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2023-10-30

Great ariticle, would you like to share it?

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2023-07-03

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@摩根频道:美團，正被拆解想象力？

2023-07-03

Great ariticle, would you like to share it?

@摩根频道:美團，正被拆解想象力？

2023-03-31

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@JacksNiffler:How Valuation changes after Alibaba's split?

2023-03-20

[Miser] [Miser]

@Globalrisk.fund:https://globalrisk.fund/2023/03/19/first-republic-bank-set-for-a-rally-with-rumours-buffett-is-getting-behind-a-rescue/ $First Republic Bank(FRC)$ Have a good future after the 30 billion deposit from the bigger banks. It has a loyal customer base that would rather stay with them as long as they believe the deposits they have with them is secure. The US government needs to increase the depositor guarantee amount from 250 K too an amount that would calm the customers of the Us banking system. I am bullish ,and have invested accordingly.

2023-03-03

[Miser] [Miser] //@Frisbee:Bearish on $HO BEE LAND LIMITED(H13.SI)$. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%). @AhGong

@Tiger_SG:[Reward] Earnings Digest Gala: Find a Dark Horse for This Week

2023-03-03

[Miser] [Miser]

3 Top Multifamily REIT Stocks to Buy in March

2023-01-03

$Alibaba(BABA)$ [Miser] [Miser]

2022-12-31

$Alibaba(BABA)$

2022-12-13

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]

2022-12-12

$DBS GROUP HOLDINGS LTD(D05.SI)$ [Miser] [Miser]

2022-12-11

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]

2022-12-10

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]

2022-12-08

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ ✅✅

2022-12-06

[Miser] [Miser]

Apple Is Good, Even Better If Owned Via Berkshire Hathaway

2022-12-05

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]

2022-12-03

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]

2022-12-02

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ 💪🏻

2022-12-01

$Taiwan Semiconductor Manufacturing(TSM)$ [Miser] [Miser]

2022-11-29

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]

