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2022-06-09

$蔚来(NIO)$NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch

2022-06-21

$牛奶国际控股有限公司(D01.SI)$🚀

2021-08-02

Wow

Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week

2023-12-28

Recap your 2023

Find out more here: Recap your 2023 Unlock your exclusive investment memory

Recap your 2023

2022-06-21

$蔚来(NIO)$🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕

2022-04-04

$牛奶国际控股有限公司(D01.SI)$go

2021-09-13

?

美股IPO前瞻：10家公司上市融资超30亿美元，涉及这些领域

2021-08-10

Good

BioNTech SE(BNTX)大涨逾10% Q2营收53.09亿欧元同比增长126倍

2022-06-23

$胜科海事(S51.SI)$https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&fs=e&s=cl

2022-06-21

$牛奶国际控股有限公司(D01.SI)$🚀

2022-06-09

👍

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2022-05-06

$蔚来(NIO)$Good for sti

2022-04-04

💪🏻

@OlWestyWin:Ignore NIO Stock’s Minor Bumps

2021-09-15

?

巴菲特：择时择机、顺应时代

2021-07-30

Wow

Tesla agrees to pay $1.5 mln to settle claims over battery voltage reduction

04-26

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04-01

Guess the winner，Earn Tiger Coins

Find out more here: Guess the winner，Earn Tiger Coins Come and participate in the“ Guess the winner，Earn Tiger Coins” event, find the trade master and invite friends to get up to 250 tiger coins.

Guess the winner，Earn Tiger Coins

04-01

Guess the winner，Earn Tiger Coins

Find out more here: Guess the winner，Earn Tiger Coins Come and participate in the“ Guess the winner，Earn Tiger Coins” event, find the trade master and invite friends to get up to 250 tiger coins.

Guess the winner，Earn Tiger Coins

01-15

🫡

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01-15

🫡

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Go to Tiger App to see more news

