"gmtModify":1676534501167,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Good article","listText":"Good article","text":"Good article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012477417","repostId":"1185894444","repostType":4,"repost":{"id":"1185894444","kind":"news","pubTimestamp":1649345400,"share":"https://ttm.financial/m/news/1185894444?lang=&edition=fundamental","pubTime":"2022-04-07 23:30","market":"us","language":"en","title":"Tesla Is Due to Report Earnings in Late April. Consider This \"Time Arbitrage\" Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1185894444","media":"Barron's","summary":"It will soon be truth or consequences time on Wall Street.Many of the world’s most important compani","content":"<html><head></head><body><p>It will soon be truth or consequences time on Wall Street.</p><p>Many of the world’s most important companies are about to start reporting quarterly earnings, providing investors with an opportunity to compare their estimates of reality with data and commentary from sophisticated corporate practitioners.</p><p>Whatever can be said about what happens next in the financial markets, one thing is clear: Many investors remain confused. The Federal Reserve and other central banks have begun to raise interest rates, bringing about the end of two decades of easy-money policies that supported stocks and the economy. Earnings reports should give investors insight into what comes next.</p><p>The trend, in short, may no longer be your friend, and in such times, it is helpful to have an investing framework. JPMorgan Chase CEO Jamie Dimon recently provided one in his annual letter to shareholders.</p><p>Dimon warned of the unprecedented risks facing the U.S. economy, ranging from persistent inflation, rising rates, the Covid-19 pandemic, and even the potential reordering of the world order. But he also offered some insight into the basic principles and strategies that he used to build his bank.</p><p>“We strive to build enduring businesses, and we are not a conglomerate—all our businesses rely on and benefit from each other. Both of these factors help generate our superior returns,” Dimon wrote, offering investors a useful way to evaluate companies that are well run—and potentially worthy of long-term investments.</p><p>Investors who are intrigued by this can take advantage of a strategy that we have long called “time arbitrage.” By selling short-term options on stocks that they can hold for a minimum of three to five years, investors can use present-day concerns to position to buy stocks that they are willing to warehouse.</p><p>The challenge, now and always, is to think like a thematic, long-term investor even when market conditions and cross currents are disquieting.</p><p>Consider <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>. The electric-vehicle maker recently reported better-than-expected sales data. If last year’s date is indicative, the company will report earnings in late April. To preposition, investors could consider selling Tesla’s put options to potentially buy the stock on weakness.</p><p>With Tesla’s stock at $1,045.76, investors could sell the May $900 put for about $31. The put sale positions them to buy the stock at $900. Should the stock be above $900 at expiration, investors can keep the options premium.</p><p>The great risk is that the stock falls far below the put price, obligating investors to cover the put or to make adjustments to it in the options market to avoid assignment.</p><p>During the past 52 weeks, the stock has ranged from $546.98 to $1,243.49. The company recently announced plans for a stock split “in the form of a stock dividend.” Tesla issued a 5-for-1 stock split in August 2020, but offered no details on the impending corporate action.</p><p>The world is increasingly realizing electric vehicles are the future. The recent surge in oil and gasoline prices has probably accelerated this trend.</p><p>Tesla pioneered the industry’s birth. The competitive moat might be narrowing as electric vehicles become more accepted, but Tesla founder and CEO Elon Musk has a mind of great singularity. He has seen the future. The short-term options trade outlined above is a way to monetize a long-term theme that will probably outlast economic and financial fluctuations.</p></body></html>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Is Due to Report Earnings in Late April. Consider This \"Time Arbitrage\" Move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Is Due to Report Earnings in Late April. Consider This \"Time Arbitrage\" Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-07 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/a-time-arbitrage-options-play-on-tesla-stock-51649314803?mod=Searchresults><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It will soon be truth or consequences time on Wall Street.Many of the world’s most important companies are about to start reporting quarterly earnings, providing investors with an opportunity to ...</p>\n\n<a href=\"https://www.barrons.com/articles/a-time-arbitrage-options-play-on-tesla-stock-51649314803?mod=Searchresults\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/a-time-arbitrage-options-play-on-tesla-stock-51649314803?mod=Searchresults","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185894444","content_text":"It will soon be truth or consequences time on Wall Street.Many of the world’s most important companies are about to start reporting quarterly earnings, providing investors with an opportunity to compare their estimates of reality with data and commentary from sophisticated corporate practitioners.Whatever can be said about what happens next in the financial markets, one thing is clear: Many investors remain confused. The Federal Reserve and other central banks have begun to raise interest rates, bringing about the end of two decades of easy-money policies that supported stocks and the economy. Earnings reports should give investors insight into what comes next.The trend, in short, may no longer be your friend, and in such times, it is helpful to have an investing framework. JPMorgan Chase CEO Jamie Dimon recently provided one in his annual letter to shareholders.Dimon warned of the unprecedented risks facing the U.S. economy, ranging from persistent inflation, rising rates, the Covid-19 pandemic, and even the potential reordering of the world order. But he also offered some insight into the basic principles and strategies that he used to build his bank.“We strive to build enduring businesses, and we are not a conglomerate—all our businesses rely on and benefit from each other. Both of these factors help generate our superior returns,” Dimon wrote, offering investors a useful way to evaluate companies that are well run—and potentially worthy of long-term investments.Investors who are intrigued by this can take advantage of a strategy that we have long called “time arbitrage.” By selling short-term options on stocks that they can hold for a minimum of three to five years, investors can use present-day concerns to position to buy stocks that they are willing to warehouse.The challenge, now and always, is to think like a thematic, long-term investor even when market conditions and cross currents are disquieting.Consider Tesla. The electric-vehicle maker recently reported better-than-expected sales data. If last year’s date is indicative, the company will report earnings in late April. To preposition, investors could consider selling Tesla’s put options to potentially buy the stock on weakness.With Tesla’s stock at $1,045.76, investors could sell the May $900 put for about $31. The put sale positions them to buy the stock at $900. Should the stock be above $900 at expiration, investors can keep the options premium.The great risk is that the stock falls far below the put price, obligating investors to cover the put or to make adjustments to it in the options market to avoid assignment.During the past 52 weeks, the stock has ranged from $546.98 to $1,243.49. The company recently announced plans for a stock split “in the form of a stock dividend.” Tesla issued a 5-for-1 stock split in August 2020, but offered no details on the impending corporate action.The world is increasingly realizing electric vehicles are the future. The recent surge in oil and gasoline prices has probably accelerated this trend.Tesla pioneered the industry’s birth. The competitive moat might be narrowing as electric vehicles become more accepted, but Tesla founder and CEO Elon Musk has a mind of great singularity. He has seen the future. The short-term options trade outlined above is a way to monetize a long-term theme that will probably outlast economic and financial fluctuations.","news_type":1},"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":280315784376376,"gmtCreate":1709461678954,"gmtModify":1709461859713,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"A heartwarming decision especially in the context of the world today. Thank you for the article.","listText":"A heartwarming decision especially in the context of the world today. Thank you for the article.","text":"A heartwarming decision especially in the context of the world today. Thank you for the article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/280315784376376","repostId":"2416885079","repostType":4,"repost":{"id":"2416885079","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1709430905,"share":"https://ttm.financial/m/news/2416885079?lang=&edition=fundamental","pubTime":"2024-03-03 09:55","market":"hk","language":"en","title":"The Friendship With Warren Buffett That Led to Her $1 Billion Donation","url":"https://stock-news.laohu8.com/highlight/detail?id=2416885079","media":"Dow Jones","summary":"At his 60th birthday party in a New York City hotel, David Gottesman was surrounded by a few dozen family members and dear friends, the people close enough to the Wall Street investor to call him Sandy. By his side that night was his wife, Ruth, a pioneering researcher at a Bronx medical school. A highlight of the evening came when the man who would be responsible for much of their wealth raised his glass.\"May you live till Berkshire splits,\" toasted Warren Buffett.Ruth Levy grew up in Baltimore as one of four daughters. Her father ran a family business manufacturing straw hats and built a monumental collection of American sheet music, including a rare first edition of \"The Star-Spangled Banner.\" Her mother was a homemaker who also worked for the city's welfare department and an adoption agency for Black children. Philanthropy was in Ruth's blood. Before she was born, her parents were among the founders of a scholarship pr","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05a17a31ae22030a62f1c28f3d03488b\" alt=\"Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCK\" title=\"Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCK\" tg-width=\"1278\" tg-height=\"1278\"/><span>Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCK</span></p><p>At his 60th birthday party in a New York City hotel, David Gottesman was surrounded by a few dozen family members and dear friends, the people close enough to the Wall Street investor to call him Sandy. By his side that night was his wife, Ruth, a pioneering researcher at a Bronx medical school. A highlight of the evening came when the man who would be responsible for much of their wealth raised his glass.</p><p>&#34;May you live till Berkshire splits,&#34; toasted Warren Buffett.</p><p>By then, Gottesman was not just one of Buffett&#39;s close friends and confidants but a significant shareholder in Berkshire Hathaway. He acquired his shares when an early business venture with Buffett and partner Charlie Munger merged with Berkshire in the 1970s. That turned out to be a billion-dollar development, as Berkshire&#39;s shares delivered a fortune to early investors.</p><p>Buffett never split Berkshire&#39;s original Class A shares and Gottesman lived until he was 96 years old. When he died in 2022, he left stock to Ruth and told her to do with it whatever she thought was right.</p><p>What she did captured the world&#39;s attention. She decided it would be right to donate $1 billion to the Albert Einstein College of Medicine to cover the tuition of every student in perpetuity, ensuring the school&#39;s future doctors will no longer have to pay hundreds of thousands of dollars for their medical education.