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Han Tee

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2023-02-26

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

2022-07-27

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Booming ETFs That Worry Wall Street Watchdogs Rake In Billions

2023-02-26

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Berkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion

2022-03-18

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2023-02-24

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3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin

2023-02-26

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SGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation

2022-11-14

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2022-06-22

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Should You Buy Tesla Now or Wait Until After the Stock Split?

2021-09-21

$Fiverr International Ltd.(FVRR)$Making profit

2023-03-14

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How Does a Bank Collapse Quickly? a Timeline of the SVB Fall

Go to Tiger App to see more news

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Our 7 Top Picks","url":"https://stock-news.laohu8.com/highlight/detail?id=2316069863","media":"InvestorPlace","summary":"These seven tech stocks offer excellent entry points.Microsoft: The company’s focus on contesting hi","content":"<div>\n<p>These seven tech stocks offer excellent entry points.Microsoft: The company’s focus on contesting high-growth segments has the Street excited.Intel: Intel seeks to catch up with its competitors by ...</p>\n\n<a href=\"https://investorplace.com/2023/02/what-is-the-best-tech-stock-to-buy-now-our-7-top-picks/\">Source Link</a>\n\n</div>\n","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Is the Best Tech Stock to Buy Now? 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Our 7 Top Picks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-01 23:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/02/what-is-the-best-tech-stock-to-buy-now-our-7-top-picks/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These seven tech stocks offer excellent entry points.Microsoft: The company’s focus on contesting high-growth segments has the Street excited.Intel: Intel seeks to catch up with its competitors by ...</p>\n\n<a href=\"https://investorplace.com/2023/02/what-is-the-best-tech-stock-to-buy-now-our-7-top-picks/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YEXT":"Yext Inc.","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4116":"互联网服务与基础架构","OKTA":"Okta Inc.","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","MSFT":"微软","BK4526":"热门中概股","BK4567":"ESG概念","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","BK4122":"互联网与直销零售","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","BK4587":"ChatGPT概念","BK4566":"资本集团","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","RIOT":"Riot Platforms","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4559":"巴菲特持仓","BK4538":"云计算","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4588":"碎股","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0238689110.USD":"贝莱德环球动力股票基金","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","INTC":"英特尔","BK4551":"寇图资本持仓","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","BK4097":"系统软件","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4512":"苹果概念","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H"},"source_url":"https://investorplace.com/2023/02/what-is-the-best-tech-stock-to-buy-now-our-7-top-picks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316069863","content_text":"These seven tech stocks offer excellent entry points.Microsoft: The company’s focus on contesting high-growth segments has the Street excited.Intel: Intel seeks to catch up with its competitors by 2025 through domestic sources.Amazon: Amazon dominates the cloud and e-commerce industry with a 34% and 38% market share.Okta: High top-line growth will bring back the growth premium for OKTA.Yext: Narrowing losses and a large addressable market means there is much more room for recovery.Riot Platforms: Bitcoin’s (BTC-USD) halving can make its 7000 BTC stash much more valuable.Cloudflare: Cloudflare’s financials are consistently growing near 50% year-on-year.With inflation, low earnings, and expectations of higher interest rates, tech stocks have cooled off. However, this is the prime time to look for the best tech stock to buy on the pullbacks. While losses have been considerable this year, it’s not permanent. In fact, I still believe most of these companies will start reporting much better year-on-year figures once the post-covid turbulence is behind us. Therefore, buying the best tech stocks now will give investors an excellent entry point for long-term gains. Here are the top seven picks to look into:MSFTMicrosoft$249.16INTCIntel$24.84AMZNAmazon$93.98OKTAOkta$71.15YEXTYext$7.36RIOTRiot Platforms$6.22NETCloudflare$59.64Microsoft Source: Asif Islam / Shutterstock.comMicrosoft’s rollout of ChatGPT integration with Bing and high growth in its cloud segment makes it among the hottest stocks this year. Of course, Bing could still be a “nothing burger” as not many people are interested in permanently switching to Bing except for niche purposes. But the Street is certainly excited.The company reported its fiscal Q2 2023 earnings, where its overall revenue grew 2%, but Azure and other cloud services revenue grew 31%, with Office 365 Commercial sales growing 11%. Conversely, Windows OEM and devices sales each decreased by 39%, which substantially negatively impacted top-line growth. The point is that Microsoft is slowly shaping its business away from slow-growth segments and into up-and-coming ones like Azure and Office 365. This will hurt the company’s top-line growth in the short term, but I see healthy growth metrics in the long run.Furthermore, the cloud isn’t the only thing in which Microsoft has an edge. The company’s aggressively investing in artificial intelligence, such as its $10 billion OpenAI investment. As AI becomes more important, these investments will pay off greatly.Intel Source: shutterstock.com/everything possibleTough competition with Advanced Micro Devices and sluggish year-over-year growth have caused Intel’s stock to plummet to decade-low valuations. However, it should be noted that the company is transforming and adapting its business for long-term success.Intel is particularly focusing on chips for AI, announcing a $20 billion investment into domestic chip production in the U.S., unlike other semiconductor companies that are sourcing their chips from foreign sources such as Taiwan Semiconductor. The CHIPS act subsidy will come in handy for the company in this regard, as Intel already reported 30% YoY growth in its foundry segment. Its Mobileye ownership is also paying dividends, with sales up 59% YoY.Another important highlight mentioned in a recent company press release,“Intel continues to progress with its goal of achieving five nodes in four years and is on track to regain transistor performance and power performance leadership by 2025. Intel 7 is now in high-volume manufacturing for both client and server. Intel 4 is manufacturing-ready, with the Meteor Lake ramp expected in the second half of 2023.”Simply put, Intel is expanding its own chip production for a more addressable market. It is also moving away from foreign sources with its own chip branding instead of using nanometers to describe its semiconductors and seeks to catch up with TSMC and AMD by 2025. If things go smoothly, Intel can become a significant chip provider for various industries in the U.S.Amazon Source: Tada Images / Shutterstock.comAmazon leads the burgeoning cloud industry with Amazon Web Services. Although other companies are certainly upping their competition here, AWS remains the dominant platform with 34% of the market share. AWS has its hands in almost every industry; even Ethereum (ETH-USD) has a substantial amount of nodes that use AWS to run, while 7,500 government agencies rely on the platform. This reliance is likely to continue, even if other alternatives become more cost-effective. Accordingly, AWS segment sales increased 29% year-over-year to $80.1 billion for all of 2022.Nevertheless, Amazon is a highly diversified company with many other promising segments to bank on. Most importantly, it is the biggest U.S. e-commerce business. It had some hiccups after the post-covid boom ended, but e-commerce is among the most promising industries in the long run. If Amazon retains its 38% market share in the industry, it could lead to sales as high as $600 billion annually from the U.S. alone by 2027.Okta Source: Sundry Photography / Shutterstock.comOkta has been one of the standout performers in the technology sector post-covid, with its stock price skyrocketing by more than 130% in 2020. However, widening losses and falling growth caused worries among investors, and OKTA stock is down 75%-plus from its peak in 2021.Regardless, the company’s top line remains stable, and I believe Okta can make a comeback as its losses are narrowing. With more and more businesses moving their operations online, Okta’s solutions are becoming increasingly essential, which has helped the company to attract a growing number of high-profile customers. Its high 37% sales growth should accelerate over the long run and bring a higher growth premium.Indeed, the losses are unconvincing, but Okta is well-positioned to continue its impressive growth trajectory. The company is expected to benefit from the ongoing shift towards cloud-based applications and the increasing need for robust cybersecurity solutions, which should drive demand for its IAM platform. Most of the company’s cons are also already priced in, and I see little downside left.Yext Source: rblfmr / Shutterstock.comYext is a leading provider of digital knowledge management software that helps businesses manage their online presence across multiple platforms. The stock was on a roller coaster ride over the pandemic era but began to bottom out last year and is now steadily recovering. However, I still think that its 50% recovery trough to the current year-to-date peak is not enough of a recovery, and there’s more to go.The COVID-19 pandemic initially harmed Yext’s business, as many of its customers had to shut down their physical locations. However, the company has adapted well to the changing market conditions, focusing on expanding its digital knowledge management platform to meet the needs of businesses that have shifted their operations online. Now, online businesses are a growth catalyst for Yext.Stock analyst Gurufocus.com does believe it could be a value trap due to its high losses. However, its most recent 10-Q filing shows that the company only spent $60.6 million on general and administrative expenses last year, with $221.5 million of gross profit. Most of its losses stem from high marketing and development spending, which can be easily cut down if needed. Therefore, I believe the company’s management sees its losses (that are narrowing) as sustainable.Overall, it’s a high-risk, high-reward bet that might not suit all investors as the best tech stock to buy.Riot Platforms Source: ShutterstockRiot Platforms is a cryptocurrency mining company that has been on a wild ride over the past year. Due to a significant drop in Bitcoin (BTC-USD) prices earlier this year, the company’s stock price has lost more than 91.5% of its value from its peak. However, this high-risk stock can deliver a long-term comeback, driven by strong demand for its mining services and the increasing adoption of cryptocurrencies by mainstream investors.Riot’s impressive financial performance has been driven by its aggressive expansion into the cryptocurrency mining market. The company has zero debt, and buying it at this current range will likely generate oversized returns when Bitcoin increases in value. The most important catalyst for RIOT is Bitcoin’s halving in 2024.It’ll cut mining rewards by half and likely increase its value substantially. The company could make a sharp recovery with RIOT’s 65.4% gross margin and its stash of around 7000 BTC. Naturally, a lot of speculation is involved here, and I wouldn’t recommend buying it if you only wish to invest in well-established names.Cloudflare Source: IgorGolovniov / Shutterstock.comCloudflare’s success can be attributed to its innovative approach to cybersecurity. The company offers a range of solutions that leverage the power of the cloud to protect against cyber attacks. The cybersecurity industry is rapidly growing despite short-term headwinds, and Cloudflare has a market share above 95% in network security. This gives the company enormous leverage over many online websites and businesses.Moreover, as web development becomes more streamlined, Cloudflare’s dominance is only increasing due to cost-effectiveness. The company is consistently growing its top line near a 50% clip, and losses are steadily narrowing.Gurufocus.com considers the stock “Significantly Undervalued,” with its future 3-5 year total revenue growth rate ranked better than 96.97% of its peers. Thus, consistency puts NET in the “best tech stock to buy” criteria.","news_type":1,"symbols_score_info":{"YEXT":0.9,"INTC":0.9,"RIOT":0.9,"OKTA":0.9,"MSFT":1}},"isVote":1,"tweetType":1,"viewCount":2639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957274743,"gmtCreate":1677359495883,"gmtModify":1677359499553,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957274743","repostId":"1167738406","repostType":4,"repost":{"id":"1167738406","kind":"news","pubTimestamp":1677283346,"share":"https://ttm.financial/m/news/1167738406?lang=en_US&edition=fundamental","pubTime":"2023-02-25 08:02","market":"sg","language":"en","title":"SGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=1167738406","media":"The Smart Investor","summary":"Welcome to the latest edition of top stock market highlights.SATS Ltd (SGX: S58)Investors have been ","content":"<html><head></head><body><p>Welcome to the latest edition of top stock market highlights.</p><h2><b>SATS Ltd (SGX: S58)</b></h2><p>Investors have been waiting with bated breath for news on SATS’ rights issue ever since the ground handler announced itsS$1.6 billion transformative acquisition.</p><p>Just this week, the airline food catering group finally announced the details of this rights issue.</p><p>A shareholder is entitled to subscribe to 323 rights shares for every 1,000 existing shares at an issue price of S$2.20 per rights share.</p><p>This issue price represents a 16% discount to the theoretical ex-rights price based on the closing price of S$2.75 for SATS before the announcement of the rights issue.</p><p>Temasek Holdings, which owns close to 40% of SATS, will take up its pro-rata entitlement to the rights issue while the remainder will be underwritten by five banks which include Singapore’s three local banks along with<b>Citigroup</b>(NYSE: C) and<b>Bank of America</b>(NYSE: BAC).</p><p>SATS’ shares will trade cum rights up till 28 February and will go “ex-rights” on 1 March.</p><p>Investors should note that the total cost of the acquisition will be funded via this rights issue as well as the issuance of a three-year Euro-denominated bond of around S$700 million plus the group’s internal cash balance.</p><h2><b>ARA US Hospitality Trust (SGX: XZL)</b></h2><p>ARA US Hospitality Trust, or ARAHT, is a hospitality trust that owns 36 select-service hotels with 4,707 rooms across 19 states in the US.</p><p>The hotel brands include Hyatt Place and Hyatt House under the<b>Hyatt Hotels Corporation</b>(NYSE: H), and AC Hotels, Courtyard, and Residence Inn, brands that are parked under<b>Marriott International</b>(NASDAQ: MAR).</p><p>ARAHT reported a sharp recovery for its 2022 results along with an increase in its portfolio’s valuation.</p><p>Revenue jumped 29.3% year on year to US$169 million as pent-up travel demand led to a surge in bookings for the trust’s hotels.</p><p>Net property income surged by 66.4% year on year to US$41.4 million and distributable income shot up more than eightfold year on year to US$17.5 million.</p><p>ARAHT’s distribution per stapled security (DPSS) soared 760% year on year from US$0.00355 to US$0.03054.</p><p>The trust also enjoyed stronger operating metrics, with the occupancy rate across its portfolio rising by 8.2 percentage points year on year to 65.3%.</p><p>Average Daily Rate climbed by 17.2% year on year to US$131 while revenue per available room climbed by 33.9% year on year to US$85.</p><p>To add icing to the cake, ARAHT’s portfolio also saw a 9.4% year on year valuation uplift to US$747.8 million.</p><p>The increase in asset value and a slight decline in total debt allowed the trust’s aggregate leverage to dip below 40% from 44.3% a year ago.</p><p>However, the cost of debt rose from 3.4% in 2021 to 3.8% in 2022, but ARAHT had 82% of its borrowings on fixed rates to mitigate the impact of higher finance costs.