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get up to 250 tiger coins.","images":[{"img":"https://static.tigerbbs.com/f5b7f90833b0728cadecb5cb81220f1d"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/290575014703240","isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":290574921183368,"gmtCreate":1711947687962,"gmtModify":1712047794094,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"title":"Guess the winner，Earn Tiger Coins","htmlText":"Find out more here: <a href=\"https://www.atigrzen.com/activity/market/2024/trading-guess?inviteId=IJIERNSX&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=0057593fc46a1987fcfee17c08cadc81&amp;invite=J74SKA&amp;lang=en_US\">Guess the winner，Earn Tiger Coins</a> Come and participate in the“ Guess the winner，Earn Tiger Coins” event, find the trade master and invite friends to get up to 250 tiger coins.","listText":"Find out more here: <a href=\"https://www.atigrzen.com/activity/market/2024/trading-guess?inviteId=IJIERNSX&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=0057593fc46a1987fcfee17c08cadc81&amp;invite=J74SKA&amp;lang=en_US\">Guess the winner，Earn Tiger Coins</a> Come and participate in the“ Guess the winner，Earn Tiger Coins” event, find the trade master and invite friends to get up to 250 tiger coins.","text":"Find out more here: Guess the winner，Earn Tiger Coins Come and participate in the“ Guess the winner，Earn Tiger Coins” event, find the trade master and invite friends to get up to 250 tiger 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your 2023","htmlText":"Find out more here: <a href=\"https://www.heytigers.com/activity/market/2023/summary?adcode=20231218154721&amp;actionID=7626317822ba53e76f2a19b7ebcfe48d&amp;skin=1&amp;os=iOS&amp;account_id=50672913&amp;utm_source=invite&amp;utm_campaign=20231218154721&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=4ffec9c11180beb4bc4d458a97f85a18&amp;invite=J74SKA&amp;lang=en_US#/\">Recap your 2023</a> Unlock your exclusive investment memory","listText":"Find out more here: <a href=\"https://www.heytigers.com/activity/market/2023/summary?adcode=20231218154721&amp;actionID=7626317822ba53e76f2a19b7ebcfe48d&amp;skin=1&amp;os=iOS&amp;account_id=50672913&amp;utm_source=invite&amp;utm_campaign=20231218154721&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=4ffec9c11180beb4bc4d458a97f85a18&amp;invite=J74SKA&amp;lang=en_US#/\">Recap your 2023</a> Unlock your exclusive investment memory","text":"Find out more here: Recap your 2023 Unlock your exclusive investment memory","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/256975696203792","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246629420711936,"gmtCreate":1701233550292,"gmtModify":1701233553602,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"🤝","listText":"🤝","text":"🤝","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246629420711936","repostId":"2387910822","repostType":2,"repost":{"id":"2387910822","pubTimestamp":1701232076,"share":"https://www.laohu8.com/m/news/2387910822?lang=&edition=full","pubTime":"2023-11-29 12:27","market":"us","language":"zh","title":"蔚来换电与吉利控股签约合作","url":"https://stock-news.laohu8.com/highlight/detail?id=2387910822","media":"电车汇","summary":"继长安汽车之后，蔚来换电业务又迎来了第二个整车企业合作伙伴。参考蔚来与长安汽车签约的内容，与吉利控股的合作内容大概率也是在推动换电电池标准建立、换电网络建设与共享、换电车型研发、建立高效的电池资产管理机制等方面展开合作。有消息称，蔚来和吉利还将通过“共投、共建、共享、共运营”模式，有效合作存量站点和新增站点，搭建更大规模、统一性的换电网络。","content":"<html><body><article><img src=\"https://inews.gtimg.com/om_bt/O47tXuhfl-RY7NU4xDnxdc6WNT-LsVejfNmWpcxh2qW9IAA/0\"/><p>继<a href=\"https://laohu8.com/S/000625\">长安汽车</a>之后，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>换电业务又迎来了第二个整车企业合作伙伴。</p><p>今日，网上流传一张印有“吉利控股与<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>换电战略合作签约仪式”的海报，标注时间为2023年11月29日。</p><img src=\"https://inews.gtimg.com/om_bt/O919J5IsrBWHnKd5xqqWCVgDZZMY8tS7rUxdOXbHE1xGYAA/0\"/><p>值得关注的是，按照现场图片，此次签约的一方是吉利控股，是整个吉利体系内最顶层的控股企业。旗下包含吉利控股体系内全部乘用车品牌，有<a href=\"https://laohu8.com/S/00175\">吉利汽车</a>、领克汽车、睿蓝汽车、宝腾汽车、沃尔沃汽车、<a href=\"https://laohu8.com/S/PSNY\">极星汽车</a>、极氪汽车、路特斯汽车、smart汽车、伦敦电动汽车、雷达汽车。</p><img src=\"https://inews.gtimg.com/om_bt/OYT3mVWxcWnmymQhOarWhRVhnks5v3iU-4NvlVkXBzXLcAA/0\"/><p>参考蔚来与长安汽车签约的内容，与吉利控股的合作内容大概率也是在推动换电电池标准建立、换电网络建设与共享、换电车型研发、建立高效的电池资产管理机制等方面展开合作。</p><p>有消息称，蔚来和吉利还将通过“共投、共建、共享、共运营”模式，有效合作存量站点和新增站点，搭建更大规模、统一性的换电网络。双方将携手打造“私家车”和“营运车”两大换电标准体系，为不同需求的用户提供更便捷、完善、有安全保障的服务。</p><p>在本次合作之后，蔚来的换电体系从服务普通用户走向同时服务私家车和运营车两端。此前，吉利旗下易易互联在运营车辆市场深耕多年，正积极在更多城市拓展服务。</p><p>与长安汽车正式签约刚过去一周时间，蔚来就快马加鞭与吉利控股签约，只说明一点，蔚来现在已经开始了坚定不移的战略转型，目前正在同时与多家车企就换电业务合作洽谈，接下来不排除和任一整车厂开展战略合作，联合推出新车，并且搭载换电设施的可能。</p><img src=\"https://inews.gtimg.com/om_bt/Ot1ZzDY8B5sMNoNAMN6wN3zbreBNhlDAxEtYZtRPGY2wMAA/0\"/><p>最新数据显示，蔚来在全国已累计布局2113座换电站，其中高速换电站651座，完成了7纵4横9大城市群高速换电网络布局。并且蔚来还在加速推进换电站建设，在城市核心区域、国家主干高速网络上都将有蔚来换电站。</p><img src=\"https://inews.gtimg.com/om_bt/OljwJ_Jg4WpRxEez1ezXX1m7Xt-itWxdLV9hgcVvK-mkQAA/0\"/><p>2023年10月，蔚来交付新车16,074台，同比增长59.8%；截止10月底，蔚来新车已累计交付415,623台。照此计算，平均每座换电站服务197辆车，这还远未达到现阶段每座换电站的最大负荷。</p><p>目前蔚来已在建设第三代换电站，官方公布的数据显示，该电站单日服务能力可达408次，而蔚来建设数量更多的第二代换电站每天也可以提供最多312次换电服务。</p><p>按照蔚来现阶段的销量增速，短期内都是难以让换电站满负荷高效运转的，但有了外部合作伙伴之后，蔚来的换电业务就能快速再上一个台阶。</p><p>更重要的是，现阶段部分车企也都在推行自己的换电站，而各家车企的换电站之间是难以相互兼容的，一旦多数车企选择与蔚来合作，那就意味着必须接受蔚来的标准，也让蔚来在行业中更有话语权。</p></article></body></html>","source":"tencent","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>蔚来换电与吉利控股签约合作</title>\n<style 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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\">\n蔚来换电与吉利控股签约合作\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 12:27 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311291235108216ebaa&s=b><strong>电车汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>继长安汽车之后，蔚来换电业务又迎来了第二个整车企业合作伙伴。今日，网上流传一张印有“吉利控股与蔚来换电战略合作签约仪式”的海报，标注时间为2023年11月29日。值得关注的是，按照现场图片，此次签约的一方是吉利控股，是整个吉利体系内最顶层的控股企业。旗下包含吉利控股体系内全部乘用车品牌，有吉利汽车、领克汽车、睿蓝汽车、宝腾汽车、沃尔沃汽车、极星汽车、极氪汽车、路特斯汽车、smart汽车、伦敦...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311291235108216ebaa&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"80175":"吉利汽车-R","BK4531":"中概回港概念","00175":"吉利汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311291235108216ebaa&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2387910822","content_text":"继长安汽车之后，蔚来换电业务又迎来了第二个整车企业合作伙伴。今日，网上流传一张印有“吉利控股与蔚来换电战略合作签约仪式”的海报，标注时间为2023年11月29日。值得关注的是，按照现场图片，此次签约的一方是吉利控股，是整个吉利体系内最顶层的控股企业。旗下包含吉利控股体系内全部乘用车品牌，有吉利汽车、领克汽车、睿蓝汽车、宝腾汽车、沃尔沃汽车、极星汽车、极氪汽车、路特斯汽车、smart汽车、伦敦电动汽车、雷达汽车。参考蔚来与长安汽车签约的内容，与吉利控股的合作内容大概率也是在推动换电电池标准建立、换电网络建设与共享、换电车型研发、建立高效的电池资产管理机制等方面展开合作。有消息称，蔚来和吉利还将通过“共投、共建、共享、共运营”模式，有效合作存量站点和新增站点，搭建更大规模、统一性的换电网络。双方将携手打造“私家车”和“营运车”两大换电标准体系，为不同需求的用户提供更便捷、完善、有安全保障的服务。在本次合作之后，蔚来的换电体系从服务普通用户走向同时服务私家车和运营车两端。此前，吉利旗下易易互联在运营车辆市场深耕多年，正积极在更多城市拓展服务。与长安汽车正式签约刚过去一周时间，蔚来就快马加鞭与吉利控股签约，只说明一点，蔚来现在已经开始了坚定不移的战略转型，目前正在同时与多家车企就换电业务合作洽谈，接下来不排除和任一整车厂开展战略合作，联合推出新车，并且搭载换电设施的可能。最新数据显示，蔚来在全国已累计布局2113座换电站，其中高速换电站651座，完成了7纵4横9大城市群高速换电网络布局。并且蔚来还在加速推进换电站建设，在城市核心区域、国家主干高速网络上都将有蔚来换电站。2023年10月，蔚来交付新车16,074台，同比增长59.8%；截止10月底，蔚来新车已累计交付415,623台。照此计算，平均每座换电站服务197辆车，这还远未达到现阶段每座换电站的最大负荷。目前蔚来已在建设第三代换电站，官方公布的数据显示，该电站单日服务能力可达408次，而蔚来建设数量更多的第二代换电站每天也可以提供最多312次换电服务。按照蔚来现阶段的销量增速，短期内都是难以让换电站满负荷高效运转的，但有了外部合作伙伴之后，蔚来的换电业务就能快速再上一个台阶。更重要的是，现阶段部分车企也都在推行自己的换电站，而各家车企的换电站之间是难以相互兼容的，一旦多数车企选择与蔚来合作，那就意味着必须接受蔚来的标准，也让蔚来在行业中更有话语权。","news_type":1},"isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246628846125192,"gmtCreate":1701233535667,"gmtModify":1701233539497,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"🤝","listText":"🤝","text":"🤝","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246628846125192","repostId":"2387910822","repostType":2,"repost":{"id":"2387910822","pubTimestamp":1701232076,"share":"https://www.laohu8.com/m/news/2387910822?lang=&edition=full","pubTime":"2023-11-29 12:27","market":"us","language":"zh","title":"蔚来换电与吉利控股签约合作","url":"https://stock-news.laohu8.com/highlight/detail?id=2387910822","media":"电车汇","summary":"继长安汽车之后，蔚来换电业务又迎来了第二个整车企业合作伙伴。参考蔚来与长安汽车签约的内容，与吉利控股的合作内容大概率也是在推动换电电池标准建立、换电网络建设与共享、换电车型研发、建立高效的电池资产管理机制等方面展开合作。有消息称，蔚来和吉利还将通过“共投、共建、共享、共运营”模式，有效合作存量站点和新增站点，搭建更大规模、统一性的换电网络。","content":"<html><body><article><img src=\"https://inews.gtimg.com/om_bt/O47tXuhfl-RY7NU4xDnxdc6WNT-LsVejfNmWpcxh2qW9IAA/0\"/><p>继<a href=\"https://laohu8.com/S/000625\">长安汽车</a>之后，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>换电业务又迎来了第二个整车企业合作伙伴。</p><p>今日，网上流传一张印有“吉利控股与<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>换电战略合作签约仪式”的海报，标注时间为2023年11月29日。</p><img src=\"https://inews.gtimg.com/om_bt/O919J5IsrBWHnKd5xqqWCVgDZZMY8tS7rUxdOXbHE1xGYAA/0\"/><p>值得关注的是，按照现场图片，此次签约的一方是吉利控股，是整个吉利体系内最顶层的控股企业。旗下包含吉利控股体系内全部乘用车品牌，有<a href=\"https://laohu8.com/S/00175\">吉利汽车</a>、领克汽车、睿蓝汽车、宝腾汽车、沃尔沃汽车、<a href=\"https://laohu8.com/S/PSNY\">极星汽车</a>、极氪汽车、路特斯汽车、smart汽车、伦敦电动汽车、雷达汽车。</p><img src=\"https://inews.gtimg.com/om_bt/OYT3mVWxcWnmymQhOarWhRVhnks5v3iU-4NvlVkXBzXLcAA/0\"/><p>参考蔚来与长安汽车签约的内容，与吉利控股的合作内容大概率也是在推动换电电池标准建立、换电网络建设与共享、换电车型研发、建立高效的电池资产管理机制等方面展开合作。</p><p>有消息称，蔚来和吉利还将通过“共投、共建、共享、共运营”模式，有效合作存量站点和新增站点，搭建更大规模、统一性的换电网络。双方将携手打造“私家车”和“营运车”两大换电标准体系，为不同需求的用户提供更便捷、完善、有安全保障的服务。</p><p>在本次合作之后，蔚来的换电体系从服务普通用户走向同时服务私家车和运营车两端。此前，吉利旗下易易互联在运营车辆市场深耕多年，正积极在更多城市拓展服务。</p><p>与长安汽车正式签约刚过去一周时间，蔚来就快马加鞭与吉利控股签约，只说明一点，蔚来现在已经开始了坚定不移的战略转型，目前正在同时与多家车企就换电业务合作洽谈，接下来不排除和任一整车厂开展战略合作，联合推出新车，并且搭载换电设施的可能。</p><img src=\"https://inews.gtimg.com/om_bt/Ot1ZzDY8B5sMNoNAMN6wN3zbreBNhlDAxEtYZtRPGY2wMAA/0\"/><p>最新数据显示，蔚来在全国已累计布局2113座换电站，其中高速换电站651座，完成了7纵4横9大城市群高速换电网络布局。并且蔚来还在加速推进换电站建设，在城市核心区域、国家主干高速网络上都将有蔚来换电站。</p><img src=\"https://inews.gtimg.com/om_bt/OljwJ_Jg4WpRxEez1ezXX1m7Xt-itWxdLV9hgcVvK-mkQAA/0\"/><p>2023年10月，蔚来交付新车16,074台，同比增长59.8%；截止10月底，蔚来新车已累计交付415,623台。照此计算，平均每座换电站服务197辆车，这还远未达到现阶段每座换电站的最大负荷。</p><p>目前蔚来已在建设第三代换电站，官方公布的数据显示，该电站单日服务能力可达408次，而蔚来建设数量更多的第二代换电站每天也可以提供最多312次换电服务。</p><p>按照蔚来现阶段的销量增速，短期内都是难以让换电站满负荷高效运转的，但有了外部合作伙伴之后，蔚来的换电业务就能快速再上一个台阶。</p><p>更重要的是，现阶段部分车企也都在推行自己的换电站，而各家车企的换电站之间是难以相互兼容的，一旦多数车企选择与蔚来合作，那就意味着必须接受蔚来的标准，也让蔚来在行业中更有话语权。</p></article></body></html>","source":"tencent","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>蔚来换电与吉利控股签约合作</title>\n<style 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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\">\n蔚来换电与吉利控股签约合作\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 12:27 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311291235108216ebaa&s=b><strong>电车汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>继长安汽车之后，蔚来换电业务又迎来了第二个整车企业合作伙伴。今日，网上流传一张印有“吉利控股与蔚来换电战略合作签约仪式”的海报，标注时间为2023年11月29日。值得关注的是，按照现场图片，此次签约的一方是吉利控股，是整个吉利体系内最顶层的控股企业。旗下包含吉利控股体系内全部乘用车品牌，有吉利汽车、领克汽车、睿蓝汽车、宝腾汽车、沃尔沃汽车、极星汽车、极氪汽车、路特斯汽车、smart汽车、伦敦...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311291235108216ebaa&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"80175":"吉利汽车-R","BK4531":"中概回港概念","00175":"吉利汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311291235108216ebaa&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2387910822","content_text":"继长安汽车之后，蔚来换电业务又迎来了第二个整车企业合作伙伴。今日，网上流传一张印有“吉利控股与蔚来换电战略合作签约仪式”的海报，标注时间为2023年11月29日。值得关注的是，按照现场图片，此次签约的一方是吉利控股，是整个吉利体系内最顶层的控股企业。旗下包含吉利控股体系内全部乘用车品牌，有吉利汽车、领克汽车、睿蓝汽车、宝腾汽车、沃尔沃汽车、极星汽车、极氪汽车、路特斯汽车、smart汽车、伦敦电动汽车、雷达汽车。参考蔚来与长安汽车签约的内容，与吉利控股的合作内容大概率也是在推动换电电池标准建立、换电网络建设与共享、换电车型研发、建立高效的电池资产管理机制等方面展开合作。有消息称，蔚来和吉利还将通过“共投、共建、共享、共运营”模式，有效合作存量站点和新增站点，搭建更大规模、统一性的换电网络。双方将携手打造“私家车”和“营运车”两大换电标准体系，为不同需求的用户提供更便捷、完善、有安全保障的服务。在本次合作之后，蔚来的换电体系从服务普通用户走向同时服务私家车和运营车两端。此前，吉利旗下易易互联在运营车辆市场深耕多年，正积极在更多城市拓展服务。与长安汽车正式签约刚过去一周时间，蔚来就快马加鞭与吉利控股签约，只说明一点，蔚来现在已经开始了坚定不移的战略转型，目前正在同时与多家车企就换电业务合作洽谈，接下来不排除和任一整车厂开展战略合作，联合推出新车，并且搭载换电设施的可能。最新数据显示，蔚来在全国已累计布局2113座换电站，其中高速换电站651座，完成了7纵4横9大城市群高速换电网络布局。并且蔚来还在加速推进换电站建设，在城市核心区域、国家主干高速网络上都将有蔚来换电站。2023年10月，蔚来交付新车16,074台，同比增长59.8%；截止10月底，蔚来新车已累计交付415,623台。照此计算，平均每座换电站服务197辆车，这还远未达到现阶段每座换电站的最大负荷。目前蔚来已在建设第三代换电站，官方公布的数据显示，该电站单日服务能力可达408次，而蔚来建设数量更多的第二代换电站每天也可以提供最多312次换电服务。按照蔚来现阶段的销量增速，短期内都是难以让换电站满负荷高效运转的，但有了外部合作伙伴之后，蔚来的换电业务就能快速再上一个台阶。更重要的是，现阶段部分车企也都在推行自己的换电站，而各家车企的换电站之间是难以相互兼容的，一旦多数车企选择与蔚来合作，那就意味着必须接受蔚来的标准，也让蔚来在行业中更有话语权。","news_type":1},"isVote":1,"tweetType":1,"viewCount":85,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":244462846541832,"gmtCreate":1700707209083,"gmtModify":1700707212302,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"🫡","listText":"🫡","text":"🫡","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244462846541832","repostId":"1192495659","repostType":2,"repost":{"id":"1192495659","pubTimestamp":1700659510,"share":"https://www.laohu8.com/m/news/1192495659?lang=&edition=full","pubTime":"2023-11-22 21:25","market":"sg","language":"en","title":"William Li Touches on Nio's Strategy, Views on Competition, and More in Internal Remarks","url":"https://stock-news.laohu8.com/highlight/detail?id=1192495659","media":"CnEVPost","summary":"Nio previously did its strategic planning based on a five-year length of time, but now that the market is changing so fast, the company has shifted to developing 2-year strategies, William Li said.A d","content":"<html><head></head><body><p>Nio previously did its strategic planning based on a five-year length of time, but now that the market is changing so fast, the company has shifted to developing 2-year strategies, William Li said.</p><p>A day before the November 21 announcement of the partnership with Changan Automobile, Nio founder, chairman and CEO William Li gave an internal address to all employees on November 20 and answered employee questions.</p><p style=\"text-align: left;\">CnEVPost shared a portion of Li&#39;s remarks on November 20, and now local media outlet Yicai has shared more.</p><p style=\"text-align: left;\">Li&#39;s speech, which was aimed at celebrating Nio&#39;s ninth anniversary, touched on the company&#39;s strategy, his views on competition, and on the opening of the battery swap network.</p><p style=\"text-align: left;\">Nio had previously based its strategic planning on a five-year timeframe, but now that the market is changing so fast, the company has moved to two-year strategies.</p><p style=\"text-align: left;\">Starting from July-August this year, every department of Nio has been working on very detailed two-year business plans, Li said.</p><p style=\"text-align: left;\">Nio is more focused on return on investment, and projects that don&#39;t help the company improve its financial performance within three years are either canceled or delayed, he said.</p><p style=\"text-align: left;\">Despite Nio&#39;s layoffs in November, many of its key technology divisions instead increased headcount, such as its chip and self-driving teams.</p><p style=\"text-align: left;\">Here are the key takeaways from Li&#39;s speech and employee Q&amp;A shared by Yicai and translated by CnEVPost.</p><h2 id=\"id_728127598\" style=\"text-align: start;\">5-year strategic plans becomes 2-year plans</h2><p style=\"text-align: left;\">The very real challenge we are currently facing is that the transition from fuel to electrification in the premium market is slower than we thought.</p><p style=\"text-align: left;\">Behind this fact, many things need to be summarized and reflected. The next competition will be more intense than imagined.</p><p style=\"text-align: left;\">In fact, we can already feel it this year, with many of our peers cutting prices by as much as RMB 70,000 or RMB 100,000. Many of them have negative gross margins, especially those that only offer battery electric vehicle (BEV) models.</p><p style=\"text-align: left;\">The qualifying round for the EV race is in its final stages, and our current layout and direction needs to ensure that we have subsequent cards to play in the two most competitive years.</p><p style=\"text-align: left;\">Starting in July-August this year, each division of the company has been working on very detailed two-year business plans.</p><p style=\"text-align: left;\">We used to develop five-year strategic plans that covered a longer period of time. But now the market fluctuates too much and changes too fast, so if we look at things from a five-year perspective again, it may be easy to lead to unclear goals.</p><p style=\"text-align: left;\">Now we only do two years of business planning, and think things through for two years.</p><p style=\"text-align: left;\">The R&amp;D cycle of many products and the input cycle of resources are about two years, and it is very important to think things through with a time dimension of two years.</p><p style=\"text-align: left;\">This is a consensus reached by the company&#39;s management team, and we have carefully analyzed which things are high priorities and must be supported with resources.</p><p style=\"text-align: left;\">First, long-term investment in key technologies needs to be assured.</p><p style=\"text-align: left;\">Surviving is not our goal; living well and being competitive is our goal.</p><p style=\"text-align: left;\">Many key technology departments, instead of reducing headcount, have increased it, such as the chip and autonomous driving teams. We are very certain in this regard.</p><p style=\"text-align: left;\">Secondly, our sales and service capabilities need to ensure that we can cope with the fierce competition in the market.</p><p style=\"text-align: left;\">We started to build the capacity to be able to support monthly sales of 30,000 units from July-August this year, and we need to ensure sufficient investment.</p><p style=\"text-align: left;\">On this basis, we need to be resolute in improving efficiency and converting sales capacity into sales.</p><p style=\"text-align: left;\">Third, we need to make every effort to prepare for new products.</p><p style=\"text-align: left;\">From another perspective, things that do not help the company improve its financial performance within three years will either be canceled or delayed.</p><p style=\"text-align: left;\">There are still a lot of things across the company that remain at the theoretical level, and systematic capabilities are not fully established. If we don&#39;t address this, we won&#39;t be able to adapt to the next stage of competitive intensity.</p><p style=\"text-align: left;\">My personal and very important work direction this year is to promote the establishment of systematic capabilities in all departments.