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it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193727531716720","repostId":"193449092649128","repostType":1,"repost":{"id":193449092649128,"gmtCreate":1688262215674,"gmtModify":1688262215735,"author":{"id":"3527578744767792","authorId":"3527578744767792","name":"摩根频道","avatar":"https://static.tigerbbs.com/bae901bf4e3d0630b49922384a98df4a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527578744767792","authorIdStr":"3527578744767792"},"themes":[],"title":"美團，正被拆解想象力？","htmlText":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","listText":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","text":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","images":[{"img":"https://static.tigerbbs.com/a16a422040fa833ce53025945363ade3","width":"1262","height":"1044"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193449092649128","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193744997953560,"gmtCreate":1688348634077,"gmtModify":1688348637650,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193744997953560","repostId":"193449092649128","repostType":1,"repost":{"id":193449092649128,"gmtCreate":1688262215674,"gmtModify":1688262215735,"author":{"id":"3527578744767792","authorId":"3527578744767792","name":"摩根频道","avatar":"https://static.tigerbbs.com/bae901bf4e3d0630b49922384a98df4a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527578744767792","authorIdStr":"3527578744767792"},"themes":[],"title":"美團，正被拆解想象力？","htmlText":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","listText":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","text":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","images":[{"img":"https://static.tigerbbs.com/a16a422040fa833ce53025945363ade3","width":"1262","height":"1044"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193449092649128","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941656100,"gmtCreate":1680224670600,"gmtModify":1680224674276,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941656100","repostId":"9941877714","repostType":1,"repost":{"id":9941877714,"gmtCreate":1680170211538,"gmtModify":1680170676957,"author":{"id":"4113023309293912","authorId":"4113023309293912","name":"JacksNiffler","avatar":"https://community-static.tradeup.com/news/725d6b9ccfa2d33fef0434c9af5668e2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4113023309293912","authorIdStr":"4113023309293912"},"themes":[],"title":"How Valuation changes after Alibaba's split?","htmlText":"Alibaba As a WholeBecause of the complicated business, large companies often consider the overall indicators of the company in valuation, such as profit (P/E, EV/EBITDA), income (market-to-Sales ratio, EV/Sales) and cash flow (P/FCF, DCF discounted sustainable cash flow). The advantage is intuitive, simple and can be compared horizontally; The disadvantage is that it is difficult to maximize the valuation potential of each business.For Alibaba, the latest dynamic P/E is 15 times.But the average ttm P/E since listing is 44.2x, Even since July 2021, it has an averag of 17.2 times. The current valuation is lower than the historical average, that is, \"Undervalued\".2024 adjusted EPS is 60.5 yuan(market consensus), That is, the valuation in 2024 should be US $154 per share, equals US $130.6 per","listText":"Alibaba As a WholeBecause of the complicated business, large companies often consider the overall indicators of the company in valuation, such as profit (P/E, EV/EBITDA), income (market-to-Sales ratio, EV/Sales) and cash flow (P/FCF, DCF discounted sustainable cash flow). The advantage is intuitive, simple and can be compared horizontally; The disadvantage is that it is difficult to maximize the valuation potential of each business.For Alibaba, the latest dynamic P/E is 15 times.But the average ttm P/E since listing is 44.2x, Even since July 2021, it has an averag of 17.2 times. The current valuation is lower than the historical average, that is, \"Undervalued\".2024 adjusted EPS is 60.5 yuan(market consensus), That is, the valuation in 2024 should be US $154 per share, equals US $130.6 per","text":"Alibaba As a WholeBecause of the complicated business, large companies often consider the overall indicators of the company in valuation, such as profit (P/E, EV/EBITDA), income (market-to-Sales ratio, EV/Sales) and cash flow (P/FCF, DCF discounted sustainable cash flow). The advantage is intuitive, simple and can be compared horizontally; The disadvantage is that it is difficult to maximize the valuation potential of each business.For Alibaba, the latest dynamic P/E is 15 times.But the average ttm P/E since listing is 44.2x, Even since July 2021, it has an averag of 17.2 times. The current valuation is lower than the historical average, that is, \"Undervalued\".2024 adjusted EPS is 60.5 yuan(market consensus), That is, the valuation in 2024 should be US $154 per share, equals US $130.6 per","images":[{"img":"https://static.tigerbbs.com/7b2e21e9789ce23490258b79f0e982ac","width":"611","height":"430"},{"img":"https://static.tigerbbs.com/74fe79f8d5789133f96264dbbaa64293","width":"541","height":"327"},{"img":"https://static.tigerbbs.com/cbb7946d67bd035fcf5dcdc85d085c1b","width":"547","height":"352"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941877714","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943183215,"gmtCreate":1679277473837,"gmtModify":1679277477938,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943183215","repostId":"9943133860","repostType":1,"repost":{"id":9943133860,"gmtCreate":1679249323151,"gmtModify":1679274712065,"author":{"id":"4128135742152662","authorId":"4128135742152662","name":"Globalrisk.fund","avatar":"https://community-static.tradeup.com/news/72ff9b798ca839033c36029a02c7b4f6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4128135742152662","authorIdStr":"4128135742152662"},"themes":[],"htmlText":"https://globalrisk.fund/2023/03/19/first-republic-bank-set-for-a-rally-with-rumours-buffett-is-getting-behind-a-rescue/ <a href=\"https://ttm.financial/S/FRC\">$First Republic Bank(FRC)$ &nbsp;</a>Have a good future after the 30 billion deposit from the bigger banks. It has a loyal customer base that would rather stay with them as long as they believe the deposits they have with them&nbsp;is secure. The US government needs to increase the depositor guarantee amount from 250 K too an amount that would calm the customers of the Us banking system. I am bullish ,and have invested accordingly.","listText":"https://globalrisk.fund/2023/03/19/first-republic-bank-set-for-a-rally-with-rumours-buffett-is-getting-behind-a-rescue/ <a href=\"https://ttm.financial/S/FRC\">$First Republic Bank(FRC)$ &nbsp;</a>Have a good future after the 30 billion deposit from the bigger banks. It has a loyal customer base that would rather stay with them as long as they believe the deposits they have with them&nbsp;is secure. The US government needs to increase the depositor guarantee amount from 250 K too an amount that would calm the customers of the Us banking system. I am bullish ,and have invested accordingly.","text":"https://globalrisk.fund/2023/03/19/first-republic-bank-set-for-a-rally-with-rumours-buffett-is-getting-behind-a-rescue/ $First Republic Bank(FRC)$ Have a good future after the 30 billion deposit from the bigger banks. It has a loyal customer base that would rather stay with them as long as they believe the deposits they have with them is secure. The US government needs to increase the depositor guarantee amount from 250 K too an amount that would calm the customers of the Us banking system. I am bullish ,and have invested accordingly.","images":[{"img":"https://community-static.tradeup.com/news/13fe254922db820d28ac8cd5ce8598e7","width":"504","height":"787"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943133860","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940884843,"gmtCreate":1677812567582,"gmtModify":1677812571928,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;//<a href=\"https://ttm.financial/U/3586246426804465\">@Frisbee</a>:Bearish on <a href=\"https://ttm.financial/S/H13.SI\">$HO BEE LAND LIMITED(H13.SI)$</a>. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%).<a href=\"https://ttm.financial/U/3581888768537623\"> @AhGong </a>","listText":"[Miser]&nbsp;[Miser]&nbsp;//<a href=\"https://ttm.financial/U/3586246426804465\">@Frisbee</a>:Bearish on <a href=\"https://ttm.financial/S/H13.SI\">$HO BEE LAND LIMITED(H13.SI)$</a>. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%).<a href=\"https://ttm.financial/U/3581888768537623\"> @AhGong </a>","text":"[Miser] [Miser] //@Frisbee:Bearish on $HO BEE LAND LIMITED(H13.SI)$. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%). @AhGong","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":20,"commentSize":16,"repostSize":0,"link":"https://ttm.financial/post/9940884843","repostId":"9957484581","repostType":1,"repost":{"id":9957484581,"gmtCreate":1677493733243,"gmtModify":1677494143805,"author":{"id":"4106547232749330","authorId":"4106547232749330","name":"Tiger_SG","avatar":"https://community-static.tradeup.com/news/9eb57a835b72d997d1941fb6605d80a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4106547232749330","authorIdStr":"4106547232749330"},"themes":[],"title":"[Reward] Earnings Digest Gala: Find a Dark Horse for This Week","htmlText":"To every SGX trader!Normally, stocks can experience significant volatility around the time of earnings release.The market will reward companies that beat expectations and also give positive earnings forecasts. Ofcouse, the market will also punish the stocks that miss estimates.Following are the list of companies that will ex_dividend or release earnings data this week.Welcome tigers to \"Mark\" which stock you are holding or which stock is your future choices, please reply with \"recent earnings&nbsp;data\" of your choices.&nbsp;We will reward you lovely. Thanks!Ex_Dividend Stock / REIT This WeekTypeDetailEx DateRecord DatePayment Date<a target=\"_blank\" href=\"https://ttm.financial/S/K29.SI\">$KARIN TECHNOLOGY HLDGS LIMITED(K29.SI)$</a>DIVIDENDHKD 0.0522023/2/282023/3/12023/3/16","listText":"To every SGX trader!Normally, stocks can experience significant volatility around the time of earnings release.The market will reward companies that beat expectations and also give positive earnings forecasts. Ofcouse, the market will also punish the stocks that miss estimates.Following are the list of companies that will ex_dividend or release earnings data this week.Welcome tigers to \"Mark\" which stock you are holding or which stock is your future choices, please reply with \"recent earnings&nbsp;data\" of your choices.