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3cdb46aaf6d0454677c6ad3cfe774549\" alt=\"Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGES\" title=\"Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGES\" tg-width=\"700\" tg-height=\"467\"/><span>Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGES</span></p><p>Her extraordinary gift announced this past week was decades in the making. Ruth Gottesman, 93, joined the Einstein faculty in 1968, not long after her late husband met Buffett. Their friendship led to a business partnership, an epic investment and, now, a tuition-free medical school.</p><p>&#34;I&#39;ve never seen anybody behave better with a billion dollars,&#34; Buffett said when reached by phone this past week.</p><p>The Gottesmans were among the friends and partners of Buffett who watched their early Berkshire investments compound over decades into millions and sometimes billions of dollars. Berkshire&#39;s Class A shares now trade above $600,000 apiece, up from roughly $150 when Gottesman acquired his stock through a merger. The company&#39;s Class B shares were rolled out in 1996 and trade around $400.</p><p>Buffett and Ruth Gottesman remain in touch to this day, and she told him of her plans to make this $1 billion gift, which instantly elevated a low-profile nonagenarian educator into the ranks of the world&#39;s leading philanthropists.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e29fbe5f3bea2fe9e2e3f5d573c3b566\" tg-width=\"962\" tg-height=\"730\"/></p><h2 id=\"id_2715987131\">Philanthropy in the family</h2><p>Ruth Levy grew up in Baltimore as one of four daughters. Her father ran a family business manufacturing straw hats and built a monumental collection of American sheet music, including a rare first edition of &#34;The Star-Spangled Banner.&#34; Her mother was a homemaker who also worked for the city&#39;s welfare department and an adoption agency for Black children. Philanthropy was in Ruth&#39;s blood. Before she was born, her parents were among the founders of a scholarship program for Maryland high-school students that still exists today. One of the formative moments of Ruth&#39;s life came when she was around 10 years old and her family took in another 10-year-old girl fleeing Nazi Germany during World War II.</p><p>&#34;She never said goodbye to her parents and she didn&#39;t know whether they would be alive after the war,&#34; Ruth Gottesman once said. &#34;That began a process of seeing others and feeling their pain.&#34;</p><p>When she graduated from Barnard College in 1952, Ruth had a hard time finding a job that suited her. She briefly worked as an assistant editor at a food magazine and gave secretarial school a whirl, but neither stuck. &#34;I flunked shorthand,&#34; she said. She enrolled at Columbia University&#39;s Teachers College, where she received a master&#39;s degree and then a doctorate in educational psychology. In 1968, she joined the Children&#39;s Evaluation and Rehabilitation Center at Einstein, where she developed evaluation and treatment programs for children with learning disabilities and started a program for adult literacy.</p><p>Meanwhile, she met Sandy Gottesman in 1948 and they married in 1950, when he graduated from business school and went to work on Wall Street. Early in his career, he began to hear about a guy in Omaha, Neb., who was similarly obsessed with buying undervalued stocks.</p><p>His name was Warren Buffett.</p><p>They met in 1962 and kept talking for the next 60 years.</p><p>&#34;From then on,&#34; Sandy Gottesman once said, &#34;it was a complete romance.&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aa35c5034a276c86bca7742db598d25\" alt=\"Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESS\" title=\"Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESS\" tg-width=\"700\" tg-height=\"467\"/><span>Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESS</span></p><p>During a visit Gottesman made to Omaha to see Buffett, they began chatting in the afternoon and holed up in Buffett&#39;s office until 3 a.m. When they tried to leave, they discovered that the building&#39;s elevator bank had been gated off from its entrance. They were locked in the building until they found someone to let them out. &#34;It wouldn&#39;t have bothered us if we couldn&#39;t have gotten out,&#34; Buffett says today. When they couldn&#39;t talk in person, they spoke by phone on Sundays. By the time they hung up around midnight, Gottesman felt like he&#39;d chugged a double espresso. &#34;I was so stirred up and so excited I didn&#39;t go to sleep for a couple of hours,&#34; he said.</p><p>(Gottesman rarely spoke with the media, but he made an exception to discuss Buffett. Most of his comments in this article were taken from a 2016 interview with filmmaker Peter Kunhardt, who directed the HBO documentary &#34;Becoming Warren Buffett.&#34;)</p><p>Their personal friendship turned into a professional relationship by 1966, when Buffett was looking for companies to buy and Gottesman called him with an idea: What about buying a department store in Baltimore?</p><p>As it happened, the department store Hochschild Kohn was run by Ruth&#39;s extended family (her mother was a Kohn), and Sandy knew they were ready to sell. Buffett, Munger and Gottesman formed a company called Diversified Retailing and bought it.</p><p>It soon became clear they had made a big mistake.</p><p>&#34;We had a lemon on our hands,&#34; Buffett says.</p><p>Munger once put it another way: &#34;Buying Hochschild Kohn was like the story of a man who buys a yacht: The two happy days are the day he buys it and the day he sells it.&#34;</p><p>It was an especially happy day when Gottesman was able to resell the department store for only a minimal loss. They eventually turned a lemon into lemonade. The three partners merged Diversified, which by then owned a separate chain of women&#39;s clothing stores, into Berkshire at the end of 1978, handing Diversified stockholders a golden ticket: shares of Berkshire.</p><p>Over the years, Buffett acquired businesses from See&#39;s Candies to insurer Geico and placed successful bets on stocks like Apple, Coca-Cola and American Express, propelling Berkshire&#39;s growth into one of the most valuable U.S. companies.</p><p>Since the Diversified merger, Berkshire&#39;s stock has soared more than 400,000%, compared with the S&amp;P 500&#39;s total return of roughly 18,000%.</p><h2 id=\"id_3037843163\">&#39;Very, very, very bright&#39;</h2><p>Gottesman and Buffett&#39;s friendship lasted much longer than their ownership of the department store. &#34;We never had an argument or even a disagreement of any kind, and we were in a lousy business together to start,&#34; Buffett says. The one area where they couldn&#39;t agree was how they met. Gottesman always said that a mutual friend introduced them for lunch. Buffett insists they were supposed to play golf, which he remembers because his back gave out when he reached for his wallet to pay for gas on his way to the course. He thought about canceling, but he kept driving to meet Gottesman.</p><p>&#34;Not only did I become a good friend of Sandy&#39;s, but our wives became very good friends, and the families became friends with each other,&#34; Buffett says.</p><p>Buffett&#39;s first wife, Susie, was a singer. Ruth accompanied her on piano. When the Buffetts traveled to New York after the Berkshire annual meeting, they would end their trip with a visit to the Gottesmans, who called the part of their Rye, N.Y., house where their guests from Nebraska stayed &#34;the Buffett wing.&#34;</p><p>During one of those afternoons at the Gottesman home, Ruth shyly mentioned that she had just received her doctorate. Buffett knew she was &#34;very, very, very bright,&#34; he says, but he was impressed by her modesty. He told her that if he had gotten a doctorate, he would have bought a full-page ad in the newspaper. &#34;Ruth never wants to draw attention to herself,&#34; he said. &#34;She just isn&#39;t that sort of person.&#34;</p><p>Sandy Gottesman was the same way. He was elected to Berkshire&#39;s board in 2003 and remained a director until his death in 2022. But he spent most of his life allergic to publicity, almost never speaking with the press or explaining the decisions of First <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a>, the investment company he founded in 1964 that manages more than $20 billion today. He said there was a reason he chose to remain under the radar. &#34;The only time a whale gets harpooned is when he surfaces,&#34; he said in an interview for his New York Times obituary.</p><h2 id=\"id_228430591\">&#39;The results have been spectacular&#39;</h2><p>Ruth Gottesman kept busy after she retired as a professor emerita in 2001, joining Einstein&#39;s board of trustees, serving as chair from 2007 to 2014 and returning to that leadership role in 2020.</p><p>She took some time after Sandy&#39;s death before she came up with an idea for how to use the Berkshire stock he left to her: to make Einstein tuition-free.</p><p>Einstein charges more than $60,000 a year in tuition, but living expenses bring the annual price of attending the four-year medical school in New York closer to $100,000. By making it more affordable, she&#39;s hoping to make it more accessible.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e10479fed7743ff657a05c63901b9d23\" alt=\"The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES\" title=\"The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES\" tg-width=\"1260\" tg-height=\"840\"/><span>The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES</span></p><p>The Gottesmans were already major donors whose name can be found on institutions from the American Museum of Natural History to the Israel Aquarium. Ruth and Sandy also gave $25 million in 2008 to Einstein and had a research institute and teaching center named after them there.</p><p>But for one of the largest philanthropic contributions in the history of U.S. higher education, Gottesman wished to remain anonymous before she was persuaded to attach her name to the billion-dollar gift. When she agreed to be recognized, she made an unusual request: She asked that Einstein not be renamed in her honor. Since then, Gottesman has shied away from the spotlight, turning down media requests after granting an interview to the New York Times to explain her donation. </p><p style=\"text-align: start;\">She declined to comment for this article. </p><p style=\"text-align: start;\">Her lone appearance was in a packed auditorium on Monday morning at Einstein, where students assembled with no idea why they had been called to a mandatory meeting. The future doctors screamed, jumped out of their seats and cried when Gottesman made her announcement. </p><p style=\"text-align: start;\">Buffett wrote in a 2023 letter to shareholders of the pleasure that he and Munger, who died in November, took from watching “the vast flow of Berkshire-generated funds” to satisfying public needs, rather than “look-at-me assets and dynasty building.” Buffett pledged in 2006 to donate all of his Berkshire shares to philanthropy and said in 2021 that he was halfway there. His remaining shares, according to a November filing, are now worth around $130 billion.</p><p style=\"text-align: start;\">In his letter, Buffett highlighted the Berkshire investors who eventually give much of their money to philanthropic organizations which then work to “improve the lives of a great many people who are unrelated to the original benefactor.” </p><p style=\"text-align: start;\">“Sometimes,” he wrote, “the results have been spectacular.” </p><p style=\"text-align: start;\">Ruth Gottesman’s gift was one of those times. </p><p style=\"text-align: start;\">“She could change all these people’s lives by giving up something that wasn’t actually important to her and would be hugely important to thousands of people over time,” Buffett said this past week. </p><p style=\"text-align: start;\">Ruth has said that she thinks and hopes Sandy would be pleased by her decision. He once said that the Berkshire investment allowed the Gottesmans to make charitable gifts “that have brought joy to the whole family,” for which he owed Buffett more than a toast. </p><p style=\"text-align: start;\">“He’s had an enormous influence on my life,” he said, “and my wife’s life.”