</p><h2><b>Nanofilm Technologies International Ltd (SGX: MZH)</b></h2><p>Nanofilm reported a tough 2022 as geopolitical tensions impacted supply chains and customers delayed their capital spending.</p><p>The group reported a 3.8% year on year dip in revenue to S$237.4 million.</p><p>Net profit, however, fell by 29.6% year on year to S$43.8 million due to higher selling, distribution, and administrative expenses.</p><p>Nanofilm’s core division, Advanced Materials, saw revenue dip by 3.6% year on year to S$187.2 million.</p><p>The decline was somewhat offset by a more than year on year doubling of revenue for its Nanofabrication business unit to S$19.1 million.</p><p>Its Industrial Equipment business unit, however, saw revenue plunge nearly 31% year on year to S$30.9 million as customers withheld orders because of uncertain business conditions.</p><p>Despite the poorer results, Nanofilm managed to generate a positive free cash flow of S$10.3 million for 2022, a reversal from the negative free cash flow of S$34.5 million in the previous year.</p><p>The group raised its finaldividendby 10% year on year to S$0.011 despite the weaker results.</p><p>Nanofilm has warned that 2023 will continue to be “challenging” but that it will continue to execute its strategic plans to grow the business to achieve its target of S$500 million in revenue and S$100 million in net profit by 2025.</p><h2><b>Singapore’s inflation rate</b></h2><p>The first month of 2023 has continued the trend ofhigh inflationwitnessed last year.</p><p>Singapore’s core inflation weighed in at 5.5% year on year for January and was at its highest level since November 2008.</p><p>The increase was driven by the rise in the Goods and Services Tax from 7% to 8%.</p><p>The headline inflation rate stood at 6.6%, slightly above the 6.5% recorded in December 2022.</p><p>Food inflation was the main culprit this time, posting an 8.1% year on year jump as the price of prepared meals surged.</p><p>Housing rents also played a part in pushing inflation higher, with the increase registering a 5% year on year jump in accommodation inflation.</p><p>Fortunately, the government has announced its recentBudget 2023which will help to partially offset the negative effects of inflation.</p></body></html>","source":"lsy1602567310727","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>SGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nSGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-25 08:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-sats-ara-us-hospitality-trust-nanofilm-technologies-and-singapores-inflation/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Welcome to the latest edition of top stock market highlights.SATS Ltd (SGX: S58)Investors have been waiting with bated breath for news on SATS’ rights issue ever since the ground handler announced ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-sats-ara-us-hospitality-trust-nanofilm-technologies-and-singapores-inflation/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S58.SI":"新翔集团有限公司","MZH.SI":"Nanofilm","XZL.SI":"亚腾美国酒店信托"},"source_url":"https://thesmartinvestor.com.sg/top-stock-market-highlights-sats-ara-us-hospitality-trust-nanofilm-technologies-and-singapores-inflation/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167738406","content_text":"Welcome to the latest edition of top stock market highlights.SATS Ltd (SGX: S58)Investors have been waiting with bated breath for news on SATS’ rights issue ever since the ground handler announced itsS$1.6 billion transformative acquisition.Just this week, the airline food catering group finally announced the details of this rights issue.A shareholder is entitled to subscribe to 323 rights shares for every 1,000 existing shares at an issue price of S$2.20 per rights share.This issue price represents a 16% discount to the theoretical ex-rights price based on the closing price of S$2.75 for SATS before the announcement of the rights issue.Temasek Holdings, which owns close to 40% of SATS, will take up its pro-rata entitlement to the rights issue while the remainder will be underwritten by five banks which include Singapore’s three local banks along withCitigroup(NYSE: C) andBank of America(NYSE: BAC).SATS’ shares will trade cum rights up till 28 February and will go “ex-rights” on 1 March.Investors should note that the total cost of the acquisition will be funded via this rights issue as well as the issuance of a three-year Euro-denominated bond of around S$700 million plus the group’s internal cash balance.ARA US Hospitality Trust (SGX: XZL)ARA US Hospitality Trust, or ARAHT, is a hospitality trust that owns 36 select-service hotels with 4,707 rooms across 19 states in the US.The hotel brands include Hyatt Place and Hyatt House under theHyatt Hotels Corporation(NYSE: H), and AC Hotels, Courtyard, and Residence Inn, brands that are parked underMarriott International(NASDAQ: MAR).ARAHT reported a sharp recovery for its 2022 results along with an increase in its portfolio’s valuation.Revenue jumped 29.3% year on year to US$169 million as pent-up travel demand led to a surge in bookings for the trust’s hotels.Net property income surged by 66.4% year on year to US$41.4 million and distributable income shot up more than eightfold year on year to US$17.5 million.ARAHT’s distribution per stapled security (DPSS) soared 760% year on year from US$0.00355 to US$0.03054.The trust also enjoyed stronger operating metrics, with the occupancy rate across its portfolio rising by 8.2 percentage points year on year to 65.3%.Average Daily Rate climbed by 17.2% year on year to US$131 while revenue per available room climbed by 33.9% year on year to US$85.To add icing to the cake, ARAHT’s portfolio also saw a 9.4% year on year valuation uplift to US$747.8 million.The increase in asset value and a slight decline in total debt allowed the trust’s aggregate leverage to dip below 40% from 44.3% a year ago.However, the cost of debt rose from 3.4% in 2021 to 3.8% in 2022, but ARAHT had 82% of its borrowings on fixed rates to mitigate the impact of higher finance costs.Nanofilm Technologies International Ltd (SGX: MZH)Nanofilm reported a tough 2022 as geopolitical tensions impacted supply chains and customers delayed their capital spending.The group reported a 3.8% year on year dip in revenue to S$237.4 million.Net profit, however, fell by 29.6% year on year to S$43.8 million due to higher selling, distribution, and administrative expenses.Nanofilm’s core division, Advanced Materials, saw revenue dip by 3.6% year on year to S$187.2 million.The decline was somewhat offset by a more than year on year doubling of revenue for its Nanofabrication business unit to S$19.1 million.Its Industrial Equipment business unit, however, saw revenue plunge nearly 31% year on year to S$30.9 million as customers withheld orders because of uncertain business conditions.Despite the poorer results, Nanofilm managed to generate a positive free cash flow of S$10.3 million for 2022, a reversal from the negative free cash flow of S$34.5 million in the previous year.The group raised its finaldividendby 10% year on year to S$0.011 despite the weaker results.Nanofilm has warned that 2023 will continue to be “challenging” but that it will continue to execute its strategic plans to grow the business to achieve its target of S$500 million in revenue and S$100 million in net profit by 2025.Singapore’s inflation rateThe first month of 2023 has continued the trend ofhigh inflationwitnessed last year.Singapore’s core inflation weighed in at 5.5% year on year for January and was at its highest level since November 2008.The increase was driven by the rise in the Goods and Services Tax from 7% to 8%.The headline inflation rate stood at 6.6%, slightly above the 6.5% recorded in December 2022.Food inflation was the main culprit this time, posting an 8.1% year on year jump as the price of prepared meals surged.Housing rents also played a part in pushing inflation higher, with the increase registering a 5% year on year jump in accommodation inflation.Fortunately, the government has announced its recentBudget 2023which will help to partially offset the negative effects of inflation.","news_type":1,"symbols_score_info":{"S58.SI":0.9,"XZL.SI":0.9,"MZH.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957274423,"gmtCreate":1677359486962,"gmtModify":1677359490703,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957274423","repostId":"1177307200","repostType":4,"repost":{"id":"1177307200","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1677330651,"share":"https://ttm.financial/m/news/1177307200?lang=en_US&edition=fundamental","pubTime":"2023-02-25 21:10","market":"us","language":"en","title":"Berkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1177307200","media":"Tiger Newspress","summary":"Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weig","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/9027ddd6e6e1a7c4f859db847ded7046\" tg-width=\"929\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.</p><p>Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the year-earlier period when profits totaled $7.285 billion. Operating earnings refers to the total profits made from the businesses owned by the conglomerate.</p><p>For the year, the conglomerate’s operating earnings totaled $30.793 billion. That’s up 12.2% from $27.455 billion in 2021.</p><p>Meanwhile, Berkshire used $2.855 billion to buy back shares in the fourth quarter. That’s lower than the year-earlier period when share repurchases totaled approximately $6.9 billion.</p><p>Given this, Berkshire’s cash hoard grew to $128.651 billion in the fourth quarter of 2022. That’s up from nearly $109 billion in the third quarter.</p><p>Buffett said in his annual shareholder letter that Berkshire will continue to hold a “boatload” of cash and U.S. Treasury bills along with its myriad of businesses. He specified that future CEOs in the company will use their own money to hold Berkshire shares.</p><p>“As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses,” Buffett wrote.</p><p>“And yes, our shareholders will continue to save and prosper by retaining earnings. At Berkshire, there will be no finish line.”</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>Berkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion</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\">\nBerkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 21:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><img src=\"https://static.tigerbbs.com/9027ddd6e6e1a7c4f859db847ded7046\" tg-width=\"929\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.</p><p>Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the year-earlier period when profits totaled $7.285 billion. Operating earnings refers to the total profits made from the businesses owned by the conglomerate.</p><p>For the year, the conglomerate’s operating earnings totaled $30.793 billion. That’s up 12.2% from $27.455 billion in 2021.</p><p>Meanwhile, Berkshire used $2.855 billion to buy back shares in the fourth quarter. That’s lower than the year-earlier period when share repurchases totaled approximately $6.9 billion.</p><p>Given this, Berkshire’s cash hoard grew to $128.651 billion in the fourth quarter of 2022. That’s up from nearly $109 billion in the third quarter.</p><p>Buffett said in his annual shareholder letter that Berkshire will continue to hold a “boatload” of cash and U.S. Treasury bills along with its myriad of businesses. He specified that future CEOs in the company will use their own money to hold Berkshire shares.</p><p>“As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses,” Buffett wrote.</p><p>“And yes, our shareholders will continue to save and prosper by retaining earnings. At Berkshire, there will be no finish line.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177307200","content_text":"Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the year-earlier period when profits totaled $7.285 billion. Operating earnings refers to the total profits made from the businesses owned by the conglomerate.For the year, the conglomerate’s operating earnings totaled $30.793 billion. That’s up 12.2% from $27.455 billion in 2021.Meanwhile, Berkshire used $2.855 billion to buy back shares in the fourth quarter. That’s lower than the year-earlier period when share repurchases totaled approximately $6.9 billion.Given this, Berkshire’s cash hoard grew to $128.651 billion in the fourth quarter of 2022. That’s up from nearly $109 billion in the third quarter.Buffett said in his annual shareholder letter that Berkshire will continue to hold a “boatload” of cash and U.S. Treasury bills along with its myriad of businesses. He specified that future CEOs in the company will use their own money to hold Berkshire shares.“As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses,” Buffett wrote.“And yes, our shareholders will continue to save and prosper by retaining earnings. At Berkshire, there will be no finish line.”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957274587,"gmtCreate":1677359474050,"gmtModify":1677359478427,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957274587","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=en_US&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957637161,"gmtCreate":1677207502453,"gmtModify":1677207505546,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9957637161","repostId":"1105872678","repostType":4,"repost":{"id":"1105872678","kind":"news","pubTimestamp":1677206707,"share":"https://ttm.financial/m/news/1105872678?lang=en_US&edition=fundamental","pubTime":"2023-02-24 10:45","market":"hk","language":"en","title":"Alibaba, NetEase Fall With Hong Kong Stocks in Correction Amid Mixed Earnings Signals While Techtronic Rebounds","url":"https://stock-news.laohu8.com/highlight/detail?id=1105872678","media":"South China Morning Post","summary":"Alibaba Group, the owner of this newspaper, beat market estimates in third-quarter report, while job","content":"<html><head></head><body><ul><li>Alibaba Group, the owner of this newspaper, beat market estimates in third-quarter report, while job cuts signalled challenges ahead</li><li>Techtronic rebounds after rejecting a short-seller’s attack, without addressing allegations the tools maker inflated its profits</li></ul><p>Hong Kong stocks fell deeper into a technical correction following mixed signals in corporate earnings from Chinese big tech companies. Techtronic recovered from a 19 per cent plunge triggered by a short-seller attack.</p><p>The Hang Seng Index slipped 1.5 per cent to 20,050.99 at 10.31am local time, the lowest level since January 3, and bringing the decline for the week to 2.9 per cent. The Tech Index retreated 2.3 per cent, while the Shanghai Composite Index weakened 0.6 per cent.</p><p>Alibaba Group dropped 3.4 per cent to HK$91.95 after revenue grew 2.1 per cent to 247.76 billion yuan (US$35.9 billion) in the December quarter, while job cuts in 2022 helped trim costs. NetEase slumped 6.5 per cent to HK$130, after its net profit trailed market consensus. Baidu tumbled 3.2 per cent to HK$135.30 and Tencent dropped 1.4 per cent to HK$351.</p><p>“The old regime of unlimited expansion and unlimited upside is over” for Chinese internet stocks, Wang Qi, CEO of MegaTrust Investment said in a research note on Thursday. The sector will continue to face earnings uncertainty and massive valuation volatility, he added.</p><p>Techtronic advanced 3.6 per cent to HK$77.65 as the Chinese power-tools maker rejected a report by little-known short-seller Jehoshaphat Research that the firm inflated its profits, without addressing the allegations. The stock sank 19 per cent on Thursday, wiping out HK$32.2 billion (US$4.1 billion) of its market value.</p><p>The benchmark index was headed for a fourth week of losses, the longest stretch since September. The index’s setback this week brought the cumulative losses to more than 10 per cent since January 27, a technical correction, and erasedUS$366 billion of value from the city’s broader market.</p><p>Major Asian markets advanced on Friday. Nikkei 225 in Japan jumped 1.3 per cent, while the Kospi Index in South Korea and the S&amp;P/ASX 200 in Australia both advanced by 0.2 per cent.</p></body></html>","source":"lsy1600132093512","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba, NetEase Fall With Hong Kong Stocks in Correction Amid Mixed Earnings Signals While Techtronic Rebounds</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba, NetEase Fall With Hong Kong Stocks in Correction Amid Mixed Earnings Signals While Techtronic Rebounds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-24 10:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.scmp.com/business/china-business/article/3211336/alibaba-netease-fall-hong-kong-stocks-correction-amid-mixed-earnings-signals-while-techtronic?module=live&pgtype=homepage><strong>South China Morning Post</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Alibaba Group, the owner of this newspaper, beat market estimates in third-quarter report, while job cuts signalled challenges aheadTechtronic rebounds after rejecting a short-seller’s attack, without...