&nbsp;We will reward you lovely. Thanks!Ex_Dividend Stock / REIT This WeekTypeDetailEx DateRecord DatePayment Date<a target=\"_blank\" href=\"https://ttm.financial/S/K29.SI\">$KARIN TECHNOLOGY HLDGS LIMITED(K29.SI)$</a>DIVIDENDHKD 0.0522023/2/282023/3/12023/3/16","text":"To every SGX trader!Normally, stocks can experience significant volatility around the time of earnings release.The market will reward companies that beat expectations and also give positive earnings forecasts. Ofcouse, the market will also punish the stocks that miss estimates.Following are the list of companies that will ex_dividend or release earnings data this week.Welcome tigers to \"Mark\" which stock you are holding or which stock is your future choices, please reply with \"recent earnings data\" of your choices. We will reward you lovely. Thanks!Ex_Dividend Stock / REIT This WeekTypeDetailEx DateRecord DatePayment Date$KARIN TECHNOLOGY HLDGS LIMITED(K29.SI)$DIVIDENDHKD 0.0522023/2/282023/3/12023/3/16","images":[{"img":"https://community-static.tradeup.com/news/0ba2b791d3cc615041fb018a0a97c798","width":"480","height":"360"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957484581","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940885066,"gmtCreate":1677811998955,"gmtModify":1677812003362,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940885066","repostId":"2316164916","repostType":4,"repost":{"id":"2316164916","pubTimestamp":1677770943,"share":"https://ttm.financial/m/news/2316164916?lang=&edition=fundamental","pubTime":"2023-03-02 23:29","market":"other","language":"en","title":"3 Top Multifamily REIT Stocks to Buy in March","url":"https://stock-news.laohu8.com/highlight/detail?id=2316164916","media":"Motley Fool","summary":"These apartment REITs may seem like lambs now, but they could be lions later on.","content":"<html><head></head><body><p>Whether March comes in like a lion and leaves like a lamb, or vice versa, remains to be seen. But either way, it&#39;s a good time to prepare your investment portfolio to spring forward.</p><p>Some sectors have proven to be sound performers through all kinds of economic weather. They include real estate and, more specifically here, multifamily property owners operating as real estate investment trusts (REITs).</p><p>Three REITs to consider now because of their performance records and prospects going forward are <b>Mid-America Apartment Communities</b>, <b>Essex Property Trust</b>, and <b>Camden Property Trust</b>.</p><h2>Steady income at a sale price</h2><p>These residential REITs are trading at share prices now down about 20% to 30% from last year at this time, a reflection of interest rate hikes and concerns over the ability of big landlords like them to raise rents -- and revenue -- at the pace they have in the past couple years.</p><p>But as the chart below shows, they also have nice long-term records of total return, which includes share price movement and dividend payouts. They have handily beat a good proxy for this sector, the <b>Vanguard Real Estate ETF</b>, an exchange-traded fund that generally holds about 160 REITs.</p><p><img src=\"https://static.tigerbbs.com/86ab992e943e2ee2758cb23d76ba175c\" tg-width=\"720\" tg-height=\"483\" referrerpolicy=\"no-referrer\"/></p><p>CPT Total Return Level data by YCharts</p><p>They also have nice market niches, if you can consider owning some 102,000 units in about 300 apartment communities concentrated in the most job-rich metros across the Sunbelt and Southeast to be simply a niche. That&#39;s the case with Mid-America, which brands itself as MAA.</p><p>Essex, meanwhile, has a portfolio of about 62,000 units in 252 communities almost exclusively in and around the high-tech, high-income areas of Southern California, the San Francisco Bay area, and Seattle. Camden, meanwhile, has about 58,700 apartments in its 172 properties scattered across high-growth markets from Washington, D.C., to south Florida, Nashville, Houston, Phoenix, and Southern California.</p><h2>Payout ratios that pad the passive income</h2><p>Speaking of niches, REITs can nicely fill a spot between bonds and savings instruments and growth stocks, providing investors with reliable passive income -- profiting from real estate ownership without having to manage or directly own it. In that regard, a good metric to look at for REITs is funds from operations (FFO) per share, typically regarded as the REIT equivalent of earnings per share.</p><p>This chart shows how MAA, Camden, and Essex have done in the past five years in dividend, share price, and FFO movement.</p><p><img src=\"https://static.tigerbbs.com/fc92a6fbfb9507b9eddd6f4ebd8be8df\" tg-width=\"720\" tg-height=\"629\" referrerpolicy=\"no-referrer\"/></p><p>CPT data by YCharts</p><p>Now let&#39;s consider the payout ratio, a measure of how much of a REIT&#39;s stash is used to pay cash to shareholders and thus how comfortably it can support those dividend payments. Based on cash flow, Camden&#39;s current payout ratio is about 34%, while Essex is at 59% and MAA is at 54%. These are very sustainable payout levels and point to the ability to raise dividends going forward.</p><p>That has indeed just happened with Essex, which on Feb. 23 announced a 5% increase in its quarterly payout that marked its 29th consecutive year of dividend increases. That performance, along with the modest payout levels the REIT has sustained and the solidity of the markets it inhabits, helps offset concerns about the dip in FFO per share over the past couple years. Essex stock is currently yielding about 3.8% at a share price of about $230.</p><p>MAA, meanwhile, has raised its dividend for 13 straight years and is yielding about 3.4% at about $163 a share, and Camden has pumped its payouts by an average of 5.5% over the past three years and is yielding about 3.2% while selling for about $116 a share.</p><h2>Sale price for the march to building wealth</h2><p>Any of these REITs would make a good addition to an income-focused portion of a stock portfolio, and their lowered prices add to that allure. Camden is by one key measure perhaps the cheapest right now, with a price-to-FFO per share ratio of about 11.6, compared with a still quite reasonable 16 for MAA and 18.3 for Essex.</p><p>An investment in each or all of them this month can help your slow, steady march to building wealth and funding retirement or other well-laid plans for the months ahead.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Top Multifamily REIT Stocks to Buy in March</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Top Multifamily REIT Stocks to Buy in March\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-02 23:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/01/3-top-multifamily-reit-stocks-to-buy-in-march/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Whether March comes in like a lion and leaves like a lamb, or vice versa, remains to be seen. But either way, it's a good time to prepare your investment portfolio to spring forward.Some sectors have ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/01/3-top-multifamily-reit-stocks-to-buy-in-march/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ESS":"埃塞克斯信托","CPT":"卡姆登物业信托","MAA":"MAA房产信托"},"source_url":"https://www.fool.com/investing/2023/03/01/3-top-multifamily-reit-stocks-to-buy-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316164916","content_text":"Whether March comes in like a lion and leaves like a lamb, or vice versa, remains to be seen. But either way, it's a good time to prepare your investment portfolio to spring forward.Some sectors have proven to be sound performers through all kinds of economic weather. They include real estate and, more specifically here, multifamily property owners operating as real estate investment trusts (REITs).Three REITs to consider now because of their performance records and prospects going forward are Mid-America Apartment Communities, Essex Property Trust, and Camden Property Trust.Steady income at a sale priceThese residential REITs are trading at share prices now down about 20% to 30% from last year at this time, a reflection of interest rate hikes and concerns over the ability of big landlords like them to raise rents -- and revenue -- at the pace they have in the past couple years.But as the chart below shows, they also have nice long-term records of total return, which includes share price movement and dividend payouts. They have handily beat a good proxy for this sector, the Vanguard Real Estate ETF, an exchange-traded fund that generally holds about 160 REITs.CPT Total Return Level data by YChartsThey also have nice market niches, if you can consider owning some 102,000 units in about 300 apartment communities concentrated in the most job-rich metros across the Sunbelt and Southeast to be simply a niche. That's the case with Mid-America, which brands itself as MAA.Essex, meanwhile, has a portfolio of about 62,000 units in 252 communities almost exclusively in and around the high-tech, high-income areas of Southern California, the San Francisco Bay area, and Seattle. Camden, meanwhile, has about 58,700 apartments in its 172 properties scattered across high-growth markets from Washington, D.C., to south Florida, Nashville, Houston, Phoenix, and Southern California.Payout ratios that pad the passive incomeSpeaking of niches, REITs can nicely fill a spot between bonds and savings instruments and growth stocks, providing investors with reliable passive income -- profiting from real estate ownership without having to manage or directly own it. In that regard, a good metric to look at for REITs is funds from operations (FFO) per share, typically regarded as the REIT equivalent of earnings per share.This chart shows how MAA, Camden, and Essex have done in the past five years in dividend, share price, and FFO movement.CPT data by YChartsNow let's consider the payout ratio, a measure of how much of a REIT's stash is used to pay cash to shareholders and thus how comfortably it can support those dividend payments. Based on cash flow, Camden's current payout ratio is about 34%, while Essex is at 59% and MAA is at 54%. These are very sustainable payout levels and point to the ability to raise dividends going forward.That has indeed just happened with Essex, which on Feb. 23 announced a 5% increase in its quarterly payout that marked its 29th consecutive year of dividend increases. That performance, along with the modest payout levels the REIT has sustained and the solidity of the markets it inhabits, helps offset concerns about the dip in FFO per share over the past couple years. Essex stock is currently yielding about 3.8% at a share price of about $230.MAA, meanwhile, has raised its dividend for 13 straight years and is yielding about 3.4% at about $163 a share, and Camden has pumped its payouts by an average of 5.5% over the past three years and is yielding about 3.2% while selling for about $116 a share.Sale price for the march to building wealthAny of these REITs would make a good addition to an income-focused portion of a stock portfolio, and their lowered prices add to that allure. Camden is by one key measure perhaps the cheapest right now, with a price-to-FFO per share ratio of about 11.6, compared with a still quite reasonable 16 for MAA and 18.3 for Essex.An investment in each or all of them this month can help your slow, steady march to building wealth and funding retirement or other well-laid plans for the months ahead.","news_type":1},"isVote":1,"tweetType":1,"viewCount":361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950806896,"gmtCreate":1672710728116,"gmtModify":1676538723176,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$&nbsp;</a><v-v 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data-views=\"1\"></v-v>✅✅","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$ ✅✅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9920127200","isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9967871261,"gmtCreate":1670302034753,"gmtModify":1676538340642,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967871261","repostId":"1125714153","repostType":2,"repost":{"id":"1125714153","pubTimestamp":1670293345,"share":"https://ttm.financial/m/news/1125714153?lang=&edition=fundamental","pubTime":"2022-12-06 10:22","market":"us","language":"en","title":"Apple Is Good, Even Better If Owned Via Berkshire Hathaway","url":"https://stock-news.laohu8.com/highlight/detail?id=1125714153","media":"Seeking Alpha","summary":"SummaryI kept telling my readers buying/adding Apple near or below 20x owners' earnings is a no brai","content":"<html><head></head><body><h3>Summary</h3><ul><li>I kept telling my readers buying/adding Apple near or below 20x owners&#39; earnings is a no brainer (i.e., a ~$145 price under current conditions).