</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>The Friendship With Warren Buffett That Led to Her $1 Billion Donation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Friendship With Warren Buffett That Led to Her $1 Billion Donation\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-03-03 09:55</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05a17a31ae22030a62f1c28f3d03488b\" alt=\"Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCK\" title=\"Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCK\" tg-width=\"1278\" tg-height=\"1278\"/><span>Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCK</span></p><p>At his 60th birthday party in a New York City hotel, David Gottesman was surrounded by a few dozen family members and dear friends, the people close enough to the Wall Street investor to call him Sandy. By his side that night was his wife, Ruth, a pioneering researcher at a Bronx medical school. A highlight of the evening came when the man who would be responsible for much of their wealth raised his glass.</p><p>&#34;May you live till Berkshire splits,&#34; toasted Warren Buffett.</p><p>By then, Gottesman was not just one of Buffett&#39;s close friends and confidants but a significant shareholder in Berkshire Hathaway. He acquired his shares when an early business venture with Buffett and partner Charlie Munger merged with Berkshire in the 1970s. That turned out to be a billion-dollar development, as Berkshire&#39;s shares delivered a fortune to early investors.</p><p>Buffett never split Berkshire&#39;s original Class A shares and Gottesman lived until he was 96 years old. When he died in 2022, he left stock to Ruth and told her to do with it whatever she thought was right.</p><p>What she did captured the world&#39;s attention. She decided it would be right to donate $1 billion to the Albert Einstein College of Medicine to cover the tuition of every student in perpetuity, ensuring the school&#39;s future doctors will no longer have to pay hundreds of thousands of dollars for their medical education.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3cdb46aaf6d0454677c6ad3cfe774549\" alt=\"Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGES\" title=\"Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGES\" tg-width=\"700\" tg-height=\"467\"/><span>Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGES</span></p><p>Her extraordinary gift announced this past week was decades in the making. Ruth Gottesman, 93, joined the Einstein faculty in 1968, not long after her late husband met Buffett. Their friendship led to a business partnership, an epic investment and, now, a tuition-free medical school.</p><p>&#34;I&#39;ve never seen anybody behave better with a billion dollars,&#34; Buffett said when reached by phone this past week.</p><p>The Gottesmans were among the friends and partners of Buffett who watched their early Berkshire investments compound over decades into millions and sometimes billions of dollars. Berkshire&#39;s Class A shares now trade above $600,000 apiece, up from roughly $150 when Gottesman acquired his stock through a merger. The company&#39;s Class B shares were rolled out in 1996 and trade around $400.</p><p>Buffett and Ruth Gottesman remain in touch to this day, and she told him of her plans to make this $1 billion gift, which instantly elevated a low-profile nonagenarian educator into the ranks of the world&#39;s leading philanthropists.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e29fbe5f3bea2fe9e2e3f5d573c3b566\" tg-width=\"962\" tg-height=\"730\"/></p><h2 id=\"id_2715987131\">Philanthropy in the family</h2><p>Ruth Levy grew up in Baltimore as one of four daughters. Her father ran a family business manufacturing straw hats and built a monumental collection of American sheet music, including a rare first edition of &#34;The Star-Spangled Banner.&#34; Her mother was a homemaker who also worked for the city&#39;s welfare department and an adoption agency for Black children. Philanthropy was in Ruth&#39;s blood. Before she was born, her parents were among the founders of a scholarship program for Maryland high-school students that still exists today. One of the formative moments of Ruth&#39;s life came when she was around 10 years old and her family took in another 10-year-old girl fleeing Nazi Germany during World War II.</p><p>&#34;She never said goodbye to her parents and she didn&#39;t know whether they would be alive after the war,&#34; Ruth Gottesman once said. &#34;That began a process of seeing others and feeling their pain.&#34;</p><p>When she graduated from Barnard College in 1952, Ruth had a hard time finding a job that suited her. She briefly worked as an assistant editor at a food magazine and gave secretarial school a whirl, but neither stuck. &#34;I flunked shorthand,&#34; she said. She enrolled at Columbia University&#39;s Teachers College, where she received a master&#39;s degree and then a doctorate in educational psychology. In 1968, she joined the Children&#39;s Evaluation and Rehabilitation Center at Einstein, where she developed evaluation and treatment programs for children with learning disabilities and started a program for adult literacy.</p><p>Meanwhile, she met Sandy Gottesman in 1948 and they married in 1950, when he graduated from business school and went to work on Wall Street. Early in his career, he began to hear about a guy in Omaha, Neb., who was similarly obsessed with buying undervalued stocks.</p><p>His name was Warren Buffett.</p><p>They met in 1962 and kept talking for the next 60 years.</p><p>&#34;From then on,&#34; Sandy Gottesman once said, &#34;it was a complete romance.&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5aa35c5034a276c86bca7742db598d25\" alt=\"Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESS\" title=\"Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESS\" tg-width=\"700\" tg-height=\"467\"/><span>Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESS</span></p><p>During a visit Gottesman made to Omaha to see Buffett, they began chatting in the afternoon and holed up in Buffett&#39;s office until 3 a.m. When they tried to leave, they discovered that the building&#39;s elevator bank had been gated off from its entrance. They were locked in the building until they found someone to let them out. &#34;It wouldn&#39;t have bothered us if we couldn&#39;t have gotten out,&#34; Buffett says today. When they couldn&#39;t talk in person, they spoke by phone on Sundays. By the time they hung up around midnight, Gottesman felt like he&#39;d chugged a double espresso. &#34;I was so stirred up and so excited I didn&#39;t go to sleep for a couple of hours,&#34; he said.</p><p>(Gottesman rarely spoke with the media, but he made an exception to discuss Buffett. Most of his comments in this article were taken from a 2016 interview with filmmaker Peter Kunhardt, who directed the HBO documentary &#34;Becoming Warren Buffett.&#34;)</p><p>Their personal friendship turned into a professional relationship by 1966, when Buffett was looking for companies to buy and Gottesman called him with an idea: What about buying a department store in Baltimore?</p><p>As it happened, the department store Hochschild Kohn was run by Ruth&#39;s extended family (her mother was a Kohn), and Sandy knew they were ready to sell. Buffett, Munger and Gottesman formed a company called Diversified Retailing and bought it.</p><p>It soon became clear they had made a big mistake.</p><p>&#34;We had a lemon on our hands,&#34; Buffett says.</p><p>Munger once put it another way: &#34;Buying Hochschild Kohn was like the story of a man who buys a yacht: The two happy days are the day he buys it and the day he sells it.&#34;</p><p>It was an especially happy day when Gottesman was able to resell the department store for only a minimal loss. They eventually turned a lemon into lemonade. The three partners merged Diversified, which by then owned a separate chain of women&#39;s clothing stores, into Berkshire at the end of 1978, handing Diversified stockholders a golden ticket: shares of Berkshire.</p><p>Over the years, Buffett acquired businesses from See&#39;s Candies to insurer Geico and placed successful bets on stocks like Apple, Coca-Cola and American Express, propelling Berkshire&#39;s growth into one of the most valuable U.S. companies.</p><p>Since the Diversified merger, Berkshire&#39;s stock has soared more than 400,000%, compared with the S&amp;P 500&#39;s total return of roughly 18,000%.</p><h2 id=\"id_3037843163\">&#39;Very, very, very bright&#39;</h2><p>Gottesman and Buffett&#39;s friendship lasted much longer than their ownership of the department store. &#34;We never had an argument or even a disagreement of any kind, and we were in a lousy business together to start,&#34; Buffett says. The one area where they couldn&#39;t agree was how they met. Gottesman always said that a mutual friend introduced them for lunch. Buffett insists they were supposed to play golf, which he remembers because his back gave out when he reached for his wallet to pay for gas on his way to the course. He thought about canceling, but he kept driving to meet Gottesman.</p><p>&#34;Not only did I become a good friend of Sandy&#39;s, but our wives became very good friends, and the families became friends with each other,&#34; Buffett says.</p><p>Buffett&#39;s first wife, Susie, was a singer. Ruth accompanied her on piano. When the Buffetts traveled to New York after the Berkshire annual meeting, they would end their trip with a visit to the Gottesmans, who called the part of their Rye, N.Y., house where their guests from Nebraska stayed &#34;the Buffett wing.&#34;</p><p>During one of those afternoons at the Gottesman home, Ruth shyly mentioned that she had just received her doctorate. Buffett knew she was &#34;very, very, very bright,&#34; he says, but he was impressed by her modesty. He told her that if he had gotten a doctorate, he would have bought a full-page ad in the newspaper. &#34;Ruth never wants to draw attention to herself,&#34; he said. &#34;She just isn&#39;t that sort of person.&#34;</p><p>Sandy Gottesman was the same way. He was elected to Berkshire&#39;s board in 2003 and remained a director until his death in 2022. But he spent most of his life allergic to publicity, almost never speaking with the press or explaining the decisions of First <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a>, the investment company he founded in 1964 that manages more than $20 billion today. He said there was a reason he chose to remain under the radar. &#34;The only time a whale gets harpooned is when he surfaces,&#34; he said in an interview for his New York Times obituary.</p><h2 id=\"id_228430591\">&#39;The results have been spectacular&#39;</h2><p>Ruth Gottesman kept busy after she retired as a professor emerita in 2001, joining Einstein&#39;s board of trustees, serving as chair from 2007 to 2014 and returning to that leadership role in 2020.</p><p>She took some time after Sandy&#39;s death before she came up with an idea for how to use the Berkshire stock he left to her: to make Einstein tuition-free.</p><p>Einstein charges more than $60,000 a year in tuition, but living expenses bring the annual price of attending the four-year medical school in New York closer to $100,000. By making it more affordable, she&#39;s hoping to make it more accessible.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e10479fed7743ff657a05c63901b9d23\" alt=\"The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES\" title=\"The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES\" tg-width=\"1260\" tg-height=\"840\"/><span>The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGES</span></p><p>The Gottesmans were already major donors whose name can be found on institutions from the American Museum of Natural History to the Israel Aquarium. Ruth and Sandy also gave $25 million in 2008 to Einstein and had a research institute and teaching center named after them there.</p><p>But for one of the largest philanthropic contributions in the history of U.S. higher education, Gottesman wished to remain anonymous before she was persuaded to attach her name to the billion-dollar gift. When she agreed to be recognized, she made an unusual request: She asked that Einstein not be renamed in her honor. Since then, Gottesman has shied away from the spotlight, turning down media requests after granting an interview to the New York Times to explain her donation. </p><p style=\"text-align: start;\">She declined to comment for this article. </p><p style=\"text-align: start;\">Her lone appearance was in a packed auditorium on Monday morning at Einstein, where students assembled with no idea why they had been called to a mandatory meeting. The future doctors screamed, jumped out of their seats and cried when Gottesman made her announcement. </p><p style=\"text-align: start;\">Buffett wrote in a 2023 letter to shareholders of the pleasure that he and Munger, who died in November, took from watching “the vast flow of Berkshire-generated funds” to satisfying public needs, rather than “look-at-me assets and dynasty building.” Buffett pledged in 2006 to donate all of his Berkshire shares to philanthropy and said in 2021 that he was halfway there. His remaining shares, according to a November filing, are now worth around $130 billion.