</p>\n\n<a href=\"https://www.scmp.com/business/china-business/article/3211336/alibaba-netease-fall-hong-kong-stocks-correction-amid-mixed-earnings-signals-while-techtronic?module=live&pgtype=homepage\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09999":"网易-S","09988":"阿里巴巴-W"},"source_url":"https://www.scmp.com/business/china-business/article/3211336/alibaba-netease-fall-hong-kong-stocks-correction-amid-mixed-earnings-signals-while-techtronic?module=live&pgtype=homepage","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105872678","content_text":"Alibaba Group, the owner of this newspaper, beat market estimates in third-quarter report, while job cuts signalled challenges aheadTechtronic rebounds after rejecting a short-seller’s attack, without addressing allegations the tools maker inflated its profitsHong Kong stocks fell deeper into a technical correction following mixed signals in corporate earnings from Chinese big tech companies. Techtronic recovered from a 19 per cent plunge triggered by a short-seller attack.The Hang Seng Index slipped 1.5 per cent to 20,050.99 at 10.31am local time, the lowest level since January 3, and bringing the decline for the week to 2.9 per cent. The Tech Index retreated 2.3 per cent, while the Shanghai Composite Index weakened 0.6 per cent.Alibaba Group dropped 3.4 per cent to HK$91.95 after revenue grew 2.1 per cent to 247.76 billion yuan (US$35.9 billion) in the December quarter, while job cuts in 2022 helped trim costs. NetEase slumped 6.5 per cent to HK$130, after its net profit trailed market consensus. Baidu tumbled 3.2 per cent to HK$135.30 and Tencent dropped 1.4 per cent to HK$351.“The old regime of unlimited expansion and unlimited upside is over” for Chinese internet stocks, Wang Qi, CEO of MegaTrust Investment said in a research note on Thursday. The sector will continue to face earnings uncertainty and massive valuation volatility, he added.Techtronic advanced 3.6 per cent to HK$77.65 as the Chinese power-tools maker rejected a report by little-known short-seller Jehoshaphat Research that the firm inflated its profits, without addressing the allegations. The stock sank 19 per cent on Thursday, wiping out HK$32.2 billion (US$4.1 billion) of its market value.The benchmark index was headed for a fourth week of losses, the longest stretch since September. The index’s setback this week brought the cumulative losses to more than 10 per cent since January 27, a technical correction, and erasedUS$366 billion of value from the city’s broader market.Major Asian markets advanced on Friday. Nikkei 225 in Japan jumped 1.3 per cent, while the Kospi Index in South Korea and the S&P/ASX 200 in Australia both advanced by 0.2 per cent.","news_type":1,"symbols_score_info":{"09988":0.9,"09999":0.9}},"isVote":1,"tweetType":1,"viewCount":3769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957637358,"gmtCreate":1677207495674,"gmtModify":1677207499897,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957637358","repostId":"2313713210","repostType":4,"repost":{"id":"2313713210","kind":"highlight","pubTimestamp":1677218161,"share":"https://ttm.financial/m/news/2313713210?lang=en_US&edition=fundamental","pubTime":"2023-02-24 13:56","market":"other","language":"en","title":"I Asked ChatGPT for 25 Cryptos to Sell. Here’s What It Recommended","url":"https://stock-news.laohu8.com/highlight/detail?id=2313713210","media":"InvestorPlace","summary":"InvestorPlace asked ChatGPT to provide its top 25 cryptos to sell.The chatbot’s picks suggest a robu","content":"<div>\n<p>InvestorPlace asked ChatGPT to provide its top 25 cryptos to sell.The chatbot’s picks suggest a robust methodology for evaluating projects, even in a negative light.Still, though, references to long-...</p>\n\n<a href=\"https://investorplace.com/2023/02/i-asked-chatgpt-for-25-cryptos-to-sell-heres-what-it-recommended/\">Source Link</a>\n\n</div>\n","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>I Asked ChatGPT for 25 Cryptos to Sell. Here’s What It Recommended</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\">\nI Asked ChatGPT for 25 Cryptos to Sell. Here’s What It Recommended\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-24 13:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/02/i-asked-chatgpt-for-25-cryptos-to-sell-heres-what-it-recommended/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>InvestorPlace asked ChatGPT to provide its top 25 cryptos to sell.The chatbot’s picks suggest a robust methodology for evaluating projects, even in a negative light.Still, though, references to long-...</p>\n\n<a href=\"https://investorplace.com/2023/02/i-asked-chatgpt-for-25-cryptos-to-sell-heres-what-it-recommended/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/2023/02/i-asked-chatgpt-for-25-cryptos-to-sell-heres-what-it-recommended/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313713210","content_text":"InvestorPlace asked ChatGPT to provide its top 25 cryptos to sell.The chatbot’s picks suggest a robust methodology for evaluating projects, even in a negative light.Still, though, references to long-dead projects show that AI has a ways to go before being taken as a wholly serious investing research tool.Artificial intelligence (AI) continues getting savvier at connecting users with more specific and complex data. With chatbot tools like ChatGPT by OpenAI, users can ask any question, and they’ll typically receive a detailed answer that saves a lot of time spent digging through search engines. Of course, investors have been keen on this technology and what it can do for their portfolios. To test it out, I decided to prod ChatGPT to give me 25 cryptos to sell.Previously, I had asked the AI chatbot for its top 10 cryptos to buy for a high-growth outlook. I was not disappointed by the software’s answer. It provided not only a list of cryptocurrencies that many would probably agree with, but it did so with great detail.What I found most surprising about the ChatGPT bot is that, unlike many crypto-evaluating tools, it doesn’t lean solely on the qualitative. Most of the time, investment analysis tools stick to market capitalization, chart comparisons and the like. AI, however, gives investors a new dimension with qualitative assessments as well.ChatGPT Evaluates Cryptos With Six Basic MeasuresIn laying out the cryptos to sell list I tasked ChatGPT with creating, the AI uses six basic measures. These include adoption, market cap, developmental activity, technical issues, roadmap and competition.Of the six, only market cap and adoption really qualify as quantitative methods of analysis. Otherwise, the AI uses measurements one might use when perusing a project’s homepage or whitepaper. The bot scopes out whether or not the project is active regarding new development. It takes into account the plans for the future of the crypto, and whether or not the project has to compete against other similar projects.Most impressive is its evaluation of technical issues. ChatGPT said it was looking for “any technical issues or security vulnerabilities that the cryptocurrency has faced in the past or present.” This could prove to be wildly useful to investors who are researching cryptos with the tool. We are at a point in the crypto world where security flaws are perhaps the biggest concern with the viability and long-term success of a project. The fact that the bot can comb through a project for any sort of threats, then, is very helpful.Cryptos to Sell, According to ChatGPTWithout further ado, these are the 25 cryptos to sell, according to data from ChatGPT. It’s worth noting that the bot explicitly states that it cannot make specific financial advice for users. It advises users with each response to conduct further research into projects before making their own decisions. That being said, here they are:XRP (XRP-USD)Stellar (XLM-USD)EOS (EOS-USD)TRON (TRX-USD)Bitcoin SV (BSV-USD)Bitcoin Gold (BTG-USD)Bitcoin Diamond (BCD-USD)Dogecoin (DOGE-USD)NEM (XEM-USD)ICON (ICX-USD)MaidSafeCoin (MAID-USD)BitShares (BTS-USD)Stratis (STRAT-USD)Siacoin (SC-USD)Augur (REP-USD)Golem (GLM-USD)Bytecoin (BCN-USD)Verge (XVG-USD)IOTA (MIOTA-USD)Komodo (KMD-USD)Pundi XDent (DENT-USD)Waves (WAVES-USD)Zilliqa (ZIL-USD)Steem (STEEM-USD)Flaws Apparent in ChatGPT Cryptos to Sell ListIt’s quite impressive that the AI can pull together such a list. With each pick, the bot provided me with a brief explanation of each project, as well as its reasoning for avoiding or selling each asset. However, some very obvious flaws should make one think twice before heavily considering any sort of transaction.First of all, ChatGPT AI’s dataset isn’t the most up-to-date. Judging by the responses, it appears that the AI doesn’t have much data after mid-2021 (this tracks with OpenAI’s FAQ on its dataset). While it talks about the surge in DOGE popularity — which occurred most prominently in 2021 — it also mentions certain projects like Zilliqa never passing their 2018 highs. Obviously, we know that ZIL did, in fact, pass its 2018 high back in October of 2021, and again since then.While it did a good job of picking projects which are still traded, at least some nowadays, it did pick one project — Pundi X — which phased out the crypto it listed and launched another one.Lastly, while it did pick some “hot take” picks like XRP, XLM, and TRX, only seven of the 25 are top 100 cryptos by market capitalization. Many of the projects are very small in size, which, while the AI is correct in assuming they will be more volatile than top coins, doesn’t make for any wildly insightful suggestions. Most people would already be skeptical of many of these cryptos.So, while ChatGPT posts some intriguing insight into the crypto world, and offers robust analysis, it might not be the best tool for financial research just yet. Still, it offers a pretty exciting outlook for what it could do in the future.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957637901,"gmtCreate":1677207485004,"gmtModify":1677207488285,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9957637901","repostId":"1189816906","repostType":4,"repost":{"id":"1189816906","kind":"news","pubTimestamp":1677200528,"share":"https://ttm.financial/m/news/1189816906?lang=en_US&edition=fundamental","pubTime":"2023-02-24 09:02","market":"us","language":"en","title":"3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin","url":"https://stock-news.laohu8.com/highlight/detail?id=1189816906","media":"InvestorPlace","summary":"Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thu","content":"<div>\n<p>Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thursday.Carvana(CVNA) also reports earnings amid swirling bankruptcy reports.Bitcoin(BTC-USD) faces a ...</p>\n\n<a href=\"https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/\">Source Link</a>\n\n</div>\n","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-24 09:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thursday.Carvana(CVNA) also reports earnings amid swirling bankruptcy reports.Bitcoin(BTC-USD) faces a ...</p>\n\n<a href=\"https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVNA":"Carvana Co."},"source_url":"https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189816906","content_text":"Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thursday.Carvana(CVNA) also reports earnings amid swirling bankruptcy reports.Bitcoin(BTC-USD) faces a big technical hurdle on the weekly charts, even as it has traded quite well so far this year.The stock market wavered on Wednesday and ended slightly lower for the day. That marked the fourth straight daily decline for the S&P 500 and has investors looking for a turnaround. It also has them looking at hot stocks for tomorrow.Nvidia(NASDAQ: NVDA) leads the charge today with earnings in focus, but Alibaba(NYSE: BABA), Lucid Motors(NASDAQ: LCID), and others are also in the spotlight (here are the key levels to know now).The Federal Reserve’s FOMC release on Wednesday afternoon sparked some volatility but nothing that seems to be rocking the boat all that much. The GDP report was released on Thursday morning, but investors are wondering if the stock market can end its recent run to the downside.Let’s look at a few hot stocks for tomorrow — Friday.Hot Stocks for Tomorrow: Block (SQ)Just like all eyes are on Nvidia, Lucid, and others this morning, they will be on Block(NYSE: SQ) soon enough. That’s as the company reports earnings on Thursday after the close.SQ stock has performed exceptionally well this year and has been very strong since bottoming on Nov. 3. So far, shares are up about 16% on the year and have rallied more than 40% from the recent low. That said, it hasn’t been an easy ride over the past year.Combined with its exposure to cryptocurrencies, Block is considered a growth stock has made it a target for the bears. While growth stocks have traded quite well over the last four to six weeks, many are again starting to come under pressure.Will the recent pullback provide enough of a dip to justify bidding these names higher on earnings, or will the quarter exacerbate the decline?The Chart: We have an excellent little “ABC” correction down to the 50-day moving average. A break of the 200-day moving average puts $66, then $58 to $60 in play. On the upside, a bullish reaction puts $78.50 to $80 in play, followed by the prior breakout level near $83, then finally, the $90 to $92 area.Carvana (CVNA)Carvana(NYSE: CVNA) has been in the news a lot lately, mostly surrounding its potential bankruptcy. The company has been operating at a steep loss, with negative free cash flow and an intimidating debt load.Bulls are hoping to hear something positive in the report. A way to ease the balance-sheet load or improve margins, cost cuts — really anything that points to a glimmer of hope in avoiding bankruptcy.However, it is important to remember that CVNA stock has become a speculation vehicle for traders looking at a potential short squeeze.According to Fintel, more than 70% of the float is currently sold short. In that sense, CVNA stock could be primed for a short squeeze if the results are better than feared.The Chart: Shares have been trending lower. First, bulls want to see shares clear $11.50, putting CVNA above the 10-day and 21-day moving averages. Really though, they want to see shares rally to (and potentially clear) $20 to $22. That’s the current resistance and the 200-day moving average. On the downside, bulls want to see a dip to the $7.50 to $8 area to hold as support.Hot Stocks for Tomorrow: Bitcoin (BTC-USD)Though technically not a stock, the enthusiasm for crypto has been on the rise again, and that’s being led by Bitcoin(BTC-USD). Bitcoin has done quite well over the few months, as buyers continue to elevate the leading cryptocurrency.Cathie Wood recently reiterated her call for Bitcoin to trade at a seven-figure value eventually, but that could be a long way off — even by her measures.So far, Bitcoin has rallied in five of the last seven weeks, although it’s down about 1.3% so far this week. For an asset like this, though, that figure can be erased in no time if bulls choose to do so.The problem?The short-term trend has been incredibly bullish. However, the long-term trends still look bearish at worst and questionable at best.The Chart: The chart above shows the daily view on the left and the weekly view on the right. Bitcoin is riding its 10-day moving average and is above all of its daily moving averages. It’s also holding above recent resistance near $23,750.On the flip side, it’s stalling near the very key $25,000 level while also running right into its 200-week and 50-week moving averages. So if you are trading Bitcoin on the long side, you should know some of the more significant levels looming on the weekly chart.","news_type":1,"symbols_score_info":{"CVNA":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923581288,"gmtCreate":1670887058544,"gmtModify":1676538451848,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923581288","repostId":"2291491758","repostType":2,"isVote":1,"tweetType":1,"viewCount":2597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966749792,"gmtCreate":1669669317117,"gmtModify":1676538219433,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966749792","repostId":"2287516400","repostType":2,"isVote":1,"tweetType":1,"viewCount":3225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9969101497,"gmtCreate":1668381857320,"gmtModify":1676538046041,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9969101497","repostId":"1161914183","repostType":2,"isVote":1,"tweetType":1,"viewCount":1564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9916085660,"gmtCreate":1664489477151,"gmtModify":1676537462578,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9916085660","repostId":"2271449077","repostType":2,"isVote":1,"tweetType":1,"viewCount":1506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909612986,"gmtCreate":1658874312445,"gmtModify":1676536219019,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9909612986","repostId":"1146864651","repostType":4,"repost":{"id":"1146864651","kind":"news","pubTimestamp":1658844772,"share":"https://ttm.financial/m/news/1146864651?lang=en_US&edition=fundamental","pubTime":"2022-07-26 22:12","market":"us","language":"en","title":"Booming ETFs That Worry Wall Street Watchdogs Rake In Billions","url":"https://stock-news.laohu8.com/highlight/detail?id=1146864651","media":"Bloomberg","summary":"ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the crus","content":"<div>\n<p>ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Booming ETFs That Worry Wall Street Watchdogs Rake In Billions</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\">\nBooming ETFs That Worry Wall Street Watchdogs Rake In Billions\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-26 22:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF","DBMF":"iMGP DBi Managed Futures Strategy ETF","PAUG":"Innovator U.S. Equity Power Buffer ETF - August"},"source_url":"https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146864651","content_text":"ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the crushing bear market across assets -- just as Wall Street watchdogs threaten intrusive measures to limit retail participation.Issuers including ProShares Advisors LLC, Direxion and Innovator ETFs have been flooded with nearly $24 billion of inflows this year into these typically derivatives-powered exchange-traded funds. Investors are navigating the crash in everything from stocks and crypto to fixed income by using the ETFs to bet on more pain or to nab outsize returns during market rebounds.The bulk of the trading instruments likely fall under the “complex” banner, an ever-expanding category that includes leveraged and inverse vehicles and -- if regulators get their way -- potentially digital tokens and so-called defined-outcome trades.The products are a growing corner of the almost $6.4 trillion industry, defying words of caution issued by the US Securities and Exchange Commission and others.