</li><li>In this article, I will explain a way to backdoor Apple through Berkshire Hathaway.</li><li>I will explain why owning Apple shares via Berkshire is even more attractive under their current conditions.</li><li>This way, you get to own Apple with an effective “ownership”PE in the range of ~12x to free depending on how you value Berkshires’ operating earnings.</li><li>This idea was discussed in more depth with members of my private investing community, Envision Early Retirement.</li></ul><h3>Q3 recap and investment thesis</h3><p>My last article on <a href=\"https://laohu8.com/S/AAPL\">Apple</a> and Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) is co-produced with Sensor Unlimited and published about a month ago in early November. That article argued that share repurchases at both AAPL and BRK are far more potent when considered together than viewed separately. Such “double buybacks” are compounding on steroids in our view.</p><p>In this article, we want to switch the focus entirely. We will argue A) why buying/adding AAPL around its current price (which translates to about 20x owners&#39; earnings) is a no-brainer, and B) why owning AAPL via BRK is an even better idea.</p><p>Both AAPL and BRK have posted strong Q3 earnings. The key results are shown in the two charts below, and I will dive into the highlights as we go. These strong results, when combined with the price corrections during Q3 due to (or thanks to) market volatilities, investors have some great opportunities to buy or add these perpetual compounders at enticing entry valuations.</p><p>For AAPL, its TTM EPS as of Q3 2022 (i.e., its FY Q4) came in at $6.11 per share as you can see from the first chart below. Later, you will see that such accounting EPS underestimates its owners&#39; earnings (“OE”), and its OE is around $7.18, which translates into a share price near ~$145 at a 20x OE multiple. And I kept telling my readers buying/adding stock like AAPL near or below 20x OE is a no-brainer. Stocks like AAPL (or BRK) are quintessential examples of equity bonds as explained in my earlier article because:</p><p>To me, any valuation near or below 20x OE is very attractive for a stock with ROCE (return on capital employed) near 100% like AAPL. At about 100% ROCE, a 5% investment rate would provide 5% organic real growth rates (i.e., before inflation adjustments). And a 20x OE would provide about 5% owners earnings yield, leading to a total return in the double digits. Once you adjust for the risks (and I consider the risks from AAPL similar to treasury bonds), a 10%+ annual return is ~3x of what you can get from bonds in the long term.</p><p>In this article, I will focus on an alternative way to own AAPL, a sort of backdoor, through BRK. And I will explain why owning AAPL this way is even more attractive under current conditions. And this brings me to the financials of BRK, as shown in the second chart in this section.</p><p><img src=\"https://static.tigerbbs.com/f61e045c67f643b98ba432f7f5f77739\" tg-width=\"640\" tg-height=\"585\" width=\"100%\" height=\"auto\"/>BRK reported strong operating results for Q3 also and is on pace for a solid 2022. Operating earnings per share, which excludes capital gains and losses from the investment portfolio, clocked in at $3.00 in Q3, translating into an annual growth rate of almost 20% YOY. This was particularly impressive considering that its insurance segment suffered higher-than-usual operations losses due to hurricane Ida, Ian, and also the floods in Europe. The remainder of this analysis also will involve its balance sheet, which is posted below. And a couple of highlights relevant to the subsequent analyses:</p><ul><li>All my following per-share numbers for BRK (e.g., OE, equity, cash, et al) are quoted per Berkshire Hathaway B share, not A shares. Given that the focus here is on the financial (not voting power), the analysis should be perfectly applicable for A shares.</li><li>Its equivalent Class B shares outstanding is taken to be 2.2B shares according to its most recent 10-K filing. The market value of its equity investment portfolio is taken from dataroma. And as of this writing, the portfolio value is reported to be $296.1B, slightly below the $306B shown in its 10-K below due to market fluctuations since the filing.</li></ul><p>With these parameters, let’s dive in and see how we can own AAPL through BRK at an effective PE of ~12x or below.</p><h3><img src=\"https://static.tigerbbs.com/744119f29d38279a1a7fad8febbe605e\" tg-width=\"640\" tg-height=\"401\" width=\"100%\" height=\"auto\"/>AAPL’s EPS and OE</h3><p>Since we are analyzing AAPL and BRK, it&#39;s only fitting to start with a quote from Warren Buffett on the difference between accounting EPS and owners&#39; earnings (“OE”). The following is taken from Berkshire Hathaway&#39;s 1986 annual report (slightly edited with emphases added by me):</p><p>These represent (“a”) reported earnings plus (“b”) depreciation, depletion, amortization, and certain other non-cash charges...less (“c”) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (“c”) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes...All of this points up the absurdity of the &#39;cash flow&#39; numbers that are often set forth in Wall Street reports. These numbers routinely include (“a”) plus (“b”) - but do not subtract (“c”).</p><p>The key is to estimate item c, and my analysis of item c for AAPL is shown in the table below. This table is based off Bruce Greenwald’s method (detailed in his book Value Investing) to separate maintenance capex and growth capex. Readers interested in the details could find them in my earlier article or his book.</p><p>To wit, AAPL’s TTM accounting EPS came in at $6.11 per share as aforementioned. However, its OE is about $7.18 per share, about 18% higher. The reason for this higher OE is the accounting EPS considered all CAPEX to be a cost, while only the maintenance capex should be considered as costs as Buffett explained above. In AAPL’s case, the discrepancy should be obvious as its accounting EPS is even lower than its FCF (free cash flow) by about 13%, and then even the FCF is an underestimate of the true OE (again because the FCF calculation also considered all the capex expenses to costs). The third column in the table shows my forecast for the next year. And as you can see, the OE for Apple in the next year is projected to be $7.33 per share.</p><p>All told, Apple&#39;s accounting PE is about 23x, a number all AAPL investors must be very familiar with. However, once you consider its OE, then the multiple is actually on the order of 20x for this year and slightly below 20x on an FW basis.</p><p>Then finally, remember that Apple also carries a net cash position on its balance sheet (about $2.27 per share under its current conditions). Once you adjust the cash position too, its OE PE is on the order of 19.9x for this year and only 19.5x for next year.</p><p>And in the next section, we will see how we can do even better through BRK.</p><h3><img src=\"https://static.tigerbbs.com/c3ac6ab756c4503f2a547af66444cff4\" tg-width=\"640\" tg-height=\"344\" width=\"100%\" height=\"auto\"/>Backdoor AAPL via BRK</h3><p>As mentioned earlier, the market value of BRK’s equity investment portfolio (based on dataroma) is at $296.1B As of this writing. AAPL is the largest position and is valued at $123.6B. So BRK’s equity investment excluding AAPL is worth about $173B, or $77 per share. The market capitalization for BRK is about $701B ($315 share price). Then also recall from its balance sheet, we know that there is $109 billion worth of cash sitting on its ledger.</p><p>Putting all these above numbers together, we can show that:</p><p>If we take out all the other equity investments except AAPL and the cash, BRK’s adjusted market cap is $420B (or $189 per share). This means if we buy BRK shares at $315 and then liquidate the cash and all other equity investments except AAPL, we effectively paid $189 for each BRK share only.</p><p>Why does this $189 buy us then? First, we bought all the AAPL shares that BRK owns. As of this writing, BRK owns a total of 894.8 million shares of AAPL, translating into 0.40 AAPL shares contained per BRK share. BRK has been consistently buying back its own shares. And I project this trend to continue. Extrapolating its share repurchase from the previous quarters, the AAPL shares contained in each BRK share would increase to 0.41 next year as shown.</p><p>Second, we also bought all the BRK operating segments too, which is what we will examine next.</p><h3><img src=\"https://static.tigerbbs.com/16462afe4efe010fb29b16d41385f15a\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"/>AAPL’s ownership PE via BRK</h3><p>BRK is projected to earn $12.9 per share of operating income in 2022, although 2022 may not be the most representative year. My best estimate for its normalized operating income is about $12 per share (or $26.7B in total), which is the assumption that I used in the analysis shown in the following table.</p><p><img src=\"https://static.tigerbbs.com/4af9da2b8625409ae4723445ce6a9c94\" tg-width=\"640\" tg-height=\"159\" width=\"100%\" height=\"auto\"/>Now just as established above, if we buy BRK shares at $315, we are effectively buying 0.40 AAPL shares (or 0.41 on an FW basis) and all the BRK operating segments for $189. The BRK operating segments would provide earnings of $12 per share as assumed above, and the 0.4 AAPL shares would provide an OE of $2.88 (=0.40*$7.18). Thus, we paid $189 and got a total of $14.88 per share of OE ($12 from BRK operations plus $2.88 from AAPL). On an FW basis, the earnings would further increase to $15.13 per share due to a combination of AAPL earnings growth and BRK’s share repurchases as discussed above.</p><p>Now, how you compute the PE multiple here depends on how you value BRK’s operating income. The last row of the table shows an aggregated average, a sort of effective &#34;ownership&#34; PE of AAPL and BRK together, which turned out to be 12.7x based on 2022 financials and 12.1x on an FW basis.</p><p>If BRK’s operating income is priced at a 15x multiple – a quite reasonable multiple in my view, then BRK’s operating income would be worth $180 per share. Hence, we would be paying only $9 ($189-$12*15) for the 0.4 AAPL share, which provides $2.88 of OE. This means we would be owning the AAPL shares at a PE of about 3.1x only.</p><h3>Risks and final thoughts</h3><p>Specific risks for AAPL or BRK have been thoroughly discussed in other SA articles (including some of our own), and I won’t further add them here. Here I will focus on the risks and limitations associated with the particular backdoor idea described in this article.</p><ul><li>BRK’s cash position. In this analysis, I assumed that you could liquidate all the cash on its ledger. But of course, a good part of the cash is insurance float and cannot be liquidated (at least cannot be entirely liquidated). But there also are good reasons behind the approach that I used – at least as a thought experiment to analyze the financials and valuation. After all, cash is cash. If you buy BRK completely, every $1 in the insurance float still counts as $1.</li><li>Worth of BRK’s equity portfolio. The market valuation of BRK’s equity portfolio is always a moving target and changes on a daily basis with the market volatilities. Hence, there is some uncertainty here too. As aforementioned, the current portfolio value of $296.1B is already below the $306B disclosed in its 10-K back in September.