</p><p style=\"text-align: left;\">If this goal is realized, the competitiveness of the whole company will be greatly improved, so that we can have the opportunity to cross the most competitive stage of the qualifying round and win the qualification to participate in the final round of the race.</p><h2 id=\"id_3563472209\" style=\"text-align: start;\">Organizational efficiency</h2><p style=\"text-align: left;\"><strong>Q: In addition to the recent organizational optimization, what other measures will we take next to improve efficiency and enhance execution?</strong></p><p style=\"text-align: left;\">William Li: Enhancing efficiency is something that must be done in the long term, not on a temporary basis. We need to enhance execution in three areas next.</p><p style=\"text-align: left;\">First, we need to increase resources for key businesses, such as the sales and service system and the core technology department. Where we need to increase manpower, we will resolutely increase it, and last week we have more than 100 new colleagues on board.</p><p style=\"text-align: left;\">Second, every department and every employee should have a strong sense of purpose and set more specific goals.</p><p style=\"text-align: left;\">We need to increase our awareness of ROI, and we need to care about what kind of value we can create for the company and our users for every penny and every hour of work.</p><p style=\"text-align: left;\">We need to have a very strong sense of return on investment, results-oriented, goal-driven, and I hope we can form such a culture.</p><p style=\"text-align: left;\">Third, horizontal communication and coordination is very important. We need to set clear common goals to reduce duplication of work and departmental walls.</p><h2 id=\"id_857882520\" style=\"text-align: start;\">About competition</h2><p style=\"text-align: left;\"><strong>Q: Competition has intensified this year, and the market has seen a crazy price war. How do you see the industry trend in the next few years? Can we make it to the finals?</strong></p><p style=\"text-align: left;\">William Li: In the next few years, the intensity of competition will only increase rather than decrease, and we must be mentally prepared.</p><p style=\"text-align: left;\">We need to give up a lot of illusions, for example, we originally always thought that high-end cars and electric vehicles should be more expensive than fuel cars.</p><p style=\"text-align: left;\">But now, the situation is the opposite, for example, the price of the Mercedes-Benz EQE has dropped by more than RMB 100,000, which is a very scary thing.</p><p style=\"text-align: left;\">Over the next two to three years, this is likely to become the norm. Everyone wants higher sales and will use price cuts as the most important tool, and this will definitely happen.</p><p style=\"text-align: left;\">Looking at the data, our share of the market for pure-play EVs priced above RMB 300,000 is very high, above 40 percent, higher than a lot of other brands that people know.</p><p style=\"text-align: left;\">In October, in the market where the price is higher than RMB 300,000 in Shanghai, we outperformed all other brands in all forms of power, including fuel cars.</p><p style=\"text-align: left;\">I was in Jiaxing, Zhejiang yesterday for the fifth anniversary of the local car club. This year, we will deliver almost 3,000 cars in Jiaxing.</p><p style=\"text-align: left;\">In some of the more economically developed areas, we&#39;ve generally gone from being an all-electric brand to being a mainstream premium brand. This is a very profound change that has taken place in the last one or two years.</p><p style=\"text-align: left;\">As our channels sink further to lower-tier cities and our marketing and service system, charging and battery swap facilities become better, we need to push this trend to extend further to other regions.</p><p style=\"text-align: left;\">We will launch a second brand next year and a third brand the year after that to cover a wider user base.</p><p style=\"text-align: left;\">What are the benefits of this? This can bring a very substantial product base for our upfront investment in intelligence and electrification, which is very important.</p><p style=\"text-align: left;\">We are confident to embrace the fierce competition in the future, and we still have enough cards in hand to play in the next two years, and the competitiveness of the next generation of products will be even stronger.</p><p style=\"text-align: left;\">The lessons we learned from the second-generation platform will help us realize significant improvements for the third-generation platform.</p><h2 id=\"id_1309809490\" style=\"text-align: start;\">Sales capacity</h2><p style=\"text-align: left;\"><strong>Q: We have been working hard since the third quarter to build a capability that can support 30,000 monthly sales, but the improvement in sales has not been significant so far. Besides increasing the number of Fellows, do we have other initiatives to boost sales?</strong></p><p style=\"text-align: left;\">William Li: It takes a gradual process to turn sales capability into sales.</p><p style=\"text-align: left;\">Our ability to support 30,000 monthly sales is not fully realized today, and we need to accelerate the building of this ability while improving the efficiency of the existing sales ability.</p><p style=\"text-align: left;\">As you can see from the data, Fellows who have been on board for more than six months have different capabilities than those who have been on board for two or three months. It takes time for them to understand the products and services, and it takes time for potential users to be acquired.</p><p style=\"text-align: left;\">We need to improve our capability as soon as possible in order to let it reflect in the increase of sales, and I am confident about that.</p><p style=\"text-align: left;\">We can&#39;t expect miracles, what&#39;s really important is to build the systematic ability to sell cars one by one.</p><p style=\"text-align: left;\">If each sales colleague sells half a unit more each month, then we will be able to increase sales by two to three thousand units per month.</p><p style=\"text-align: left;\">Everyone has to improve their efficiency. It&#39;s a very delicate job, but it has to be done in order to reach our goals.</p><p style=\"text-align: left;\">My first job during college was selling office supplies, and I did it the simplest way possible, by riding my bicycle around the Haidian district of Beijing and knocking on people&#39;s doors. It&#39;s the same thing with selling cars.</p><h2 id=\"id_1464911444\" style=\"text-align: start;\">Battery swap vs supercharging</h2><p style=\"text-align: left;\"><strong>Q: Now that other EV makers are advancing ultra-fast charging technology, some say that the advantage of battery swap will be significantly reduced in the face of 800 V. What do you think about this?</strong></p><p style=\"text-align: left;\">William Li: There is a cognitive misunderstanding here, are charging and battery swap opposites? Actually, not in Nio.</p><p style=\"text-align: left;\">Not only do we offer battery swap, but we are actually the car brand with the most chargers, with more than 20,000 charging piles already.</p><p style=\"text-align: left;\">In many places where people rarely go, only Nio has built charging piles. And we released our 500-kW liquid-cooled ultra-fast charging piles earlier this year.</p><p style=\"text-align: left;\">Since our first day, we&#39;ve been characterized as rechargeable, swapable, and upgradeable. However, what many people forget these days is that we have a strong charging service along with our battery swap service.</p><p style=\"text-align: left;\">It&#39;s similar to a student in a class who excels in math and others assume by default that he&#39;s bad at languages. That&#39;s not how it works.</p><p style=\"text-align: left;\">Nowadays, social media discussions are prone to confrontation and we fall victim to this thinking.</p><p style=\"text-align: left;\">When our battery swap service is praised, many people assume that our charging service is bad. That&#39;s not the case.</p><p style=\"text-align: left;\">The adoption of 800 V is the next trend, there is no doubt about it. Our next generation of cars will also use the 800 V platform, even higher than 800 V. It&#39;s definitely ahead of the curve.</p><p style=\"text-align: left;\">At the same time, the availability of 800 V doesn&#39;t mean that the advantages of battery swap are reduced.</p><p style=\"text-align: left;\">We often mention that battery swap has 9 advantages, I won&#39;t go into detail here, just a few highlights.</p><p style=\"text-align: left;\">First of all, the biggest advantage of battery swap is that it&#39;s fast, and charging, no matter how fast it is, can&#39;t get a fully charged battery faster than battery swap.</p><p style=\"text-align: left;\">Battery swap stations are energy storage facilities, which are very good at solving the problem of declining rates brought about by multiple people charging at the same time.</p><p style=\"text-align: left;\">Secondly, the social benefits of battery swaps and the degree of benefit they bring to the user are very large.</p><p style=\"text-align: left;\">Technological advances come at a cost. An increase in the charging rate means additional costs, especially for batteries.</p><p style=\"text-align: left;\">In addition, if the user has been using ultra-fast charging, this will undoubtedly have an impact on the life of the battery, which will become a cost that the user needs to bear.</p><p style=\"text-align: left;\">Thirdly, one of the very big advantages of battery swap is that the driver doesn&#39;t have to get out of the car.</p><p style=\"text-align: left;\">If you go to the Northeast in the wind, rain, or winter, you can immediately appreciate how big this advantage is. This is something that charging can&#39;t replace, no matter how fast they are.</p><h2 id=\"id_4005178351\" style=\"text-align: start;\">Battery swap network open to industry</h2><p style=\"text-align: left;\"><strong>Q: About battery swapping, people always ask me one question: If battery swap is really so good, why are you the only one doing it in the whole industry? What should I answer?</strong></p><p style=\"text-align: left;\">William Li: We&#39;re not the only one in the industry providing battery swap services, there are seven companies that are doing it seriously.</p><p style=\"text-align: left;\">It&#39;s a tough road to take, but it&#39;s the right thing to do. So far, we have provided more than 32 million battery swaps to our users.</p><p style=\"text-align: left;\">If we imagine battery swap as the cloud service that Amazon was trying to do in 2003, we will find that they are very similar in a few points:</p><p style=\"text-align: left;\">First, the network effect is strong.</p><p style=\"text-align: left;\">Battery swap and cloud services are very similar, battery swap network is equivalent to the cloud service infrastructure of the energy Internet.</p><p style=\"text-align: left;\">It certainly won&#39;t work without a reliable national or even global network.</p><p style=\"text-align: left;\">At present, many companies are providing battery swap services, but they are not able to establish a national network.</p><p style=\"text-align: left;\">Second, the scale of the investment is large and the investment cycle is long.</p><p style=\"text-align: left;\">Amazon, Google invested more than ten million dollars in plant and equipment.</p><p style=\"text-align: left;\">Of course, our investments in battery swap stations are not as large as their magnitude, but the time period is very long. Battery swap station&#39;s investment efficiency is very high.</p><p style=\"text-align: left;\">Third, from serving ourselves to serving external customers, once this is done, the bar is very high.</p><p style=\"text-align: left;\">At the beginning, others do not believe that we can do it, but when the development comes to a certain stage, others will find that the threshold of investment and operation is very high, because this is the infrastructure construction.</p><p style=\"text-align: left;\">Overall, the battery swap network is equivalent to the cloud service infrastructure of the energy Internet.</p><p style=\"text-align: left;\">If you look at today&#39;s Alibaba, Tencent, Amazon and Microsoft, a large part of their market value is contributed by cloud services.</p><p style=\"text-align: left;\">Without cloud services, their market capitalization would all be discounted. And these companies lost money for many years in building their cloud services before finally realizing the success they have now.</p><p style=\"text-align: left;\">Our battery swap business has reached a point where it is ready to be opened to the public, and we will be sharing our standard for the next generation of battery packs, the 800 V high-voltage, fast battery swap platform, with the entire industry.</p><p style=\"text-align: left;\">We will announce our first partnership tomorrow, and are still in talks with 4-5 companies.</p><p style=\"text-align: left;\">We are not the only company in the industry providing battery swap services, but we are the only one that is the earliest and most determined to do so, and we already have a first-mover advantage.</p><p style=\"text-align: left;\">We welcome other companies to join us.</p><p style=\"text-align: left;\">The value of the battery swap network is immense, and its value cannot be overemphasized from an energy internet perspective.</p><h2 id=\"id_561581873\" style=\"text-align: start;\">About negative comments</h2><p style=\"text-align: left;\"><strong>Q: Everyone loves the company and users recognize us. However, I always see negative comments on social media that give the impression that everything we do is wrong. Will your mind break down when you see these negative comments?</strong></p><p style=\"text-align: left;\">William Li: First of all, we have to realize that there are a lot of things we can do better, and Nio is certainly not a perfect company.</p><p style=\"text-align: left;\">We can&#39;t think that others are always trying to harm us, we ourselves need to reflect more on what we need to improve if there are things we are not doing well.</p><p style=\"text-align: left;\">Behind every negative comment, there is a lot we need to think about. The world does not owe us an understanding.</p><p style=\"text-align: left;\">Of course, we will strongly oppose attacks that break the bottom line, things that are fabricated and don&#39;t exist, especially for comments that discredit our users.</p><p style=\"text-align: left;\">We have to adapt to such a complex public opinion environment, but the most crucial thing is to do our own job.</p><p style=\"text-align: left;\">This may sound a bit inactive, but it is actually a choice.</p><h2 id=\"id_1318021890\" style=\"text-align: start;\">Strategy</h2><p style=\"text-align: left;\"><strong>Q: We always emphasize long-termism, but the short-term pressure is very strong now. Shouldn&#39;t we focus more on how to do the current things right and well? How do you see the relationship between long-term and short-term?</strong></p><p style=\"text-align: left;\">William Li: This is a particularly good question, the whole market is really very volatile now, the uncertainty is much higher than before, and it is changing very fast.</p><p style=\"text-align: left;\">In a volatile, uncertain environment, long-termism is more risky and less rewarding, and that&#39;s something we need to be aware of.</p><p style=\"text-align: left;\">We need to stick to the long-term stuff, but we also need to be proactive in responding to current market changes and not fool ourselves.</p><p style=\"text-align: left;\">Sticking to long-termism is not an excuse for doing a poor job of short-term execution; when running a marathon, every step needs to be done well.</p><p style=\"text-align: left;\">We can&#39;t use long-termism as an excuse in everything and not do a good job in the present.</p><p style=\"text-align: left;\">When I used to work at Yiche, I had a painting on my office wall given to me by a friend that said Step by Step to a Thousand Miles. I especially liked that quote.</p><p style=\"text-align: left;\">We often talk about Vision, Action, it&#39;s not good to have Vision without Action, we have to live first.</p><p style=\"text-align: left;\">We can&#39;t respond with long-termism when we&#39;re faced with accusations that things aren&#39;t getting done. No one cares whether you are long-termism or not, you perform well, you do the right thing.</p><p style=\"text-align: left;\">Of course, we don&#39;t just want to pursue short-term success, but also sustained, long-term competitiveness. We have to think things through, but we have to execute them well.</p><p style=\"text-align: left;\">We can&#39;t pit long-termism against short-term action. Long-termism is more about a company&#39;s mission and values.</p><p style=\"text-align: left;\">But, commercially, we need to deliver on our commitments day by day, month by month, quarter by quarter.</p><p style=\"text-align: left;\">I don&#39;t want to be in a situation where the direction is right, the theory works, but there is no action.</p><p style=\"text-align: left;\">The really strong ones get it right every step of the way and are able to execute their strategy from start to finish. I think our entire company is a long way from getting it right on this one.</p><p style=\"text-align: left;\">Long-termism requires us to think through the underlying logic of things, our long-term goals, and we need to accomplish them step by step.</p><p style=\"text-align: left;\">You can&#39;t just look at the big picture when doing things, and in the midst of such fierce competition, we have no room for mistakes.