</p><p style=\"text-align: start;\">In his letter, Buffett highlighted the Berkshire investors who eventually give much of their money to philanthropic organizations which then work to “improve the lives of a great many people who are unrelated to the original benefactor.” </p><p style=\"text-align: start;\">“Sometimes,” he wrote, “the results have been spectacular.” </p><p style=\"text-align: start;\">Ruth Gottesman’s gift was one of those times. </p><p style=\"text-align: start;\">“She could change all these people’s lives by giving up something that wasn’t actually important to her and would be hugely important to thousands of people over time,” Buffett said this past week. </p><p style=\"text-align: start;\">Ruth has said that she thinks and hopes Sandy would be pleased by her decision. He once said that the Berkshire investment allowed the Gottesmans to make charitable gifts “that have brought joy to the whole family,” for which he owed Buffett more than a toast. </p><p style=\"text-align: start;\">“He’s had an enormous influence on my life,” he said, “and my wife’s life.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BRK.B":"伯克希尔B","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","BK4588":"碎股","BK4550":"红杉资本持仓","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","BK4585":"ETF&股票定投概念","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4534":"瑞士信贷持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4581":"高盛持仓","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0971096721.USD":"富达环球金融服务 A","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0251142724.SGD":"Fidelity America A-SGD","LU0149725797.USD":"汇丰美国股市经济规模基金","BK4176":"多领域控股","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2416885079","content_text":"Warren Buffett and Ruth Gottesman ILLUSTRATION: JOHNNY SIMON/WSJ, BUFFETT FAMILY, ISTOCKAt his 60th birthday party in a New York City hotel, David Gottesman was surrounded by a few dozen family members and dear friends, the people close enough to the Wall Street investor to call him Sandy. By his side that night was his wife, Ruth, a pioneering researcher at a Bronx medical school. A highlight of the evening came when the man who would be responsible for much of their wealth raised his glass.\"May you live till Berkshire splits,\" toasted Warren Buffett.By then, Gottesman was not just one of Buffett's close friends and confidants but a significant shareholder in Berkshire Hathaway. He acquired his shares when an early business venture with Buffett and partner Charlie Munger merged with Berkshire in the 1970s. That turned out to be a billion-dollar development, as Berkshire's shares delivered a fortune to early investors.Buffett never split Berkshire's original Class A shares and Gottesman lived until he was 96 years old. When he died in 2022, he left stock to Ruth and told her to do with it whatever she thought was right.What she did captured the world's attention. She decided it would be right to donate $1 billion to the Albert Einstein College of Medicine to cover the tuition of every student in perpetuity, ensuring the school's future doctors will no longer have to pay hundreds of thousands of dollars for their medical education.Ruth Gottesman was a pioneering researcher at the medical school where she donated $1 billion. PHOTO: BRENT N. CLARKE/GETTY IMAGESHer extraordinary gift announced this past week was decades in the making. Ruth Gottesman, 93, joined the Einstein faculty in 1968, not long after her late husband met Buffett. Their friendship led to a business partnership, an epic investment and, now, a tuition-free medical school.\"I've never seen anybody behave better with a billion dollars,\" Buffett said when reached by phone this past week.The Gottesmans were among the friends and partners of Buffett who watched their early Berkshire investments compound over decades into millions and sometimes billions of dollars. Berkshire's Class A shares now trade above $600,000 apiece, up from roughly $150 when Gottesman acquired his stock through a merger. The company's Class B shares were rolled out in 1996 and trade around $400.Buffett and Ruth Gottesman remain in touch to this day, and she told him of her plans to make this $1 billion gift, which instantly elevated a low-profile nonagenarian educator into the ranks of the world's leading philanthropists.Philanthropy in the familyRuth Levy grew up in Baltimore as one of four daughters. Her father ran a family business manufacturing straw hats and built a monumental collection of American sheet music, including a rare first edition of \"The Star-Spangled Banner.\" Her mother was a homemaker who also worked for the city's welfare department and an adoption agency for Black children. Philanthropy was in Ruth's blood. Before she was born, her parents were among the founders of a scholarship program for Maryland high-school students that still exists today. One of the formative moments of Ruth's life came when she was around 10 years old and her family took in another 10-year-old girl fleeing Nazi Germany during World War II.\"She never said goodbye to her parents and she didn't know whether they would be alive after the war,\" Ruth Gottesman once said. \"That began a process of seeing others and feeling their pain.\"When she graduated from Barnard College in 1952, Ruth had a hard time finding a job that suited her. She briefly worked as an assistant editor at a food magazine and gave secretarial school a whirl, but neither stuck. \"I flunked shorthand,\" she said. She enrolled at Columbia University's Teachers College, where she received a master's degree and then a doctorate in educational psychology. In 1968, she joined the Children's Evaluation and Rehabilitation Center at Einstein, where she developed evaluation and treatment programs for children with learning disabilities and started a program for adult literacy.Meanwhile, she met Sandy Gottesman in 1948 and they married in 1950, when he graduated from business school and went to work on Wall Street. Early in his career, he began to hear about a guy in Omaha, Neb., who was similarly obsessed with buying undervalued stocks.His name was Warren Buffett.They met in 1962 and kept talking for the next 60 years.\"From then on,\" Sandy Gottesman once said, \"it was a complete romance.\"Sandy Gottesman, left, and Warren Buffett in 2010. The two would often talk for hours. PHOTO: NATI HARNIK/ASSOCIATED PRESSDuring a visit Gottesman made to Omaha to see Buffett, they began chatting in the afternoon and holed up in Buffett's office until 3 a.m. When they tried to leave, they discovered that the building's elevator bank had been gated off from its entrance. They were locked in the building until they found someone to let them out. \"It wouldn't have bothered us if we couldn't have gotten out,\" Buffett says today. When they couldn't talk in person, they spoke by phone on Sundays. By the time they hung up around midnight, Gottesman felt like he'd chugged a double espresso. \"I was so stirred up and so excited I didn't go to sleep for a couple of hours,\" he said.(Gottesman rarely spoke with the media, but he made an exception to discuss Buffett. Most of his comments in this article were taken from a 2016 interview with filmmaker Peter Kunhardt, who directed the HBO documentary \"Becoming Warren Buffett.\")Their personal friendship turned into a professional relationship by 1966, when Buffett was looking for companies to buy and Gottesman called him with an idea: What about buying a department store in Baltimore?As it happened, the department store Hochschild Kohn was run by Ruth's extended family (her mother was a Kohn), and Sandy knew they were ready to sell. Buffett, Munger and Gottesman formed a company called Diversified Retailing and bought it.It soon became clear they had made a big mistake.\"We had a lemon on our hands,\" Buffett says.Munger once put it another way: \"Buying Hochschild Kohn was like the story of a man who buys a yacht: The two happy days are the day he buys it and the day he sells it.\"It was an especially happy day when Gottesman was able to resell the department store for only a minimal loss. They eventually turned a lemon into lemonade. The three partners merged Diversified, which by then owned a separate chain of women's clothing stores, into Berkshire at the end of 1978, handing Diversified stockholders a golden ticket: shares of Berkshire.Over the years, Buffett acquired businesses from See's Candies to insurer Geico and placed successful bets on stocks like Apple, Coca-Cola and American Express, propelling Berkshire's growth into one of the most valuable U.S. companies.Since the Diversified merger, Berkshire's stock has soared more than 400,000%, compared with the S&P 500's total return of roughly 18,000%.'Very, very, very bright'Gottesman and Buffett's friendship lasted much longer than their ownership of the department store. \"We never had an argument or even a disagreement of any kind, and we were in a lousy business together to start,\" Buffett says. The one area where they couldn't agree was how they met. Gottesman always said that a mutual friend introduced them for lunch. Buffett insists they were supposed to play golf, which he remembers because his back gave out when he reached for his wallet to pay for gas on his way to the course. He thought about canceling, but he kept driving to meet Gottesman.\"Not only did I become a good friend of Sandy's, but our wives became very good friends, and the families became friends with each other,\" Buffett says.Buffett's first wife, Susie, was a singer. Ruth accompanied her on piano. When the Buffetts traveled to New York after the Berkshire annual meeting, they would end their trip with a visit to the Gottesmans, who called the part of their Rye, N.Y., house where their guests from Nebraska stayed \"the Buffett wing.\"During one of those afternoons at the Gottesman home, Ruth shyly mentioned that she had just received her doctorate. Buffett knew she was \"very, very, very bright,\" he says, but he was impressed by her modesty. He told her that if he had gotten a doctorate, he would have bought a full-page ad in the newspaper. \"Ruth never wants to draw attention to herself,\" he said. \"She just isn't that sort of person.\"Sandy Gottesman was the same way. He was elected to Berkshire's board in 2003 and remained a director until his death in 2022. But he spent most of his life allergic to publicity, almost never speaking with the press or explaining the decisions of First Manhattan, the investment company he founded in 1964 that manages more than $20 billion today. He said there was a reason he chose to remain under the radar. \"The only time a whale gets harpooned is when he surfaces,\" he said in an interview for his New York Times obituary.'The results have been spectacular'Ruth Gottesman kept busy after she retired as a professor emerita in 2001, joining Einstein's board of trustees, serving as chair from 2007 to 2014 and returning to that leadership role in 2020.She took some time after Sandy's death before she came up with an idea for how to use the Berkshire stock he left to her: to make Einstein tuition-free.Einstein charges more than $60,000 a year in tuition, but living expenses bring the annual price of attending the four-year medical school in New York closer to $100,000. By making it more affordable, she's hoping to make it more accessible.The Albert Einstein College of Medicine in New York City. Ruth Gottesman retired as a professor emerita there in 2001, but later joined Einstein’s board of trustees and now serves as its chair.   