</li></ul><p>Nonetheless, it’s always better to be approximately right than precisely wrong. And the bigger picture I see here are:</p><ul><li>Owning a perpetual compounder like AAPL near or below 20x OE is a no-brainer to me. And under Apple’s current conditions, with the cash position and underestimation of accounting EPS adjusted, a ~$145 stock price should translate into a 20x OE or below.</li><li>The discrepancy between accounting PE and OE PE is even larger than BRK. And once these discrepancies are corrected, we can own Apple shares with an effective “ownership” PE through BRK at heavy discounts. The exact discounts depend on how your value BRK’s operating income, which can lead to an ownership PE of AAPL in the range of ~12x to free based on my analyses.</li></ul></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>Apple Is Good, Even Better If Owned Via Berkshire Hathaway</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\">\nApple Is Good, Even Better If Owned Via Berkshire Hathaway\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-06 10:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4562427-apple-is-good-even-better-if-owned-via-berkshire-hathaway><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryI kept telling my readers buying/adding Apple near or below 20x owners' earnings is a no brainer (i.e., a ~$145 price under current conditions).In this article, I will explain a way to backdoor...</p>\n\n<a href=\"https://seekingalpha.com/article/4562427-apple-is-good-even-better-if-owned-via-berkshire-hathaway\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4562427-apple-is-good-even-better-if-owned-via-berkshire-hathaway","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125714153","content_text":"SummaryI kept telling my readers buying/adding Apple near or below 20x owners' earnings is a no brainer (i.e., a ~$145 price under current conditions).In this article, I will explain a way to backdoor Apple through Berkshire Hathaway.I will explain why owning Apple shares via Berkshire is even more attractive under their current conditions.This way, you get to own Apple with an effective “ownership”PE in the range of ~12x to free depending on how you value Berkshires’ operating earnings.This idea was discussed in more depth with members of my private investing community, Envision Early Retirement.Q3 recap and investment thesisMy last article on Apple and Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) is co-produced with Sensor Unlimited and published about a month ago in early November. That article argued that share repurchases at both AAPL and BRK are far more potent when considered together than viewed separately. Such “double buybacks” are compounding on steroids in our view.In this article, we want to switch the focus entirely. We will argue A) why buying/adding AAPL around its current price (which translates to about 20x owners' earnings) is a no-brainer, and B) why owning AAPL via BRK is an even better idea.Both AAPL and BRK have posted strong Q3 earnings. The key results are shown in the two charts below, and I will dive into the highlights as we go. These strong results, when combined with the price corrections during Q3 due to (or thanks to) market volatilities, investors have some great opportunities to buy or add these perpetual compounders at enticing entry valuations.For AAPL, its TTM EPS as of Q3 2022 (i.e., its FY Q4) came in at $6.11 per share as you can see from the first chart below. Later, you will see that such accounting EPS underestimates its owners' earnings (“OE”), and its OE is around $7.18, which translates into a share price near ~$145 at a 20x OE multiple. And I kept telling my readers buying/adding stock like AAPL near or below 20x OE is a no-brainer. Stocks like AAPL (or BRK) are quintessential examples of equity bonds as explained in my earlier article because:To me, any valuation near or below 20x OE is very attractive for a stock with ROCE (return on capital employed) near 100% like AAPL. At about 100% ROCE, a 5% investment rate would provide 5% organic real growth rates (i.e., before inflation adjustments). And a 20x OE would provide about 5% owners earnings yield, leading to a total return in the double digits. Once you adjust for the risks (and I consider the risks from AAPL similar to treasury bonds), a 10%+ annual return is ~3x of what you can get from bonds in the long term.In this article, I will focus on an alternative way to own AAPL, a sort of backdoor, through BRK. And I will explain why owning AAPL this way is even more attractive under current conditions. And this brings me to the financials of BRK, as shown in the second chart in this section.BRK reported strong operating results for Q3 also and is on pace for a solid 2022. Operating earnings per share, which excludes capital gains and losses from the investment portfolio, clocked in at $3.00 in Q3, translating into an annual growth rate of almost 20% YOY. This was particularly impressive considering that its insurance segment suffered higher-than-usual operations losses due to hurricane Ida, Ian, and also the floods in Europe. The remainder of this analysis also will involve its balance sheet, which is posted below. And a couple of highlights relevant to the subsequent analyses:All my following per-share numbers for BRK (e.g., OE, equity, cash, et al) are quoted per Berkshire Hathaway B share, not A shares. Given that the focus here is on the financial (not voting power), the analysis should be perfectly applicable for A shares.Its equivalent Class B shares outstanding is taken to be 2.2B shares according to its most recent 10-K filing. The market value of its equity investment portfolio is taken from dataroma. And as of this writing, the portfolio value is reported to be $296.1B, slightly below the $306B shown in its 10-K below due to market fluctuations since the filing.With these parameters, let’s dive in and see how we can own AAPL through BRK at an effective PE of ~12x or below.AAPL’s EPS and OESince we are analyzing AAPL and BRK, it's only fitting to start with a quote from Warren Buffett on the difference between accounting EPS and owners' earnings (“OE”). The following is taken from Berkshire Hathaway's 1986 annual report (slightly edited with emphases added by me):These represent (“a”) reported earnings plus (“b”) depreciation, depletion, amortization, and certain other non-cash charges...less (“c”) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (“c”) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (“a”) plus (“b”) - but do not subtract (“c”).The key is to estimate item c, and my analysis of item c for AAPL is shown in the table below. This table is based off Bruce Greenwald’s method (detailed in his book Value Investing) to separate maintenance capex and growth capex. Readers interested in the details could find them in my earlier article or his book.To wit, AAPL’s TTM accounting EPS came in at $6.11 per share as aforementioned. However, its OE is about $7.18 per share, about 18% higher. The reason for this higher OE is the accounting EPS considered all CAPEX to be a cost, while only the maintenance capex should be considered as costs as Buffett explained above. In AAPL’s case, the discrepancy should be obvious as its accounting EPS is even lower than its FCF (free cash flow) by about 13%, and then even the FCF is an underestimate of the true OE (again because the FCF calculation also considered all the capex expenses to costs). The third column in the table shows my forecast for the next year. And as you can see, the OE for Apple in the next year is projected to be $7.33 per share.All told, Apple's accounting PE is about 23x, a number all AAPL investors must be very familiar with. However, once you consider its OE, then the multiple is actually on the order of 20x for this year and slightly below 20x on an FW basis.Then finally, remember that Apple also carries a net cash position on its balance sheet (about $2.27 per share under its current conditions). Once you adjust the cash position too, its OE PE is on the order of 19.9x for this year and only 19.5x for next year.And in the next section, we will see how we can do even better through BRK.Backdoor AAPL via BRKAs mentioned earlier, the market value of BRK’s equity investment portfolio (based on dataroma) is at $296.1B As of this writing. AAPL is the largest position and is valued at $123.6B. So BRK’s equity investment excluding AAPL is worth about $173B, or $77 per share. The market capitalization for BRK is about $701B ($315 share price). Then also recall from its balance sheet, we know that there is $109 billion worth of cash sitting on its ledger.Putting all these above numbers together, we can show that:If we take out all the other equity investments except AAPL and the cash, BRK’s adjusted market cap is $420B (or $189 per share). This means if we buy BRK shares at $315 and then liquidate the cash and all other equity investments except AAPL, we effectively paid $189 for each BRK share only.Why does this $189 buy us then? First, we bought all the AAPL shares that BRK owns. As of this writing, BRK owns a total of 894.8 million shares of AAPL, translating into 0.40 AAPL shares contained per BRK share. BRK has been consistently buying back its own shares. And I project this trend to continue. Extrapolating its share repurchase from the previous quarters, the AAPL shares contained in each BRK share would increase to 0.41 next year as shown.Second, we also bought all the BRK operating segments too, which is what we will examine next.AAPL’s ownership PE via BRKBRK is projected to earn $12.9 per share of operating income in 2022, although 2022 may not be the most representative year. My best estimate for its normalized operating income is about $12 per share (or $26.7B in total), which is the assumption that I used in the analysis shown in the following table.Now just as established above, if we buy BRK shares at $315, we are effectively buying 0.40 AAPL shares (or 0.41 on an FW basis) and all the BRK operating segments for $189. The BRK operating segments would provide earnings of $12 per share as assumed above, and the 0.4 AAPL shares would provide an OE of $2.88 (=0.40*$7.18). Thus, we paid $189 and got a total of $14.88 per share of OE ($12 from BRK operations plus $2.88 from AAPL). On an FW basis, the earnings would further increase to $15.13 per share due to a combination of AAPL earnings growth and BRK’s share repurchases as discussed above.Now, how you compute the PE multiple here depends on how you value BRK’s operating income. The last row of the table shows an aggregated average, a sort of effective \"ownership\" PE of AAPL and BRK together, which turned out to be 12.7x based on 2022 financials and 12.1x on an FW basis.If BRK’s operating income is priced at a 15x multiple – a quite reasonable multiple in my view, then BRK’s operating income would be worth $180 per share. Hence, we would be paying only $9 ($189-$12*15) for the 0.4 AAPL share, which provides $2.88 of OE. This means we would be owning the AAPL shares at a PE of about 3.1x only.Risks and final thoughtsSpecific risks for AAPL or BRK have been thoroughly discussed in other SA articles (including some of our own), and I won’t further add them here. Here I will focus on the risks and limitations associated with the particular backdoor idea described in this article.BRK’s cash position. In this analysis, I assumed that you could liquidate all the cash on its ledger. But