</p><p style=\"text-align: left;\">Long-termism is based on good short-term execution, otherwise it is self-indulgence and self-deception.</p><p style=\"text-align: left;\">If people are now telling us that Nio is doing things based on long-termism considerations, beware, it means we are not doing a lot of things well in terms of execution.</p><h2 id=\"id_1817058823\" style=\"text-align: start;\">Values</h2><p style=\"text-align: left;\"><strong>Q: I&#39;m an employee who has been with Nio since 2015, when I joined because I resonated with Nio&#39;s values and vision. Now, we are under a lot of competitive pressure, plagued by poor sales and turbulence, and have made a lot of adjustments.</strong></p><p style=\"text-align: left;\"><strong>There are times when I worry, in the face of all these pressures and shocks, will Nio still be able to hold on to its original vision? Will it become a company that I don&#39;t agree with?</strong></p><p style=\"text-align: left;\">William Li: We are facing some internal and external pressures today, but I think it&#39;s because our current performance falls short of our expectations.</p><p style=\"text-align: left;\">If we look closely at these issues, we will find that many times it is because our values and principles are not being fully implemented.</p><p style=\"text-align: left;\">In the face of these pressures and shocks, we need to think back to the beginning.</p><p style=\"text-align: left;\">You chose to join a company like Nio because you believe in what we believe in together.</p><p style=\"text-align: left;\">The starting point for many of our perspectives and decisions today is the kind of company we want Nio to be.</p><p style=\"text-align: left;\">So I would say that you don&#39;t have to worry, Nio won&#39;t become a company that you don&#39;t recognize or agree with.</p><p style=\"text-align: left;\">But I would still say that if we don&#39;t succeed, all these things will be much less meaningful.</p><p style=\"text-align: left;\">The first thing we need to do is to execute everything well based on our long-term vision, our values, so that we can prove that we are going in the right direction and that we have made the right choices.</p></body></html>","source":"cnevpost_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nWilliam Li Touches on Nio's Strategy, Views on Competition, and More in Internal Remarks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-22 21:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://cnevpost.com/2023/11/22/nio-william-li-internal-remarks/><strong>CnEVPost</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio previously did its strategic planning based on a five-year length of time, but now that the market is changing so fast, the company has shifted to developing 2-year strategies, William Li said.A ...</p>\n\n<a href=\"https://cnevpost.com/2023/11/22/nio-william-li-internal-remarks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09866":"蔚来-SW","NIO.SI":"蔚来","NIO":"蔚来"},"source_url":"https://cnevpost.com/2023/11/22/nio-william-li-internal-remarks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192495659","content_text":"Nio previously did its strategic planning based on a five-year length of time, but now that the market is changing so fast, the company has shifted to developing 2-year strategies, William Li said.A day before the November 21 announcement of the partnership with Changan Automobile, Nio founder, chairman and CEO William Li gave an internal address to all employees on November 20 and answered employee questions.CnEVPost shared a portion of Li's remarks on November 20, and now local media outlet Yicai has shared more.Li's speech, which was aimed at celebrating Nio's ninth anniversary, touched on the company's strategy, his views on competition, and on the opening of the battery swap network.Nio had previously based its strategic planning on a five-year timeframe, but now that the market is changing so fast, the company has moved to two-year strategies.Starting from July-August this year, every department of Nio has been working on very detailed two-year business plans, Li said.Nio is more focused on return on investment, and projects that don't help the company improve its financial performance within three years are either canceled or delayed, he said.Despite Nio's layoffs in November, many of its key technology divisions instead increased headcount, such as its chip and self-driving teams.Here are the key takeaways from Li's speech and employee Q&A shared by Yicai and translated by CnEVPost.5-year strategic plans becomes 2-year plansThe very real challenge we are currently facing is that the transition from fuel to electrification in the premium market is slower than we thought.Behind this fact, many things need to be summarized and reflected. The next competition will be more intense than imagined.In fact, we can already feel it this year, with many of our peers cutting prices by as much as RMB 70,000 or RMB 100,000. Many of them have negative gross margins, especially those that only offer battery electric vehicle (BEV) models.The qualifying round for the EV race is in its final stages, and our current layout and direction needs to ensure that we have subsequent cards to play in the two most competitive years.Starting in July-August this year, each division of the company has been working on very detailed two-year business plans.We used to develop five-year strategic plans that covered a longer period of time. But now the market fluctuates too much and changes too fast, so if we look at things from a five-year perspective again, it may be easy to lead to unclear goals.Now we only do two years of business planning, and think things through for two years.The R&D cycle of many products and the input cycle of resources are about two years, and it is very important to think things through with a time dimension of two years.This is a consensus reached by the company's management team, and we have carefully analyzed which things are high priorities and must be supported with resources.First, long-term investment in key technologies needs to be assured.Surviving is not our goal; living well and being competitive is our goal.Many key technology departments, instead of reducing headcount, have increased it, such as the chip and autonomous driving teams. We are very certain in this regard.Secondly, our sales and service capabilities need to ensure that we can cope with the fierce competition in the market.We started to build the capacity to be able to support monthly sales of 30,000 units from July-August this year, and we need to ensure sufficient investment.On this basis, we need to be resolute in improving efficiency and converting sales capacity into sales.Third, we need to make every effort to prepare for new products.From another perspective, things that do not help the company improve its financial performance within three years will either be canceled or delayed.There are still a lot of things across the company that remain at the theoretical level, and systematic capabilities are not fully established. If we don't address this, we won't be able to adapt to the next stage of competitive intensity.My personal and very important work direction this year is to promote the establishment of systematic capabilities in all departments.If this goal is realized, the competitiveness of the whole company will be greatly improved, so that we can have the opportunity to cross the most competitive stage of the qualifying round and win the qualification to participate in the final round of the race.Organizational efficiencyQ: In addition to the recent organizational optimization, what other measures will we take next to improve efficiency and enhance execution?William Li: Enhancing efficiency is something that must be done in the long term, not on a temporary basis. We need to enhance execution in three areas next.First, we need to increase resources for key businesses, such as the sales and service system and the core technology department. Where we need to increase manpower, we will resolutely increase it, and last week we have more than 100 new colleagues on board.Second, every department and every employee should have a strong sense of purpose and set more specific goals.We need to increase our awareness of ROI, and we need to care about what kind of value we can create for the company and our users for every penny and every hour of work.We need to have a very strong sense of return on investment, results-oriented, goal-driven, and I hope we can form such a culture.Third, horizontal communication and coordination is very important. We need to set clear common goals to reduce duplication of work and departmental walls.About competitionQ: Competition has intensified this year, and the market has seen a crazy price war. How do you see the industry trend in the next few years? Can we make it to the finals?William Li: In the next few years, the intensity of competition will only increase rather than decrease, and we must be mentally prepared.We need to give up a lot of illusions, for example, we originally always thought that high-end cars and electric vehicles should be more expensive than fuel cars.But now, the situation is the opposite, for example, the price of the Mercedes-Benz EQE has dropped by more than RMB 100,000, which is a very scary thing.Over the next two to three years, this is likely to become the norm. Everyone wants higher sales and will use price cuts as the most important tool, and this will definitely happen.Looking at the data, our share of the market for pure-play EVs priced above RMB 300,000 is very high, above 40 percent, higher than a lot of other brands that people know.In October, in the market where the price is higher than RMB 300,000 in Shanghai, we outperformed all other brands in all forms of power, including fuel cars.I was in Jiaxing, Zhejiang yesterday for the fifth anniversary of the local car club. This year, we will deliver almost 3,000 cars in Jiaxing.In some of the more economically developed areas, we've generally gone from being an all-electric brand to being a mainstream premium brand. This is a very profound change that has taken place in the last one or two years.As our channels sink further to lower-tier cities and our marketing and service system, charging and battery swap facilities become better, we need to push this trend to extend further to other regions.We will launch a second brand next year and a third brand the year after that to cover a wider user base.What are the benefits of this? This can bring a very substantial product base for our upfront investment in intelligence and electrification, which is very important.We are confident to embrace the fierce competition in the future, and we still have enough cards in hand to play in the next two years, and the competitiveness of the next generation of products will be even stronger.The lessons we learned from the second-generation platform will help us realize significant improvements for the third-generation platform.Sales capacityQ: We have been working hard since the third quarter to build a capability that can support 30,000 monthly sales, but the improvement in sales has not been significant so far. Besides increasing the number of Fellows, do we have other initiatives to boost sales?William Li: It takes a gradual process to turn sales capability into sales.Our ability to support 30,000 monthly sales is not fully realized today, and we need to accelerate the building of this ability while improving the efficiency of the existing sales ability.As you can see from the data, Fellows who have been on board for more than six months have different capabilities than those who have been on board for two or three months. It takes time for them to understand the products and services, and it takes time for potential users to be acquired.We need to improve our capability as soon as possible in order to let it reflect in the increase of sales, and I am confident about that.We can't expect miracles, what's really important is to build the systematic ability to sell cars one by one.If each sales colleague sells half a unit more each month, then we will be able to increase sales by two to three thousand units per month.Everyone has to improve their efficiency. It's a very delicate job, but it has to be done in order to reach our goals.My first job during college was selling office supplies, and I did it the simplest way possible, by riding my bicycle around the Haidian district of Beijing and knocking on people's doors. It's the same thing with selling cars.Battery swap vs superchargingQ: Now that other EV makers are advancing ultra-fast charging technology, some say that the advantage of battery swap will be significantly reduced in the face of 800 V. What do you think about this?William Li: There is a cognitive misunderstanding here, are charging and battery swap opposites? Actually, not in Nio.Not only do we offer battery swap, but we are actually the car brand with the most chargers, with more than 20,000 charging piles already.In many places where people rarely go, only Nio has built charging piles. And we released our 500-kW liquid-cooled ultra-fast charging piles earlier this year.Since our first day, we've been characterized as rechargeable, swapable, and upgradeable. However, what many people forget these days is that we have a strong charging service along with our battery swap service.It's similar to a student in a class who excels in math and others assume by default that he's bad at languages. That's not how it works.Nowadays, social media discussions are prone to confrontation and we fall victim to this thinking.When our battery swap service is praised, many people assume that our charging service is bad. That's not the case.The adoption of 800 V is the next trend, there is no doubt about it. Our next generation of cars will also use the 800 V platform, even higher than 800 V. It's definitely ahead of the curve.At the same time, the availability of 800 V doesn't mean that the advantages of battery swap are reduced.We often mention that battery swap has 9 advantages, I won't go into detail here, just a few highlights.First of all, the biggest advantage of battery swap is that it's fast, and charging, no matter how fast it is, can't get a fully charged battery faster than battery swap.Battery swap stations are energy storage facilities, which are very good at solving the problem of declining rates brought about by multiple people charging at the same time.Secondly, the social benefits of battery swaps and the degree of benefit they bring to the user are very large.Technological advances come at a cost. An increase in the charging rate means additional costs, especially for batteries.In addition, if the user has been using ultra-fast charging, this will undoubtedly have an impact on the life of the battery, which will become a cost that the user needs to bear.Thirdly, one of the very big advantages of battery swap is that the driver doesn't have to get out of the car.If you go to the Northeast in the wind, rain, or winter, you can immediately appreciate how big this advantage is. This is something that charging can't replace, no matter how fast they are.Battery swap network open to industryQ: About battery swapping, people always ask me one question: If battery swap is really so good, why are you the only one doing it in the whole industry? What should I answer?William Li: We're not the only one in the industry providing battery swap services, there are seven companies that are doing it seriously.It's a tough road to take, but it's the right thing to do. So far, we have provided more than 32 million battery swaps to our users.If we imagine battery swap as the cloud service that Amazon was trying to do in 2003, we will find that they are very similar in a few points:First, the network effect is strong.Battery swap and cloud services are very similar, battery swap network is equivalent to the cloud service infrastructure of the energy Internet.It certainly won't work without a reliable national or even global network.At present, many companies are providing battery swap services, but they are not able to establish a national network.Second, the scale of the investment is large and the investment cycle is long.Amazon, Google invested more than ten million dollars in plant and equipment.Of course, our investments in battery swap stations are not as large as their magnitude, but the time period is very long. Battery swap station's investment efficiency is very high.Third, from serving ourselves to serving external customers, once this is done, the bar is very high.At the beginning, others do not believe that we can do it, but when the development comes to a certain stage, others will find that the threshold of investment and operation is very high, because this is the infrastructure construction.Overall, the battery swap network is equivalent to the cloud service infrastructure of the energy Internet.If you look at today's Alibaba, Tencent, Amazon and Microsoft, a large part of their market value is contributed by cloud services.Without cloud services, their market capitalization would all be discounted. And these companies lost money for many years in building their cloud services before finally realizing the success they have now.Our battery swap business has reached a point where it is ready to be opened to the public, and we will be sharing our standard for the next generation of battery packs, the 800 V high-voltage, fast battery swap platform, with the entire industry.We will announce our first partnership tomorrow, and are still in talks with 4-5 companies.We are not the only company in the industry providing battery swap services, but we are the only one that is the earliest and most determined to do so, and we already have a first-mover