PHOTO: MICHAEL M. SANTIAGO/GETTY IMAGESThe Gottesmans were already major donors whose name can be found on institutions from the American Museum of Natural History to the Israel Aquarium. Ruth and Sandy also gave $25 million in 2008 to Einstein and had a research institute and teaching center named after them there.But for one of the largest philanthropic contributions in the history of U.S. higher education, Gottesman wished to remain anonymous before she was persuaded to attach her name to the billion-dollar gift. When she agreed to be recognized, she made an unusual request: She asked that Einstein not be renamed in her honor. Since then, Gottesman has shied away from the spotlight, turning down media requests after granting an interview to the New York Times to explain her donation. She declined to comment for this article. Her lone appearance was in a packed auditorium on Monday morning at Einstein, where students assembled with no idea why they had been called to a mandatory meeting. The future doctors screamed, jumped out of their seats and cried when Gottesman made her announcement. Buffett wrote in a 2023 letter to shareholders of the pleasure that he and Munger, who died in November, took from watching “the vast flow of Berkshire-generated funds” to satisfying public needs, rather than “look-at-me assets and dynasty building.” Buffett pledged in 2006 to donate all of his Berkshire shares to philanthropy and said in 2021 that he was halfway there. His remaining shares, according to a November filing, are now worth around $130 billion.In his letter, Buffett highlighted the Berkshire investors who eventually give much of their money to philanthropic organizations which then work to “improve the lives of a great many people who are unrelated to the original benefactor.” “Sometimes,” he wrote, “the results have been spectacular.” Ruth Gottesman’s gift was one of those times. “She could change all these people’s lives by giving up something that wasn’t actually important to her and would be hugely important to thousands of people over time,” Buffett said this past week. Ruth has said that she thinks and hopes Sandy would be pleased by her decision. He once said that the Berkshire investment allowed the Gottesmans to make charitable gifts “that have brought joy to the whole family,” for which he owed Buffett more than a toast. “He’s had an enormous influence on my life,” he said, “and my wife’s life.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9074295844,"gmtCreate":1658362368488,"gmtModify":1676536146501,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for sharing! What a genius he was.","listText":"Thank you for sharing! What a genius he was.","text":"Thank you for sharing! What a genius he was.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074295844","repostId":"2253602547","repostType":2,"isVote":1,"tweetType":1,"viewCount":735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9028063702,"gmtCreate":1653118820706,"gmtModify":1676535227896,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for such an informative article.","listText":"Thank you for such an informative article.","text":"Thank you for such an informative article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9028063702","repostId":"1188662284","repostType":4,"repost":{"id":"1188662284","kind":"news","pubTimestamp":1653090826,"share":"https://ttm.financial/m/news/1188662284?lang=&edition=fundamental","pubTime":"2022-05-21 07:53","market":"other","language":"en","title":"Australia Stocks Weekly Review: Australia Outperforms As US Flirts With a Bear Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1188662284","media":"Small Caps","summary":"With the US share market toying with a big enough fall to signal a bear market, the Australian marke","content":"<html><head></head><body><p>With the US share market toying with a big enough fall to signal a bear market, the Australian market has once again held up stronger in the face of widespread weakness.</p><p>It may be explained by our relative lack of technology listings and by our preponderance of “old world” mining and banking giants but whatever the reason, Australia is holding up better than the US.</p><p>The S&amp;P/ASX 200 closed up 1.2% or 81.1 points to 7145.6 points – 6.7% or 487.2 points off the all-time high for the index of 7,632.8 points set in mid-August last year.</p><p>By contrast, at the end of Thursday trade, the broadest US index, the S&amp;P 500, had fallen 18.7% from the record high it set early this year – very close to the 20% mark that popularly defines a bear market.</p><p><b>Chinese interest rate cut pivotal in market turnaround</b></p><p>The Australian rally came after Chinese banks cut a key interest rate for long-term loans by a record amount – reducing mortgage costs and potentially boosting weak loan demand as China deals with a property slump and continuing crippling COVID-19 lockdowns.</p><p>The five-year loan prime rate, a reference for home mortgages, was lowered to 4.45% from 4.6%, according to the People’s Bank of China – the largest reduction since a revamp of the rate in 2019.</p><p>The lower rate will be applied to new mortgages immediately, while existing mortgages won’t be repriced until next year at the earliest.</p><p>Miners and banks recover nicely</p><p>That news was gratefully received by Australian investors who busily piled back into the big miners and banks.</p><p>BHP (ASX: BHP) was up 2% or 95c to $47.18, Rio Tinto (ASX: RIO) shares were up 1.5% to $108.35 and Fortescue Metals shares (ASX: FMG) jumped almost 3.9% to $20.15 as investors figured the Chinese news would be good for iron ore demand and prices.</p><p>Similarly the banks were also higher with Commonwealth (ASX: CBA) shares up 0.8% to $104.60,NAB (ASX: NAB) shares rose 0.7% to $31.07, ANZ (ASX: ANZ) shares were up 0.9% to $25.50 andWestpac (ASX: WBC)shares were up 0.5% to $23.57.</p><p>Even some of the big retail giants such as Coles (ASX: COL), Woolworths (ASX: WOW) and Wesfarmers (ASX: WES) managed to stage a comeback rise after being hammered on Thursday after US retail stocks were slammed after shares in US giants Walmart and Target after inflation slashed retail spending.</p><p>The biggest rises on the Australian market though were in the IT, materials and consumer discretionary sectors with Block (ASX: SQ2) shares up an impressive 9.9% to $127.64 and Computershare (ASX: CPU) up 3% to $24.36.</p><p><b>Crown shareholders approve sale</b></p><p>In some stock specific news, Crown shareholders gave the nod of approval for the $8.9 billion sale of the group to Blackstone, with Crown (ASX: CWN) shares firming 0.2% to $12.84.</p><p>MajorAGL (ASX: AGL)shareholder and IT billionaire Mike Cannon-Brookes also outlined his vision for the company which includes changing the board composition, phasing out coal power generation faster and scuttling the proposed demerger of the company.</p><p>Retail giant Woolworths also announced that it had spent $250 million buying a majority stake in ASX-listed online marketplace MyDeal (ASX: MYD) for $1.05 a share.</p><p>While there was some shareholder scepticism that Woolworths would be able to go head-to-head with e-tailers such as Kogan (ASX: KGN), Amazon and Catch, it was great news for MyDeal shareholders, who enjoyed a 55.8% share price rise to $1.00 a share.</p><p><b>Small cap stock action</b></p><p>The Small Ords index rose 1.43% this week to close on 3049.4 points.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e276683bd615f1b6c739ea490f24f14\" tg-width=\"640\" tg-height=\"216\" width=\"100%\" height=\"auto\"/><span>ASX 200 vs Small Ords</span></p><p>Small cap companies making headlines this week were:</p><p><b>PharmAust (ASX: PAA)</b></p><p>After receiving its monepantel (MPL) tablets, PharmAust is readying to begin its phase 1 clinical trial of MPL in motor neurone disease (MND) later this month.</p><p>Australian not-for-profit organisation FightMND has provided funding to assist the trial with a commitment of $880,000 in 2020, which is being paid in instalments once PharmAust has completed various milestones.</p><p>As PharmAust gears up for the MPL trial in MND, the company revealed it has received a $210,000 pre-payment of a forecast FY2022 research and development tax incentive claim.</p><p>Radium Capital has agreed to provide early access to 80% of PharmAust’s expected rebate for FY2022.</p><p><b>Resource Base (ASX: RBX)</b></p><p>Wide-spread clay REE have been identified at Resource Base’s recently granted tenement EL007646, which makes up a small part of the company’s wider Mitre Hill project that spans the Victorian and South Australian border.</p><p>Shallow aircore drilling at the tenement intercepted clay REE concentrations up to 1,421ppm TREO from 3m, with 70% of the holes hitting TREO grades above 500ppm.</p><p>Resource Base says the grades it had intercepted were comparable to Australian Rare Earths’ nearby Red Tail and Yellow Tail deposits, which have a combined resource of 39.9Mt at 725ppm TREO.</p><p>The company will carry out further drilling on EL007646 to test where mineralisation remains open, as well as across neighbouring tenements once they are granted.</p><p><b>Crowd Media (ASX: CM8)</b></p><p>As part of its commercialisation drive in 2022,Crowd Media has secured two agreements for integration of its AI-driven Talking Head platform.</p><p>Israeli data tech company SourceFlare Ltd will blend Crowd’s technology into its own platform to optimise customer acquisition and lead generation.</p><p>SourceFlare will pay about $7,100 a month to Crowd for access to the Talking Head platform as well as ongoing service and support.</p><p>The second agreement is with AI-driven Impssbl Corporation, which will apply Crowd’s Talking Head technology as a series of interactive NFTs.</p><p>Profits from NFT series will be split with 70% to Impssbl and 30% Crowd.</p><p><b>Provaris Energy (ASX: PV1)</b></p><p>Development of Provaris Energy’s compressed hydrogen ship is advancing, with several work packages now completed.</p><p>The company’s team has completed the hull design optimisation, finite element modelling, shipboard safety systems, general arrangement drawings and a ship outline specification.</p><p>Provaris is sharing the work packages with shipyards to refine construction schedules and capital cost estimates, which will feed into Approval for Construction application, which is targeted for mid-next year.</p><p>Meanwhile, scoping and feasibility studies are due for completion in July.</p><p><b>Havilah Resources (ASX: HAV)</b></p><p>OZ Minerals has inked an option to acquire Havilah Resources’ Kalkaroo copper-gold project in South Australia for $205 million.</p><p>The companies signed a conditional binding terms sheet on Tuesday, where Oz will conduct a study program on Kalkaroo to confirm and expand existing resources and optimise the project over 18 months.</p><p>Kalkaroo has a current resource of 245Mt at 0.45% copper and 0.39g/at gold.</p><p>Subject to OZ exercising its option to acquire Kalkaroo, and achievement of certain milestones, additional contingency funds potentially amounting to $200 million may be payable to Havilah.</p><p>As a result, Havilah may receive up to $405 million for Kalkaroo over time.</p><p><b>Woolworths Group (ASX: WOW) and MyDeal (ASX: MYD)</b></p><p>Major retailer Woolworths Group will acquire 80% of MyDeal in an all-cash deal valued at $1.05 per share.</p><p>This represents a 62.8% premium to MyDeal’s last closing price of $0.65 a share and values the equity at $271.8 million and indicates an enterprise value of $242.6 million.</p><p>Woolworths chief executive officer Brad Banducci says acquiring MyDeal will expand the retail giant’s offerings beyond groceries.</p><p>“The addition of MyDeal to Woolworths Group represents a further step towards delivering a more holistic customer experience in food and everyday needs and materially expands our marketplace capabilities, especially in general merchandise,” he said.</p><p>“It will also support MyDeal’s growth by accessing [our] capabilities across e-commerce, supply chain, retail, loyalty and more,” Mr Banducci added.</p><p><b>Reckon (ASX: RKN)</b></p><p>Under an agreement announced this week,Reckon will sell its accounts practice management group to UK-based The Access Group subsidiaries for $100 million.</p><p>Subsidiaries Access Software Australia, Access Workspace NZ and Access UK will purchase Reckon’s assets including its APS and Reckon Elite practice management products.</p><p>Reckon will return the majority of post-tax proceeds from the transaction to its shareholders via a partially-franked special dividend.</p><p>The company is retaining its business groups that provide accounting and payroll software, wealth management solutions, and legal practice management.</p><p>During FY2021, these divisions brought in a combined $50 million in revenue and $17 million in EBITDA.