“We have this bizarre situation where products have launched and then the SEC staff is saying not to use them,” said Dave Nadig, an ETF expert at data provider and research consultants VettaFi.Innovator ETFs, which manages defined-outcome trades that hedge market exposures, is fresh off its first-ever billion-dollar quarter of inflows. A ProShares fund that tracks three-times the inverse performance of the Nasdaq 100 got a record one-day inflow of $460 million last week. Assets in US leveraged and inverse trading ETPs have climbed around 8% from the end of June to $72 billion, according to Bloomberg Intelligence data.Meanwhile, the firstsingle-stock ETFslaunched in the US this month, with more than 80 such filings sitting in the SEC’s queue.The Financial Industry Regulatory Authority called for comments in April on whether more measures should be introduced to raise the barriers to entry for complex products. After receiving a record12,000, the agency is evaluating whether any rule changes are warranted, said a spokesperson in an email to Bloomberg News.In an industry defined by rock-bottom fees, it’s inevitable that issuers will attempt to meet that demand with “hyper-narrow, heavily structured products” that command higher expense ratios, according to Nadig. “There’s very little green field left to build straight-forward and low-cost products, so the only things left are more complex products.”That’s the case behind the first US single-equity ETFs. AXS Investments launched eight such funds last week with expense ratios of 1.15%, within days of SEC Chair Gary Gensler saying such products “present particular risk” in a press call. Gensler’s warning followed acallfrom Commissioner Caroline Crenshaw for the agency to adopt new rules.Yet single-stock funds have been able to list in part thanks to rule changes in 2019 and 2020 that allow leveraged and inverse ETFs to launch without first getting the SEC’s approval. That’s led to the current dynamic where regulators are “simultaneously dissing and approving” these ETFs, Nadig said.“Complex doesn’t mean more risky, you just have to understand what it is,” Nadig said. “For example,DBMFand PFIX absolutely are complex, but the right tools for the market we’re in right now.”The $440 million iM DBi Managed Futures Strategy ETF (ticker DBMF), which holds futures contracts across commodities and equities, has returned 24% this year thanks to the one-way inflation momentum trade. The $292 million Simplify Interest Rate Hedge ETF (PFIX), which uses options to ride floating interest rates, has gained about 44% in 2022.While the S&P 500 has entered bear-market territory, the $175 million Innovator Equity Power Buffer ETF-August (PAUG), which seeks to buffer against the first 15% of losses in the SPDR S&P 500 ETF Trust (SPY) over its 12-month outcome period, has outperformed the fund by 8% since last July.“Even though our growth is very good and very strong, it could have been much faster and much better if they had not put this label of complex product on our funds,” said Bruce Bond, chief executive officer at Innovator. “They’ve made it difficult for us to get in established brokerage distribution.”Derivatives-heavy products labeled as “complex” by some regulators aren’t necessarily risky, according to Deborah Fuhr, co-founder of ETFGI. But curbing access to certain speculative funds may be no bad thing. She is hoping Finra will clarify things soon enough.“Many people feel that there are a large number of investors who don’t understand how many leveraged and inverse products work,” she said.","news_type":1,"symbols_score_info":{"PAUG":0.9,"DBMF":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909606799,"gmtCreate":1658870370712,"gmtModify":1676536218344,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9909606799","repostId":"2254875072","repostType":2,"isVote":1,"tweetType":1,"viewCount":1829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9077640709,"gmtCreate":1658526466001,"gmtModify":1676536170252,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9077640709","repostId":"2253498728","repostType":4,"repost":{"id":"2253498728","kind":"highlight","pubTimestamp":1658478385,"share":"https://ttm.financial/m/news/2253498728?lang=en_US&edition=fundamental","pubTime":"2022-07-22 16:26","market":"us","language":"en","title":"The Best Stocks to Invest $50,000 in Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2253498728","media":"Motley Fool","summary":"These five stocks look like great long-term values in a bear market.","content":"<div>\n<p>Bear markets are a great time to buy if you're a long-term investor. With the market punishing stocks indiscriminately, there are deals to be had for those with the patience to wait out elevated ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/07/21/the-best-stocks-to-invest-50000-in-right-now/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Best Stocks to Invest $50,000 in Right Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Best Stocks to Invest $50,000 in Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-22 16:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/07/21/the-best-stocks-to-invest-50000-in-right-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bear markets are a great time to buy if you're a long-term investor. With the market punishing stocks indiscriminately, there are deals to be had for those with the patience to wait out elevated ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/07/21/the-best-stocks-to-invest-50000-in-right-now/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","GOOG":"谷歌","CROX":"卡骆驰","TWLO":"Twilio Inc","GOOGL":"谷歌A"},"source_url":"https://www.fool.com/investing/2022/07/21/the-best-stocks-to-invest-50000-in-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2253498728","content_text":"Bear markets are a great time to buy if you're a long-term investor. With the market punishing stocks indiscriminately, there are deals to be had for those with the patience to wait out elevated volatility. Buying (and holding) during times like 2022 is easier said than done, but the payoff can be substantial once the bear market gives way to the next bull market.If you have $50,000 (or another sizable chunk of change to put to work), I think Alphabet, Nvidia, Block, Twilio, and Crocs are compelling stocks to buy right now. Here's why I'm bullish.Alphabet: A boring name with serious market-beating potentialI like big old boring Google parent Alphabet. If you're looking for a company to start building a portfolio around, Alphabet is about as good as it gets. It's benefiting from multiple secular growth trends (digital ads, online video content consumption via YouTube, and cloud computing via Google Cloud), so this should be a steady growth story for many years.Alphabet is also highly profitable, exactly the type of stock that should rebound quickly from the current bear market. Inflation and interest rates are on the rise, but Google's profit margins provide plenty of cushion. So does $125 billion in net cash and short-term investments, which Alphabet is using to repurchase shares.Working from a position of technological and financial strength also gives Alphabet the ability to invest in things like its Waymo subsidiary. Self-driving cars could reshape the global economy, and Waymo is a leader in this bleeding-edge technology. Trading for just 22 times trailing-12-month free cash flow, Alphabet is a value right now -- especially when considering its long-term potential.Nvidia: The top platform for building AII believe Nvidia will be the next business to join the trillion-dollar club: that exclusive group of stocks (Alphabet included) with a market cap of at least $1 trillion. Currently valued at $445 billion, the semiconductor giant is already almost halfway there.Nvidia's GPUs, historically the realm of high-end video game PCs, are finding use in data centers creating and running artificial intelligence software. AI is in the early stages of deployment, just now reaching that convergence of usefulness and affordability that makes it compelling for industries of all sorts. Building on its lead here, Nvidia has launched new chip types outside of GPUs to address other parts of the modern business data center.If its impressive hardware weren't enough, Nvidia is also early on in developing a cloud-based software business too. AI software won't only help Nvidia sustain its growth momentum but could also lift profit margins higher as well. This is a premium-priced stock at 57 times trailing 12-month free cash flow, but this is a great company to buy and hold for the next decade if you're looking for a way to bet on the AI industry.Block: A depressed fintech name with international potentialBlock (formerly Square) was a high-flying financial technology leader just a year ago. Now, it trades for just over seven times enterprise value (just over $35 billion as of this writing) to trailing-12-month gross profit ($4.75 billion). The market is feeling particularly ho-hum on Block.The punishment isn't completely unwarranted. Block is trying to develop the Bitcoin blockchain network, and it isn't clear if Bitcoin will ever have a future as a means of enabling transactions on the internet. It also paid a pretty penny for buy-now-pay-later company Afterpay early this year, and it will take time to see if the combined fintechs are worth more together than they would have been on their own.Personally, though, I like Block's plan of attack with Afterpay. Block needs a way to connect its Square merchant services ecosystem with the more consumer-facing Cash App. Afterpay could act as the rails between the two and create a truly two-sided network that keeps merchants and individuals highly engaged -- and makes Block more profitable over time. And at 39 times trailing-12-month free cash flow, Block's growth potential looks severely underappreciated right now.Twilio: Communications head for the cloudThe pandemic accelerated large organizations' migration to the cloud, which was especially apparent with cloud-based communications tools. Zoom Video Communications got all the early attention, but Twilio has been the more enduring growth story as Zoom's expansion has decelerated.Twilio's secret is it has a wide range of tools available for businesses to integrate into their operations -- from text and email to website chatbots to internet-based phone and video calling. Twilio's latest efforts have been to add customer data analytics to its platform, helping businesses understand when and how to stay in touch with customers.Twilio thinks it can sustain about a 30% organic growth rate (which excludes acquisitions) for the foreseeable future. The only problem is that Twilio hasn't generated a profit yet. This is partially by design as the company spends heavily to maximize its rate of expansion, but a rising interest rate environment doesn't look favorably on stocks like this.Nevertheless, Twilio expects to generate adjusted operating profit by 2023 and currently trades for a meager 3.6 times enterprise value to trailing-12-month revenue. If the business continues to grow at a rapid pace and reaches profitability next year, there is a lot of upside here.Crocs: Get a top-trending brand among young generations for a stealTo mix up the tech-heavy stock list above, I also really like Crocs stock right now. Yes, Crocs, the maker of the goofy foam clogs. Whether or not you like them, this is a popular brand among young people. Crocs ranked in the top 10 shoe brands among Generation Z (early 20-somethings), according to Piper Sandler's \"Taking Stock With Teens\" Spring 2022 report. And seemingly out of nowhere came Hey Dude, also now a Top 10 shoe brand among teens according to Piper Sandler's report. Hey Dude is the casual shoe brand Crocs just acquired.Crocs' comfy kicks are growing fast (sales have more than doubled over the last three years), but the stock has been beaten down some 55% so far in 2022. Inflation is hurting profits in the short term, and Crocs had to take on significant debt to purchase Hey Dude. The company reported nearly $2.9 billion in debt at the end of the first quarter.But if Crocs can maintain its shoe industry-best operating profit margin and keep growing, this stock is a deep value. It trades for just 5.97 times current year expected earnings. If you're looking for a bet on a resilient consumer, Crocs could create lots of rewards for the present risks right now. I'm a buyer.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"NVDA":0.9,"TWLO":0.9,"CROX":0.9,"SQ":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":1325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9077640422,"gmtCreate":1658526430766,"gmtModify":1676536170243,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9077640422","repostId":"2253825034","repostType":4,"isVote":1,"tweetType":1,"viewCount":1282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075763507,"gmtCreate":1658270500309,"gmtModify":1676536129676,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075763507","repostId":"1128013391","repostType":4,"isVote":1,"tweetType":1,"viewCount":1648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075165900,"gmtCreate":1658179017500,"gmtModify":1676536115141,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075165900","repostId":"2252476857","repostType":4,"isVote":1,"tweetType":1,"viewCount":2001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9072466121,"gmtCreate":1658097473263,"gmtModify":1676536102655,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072466121","repostId":"2249540083","repostType":4,"repost":{"id":"2249540083","kind":"highlight","pubTimestamp":1658021139,"share":"https://ttm.financial/m/news/2249540083?lang=en_US&edition=fundamental","pubTime":"2022-07-17 09:25","market":"uk","language":"en","title":"Tycoon Whose Bet Broke the Nickel Market Walks Away a Billionaire","url":"https://stock-news.laohu8.com/highlight/detail?id=2249540083","media":"Bloomberg","summary":"SINGAPORE (BLOOMBERG) --By 2.08pm Shanghai time on March 8, it was clear that Xiang Guangda's giant ","content":"<div>\n<p>SINGAPORE (BLOOMBERG) --By 2.08pm Shanghai time on March 8, it was clear that Xiang Guangda's giant bet on a fall in nickel prices was going spectacularly wrong.Futures had just skyrocketed above US$...</p>\n\n<a href=\"https://www.straitstimes.com/business/companies-markets/tycoon-whose-bet-broke-the-nickel-market-walks-away-a-billionaire\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tycoon Whose Bet Broke the Nickel Market Walks Away a Billionaire</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\">\nTycoon Whose Bet Broke the Nickel Market Walks Away a Billionaire\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-17 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.straitstimes.com/business/companies-markets/tycoon-whose-bet-broke-the-nickel-market-walks-away-a-billionaire><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE (BLOOMBERG) --By 2.08pm Shanghai time on March 8, it was clear that Xiang Guangda's giant bet on a fall in nickel prices was going spectacularly wrong.Futures had just skyrocketed above US$...