of course, a good part of the cash is insurance float and cannot be liquidated (at least cannot be entirely liquidated). But there also are good reasons behind the approach that I used – at least as a thought experiment to analyze the financials and valuation. After all, cash is cash. If you buy BRK completely, every $1 in the insurance float still counts as $1.Worth of BRK’s equity portfolio. The market valuation of BRK’s equity portfolio is always a moving target and changes on a daily basis with the market volatilities. Hence, there is some uncertainty here too. As aforementioned, the current portfolio value of $296.1B is already below the $306B disclosed in its 10-K back in September.Nonetheless, it’s always better to be approximately right than precisely wrong. And the bigger picture I see here are:Owning a perpetual compounder like AAPL near or below 20x OE is a no-brainer to me. And under Apple’s current conditions, with the cash position and underestimation of accounting EPS adjusted, a ~$145 stock price should translate into a 20x OE or below.The discrepancy between accounting PE and OE PE is even larger than BRK. And once these discrepancies are corrected, we can own Apple shares with an effective “ownership” PE through BRK at heavy discounts. The exact discounts depend on how your value BRK’s operating income, which can lead to an ownership PE of AAPL in the range of ~12x to free based on my analyses.","news_type":1},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964700054,"gmtCreate":1670203665578,"gmtModify":1676538319117,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964700054","isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964941824,"gmtCreate":1670061979369,"gmtModify":1676538297394,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964941824","isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965631547,"gmtCreate":1669942703890,"gmtModify":1676538274309,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>💪🏻","listText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>💪🏻","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$ 💪🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965631547","isVote":1,"tweetType":1,"viewCount":47,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962742901,"gmtCreate":1669852651304,"gmtModify":1676538255783,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSM\">$Taiwan Semiconductor Manufacturing(TSM)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","text":"$Taiwan Semiconductor Manufacturing(TSM)$ [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962742901","isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962994599,"gmtCreate":1669689405711,"gmtModify":1676538223806,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$ [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962994599","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9940884843,"gmtCreate":1677812567582,"gmtModify":1677812571928,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;//<a href=\"https://ttm.financial/U/3586246426804465\">@Frisbee</a>:Bearish on <a href=\"https://ttm.financial/S/H13.SI\">$HO BEE LAND LIMITED(H13.SI)$</a>. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%).<a href=\"https://ttm.financial/U/3581888768537623\"> @AhGong </a>","listText":"[Miser]&nbsp;[Miser]&nbsp;//<a href=\"https://ttm.financial/U/3586246426804465\">@Frisbee</a>:Bearish on <a href=\"https://ttm.financial/S/H13.SI\">$HO BEE LAND LIMITED(H13.SI)$</a>. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%).<a href=\"https://ttm.financial/U/3581888768537623\"> @AhGong </a>","text":"[Miser] [Miser] //@Frisbee:Bearish on $HO BEE LAND LIMITED(H13.SI)$. The company earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.Full year PATMI declined 50% to S$165.9 million due to fair value loss and higher interest cost. 3 warning signs: (1) Debt is not well-covered by operating cashflow as well as (2) dividends of 4.35% is not well covered. (3) Profit margins (34.9%) are lower than last year (85.2%). @AhGong","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":20,"commentSize":16,"repostSize":0,"link":"https://ttm.financial/post/9940884843","repostId":"9957484581","repostType":1,"repost":{"id":9957484581,"gmtCreate":1677493733243,"gmtModify":1677494143805,"author":{"id":"4106547232749330","authorId":"4106547232749330","name":"Tiger_SG","avatar":"https://community-static.tradeup.com/news/9eb57a835b72d997d1941fb6605d80a4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4106547232749330","authorIdStr":"4106547232749330"},"themes":[],"title":"[Reward] Earnings Digest Gala: Find a Dark Horse for This Week","htmlText":"To every SGX trader!Normally, stocks can experience significant volatility around the time of earnings release.The market will reward companies that beat expectations and also give positive earnings forecasts. Ofcouse, the market will also punish the stocks that miss estimates.Following are the list of companies that will ex_dividend or release earnings data this week.Welcome tigers to \"Mark\" which stock you are holding or which stock is your future choices, please reply with \"recent earnings&nbsp;data\" of your choices.&nbsp;We will reward you lovely. Thanks!Ex_Dividend Stock / REIT This WeekTypeDetailEx DateRecord DatePayment Date<a target=\"_blank\" href=\"https://ttm.financial/S/K29.SI\">$KARIN TECHNOLOGY HLDGS LIMITED(K29.SI)$</a>DIVIDENDHKD 0.0522023/2/282023/3/12023/3/16","listText":"To every SGX trader!Normally, stocks can experience significant volatility around the time of earnings release.The market will reward companies that beat expectations and also give positive earnings forecasts. Ofcouse, the market will also punish the stocks that miss estimates.Following are the list of companies that will ex_dividend or release earnings data this week.Welcome tigers to \"Mark\" which stock you are holding or which stock is your future choices, please reply with \"recent earnings&nbsp;data\" of your choices.&nbsp;We will reward you lovely. Thanks!Ex_Dividend Stock / REIT This WeekTypeDetailEx DateRecord DatePayment Date<a target=\"_blank\" href=\"https://ttm.financial/S/K29.SI\">$KARIN TECHNOLOGY HLDGS LIMITED(K29.SI)$</a>DIVIDENDHKD 0.0522023/2/282023/3/12023/3/16","text":"To every SGX trader!Normally, stocks can experience significant volatility around the time of earnings release.The market will reward companies that beat expectations and also give positive earnings forecasts. Ofcouse, the market will also punish the stocks that miss estimates.Following are the list of companies that will ex_dividend or release earnings data this week.Welcome tigers to \"Mark\" which stock you are holding or which stock is your future choices, please reply with \"recent earnings data\" of your choices. We will reward you lovely. Thanks!Ex_Dividend Stock / REIT This WeekTypeDetailEx DateRecord DatePayment Date$KARIN TECHNOLOGY HLDGS LIMITED(K29.SI)$DIVIDENDHKD 0.0522023/2/282023/3/12023/3/16","images":[{"img":"https://community-static.tradeup.com/news/0ba2b791d3cc615041fb018a0a97c798","width":"480","height":"360"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957484581","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":235971274047528,"gmtCreate":1698642985778,"gmtModify":1698642990270,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/235971274047528","repostId":"2379642310","repostType":2,"repost":{"id":"2379642310","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1698620936,"share":"https://ttm.financial/m/news/2379642310?lang=&edition=fundamental","pubTime":"2023-10-30 07:08","market":"us","language":"en","title":"Fed Meeting, Jobs Report, Apple Earnings, and More to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2379642310","media":"Dow Jones","summary":"A Federal Reserve meeting, the latest U.S. jobs data, and another packed stretch of third-quarterearningsseason will keep investors busy this week. Around 150          S&P 500        companies are sch","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7f32e46248d85ecad791db9a28012845\" title=\"\" tg-width=\"639\" tg-height=\"536\"/></p><p>A Federal Reserve meeting, the latest U.S. jobs data, and another packed stretch of third-quarter earnings season will keep investors busy this week. Around 150 S&amp;P 500 companies are scheduled to report.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/819c9b8d059614d68854078c9aeb804e\" tg-width=\"1080\" tg-height=\"1920\"/></p><p>The highlight of the week will come on Wednesday, however, when the Federal Open Market Committee concludes a two-day meeting. An interest-rate decision is due at 2 p.m. ET and Fed chairman Jerome Powell holds a press conference half an hour later.</p><p>The week’s earnings calendar is loaded, starting with McDonald’s and Simon Property Group on Monday. Advanced Micro Devices, Anheuser-Busch InBev, Caterpillar, and Pfizer report on Tuesday. On Wednesday, Airbnb, CVS Health, DoorDash, Electronic Arts, Kraft Heinz, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings, Qualcomm, and Yum! Brands all report. </p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0967cfeb009defab24c3bec7526d818\" title=\"\" tg-width=\"1080\" tg-height=\"1453\"/></p><p>Apple, <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a>, ConocoPhillips, Eli Lilly, Moderna, Novo Nordisk, and Starbucks will publish results on Thursday, then  Cboe Global Markets and Dominion Energy close the week on Friday.</p><p>Economists and investors will be closely watching this week’s labor-market numbers. On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for September. On Friday, the BLS will release the jobs report for October. Economists are forecasting no change in the unemployment rate, currently at 3.8%.</p><p>Other economic data out this week will include the Conference Board’s Consumer Confidence Index for October on Tuesday, ISM’s Manufacturing Purchasing Managers’ Index for October on Wednesday, and the October Services PMI on Friday.</p><p><strong>Monday 10/30</strong></p><p>Arch Capital Group, Arista Networks, McDonald’s, ON Semiconductor, Pinterest, $Public Storage(PSA-N)$, Simon Property Group, and Welltower release quarterly results.</p><p><strong>Tuesday 10/31</strong></p><p>AMD, Amgen, Anheuser-Busch, BP, Caesars Entertainment, Caterpillar, Eaton, Ecolab, GE HealthCare Technologies, Marathon Petroleum, MSCI, Pfizer, and Sysco announce earnings.</p><p>S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> releases the Case-Shiller National Home Price Index for August. Consensus estimate is for home prices to rise 1.6% year over year, following a 1% gain in July.</p><p>The Conference Board releases its Consumer Confidence Index for October. Expectations are for a 100 reading, three points less than in September.</p><p>The Institute for Supply Management releases the Chicago Business Barometer for October. Economists forecast a 44.8 reading, slightly higher than in September.</p><p><strong>Wednesday 11/1</strong></p><p>Aflac, Airbnb, Allstate, American International Group, Apollo Global Management, Clorox, CVS, DoorDash, DuPont, Electronic Arts, Energy Transfer, Estée Lauder, Generac Holdings, GSK, Humana, Kraft Heinz, MetLife, Martin Marietta Materials, McKesson, Mondelez International, Norwegian Cruise Line Holdings, PayPal, Prudential Financial, Qualcomm, TE Connectivity, Trane Technologies, Williams Cos., and Yum! Brands report quarterly results.</p><p>The Federal Open Market Committee announces its monetary-policy decision. Wall Street is nearly unanimous in expecting the FOMC to leave the federal-funds rate unchanged at 5.25%-5.50%. Traders are pricing in a one-in-five chance the Fed hikes interest rates by a quarter of a percentage point at its last meeting of the year, in mid-December.