</p><p>Following the sale, Reckon will remain focused on expanding its cloud-based software technology into high-growth markets in Australia and the US.</p><p><b>The week ahead</b></p><p>Once again US releases including reads on economic growth and inflation are likely to be the biggest factors in markets but there are some things to watch out for here in Australia.</p><p>Two top Reserve Bank figures – Assistant Governor Christopher Kent and Assistant Governor Luci Ellis are giving speeches and there will be a range of local data out as well.</p><p>Household spending, consumer sentiment, construction work and retail spending should combine to see whether Australian consumers are following down the US path or are being resilient in their spending patterns.</p></body></html>","source":"lsy1647655037355","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\" 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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\">\nAustralia Stocks Weekly Review: Australia Outperforms As US Flirts With a Bear Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-21 07:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://smallcaps.com.au/australia-outperforms-us-flirts-bear-market-weekly-review/><strong>Small Caps</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With the US share market toying with a big enough fall to signal a bear market, the Australian market has once again held up stronger in the face of widespread weakness.It may be explained by our ...</p>\n\n<a href=\"https://smallcaps.com.au/australia-outperforms-us-flirts-bear-market-weekly-review/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPU.AU":"COMPUTERSHARE LTD","WES.AU":"WESFARMERS LTD","SQ2.AU":"Block Inc","CBA.AU":"COMMONWEALTH BANK OF AUSTRAL","FMG.AU":"FORTESCUE LTD","XJO.AU":"标普/澳交所 200指数","XKO.AU":"标普/澳交所 300指数","XAO.AU":"标普/澳交所 普通股指数","WOW.AU":"WOOLWORTHS GROUP LTD","RIO.AU":"力拓"},"source_url":"https://smallcaps.com.au/australia-outperforms-us-flirts-bear-market-weekly-review/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188662284","content_text":"With the US share market toying with a big enough fall to signal a bear market, the Australian market has once again held up stronger in the face of widespread weakness.It may be explained by our relative lack of technology listings and by our preponderance of “old world” mining and banking giants but whatever the reason, Australia is holding up better than the US.The S&P/ASX 200 closed up 1.2% or 81.1 points to 7145.6 points – 6.7% or 487.2 points off the all-time high for the index of 7,632.8 points set in mid-August last year.By contrast, at the end of Thursday trade, the broadest US index, the S&P 500, had fallen 18.7% from the record high it set early this year – very close to the 20% mark that popularly defines a bear market.Chinese interest rate cut pivotal in market turnaroundThe Australian rally came after Chinese banks cut a key interest rate for long-term loans by a record amount – reducing mortgage costs and potentially boosting weak loan demand as China deals with a property slump and continuing crippling COVID-19 lockdowns.The five-year loan prime rate, a reference for home mortgages, was lowered to 4.45% from 4.6%, according to the People’s Bank of China – the largest reduction since a revamp of the rate in 2019.The lower rate will be applied to new mortgages immediately, while existing mortgages won’t be repriced until next year at the earliest.Miners and banks recover nicelyThat news was gratefully received by Australian investors who busily piled back into the big miners and banks.BHP (ASX: BHP) was up 2% or 95c to $47.18, Rio Tinto (ASX: RIO) shares were up 1.5% to $108.35 and Fortescue Metals shares (ASX: FMG) jumped almost 3.9% to $20.15 as investors figured the Chinese news would be good for iron ore demand and prices.Similarly the banks were also higher with Commonwealth (ASX: CBA) shares up 0.8% to $104.60,NAB (ASX: NAB) shares rose 0.7% to $31.07, ANZ (ASX: ANZ) shares were up 0.9% to $25.50 andWestpac (ASX: WBC)shares were up 0.5% to $23.57.Even some of the big retail giants such as Coles (ASX: COL), Woolworths (ASX: WOW) and Wesfarmers (ASX: WES) managed to stage a comeback rise after being hammered on Thursday after US retail stocks were slammed after shares in US giants Walmart and Target after inflation slashed retail spending.The biggest rises on the Australian market though were in the IT, materials and consumer discretionary sectors with Block (ASX: SQ2) shares up an impressive 9.9% to $127.64 and Computershare (ASX: CPU) up 3% to $24.36.Crown shareholders approve saleIn some stock specific news, Crown shareholders gave the nod of approval for the $8.9 billion sale of the group to Blackstone, with Crown (ASX: CWN) shares firming 0.2% to $12.84.MajorAGL (ASX: AGL)shareholder and IT billionaire Mike Cannon-Brookes also outlined his vision for the company which includes changing the board composition, phasing out coal power generation faster and scuttling the proposed demerger of the company.Retail giant Woolworths also announced that it had spent $250 million buying a majority stake in ASX-listed online marketplace MyDeal (ASX: MYD) for $1.05 a share.While there was some shareholder scepticism that Woolworths would be able to go head-to-head with e-tailers such as Kogan (ASX: KGN), Amazon and Catch, it was great news for MyDeal shareholders, who enjoyed a 55.8% share price rise to $1.00 a share.Small cap stock actionThe Small Ords index rose 1.43% this week to close on 3049.4 points.ASX 200 vs Small OrdsSmall cap companies making headlines this week were:PharmAust (ASX: PAA)After receiving its monepantel (MPL) tablets, PharmAust is readying to begin its phase 1 clinical trial of MPL in motor neurone disease (MND) later this month.Australian not-for-profit organisation FightMND has provided funding to assist the trial with a commitment of $880,000 in 2020, which is being paid in instalments once PharmAust has completed various milestones.As PharmAust gears up for the MPL trial in MND, the company revealed it has received a $210,000 pre-payment of a forecast FY2022 research and development tax incentive claim.Radium Capital has agreed to provide early access to 80% of PharmAust’s expected rebate for FY2022.Resource Base (ASX: RBX)Wide-spread clay REE have been identified at Resource Base’s recently granted tenement EL007646, which makes up a small part of the company’s wider Mitre Hill project that spans the Victorian and South Australian border.Shallow aircore drilling at the tenement intercepted clay REE concentrations up to 1,421ppm TREO from 3m, with 70% of the holes hitting TREO grades above 500ppm.Resource Base says the grades it had intercepted were comparable to Australian Rare Earths’ nearby Red Tail and Yellow Tail deposits, which have a combined resource of 39.9Mt at 725ppm TREO.The company will carry out further drilling on EL007646 to test where mineralisation remains open, as well as across neighbouring tenements once they are granted.Crowd Media (ASX: CM8)As part of its commercialisation drive in 2022,Crowd Media has secured two agreements for integration of its AI-driven Talking Head platform.Israeli data tech company SourceFlare Ltd will blend Crowd’s technology into its own platform to optimise customer acquisition and lead generation.SourceFlare will pay about $7,100 a month to Crowd for access to the Talking Head platform as well as ongoing service and support.The second agreement is with AI-driven Impssbl Corporation, which will apply Crowd’s Talking Head technology as a series of interactive NFTs.Profits from NFT series will be split with 70% to Impssbl and 30% Crowd.Provaris Energy (ASX: PV1)Development of Provaris Energy’s compressed hydrogen ship is advancing, with several work packages now completed.The company’s team has completed the hull design optimisation, finite element modelling, shipboard safety systems, general arrangement drawings and a ship outline specification.Provaris is sharing the work packages with shipyards to refine construction schedules and capital cost estimates, which will feed into Approval for Construction application, which is targeted for mid-next year.Meanwhile, scoping and feasibility studies are due for completion in July.Havilah Resources (ASX: HAV)OZ Minerals has inked an option to acquire Havilah Resources’ Kalkaroo copper-gold project in South Australia for $205 million.The companies signed a conditional binding terms sheet on Tuesday, where Oz will conduct a study program on Kalkaroo to confirm and expand existing resources and optimise the project over 18 months.Kalkaroo has a current resource of 245Mt at 0.45% copper and 0.39g/at gold.Subject to OZ exercising its option to acquire Kalkaroo, and achievement of certain milestones, additional contingency funds potentially amounting to $200 million may be payable to Havilah.As a result, Havilah may receive up to $405 million for Kalkaroo over time.Woolworths Group (ASX: WOW) and MyDeal (ASX: MYD)Major retailer Woolworths Group will acquire 80% of MyDeal in an all-cash deal valued at $1.05 per share.This represents a 62.8% premium to MyDeal’s last closing price of $0.65 a share and values the equity at $271.8 million and indicates an enterprise value of $242.6 million.Woolworths chief executive officer Brad Banducci says acquiring MyDeal will expand the retail giant’s offerings beyond groceries.“The addition of MyDeal to Woolworths Group represents a further step towards delivering a more holistic customer experience in food and everyday needs and materially expands our marketplace capabilities, especially in general merchandise,” he said.“It will also support MyDeal’s growth by accessing [our] capabilities across e-commerce, supply chain, retail, loyalty and more,” Mr Banducci added.Reckon (ASX: RKN)Under an agreement announced this week,Reckon will sell its accounts practice management group to UK-based The Access Group subsidiaries for $100 million.Subsidiaries Access Software Australia, Access Workspace NZ and Access UK will purchase Reckon’s assets including its APS and Reckon Elite practice management products.Reckon will return the majority of post-tax proceeds from the transaction to its shareholders via a partially-franked special dividend.The company is retaining its business groups that provide accounting and payroll software, wealth management solutions, and legal practice management.During FY2021, these divisions brought in a combined $50 million in revenue and $17 million in EBITDA.Following the sale, Reckon will remain focused on expanding its cloud-based software technology into high-growth markets in Australia and the US.The week aheadOnce again US releases including reads on economic growth and inflation are likely to be the biggest factors in markets but there are some things to watch out for here in Australia.Two top Reserve Bank figures – Assistant Governor Christopher Kent and Assistant Governor Luci Ellis are giving speeches and there will be a range of local data out as well.Household spending, consumer sentiment, construction work and retail spending should combine to see whether Australian consumers are following down the US path or are being resilient in their spending patterns.","news_type":1},"isVote":1,"tweetType":1,"viewCount":588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9089528509,"gmtCreate":1650008455601,"gmtModify":1676534628446,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for your input.","listText":"Thank you for your input.","text":"Thank you for your input.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089528509","repostId":"9080708335","repostType":1,"repost":{"id":9080708335,"gmtCreate":1649912447610,"gmtModify":1676534606005,"author":{"id":"9000000000000644","authorId":"9000000000000644","name":"CrystalRose","avatar":"https://static.tigerbbs.com/25ded438897391c2e32edc77a343fe21","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000644","authorIdStr":"9000000000000644"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon<a href=\"https://laohu8.com/S/AMZN\">$Amazon.com(AMZN)$</a> and Apple<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a> .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back?&nbsp; I love it, it just works with high quality &amp; it is elegant.&nbsp;Bullish things.","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon<a href=\"https://laohu8.com/S/AMZN\">$Amazon.com(AMZN)$</a> and Apple<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a> .