</p>\n\n<a href=\"https://www.straitstimes.com/business/companies-markets/tycoon-whose-bet-broke-the-nickel-market-walks-away-a-billionaire\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NICK.UK":"镍ETF","JJN":"镍ETN-iPath","NIC.AU":"Nickel Industries Ltd"},"source_url":"https://www.straitstimes.com/business/companies-markets/tycoon-whose-bet-broke-the-nickel-market-walks-away-a-billionaire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2249540083","content_text":"SINGAPORE (BLOOMBERG) --By 2.08pm Shanghai time on March 8, it was clear that Xiang Guangda's giant bet on a fall in nickel prices was going spectacularly wrong.Futures had just skyrocketed above US$100,000 a ton and his trade was more than US$10 billion underwater. It was threatening not only to bankrupt Mr Xiang's company, but to trigger a Lehman Brothers-like shock through the entire metals industry and possibly topple the London Metal Exchange (LME) itself.But Mr Xiang was calm. Within hours, more than 50 bankers had arrived at his office wanting to hear how he planned to respond to the crisis. He told them simply: \"I'm confident that we will overcome this.\"And he did.Four months on, the nickel price is falling, as Mr Xiang had predicted. The coterie of banks led by JPMorgan Chase & Co that were baying for his blood has been repaid. He has closed out nearly all his short position in nickel, making a loss on the trade of about US$1 billion - a manageable sum given the profits being generated elsewhere in his business empire, say people who know him.Crucially: the man nicknamed 'Big Shot' in Chinese commodities circles is poised to walk away from the fiasco with his multibillion-dollar mining and steelmaking company, Tsingshan Holding Group, intact and even expanding.But while Mr Xiang moves on, others are left dealing with the destruction wrought by the crisis. His miraculous escape was thanks in no small part to the actions of the LME, which controversially intervened to prevent prices from rising and then suspended trading until Mr Xiang had struck a deal with his banks.Those on the other side of the trade, who lost billions, were furious. Months later, the LME is dealing with a raft of investigations and lawsuits, and the nickel market is still reeling.\"Nice to see that @jpmorgan and The Big Shot got out of this whole thing with only scratches,\" Cliff Asness, founder of AQR Capital Management, said last week in a tweet thick with sarcasm. \"It's just heart warming.\"This account of how Mr Xiang extricated himself from a short squeeze that rocked the global metals markets is based on numerous interviews with people who were involved, all of whom requested anonymity. Multiple attempts to seek comment from Tsingshan were unsuccessful.Massive short squeezeMr Xiang had built up his massive short position in late 2021 and early 2022 partly as a hedge, partly as a bet that a planned jump in Tsingshan's production this year would drag down prices. But when Russia's invasion of Ukraine jolted global markets, nickel started climbing - gradually at first, before rocketing 250 per cent in an epic squeeze.On the evening of March 8, senior bankers crowded into a room at Tsingshan's headquarters demanding answers. Others dialed in for video calls from London or Singapore. Of those present, some didn't leave until early the next morning.More On This TopicXiang Guangda, the metals 'visionary' who brought nickel market to a standstillNickel trading halted after unprecedented 250% spike amid Russia supply fearsThe crowd that night was so large because Mr Xiang's position was spread across about 10 banks and brokers - he had been a good client for many of them, including JPMorgan, for years. But after nickel started spiking on March 7, Tsingshan struggled to meet its margin calls. Now he owed each of them hundreds of millions of dollars.The LME had eventually intervened to halt trading a couple of hours after nickel hit US$100,000. It also canceled billions of dollars of transactions, bringing the price back to US$48,078, where it closed the previous day, in what amounted to a lifeline for Mr Xiang and Tsingshan.To reopen the market, the LME proposed a solution: Mr Xiang should strike a deal with holders of long positions to close out his trade. But a price of around US$50,000 would be more than twice the level at which he had entered his short position, and would mean accepting billions of dollars in losses.Mr Xiang, who is in his early 60s, stood firm. From a start making frames for car doors and windows in Wenzhou, eastern China, he'd built Tsingshan into the world's largest nickel and stainless steel producer, with an empire stretching from mines in remote Indonesian islands to steel mills on China's east coast. Along the way, he'd acquired a reputation for visionary thinking and a taste for betting big.The spike in prices and the trading freeze caused havoc for companies that use nickel, like stainless steel mills and makers of batteries for electric vehicles. Some simply stopped taking new orders. On the LME, dealers were left frantically trying to recoup missed margin calls from clients who couldn't pay, and at least one had to seek financial support from its parent company.Yet with unprecedented chaos rippling through the industry, Mr Xiang - still facing his bankers in the early hours of March 9 - had a key advantage. They were more terrified than he was.If he refused to pay, they would have to chase him in courts in Indonesia and China. What's more, he had executed his nickel trade through a variety of corporate entities - such as the Hong Kong branch of battery unit Ruipu Energy - and it wasn't clear the banks would even have the right to seize Tsingshan's most valuable assets.JPMorgan, which had the biggest exposure, took the lead. The group included some international players like Standard Chartered Bank and BNP Paribas, but many were Chinese and Singaporean banks that had little experience handling a situation like this.Personal guaranteeMr Xiang told the assembled bankers he had no intention of closing the position anywhere near US$50,000. A few hours later he was delivering the same message to Matthew Chamberlain, chief executive of the LME. Tsingshan was a strong company, he said, and it had the support of the Chinese government. There would be no backing down.Instead, he wrote a list of the assets he was willing to put up as collateral: a string of ferronickel plants in Indonesia. But for some of the bankers, that wasn't enough. They wouldn't be able to do any due diligence on the Indonesian assets for weeks or months, and even those who worked closely with Tsingshan hadn't seen the facilities for years because of the pandemic.So Mr Xiang made a further concession that was both valuable and, in Chinese business culture, humbling: a personal guarantee. If Tsingshan didn't pay its debts, the bankers could turf him out of his home. That was what he was willing to offer. Take it or leave it.More On This TopicMetal traders reel as nickel chaos recalls market's darkest daysLondon Metal Exchange CEO calls for more powers to intervene as nickel trading halt continuesIt wasn't much of a choice. On March 14, a week after the chaos that engulfed the nickel market, Tsingshan announced a deal with its banks under which they agreed not to pursue the company for the billions it owed for a period of time. In exchange, Mr Xiang agreed a series of price levels at which he would reduce his nickel position once prices dropped below about US$30,000.When the market reopened two days later, prices moved lower, easing the strain on Mr Xiang and the banks. A brief dip below US$30,000 allowed Tsingshan to cover about 20 per cent of its short position.The pressure on the LME was only intensifying, however. The exchange's regulators launched reviews of its governance and oversight and many hedge funds were still furious at the LME's decision to cancel trades.Open interest across the exchange's six main metals slid to the lowest in more than a decade as traders headed for the exit.Each month, Tsingshan and its banks reviewed their standstill agreement. After the initial dip, nickel spent long stretches in limbo with prices hovering around US$33,000.It was a nervous time. Tsingshan still had a vast short position, meaning it and its banks could still be exposed to large losses if prices started rising again - for example, if sanctions against Russia led to an actual disruption in nickel supplies, which so far they hadn't.Finally, in May, prices tumbled decisively below the key US$30,000 level after China's lockdowns dented metals market sentiment. Over the following weeks, Tsingshan reduced its position - which in early March had been over 150,000 tons - to just 60,000 tons.By this point, prices were below the level at which Tsingshan had stopped being able to pay its margin calls in early March, which meant Mr Xiang no longer owed the banks any money.By the end of June Mr Xiang had exited his position entirely with JPMorgan and several other banks, leaving him with a remaining short of less than 20,000 tons.People familiar with the matter estimate Tsingshan's losses on the trade at around US$1 billion. Mr Xiang isn't concerned. The loss has been roughly offset by the profits of his nickel operations over the same period. The standstill agreement, which Mr Xiang extended from the initial three months, is set to expire in mid-July.Now 'Big Shot' is moving on with his life, focusing on plans for the future at Tsingshan, which had revenues of US$56 billion last year. His ability to trade on the LME may be reduced, for now at least, but he is still able to trade on the Shanghai Futures Exchange. He has ambitions to expand, not only in Asia, but also to Africa. And Tsingshan is as powerful as ever in the nickel market: a massive increase in production from his plants in Indonesia is one of the key factors driving prices lower, much as Mr Xiang predicted.But while Mr Xiang may be moving on, the LME is still dealing with the fallout. Regulators have pointed to the chaos in nickel as a sign of the risks lurking in commodity markets, and called for greater oversight of the entire sector. Hedge fund Elliot Investment Management and trading firm Jane Street have launched legal action against the LME, seeking nearly US$500 million.And the nickel market is still broken, say people involved in it, with both open interest and trading volumes stuck at sharply lower levels as traders step away from using LME prices in their contracts. Jim Lennon, a veteran nickel market-watcher and managing director of Red Door Research, estimates that less than 25 per cent of global nickel output is now being sold on the basis of LME prices, down from 50 per cent before the crisis in March.\"A lot of the industry now has temporarily disengaged from the LME,\" he says. \"The market is still functioning, but it's struggling.\"","news_type":1,"symbols_score_info":{"NIC.AU":0.9,"NICK.UK":0.9,"JJN":0.9}},"isVote":1,"tweetType":1,"viewCount":1591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9046500935,"gmtCreate":1656370133327,"gmtModify":1676535813013,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087210591972110","idStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9046500935","repostId":"2246790640","repostType":4,"repost":{"id":"2246790640","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1656342785,"share":"https://ttm.financial/m/news/2246790640?lang=en_US&edition=fundamental","pubTime":"2022-06-27 23:13","market":"us","language":"en","title":"U.S. Supreme Court Won't Hear Apple's Bid to Revive Qualcomm Patent Challenges","url":"https://stock-news.laohu8.com/highlight/detail?id=2246790640","media":"Reuters","summary":"The U.S. Supreme Court on Monday declined to hear Apple Inc's    bid to revive an effort to cancel t","content":"<html><head></head><body><p>The U.S. Supreme Court on Monday declined to hear Apple Inc&#39;s    bid to revive an effort to cancel two Qualcomm Inc    smartphone patents despite the global settlement of the underlying dispute between the two tech giants.</p><p>The justices turned away Apple&#39;s appeal of a lower court&#39;s ruling that the Cupertino, California-based company lacked standing to pursue the matter because of the settlement. Apple had argued that it should be allowed to appeal because San Diego-based Qualcomm could sue again after the settlement ends.</p><p>Qualcomm sued Apple in San Diego federal court in 2017, arguing that its iPhones, iPads and Apple Watches infringed a variety of Qualcomm mobile-technology patents. That case was <a href=\"https://laohu8.com/S/AONE.U\">one</a> element of a broader dispute between the rivals.</p><p>Apple challenged the validity of the two patents at issue at the Patent and Trademark Office&#39;s Patent Trial and Appeal Board.</p><p>The parties settled their litigation in 2019, signing an agreement worth billions of dollars that allowed Apple to continue using Qualcomm chips in iPhones. The settlement also featured a license to tens of thousands of Qualcomm patents, including the two at issue, but allowed the patent board case to continue.</p><p>The board ruled in favor of Qualcomm. The U.S. Court of Appeals for the Federal Circuit, which specializes in patent law, dismissed Apple&#39;s appeal last year based on the settlement. The Federal Circuit rejected Apple&#39;s contention that its royalty payments and risk of being sued again justified hearing the case on the merits.</p><p>Apple told the Supreme Court that it still faced the risk of litigation after the agreement expires in 2025, or in 2027 if the settlement term is extended. Qualcomm already sued once, has &#34;not disclaimed its intention to do so again,&#34; and has a &#34;history of aggressively enforcing its patents,&#34; Apple said.</p><p>Qualcomm asked the justices to reject the appeal, arguing Apple had not shown any concrete injury that would give it proper legal standing.</p><p>President Joe Biden&#39;s administration urged the Supreme Court to reject the appeal in a brief in May.</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>U.S. Supreme Court Won't Hear Apple's Bid to Revive Qualcomm Patent Challenges</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\">\nU.S. Supreme Court Won't Hear Apple's Bid to Revive Qualcomm Patent Challenges\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-06-27 23:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The U.S. Supreme Court on Monday declined to hear Apple Inc&#39;s    bid to revive an effort to cancel two Qualcomm Inc    smartphone patents despite the global settlement of the underlying dispute between the two tech giants.</p><p>The justices turned away Apple&#39;s appeal of a lower court&#39;s ruling that the Cupertino, California-based company lacked standing to pursue the matter because of the settlement. Apple had argued that it should be allowed to appeal because San Diego-based Qualcomm could sue again after the settlement ends.</p><p>Qualcomm sued Apple in San Diego federal court in 2017, arguing that its iPhones, iPads and Apple Watches infringed a variety of Qualcomm mobile-technology patents. That case was <a href=\"https://laohu8.com/S/AONE.U\">one</a> element of a broader dispute between the rivals.</p><p>Apple challenged the validity of the two patents at issue at the Patent and Trademark Office&#39;s Patent Trial and Appeal Board.</p><p>The parties settled their litigation in 2019, signing an agreement worth billions of dollars that allowed Apple to continue using Qualcomm chips in iPhones. The settlement also featured a license to tens of thousands of Qualcomm patents, including the two at issue, but allowed the patent board case to continue.</p><p>The board ruled in favor of Qualcomm. The U.S. Court of Appeals for the Federal Circuit, which specializes in patent law, dismissed Apple&#39;s appeal last year based on the settlement. The Federal Circuit rejected Apple&#39;s contention that its royalty payments and risk of being sued again justified hearing the case on the merits.</p><p>Apple told the Supreme Court that it still faced the risk of litigation after the agreement expires in 2025, or in 2027 if the settlement term is extended. Qualcomm already sued once, has &#34;not disclaimed its intention to do so again,&#34; and has a &#34;history of aggressively enforcing its patents,&#34; Apple said.</p><p>Qualcomm asked the justices to reject the appeal, arguing Apple had not shown any concrete injury that would give it proper legal standing.</p><p>President Joe Biden&#39;s administration urged the Supreme Court to reject the appeal in a brief in May.