advantage.We welcome other companies to join us.The value of the battery swap network is immense, and its value cannot be overemphasized from an energy internet perspective.About negative commentsQ: Everyone loves the company and users recognize us. However, I always see negative comments on social media that give the impression that everything we do is wrong. Will your mind break down when you see these negative comments?William Li: First of all, we have to realize that there are a lot of things we can do better, and Nio is certainly not a perfect company.We can't think that others are always trying to harm us, we ourselves need to reflect more on what we need to improve if there are things we are not doing well.Behind every negative comment, there is a lot we need to think about. The world does not owe us an understanding.Of course, we will strongly oppose attacks that break the bottom line, things that are fabricated and don't exist, especially for comments that discredit our users.We have to adapt to such a complex public opinion environment, but the most crucial thing is to do our own job.This may sound a bit inactive, but it is actually a choice.StrategyQ: We always emphasize long-termism, but the short-term pressure is very strong now. Shouldn't we focus more on how to do the current things right and well? How do you see the relationship between long-term and short-term?William Li: This is a particularly good question, the whole market is really very volatile now, the uncertainty is much higher than before, and it is changing very fast.In a volatile, uncertain environment, long-termism is more risky and less rewarding, and that's something we need to be aware of.We need to stick to the long-term stuff, but we also need to be proactive in responding to current market changes and not fool ourselves.Sticking to long-termism is not an excuse for doing a poor job of short-term execution; when running a marathon, every step needs to be done well.We can't use long-termism as an excuse in everything and not do a good job in the present.When I used to work at Yiche, I had a painting on my office wall given to me by a friend that said Step by Step to a Thousand Miles. I especially liked that quote.We often talk about Vision, Action, it's not good to have Vision without Action, we have to live first.We can't respond with long-termism when we're faced with accusations that things aren't getting done. No one cares whether you are long-termism or not, you perform well, you do the right thing.Of course, we don't just want to pursue short-term success, but also sustained, long-term competitiveness. We have to think things through, but we have to execute them well.We can't pit long-termism against short-term action. Long-termism is more about a company's mission and values.But, commercially, we need to deliver on our commitments day by day, month by month, quarter by quarter.I don't want to be in a situation where the direction is right, the theory works, but there is no action.The really strong ones get it right every step of the way and are able to execute their strategy from start to finish. I think our entire company is a long way from getting it right on this one.Long-termism requires us to think through the underlying logic of things, our long-term goals, and we need to accomplish them step by step.You can't just look at the big picture when doing things, and in the midst of such fierce competition, we have no room for mistakes.Long-termism is based on good short-term execution, otherwise it is self-indulgence and self-deception.If people are now telling us that Nio is doing things based on long-termism considerations, beware, it means we are not doing a lot of things well in terms of execution.ValuesQ: I'm an employee who has been with Nio since 2015, when I joined because I resonated with Nio's values and vision. Now, we are under a lot of competitive pressure, plagued by poor sales and turbulence, and have made a lot of adjustments.There are times when I worry, in the face of all these pressures and shocks, will Nio still be able to hold on to its original vision? Will it become a company that I don't agree with?William Li: We are facing some internal and external pressures today, but I think it's because our current performance falls short of our expectations.If we look closely at these issues, we will find that many times it is because our values and principles are not being fully implemented.In the face of these pressures and shocks, we need to think back to the beginning.You chose to join a company like Nio because you believe in what we believe in together.The starting point for many of our perspectives and decisions today is the kind of company we want Nio to be.So I would say that you don't have to worry, Nio won't become a company that you don't recognize or agree with.But I would still say that if we don't succeed, all these things will be much less meaningful.The first thing we need to do is to execute everything well based on our long-term vision, our values, so that we can prove that we are going in the right direction and that we have made the right choices.","news_type":1},"isVote":1,"tweetType":1,"viewCount":69,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043227080,"gmtCreate":1655940863840,"gmtModify":1676535734591,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/S51.SI\">$胜科海事(S51.SI)$</a>https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&amp;fs=e&amp;s=cl","listText":"<a href=\"https://ttm.financial/S/S51.SI\">$胜科海事(S51.SI)$</a>https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&amp;fs=e&amp;s=cl","text":"$胜科海事(S51.SI)$https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&fs=e&s=cl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043227080","isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049221349,"gmtCreate":1655804477782,"gmtModify":1676535708247,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕","text":"$蔚来(NIO)$🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049221349","isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049659735,"gmtCreate":1655787846727,"gmtModify":1676535705852,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","listText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","text":"$牛奶国际控股有限公司(D01.SI)$🚀","images":[{"img":"https://community-static.tradeup.com/news/3f47e41f72a139a6272dc85e2d9fce87","width":"1170","height":"2583"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049659735","isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9049680012,"gmtCreate":1655783379236,"gmtModify":1676535704851,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","listText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","text":"$牛奶国际控股有限公司(D01.SI)$🚀","images":[{"img":"https://community-static.tradeup.com/news/8fe55ce401c6f86191956cb7e938c41b","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":2,"link":"https://ttm.financial/post/9049680012","isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9051424353,"gmtCreate":1654734281672,"gmtModify":1676535500417,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051424353","repostId":"1176120799","repostType":4,"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051426765,"gmtCreate":1654734212857,"gmtModify":1676535500355,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch","text":"$蔚来(NIO)$NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051426765","isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000562","authorId":"9000000000000562","name":"HilaryWilde","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"content":"To tell the truth, the products of this company are very popular.","text":"To tell the truth, the products of this company are very popular.","html":"To tell the truth, the products of this company are very popular."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066308772,"gmtCreate":1651846536096,"gmtModify":1676534982962,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>Good for sti&nbsp;","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>Good for sti&nbsp;","text":"$蔚来(NIO)$Good for sti","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066308772","isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9080881292,"gmtCreate":1649865162977,"gmtModify":1676534593743,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080881292","repostId":"2225584750","repostType":2,"repost":{"id":"2225584750","pubTimestamp":1649855844,"share":"https://www.laohu8.com/m/news/2225584750?lang=&edition=full","pubTime":"2022-04-13 21:17","market":"us","language":"zh","title":"夜读 | 巴菲特这40句话，段永平强烈推荐","url":"https://stock-news.laohu8.com/highlight/detail?id=2225584750","media":"正和岛","summary":"巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了","content":"<html><head></head><body><blockquote><b>巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？</b></blockquote><p>1998年，巴菲特在佛罗里达大学商学院做了一场超有内涵的演讲，这次演讲后来被称为是巴菲特一生中最经典的演讲，没有之一。<b>段永平强烈推荐这次的演讲内容，据说已经看了10遍。</b></p><p>请各位提问时一定要刁钻，你们问的问题越难，才越好玩。”</p><p>值得一提的是，近一个半小时的演讲中，巴菲特本人并没有长篇大论，而是把大部分时间交给了现场的同学，让他们提出自己最为关心的问题。</p><p>“您喜欢什么样的公司？”</p><p>“到底该花多少钱买一家公司？”</p><p>“能否讲讲您在商业中犯的错误？”</p><p>一个个犀利的问题并没有难倒这位“股神”，他既幽默风趣的回答了学生们的提问，又借着问题深入剖析了自己的选股标准、组合构建和思维方式。</p><p><b>黄峥此前说过，“我发现巴菲特讲的东西其实特别简单，连我母亲都能听懂。常识显而易见、容易理解，但我们因为成长、学习形成的偏见和个人利益的诉求蒙蔽了我们。”</b></p><p>如黄峥所言，巴菲特极其擅长把重要的投资哲理用非常通俗易懂的比喻来告诉大家，二十年前便是如此，一个个生动的案例加上形象化的表达，让这场演讲成为经典中的经典，今天重温下来，依然极具启迪意义。</p><p>演讲原文较长，<b>我们从中整理了40条精华内容摘编成文，</b>涉及投资理念、生意判断以及对年轻人的希冀，相信读后一定会对你有所启发。</p><p>01</p><p>别做安全边际以外的事</p><p>01. 假设你递给我一把枪，里面有1000个弹仓、100万个弹仓，其中只有一个弹仓里有一颗子弹，你说：“把枪对准你的太阳穴，扣一下扳机，你要多少钱？”我不干。你给我多少钱，我都不干。</p><p>要是我赢了，我不需要那些钱；要是我输了，结果不用说了。这样的事，我一点都不想做，但是在金融领域，人们经常做这样的事，都不经过大脑。</p><p>02. 假设年初你有1亿美元，如果不上杠杆，能赚10%，上杠杆的成功率是99%，能赚20%，年末时你有1.1亿美元，还是1.2亿美元，有区别吗？没一点区别。</p><p>要是年末你死了，写讣告的人可能有个笔误，虽然你有1.2亿，但他写成了1.1亿。</p><p>多赚的钱有什么用？一点用没有。对你、对你的家人，对别人，都没用。</p><p>03. 我们基本上没借过钱，当然我们的保险公司里有浮存金，但是我压根没借过钱。</p><p>我只有1万块钱的时候都不借钱，不借钱不一样吗？我钱少的时候做投资也很开心。</p><p>我根本不在乎我到底是有1万、10万，还是100万。除非遇上了急事，比如生了大病急需用钱。</p><p>04. 如果你现在有1块钱，以为将来有2块钱的时候，自己能比现在过得更幸福，你可能想错了，别以为赚10倍或20倍能解决生活中的所有问题，这样的想法很容易把你带到沟里去。</p><p>在不该借钱的时候借钱，或者急功近利、投机取巧，做自己不该做的事，将来都没地方买后悔药。</p><p>02</p><p>能看懂的生意才是好生意</p><p>05. 美国经济学家亨利·考夫曼有这么一句名言：</p><p>“破产的有两种人，一种是什么都不知道的，一种是什么都知道的。”</p><p>希望大家能引以为戒。</p><p>06. 我喜欢我能看懂的生意，我用这一条筛选，90%的公司都被过滤掉了。</p><p>有些东西明知道自己不懂，就不能做。</p><p>07. 我不喜欢很容易的生意，生意很容易，会招来竞争对手，我喜欢有护城河的生意。</p><p>我希望拥有一座价值连城的城堡，守护城堡的公爵德才兼备，而且这座城堡周围有宽广的护城河。</p><p>我经常对<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>子公司的管理者说，加宽护城河。往护城河里扔鳄鱼、鲨鱼，把竞争对手挡在外面。</p><p>这要靠服务、靠产品质量、靠成本，有时候要靠专利或营业地点。我要找的就是这样的生意。</p><p>在哪能找到这样的生意呢？我从那些简单的产品里寻找好生意。</p><p>其实很容易理解，当前的经济状况良好，管理层德才兼备，这样的生意，我能大概看出来它们十年后会怎样。有的生意，我看不出来十年后会怎样，我不买。</p><p>像<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>、莲花、<a href=\"https://laohu8.com/S/MSFT\">微软</a>这些公司，我就搞不懂它们的护城河十年之后会怎样。</p><p>盖茨是我遇到过的最优秀的商业奇才，<a href=\"https://laohu8.com/S/MSFT\">微软</a>也拥有巨大的领先优势，但我真不知道微软十年后会怎样，也无法确切地知道微软的竞争对手十年后会怎样。</p><p>不过，我知道口香糖生意十年后会怎样，互联网再怎么发展，都不会改变我们嚼口香糖的习惯，好像没什么能改变我们嚼口香糖的习惯。肯定会有更多新品种的口香糖出现，但白箭和黄箭会消失吗？不会。</p><p>我自己设想，要是我有10亿美元，能伤着这家公司吗？给我100亿美元，让我在全球和<a href=\"https://laohu8.com/S/KO\">可口可乐</a>竞争，我能伤着<a href=\"https://laohu8.com/S/KO\">可口可乐</a>吗？我做不到。这样的生意是好生意。</p><p>08. 无论什么时候，都要知道自己在做什么，这样才能做好投资。必须把生意看懂了，有的生意是我们能看懂的，但不是所有生意我们都能看懂。</p><p>09. 我们不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：</p><p>这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？</p><p>03</p><p>买股票就是买公司</p><p>市场下跌是好机会</p><p>10. 如果你投资的公司本身都不赚钱，你也很难赚钱。</p><p>11. 人们买完股票后，第二天一早就盯着股价，看股价决定自己的投资做得好不好，糊涂到家了。</p><p>买股票就是买公司，这是格雷厄姆教给我的最基本的道理。</p><p>记住，你买的不是股票，而是公司的一部分所有权。只要公司生意好，而且你买的价格不是高得离谱，你的收益也差不了，投资股票就这么简单。</p><p>12. 我更愿意看到市场下跌，大跌的时候更容易买到好货，更容易把钱用好，要投资股票，这是你必须首先学会的一个道理。</p><p>13. 自己要买什么，一定要有个理由，说不出来理由的，别买。</p><p>14. 有的人把买股票当成看赛马，那无所谓了，但如果你是在投资的话，投资是把资金投进去，确定将来能以合适的收益率收回资金。</p><p>15. 我们想的不是怎么获得超高的回报率，而是始终牢记永远不亏钱。</p><p>16. 最<a href=\"https://laohu8.com/S/300785\">值得买</a>的公司，是那些你觉得从数字上看很贵，舍不得买，但还是很想买的公司。</p><p>04</p><p>守住能力圈</p><p>认定好生意</p><p>17. 一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。</p><p>要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么，这是关键。我常说的能力圈就是这个意思，要清楚自己的能力圈。</p><p>18. 每个人都有自己的能力圈，重要的不是能力圈有多大，而是待在能力圈的范围之内。</p><p>如果主板中有几千家公司，你的能力圈只涵盖其中的 30 家，只要你清楚是哪30家，就可以了。</p><p>19. 只要是好生意，别的什么东西都不重要。只要是好生意，我就不管那些大事小事，也不考虑今年明年如何之类的问题。</p><p>好生意，你能看出来它将来会怎样，但是不知道会是什么时候。</p><p>看一个生意，你就一门心思琢磨它将来会怎么样，别太纠结什么时候。把生意的将来能怎么样看透了，到底是什么时候，就没多大关系了。</p><p>20. 对于我和我的合伙人查理·芒格来说，我们犯过的最大的错误不是做错了什么，而是该做的没做。</p><p>在这些错误中，我们对生意很了解，本来应该行动，但不知道怎么了，我们就在那犹豫来犹豫去，什么都没做。</p><p>21. 我不研究宏观问题，投资中最紧要的是弄清什么事是重要的、可知的。如果一件事是不重要的、不可知的，那就别管了。</p><p>22. 一般的咨询机构的套路是这样的，先把他们的经济学家拉出来溜两圈，讲一些大的宏观格局，然后自上而下地分析，我们觉得那些都是胡扯。</p><p>23. 我们在决定买不买一家公司时，从来不把我们对宏观问题的感觉作为依据。我们不看关于利率或公司盈利的预测，看了没用。</p><p>05</p><p>做时间的朋友</p><p>靠不折腾赚钱</p><p>24. 一年找到一个好的投资机会，然后一直持有，等待它的潜力充分释放出来。</p><p>在一个人们每五分钟就来回喊报价的环境里，在一个别人总把各种报告塞到你面前的环境里，很难做到持有不动。华尔街靠折腾赚钱，你靠不折腾赚钱。</p><p>25. 要是在座的各位每天都相互交易自己的投资组合，所有人最后都会破产，所有的钱最后都会进到中间商的口袋里。</p><p>换个做法，你们都持有一般公司组成的投资组合，50年里你们都一动不动，最后你们都会很有钱，你们的券商会破产。券商像这样一个医生，他让你换药的次数越多，他赚的越多。</p><p>他要是给你一种药，把你的病根治了，他只能做成一笔买卖，一笔交易，然后就没了。如果他能让你相信每天换各种药吃对健康有益，这对他有好处，对卖药的有好处，你会亏很多钱。你的身体好不了，还会破财。</p><p>26. 任何刺激你瞎折腾的环境，都要远离。</p><p>27. 不管买哪家公司，我们买的时候都不设定价格目标。</p><p>例如，我们是30买的，从没想过涨到40、50、60或100就卖了，从来没这样过。</p><p>我们希望自己买入的公司，现在看好，五年后一样看好。</p><p>28. 看一家公司正确的思维方式是，长期来看，这家公司是否能越来越赚钱？如果答案是能，别的问题都用不着问了。</p><p>29. 时间是好生意的朋友，烂生意的敌人。</p><p>如果长期持有一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果长期持有好生意，就算买得贵了一些，只要长期持有，还是会取得出色的收益。</p><p>06</p><p>分散投资的生意</p><p>不应超过6个</p><p>30. 如果不是职业投资者，不追求通过管理资金实现超额收益率的目标，我觉得应该高度分散投资。</p><p>31. 要是你真能看懂生意，你拥有的生意不应该超过六个。</p><p>要是你能找到六个好生意，就已经足够分散了，用不着再分散了，而且你能赚很多钱。</p><p>我敢保证，你不把钱投到你最看好的那个生意，而是再去做第七个生意，肯定会掉到沟里。靠第七个最好的主意发家的人很少，靠最好的主意发家的人很多。</p><p>32. 要是你问我，我要是把我的所有资金都投入到一家公司，二十年不动，我会选<a href=\"https://laohu8.com/S/PG\">宝洁</a>还是可口可乐，其实<a href=\"https://laohu8.com/S/PG\">宝洁</a>的产品线更多元化，但是比较起来，我认为可口可乐的确定性比宝洁的确定性高。</p><p>宝洁可以入选我最看好的公司中的前5%，宝洁不会被竞争对手打垮，但是从将来二三十年看，在宝洁和可可口乐之间，我更看好可口可乐的销量增长潜力和定价权。</p><p>33. 我还是更喜欢产品本身卖得好的生意。</p><p><a href=\"https://laohu8.com/S/MCD\">麦当劳</a>这几年的促销活动越来越多，它越来越依赖促销，而不是靠产品本身卖得好。</p><p>相比之下，我更喜欢吉列，人们买锋速3是因为他们喜欢锋速3这个产品本身，不是为了得到什么赠品才买的。</p><p>每天晚上，想想一两亿男人的胡子都在长，你睡觉的时候，男人们的胡子一直在长，你就能睡得很踏实。再想想，女人们都有两条腿，这更好了。这个方法比数绵羊管用多了，要找就找这样的生意。</p><p>07</p><p>给年轻人的几点建议</p><p>34. 习惯的枷锁，开始的时候轻的难以察觉，到后来却重的无法摆脱。</p><p>35. 要是有个人让我倒胃口，但是和他走到一起，我能赚1亿美元，我会断然拒绝，要不和为了钱结婚有什么两样？</p><p>无论什么时候，都不能为了钱结婚，要是已经很有钱了，更不能这样。</p><p>36. 我有一份我热爱的工作，当年我觉得赚1,000美元是一大笔钱的时候，我就喜欢我的工作。</p><p>同学们，做你们喜欢的工作，要是你总做那些自己不喜欢的工作，只是为了让简历上的工作经历更漂亮，那你真是糊涂了。</p><p>37. 你财富自由之后想做什么工作，现在就该做什么工作，这样的工作才是理想的工作。</p><p>38. 做自己不喜欢的工作，不觉得有点像年轻的时候把性生活省下来，留到岁数大的时候再用吗？</p><p>或早或晚，你们都应该开始做自己真心想做的事。</p><p>39. 我们从来不想已经过去的事，我们觉得未来有那么多值得期待的，何必对过去耿耿于怀。</p><p>不纠结过去的事，纠结也没用，人生只能向前看。</p><p>40. 一辈子都做自己喜欢的事，交自己喜欢的人。</p></body></html>","source":"zhenghedao","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>夜读 | 巴菲特这40句话，段永平强烈推荐</title>\n<style 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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\">\n夜读 | 巴菲特这40句话，段永平强烈推荐\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-13 21:17 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA><strong>正和岛</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了一场超有内涵的演讲，这次演讲后来被称为是巴菲特一生中最经典的演讲，没有之一。段永平强烈推荐这次的演讲内容，据说已经看了10遍。请各位提问时一定要刁钻，你们问的问题越难，才越好玩。”值得一提的是，近...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ee8356647b06585ac937a0f45e6aeb17","relate_stocks":{"BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BK4176":"多领域控股","BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BRK.A":"伯克希尔"},"source_url":"https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225584750","content_text":"巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了一场超有内涵的演讲，这次演讲后来被称为是巴菲特一生中最经典的演讲，没有之一。段永平强烈推荐这次的演讲内容，据说已经看了10遍。请各位提问时一定要刁钻，你们问的问题越难，才越好玩。”值得一提的是，近一个半小时的演讲中，巴菲特本人并没有长篇大论，而是把大部分时间交给了现场的同学，让他们提出自己最为关心的问题。“您喜欢什么样的公司？”“到底该花多少钱买一家公司？”“能否讲讲您在商业中犯的错误？”一个个犀利的问题并没有难倒这位“股神”，他既幽默风趣的回答了学生们的提问，又借着问题深入剖析了自己的选股标准、组合构建和思维方式。黄峥此前说过，“我发现巴菲特讲的东西其实特别简单，连我母亲都能听懂。常识显而易见、容易理解，但我们因为成长、学习形成的偏见和个人利益的诉求蒙蔽了我们。”如黄峥所言，巴菲特极其擅长把重要的投资哲理用非常通俗易懂的比喻来告诉大家，二十年前便是如此，一个个生动的案例加上形象化的表达，让这场演讲成为经典中的经典，今天重温下来，依然极具启迪意义。演讲原文较长，我们从中整理了40条精华内容摘编成文，涉及投资理念、生意判断以及对年轻人的希冀，相信读后一定会对你有所启发。01别做安全边际以外的事01. 假设你递给我一把枪，里面有1000个弹仓、100万个弹仓，其中只有一个弹仓里有一颗子弹，你说：“把枪对准你的太阳穴，扣一下扳机，你要多少钱？”我不干。你给我多少钱，我都不干。要是我赢了，我不需要那些钱；要是我输了，结果不用说了。这样的事，我一点都不想做，但是在金融领域，人们经常做这样的事，都不经过大脑。02. 假设年初你有1亿美元，如果不上杠杆，能赚10%，上杠杆的成功率是99%，能赚20%，年末时你有1.1亿美元，还是1.2亿美元，有区别吗？没一点区别。要是年末你死了，写讣告的人可能有个笔误，虽然你有1.2亿，但他写成了1.1亿。多赚的钱有什么用？一点用没有。对你、对你的家人，对别人，都没用。03. 我们基本上没借过钱，当然我们的保险公司里有浮存金，但是我压根没借过钱。我只有1万块钱的时候都不借钱，不借钱不一样吗？我钱少的时候做投资也很开心。我根本不在乎我到底是有1万、10万，还是100万。除非遇上了急事，比如生了大病急需用钱。04. 如果你现在有1块钱，以为将来有2块钱的时候，自己能比现在过得更幸福，你可能想错了，别以为赚10倍或20倍能解决生活中的所有问题，这样的想法很容易把你带到沟里去。在不该借钱的时候借钱，或者急功近利、投机取巧，做自己不该做的事，将来都没地方买后悔药。02能看懂的生意才是好生意05. 美国经济学家亨利·考夫曼有这么一句名言：“破产的有两种人，一种是什么都不知道的，一种是什么都知道的。”希望大家能引以为戒。06. 我喜欢我能看懂的生意，我用这一条筛选，90%的公司都被过滤掉了。有些东西明知道自己不懂，就不能做。07. 我不喜欢很容易的生意，生意很容易，会招来竞争对手，我喜欢有护城河的生意。我希望拥有一座价值连城的城堡，守护城堡的公爵德才兼备，而且这座城堡周围有宽广的护城河。我经常对伯克希尔子公司的管理者说，加宽护城河。往护城河里扔鳄鱼、鲨鱼，把竞争对手挡在外面。这要靠服务、靠产品质量、靠成本，有时候要靠专利或营业地点。我要找的就是这样的生意。在哪能找到这样的生意呢？我从那些简单的产品里寻找好生意。其实很容易理解，当前的经济状况良好，管理层德才兼备，这样的生意，我能大概看出来它们十年后会怎样。有的生意，我看不出来十年后会怎样，我不买。像甲骨文、莲花、微软这些公司，我就搞不懂它们的护城河十年之后会怎样。盖茨是我遇到过的最优秀的商业奇才，微软也拥有巨大的领先优势，但我真不知道微软十年后会怎样，也无法确切地知道微软的竞争对手十年后会怎样。不过，我知道口香糖生意十年后会怎样，互联网再怎么发展，都不会改变我们嚼口香糖的习惯，好像没什么能改变我们嚼口香糖的习惯。肯定会有更多新品种的口香糖出现，但白箭和黄箭会消失吗？不会。我自己设想，要是我有10亿美元，能伤着这家公司吗？给我100亿美元，让我在全球和可口可乐竞争，我能伤着可口可乐吗？我做不到。这样的生意是好生意。08. 无论什么时候，都要知道自己在做什么，这样才能做好投资。必须把生意看懂了，有的生意是我们能看懂的，但不是所有生意我们都能看懂。09. 我们不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？03买股票就是买公司市场下跌是好机会10. 如果你投资的公司本身都不赚钱，你也很难赚钱。11. 人们买完股票后，第二天一早就盯着股价，看股价决定自己的投资做得好不好，糊涂到家了。买股票就是买公司，这是格雷厄姆教给我的最基本的道理。记住，你买的不是股票，而是公司的一部分所有权。只要公司生意好，而且你买的价格不是高得离谱，你的收益也差不了，投资股票就这么简单。12. 我更愿意看到市场下跌，大跌的时候更容易买到好货，更容易把钱用好，要投资股票，这是你必须首先学会的一个道理。13. 自己要买什么，一定要有个理由，说不出来理由的，别买。14. 有的人把买股票当成看赛马，那无所谓了，但如果你是在投资的话，投资是把资金投进去，确定将来能以合适的收益率收回资金。15. 我们想的不是怎么获得超高的回报率，而是始终牢记永远不亏钱。16. 最值得买的公司，是那些你觉得从数字上看很贵，舍不得买，但还是很想买的公司。04守住能力圈认定好生意17. 一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么，这是关键。我常说的能力圈就是这个意思，要清楚自己的能力圈。18. 