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back?&nbsp; I love it, it just works with high quality &amp; it is elegant.&nbsp;Bullish things.","text":"$NIO Inc.(NIO)$ NIO is an $80 company, disruptive though leader and master manufacturer / marketer in the vein of Amazon$Amazon.com(AMZN)$ and Apple$Apple(AAPL)$ .. Who is selling it or trading it for $20. Would you sell your house for quarter price and expect to get it back? I love it, it just works with high quality & it is elegant. Bullish things.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080708335","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":274228084088912,"gmtCreate":1707988094418,"gmtModify":1707988097927,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587003044588569","authorIdStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for your informational and insightful article!","listText":"Thank you for your informational and insightful article!","text":"Thank you for your informational and insightful article!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/274228084088912","repostId":"2411792329","repostType":4,"repost":{"id":"2411792329","kind":"highlight","pubTimestamp":1707968122,"share":"https://ttm.financial/m/news/2411792329?lang=&edition=fundamental","pubTime":"2024-02-15 11:35","market":"us","language":"en","title":"Palantir: A Data-Driven Investment That Will Increase Further","url":"https://stock-news.laohu8.com/highlight/detail?id=2411792329","media":"seekingalpha","summary":"Palantir's stock has surged by 40% in the past five days, generating excitement but also raising concerns about rational decision-making.The company's products and AI strategy in the commercial sector","content":"<html><head></head><body><ul style=\"\"><li><p>Palantir&#39;s stock has surged by 40% in the past five days, generating excitement but also raising concerns about rational decision-making.</p></li><li><p>The company&#39;s products and AI strategy in the commercial sector are impressive, leading to significant growth in commercial customers and revenue.</p></li><li><p>There are concerns about the government business and international expansion, which have not performed as well as expected.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca0459f275b9aed733014624cae2dc80\" tg-width=\"750\" tg-height=\"500\"/></p><p>Michael Vi/iStock Editorial via Getty Images</p><h2 id=\"id_22881437\">Overview</h2><p>I&#39;ve been an investor in Palantir since its IPO three years ago, purchasing shares at $18 and $7. The journey has indeed been a roller coaster. My enthusiasm for the company extends beyond its stock price fluctuations; I&#39;ve been a fan for years, ever since reading a Fortune article that portrayed Palantir as an organization with a strong culture that developed a disruptive product for data analytics within the Army.</p><p>In the past five days, the stock has surged by 40%, generating considerable excitement around the company. However, this hype can obscure our judgment, making it crucial to remain rational when making any recommendations about the stock.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3036f0d7cf265e28650709985ede3ba5\" tg-width=\"640\" tg-height=\"288\"/></p><p>Figure 1: Seeking Alpha</p><p>We are outlining a recommendation on the company, focusing on three main aspects. Fundamentally, I admire the company&#39;s products and how effectively they&#39;ve capitalized on AI opportunities in the commercial sector. I believe their government business is robust, although, the Q4 results have been disappointing. However, my main concern lies in the insufficient progress in expanding their commercial business internationally.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7f2946b9961af367968dab630bb65521\" tg-width=\"350\" tg-height=\"187\"/></p><p>Figure 2: Seeking Alpha</p><p>Seeking Alpha analysts are bullish about the stock, in contrast to Wall Street analysts and Seeking Alpha Quant. Let&#39;s find out which is my recommendation as a long-term investor in the stock</p><h3 id=\"id_1039482223\">What I like about Palantir: its products, their commercial business AI strategy and its potential inclusion in the S&amp;P 500</h3><p>Over the past 20 years, Palantir has dedicated itself to developing the operating system for businesses (Foundry) and government (Gotham). Rather than simply creating individual software applications like CRM or ERP systems, Palantir aims to build comprehensive platforms. These platforms serve as operating systems that can be tailored to reflect the unique operations of a business, establishing the appropriate data structures and integrations to facilitate decision-making. This approach carries significant business implications, as an operating system exhibits substantial network effects and has the potential to dominate the market. These network effects arise from the platform&#39;s ability to bring together developers, operations specialists, and business managers, integrating various software solutions. As more users engage with the platforms, they generate increasing value for others within the ecosystem. For instance, if managers adopt the software, operators are compelled to use it, and managers may instruct developers to build upon the platform. This interconnected ecosystem reinforces the platform&#39;s value proposition and fosters its growth.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be536228bc890015f9944e09dbe3d165\" tg-width=\"640\" tg-height=\"578\"/></p><p>Figure 3: Palantir website. Foundry</p><p>In the history of operating systems, dominance has traditionally been tied to a specific hardware platform, such as Windows with Intel processors or Android with smartphones. Palantir is aiming to break away from this paradigm by decoupling its platforms/operating systems from any specific hardware infrastructure. This strategy enables them to potentially dominate the B2B market without being reliant on the evolution of hardware. To achieve this goal, they have launched Apollo. The ambitions of this relatively small company are lofty, and it remains to be seen whether they can successfully execute their vision. We need concrete evidence indicating that they are progressing in the right direction.</p><h2 id=\"id_1287109343\">They have cracked the commercial business leveraged by AI</h2><p>Its software is exceptionally well-built, evident in how rapidly they integrated Large Language Models (LLMs) and developed a new platform, AIP, from scratch. This product or platform capability has enabled Palantir to swiftly capitalize on the GenAI opportunity. Not only have they created a robust product, but they have also devised an effective go-to-market strategy with Bootcamps. Bootcamps serve as workshops where the Palantir team collaborates with developers, analysts, and managers from potential clients. During these workshops, they strive to implement use cases using the Foundry Platform alongside the potential client&#39;s systems or cloud solutions. For example, a client recently developed a use case ready for immediate implementation, resulting in significant savings of $10 million. In October, Palantir set an ambitious target to conduct 500 AIP bootcamps within a year, a goal they have substantially surpassed, completing over 560 bootcamps for 465 organizations to date, as stated in its earnings call.</p><p>This strategy has proven effective. The number of commercial customers increased by 44% year-over-year to 375 clients in the last quarter, according to the latest 4Q2023 earnings release. Furthermore, in the fourth quarter, the company achieved a significant milestone by attaining a commercial Total Contract Value (TCV) of $699 million, marking its highest quarterly figure to date. This remarkable outcome underscores a substantial year-over-year growth of 156%.</p><p>Growth among existing clients has also been robust. Revenue in the US commercial business has surged by 70% year-over-year, accompanied by a 55% increase in client count. Moreover, the average revenue of the top 20 customers has risen by 11%, climbing from $49 million to $55 million.</p><p>The third pillar of this model revolves around operating leverage: as the business expands, it becomes more profitable, achieving a free cash flow margin of 50% compared to 15% in the fourth quarter of 2022. Adjusted EBITDA, akin to the operating margin, has surged from 24% to 36% due to increased business capture from existing and new clients, primarily driven by the same software infrastructure. While software improvements and new functionality are ongoing, the effort required is not proportionate to the revenue capture. Additionally, net working capital and CAPEX have been managed effectively, even amidst such rapid growth rates.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/885650eb9ed31fd11b940fd07832a043\" tg-width=\"640\" tg-height=\"560\"/></p><p>Figure 4: Author</p><h3 id=\"id_1859678270\">Tailwinds in corporate events could further boost the stock price: inclusion in the S&amp;P 500 index</h3><p>Palantir has achieved five consecutive quarters of GAAP profitability, with $100 million in net income. I anticipate this trend to continue throughout 2024. Alex Karp has been striving for this, and the CEO of Palantir has talked about the inclusion in the S&amp;P 500 as a strength for the company:</p><blockquote><p>My interest in profitability is for obvious reasons, but it&#39;s also, I think we&#39;ll just be in a much stronger position as we -- it becomes clear that we are -- we qualify for participation in S&amp;P, and a lot of people look as a fresh, new and we&#39;ll begin to look closer at our strengths.&#34;</p></blockquote><p>This is why stock-based compensation is being reduced as a percentage of revenue. I estimate that the stock price could increase by more than 15% upon news or speculation of inclusion in the index, similar to what happened with Uber (UBER) recently. I don&#39;t think this event is factored into the current stock price, the main driver behind the stock&#39;s rise is its AI commercial business, as we&#39;ve discussed.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e222bd3fdb9d555e5a58c908230ffbea\" tg-width=\"640\" tg-height=\"410\"/></p><p>Figure 5: The Wall Street Journal</p><h3 id=\"id_2548865898\">… but there are some concerns: government and international businesses</h3><p>Government revenue increased by 11% year-over-year to $324 million, which may not seem impressive initially. However, management believes that the current business is solid, despite not securing much new business this quarter. They expressed optimism in the 2Q2024 earnings call, citing several reasons. Palantir expects to win a contract for the next phase of TITAN from the Army in Q2 2024. They&#39;re actively involved in major conflicts worldwide, although specifics are limited. Initiatives like Mission Manager and the First Breakfast are related to large programs for Joint All-Domain Command and Control (JADC2). Palantir also extended its partnership with the Army to enhance the Army Vantage platform. They noted that the Army&#39;s allocation of only 0.015% of its budget to command and control software in fiscal year &#39;24 is commendable, with expectations for increased investment in the future.</p><p>Another worry is the performance of the commercial international business, which grew by 11% year-over-year to $154 million. Alex Karp mentioned in the earnings call that European companies are not embracing the AI revolution. Although they discussed new distribution methods with Fujitsu and saw growth in Asia, the renewal of contracts with Novartis and Swiss Re, it&#39;s clear in my opinion that this segment isn&#39;t performing well. This suggests that Palantir hasn&#39;t figured out the right approach to succeed with these companies.</p><h3 id=\"id_125334012\">Palantir&#39;s Valuation</h3><p>I believe Palantir is a powerful company aiming to dominate business operating systems. Their top-notch software and strong performance show they&#39;re on track to lead this important sector. To value Palantir, I&#39;ll use a method I introduced in my ARM article, the Dominance Company Valuation. With $1.28/share in excess cash, I&#39;ll assume an 18% growth rate in free cash flow for the next 35 years.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09500227eaa758fcd230f5881af1623a\" tg-width=\"308\" tg-height=\"451\"/></p><p>Figure 6: Author</p><p>Nobody can predict the future, not even if Palantir will succeed in the market. I can&#39;t predict what will happen either, but I see Palantir as a great company. Growing at 18% for 35 years seems very feasible to me, as other successful companies have achieved similar growth rates.