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4515":"5G概念","BK4559":"巴菲特持仓","BK4579":"人工智能","QCOM":"高通","BK4550":"红杉资本持仓","BK4507":"流媒体概念","BK4170":"电脑硬件、储存设备及电脑周边","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4561":"索罗斯持仓","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4512":"苹果概念","BK4527":"明星科技股","BK4501":"段永平概念","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4141":"半导体产品","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","AAPL":"苹果","BK4575":"芯片概念","BK4566":"资本集团","BK4505":"高瓴资本持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2246790640","content_text":"The U.S. Supreme Court on Monday declined to hear Apple Inc's    bid to revive an effort to cancel two Qualcomm Inc    smartphone patents despite the global settlement of the underlying dispute between the two tech giants.The justices turned away Apple's appeal of a lower court's ruling that the Cupertino, California-based company lacked standing to pursue the matter because of the settlement. Apple had argued that it should be allowed to appeal because San Diego-based Qualcomm could sue again after the settlement ends.Qualcomm sued Apple in San Diego federal court in 2017, arguing that its iPhones, iPads and Apple Watches infringed a variety of Qualcomm mobile-technology patents. That case was one element of a broader dispute between the rivals.Apple challenged the validity of the two patents at issue at the Patent and Trademark Office's Patent Trial and Appeal Board.The parties settled their litigation in 2019, signing an agreement worth billions of dollars that allowed Apple to continue using Qualcomm chips in iPhones. The settlement also featured a license to tens of thousands of Qualcomm patents, including the two at issue, but allowed the patent board case to continue.The board ruled in favor of Qualcomm. The U.S. Court of Appeals for the Federal Circuit, which specializes in patent law, dismissed Apple's appeal last year based on the settlement. The Federal Circuit rejected Apple's contention that its royalty payments and risk of being sued again justified hearing the case on the merits.Apple told the Supreme Court that it still faced the risk of litigation after the agreement expires in 2025, or in 2027 if the settlement term is extended. Qualcomm already sued once, has \"not disclaimed its intention to do so again,\" and has a \"history of aggressively enforcing its patents,\" Apple said.Qualcomm asked the justices to reject the appeal, arguing Apple had not shown any concrete injury that would give it proper legal standing.President Joe Biden's administration urged the Supreme Court to reject the appeal in a brief in May.","news_type":1,"symbols_score_info":{"STS":1,"QCOM":1,"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":1125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9957274587,"gmtCreate":1677359474050,"gmtModify":1677359478427,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957274587","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=en_US&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.Read the full letter here:To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909612986,"gmtCreate":1658874312445,"gmtModify":1676536219019,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9909612986","repostId":"1146864651","repostType":4,"repost":{"id":"1146864651","kind":"news","pubTimestamp":1658844772,"share":"https://ttm.financial/m/news/1146864651?lang=en_US&edition=fundamental","pubTime":"2022-07-26 22:12","market":"us","language":"en","title":"Booming ETFs That Worry Wall Street Watchdogs Rake In Billions","url":"https://stock-news.laohu8.com/highlight/detail?id=1146864651","media":"Bloomberg","summary":"ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the crus","content":"<div>\n<p>ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Booming ETFs That Worry Wall Street Watchdogs Rake In Billions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBooming ETFs That Worry Wall Street Watchdogs Rake In Billions\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-26 22:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF","DBMF":"iMGP DBi Managed Futures Strategy ETF","PAUG":"Innovator U.S. Equity Power Buffer ETF - August"},"source_url":"https://www.bloomberg.com/news/articles/2022-07-25/booming-etfs-that-worry-wall-street-watchdogs-rake-in-billions","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146864651","content_text":"ETFs that could be deemed “complex” by regulators are growingAllocators navigate rout in everything from rates to stocksTraders are splurging billions of dollars on “complex” ETFs to ride out the crushing bear market across assets -- just as Wall Street watchdogs threaten intrusive measures to limit retail participation.Issuers including ProShares Advisors LLC, Direxion and Innovator ETFs have been flooded with nearly $24 billion of inflows this year into these typically derivatives-powered exchange-traded funds. Investors are navigating the crash in everything from stocks and crypto to fixed income by using the ETFs to bet on more pain or to nab outsize returns during market rebounds.The bulk of the trading instruments likely fall under the “complex” banner, an ever-expanding category that includes leveraged and inverse vehicles and -- if regulators get their way -- potentially digital tokens and so-called defined-outcome trades.The products are a growing corner of the almost $6.4 trillion industry, defying words of caution issued by the US Securities and Exchange Commission and others.“We have this bizarre situation where products have launched and then the SEC staff is saying not to use them,” said Dave Nadig, an ETF expert at data provider and research consultants VettaFi.Innovator ETFs, which manages defined-outcome trades that hedge market exposures, is fresh off its first-ever billion-dollar quarter of inflows. A ProShares fund that tracks three-times the inverse performance of the Nasdaq 100 got a record one-day inflow of $460 million last week. Assets in US leveraged and inverse trading ETPs have climbed around 8% from the end of June to $72 billion, according to Bloomberg Intelligence data.Meanwhile, the firstsingle-stock ETFslaunched in the US this month, with more than 80 such filings sitting in the SEC’s queue.The Financial Industry Regulatory Authority called for comments in April on whether more measures should be introduced to raise the barriers to entry for complex products. After receiving a record12,000, the agency is evaluating whether any rule changes are warranted, said a spokesperson in an email to Bloomberg News.In an industry defined by rock-bottom fees, it’s inevitable that issuers will attempt to meet that demand with “hyper-narrow, heavily structured products” that command higher expense ratios, according to Nadig. “There’s very little green field left to build straight-forward and low-cost products, so the only things left are more complex products.”That’s the case behind the first US single-equity ETFs. AXS Investments launched eight such funds last week with expense ratios of 1.15%, within days of SEC Chair Gary Gensler saying such products “present particular risk” in a press call. Gensler’s warning followed acallfrom Commissioner Caroline Crenshaw for the agency to adopt new rules.Yet single-stock funds have been able to list in part thanks to rule changes in 2019 and 2020 that allow leveraged and inverse ETFs to launch without first getting the SEC’s approval. That’s led to the current dynamic where regulators are “simultaneously dissing and approving” these ETFs, Nadig said.“Complex doesn’t mean more risky, you just have to understand what it is,” Nadig said. “For example,DBMFand PFIX absolutely are complex, but the right tools for the market we’re in right now.”The $440 million iM DBi Managed Futures Strategy ETF (ticker DBMF), which holds futures contracts across commodities and equities, has returned 24% this year thanks to the one-way inflation momentum trade. The $292 million Simplify Interest Rate Hedge ETF (PFIX), which uses options to ride floating interest rates, has gained about 44% in 2022.While the S&P 500 has entered bear-market territory, the $175 million Innovator Equity Power Buffer ETF-August (PAUG), which seeks to buffer against the first 15% of losses in the SPDR S&P 500 ETF Trust (SPY) over its 12-month outcome period, has outperformed the fund by 8% since last July.“Even though our growth is very good and very strong, it could have been much faster and much better if they had not put this label of complex product on our funds,” said Bruce Bond, chief executive officer at Innovator. “They’ve made it difficult for us to get in established brokerage distribution.”Derivatives-heavy products labeled as “complex” by some regulators aren’t necessarily risky, according to Deborah Fuhr, co-founder of ETFGI. But curbing access to certain speculative funds may be no bad thing. She is hoping Finra will clarify things soon enough.“Many people feel that there are a large number of investors who don’t understand how many leveraged and inverse products work,” she said.","news_type":1,"symbols_score_info":{"PAUG":0.9,"DBMF":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957274423,"gmtCreate":1677359486962,"gmtModify":1677359490703,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957274423","repostId":"1177307200","repostType":4,"repost":{"id":"1177307200","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1677330651,"share":"https://ttm.financial/m/news/1177307200?lang=en_US&edition=fundamental","pubTime":"2023-02-25 21:10","market":"us","language":"en","title":"Berkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1177307200","media":"Tiger Newspress","summary":"Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weig","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/9027ddd6e6e1a7c4f859db847ded7046\" tg-width=\"929\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.</p><p>Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the year-earlier period when profits totaled $7.285 billion. Operating earnings refers to the total profits made from the businesses owned by the conglomerate.</p><p>For the year, the conglomerate’s operating earnings totaled $30.793 billion. That’s up 12.2% from $27.455 billion in 2021.</p><p>Meanwhile, Berkshire used $2.855 billion to buy back shares in the fourth quarter. That’s lower than the year-earlier period when share repurchases totaled approximately $6.9 billion.</p><p>Given this, Berkshire’s cash hoard grew to $128.651 billion in the fourth quarter of 2022. That’s up from nearly $109 billion in the third quarter.</p><p>Buffett said in his annual shareholder letter that Berkshire will continue to hold a “boatload” of cash and U.S. Treasury bills along with its myriad of businesses. He specified that future CEOs in the company will use their own money to hold Berkshire shares.</p><p>“As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses,” Buffett wrote.</p><p>“And yes, our shareholders will continue to save and prosper by retaining earnings. At Berkshire, there will be no finish line.”</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>Berkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion</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\">\nBerkshire Hathaway Fourth-Quarter Operating Earnings Fall 8%, Cash Hoard Swells to Nearly $130 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-02-25 21:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><img src=\"https://static.tigerbbs.com/9027ddd6e6e1a7c4f859db847ded7046\" tg-width=\"929\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.</p><p>Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the year-earlier period when profits totaled $7.285 billion. Operating earnings refers to the total profits made from the businesses owned by the conglomerate.</p><p>For the year, the conglomerate’s operating earnings totaled $30.793 billion. That’s up 12.2% from $27.455 billion in 2021.</p><p>Meanwhile, Berkshire used $2.855 billion to buy back shares in the fourth quarter. That’s lower than the year-earlier period when share repurchases totaled approximately $6.9 billion.</p><p>Given this, Berkshire’s cash hoard grew to $128.651 billion in the fourth quarter of 2022. That’s up from nearly $109 billion in the third quarter.</p><p>Buffett said in his annual shareholder letter that Berkshire will continue to hold a “boatload” of cash and U.S. Treasury bills along with its myriad of businesses. He specified that future CEOs in the company will use their own money to hold Berkshire shares.</p><p>“As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses,” Buffett wrote.</p><p>“And yes, our shareholders will continue to save and prosper by retaining earnings. At Berkshire, there will be no finish line.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177307200","content_text":"Berkshire Hathaway’s operating profits fell during the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.Berkshire Hathaway’s operating earnings totaled $6.7 billion in the fourth quarter of 2022, a release read Saturday. That’s down 7.9% from the year-earlier period when profits totaled $7.285 billion. Operating earnings refers to the total profits made from the businesses owned by the conglomerate.For the year, the conglomerate’s operating earnings totaled $30.793 billion. That’s up 12.2% from $27.455 billion in 2021.Meanwhile, Berkshire used $2.855 billion to buy back shares in the fourth quarter. That’s lower than the year-earlier period when share repurchases totaled approximately $6.9 billion.Given this, Berkshire’s cash hoard grew to $128.651 billion in the fourth quarter of 2022. That’s up from nearly $109 billion in the third quarter.Buffett said in his annual shareholder letter that Berkshire will continue to hold a “boatload” of cash and U.S. Treasury bills along with its myriad of businesses. He specified that future CEOs in the company will use their own money to hold Berkshire shares.“As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses,” Buffett wrote.“And yes, our shareholders will continue to save and prosper by retaining earnings. At Berkshire, there will be no finish line.”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035802943,"gmtCreate":1647560396368,"gmtModify":1676534243629,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035802943","repostId":"2220470897","repostType":2,"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957637901,"gmtCreate":1677207485004,"gmtModify":1677207488285,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9957637901","repostId":"1189816906","repostType":4,"repost":{"id":"1189816906","kind":"news","pubTimestamp":1677200528,"share":"https://ttm.financial/m/news/1189816906?lang=en_US&edition=fundamental","pubTime":"2023-02-24 09:02","market":"us","language":"en","title":"3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin","url":"https://stock-news.laohu8.com/highlight/detail?id=1189816906","media":"InvestorPlace","summary":"Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thu","content":"<div>\n<p>Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thursday.Carvana(CVNA) also reports earnings amid swirling bankruptcy reports.Bitcoin(BTC-USD) faces a ...</p>\n\n<a href=\"https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/\">Source Link</a>\n\n</div>\n","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Hot Stocks for Tomorrow: Friday Predictions for SQ, CVNA, Bitcoin\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-24 09:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thursday.Carvana(CVNA) also reports earnings amid swirling bankruptcy reports.Bitcoin(BTC-USD) faces a ...</p>\n\n<a href=\"https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVNA":"Carvana Co."