每个人都有自己的能力圈，重要的不是能力圈有多大，而是待在能力圈的范围之内。如果主板中有几千家公司，你的能力圈只涵盖其中的 30 家，只要你清楚是哪30家，就可以了。19. 只要是好生意，别的什么东西都不重要。只要是好生意，我就不管那些大事小事，也不考虑今年明年如何之类的问题。好生意，你能看出来它将来会怎样，但是不知道会是什么时候。看一个生意，你就一门心思琢磨它将来会怎么样，别太纠结什么时候。把生意的将来能怎么样看透了，到底是什么时候，就没多大关系了。20. 对于我和我的合伙人查理·芒格来说，我们犯过的最大的错误不是做错了什么，而是该做的没做。在这些错误中，我们对生意很了解，本来应该行动，但不知道怎么了，我们就在那犹豫来犹豫去，什么都没做。21. 我不研究宏观问题，投资中最紧要的是弄清什么事是重要的、可知的。如果一件事是不重要的、不可知的，那就别管了。22. 一般的咨询机构的套路是这样的，先把他们的经济学家拉出来溜两圈，讲一些大的宏观格局，然后自上而下地分析，我们觉得那些都是胡扯。23. 我们在决定买不买一家公司时，从来不把我们对宏观问题的感觉作为依据。我们不看关于利率或公司盈利的预测，看了没用。05做时间的朋友靠不折腾赚钱24. 一年找到一个好的投资机会，然后一直持有，等待它的潜力充分释放出来。在一个人们每五分钟就来回喊报价的环境里，在一个别人总把各种报告塞到你面前的环境里，很难做到持有不动。华尔街靠折腾赚钱，你靠不折腾赚钱。25. 要是在座的各位每天都相互交易自己的投资组合，所有人最后都会破产，所有的钱最后都会进到中间商的口袋里。换个做法，你们都持有一般公司组成的投资组合，50年里你们都一动不动，最后你们都会很有钱，你们的券商会破产。券商像这样一个医生，他让你换药的次数越多，他赚的越多。他要是给你一种药，把你的病根治了，他只能做成一笔买卖，一笔交易，然后就没了。如果他能让你相信每天换各种药吃对健康有益，这对他有好处，对卖药的有好处，你会亏很多钱。你的身体好不了，还会破财。26. 任何刺激你瞎折腾的环境，都要远离。27. 不管买哪家公司，我们买的时候都不设定价格目标。例如，我们是30买的，从没想过涨到40、50、60或100就卖了，从来没这样过。我们希望自己买入的公司，现在看好，五年后一样看好。28. 看一家公司正确的思维方式是，长期来看，这家公司是否能越来越赚钱？如果答案是能，别的问题都用不着问了。29. 时间是好生意的朋友，烂生意的敌人。如果长期持有一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果长期持有好生意，就算买得贵了一些，只要长期持有，还是会取得出色的收益。06分散投资的生意不应超过6个30. 如果不是职业投资者，不追求通过管理资金实现超额收益率的目标，我觉得应该高度分散投资。31. 要是你真能看懂生意，你拥有的生意不应该超过六个。要是你能找到六个好生意，就已经足够分散了，用不着再分散了，而且你能赚很多钱。我敢保证，你不把钱投到你最看好的那个生意，而是再去做第七个生意，肯定会掉到沟里。靠第七个最好的主意发家的人很少，靠最好的主意发家的人很多。32. 要是你问我，我要是把我的所有资金都投入到一家公司，二十年不动，我会选宝洁还是可口可乐，其实宝洁的产品线更多元化，但是比较起来，我认为可口可乐的确定性比宝洁的确定性高。宝洁可以入选我最看好的公司中的前5%，宝洁不会被竞争对手打垮，但是从将来二三十年看，在宝洁和可可口乐之间，我更看好可口可乐的销量增长潜力和定价权。33. 我还是更喜欢产品本身卖得好的生意。麦当劳这几年的促销活动越来越多，它越来越依赖促销，而不是靠产品本身卖得好。相比之下，我更喜欢吉列，人们买锋速3是因为他们喜欢锋速3这个产品本身，不是为了得到什么赠品才买的。每天晚上，想想一两亿男人的胡子都在长，你睡觉的时候，男人们的胡子一直在长，你就能睡得很踏实。再想想，女人们都有两条腿，这更好了。这个方法比数绵羊管用多了，要找就找这样的生意。07给年轻人的几点建议34. 习惯的枷锁，开始的时候轻的难以察觉，到后来却重的无法摆脱。35. 要是有个人让我倒胃口，但是和他走到一起，我能赚1亿美元，我会断然拒绝，要不和为了钱结婚有什么两样？无论什么时候，都不能为了钱结婚，要是已经很有钱了，更不能这样。36. 我有一份我热爱的工作，当年我觉得赚1,000美元是一大笔钱的时候，我就喜欢我的工作。同学们，做你们喜欢的工作，要是你总做那些自己不喜欢的工作，只是为了让简历上的工作经历更漂亮，那你真是糊涂了。37. 你财富自由之后想做什么工作，现在就该做什么工作，这样的工作才是理想的工作。38. 做自己不喜欢的工作，不觉得有点像年轻的时候把性生活省下来，留到岁数大的时候再用吗？或早或晚，你们都应该开始做自己真心想做的事。39. 我们从来不想已经过去的事，我们觉得未来有那么多值得期待的，何必对过去耿耿于怀。不纠结过去的事，纠结也没用，人生只能向前看。40. 一辈子都做自己喜欢的事，交自己喜欢的人。","news_type":1},"isVote":1,"tweetType":1,"viewCount":97,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018550726,"gmtCreate":1649068245616,"gmtModify":1676534444275,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"💪🏻","listText":"💪🏻","text":"💪🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018550726","repostId":"9018582581","repostType":1,"repost":{"id":9018582581,"gmtCreate":1649063345880,"gmtModify":1676534443653,"author":{"id":"3576842498816961","authorId":"3576842498816961","name":"OlWestyWin","avatar":"https://community-static.tradeup.com/news/93e373a0872ed8b0ff02d477f9c9b1b0","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"title":"Ignore NIO Stock’s Minor Bumps","htmlText":"<a target=\"_blank\" href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a> Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020. However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker. However, investors need to look beyond the temporary lows and see the","listText":"<a target=\"_blank\" href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a> Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020. However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker. However, investors need to look beyond the temporary lows and see the","text":"$NIO Inc.(NIO)$ Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020. However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker. However, investors need to look beyond the temporary lows and see the","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018582581","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":23,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018646908,"gmtCreate":1649035900545,"gmtModify":1676534439672,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>go","listText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>go","text":"$牛奶国际控股有限公司(D01.SI)$go","images":[{"img":"https://community-static.tradeup.com/news/84407c4c8ad6beab476d078681673123","width":"1170","height":"2532"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018646908","isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9010738031,"gmtCreate":1648468645673,"gmtModify":1676534341424,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"💪🏻💪🏻💪🏻","listText":"💪🏻💪🏻💪🏻","text":"💪🏻💪🏻💪🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010738031","repostId":"610981208","repostType":1,"repost":{"id":610981208,"gmtCreate":1648467253706,"gmtModify":1676532904436,"author":{"id":"127965840282720","authorId":"127965840282720","name":"悟空888","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚來(NIO)$</a>ET7今天交付，","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚來(NIO)$</a>ET7今天交付，","text":"$蔚來(NIO)$ET7今天交付，","images":[{"img":"https://static.tigerbbs.com/2660592e1cb6509102c4034d53d1564e","width":"1080","height":"607"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610981208","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9051426765,"gmtCreate":1654734212857,"gmtModify":1676535500355,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch","text":"$蔚来(NIO)$NIO (NYSE:NIO) is scheduled to announce Q1 earnings results on Thursday, June 9th, before market open.The consensus EPS Estimate is -$0.16 (compared to -$0.48 in year ago quarter) and the consensus Revenue Estimate is $1.48B (+21.3% Y/Y).The company reported a sequential growth in its May deliveries and a 5% Y/Y growth; Nio added 34 battery swap stations, 37 supercharging stations, 20 destination charging stations and 10K third-party charging piles to its charging map in May.Over the last 2 years, NIO has beaten EPS estimates 50% of the time and has beaten revenue estimates 88% of the time.Over the last 3 months, EPS estimates have seen 0 upward revisions and 3 downward. Revenue estimates have seen 0 upward revisions and 3 downward.Deutsch","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":16,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051426765","isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000562","authorId":"9000000000000562","name":"HilaryWilde","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"content":"To tell the truth, the products of this company are very popular.","text":"To tell the truth, the products of this company are very popular.","html":"To tell the truth, the products of this company are very popular."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049680012,"gmtCreate":1655783379236,"gmtModify":1676535704851,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","listText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","text":"$牛奶国际控股有限公司(D01.SI)$🚀","images":[{"img":"https://community-static.tradeup.com/news/8fe55ce401c6f86191956cb7e938c41b","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":2,"link":"https://ttm.financial/post/9049680012","isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":805163138,"gmtCreate":1627865854224,"gmtModify":1703496731156,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/805163138","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohu8.com/m/news/1170689665?lang=&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p>\n<p>Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p>\n<p><img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p>\n<p>The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p>\n<p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p>\n<p><b>Monday 8/2</b></p>\n<p>CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p>\n<p>GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p>\n<p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p>\n<p><b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p>\n<p><b>Tuesday 8/3</b></p>\n<p>Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p>\n<p><b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p>\n<p><b>Wednesday 8/4</b></p>\n<p>Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p>\n<p><b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p>\n<p><b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p>\n<p><b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p>\n<p><b>Thursday 8/5</b></p>\n<p>Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p>\n<p>Friday 8/6</p>\n<p><b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p>\n<p>DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week\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\">2021-08-02 06:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p>\n<p>Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p>\n<p><img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p>\n<p>The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p>\n<p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p>\n<p><b>Monday 8/2</b></p>\n<p>CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p>\n<p>GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p>\n<p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p>\n<p><b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p>\n<p><b>Tuesday 8/3</b></p>\n<p>Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p>\n<p><b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p>\n<p><b>Wednesday 8/4</b></p>\n<p>Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p>\n<p><b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p>\n<p><b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p>\n<p><b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p>\n<p><b>Thursday 8/5</b></p>\n<p>Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p>\n<p>Friday 8/6</p>\n<p><b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p>\n<p>DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","DKNG":"DraftKings Inc.","EA":"艺电",".DJI":"道琼斯","BABA":"阿里巴巴","GE":"GE航空航天",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","UBER":"优步","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1},"isVote":1,"tweetType":1,"viewCount":128,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256975696203792,"gmtCreate":1703772221730,"gmtModify":1703776931505,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"title":"Recap your 2023","htmlText":"Find out more here: <a href=\"https://www.heytigers.com/activity/market/2023/summary?adcode=20231218154721&amp;actionID=7626317822ba53e76f2a19b7ebcfe48d&amp;skin=1&amp;os=iOS&amp;account_id=50672913&amp;utm_source=invite&amp;utm_campaign=20231218154721&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=4ffec9c11180beb4bc4d458a97f85a18&amp;invite=J74SKA&amp;lang=en_US#/\">Recap your 2023</a> Unlock your exclusive investment memory","listText":"Find out more here: <a href=\"https://www.heytigers.com/activity/market/2023/summary?adcode=20231218154721&amp;actionID=7626317822ba53e76f2a19b7ebcfe48d&amp;skin=1&amp;os=iOS&amp;account_id=50672913&amp;utm_source=invite&amp;utm_campaign=20231218154721&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=4ffec9c11180beb4bc4d458a97f85a18&amp;invite=J74SKA&amp;lang=en_US#/\">Recap your 2023</a> Unlock your exclusive investment memory","text":"Find out more here: Recap your 2023 Unlock your exclusive investment memory","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/256975696203792","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049221349,"gmtCreate":1655804477782,"gmtModify":1676535708247,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕","text":"$蔚来(NIO)$🚀🚀🚀🚀🚀🚀🚀🚀🚀🌕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049221349","isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018646908,"gmtCreate":1649035900545,"gmtModify":1676534439672,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>go","listText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>go","text":"$牛奶国际控股有限公司(D01.SI)$go","images":[{"img":"https://community-static.tradeup.com/news/84407c4c8ad6beab476d078681673123","width":"1170","height":"2532"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018646908","isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":888201668,"gmtCreate":1631496988954,"gmtModify":1676530557393,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888201668","repostId":"1103985085","repostType":4,"repost":{"id":"1103985085","weMediaInfo":{"introduction":"美股研究社，一个专注研究美股的平台，专业的美股投资人都在这。想了解美国股市行情、美股开户、美股资讯、美股公司；想获得一手美股重磅信息；想加入美股交流社群，敬请关注我们吧。","home_visible":0,"media_name":"美股研究社","id":"1074069735","head_image":"https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6"},"pubTimestamp":1631412856,"share":"https://www.laohu8.com/m/news/1103985085?lang=&edition=full","pubTime":"2021-09-12 10:14","market":"us","language":"zh","title":"美股IPO前瞻：10家公司上市融资超30亿美元，涉及这些领域","url":"https://stock-news.laohu8.com/highlight/detail?id=1103985085","media":"美股研究社","summary":"划重点\n\n在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。\n科技咨询公司Thoughtworks计划以63亿美元的市值筹集7亿美元。\n瑞士跑步鞋品牌On Holdin","content":"<p><b>划重点</b></p>\n<ul>\n <li>在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。</li>\n <li>科技咨询公司Thoughtworks计划以63亿美元的市值筹集7亿美元。</li>\n <li>瑞士跑步鞋品牌On Holding计划以59亿美元的市值筹资5.91亿美元。</li>\n</ul>\n<p>在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。</p>\n<p>科技咨询公司Thoughtworks（<a href=\"https://laohu8.com/S/TWKS\">Thoughtworks Holding Inc. (Turing Holding)</a> ）计划以63亿美元的市值筹集7亿美元。这位敏捷的软件开发人员为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，公司收入以14%的复合年增长率增长，并在2020年和上半年扩大了利润率。</p>\n<p>瑞士跑步鞋品牌ONON Holding（<a href=\"https://laohu8.com/S/ONON\">$(ONON)$</a>）计划以59亿美元的市值筹资5.91亿美元。On是一家全球顶级运动鞋、服装和配件供应商，采用可持续材料和专有技术设计。尽管该公司面临着来自其他知名运动服装品牌的重大竞争，但该公司已显示出增长和盈利能力。</p>\n<p>在结束通过SPAC上市的谈判后，Sportradar Group（<a href=\"https://laohu8.com/S/SRAD\">$(SRAD)$</a> ）计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年在83个体育项目中举办超过75万场活动，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar有利可图，随着直播体育的恢复，上半年的增长速度加快。</p>\n<p>Drive-thru咖啡连锁店荷兰兄弟（<a href=\"https://laohu8.com/S/Bros\">$(Bros)$</a>）计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家免下车咖啡店连锁店，并且在扩展到新的州后，能够保持同店销售额增长的记录。内部人士收到了上市前的股息，并将把股份出售给该公司。</p>\n<p>医疗智能平台Definitive Healthcare（<a href=\"https://laohu8.com/S/DH\">$(DH)$</a>）计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲而无利可图，最终医疗将在IPO后杠杆化。</p>\n<p>身份管理平台ForgeRock（<a href=\"https://laohu8.com/S/FORG\">$(FORG)$</a>）计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及提供、验证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，在价值数十亿美元的身份识别和访问市场上，ForgeRock是领先的下一代提供商。</p>\n<p>免疫学生物技术DICE Therapeutics（DICE）计划以5.5亿美元的市值筹集1.6亿美元。这项生物技术正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</p>\n<p>外科机器人开发商PROCEPT BioRobotics（PRCT）计划以11亿美元的市值筹集1.27亿美元。这家商业化的公司开发了用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2011年上半年收入增长超过六倍。</p>\n<p>肿瘤生物技术公司Tyra Biosciences（Tyra）计划以5.84亿美元的市值筹集1.01亿美元。这项临床前生物技术正在开发FGFR激酶抑制剂治疗癌症，特别是实体瘤。Tyra的主要候选人最初专注于膀胱癌，该公司预计在2022年年中提交一份IND。</p>\n<p>Micro cap天然气输送服务公司EzFill Holdings（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需燃油配送服务。EzFill表示，该公司在南佛罗里达市场处于主导地位，利润极低，且增长迅速。</p>\n<p><b>下周IPO上市公司名单</b></p>\n<p><img src=\"https://static.tigerbbs.com/4df8083c3b481be129b1ba617ca6eb67\" tg-width=\"822\" tg-height=\"624\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美股IPO前瞻：10家公司上市融资超30亿美元，涉及这些领域</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; 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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\">\n美股IPO前瞻：10家公司上市融资超30亿美元，涉及这些领域\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美股研究社 </p>\n<p class=\"h-time\">2021-09-12 10:14</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>划重点</b></p>\n<ul>\n <li>在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。</li>\n <li>科技咨询公司Thoughtworks计划以63亿美元的市值筹集7亿美元。</li>\n <li>瑞士跑步鞋品牌On Holding计划以59亿美元的市值筹资5.91亿美元。</li>\n</ul>\n<p>在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。</p>\n<p>科技咨询公司Thoughtworks（<a href=\"https://laohu8.com/S/TWKS\">Thoughtworks Holding Inc. (Turing Holding)</a> ）计划以63亿美元的市值筹集7亿美元。这位敏捷的软件开发人员为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，公司收入以14%的复合年增长率增长，并在2020年和上半年扩大了利润率。</p>\n<p>瑞士跑步鞋品牌ONON Holding（<a href=\"https://laohu8.com/S/ONON\">$(ONON)$</a>）计划以59亿美元的市值筹资5.91亿美元。On是一家全球顶级运动鞋、服装和配件供应商，采用可持续材料和专有技术设计。尽管该公司面临着来自其他知名运动服装品牌的重大竞争，但该公司已显示出增长和盈利能力。</p>\n<p>在结束通过SPAC上市的谈判后，Sportradar Group（<a href=\"https://laohu8.com/S/SRAD\">$(SRAD)$</a> ）计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年在83个体育项目中举办超过75万场活动，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar有利可图，随着直播体育的恢复，上半年的增长速度加快。</p>\n<p>Drive-thru咖啡连锁店荷兰兄弟（<a href=\"https://laohu8.com/S/Bros\">$(Bros)$</a>）计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家免下车咖啡店连锁店，并且在扩展到新的州后，能够保持同店销售额增长的记录。内部人士收到了上市前的股息，并将把股份出售给该公司。</p>\n<p>医疗智能平台Definitive Healthcare（<a href=\"https://laohu8.com/S/DH\">$(DH)$</a>）计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲而无利可图，最终医疗将在IPO后杠杆化。</p>\n<p>身份管理平台ForgeRock（<a href=\"https://laohu8.com/S/FORG\">$(FORG)$</a>）计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及提供、验证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，在价值数十亿美元的身份识别和访问市场上，ForgeRock是领先的下一代提供商。</p>\n<p>免疫学生物技术DICE Therapeutics（DICE）计划以5.5亿美元的市值筹集1.6亿美元。这项生物技术正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</p>\n<p>外科机器人开发商PROCEPT BioRobotics（PRCT）计划以11亿美元的市值筹集1.27亿美元。这家商业化的公司开发了用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2011年上半年收入增长超过六倍。</p>\n<p>肿瘤生物技术公司Tyra Biosciences（Tyra）计划以5.84亿美元的市值筹集1.01亿美元。这项临床前生物技术正在开发FGFR激酶抑制剂治疗癌症，特别是实体瘤。Tyra的主要候选人最初专注于膀胱癌，该公司预计在2022年年中提交一份IND。</p>\n<p>Micro cap天然气输送服务公司EzFill Holdings（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需燃油配送服务。EzFill表示，该公司在南佛罗里达市场处于主导地位，利润极低，且增长迅速。</p>\n<p><b>下周IPO上市公司名单</b></p>\n<p><img src=\"https://static.tigerbbs.com/4df8083c3b481be129b1ba617ca6eb67\" tg-width=\"822\" tg-height=\"624\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3b4e06f7876504703c54c67d377e15c6","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103985085","content_text":"划重点\n\n在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。\n科技咨询公司Thoughtworks计划以63亿美元的市值筹集7亿美元。\n瑞士跑步鞋品牌On Holding计划以59亿美元的市值筹资5.91亿美元。\n\n在短短的假日周内，经过一波新股发行后，10家IPO计划在未来一周筹资逾30亿美元。