</p><p>The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for September. The consensus call is for 9.3 million job openings, 300,000 less than in August.</p><p>The ISM releases its Manufacturing Purchasing Managers’ Index for October. The index is seen remaining unchanged from September’s level of 49.</p><p>ADP releases its National Employment Report for September. Expectations are for an increase of 135,000 private-sector jobs, after a 89,000 gain in August.</p><p><strong>Thursday 11/2</strong></p><p>American Electric Power, Apple, Booking Holdings, Cencora, Cigna, ConocoPhillips, Cummins, <a href=\"https://laohu8.com/S/DEX.AU\">Duke</a> Energy, Eli Lilly, <a href=\"https://laohu8.com/S/EXPE\">Expedia</a> Group, Fortinet, Intercontinental Exchange, Marriott International, Moderna, Novo Nordisk, Regeneron Pharmaceuticals, Rockwell Automation, S&amp;P Global, SBA Communications, Shell, SouthernCo. , Starbucks, and Stryker hold conference calls to discuss earnings.</p><p><strong>Friday 11/3</strong></p><p>Cardinal Health, Cboe Global Markets, Dominion Energy, Gartner, Sempra report quarterly results.</p><p>The BLS releases the jobs report for October. Consensus estimate is for the economy to have added 175,00 nonfarm payrolls, after an increase of 336,000 in September. The unemployment rate is expected to remain unchanged at a historically low level of 3.8%.</p><p>The ISM releases its Services PMI for October. Economists forecast a 53.1 reading, half a point less than in September.</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>Fed Meeting, Jobs Report, Apple Earnings, and More 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\">\nFed Meeting, Jobs Report, Apple Earnings, and More to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-10-30 07:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7f32e46248d85ecad791db9a28012845\" title=\"\" tg-width=\"639\" tg-height=\"536\"/></p><p>A Federal Reserve meeting, the latest U.S. jobs data, and another packed stretch of third-quarter earnings season will keep investors busy this week. Around 150 S&amp;P 500 companies are scheduled to report.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/819c9b8d059614d68854078c9aeb804e\" tg-width=\"1080\" tg-height=\"1920\"/></p><p>The highlight of the week will come on Wednesday, however, when the Federal Open Market Committee concludes a two-day meeting. An interest-rate decision is due at 2 p.m. ET and Fed chairman Jerome Powell holds a press conference half an hour later.</p><p>The week’s earnings calendar is loaded, starting with McDonald’s and Simon Property Group on Monday. Advanced Micro Devices, Anheuser-Busch InBev, Caterpillar, and Pfizer report on Tuesday. On Wednesday, Airbnb, CVS Health, DoorDash, Electronic Arts, Kraft Heinz, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings, Qualcomm, and Yum! Brands all report. </p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0967cfeb009defab24c3bec7526d818\" title=\"\" tg-width=\"1080\" tg-height=\"1453\"/></p><p>Apple, <a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a>, ConocoPhillips, Eli Lilly, Moderna, Novo Nordisk, and Starbucks will publish results on Thursday, then  Cboe Global Markets and Dominion Energy close the week on Friday.</p><p>Economists and investors will be closely watching this week’s labor-market numbers. On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for September. On Friday, the BLS will release the jobs report for October. Economists are forecasting no change in the unemployment rate, currently at 3.8%.</p><p>Other economic data out this week will include the Conference Board’s Consumer Confidence Index for October on Tuesday, ISM’s Manufacturing Purchasing Managers’ Index for October on Wednesday, and the October Services PMI on Friday.</p><p><strong>Monday 10/30</strong></p><p>Arch Capital Group, Arista Networks, McDonald’s, ON Semiconductor, Pinterest, $Public Storage(PSA-N)$, Simon Property Group, and Welltower release quarterly results.</p><p><strong>Tuesday 10/31</strong></p><p>AMD, Amgen, Anheuser-Busch, BP, Caesars Entertainment, Caterpillar, Eaton, Ecolab, GE HealthCare Technologies, Marathon Petroleum, MSCI, Pfizer, and Sysco announce earnings.</p><p>S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> releases the Case-Shiller National Home Price Index for August. Consensus estimate is for home prices to rise 1.6% year over year, following a 1% gain in July.</p><p>The Conference Board releases its Consumer Confidence Index for October. Expectations are for a 100 reading, three points less than in September.</p><p>The Institute for Supply Management releases the Chicago Business Barometer for October. Economists forecast a 44.8 reading, slightly higher than in September.</p><p><strong>Wednesday 11/1</strong></p><p>Aflac, Airbnb, Allstate, American International Group, Apollo Global Management, Clorox, CVS, DoorDash, DuPont, Electronic Arts, Energy Transfer, Estée Lauder, Generac Holdings, GSK, Humana, Kraft Heinz, MetLife, Martin Marietta Materials, McKesson, Mondelez International, Norwegian Cruise Line Holdings, PayPal, Prudential Financial, Qualcomm, TE Connectivity, Trane Technologies, Williams Cos., and Yum! Brands report quarterly results.</p><p>The Federal Open Market Committee announces its monetary-policy decision. Wall Street is nearly unanimous in expecting the FOMC to leave the federal-funds rate unchanged at 5.25%-5.50%. Traders are pricing in a one-in-five chance the Fed hikes interest rates by a quarter of a percentage point at its last meeting of the year, in mid-December.</p><p>The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for September. The consensus call is for 9.3 million job openings, 300,000 less than in August.</p><p>The ISM releases its Manufacturing Purchasing Managers’ Index for October. The index is seen remaining unchanged from September’s level of 49.</p><p>ADP releases its National Employment Report for September. Expectations are for an increase of 135,000 private-sector jobs, after a 89,000 gain in August.</p><p><strong>Thursday 11/2</strong></p><p>American Electric Power, Apple, Booking Holdings, Cencora, Cigna, ConocoPhillips, Cummins, <a href=\"https://laohu8.com/S/DEX.AU\">Duke</a> Energy, Eli Lilly, <a href=\"https://laohu8.com/S/EXPE\">Expedia</a> Group, Fortinet, Intercontinental Exchange, Marriott International, Moderna, Novo Nordisk, Regeneron Pharmaceuticals, Rockwell Automation, S&amp;P Global, SBA Communications, Shell, SouthernCo. , Starbucks, and Stryker hold conference calls to discuss earnings.</p><p><strong>Friday 11/3</strong></p><p>Cardinal Health, Cboe Global Markets, Dominion Energy, Gartner, Sempra report quarterly results.</p><p>The BLS releases the jobs report for October. Consensus estimate is for the economy to have added 175,00 nonfarm payrolls, after an increase of 336,000 in September. The unemployment rate is expected to remain unchanged at a historically low level of 3.8%.</p><p>The ISM releases its Services PMI for October. Economists forecast a 53.1 reading, half a point less than in September.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/articles/stocks-to-watch-this-week-apple-mcdonalds-amd-fed-meeting-jobs-report-af301c00?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2379642310","content_text":"A Federal Reserve meeting, the latest U.S. jobs data, and another packed stretch of third-quarter earnings season will keep investors busy this week. Around 150 S&P 500 companies are scheduled to report.The highlight of the week will come on Wednesday, however, when the Federal Open Market Committee concludes a two-day meeting. An interest-rate decision is due at 2 p.m. ET and Fed chairman Jerome Powell holds a press conference half an hour later.The week’s earnings calendar is loaded, starting with McDonald’s and Simon Property Group on Monday. Advanced Micro Devices, Anheuser-Busch InBev, Caterpillar, and Pfizer report on Tuesday. On Wednesday, Airbnb, CVS Health, DoorDash, Electronic Arts, Kraft Heinz, PayPal Holdings, Qualcomm, and Yum! Brands all report. Apple, Booking Holdings, ConocoPhillips, Eli Lilly, Moderna, Novo Nordisk, and Starbucks will publish results on Thursday, then  Cboe Global Markets and Dominion Energy close the week on Friday.Economists and investors will be closely watching this week’s labor-market numbers. On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for September. On Friday, the BLS will release the jobs report for October. Economists are forecasting no change in the unemployment rate, currently at 3.8%.Other economic data out this week will include the Conference Board’s Consumer Confidence Index for October on Tuesday, ISM’s Manufacturing Purchasing Managers’ Index for October on Wednesday, and the October Services PMI on Friday.Monday 10/30Arch Capital Group, Arista Networks, McDonald’s, ON Semiconductor, Pinterest, $Public Storage(PSA-N)$, Simon Property Group, and Welltower release quarterly results.Tuesday 10/31AMD, Amgen, Anheuser-Busch, BP, Caesars Entertainment, Caterpillar, Eaton, Ecolab, GE HealthCare Technologies, Marathon Petroleum, MSCI, Pfizer, and Sysco announce earnings.S&P CoreLogic releases the Case-Shiller National Home Price Index for August. Consensus estimate is for home prices to rise 1.6% year over year, following a 1% gain in July.The Conference Board releases its Consumer Confidence Index for October. Expectations are for a 100 reading, three points less than in September.The Institute for Supply Management releases the Chicago Business Barometer for October. Economists forecast a 44.8 reading, slightly higher than in September.Wednesday 11/1Aflac, Airbnb, Allstate, American International Group, Apollo Global Management, Clorox, CVS, DoorDash, DuPont, Electronic Arts, Energy Transfer, Estée Lauder, Generac Holdings, GSK, Humana, Kraft Heinz, MetLife, Martin Marietta Materials, McKesson, Mondelez International, Norwegian Cruise Line Holdings, PayPal, Prudential Financial, Qualcomm, TE Connectivity, Trane Technologies, Williams Cos., and Yum! Brands report quarterly results.The Federal Open Market Committee announces its monetary-policy decision. Wall Street is nearly unanimous in expecting the FOMC to leave the federal-funds rate unchanged at 5.25%-5.50%. Traders are pricing in a one-in-five chance the Fed hikes interest rates by a quarter of a percentage point at its last meeting of the year, in mid-December.The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for September. The consensus call is for 9.3 million job openings, 300,000 less than in August.The ISM releases its Manufacturing Purchasing Managers’ Index for October. The index is seen remaining unchanged from September’s level of 49.ADP releases its National Employment Report for September. Expectations are for an increase of 135,000 private-sector jobs, after a 89,000 gain in August.Thursday 11/2American Electric Power, Apple, Booking Holdings, Cencora, Cigna, ConocoPhillips, Cummins, Duke Energy, Eli Lilly, Expedia Group, Fortinet, Intercontinental Exchange, Marriott International, Moderna, Novo Nordisk, Regeneron Pharmaceuticals, Rockwell Automation, S&P Global, SBA Communications, Shell, SouthernCo. , Starbucks, and Stryker hold conference calls to discuss earnings.Friday 11/3Cardinal Health, Cboe Global Markets, Dominion Energy, Gartner, Sempra report quarterly results.The BLS releases the jobs report for October. Consensus estimate is for the economy to have added 175,00 nonfarm payrolls, after an increase of 336,000 in September. The unemployment rate is expected to remain unchanged at a historically low level of 3.8%.The ISM releases its Services PMI for October. Economists forecast a 53.1 reading, half a point less than in September.","news_type":1},"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193727531716720,"gmtCreate":1688348634078,"gmtModify":1688348637709,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193727531716720","repostId":"193449092649128","repostType":1,"repost":{"id":193449092649128,"gmtCreate":1688262215674,"gmtModify":1688262215735,"author":{"id":"3527578744767792","authorId":"3527578744767792","name":"摩根频道","avatar":"https://static.tigerbbs.com/bae901bf4e3d0630b49922384a98df4a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527578744767792","authorIdStr":"3527578744767792"},"themes":[],"title":"美團，正被拆解想象力？","htmlText":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","listText":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","text":"6月29日下午，美團發佈公告，宣佈已完成對光年之外100%股權的收購，作價約20.65億元。