},"source_url":"https://investorplace.com/2023/02/sq-cvna-bitcoin-3-hot-stocks-for-tomorrow-friday-predictions/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189816906","content_text":"Block(SQ) is the first of our hot stocks for tomorrow, as it reports earnings after the close on Thursday.Carvana(CVNA) also reports earnings amid swirling bankruptcy reports.Bitcoin(BTC-USD) faces a big technical hurdle on the weekly charts, even as it has traded quite well so far this year.The stock market wavered on Wednesday and ended slightly lower for the day. That marked the fourth straight daily decline for the S&P 500 and has investors looking for a turnaround. It also has them looking at hot stocks for tomorrow.Nvidia(NASDAQ: NVDA) leads the charge today with earnings in focus, but Alibaba(NYSE: BABA), Lucid Motors(NASDAQ: LCID), and others are also in the spotlight (here are the key levels to know now).The Federal Reserve’s FOMC release on Wednesday afternoon sparked some volatility but nothing that seems to be rocking the boat all that much. The GDP report was released on Thursday morning, but investors are wondering if the stock market can end its recent run to the downside.Let’s look at a few hot stocks for tomorrow — Friday.Hot Stocks for Tomorrow: Block (SQ)Just like all eyes are on Nvidia, Lucid, and others this morning, they will be on Block(NYSE: SQ) soon enough. That’s as the company reports earnings on Thursday after the close.SQ stock has performed exceptionally well this year and has been very strong since bottoming on Nov. 3. So far, shares are up about 16% on the year and have rallied more than 40% from the recent low. That said, it hasn’t been an easy ride over the past year.Combined with its exposure to cryptocurrencies, Block is considered a growth stock has made it a target for the bears. While growth stocks have traded quite well over the last four to six weeks, many are again starting to come under pressure.Will the recent pullback provide enough of a dip to justify bidding these names higher on earnings, or will the quarter exacerbate the decline?The Chart: We have an excellent little “ABC” correction down to the 50-day moving average. A break of the 200-day moving average puts $66, then $58 to $60 in play. On the upside, a bullish reaction puts $78.50 to $80 in play, followed by the prior breakout level near $83, then finally, the $90 to $92 area.Carvana (CVNA)Carvana(NYSE: CVNA) has been in the news a lot lately, mostly surrounding its potential bankruptcy. The company has been operating at a steep loss, with negative free cash flow and an intimidating debt load.Bulls are hoping to hear something positive in the report. A way to ease the balance-sheet load or improve margins, cost cuts — really anything that points to a glimmer of hope in avoiding bankruptcy.However, it is important to remember that CVNA stock has become a speculation vehicle for traders looking at a potential short squeeze.According to Fintel, more than 70% of the float is currently sold short. In that sense, CVNA stock could be primed for a short squeeze if the results are better than feared.The Chart: Shares have been trending lower. First, bulls want to see shares clear $11.50, putting CVNA above the 10-day and 21-day moving averages. Really though, they want to see shares rally to (and potentially clear) $20 to $22. That’s the current resistance and the 200-day moving average. On the downside, bulls want to see a dip to the $7.50 to $8 area to hold as support.Hot Stocks for Tomorrow: Bitcoin (BTC-USD)Though technically not a stock, the enthusiasm for crypto has been on the rise again, and that’s being led by Bitcoin(BTC-USD). Bitcoin has done quite well over the few months, as buyers continue to elevate the leading cryptocurrency.Cathie Wood recently reiterated her call for Bitcoin to trade at a seven-figure value eventually, but that could be a long way off — even by her measures.So far, Bitcoin has rallied in five of the last seven weeks, although it’s down about 1.3% so far this week. For an asset like this, though, that figure can be erased in no time if bulls choose to do so.The problem?The short-term trend has been incredibly bullish. However, the long-term trends still look bearish at worst and questionable at best.The Chart: The chart above shows the daily view on the left and the weekly view on the right. Bitcoin is riding its 10-day moving average and is above all of its daily moving averages. It’s also holding above recent resistance near $23,750.On the flip side, it’s stalling near the very key $25,000 level while also running right into its 200-week and 50-week moving averages. So if you are trading Bitcoin on the long side, you should know some of the more significant levels looming on the weekly chart.","news_type":1,"symbols_score_info":{"CVNA":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957274743,"gmtCreate":1677359495883,"gmtModify":1677359499553,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957274743","repostId":"1167738406","repostType":4,"repost":{"id":"1167738406","kind":"news","pubTimestamp":1677283346,"share":"https://ttm.financial/m/news/1167738406?lang=en_US&edition=fundamental","pubTime":"2023-02-25 08:02","market":"sg","language":"en","title":"SGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation","url":"https://stock-news.laohu8.com/highlight/detail?id=1167738406","media":"The Smart Investor","summary":"Welcome to the latest edition of top stock market highlights.SATS Ltd (SGX: S58)Investors have been ","content":"<html><head></head><body><p>Welcome to the latest edition of top stock market highlights.</p><h2><b>SATS Ltd (SGX: S58)</b></h2><p>Investors have been waiting with bated breath for news on SATS’ rights issue ever since the ground handler announced itsS$1.6 billion transformative acquisition.</p><p>Just this week, the airline food catering group finally announced the details of this rights issue.</p><p>A shareholder is entitled to subscribe to 323 rights shares for every 1,000 existing shares at an issue price of S$2.20 per rights share.</p><p>This issue price represents a 16% discount to the theoretical ex-rights price based on the closing price of S$2.75 for SATS before the announcement of the rights issue.</p><p>Temasek Holdings, which owns close to 40% of SATS, will take up its pro-rata entitlement to the rights issue while the remainder will be underwritten by five banks which include Singapore’s three local banks along with<b>Citigroup</b>(NYSE: C) and<b>Bank of America</b>(NYSE: BAC).</p><p>SATS’ shares will trade cum rights up till 28 February and will go “ex-rights” on 1 March.</p><p>Investors should note that the total cost of the acquisition will be funded via this rights issue as well as the issuance of a three-year Euro-denominated bond of around S$700 million plus the group’s internal cash balance.</p><h2><b>ARA US Hospitality Trust (SGX: XZL)</b></h2><p>ARA US Hospitality Trust, or ARAHT, is a hospitality trust that owns 36 select-service hotels with 4,707 rooms across 19 states in the US.</p><p>The hotel brands include Hyatt Place and Hyatt House under the<b>Hyatt Hotels Corporation</b>(NYSE: H), and AC Hotels, Courtyard, and Residence Inn, brands that are parked under<b>Marriott International</b>(NASDAQ: MAR).</p><p>ARAHT reported a sharp recovery for its 2022 results along with an increase in its portfolio’s valuation.</p><p>Revenue jumped 29.3% year on year to US$169 million as pent-up travel demand led to a surge in bookings for the trust’s hotels.</p><p>Net property income surged by 66.4% year on year to US$41.4 million and distributable income shot up more than eightfold year on year to US$17.5 million.</p><p>ARAHT’s distribution per stapled security (DPSS) soared 760% year on year from US$0.00355 to US$0.03054.</p><p>The trust also enjoyed stronger operating metrics, with the occupancy rate across its portfolio rising by 8.2 percentage points year on year to 65.3%.</p><p>Average Daily Rate climbed by 17.2% year on year to US$131 while revenue per available room climbed by 33.9% year on year to US$85.</p><p>To add icing to the cake, ARAHT’s portfolio also saw a 9.4% year on year valuation uplift to US$747.8 million.</p><p>The increase in asset value and a slight decline in total debt allowed the trust’s aggregate leverage to dip below 40% from 44.3% a year ago.</p><p>However, the cost of debt rose from 3.4% in 2021 to 3.8% in 2022, but ARAHT had 82% of its borrowings on fixed rates to mitigate the impact of higher finance costs.</p><h2><b>Nanofilm Technologies International Ltd (SGX: MZH)</b></h2><p>Nanofilm reported a tough 2022 as geopolitical tensions impacted supply chains and customers delayed their capital spending.</p><p>The group reported a 3.8% year on year dip in revenue to S$237.4 million.</p><p>Net profit, however, fell by 29.6% year on year to S$43.8 million due to higher selling, distribution, and administrative expenses.</p><p>Nanofilm’s core division, Advanced Materials, saw revenue dip by 3.6% year on year to S$187.2 million.</p><p>The decline was somewhat offset by a more than year on year doubling of revenue for its Nanofabrication business unit to S$19.1 million.</p><p>Its Industrial Equipment business unit, however, saw revenue plunge nearly 31% year on year to S$30.9 million as customers withheld orders because of uncertain business conditions.</p><p>Despite the poorer results, Nanofilm managed to generate a positive free cash flow of S$10.3 million for 2022, a reversal from the negative free cash flow of S$34.5 million in the previous year.</p><p>The group raised its finaldividendby 10% year on year to S$0.011 despite the weaker results.</p><p>Nanofilm has warned that 2023 will continue to be “challenging” but that it will continue to execute its strategic plans to grow the business to achieve its target of S$500 million in revenue and S$100 million in net profit by 2025.</p><h2><b>Singapore’s inflation rate</b></h2><p>The first month of 2023 has continued the trend ofhigh inflationwitnessed last year.</p><p>Singapore’s core inflation weighed in at 5.5% year on year for January and was at its highest level since November 2008.</p><p>The increase was driven by the rise in the Goods and Services Tax from 7% to 8%.</p><p>The headline inflation rate stood at 6.6%, slightly above the 6.5% recorded in December 2022.</p><p>Food inflation was the main culprit this time, posting an 8.1% year on year jump as the price of prepared meals surged.</p><p>Housing rents also played a part in pushing inflation higher, with the increase registering a 5% year on year jump in accommodation inflation.</p><p>Fortunately, the government has announced its recentBudget 2023which will help to partially offset the negative effects of inflation.</p></body></html>","source":"lsy1602567310727","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>SGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nSGX Weekly Review: SATS, ARA US Hospitality Trust, Nanofilm Technologies and Singapore’s Inflation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-25 08:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-sats-ara-us-hospitality-trust-nanofilm-technologies-and-singapores-inflation/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Welcome to the latest edition of top stock market highlights.SATS Ltd (SGX: S58)Investors have been waiting with bated breath for news on SATS’ rights issue ever since the ground handler announced ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-sats-ara-us-hospitality-trust-nanofilm-technologies-and-singapores-inflation/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S58.SI":"新翔集团有限公司","MZH.SI":"Nanofilm","XZL.SI":"亚腾美国酒店信托"},"source_url":"https://thesmartinvestor.com.sg/top-stock-market-highlights-sats-ara-us-hospitality-trust-nanofilm-technologies-and-singapores-inflation/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167738406","content_text":"Welcome to the latest edition of top stock market highlights.SATS Ltd (SGX: S58)Investors have been waiting with bated breath for news on SATS’ rights issue ever since the ground handler announced itsS$1.6 billion transformative acquisition.Just this week, the airline food catering group finally announced the details of this rights issue.A shareholder is entitled to subscribe to 323 rights shares for every 1,000 existing shares at an issue price of S$2.20 per rights share.This issue price represents a 16% discount to the theoretical ex-rights price based on the closing price of S$2.75 for SATS before the announcement of the rights issue.Temasek Holdings, which owns close to 40% of SATS, will take up its pro-rata entitlement to the rights issue while the remainder will be underwritten by five banks which include Singapore’s three local banks along withCitigroup(NYSE: C) andBank of America(NYSE: BAC).SATS’ shares will trade cum rights up till 28 February and will go “ex-rights” on 1 March.Investors should note that the total cost of the acquisition will be funded via this rights issue as well as the issuance of a three-year Euro-denominated bond of around S$700 million plus the group’s internal cash balance.ARA US Hospitality Trust (SGX: XZL)ARA US Hospitality Trust, or ARAHT, is a hospitality trust that owns 36 select-service hotels with 4,707 rooms across 19 states in the US.The hotel brands include Hyatt Place and Hyatt House under theHyatt Hotels Corporation(NYSE: H), and AC Hotels, Courtyard, and Residence Inn, brands that are parked underMarriott International(NASDAQ: MAR).ARAHT reported a sharp recovery for its 2022 results along with an increase in its portfolio’s valuation.Revenue jumped 29.3% year on year to US$169 million as pent-up travel demand led to a surge in bookings for the trust’s hotels.Net property income surged by 66.4% year on year to US$41.4 million and distributable income shot up more than eightfold year on year to US$17.5 million.ARAHT’s distribution per stapled security (DPSS) soared 760% year on year from US$0.00355 to US$0.03054.The trust also enjoyed stronger operating metrics, with the occupancy rate across its portfolio rising by 8.2 percentage points year on year to 65.3%.Average Daily Rate climbed by 17.2% year on year to US$131 while revenue per available room climbed by 33.9% year on year to US$85.To add icing to the cake, ARAHT’s portfolio also saw a 9.4% year on year valuation uplift to US$747.8 million.The increase in asset value and a slight decline in total debt allowed the trust’s aggregate leverage to dip below 40% from 44.3% a year ago.However, the cost of debt rose from 3.4% in 2021 to 3.8% in 2022, but ARAHT had 82% of its borrowings on fixed rates to mitigate the impact of higher finance costs.Nanofilm Technologies International Ltd (SGX: MZH)Nanofilm reported a tough 2022 as geopolitical tensions impacted supply chains and customers delayed their capital spending.The group reported a 3.8% year on year dip in revenue to S$237.4 million.Net profit, however, fell by 29.6% year on year to S$43.8 million due to higher selling, distribution, and administrative expenses.Nanofilm’s core division, Advanced Materials, saw revenue dip by 3.6% year on year to S$187.2 million.The decline was somewhat offset by a more than year on year doubling of revenue for its Nanofabrication business unit to S$19.1 million.Its Industrial Equipment business unit, however, saw revenue plunge nearly 31% year on year to S$30.9 million as customers withheld orders because of uncertain business conditions.Despite the poorer results, Nanofilm managed to generate a positive free cash flow of S$10.3 million for 2022, a reversal from the negative free cash flow of S$34.5 million in the previous year.The group raised its finaldividendby 10% year on year to S$0.011 despite the weaker results.Nanofilm has warned that 2023 will continue to be “challenging” but that it will continue to execute its strategic plans to grow the business to achieve its target of S$500 million in revenue and S$100 million in net profit by 2025.Singapore’s inflation rateThe first month of 2023 has continued the trend ofhigh inflationwitnessed last year.Singapore’s core inflation weighed in at 5.5% year on year for January and was at its highest level since November 2008.The increase was driven by the rise in the Goods and Services Tax from 7% to 8%.The headline inflation rate stood at 6.6%, slightly above the 6.5% recorded in December 2022.Food inflation was the main culprit this time, posting an 8.1% year on year jump as the price of prepared meals surged.Housing rents also played a part in pushing inflation higher, with the increase registering a 5% year on year jump in accommodation inflation.Fortunately, the government has announced its recentBudget 2023which will help to partially offset the negative effects of inflation.","news_type":1,"symbols_score_info":{"S58.SI":0.9,"XZL.SI":0.9,"MZH.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9969101497,"gmtCreate":1668381857320,"gmtModify":1676538046041,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9969101497","repostId":"1161914183","repostType":2,"isVote":1,"tweetType":1,"viewCount":1564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049730548,"gmtCreate":1655849629084,"gmtModify":1676535714962,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049730548","repostId":"2245827432","repostType":4,"repost":{"id":"2245827432","kind":"highlight","pubTimestamp":1655825437,"share":"https://ttm.financial/m/news/2245827432?lang=en_US&edition=fundamental","pubTime":"2022-06-21 23:30","market":"us","language":"en","title":"Should You Buy Tesla Now or Wait Until After the Stock Split?","url":"https://stock-news.laohu8.com/highlight/detail?id=2245827432","media":"Motley Fool","summary":"Here's what Tesla's potential upcoming split means for investors.","content":"<div>\n<p>KEY POINTSTesla wants to split its stock 3-for-1.The stock's valuation continues to get more attractive.A recession could hurt Tesla's young competition.Electric-vehicle company Tesla recently filed a...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/21/should-you-buy-tesla-now-or-wait-until-after-the-s/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Should You Buy Tesla Now or Wait Until After the Stock Split?</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\">\nShould You Buy Tesla Now or Wait Until After the Stock Split?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-21 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/06/21/should-you-buy-tesla-now-or-wait-until-after-the-s/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSTesla wants to split its stock 3-for-1.The stock's valuation continues to get more attractive.A recession could hurt Tesla's young competition.Electric-vehicle company Tesla recently filed a...