\n科技咨询公司Thoughtworks（Thoughtworks Holding Inc. (Turing Holding) ）计划以63亿美元的市值筹集7亿美元。这位敏捷的软件开发人员为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，公司收入以14%的复合年增长率增长，并在2020年和上半年扩大了利润率。\n瑞士跑步鞋品牌ONON Holding（$(ONON)$）计划以59亿美元的市值筹资5.91亿美元。On是一家全球顶级运动鞋、服装和配件供应商，采用可持续材料和专有技术设计。尽管该公司面临着来自其他知名运动服装品牌的重大竞争，但该公司已显示出增长和盈利能力。\n在结束通过SPAC上市的谈判后，Sportradar Group（$(SRAD)$ ）计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年在83个体育项目中举办超过75万场活动，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar有利可图，随着直播体育的恢复，上半年的增长速度加快。\nDrive-thru咖啡连锁店荷兰兄弟（$(Bros)$）计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家免下车咖啡店连锁店，并且在扩展到新的州后，能够保持同店销售额增长的记录。内部人士收到了上市前的股息，并将把股份出售给该公司。\n医疗智能平台Definitive Healthcare（$(DH)$）计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲而无利可图，最终医疗将在IPO后杠杆化。\n身份管理平台ForgeRock（$(FORG)$）计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及提供、验证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，在价值数十亿美元的身份识别和访问市场上，ForgeRock是领先的下一代提供商。\n免疫学生物技术DICE Therapeutics（DICE）计划以5.5亿美元的市值筹集1.6亿美元。这项生物技术正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。\n外科机器人开发商PROCEPT BioRobotics（PRCT）计划以11亿美元的市值筹集1.27亿美元。这家商业化的公司开发了用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2011年上半年收入增长超过六倍。\n肿瘤生物技术公司Tyra Biosciences（Tyra）计划以5.84亿美元的市值筹集1.01亿美元。这项临床前生物技术正在开发FGFR激酶抑制剂治疗癌症，特别是实体瘤。Tyra的主要候选人最初专注于膀胱癌，该公司预计在2022年年中提交一份IND。\nMicro cap天然气输送服务公司EzFill Holdings（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需燃油配送服务。EzFill表示，该公司在南佛罗里达市场处于主导地位，利润极低，且增长迅速。\n下周IPO上市公司名单","news_type":1},"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896099527,"gmtCreate":1628527303069,"gmtModify":1703507670382,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896099527","repostId":"2158444291","repostType":2,"repost":{"id":"2158444291","weMediaInfo":{"introduction":"凤凰网港股","home_visible":1,"media_name":"凤凰网港股","id":"1039806269","head_image":"https://static.tigerbbs.com/b6fb647077f1ce46dc341fc35c26e817"},"pubTimestamp":1628516883,"share":"https://www.laohu8.com/m/news/2158444291?lang=&edition=full","pubTime":"2021-08-09 21:48","market":"us","language":"zh","title":"BioNTech SE(BNTX)大涨逾10% Q2营收53.09亿欧元 同比增长126倍","url":"https://stock-news.laohu8.com/highlight/detail?id=2158444291","media":"凤凰网港股","summary":"凤凰网港股|BioNTech SE大涨逾10%，报432美元。此前，BioNTech SE公布了2021年第二季度财务业绩。数据显示，公司Q2总营收53.09亿欧元，市场预期为34.99亿欧元，上年同期为4170万欧元，同比增长超126倍;净利润27.87亿欧元，上年同期为亏损8830万欧元。\"同时，我们进一步开发了肿瘤学管道，包括最近启动的两个 FixVac 程序的随机阶段2试验。我们能够跨各种技术平台推进多个肿瘤学计划，这些平台现在进入后期测试阶段，为未来几年向市场推出一系列产品候选产品提供了潜力。","content":"<html><body><p>凤凰网港股|<span><a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>(BNTX)大涨逾10%，报432美元。此前，</span><span>BioNTech SE公布了2021年第二季度财务业绩。数据显示，</span><span>公司Q2总营收53.09亿欧元，市场预期为34.99亿欧元，上年同期为4170万欧元，同比增长超126倍;净利润27.87亿欧元，上年同期为亏损8830万欧元。</span><span>每股基本收益为11.42欧元，上年同期为亏损0.38欧元;摊薄后每股收益为10.77欧元，上年同期为亏损0.38欧元。</span><span>营业利润为41.98亿欧元，上年同期为亏损8090万欧元。研发支出2.01亿欧元，上年同期为9520万欧元;销售及营销费用1330万欧元，上年同期为300万欧元。</span></p><p>BioNTech首席执行官兼联合创始人Ugur Sahin表示，\"我们和合作伙伴<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>(PFE)公司已经突破了全球COVID-19疫苗剂量的10亿大关。我们很自豪在仅仅六个月后就达到了这个伟大的里程碑，并且用我们专有的mRNA技术为人们带来了改变。为了应对当前的大流行，我们正在向全球100多个国家和地区扩大COVID-19疫苗的供应，包括增加对低收入和中等收入国家的访问，\"。\"同时，我们进一步开发了肿瘤学管道，包括最近启动的两个 FixVac 程序的随机阶段2试验。我们能够跨各种技术平台推进多个肿瘤学计划，这些平台现在进入后期测试阶段，为未来几年向市场推出一系列产品候选产品提供了潜力。</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>BioNTech SE(BNTX)大涨逾10% Q2营收53.09亿欧元 同比增长126倍</title>\n<style 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}\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\">\nBioNTech SE(BNTX)大涨逾10% Q2营收53.09亿欧元 同比增长126倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039806269\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b6fb647077f1ce46dc341fc35c26e817);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time\">2021-08-09 21:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>凤凰网港股|<span><a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>(BNTX)大涨逾10%，报432美元。此前，</span><span>BioNTech SE公布了2021年第二季度财务业绩。数据显示，</span><span>公司Q2总营收53.09亿欧元，市场预期为34.99亿欧元，上年同期为4170万欧元，同比增长超126倍;净利润27.87亿欧元，上年同期为亏损8830万欧元。</span><span>每股基本收益为11.42欧元，上年同期为亏损0.38欧元;摊薄后每股收益为10.77欧元，上年同期为亏损0.38欧元。</span><span>营业利润为41.98亿欧元，上年同期为亏损8090万欧元。研发支出2.01亿欧元，上年同期为9520万欧元;销售及营销费用1330万欧元，上年同期为300万欧元。</span></p><p>BioNTech首席执行官兼联合创始人Ugur Sahin表示，\"我们和合作伙伴<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>(PFE)公司已经突破了全球COVID-19疫苗剂量的10亿大关。我们很自豪在仅仅六个月后就达到了这个伟大的里程碑，并且用我们专有的mRNA技术为人们带来了改变。为了应对当前的大流行，我们正在向全球100多个国家和地区扩大COVID-19疫苗的供应，包括增加对低收入和中等收入国家的访问，\"。\"同时，我们进一步开发了肿瘤学管道，包括最近启动的两个 FixVac 程序的随机阶段2试验。我们能够跨各种技术平台推进多个肿瘤学计划，这些平台现在进入后期测试阶段，为未来几年向市场推出一系列产品候选产品提供了潜力。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/762ef028f6d872233012dadb1fe341db","relate_stocks":{"BNTX":"BioNTech SE"},"source_url":"http://hknews.szfuit.com/newRssInfo/feed?original_id=473fb92d5d2c5eb1e7fa59d50f4b93a6","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158444291","content_text":"凤凰网港股|BioNTech SE(BNTX)大涨逾10%，报432美元。此前，BioNTech SE公布了2021年第二季度财务业绩。数据显示，公司Q2总营收53.09亿欧元，市场预期为34.99亿欧元，上年同期为4170万欧元，同比增长超126倍;净利润27.87亿欧元，上年同期为亏损8830万欧元。每股基本收益为11.42欧元，上年同期为亏损0.38欧元;摊薄后每股收益为10.77欧元，上年同期为亏损0.38欧元。营业利润为41.98亿欧元，上年同期为亏损8090万欧元。研发支出2.01亿欧元，上年同期为9520万欧元;销售及营销费用1330万欧元，上年同期为300万欧元。BioNTech首席执行官兼联合创始人Ugur Sahin表示，\"我们和合作伙伴辉瑞(PFE)公司已经突破了全球COVID-19疫苗剂量的10亿大关。我们很自豪在仅仅六个月后就达到了这个伟大的里程碑，并且用我们专有的mRNA技术为人们带来了改变。为了应对当前的大流行，我们正在向全球100多个国家和地区扩大COVID-19疫苗的供应，包括增加对低收入和中等收入国家的访问，\"。\"同时，我们进一步开发了肿瘤学管道，包括最近启动的两个 FixVac 程序的随机阶段2试验。我们能够跨各种技术平台推进多个肿瘤学计划，这些平台现在进入后期测试阶段，为未来几年向市场推出一系列产品候选产品提供了潜力。","news_type":1},"isVote":1,"tweetType":1,"viewCount":215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043227080,"gmtCreate":1655940863840,"gmtModify":1676535734591,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/S51.SI\">$胜科海事(S51.SI)$</a>https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&amp;fs=e&amp;s=cl","listText":"<a href=\"https://ttm.financial/S/S51.SI\">$胜科海事(S51.SI)$</a>https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&amp;fs=e&amp;s=cl","text":"$胜科海事(S51.SI)$https://www.theedgesingapore.com/capital/brokers-calls/sembmarine-likely-garner-new-orders-2022-now-merger-terms-keppel-om-largely?mibextid=vgW32m&fs=e&s=cl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043227080","isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049659735,"gmtCreate":1655787846727,"gmtModify":1676535705852,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","listText":"<a href=\"https://ttm.financial/S/D01.SI\">$牛奶国际控股有限公司(D01.SI)$</a>🚀","text":"$牛奶国际控股有限公司(D01.SI)$🚀","images":[{"img":"https://community-static.tradeup.com/news/3f47e41f72a139a6272dc85e2d9fce87","width":"1170","height":"2583"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049659735","isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9051424353,"gmtCreate":1654734281672,"gmtModify":1676535500417,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051424353","repostId":"1176120799","repostType":4,"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066308772,"gmtCreate":1651846536096,"gmtModify":1676534982962,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>Good for sti&nbsp;","listText":"<a href=\"https://ttm.financial/S/NIO\">$蔚来(NIO)$</a>Good for sti&nbsp;","text":"$蔚来(NIO)$Good for sti","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066308772","isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018550726,"gmtCreate":1649068245616,"gmtModify":1676534444275,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"💪🏻","listText":"💪🏻","text":"💪🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018550726","repostId":"9018582581","repostType":1,"repost":{"id":9018582581,"gmtCreate":1649063345880,"gmtModify":1676534443653,"author":{"id":"3576842498816961","authorId":"3576842498816961","name":"OlWestyWin","avatar":"https://community-static.tradeup.com/news/93e373a0872ed8b0ff02d477f9c9b1b0","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"title":"Ignore NIO Stock’s Minor Bumps","htmlText":"<a target=\"_blank\" href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a> Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020. However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker. However, investors need to look beyond the temporary lows and see the","listText":"<a target=\"_blank\" href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a> Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020. However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker. However, investors need to look beyond the temporary lows and see the","text":"$NIO Inc.(NIO)$ Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020. However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker. However, investors need to look beyond the temporary lows and see the","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018582581","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":23,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882730573,"gmtCreate":1631719160492,"gmtModify":1676530618383,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/882730573","repostId":"1131595573","repostType":4,"repost":{"id":"1131595573","pubTimestamp":1631686916,"share":"https://www.laohu8.com/m/news/1131595573?lang=&edition=full","pubTime":"2021-09-15 14:21","market":"hk","language":"zh","title":"巴菲特：择时择机、顺应时代","url":"https://stock-news.laohu8.com/highlight/detail?id=1131595573","media":"砺石商业评论","summary":"在中国股民中，沃伦·巴菲特可谓家喻户晓，人称“股神”。这位投资大师长年居全球富豪榜前三名。在行业内，巴菲特大概是什么段位呢？斯文森听到后，立即正色严肃地回答：“我永远不能与巴菲特相比。”作为一个极其成功的投资者，巴菲特本身就是一个重大的异常金融现象。只有打通这些层次，我们才能看到一个真实立体的巴菲特。要讨论巴菲特的择时原则，就不能不谈到美国的国运。","content":"<blockquote>\n <b>砺石导言：</b>作为一个极其成功的投资者，巴菲特本身就是一个重大的异常金融现象。在这个金融现象的背后，必然存在着经济和社会层面的理由。只有打通这些层次，我们才能看到一个真实立体的巴菲特。\n</blockquote>\n<p>在中国股民中，沃伦·巴菲特可谓家喻户晓，人称“股神”。这位投资大师长年居全球富豪榜前三名。光有钱还不算，更加难得的是，他在投资圈中地位极高，非常受人尊崇。</p>\n<p>在行业内，巴菲特大概是什么段位呢？中国的高瓴资本因为投资了<a href=\"https://laohu8.com/S/00700\">腾讯</a>和<a href=\"https://laohu8.com/S/JD\">京东</a>而闻名，它可能是目前中国最成功的投资基金。高瓴资本的创始人叫张磊。张磊的恩师，也是他的第一位投资人，叫大卫·斯文森。斯文森是耶鲁大学捐赠基金的投资总监，在美国也是开宗立派的人物。我有一次当面向斯文森问起，巴菲特和他，两个人怎么比较。斯文森听到后，立即正色严肃地回答：“我永远不能与巴菲特相比。”</p>\n<p>作为一个极其成功的投资者，巴菲特本身就是一个重大的异常金融现象。在这个金融现象的背后，必然存在着经济和社会层面的理由。只有打通这些层次，我们才能看到一个真实立体的巴菲特。</p>\n<p><b>1、巴菲特的择时原则</b></p>\n<p>要讨论巴菲特的择时原则，就不能不谈到美国的国运。巴菲特的择时原则很简单，说出来几乎尽人皆知：别人贪婪时我恐惧，别人恐惧时我贪婪。不过他这两句话可不是没有前提的，更不会放之四海皆准。他自己就曾多次表示，出生在美国，就相当于中了一张“卵巢彩票”。美国的国运，是他投资业绩的基础。那么美国的国运究竟如何，我想从空间和时间这两个维度来做一个基本评价。</p>\n<p>从空间上看，美国是一个大国。我们知道，世界上有197个国家，无论从地理、人口还是经济上看，美国都是与整个欧洲平级的单位实体，而不是与英国、法国、德国平级的单位实体。放眼全球，能够与美国并称大国的，恐怕只有中国，印度和俄罗斯都差点意思。</p>\n<p>世界银行和IMF（国际货币基金组织）的经济学家做了许多模型和指标，把几十个中型国家的数据样本放在一起分析，预测效果看起来都挺好，但是它们往往不适用于中、美等大国。</p>\n<p>比如说，美国的基尼系数比欧洲国家都高。按照一般理解，这说明美国的贫富差距比较大。但是如果把欧洲作为一个整体来计算基尼系数，那比美国还要高，因为它把东欧、西欧之间的国家不平衡计算进去了。同样道理，要是把中国的东部几个省份单独计算基尼系数，那也会比现在的全国统计低得多。</p>\n<p>在投资上，规模差异造成一个什么结果呢？我们可以看到，欧洲、日本股市的龙头公司，往往是一国之豪强，顶多占据一个细分领域；而美国股市的龙头公司，常常是一个大行业的世界霸主。这里的规模效应非常显著。截至2020年年底，全球市值1万亿美元以上的公司一共只有5家，其中4家是美国的，它们是<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>，还有一家是沙特阿美石油公司。市值5000亿美元到1万亿美元的公司有5家：美国的脸书、<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>，中国的<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、腾讯和<a href=\"https://laohu8.com/S/TSM\">台积电</a>。其他的各国龙头公司都只能从3000亿美元往下排，中间差着一大截呢。要知道，<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔</a>自身的市值都接近5000亿美元，超过很多小国家的股市总规模。如果不是在美股市场这样的“深海”里，是不可能养出巴菲特这样的“大鱼”的。</p>\n<p>从时间上看，美国是世界群雄舞台的一个后来者，但是它最近一百年的崛起非常迅猛。美国建国是在1776年，一直到1850年，美国的人口仍然只有2000万出头，跟今天的一个大城市差不了多少，所以当年的欧洲列强并不把美国放在眼里。19世纪中期的法国社会学家阿历克西·德·托克维尔，曾经预言美国将成长为伟大的国家，这在当年还属于新奇之语。</p>\n<p>大家知道，美国至今保留着一个上百年的老政策，即在美国出生的婴儿可以自动获得美国国籍。这其实不算什么，要是放在一百多年前，欧洲移民到美国是可以自动获得土地的。通过迅速、大量吸收移民，到19世纪末，美国人口一举超过英、法、德，成为西方第一。</p>\n<p>1945年二战结束后，美国国运进入巅峰时刻。当时整个欧洲都打烂了，最优秀的人才、资本全都跑到美国去了。经过一番“乾坤大挪移”，美国GDP（国内生产总值）一度占到全球的50%，黄金储备占全球的75%，可谓权倾一时，如日中天。</p>\n<p>1945年，巴菲特15岁，正值青春年少建立世界观的时候。巴菲特一直笃信美国国运。这相当于他的思想钢印。思想钢印不是理性分析的结果。其实，世界上的事情很少能够分析得像小葱拌豆腐那样一清二白，往往分析到最后还是有几个趋势相互矛盾，几个证据相互冲突，那么你到底押注哪一边？这时候就只能靠思想钢印了。</p>\n<p>正是带着这个思想钢印，巴菲特才能坚决践行“别人贪婪时我恐惧，别人恐惧时我贪婪”。2008年金融危机，全球股市暴跌，人人自危。巴菲特却跑去电视台发表讲话，表示坚定看好美国经济，并且公开宣布自己正在买入股票。</p>\n<p>我们今天看巴菲特，似乎只能看到一个智慧的老者，但是在这个形象背后，其实还有一个执着的少年。要是没有这样的历史眼光，我们就无法真正认识这位传奇人物。</p>\n<p>从整体趋势上看，看起来美国股市百年长牛，可是许多上了年纪的美国人并不这么想。1929年美国股市大崩盘之后，全球经济进入大萧条。美元对黄金贬值了40%，这就相当于给所有资产价格立即注水了40%，道琼斯指数趴了25年，一直到1954年才创新高。所以说，美股也有坑死整整一代人的时候，无脑抄底可没有那么简单。</p>\n<p>巴菲特的幸运之处就在于，他出生在1930年，即大萧条之后的第二年。而当他长大成人，崭露头角的时候，正赶上一个百年历史大底。当然，在人人谈股色变的年代，少年巴菲特却偏偏钟情于证券投资这个领域，并且终生一以贯之，这大概就是“别人恐惧时我贪婪”的最高境界吧。</p>\n<p><b>2、巴菲特的选股秘诀</b></p>\n<p>巴菲特谈论选股的内容很多。在每年致股东的信里和股东大会的问答中，他都会花大量篇幅介绍他分析公司基本面的经验。可是这些内容纷繁复杂，似乎很难用一条主线把它们串起来。事实上，我认为巴菲特选股的秘诀，总结起来就是两个字——复利。</p>\n<p>巴菲特曾多次强调复利的作用。所谓复利，就是资产金额按照指数函数增长，就像滚雪球一样，雪球自身体积越大，在地上滚一圈，沾上的雪花也就越多。</p>\n<p>比如说，你每天赚1%，365天之后的结果就是1.01的365次方，大约可以增长36倍多；你每天亏1%，那么365天之后的结果就是0.99的365次方，只能剩下不到3%。两者相差1233倍，这就是复利的威力。</p>\n<p>复利致富的原理如此简单，无数人津津乐道。不过思辨能力强的读者应该会觉得有点蹊跷，凭什么这么简单的原理，会轮到巴菲特来发现呢？</p>\n<p>仅就数学意义而言，按指数函数增长的意义很早就被认识清楚了。18世纪末，英国人口学家、政治经济学家托马斯·马尔萨斯的《人口原理》出版，该书的核心逻辑就是人口数量按照指数函数增长，迟早会突破生存资源的上限。但是在巴菲特之前，似乎没有哪位名人曾经提出过，资产金额也可以按照指数函数增长。</p>\n<p>原因其实也很简单。因为那些先贤们全都生活在金本位时代，而巴菲特则生活在纸币时代。大家请注意，资产金额按照指数函数增长，是纸币时代的特有现象。</p>\n<p>众所周知，美国股市是百年长牛，典型地按照指数函数增长，但是如果我们把道琼斯工业平均指数除以黄金价格，得出的曲线便再也看不出一点儿指数增长的样子。</p>\n<p><img src=\"https://static.tigerbbs.com/433f85ffda181eb3449c6b7c55854545\" tg-width=\"812\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p>\n<p>道琼斯工业平均指数 (来自《文明、资本与投资》)</p>\n<p>1931年英镑脱离金本位。1933年，美元脱离金本位。1944年，巴菲特14岁的时候，布雷顿森林体系成立，美元取代黄金成为世界硬通货。展现在少年巴菲特面前的，是一个全新的纸币时代。而他的历史使命，就是认识、研究、发掘、验证这个新时代的投资规律。</p>\n<p>巴菲特向历史交出了一份精彩的答卷。这份答卷当然包含着许多智慧亮点，但是如果把其中的时代精神归纳起来，我想大概主要就是两条：资产端尽量与物价相关，负债端尽量与物价无关。</p>\n<p>前一条“资产端尽量与物价相关”比较好理解。喜诗糖果、<a href=\"https://laohu8.com/S/WPO\">华盛顿邮报</a>、吉列剃须刀、内布拉斯加家具商场、<a href=\"https://laohu8.com/S/KO\">可口可乐</a>、DQ冰激凌……股神旗下的这些招牌资产，大多与普通人的生活消费息息相关。随着物价上涨，这些公司的收入随之上升，甚至因为品牌效应而上升得更快，但是成本却不会同步增加，腾挪出来的就都是利润。</p>\n<p>巴菲特的老师格雷厄姆在《聪明的投资者》一书中强调，投资者应当关注上市公司在过去10年间的平均每股净利润。他的本意是希望投资者不要被某一两年的异常情况误导。可是在纸币时代，物价变动不居，10年前的财务数据本身可能就是一种误导。所以巴菲特抛弃了导师的教诲，改为关注上市公司的定价能力，即上市公司随着物价上涨提高产品价格的能力，并将这种能力称为企业的“护城河”。</p>\n<p>后一条“负债端尽量与物价无关”可能更难理解一些。毕竟借钱给你的人也不是傻子，既然物价不断上涨，那么他们索取的利率肯定也会更高。这似乎是一个在合理假设下无解的问题。但是股神创造性地走出了一条新路。</p>\n<p>1970年，巴菲特收购蓝筹印花公司。这家公司的业务很有意思。它发行一些小巧的印花贴纸，如果有人集齐了一定数量的贴纸，就可以找公司兑换烤箱、水壶之类的奖品。据说兑换商品的目录多达116页。你可以把它理解为一种储蓄游戏。杂货店、加油站甚至殡仪馆都愿意出钱买进贴纸，然后发放给顾客。</p>\n<p>请注意，印花公司从商家那里拿到了现金，但是向顾客承兑奖品则是很久以后的事情，甚至永远不会发生，随着销售和兑付不断滚动，印花公司的账面上始终存着一笔资金。按照今天的会计准则，它应该被计为预收账款，不过从资金性质上来说，它确实是一笔不受通货膨胀影响的负债。</p>\n<p>理解了印花公司，你就会发现保险公司的商业逻辑与其并无二致。保险人把现金交给保险公司，换取一个在未来兑现或者永远不会兑现的赔付承诺。在实际发生事故之前，这笔资金将由保险公司支配，后者却不必为此支付利息。而且保险公司的规模可以做得很大。与保险公司相比，印花公司就是一场小把戏。所以后来伯克希尔的整个投资平台，都建立在保险业务的基石之上。</p>\n<p>公允地说，印花公司也好，保险公司也好，它们的负债并非没有成本，前者需要承兑奖品，后者需要承兑赔付。但是它们的成本都与通胀无关，不会随物价上涨而上涨。巴菲特看中的正是这一点。</p>\n<p>“资产端尽量与物价相关，负债端尽量与物价无关”，这是贯穿巴菲特一生选股的核心逻辑。而它的运行机理也很简单：只要物价不断上涨，收入也会随之上涨，而成本则不然。因此物价越涨，利润越多，最终的结果就体现为复利的指数增长。</p>\n<p><b>3、回看太阳谷演讲</b></p>\n<p>现在让我们回到1998年，看一看当年发生了什么。</p>\n<p>首先澄清一点，巴菲特的整体投资框架并没有过时。1998年之后，伯克希尔的股价仍然上涨了大约3.4倍。换句话说，巴菲特今天的财富，超过3/4都是在1998年之后才赚到的。他仍然是世界上最成功的投资大师之一。</p>\n<p>我们只是想讨论，为什么在1998年之后，美股又经历了20多年长牛，而伯克希尔的股票自带1.5倍杠杆却仍然不能跑赢市场？</p>\n<p>也许部分巴菲特的粉丝会觉得，这个问题近乎明知故问。因为巴菲特坚持低配科技股，所以错过了21世纪美股市场上的最大机遇。这是大家都知道的事。可是为什么巴菲特坚持低配科技股？他自己的解释是“看不懂”。</p>\n<p>可是如果真的只是看不懂，那么对于美股市场第一大权重板块，他完全可以采取“标配”。他曾经多次建议散户买入指数基金。他如果真觉得看不懂市场，那么只要1.5倍杠杆买入指数基金，他的“伯克希尔号”超级跑车照样可以跑个一骑绝尘。所以很明显，他不是“看不懂”，而是“看得懂”。他有明确的观点，那就是不看好科技股，所以才低配。</p>\n<p>股神本人的谦虚和隐晦，使得我们很难窥见他的真实内心。而仅有的一次机会，可能还得从20年前说起……</p>\n<p>伯克希尔作为一家横跨多个行业的综合性巨型资本集团，它的股价走势在绝大多数时候都与标普500指数保持同向波动。但是1998-2002年间，两者之间出现了一次罕见的背离。</p>\n<p>1998-1999年，标普500指数上涨而伯克希尔的股价下跌。2000-2002年，标普500指数下跌而伯克希尔的股价上涨。挖完一个大坑之后，两者的比值回到原点，并且一直保持到今天。</p>\n<p>这两次罕见背离的背后，是巴菲特与华尔街之间的一次惊心动魄的激烈对抗——华尔街看多，巴菲特看空。</p>\n<p>1999年夏天，巴菲特发表了著名的太阳谷演讲，明确了他对股市，尤其是对科技股的看空态度。据说这是他职业生涯中唯一一次公开看空股市。</p>\n<p>随后纳斯达克指数加速上涨，而伯克希尔股票则遭遇巨量抛售，股价在10个多月里几乎腰斩，以致巴菲特史无前例地在1999年致股东的信中致歉：“在资产配置这门课上，今年我的考试成绩是D。”</p>\n<p>2000年2月，纳斯达克指数崩盘。2001年，“9·11”事件发生。截至2002年9月，纳斯达克100指数下跌超过80%。而在标普500见顶回落的同时，伯克希尔的股价却从底部稳步回升了。</p>\n<p>许多人因此宣布巴菲特在这次史诗级交锋中获得胜利。不过事情并没有那么简单。他们可能没有注意到另一件史无前例的事情正在发生，即美联储把基准利率从6.5%一路降至1%，甚至打破了大萧条时期的最低纪录。</p>\n<p>在1999年的太阳谷演讲中，巴菲特给自己的看空结论做了三条风险提示。也就是说，如果发生了以下三件事，则他的看空逻辑不再成立。</p>\n<p>第一件事，美国GDP加速增长。</p>\n<p>我想，作为一名爱国者，巴菲特如果一定要认错，他肯定最愿意在这个问题上认错。可惜这件事情没有发生。从20世纪80年代开始，美国的GDP增速就一直在下行，从两位数下降到6%左右，然后再下降到4%。</p>\n<p>请注意，我们这里说的是名义GDP增速，而不是通常经济学家关注的实际GDP增速。名义GDP增速通常会高于实际GDP增速。因为经济学家关注的是效率提升，所以要剔除物价因素。而我们关注公司财务的时候，1美元就是1美元，用不着剔除物价因素。</p>\n<p>第二件事，企业盈利占GDP比重明显上升。</p>\n<p>这个视角很有意思。因为一个经济体的总产出不外乎三个分配方向：劳动、政府和资本。如果前两家拿的少了，资本拿的份额自然就多了。</p>\n<p>站在1999年的时点上看，当时美国企业税后利润占GDP的比重大约是5.6%。此前30多年，此比例最高只短暂突破过8%。所以，巴菲特有理由认为这个比例不会大幅上升。</p>\n<p>然而这种状况确实发生了。21世纪的前19年，美国企业税后利润占GDP的比重平均值为8.7%，超过历史最高值，比1999年的5.6%上升了一半多。这使得美国企业在GDP总盘子增速不快的情况下，维持了较快的利润增速。</p>\n<p>在资本多拿的3.1个百分点里，大约有1.7个百分点是从政府那里拿来的，另外1.4个百分点是从劳动那里拿来的。也就是说，企业同时侵蚀了政府和劳动的份额，其中政府让利更多一些。</p>\n<p>可是与此同时，美国政府的开支却明显扩大了。这些钱是从哪里来的？发行国债。那政府如何负担大量发行国债的利息？这就要说到第三件事情了。</p>\n<p>第三件事，利率大幅下降并且长期维持在历史低位。</p>\n<p>对巴菲特来说，这件事情可能是最与他的人生经验相抵触、最难以接受的，但这件事情确实发生了。</p>\n<p>2003年，美联储将基准利率下调到1%，而此时代表华尔街长期观点的十年期国债利率还在4.1%左右。再经过2008年大衰退，美联储将基准利率下调到0.25%，十年期国债利率下降到2%左右。在最近的新冠肺炎疫情中，当美国基准利率再次回到0.25%时，十年期国债利率已经下降到0.6%左右。</p>\n<p>事实上，在过去数十年间，美联储形成了一种条件反射，那就是遇到危机就降息：在应对储贷危机、科网泡沫和次贷危机时，它会降息；在应对“9·11”事件和新冠肺炎疫情时，它也会降息。等危机稳定之后，它会试图再把利率加回去。可是每次重新加息的尝试，都会引发更大的危机，于是它就只能把利率降得更低。</p>\n<p>降低利率可以推高资产价格，其效果是立竿见影的。但凡手上有股票、有债券、有房子的，一降息，资产都增值了，似乎应该皆大欢喜。</p>\n<p>可是实际上呢？企业的经营效率并没有改进，技术水平并没有提高，债券的票息并没有增加，房子的舒适度并没有改善。除了价格，其实什么都没有变。</p>\n<p>巴菲特的好友霍华德·马克斯曾经说过，资本主义没有破产，就像天主教没有地狱。100多年前，约瑟夫·熊彼特就在名著《经济发展理论》中提出了“创造性破坏”的概念。熊彼特认为，衰退是必然的，也是必要的。在衰退中淘汰弱者，是推动革新创造、重新迎来繁荣的必经之路。</p>\n<p>从更加技术性的层面来讲，世界上最早的<a href=\"https://laohu8.com/S/CNBC\">中央银行</a>是英格兰银行，最早的央行操作规范——白芝浩原则，也诞生于英国。所谓白芝浩原则，核心逻辑跟我们中国的一句老话很像，叫做“救急不救穷”。也就是说，由金融市场恐慌导致的非理性下跌是需要救市的，但由基本面恶化导致的正常下跌则是不应该救市的。</p>\n<p>白芝浩原则的核心思想是维护市场的判断能力，不要轻易假设政府比市场聪明。确实，金融市场经常会因短期情绪做出超额调整。但是至少在美国，无论是比硬件条件还是比人才储备，华尔街对长期经济前景的判断能力，都没有理由弱于美联储。所以美联储那些存续期长达数月、数季度甚至数年的救市工具，无疑都是违背白芝浩原则的。其实很多时候，华尔街非但不恐慌，反而非常冷静地跟美联储在货币政策上讨价还价。那就是彻底的道德风险了。</p>\n<p>在2008年大衰退之后，美国的政治、经济、学术各界曾经进行过普遍的反思。如果2001年格林斯潘领导的美联储没有戏剧性地大幅降息，或者至少把基准利率保持在2%的通胀水平之上，那么按照常识推断，大概会有以下结果：美国股市的估值水平会比实际情况更低，指数跌幅更大，更多弱小的企业倒闭；美国的GDP增速会更低，失业率会更高；但是与此同时，美国的房价泡沫很可能可以避免，次贷泡沫不会产生，外贸和财政双赤字将会缩小，金融系统更加稳健，2008年大衰退也很可能不会出现；贫富差距将会缩小，社会和经济的发展也会更加平稳。如果换一种选择，人民是否会感到更加幸福呢？</p>\n<p>也有一些经济学家认为，中央银行的货币政策不应该以经济体的短期盈缩为目标，唯一重要的事情是尽可能地推动技术进步。那么如果没有超低利率，没有资产泡沫，美国的科技进步是否会减缓？