</p><h3 id=\"id_619986280\">Conclusion</h3><p>4Q2024 was a standout quarter for Palantir. Their top-notch software has successfully seized the AI opportunity, starting with ChatGPT and making waves globally. Palantir has cracked the US commercial market with a model centered around their software platform, Foundry, complemented by a go-to-market strategy based on Bootcamps. They learn from real-world cases, making slight software improvements that lead to better profitability. However, there are challenges in the government and international commercial sectors. I believe they still have much to do and learn.</p><p>To me, Palantir is an inspiring company that has revolutionized the Army, emerged as an AI leader, and is poised to dominate business operating systems. While its valuation is high, I see the potential for the stock price to rise significantly higher.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: A Data-Driven Investment That Will Increase Further</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\">\nPalantir: A Data-Driven Investment That Will Increase Further\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-15 11:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4670024-palantir-a-data-driven-investment-that-will-increase-further><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Palantir's stock has surged by 40% in the past five days, generating excitement but also raising concerns about rational decision-making.The company's products and AI strategy in the commercial sector...</p>\n\n<a href=\"https://seekingalpha.com/article/4670024-palantir-a-data-driven-investment-that-will-increase-further\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4670024-palantir-a-data-driven-investment-that-will-increase-further","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2411792329","content_text":"Palantir's stock has surged by 40% in the past five days, generating excitement but also raising concerns about rational decision-making.The company's products and AI strategy in the commercial sector are impressive, leading to significant growth in commercial customers and revenue.There are concerns about the government business and international expansion, which have not performed as well as expected.Michael Vi/iStock Editorial via Getty ImagesOverviewI've been an investor in Palantir since its IPO three years ago, purchasing shares at $18 and $7. The journey has indeed been a roller coaster. My enthusiasm for the company extends beyond its stock price fluctuations; I've been a fan for years, ever since reading a Fortune article that portrayed Palantir as an organization with a strong culture that developed a disruptive product for data analytics within the Army.In the past five days, the stock has surged by 40%, generating considerable excitement around the company. However, this hype can obscure our judgment, making it crucial to remain rational when making any recommendations about the stock.Figure 1: Seeking AlphaWe are outlining a recommendation on the company, focusing on three main aspects. Fundamentally, I admire the company's products and how effectively they've capitalized on AI opportunities in the commercial sector. I believe their government business is robust, although, the Q4 results have been disappointing. However, my main concern lies in the insufficient progress in expanding their commercial business internationally.Figure 2: Seeking AlphaSeeking Alpha analysts are bullish about the stock, in contrast to Wall Street analysts and Seeking Alpha Quant. Let's find out which is my recommendation as a long-term investor in the stockWhat I like about Palantir: its products, their commercial business AI strategy and its potential inclusion in the S&P 500Over the past 20 years, Palantir has dedicated itself to developing the operating system for businesses (Foundry) and government (Gotham). Rather than simply creating individual software applications like CRM or ERP systems, Palantir aims to build comprehensive platforms. These platforms serve as operating systems that can be tailored to reflect the unique operations of a business, establishing the appropriate data structures and integrations to facilitate decision-making. This approach carries significant business implications, as an operating system exhibits substantial network effects and has the potential to dominate the market. These network effects arise from the platform's ability to bring together developers, operations specialists, and business managers, integrating various software solutions. As more users engage with the platforms, they generate increasing value for others within the ecosystem. For instance, if managers adopt the software, operators are compelled to use it, and managers may instruct developers to build upon the platform. This interconnected ecosystem reinforces the platform's value proposition and fosters its growth.Figure 3: Palantir website. FoundryIn the history of operating systems, dominance has traditionally been tied to a specific hardware platform, such as Windows with Intel processors or Android with smartphones. Palantir is aiming to break away from this paradigm by decoupling its platforms/operating systems from any specific hardware infrastructure. This strategy enables them to potentially dominate the B2B market without being reliant on the evolution of hardware. To achieve this goal, they have launched Apollo. The ambitions of this relatively small company are lofty, and it remains to be seen whether they can successfully execute their vision. We need concrete evidence indicating that they are progressing in the right direction.They have cracked the commercial business leveraged by AIIts software is exceptionally well-built, evident in how rapidly they integrated Large Language Models (LLMs) and developed a new platform, AIP, from scratch. This product or platform capability has enabled Palantir to swiftly capitalize on the GenAI opportunity. Not only have they created a robust product, but they have also devised an effective go-to-market strategy with Bootcamps. Bootcamps serve as workshops where the Palantir team collaborates with developers, analysts, and managers from potential clients. During these workshops, they strive to implement use cases using the Foundry Platform alongside the potential client's systems or cloud solutions. For example, a client recently developed a use case ready for immediate implementation, resulting in significant savings of $10 million. In October, Palantir set an ambitious target to conduct 500 AIP bootcamps within a year, a goal they have substantially surpassed, completing over 560 bootcamps for 465 organizations to date, as stated in its earnings call.This strategy has proven effective. The number of commercial customers increased by 44% year-over-year to 375 clients in the last quarter, according to the latest 4Q2023 earnings release. Furthermore, in the fourth quarter, the company achieved a significant milestone by attaining a commercial Total Contract Value (TCV) of $699 million, marking its highest quarterly figure to date. This remarkable outcome underscores a substantial year-over-year growth of 156%.Growth among existing clients has also been robust. Revenue in the US commercial business has surged by 70% year-over-year, accompanied by a 55% increase in client count. Moreover, the average revenue of the top 20 customers has risen by 11%, climbing from $49 million to $55 million.The third pillar of this model revolves around operating leverage: as the business expands, it becomes more profitable, achieving a free cash flow margin of 50% compared to 15% in the fourth quarter of 2022. Adjusted EBITDA, akin to the operating margin, has surged from 24% to 36% due to increased business capture from existing and new clients, primarily driven by the same software infrastructure. While software improvements and new functionality are ongoing, the effort required is not proportionate to the revenue capture. Additionally, net working capital and CAPEX have been managed effectively, even amidst such rapid growth rates.Figure 4: AuthorTailwinds in corporate events could further boost the stock price: inclusion in the S&P 500 indexPalantir has achieved five consecutive quarters of GAAP profitability, with $100 million in net income. I anticipate this trend to continue throughout 2024. Alex Karp has been striving for this, and the CEO of Palantir has talked about the inclusion in the S&P 500 as a strength for the company:My interest in profitability is for obvious reasons, but it's also, I think we'll just be in a much stronger position as we -- it becomes clear that we are -- we qualify for participation in S&P, and a lot of people look as a fresh, new and we'll begin to look closer at our strengths.\"This is why stock-based compensation is being reduced as a percentage of revenue. I estimate that the stock price could increase by more than 15% upon news or speculation of inclusion in the index, similar to what happened with Uber (UBER) recently. I don't think this event is factored into the current stock price, the main driver behind the stock's rise is its AI commercial business, as we've discussed.Figure 5: The Wall Street Journal… but there are some concerns: government and international businessesGovernment revenue increased by 11% year-over-year to $324 million, which may not seem impressive initially. However, management believes that the current business is solid, despite not securing much new business this quarter. They expressed optimism in the 2Q2024 earnings call, citing several reasons. Palantir expects to win a contract for the next phase of TITAN from the Army in Q2 2024. They're actively involved in major conflicts worldwide, although specifics are limited. Initiatives like Mission Manager and the First Breakfast are related to large programs for Joint All-Domain Command and Control (JADC2). Palantir also extended its partnership with the Army to enhance the Army Vantage platform. They noted that the Army's allocation of only 0.015% of its budget to command and control software in fiscal year '24 is commendable, with expectations for increased investment in the future.Another worry is the performance of the commercial international business, which grew by 11% year-over-year to $154 million. Alex Karp mentioned in the earnings call that European companies are not embracing the AI revolution. Although they discussed new distribution methods with Fujitsu and saw growth in Asia, the renewal of contracts with Novartis and Swiss Re, it's clear in my opinion that this segment isn't performing well. This suggests that Palantir hasn't figured out the right approach to succeed with these companies.Palantir's ValuationI believe Palantir is a powerful company aiming to dominate business operating systems. Their top-notch software and strong performance show they're on track to lead this important sector. To value Palantir, I'll use a method I introduced in my ARM article, the Dominance Company Valuation. With $1.28/share in excess cash, I'll assume an 18% growth rate in free cash flow for the next 35 years.Figure 6: AuthorNobody can predict the future, not even if Palantir will succeed in the market. I can't predict what will happen either, but I see Palantir as a great company. Growing at 18% for 35 years seems very feasible to me, as other successful companies have achieved similar growth rates.Conclusion4Q2024 was a standout quarter for Palantir. Their top-notch software has successfully seized the AI opportunity, starting with ChatGPT and making waves globally. Palantir has cracked the US commercial market with a model centered around their software platform, Foundry, complemented by a go-to-market strategy based on Bootcamps. They learn from real-world cases, making slight software improvements that lead to better profitability. However, there are challenges in the government and international commercial sectors. I believe they still have much to do and learn.To me, Palantir is an inspiring company that has revolutionized the Army, emerged as an AI leader, and is poised to dominate business operating systems. While its valuation is high, I see the potential for the stock price to rise significantly higher.","news_type":1},"isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}