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/21/should-you-buy-tesla-now-or-wait-until-after-the-s/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2022/06/21/should-you-buy-tesla-now-or-wait-until-after-the-s/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2245827432","content_text":"KEY POINTSTesla wants to split its stock 3-for-1.The stock's valuation continues to get more attractive.A recession could hurt Tesla's young competition.Electric-vehicle company Tesla recently filed a document revealing plans for a 3-for-1 stock split.The company last split its stock in August 2020, and shares have risen 30% since then. So if you're planning to invest in Tesla, should you buy the stock now or wait until the split takes place, which needs approval from shareholders at the company's annual shareholder meeting on August 4?The answer may surprise you; roll up your sleeves and dive in.What a stock split means for investorsFirst, it is essential to know what a stock split is and what it means for investors. A stock split is when a company increases its existing total share count by a specific ratio to lower its share price. The important thing to note is the company's total market capitalization remains unchanged strictly based on the stock split.For example, Tesla's proposed 3-for-1 split means the automaker is tripling the number of outstanding shares on the market. After the split, investors will own three shares for every share they held before the split.If all else remains equal, the share price will fall in proportion, so if Tesla trades at $999 per share before the split, investors will have three shares at $333 each after the split.The crucial takeaway is that a stock split doesn't make the company any more valuable; nothing fundamentally changes about the stock. The one share trading at $999 is worth the same as three shares trading at $333.Stock splits make shares more affordable, especially for retail investors. Companies sometimes split their stock to appeal to the retail crowd; adding more shares also boosts trading volume, meaning the stock is easier to buy and sell on a brokerage.Asking whether to buy a stock before or after a stock split is a trick question: If a split doesn't fundamentally change a stock, it shouldn't matter whether you buy now or wait. However, you can base your buying or selling of Tesla on other factors.The stock is near its lowest valuationTesla began turning a bottom-line profit in 2020, so investors can value the stock with the price-to-earnings (P/E) ratio. Its P/E ratio started high when it first turned profitable, earnings per share (EPS) are now quickly growing, and the stock's valuation is coming down. The current P/E of 89 is its lowest on record.Data by YCharts.Tesla still commands a considerable premium over legacy automotive companies like Ford and General Motors, which trade at a P/E of 4 and 5, respectively. However, Tesla's bottom line is swelling; analysts expect 30% annual EPS growth over the next three to five years, compared to just 3% for Ford and 10% for General Motors.It seems that Tesla deserves the premium valuation it has, though the degree of that premium is up for debate. Nevertheless, if the company can grow like analysts believe it can, long-term investors could see the stock grow into its valuation over time.A tough economy could hurt competitorsTesla's profitability also comes at a crucial time; inflation is raging, supply chains are hurting manufacturers worldwide, and the economy could enter a recession. Mass-producing cars isn't easy, and Elon Musk has openly talked about how increasing Model 3 production nearly bankrupted his company.A problematic economic backdrop could spell trouble for upstart competitors like Lucid Group and Rivian Automotive, which still burn significant amounts of cash. Meanwhile, Tesla is generating billions in free cash flow and sitting on $18 billion in cash on the balance sheet against just $3 billion in debt.Data by YCharts.Rivian has $16 billion in cash from IPO proceeds, while Lucid has $5 billion. This cash will buy them time, but both are trying to build more vehicles faster, which could worsen their cash burn.A recession wouldn't help anyone, but harsh operating conditions can become a game of survival, and it's not clear that any automotive company is as financially sound right now as Tesla is.Wrapping upA stock split can grab headlines, but investors who buy Tesla stock should do so because of its growth and profitability. The stock could go lower over the short term, and nobody knows when a bottom might occur.Approaching your investments with a long time horizon will give a company's fundamentals the best chance to dictate your investment returns. Good companies tend to perform well over time. You can also use a dollar-cost averaging strategy to slowly buy shares, blending your cost into an average that isn't too high or too low.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860211477,"gmtCreate":1632181949799,"gmtModify":1676530718374,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FVRR\">$Fiverr International Ltd.(FVRR)$</a>Making profit&nbsp;","listText":"<a href=\"https://laohu8.com/S/FVRR\">$Fiverr International Ltd.(FVRR)$</a>Making profit&nbsp;","text":"$Fiverr International Ltd.(FVRR)$Making profit","images":[{"img":"https://static.tigerbbs.com/d86facbbf4d7d3e62b8e8e7f8e6d3520","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/860211477","isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9949526670,"gmtCreate":1678767707890,"gmtModify":1678767711511,"author":{"id":"4087210591972110","authorId":"4087210591972110","name":"Han Tee","avatar":"https://static.tigerbbs.com/0cc86ef418f4b2e2acb8e651b4446b24","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087210591972110","authorIdStr":"4087210591972110"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949526670","repostId":"2318942637","repostType":4,"repost":{"id":"2318942637","kind":"highlight","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1678763358,"share":"https://ttm.financial/m/news/2318942637?lang=en_US&edition=fundamental","pubTime":"2023-03-14 11:09","market":"us","language":"en","title":"How Does a Bank Collapse Quickly? a Timeline of the SVB Fall","url":"https://stock-news.laohu8.com/highlight/detail?id=2318942637","media":"Tiger Newspress","summary":"Recently, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered custome","content":"<html><head></head><body><p>Recently, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo.</p><p>Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.</p><p>It was the largest failure of a US bank since Washington Mutual in 2008.</p><p><img src=\"https://static.tigerbbs.com/378ad97105d4f81aba9366beb9c7f945\" tg-width=\"750\" tg-height=\"4212\" referrerpolicy=\"no-referrer\"/></p><p>Here’s what we know about the bank’s downfall, and what might come next.</p><h2>What is SVB?</h2><p>Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.</p><p>While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.</p><h2>Why did it fail?</h2><p>In short, SVB encountered a classic run on the bank.</p><p>The longer version is a bit more complicated.</p><p>Several forces collided to take down the banker.</p><p>First, there was the Federal Reserve, which began raising interest rates a year ago to tame inflation. The Fed moved aggressively, and higher borrowing costs sapped the momentum of tech stocks that had benefited SVB.</p><p>Higher interest rates also eroded the value of long-term bonds that SVB and other banks gobbled up during the era of ultra-low, near-zero interest rates. SVB’s $21 billion bond portfolio was yielding an average of 1.79% — the current 10-year Treasury yield is about 3.9%.</p><p>At the same time, venture capital began drying up, forcing startups to draw down funds held by SVB. So the bank was sitting on a mountain of unrealized losses in bonds just as the pace of customer withdrawals was escalating.</p><h2>The panic takes root…</h2><p>On Wednesday, SVB announced it had sold a bunch of securities at a loss, and that it would also sell $2.25 billion in new shares to shore up its balance sheet. That triggered a panic among key venture capital firms, who reportedly advised companies to withdraw their money from the bank.</p><p>The bank’s stock began plummeting Thursday morning and by the afternoon it was dragging other bank shares down with it as investors began to fear a repeat of the 2007-2008 financial crisis.</p><p>By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer. California regulators intervened, shutting the bank down and placing it in receivership under the Federal Deposit Insurance Corporation.</p><h2>Contagion fears subside</h2><p>Despite initial panic on Wall Street, analysts said SVB’s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the financial crisis.</p><p>“The system is as well-capitalized and liquid as it has ever been,” Moody’s chief economist Mark Zandi said. “The banks that are now in trouble are much too small to be a meaningful threat to the broader system.”</p><p>No later than Monday morning, all insured depositors will have full access to their insured deposits, according to the FDIC. It will pay uninsured depositors an “advance dividend within the next week.”</p><h2>What’s next?</h2><p>So, while a broader contagion is unlikely, smaller banks that are disproportionately tied to cash-strapped industries like tech and crypto may be in for a rough ride, according to Ed Moya, senior market analyst at Oanda.</p><p>“Everyone on Wall Street knew that the Fed’s rate-hiking campaign would eventually break something, and right now that is taking down small banks,” Moya said on Friday.</p><p>The FDIC typically sells a failed bank’s assets to other banks, using the proceeds to repay depositors whose funds weren’t insured.</p><p>A buyer could still emerge for SVB, though it’s far from guaranteed.</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>How Does a Bank Collapse Quickly? a Timeline of the SVB Fall</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Does a Bank Collapse Quickly? a Timeline of the SVB Fall\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-03-14 11:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Recently, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo.</p><p>Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.</p><p>It was the largest failure of a US bank since Washington Mutual in 2008.</p><p><img src=\"https://static.tigerbbs.com/378ad97105d4f81aba9366beb9c7f945\" tg-width=\"750\" tg-height=\"4212\" referrerpolicy=\"no-referrer\"/></p><p>Here’s what we know about the bank’s downfall, and what might come next.</p><h2>What is SVB?</h2><p>Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.</p><p>While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.</p><h2>Why did it fail?</h2><p>In short, SVB encountered a classic run on the bank.</p><p>The longer version is a bit more complicated.</p><p>Several forces collided to take down the banker.</p><p>First, there was the Federal Reserve, which began raising interest rates a year ago to tame inflation. The Fed moved aggressively, and higher borrowing costs sapped the momentum of tech stocks that had benefited SVB.</p><p>Higher interest rates also eroded the value of long-term bonds that SVB and other banks gobbled up during the era of ultra-low, near-zero interest rates. SVB’s $21 billion bond portfolio was yielding an average of 1.79% — the current 10-year Treasury yield is about 3.9%.</p><p>At the same time, venture capital began drying up, forcing startups to draw down funds held by SVB. So the bank was sitting on a mountain of unrealized losses in bonds just as the pace of customer withdrawals was escalating.</p><h2>The panic takes root…</h2><p>On Wednesday, SVB announced it had sold a bunch of securities at a loss, and that it would also sell $2.25 billion in new shares to shore up its balance sheet. That triggered a panic among key venture capital firms, who reportedly advised companies to withdraw their money from the bank.</p><p>The bank’s stock began plummeting Thursday morning and by the afternoon it was dragging other bank shares down with it as investors began to fear a repeat of the 2007-2008 financial crisis.</p><p>By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer. California regulators intervened, shutting the bank down and placing it in receivership under the Federal Deposit Insurance Corporation.</p><h2>Contagion fears subside</h2><p>Despite initial panic on Wall Street, analysts said SVB’s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the financial crisis.</p><p>“The system is as well-capitalized and liquid as it has ever been,” Moody’s chief economist Mark Zandi said. “The banks that are now in trouble are much too small to be a meaningful threat to the broader system.”</p><p>No later than Monday morning, all insured depositors will have full access to their insured deposits, according to the FDIC. It will pay uninsured depositors an “advance dividend within the next week.”</p><h2>What’s next?</h2><p>So, while a broader contagion is unlikely, smaller banks that are disproportionately tied to cash-strapped industries like tech and crypto may be in for a rough ride, according to Ed Moya, senior market analyst at Oanda.</p><p>“Everyone on Wall Street knew that the Fed’s rate-hiking campaign would eventually break something, and right now that is taking down small banks,” Moya said on Friday.</p><p>The FDIC typically sells a failed bank’s assets to other banks, using the proceeds to repay depositors whose funds weren’t insured.</p><p>A buyer could still emerge for SVB, though it’s far from guaranteed.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","BK4211":"区域性银行","LU1861217088.USD":"贝莱德金融科技A2","BK4588":"碎股","BK4585":"ETF&股票定投概念","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318942637","content_text":"Recently, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo.Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.It was the largest failure of a US bank since Washington Mutual in 2008.Here’s what we know about the bank’s downfall, and what might come next.What is SVB?Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.Why did it fail?In short, SVB encountered a classic run on the bank.The longer version is a bit more complicated.Several forces collided to take down the banker.First, there was the Federal Reserve, which began raising interest rates a year ago to tame inflation. The Fed moved aggressively, and higher borrowing costs sapped the momentum of tech stocks that had benefited SVB.Higher interest rates also eroded the value of long-term bonds that SVB and other banks gobbled up during the era of ultra-low, near-zero interest rates. SVB’s $21 billion bond portfolio was yielding an average of 1.79% — the current 10-year Treasury yield is about 3.9%.At the same time, venture capital began drying up, forcing startups to draw down funds held by SVB. So the bank was sitting on a mountain of unrealized losses in bonds just as the pace of customer withdrawals was escalating.The panic takes root…On Wednesday, SVB announced it had sold a bunch of securities at a loss, and that it would also sell $2.25 billion in new shares to shore up its balance sheet. That triggered a panic among key venture capital firms, who reportedly advised companies to withdraw their money from the bank.The bank’s stock began plummeting Thursday morning and by the afternoon it was dragging other bank shares down with it as investors began to fear a repeat of the 2007-2008 financial crisis.By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer. California regulators intervened, shutting the bank down and placing it in receivership under the Federal Deposit Insurance Corporation.Contagion fears subsideDespite initial panic on Wall Street, analysts said SVB’s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the financial crisis.“The system is as well-capitalized and liquid as it has ever been,” Moody’s chief economist Mark Zandi said. “The banks that are now in trouble are much too small to be a meaningful threat to the broader system.”No later than Monday morning, all insured depositors will have full access to their insured deposits, according to the FDIC. It will pay uninsured depositors an “advance dividend within the next week.”What’s next?So, while a broader contagion is unlikely, smaller banks that are disproportionately tied to cash-strapped industries like tech and crypto may be in for a rough ride, according to Ed Moya, senior market analyst at Oanda.“Everyone on Wall Street knew that the Fed’s rate-hiking campaign would eventually break something, and right now that is taking down small banks,” Moya said on Friday.The FDIC typically sells a failed bank’s assets to other banks, using the proceeds to repay depositors whose funds weren’t insured.A buyer could still emerge for SVB, though it’s far from guaranteed.","news_type":1,"symbols_score_info":{"SIVB":0.6}},"isVote":1,"tweetType":1,"viewCount":2760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}