</p>\n<p>这个问题并不容易回答。风险投资最早可以追溯到20世纪70年代的硅谷，那时的基准利率高达20%。美国科技的繁荣，更多地取决于学术、科技、市场规模和语言等条件。很难想象，如果基准利率高于2%，脸书公司就不会出现，或者出现在日本。当然，风险投资人肯定会更谨慎一些，许多垃圾项目大概是拿不到投资了。</p>\n<p>俗话说，心急吃不了热豆腐。培育科技进步需要解决很多问题，其中能够靠砸钱来解决的只是一小部分。事实上，过分的资产泡沫有可能分散创业者和技术人员的注意力，使他们心猿意马、心有旁骛，甚至拖累科技进步。有些公司本来干得挺好，上市暴富之后，竟沉迷于资本运作，玩弄财技，反而荒废了主业。这样的例子太多了。</p>\n<p>较高的利率肯定会加重美国政府的国债利息负担。不过在巴菲特看来，这大概是最不重要的事情了。支持国家财政，纳税光荣，何必玩什么花招呢？在2008年大衰退中，他就曾多次公开喊话：别借那么多债务了，给我加税！</p>\n<p>几乎所有20世纪90年代在美国销售的街机游戏，都会在开机画面上显示一行来自FBI（联邦调查局）的禁毒标语：Winners don’t use drugs，意思是胜者不靠毒品。这句话同样适合用来形容巴菲特：不要央行放水，不要政府让利，只要物竞天择，笃信美国必胜。这才是股神精神的硬核。</p>\n<p>我们可以设想，在2001年纳斯达克指数崩盘之后，假如没有超强力度的财政和货币政策勉力扶持，那么巴菲特在21世纪继续跑赢指数就是大概率事件。只可惜，“东风不与周郎便”，历史是没有办法假设的。</p>\n<p>当然，巴菲特还是那个打着思想钢印的巴菲特，他对美国的热爱大概是不会变的，但是如果他对美股第一大板块喜欢不起来，那么他对美股的热爱肯定也回不到当年的程度。21世纪的美国，真的让他有点儿不太适应。</p>\n<p><b>4、偶像之于你我</b></p>\n<p>关于巴菲特与时代的互动，前面已经讲了很多了。最后我想谈一谈我们对待偶像的态度。</p>\n<p>我知道，巴菲特是许多投资者的偶像。我见过有些投资者能够把巴菲特的语录逐字逐句地背诵出来。我还知道有些投资者全面模仿巴菲特的生活习惯，甚至只吃他喜欢的食物，只喝他喜欢的饮料。那种虔诚的态度，简直就像初中生追逐娱乐明星一样。</p>\n<p>散户如此，机构投资者也不遑多让。2008年，巴菲特在香港股市买入<a href=\"https://laohu8.com/S/002594\">比亚迪</a>。2011年比亚迪登陆A股。许多基金经理都表示，无论如何都要持有一些A股比亚迪，有些甚至还提出一定要重仓，似乎不如此，就不能算是一个合格的巴菲特信徒，进而也就算不上价值投资者。</p>\n<p>模仿强者可能是人类的天性。英语里有一句谚语：模仿是最真诚的恭维。这句话在许多领域都适用，证券投资也一样。华尔街也有一句行话“打不过它，就加入它”，同样也是顺应潮流，跟着趋势走的意思。</p>\n<p>事实上，对中国投资者来说，如果你从30年前，哪怕20年前开始模仿巴菲特的择时和选股原则，那么到今天一定已经获得了相当大的成功了。可是模仿者最危险的时候是什么呢？就是潮流趋势已经悄悄起了变化，而你自己还没有意识到的时候。</p>\n<p>巴菲特的老师格雷厄姆活跃在20世纪20年代以前，他非常擅长以远远低于净资产的价格买入优质龙头企业。这个买入标准放到今天来看也没有什么问题，可是在纸币时代，通货膨胀的存在使得市场几乎不可能给你这样的机会。巴菲特在20世纪七八十年代的惯例是差不多以8~12倍市盈率买入业绩可持续增长的公司。这个标准其实也没有什么问题，唯一的问题是现在还有没有这样的机会。如果暂时没有，你可以等待。可是如果一直没有呢？20世纪80年代，无风险利率接近两位数，谁都不用急着哄抬股价。可是现在全球零利率，你愿意等到低点再买，人家不愿意等怎么办？</p>\n<p>对于这种时代主题的变迁，我觉得投资者没有什么可抱怨的。在实体经济中，技术、产品、管理等方面的创新都是可以带来超额回报的。但是随着时间的推移，任何创新总会被消化、超越、颠覆，没有谁能够躺在“功劳簿”上吃一辈子。假使有这种人，那么他就成了社会资源的净消耗者，那就肯定会在下一次变革时被清理掉。</p>\n<p>从宏观视角来看，无论哪个行业，垄断总是偶然的，竞争才是必然的；创新总是偶然的，平庸才是必然的；赚钱总是偶然的，不赚钱才是必然的。而我们普通二级市场投资者所处的正是一种典型的完全竞争的局面。所以我建议投资者也要摆正心态：要想有效地获取超额收益，仅凭某一粉丝的标签和虔诚是肯定不行的，必须得用自己的智力劳动来争取。怎么争取呢？那就要研究社会、经济问题，通过在市场中“用脚投票”来发出正确的信号。这就是我们投资者的本职工作，也是我们得以存在并要求获得社会分配的根本理由。</p>\n<p>巴菲特自己曾经说过，人不能看着后视镜开车。任何基金销售材料里也都会提示：历史业绩不代表未来。巴菲特成功了几十年，这确实是奇迹，但是这并不代表他的投资方式就能够一成不变地永远成功下去。当然，对巴菲特本人来说，他的历史地位已经确定了，更何况他已经年过九旬，人生走到了晚年。所以对他来说，完全没有必要抛弃过去几十年的经验，想方设法开发一套新的投资原则，去追求人生最后几年的收益最大化。</p>\n<p>不过我相信，绝大多数读者的年纪都没有那么大，我们还有很长的岁月要在未来的时代中度过，所以我们有必要把眼光放得更长远一些。假如一定要做些什么来向“股神”致敬，那就像他一样，更好地顺应自己所处的时代吧。</p>","source":"lsy1571105524917","collect":0,"html":"<!DOCTYPE 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}\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\">\n巴菲特：择时择机、顺应时代\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-15 14:21 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/gDJSjvwhDsGK6bEUyUsRKA><strong>砺石商业评论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>砺石导言：作为一个极其成功的投资者，巴菲特本身就是一个重大的异常金融现象。在这个金融现象的背后，必然存在着经济和社会层面的理由。只有打通这些层次，我们才能看到一个真实立体的巴菲特。\n\n在中国股民中，沃伦·巴菲特可谓家喻户晓，人称“股神”。这位投资大师长年居全球富豪榜前三名。光有钱还不算，更加难得的是，他在投资圈中地位极高，非常受人尊崇。\n在行业内，巴菲特大概是什么段位呢？中国的高瓴资本因为投资了...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/gDJSjvwhDsGK6bEUyUsRKA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://mp.weixin.qq.com/s/gDJSjvwhDsGK6bEUyUsRKA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131595573","content_text":"砺石导言：作为一个极其成功的投资者，巴菲特本身就是一个重大的异常金融现象。在这个金融现象的背后，必然存在着经济和社会层面的理由。只有打通这些层次，我们才能看到一个真实立体的巴菲特。\n\n在中国股民中，沃伦·巴菲特可谓家喻户晓，人称“股神”。这位投资大师长年居全球富豪榜前三名。光有钱还不算，更加难得的是，他在投资圈中地位极高，非常受人尊崇。\n在行业内，巴菲特大概是什么段位呢？中国的高瓴资本因为投资了腾讯和京东而闻名，它可能是目前中国最成功的投资基金。高瓴资本的创始人叫张磊。张磊的恩师，也是他的第一位投资人，叫大卫·斯文森。斯文森是耶鲁大学捐赠基金的投资总监，在美国也是开宗立派的人物。我有一次当面向斯文森问起，巴菲特和他，两个人怎么比较。斯文森听到后，立即正色严肃地回答：“我永远不能与巴菲特相比。”\n作为一个极其成功的投资者，巴菲特本身就是一个重大的异常金融现象。在这个金融现象的背后，必然存在着经济和社会层面的理由。只有打通这些层次，我们才能看到一个真实立体的巴菲特。\n1、巴菲特的择时原则\n要讨论巴菲特的择时原则，就不能不谈到美国的国运。巴菲特的择时原则很简单，说出来几乎尽人皆知：别人贪婪时我恐惧，别人恐惧时我贪婪。不过他这两句话可不是没有前提的，更不会放之四海皆准。他自己就曾多次表示，出生在美国，就相当于中了一张“卵巢彩票”。美国的国运，是他投资业绩的基础。那么美国的国运究竟如何，我想从空间和时间这两个维度来做一个基本评价。\n从空间上看，美国是一个大国。我们知道，世界上有197个国家，无论从地理、人口还是经济上看，美国都是与整个欧洲平级的单位实体，而不是与英国、法国、德国平级的单位实体。放眼全球，能够与美国并称大国的，恐怕只有中国，印度和俄罗斯都差点意思。\n世界银行和IMF（国际货币基金组织）的经济学家做了许多模型和指标，把几十个中型国家的数据样本放在一起分析，预测效果看起来都挺好，但是它们往往不适用于中、美等大国。\n比如说，美国的基尼系数比欧洲国家都高。按照一般理解，这说明美国的贫富差距比较大。但是如果把欧洲作为一个整体来计算基尼系数，那比美国还要高，因为它把东欧、西欧之间的国家不平衡计算进去了。同样道理，要是把中国的东部几个省份单独计算基尼系数，那也会比现在的全国统计低得多。\n在投资上，规模差异造成一个什么结果呢？我们可以看到，欧洲、日本股市的龙头公司，往往是一国之豪强，顶多占据一个细分领域；而美国股市的龙头公司，常常是一个大行业的世界霸主。这里的规模效应非常显著。截至2020年年底，全球市值1万亿美元以上的公司一共只有5家，其中4家是美国的，它们是苹果、微软、亚马逊、谷歌，还有一家是沙特阿美石油公司。市值5000亿美元到1万亿美元的公司有5家：美国的脸书、特斯拉，中国的阿里巴巴、腾讯和台积电。其他的各国龙头公司都只能从3000亿美元往下排，中间差着一大截呢。要知道，伯克希尔自身的市值都接近5000亿美元，超过很多小国家的股市总规模。如果不是在美股市场这样的“深海”里，是不可能养出巴菲特这样的“大鱼”的。\n从时间上看，美国是世界群雄舞台的一个后来者，但是它最近一百年的崛起非常迅猛。美国建国是在1776年，一直到1850年，美国的人口仍然只有2000万出头，跟今天的一个大城市差不了多少，所以当年的欧洲列强并不把美国放在眼里。19世纪中期的法国社会学家阿历克西·德·托克维尔，曾经预言美国将成长为伟大的国家，这在当年还属于新奇之语。\n大家知道，美国至今保留着一个上百年的老政策，即在美国出生的婴儿可以自动获得美国国籍。这其实不算什么，要是放在一百多年前，欧洲移民到美国是可以自动获得土地的。通过迅速、大量吸收移民，到19世纪末，美国人口一举超过英、法、德，成为西方第一。\n1945年二战结束后，美国国运进入巅峰时刻。当时整个欧洲都打烂了，最优秀的人才、资本全都跑到美国去了。经过一番“乾坤大挪移”，美国GDP（国内生产总值）一度占到全球的50%，黄金储备占全球的75%，可谓权倾一时，如日中天。\n1945年，巴菲特15岁，正值青春年少建立世界观的时候。巴菲特一直笃信美国国运。这相当于他的思想钢印。思想钢印不是理性分析的结果。其实，世界上的事情很少能够分析得像小葱拌豆腐那样一清二白，往往分析到最后还是有几个趋势相互矛盾，几个证据相互冲突，那么你到底押注哪一边？这时候就只能靠思想钢印了。\n正是带着这个思想钢印，巴菲特才能坚决践行“别人贪婪时我恐惧，别人恐惧时我贪婪”。2008年金融危机，全球股市暴跌，人人自危。巴菲特却跑去电视台发表讲话，表示坚定看好美国经济，并且公开宣布自己正在买入股票。\n我们今天看巴菲特，似乎只能看到一个智慧的老者，但是在这个形象背后，其实还有一个执着的少年。要是没有这样的历史眼光，我们就无法真正认识这位传奇人物。\n从整体趋势上看，看起来美国股市百年长牛，可是许多上了年纪的美国人并不这么想。1929年美国股市大崩盘之后，全球经济进入大萧条。美元对黄金贬值了40%，这就相当于给所有资产价格立即注水了40%，道琼斯指数趴了25年，一直到1954年才创新高。所以说，美股也有坑死整整一代人的时候，无脑抄底可没有那么简单。\n巴菲特的幸运之处就在于，他出生在1930年，即大萧条之后的第二年。而当他长大成人，崭露头角的时候，正赶上一个百年历史大底。当然，在人人谈股色变的年代，少年巴菲特却偏偏钟情于证券投资这个领域，并且终生一以贯之，这大概就是“别人恐惧时我贪婪”的最高境界吧。\n2、巴菲特的选股秘诀\n巴菲特谈论选股的内容很多。在每年致股东的信里和股东大会的问答中，他都会花大量篇幅介绍他分析公司基本面的经验。可是这些内容纷繁复杂，似乎很难用一条主线把它们串起来。事实上，我认为巴菲特选股的秘诀，总结起来就是两个字——复利。\n巴菲特曾多次强调复利的作用。所谓复利，就是资产金额按照指数函数增长，就像滚雪球一样，雪球自身体积越大，在地上滚一圈，沾上的雪花也就越多。\n比如说，你每天赚1%，365天之后的结果就是1.01的365次方，大约可以增长36倍多；你每天亏1%，那么365天之后的结果就是0.99的365次方，只能剩下不到3%。两者相差1233倍，这就是复利的威力。\n复利致富的原理如此简单，无数人津津乐道。不过思辨能力强的读者应该会觉得有点蹊跷，凭什么这么简单的原理，会轮到巴菲特来发现呢？\n仅就数学意义而言，按指数函数增长的意义很早就被认识清楚了。18世纪末，英国人口学家、政治经济学家托马斯·马尔萨斯的《人口原理》出版，该书的核心逻辑就是人口数量按照指数函数增长，迟早会突破生存资源的上限。但是在巴菲特之前，似乎没有哪位名人曾经提出过，资产金额也可以按照指数函数增长。\n原因其实也很简单。因为那些先贤们全都生活在金本位时代，而巴菲特则生活在纸币时代。大家请注意，资产金额按照指数函数增长，是纸币时代的特有现象。\n众所周知，美国股市是百年长牛，典型地按照指数函数增长，但是如果我们把道琼斯工业平均指数除以黄金价格，得出的曲线便再也看不出一点儿指数增长的样子。\n\n道琼斯工业平均指数 (来自《文明、资本与投资》)\n1931年英镑脱离金本位。1933年，美元脱离金本位。1944年，巴菲特14岁的时候，布雷顿森林体系成立，美元取代黄金成为世界硬通货。展现在少年巴菲特面前的，是一个全新的纸币时代。而他的历史使命，就是认识、研究、发掘、验证这个新时代的投资规律。\n巴菲特向历史交出了一份精彩的答卷。这份答卷当然包含着许多智慧亮点，但是如果把其中的时代精神归纳起来，我想大概主要就是两条：资产端尽量与物价相关，负债端尽量与物价无关。\n前一条“资产端尽量与物价相关”比较好理解。喜诗糖果、华盛顿邮报、吉列剃须刀、内布拉斯加家具商场、可口可乐、DQ冰激凌……股神旗下的这些招牌资产，大多与普通人的生活消费息息相关。随着物价上涨，这些公司的收入随之上升，甚至因为品牌效应而上升得更快，但是成本却不会同步增加，腾挪出来的就都是利润。\n巴菲特的老师格雷厄姆在《聪明的投资者》一书中强调，投资者应当关注上市公司在过去10年间的平均每股净利润。他的本意是希望投资者不要被某一两年的异常情况误导。可是在纸币时代，物价变动不居，10年前的财务数据本身可能就是一种误导。所以巴菲特抛弃了导师的教诲，改为关注上市公司的定价能力，即上市公司随着物价上涨提高产品价格的能力，并将这种能力称为企业的“护城河”。\n后一条“负债端尽量与物价无关”可能更难理解一些。毕竟借钱给你的人也不是傻子，既然物价不断上涨，那么他们索取的利率肯定也会更高。这似乎是一个在合理假设下无解的问题。但是股神创造性地走出了一条新路。\n1970年，巴菲特收购蓝筹印花公司。这家公司的业务很有意思。它发行一些小巧的印花贴纸，如果有人集齐了一定数量的贴纸，就可以找公司兑换烤箱、水壶之类的奖品。据说兑换商品的目录多达116页。你可以把它理解为一种储蓄游戏。杂货店、加油站甚至殡仪馆都愿意出钱买进贴纸，然后发放给顾客。\n请注意，印花公司从商家那里拿到了现金，但是向顾客承兑奖品则是很久以后的事情，甚至永远不会发生，随着销售和兑付不断滚动，印花公司的账面上始终存着一笔资金。按照今天的会计准则，它应该被计为预收账款，不过从资金性质上来说，它确实是一笔不受通货膨胀影响的负债。\n理解了印花公司，你就会发现保险公司的商业逻辑与其并无二致。保险人把现金交给保险公司，换取一个在未来兑现或者永远不会兑现的赔付承诺。在实际发生事故之前，这笔资金将由保险公司支配，后者却不必为此支付利息。而且保险公司的规模可以做得很大。与保险公司相比，印花公司就是一场小把戏。所以后来伯克希尔的整个投资平台，都建立在保险业务的基石之上。\n公允地说，印花公司也好，保险公司也好，它们的负债并非没有成本，前者需要承兑奖品，后者需要承兑赔付。但是它们的成本都与通胀无关，不会随物价上涨而上涨。巴菲特看中的正是这一点。\n“资产端尽量与物价相关，负债端尽量与物价无关”，这是贯穿巴菲特一生选股的核心逻辑。而它的运行机理也很简单：只要物价不断上涨，收入也会随之上涨，而成本则不然。因此物价越涨，利润越多，最终的结果就体现为复利的指数增长。\n3、回看太阳谷演讲\n现在让我们回到1998年，看一看当年发生了什么。\n首先澄清一点，巴菲特的整体投资框架并没有过时。1998年之后，伯克希尔的股价仍然上涨了大约3.4倍。换句话说，巴菲特今天的财富，超过3/4都是在1998年之后才赚到的。他仍然是世界上最成功的投资大师之一。\n我们只是想讨论，为什么在1998年之后，美股又经历了20多年长牛，而伯克希尔的股票自带1.5倍杠杆却仍然不能跑赢市场？\n也许部分巴菲特的粉丝会觉得，这个问题近乎明知故问。因为巴菲特坚持低配科技股，所以错过了21世纪美股市场上的最大机遇。这是大家都知道的事。可是为什么巴菲特坚持低配科技股？他自己的解释是“看不懂”。\n可是如果真的只是看不懂，那么对于美股市场第一大权重板块，他完全可以采取“标配”。他曾经多次建议散户买入指数基金。他如果真觉得看不懂市场，那么只要1.5倍杠杆买入指数基金，他的“伯克希尔号”超级跑车照样可以跑个一骑绝尘。所以很明显，他不是“看不懂”，而是“看得懂”。他有明确的观点，那就是不看好科技股，所以才低配。\n股神本人的谦虚和隐晦，使得我们很难窥见他的真实内心。而仅有的一次机会，可能还得从20年前说起……\n伯克希尔作为一家横跨多个行业的综合性巨型资本集团，它的股价走势在绝大多数时候都与标普500指数保持同向波动。但是1998-2002年间，两者之间出现了一次罕见的背离。\n1998-1999年，标普500指数上涨而伯克希尔的股价下跌。2000-2002年，标普500指数下跌而伯克希尔的股价上涨。挖完一个大坑之后，两者的比值回到原点，并且一直保持到今天。\n这两次罕见背离的背后，是巴菲特与华尔街之间的一次惊心动魄的激烈对抗——华尔街看多，巴菲特看空。\n1999年夏天，巴菲特发表了著名的太阳谷演讲，明确了他对股市，尤其是对科技股的看空态度。据说这是他职业生涯中唯一一次公开看空股市。\n随后纳斯达克指数加速上涨，而伯克希尔股票则遭遇巨量抛售，股价在10个多月里几乎腰斩，以致巴菲特史无前例地在1999年致股东的信中致歉：“在资产配置这门课上，今年我的考试成绩是D。”\n2000年2月，纳斯达克指数崩盘。2001年，“9·11”事件发生。截至2002年9月，纳斯达克100指数下跌超过80%。而在标普500见顶回落的同时，伯克希尔的股价却从底部稳步回升了。\n许多人因此宣布巴菲特在这次史诗级交锋中获得胜利。不过事情并没有那么简单。他们可能没有注意到另一件史无前例的事情正在发生，即美联储把基准利率从6.5%一路降至1%，甚至打破了大萧条时期的最低纪录。\n在1999年的太阳谷演讲中，巴菲特给自己的看空结论做了三条风险提示。也就是说，如果发生了以下三件事，则他的看空逻辑不再成立。\n第一件事，美国GDP加速增长。\n我想，作为一名爱国者，巴菲特如果一定要认错，他肯定最愿意在这个问题上认错。可惜这件事情没有发生。从20世纪80年代开始，美国的GDP增速就一直在下行，从两位数下降到6%左右，然后再下降到4%。\n请注意，我们这里说的是名义GDP增速，而不是通常经济学家关注的实际GDP增速。名义GDP增速通常会高于实际GDP增速。因为经济学家关注的是效率提升，所以要剔除物价因素。而我们关注公司财务的时候，1美元就是1美元，用不着剔除物价因素。\n第二件事，企业盈利占GDP比重明显上升。\n这个视角很有意思。因为一个经济体的总产出不外乎三个分配方向：劳动、政府和资本。如果前两家拿的少了，资本拿的份额自然就多了。\n站在1999年的时点上看，当时美国企业税后利润占GDP的比重大约是5.6%。此前30多年，此比例最高只短暂突破过8%。所以，巴菲特有理由认为这个比例不会大幅上升。\n然而这种状况确实发生了。21世纪的前19年，美国企业税后利润占GDP的比重平均值为8.7%，超过历史最高值，比1999年的5.6%上升了一半多。这使得美国企业在GDP总盘子增速不快的情况下，维持了较快的利润增速。\n在资本多拿的3.1个百分点里，大约有1.7个百分点是从政府那里拿来的，另外1.4个百分点是从劳动那里拿来的。也就是说，企业同时侵蚀了政府和劳动的份额，其中政府让利更多一些。\n可是与此同时，美国政府的开支却明显扩大了。这些钱是从哪里来的？发行国债。那政府如何负担大量发行国债的利息？这就要说到第三件事情了。\n第三件事，利率大幅下降并且长期维持在历史低位。\n对巴菲特来说，这件事情可能是最与他的人生经验相抵触、最难以接受的，但这件事情确实发生了。\n2003年，美联储将基准利率下调到1%，而此时代表华尔街长期观点的十年期国债利率还在4.1%左右。再经过2008年大衰退，美联储将基准利率下调到0.25%，十年期国债利率下降到2%左右。在最近的新冠肺炎疫情中，当美国基准利率再次回到0.25%时，十年期国债利率已经下降到0.6%左右。\n事实上，在过去数十年间，美联储形成了一种条件反射，那就是遇到危机就降息：在应对储贷危机、科网泡沫和次贷危机时，它会降息；在应对“9·11”事件和新冠肺炎疫情时，它也会降息。等危机稳定之后，它会试图再把利率加回去。可是每次重新加息的尝试，都会引发更大的危机，于是它就只能把利率降得更低。\n降低利率可以推高资产价格，其效果是立竿见影的。但凡手上有股票、有债券、有房子的，一降息，资产都增值了，似乎应该皆大欢喜。\n可是实际上呢？企业的经营效率并没有改进，技术水平并没有提高，债券的票息并没有增加，房子的舒适度并没有改善。除了价格，其实什么都没有变。\n巴菲特的好友霍华德·马克斯曾经说过，资本主义没有破产，就像天主教没有地狱。100多年前，约瑟夫·熊彼特就在名著《经济发展理论》中提出了“创造性破坏”的概念。熊彼特认为，衰退是必然的，也是必要的。在衰退中淘汰弱者，是推动革新创造、重新迎来繁荣的必经之路。\n从更加技术性的层面来讲，世界上最早的中央银行是英格兰银行，最早的央行操作规范——白芝浩原则，也诞生于英国。所谓白芝浩原则，核心逻辑跟我们中国的一句老话很像，叫做“救急不救穷”。也就是说，由金融市场恐慌导致的非理性下跌是需要救市的，但由基本面恶化导致的正常下跌则是不应该救市的。\n白芝浩原则的核心思想是维护市场的判断能力，不要轻易假设政府比市场聪明。确实，金融市场经常会因短期情绪做出超额调整。但是至少在美国，无论是比硬件条件还是比人才储备，华尔街对长期经济前景的判断能力，都没有理由弱于美联储。所以美联储那些存续期长达数月、数季度甚至数年的救市工具，无疑都是违背白芝浩原则的。其实很多时候，华尔街非但不恐慌，反而非常冷静地跟美联储在货币政策上讨价还价。那就是彻底的道德风险了。\n在2008年大衰退之后，美国的政治、经济、学术各界曾经进行过普遍的反思。如果2001年格林斯潘领导的美联储没有戏剧性地大幅降息，或者至少把基准利率保持在2%的通胀水平之上，那么按照常识推断，大概会有以下结果：美国股市的估值水平会比实际情况更低，指数跌幅更大，更多弱小的企业倒闭；美国的GDP增速会更低，失业率会更高；但是与此同时，美国的房价泡沫很可能可以避免，次贷泡沫不会产生，外贸和财政双赤字将会缩小，金融系统更加稳健，2008年大衰退也很可能不会出现；贫富差距将会缩小，社会和经济的发展也会更加平稳。如果换一种选择，人民是否会感到更加幸福呢？\n也有一些经济学家认为，中央银行的货币政策不应该以经济体的短期盈缩为目标，唯一重要的事情是尽可能地推动技术进步。那么如果没有超低利率，没有资产泡沫，美国的科技进步是否会减缓？\n这个问题并不容易回答。风险投资最早可以追溯到20世纪70年代的硅谷，那时的基准利率高达20%。美国科技的繁荣，更多地取决于学术、科技、市场规模和语言等条件。很难想象，如果基准利率高于2%，脸书公司就不会出现，或者出现在日本。当然，风险投资人肯定会更谨慎一些，许多垃圾项目大概是拿不到投资了。\n俗话说，心急吃不了热豆腐。培育科技进步需要解决很多问题，其中能够靠砸钱来解决的只是一小部分。事实上，过分的资产泡沫有可能分散创业者和技术人员的注意力，使他们心猿意马、心有旁骛，甚至拖累科技进步。有些公司本来干得挺好，上市暴富之后，竟沉迷于资本运作，玩弄财技，反而荒废了主业。这样的例子太多了。\n较高的利率肯定会加重美国政府的国债利息负担。不过在巴菲特看来，这大概是最不重要的事情了。支持国家财政，纳税光荣，何必玩什么花招呢？在2008年大衰退中，他就曾多次公开喊话：别借那么多债务了，给我加税！\n几乎所有20世纪90年代在美国销售的街机游戏，都会在开机画面上显示一行来自FBI（联邦调查局）的禁毒标语：Winners don’t use drugs，意思是胜者不靠毒品。这句话同样适合用来形容巴菲特：不要央行放水，不要政府让利，只要物竞天择，笃信美国必胜。这才是股神精神的硬核。\n我们可以设想，在2001年纳斯达克指数崩盘之后，假如没有超强力度的财政和货币政策勉力扶持，那么巴菲特在21世纪继续跑赢指数就是大概率事件。只可惜，“东风不与周郎便”，历史是没有办法假设的。\n当然，巴菲特还是那个打着思想钢印的巴菲特，他对美国的热爱大概是不会变的，但是如果他对美股第一大板块喜欢不起来，那么他对美股的热爱肯定也回不到当年的程度。21世纪的美国，真的让他有点儿不太适应。\n4、偶像之于你我\n关于巴菲特与时代的互动，前面已经讲了很多了。最后我想谈一谈我们对待偶像的态度。\n我知道，巴菲特是许多投资者的偶像。我见过有些投资者能够把巴菲特的语录逐字逐句地背诵出来。我还知道有些投资者全面模仿巴菲特的生活习惯，甚至只吃他喜欢的食物，只喝他喜欢的饮料。那种虔诚的态度，简直就像初中生追逐娱乐明星一样。\n散户如此，机构投资者也不遑多让。2008年，巴菲特在香港股市买入比亚迪。2011年比亚迪登陆A股。许多基金经理都表示，无论如何都要持有一些A股比亚迪，有些甚至还提出一定要重仓，似乎不如此，就不能算是一个合格的巴菲特信徒，进而也就算不上价值投资者。\n模仿强者可能是人类的天性。英语里有一句谚语：模仿是最真诚的恭维。这句话在许多领域都适用，证券投资也一样。华尔街也有一句行话“打不过它，就加入它”，同样也是顺应潮流，跟着趋势走的意思。\n事实上，对中国投资者来说，如果你从30年前，哪怕20年前开始模仿巴菲特的择时和选股原则，那么到今天一定已经获得了相当大的成功了。可是模仿者最危险的时候是什么呢？就是潮流趋势已经悄悄起了变化，而你自己还没有意识到的时候。\n巴菲特的老师格雷厄姆活跃在20世纪20年代以前，他非常擅长以远远低于净资产的价格买入优质龙头企业。这个买入标准放到今天来看也没有什么问题，可是在纸币时代，通货膨胀的存在使得市场几乎不可能给你这样的机会。巴菲特在20世纪七八十年代的惯例是差不多以8~12倍市盈率买入业绩可持续增长的公司。这个标准其实也没有什么问题，唯一的问题是现在还有没有这样的机会。如果暂时没有，你可以等待。可是如果一直没有呢？20世纪80年代，无风险利率接近两位数，谁都不用急着哄抬股价。可是现在全球零利率，你愿意等到低点再买，人家不愿意等怎么办？\n对于这种时代主题的变迁，我觉得投资者没有什么可抱怨的。在实体经济中，技术、产品、管理等方面的创新都是可以带来超额回报的。但是随着时间的推移，任何创新总会被消化、超越、颠覆，没有谁能够躺在“功劳簿”上吃一辈子。假使有这种人，那么他就成了社会资源的净消耗者，那就肯定会在下一次变革时被清理掉。\n从宏观视角来看，无论哪个行业，垄断总是偶然的，竞争才是必然的；创新总是偶然的，平庸才是必然的；赚钱总是偶然的，不赚钱才是必然的。而我们普通二级市场投资者所处的正是一种典型的完全竞争的局面。所以我建议投资者也要摆正心态：要想有效地获取超额收益，仅凭某一粉丝的标签和虔诚是肯定不行的，必须得用自己的智力劳动来争取。怎么争取呢？那就要研究社会、经济问题，通过在市场中“用脚投票”来发出正确的信号。这就是我们投资者的本职工作，也是我们得以存在并要求获得社会分配的根本理由。\n巴菲特自己曾经说过，人不能看着后视镜开车。任何基金销售材料里也都会提示：历史业绩不代表未来。巴菲特成功了几十年，这确实是奇迹，但是这并不代表他的投资方式就能够一成不变地永远成功下去。当然，对巴菲特本人来说，他的历史地位已经确定了，更何况他已经年过九旬，人生走到了晚年。所以对他来说，完全没有必要抛弃过去几十年的经验，想方设法开发一套新的投资原则，去追求人生最后几年的收益最大化。\n不过我相信，绝大多数读者的年纪都没有那么大，我们还有很长的岁月要在未来的时代中度过，所以我们有必要把眼光放得更长远一些。假如一定要做些什么来向“股神”致敬，那就像他一样，更好地顺应自己所处的时代吧。","news_type":1},"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808479295,"gmtCreate":1627608170317,"gmtModify":1703493238637,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808479295","repostId":"2155875991","repostType":4,"repost":{"id":"2155875991","pubTimestamp":1627603413,"share":"https://www.laohu8.com/m/news/2155875991?lang=&edition=full","pubTime":"2021-07-30 08:03","market":"us","language":"en","title":"Tesla agrees to pay $1.5 mln to settle claims over battery voltage reduction","url":"https://stock-news.laohu8.com/highlight/detail?id=2155875991","media":"Reuters","summary":"July 29 (Reuters) - Tesla Inc has agreed to pay $1.5 million to settle claims a software update temp","content":"<p>July 29 (Reuters) - Tesla Inc has agreed to pay $1.5 million to settle claims a software update temporarily reduced maximum battery voltage in 1,743 Model S sedans, court documents show.</p>\n<p>Owners of the vehicles will get $625 each, which is \"many times the prorated value of the temporarily reduced maximum voltage,\" according to the proposed settlement documents filed Wednesday in U.S. District Court in San Francisco.</p>\n<p>Tesla did not immediately respond to a request for comment.</p>\n<p>Lawyers for the owners who sued said the \"voltage limitation was temporary, with a 10% reduction lasting about 3 months, and a smaller 7% reduction lasting another 7 months before the corrective update was released in March 2020.\"</p>\n<p>A U.S. judge set a Dec. 9 hearing on the proposed settlement.</p>\n<p>The suit filed in August 2019 alleged Tesla released an over-the-air software update that reduced the maximum voltage to which batteries on some Tesla Model S vehicles could be charged.</p>\n<p>A subsequent update restored about 3% of the battery voltage in these vehicles, and a third update released in March 2020 was designed to fully restore the batteries’ voltage over time as the vehicles are driven, the settlement documents said.</p>\n<p>Company data shows 1,552 vehicles had maximum battery voltage fully restored and 57 have had battery replacements and for other vehicles the maximum voltage should continue to be restored over time, the settlement documents said.</p>\n<p>The $1.5 million settlement includes $410,000 fees and costs for the plaintiffs' attorneys. (Reporting by David Shepardson; Editing by Leslie Adler and Aurora Ellis)</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla agrees to pay $1.5 mln to settle claims over battery voltage reduction</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla agrees to pay $1.5 mln to settle claims over battery voltage reduction\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/1-tesla-agrees-pay-1-231533753.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>July 29 (Reuters) - Tesla Inc has agreed to pay $1.5 million to settle claims a software update temporarily reduced maximum battery voltage in 1,743 Model S sedans, court documents show.\nOwners of the...</p>\n\n<a href=\"https://finance.yahoo.com/news/1-tesla-agrees-pay-1-231533753.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://finance.yahoo.com/news/1-tesla-agrees-pay-1-231533753.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2155875991","content_text":"July 29 (Reuters) - Tesla Inc has agreed to pay $1.5 million to settle claims a software update temporarily reduced maximum battery voltage in 1,743 Model S sedans, court documents show.\nOwners of the vehicles will get $625 each, which is \"many times the prorated value of the temporarily reduced maximum voltage,\" according to the proposed settlement documents filed Wednesday in U.S. District Court in San Francisco.\nTesla did not immediately respond to a request for comment.\nLawyers for the owners who sued said the \"voltage limitation was temporary, with a 10% reduction lasting about 3 months, and a smaller 7% reduction lasting another 7 months before the corrective update was released in March 2020.\"\nA U.S. judge set a Dec. 9 hearing on the proposed settlement.\nThe suit filed in August 2019 alleged Tesla released an over-the-air software update that reduced the maximum voltage to which batteries on some Tesla Model S vehicles could be charged.\nA subsequent update restored about 3% of the battery voltage in these vehicles, and a third update released in March 2020 was designed to fully restore the batteries’ voltage over time as the vehicles are driven, the settlement documents said.\nCompany data shows 1,552 vehicles had maximum battery voltage fully restored and 57 have had battery replacements and for other vehicles the maximum voltage should continue to be restored over time, the settlement documents said.\nThe $1.5 million settlement includes $410,000 fees and costs for the plaintiffs' attorneys. (Reporting by David Shepardson; Editing by Leslie Adler and Aurora Ellis)","news_type":1},"isVote":1,"tweetType":1,"viewCount":350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":299331597971520,"gmtCreate":1714105129762,"gmtModify":1714105133295,"author":{"id":"4090564319968280","authorId":"4090564319968280","name":"MR_JIM","avatar":"https://community-static.tradeup.com/news/2b3649895b8d22366c7b730333f78e2c","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share 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