公告顯示，收購價格包括現金2.34億美元（約合人民幣16.94億元）、債務承擔3.67億元以及給王慧文的現金1元。 在外界擔憂光年之外離開創始人王慧文後，還能否撐起10億美元獨角獸估值的時候，王興已出手幫助這位原來清華上鋪兄弟“兜底”，足可以見，王興與王慧文的兄弟情深。並且，今年上半年大模型帶飛了一籃子“概念股”，藉助光年之外美團AI行業競爭力與自身故事性將更進一步。 然而，二級市場似乎對這種故事並不感冒，甚至還有些不看好。美團發佈收購公告後，股價從6月29日最高價位128.10港元/股，跌至6月30日收盤價122.30港元/股，蒸發超300億港元。 一、大模型的故事，不屬於美團？ 美團收購光年之外爲什麼不被多數股民所看好？ 核心點或許在於，美團收購的行爲更像是王興爲以爲的情義買單，並非源於美團未來重大戰略性的轉型。投資人更看重是美團未來的盈利性、穩定性與優質性，一旦公司決策的“人情味＞戰略性”，不夠理智也代表了風險。 這種揣測並非空穴來風。 一方面，光年之外能夠靠大模型概念成爲估值10億美元的獨角獸，靠的不是技術上的突破，更多源於創始人王慧文自帶光環。王慧文因病隱退，也讓光年之外失去其最靈魂核心人物。尤其是，當下大模型賽道林林總總，一輪搶位戰後，光年之外已不具備先發優勢。 一家科創公司，沒有技術上的突破，也並無首發優勢，背後也並沒有微軟對OpenAi那樣的支持。說白了，在大模型賽道上，光年之外所具有的基本只剩下燒錢堆技術、等待突破性產品落地的“故事”，並不算太優質。 而且，大模型的故事與美團也並不太契合。 美團作爲國內互聯網巨頭之一，相比較騰訊、阿里等互聯網來說，無論是在業務上還是技術上都更加“務實”。 近年來，互聯網科技公司們在人工智能、雲計算、元宇宙、虛擬人各個風口上卷生卷死。","images":[{"img":"https://static.tigerbbs.com/a16a422040fa833ce53025945363ade3","width":"1262","height":"1044"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193449092649128","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9017483895,"gmtCreate":1649806369193,"gmtModify":1676534578391,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Sigh PP...what a move...on the verge of earnings call!&nbsp;","listText":"Sigh PP...what a move...on the verge of earnings call!&nbsp;","text":"Sigh PP...what a move...on the verge of earnings call!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9017483895","repostId":"2227066753","repostType":4,"repost":{"id":"2227066753","pubTimestamp":1649805916,"share":"https://ttm.financial/m/news/2227066753?lang=&edition=fundamental","pubTime":"2022-04-13 07:25","market":"us","language":"en","title":"After-Hours Stock Movers: PayPal, NanoString Technologies, Liquidia and More","url":"https://stock-news.laohu8.com/highlight/detail?id=2227066753","media":"StreetInsider","summary":"After-Hours Stock Movers:NanoString Technologies, Inc. (NASDAQ: NSTG) 31.4% LOWER; announced prelimi","content":"<html><head></head><body><p>After-Hours Stock Movers:</p><p>NanoString Technologies, Inc. (NASDAQ: NSTG) 31.4% LOWER; announced preliminary total product and service revenue of approximately $31 million for the first quarter, versus prior guidance of $34-$38 million.</p><p>Liquidia Corporation (NASDAQ: LQDA) 12% LOWER; commenced an underwritten public offering of its common stock.</p><p><a href=\"https://laohu8.com/S/HLMN\">Hillman Solutions Corp.</a> (Nasdaq: HLMN) 8.1% LOWER; Selling shareholders will offer 10,000,000 common shares. Net sales for the first quarter of 2022 increased to $363.0 million compared to $341.3 million in the prior year quarter.</p><p><a href=\"https://laohu8.com/S/VRME\">VerifyMe, Inc.</a> (NASDAQ: VRME) 6.6% LOWER; entered into a securities purchase agreement with certain accredited investors to purchase approximately $5.0 million of its common stock.</p><p>Affimed N.V. (Nasdaq: AFMD) 2.9% HIGHER; commenced an underwritten public offering of common shares.</p><p><a href=\"https://laohu8.com/S/CRDF\">Cardiff Oncology, Inc.</a> (Nasdaq: CRDF) 2.4% LOWER; chief medical officer Katherine L. Ruffner, M.D. is leaving to pursue a new opportunity.</p><p><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings, Inc. (NASDAQ: PYPL) 2% LOWER; CFO John Rainey leaves to join Walmart.</p></body></html>","source":"highlight_streetinsider","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>After-Hours Stock Movers: PayPal, NanoString Technologies, Liquidia and More</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter-Hours Stock Movers: PayPal, NanoString Technologies, Liquidia and More\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-13 07:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=19907645><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After-Hours Stock Movers:NanoString Technologies, Inc. (NASDAQ: NSTG) 31.4% LOWER; announced preliminary total product and service revenue of approximately $31 million for the first quarter, versus ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=19907645\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4161":"工业机械","PYPL":"PayPal","AFMD":"Affimed NV","HLMN":"Hillman Solutions Corp.","VRME":"VerifyMe, Inc.","NSTG":"NanoString Technologies Inc.","BK4139":"生物科技","LQDA":"Liquidia Technologies Inc"},"source_url":"https://www.streetinsider.com/dr/news.php?id=19907645","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2227066753","content_text":"After-Hours Stock Movers:NanoString Technologies, Inc. (NASDAQ: NSTG) 31.4% LOWER; announced preliminary total product and service revenue of approximately $31 million for the first quarter, versus prior guidance of $34-$38 million.Liquidia Corporation (NASDAQ: LQDA) 12% LOWER; commenced an underwritten public offering of its common stock.Hillman Solutions Corp. (Nasdaq: HLMN) 8.1% LOWER; Selling shareholders will offer 10,000,000 common shares. Net sales for the first quarter of 2022 increased to $363.0 million compared to $341.3 million in the prior year quarter.VerifyMe, Inc. (NASDAQ: VRME) 6.6% LOWER; entered into a securities purchase agreement with certain accredited investors to purchase approximately $5.0 million of its common stock.Affimed N.V. (Nasdaq: AFMD) 2.9% HIGHER; commenced an underwritten public offering of common shares.Cardiff Oncology, Inc. (Nasdaq: CRDF) 2.4% LOWER; chief medical officer Katherine L. Ruffner, M.D. is leaving to pursue a new opportunity.PayPal Holdings, Inc. (NASDAQ: PYPL) 2% LOWER; CFO John Rainey leaves to join Walmart.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577174452658160","authorId":"3577174452658160","name":"KITkat","avatar":"https://static.tigerbbs.com/8a71ab0dde411563f803aa81b1d189a8","crmLevel":4,"crmLevelSwitch":0,"idStr":"3577174452658160","authorIdStr":"3577174452658160"},"content":"People always go for better prospect (money).","text":"People always go for better prospect (money).","html":"People always go for better prospect (money)."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897225134,"gmtCreate":1628926786428,"gmtModify":1676529895508,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/897225134","repostId":"1167599158","repostType":4,"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839664637,"gmtCreate":1629157435129,"gmtModify":1676529946314,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/839664637","repostId":"2160278866","repostType":4,"repost":{"id":"2160278866","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1629153526,"share":"https://ttm.financial/m/news/2160278866?lang=&edition=fundamental","pubTime":"2021-08-17 06:38","market":"us","language":"en","title":"S&P 500, Dow hit record highs as defensive shares shine","url":"https://stock-news.laohu8.com/highlight/detail?id=2160278866","media":"Reuters","summary":"* Healthcare sector rises over 1%, utilities, staples gain\n* Cyclical areas off: Energy, materials, ","content":"<p>* Healthcare sector rises over 1%, utilities, staples gain</p>\n<p>* Cyclical areas off: Energy, materials, financials weak</p>\n<p>* China factory output, retail sales growth slow sharply</p>\n<p>* Tesla slumps after U.S. opens probe into Autopilot</p>\n<p>* Dow up 0.31%, S&amp;P up 0.26%, Nasdaq down 0.2%</p>\n<p>Aug 16 (Reuters) - The benchmark S&amp;P 500 and the Dow industrials hit record highs on Monday as investors moved into defensive sectors and stocks recovered from losses earlier in the session, shaking off glum economic data out of China.</p>\n<p>Economically sensitive groups such as energy, materials and financials were weaker after China's factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations.</p>\n<p>But healthcare gained 1.1%, the best-performing S&amp;P 500 sector. Utilities and consumer staples -- also generally regarded as defensive sectors -- further bolstered market gains.</p>\n<p>The S&amp;P 500 and the Dow both posted record high closes for their fifth straight sessions, even after the major indexes were initially well in the red.</p>\n<p>\"There is just huge amounts of liquidity, massive amounts of cash out there, both on corporate balance sheets and in private investors’ pockets, and because of that every tiny dip that there is, people look for bargains and they buy and they keep it buoyant,\" said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.</p>\n<p>The Dow Jones Industrial Average rose 110.02 points, or 0.31%, to 35,625.4, the S&amp;P 500 gained 11.71 points, or 0.26%, to 4,479.71 and the Nasdaq Composite dropped 29.14 points, or 0.2%, to 14,793.76.</p>\n<p>A rebound in the U.S. economy including a stellar second-quarter corporate earnings season along with accommodative monetary policy has underpinned positive sentiment for equities. The S&amp;P 500 has gained 100% since its March 2020 low.</p>\n<p>“The overall environment remains supportive of risk assets, so there is a gravitational pull upward for stocks,” said Kristina Hooper, chief global market strategist at Invesco.</p>\n<p>Investors are looking for signs about when the Federal Reserve will rein in its easy money policies, with minutes from the central bank's latest meeting due on Wednesday. A resurgence in COVID-19 cases and the impact on the economy are keeping markets on edge, with investors watching earnings reports from major retailers due later in the week.</p>\n<p>Investors were also digesting news from Afghanistan, where thousands of civilians desperate to flee the country thronged Kabul airport after the Taliban seized the capital.</p>\n<p>In company news, Tesla shares fell 4.3% after U.S. auto safety regulators said they had opened a formal safety probe into the company's driver assistance system Autopilot after a series of crashes involving emergency vehicles.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 68 new 52-week highs and one new lows; the Nasdaq Composite recorded 72 new highs and 259 new lows.</p>\n<p>About 8.5 billion shares changed hands in U.S. exchanges, below the 9.2 billion daily average over the last 20 sessions.</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>S&P 500, Dow hit record highs as defensive shares shine</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500, Dow hit record highs as defensive shares shine\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-08-17 06:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* Healthcare sector rises over 1%, utilities, staples gain</p>\n<p>* Cyclical areas off: Energy, materials, financials weak</p>\n<p>* China factory output, retail sales growth slow sharply</p>\n<p>* Tesla slumps after U.S. opens probe into Autopilot</p>\n<p>* Dow up 0.31%, S&amp;P up 0.26%, Nasdaq down 0.2%</p>\n<p>Aug 16 (Reuters) - The benchmark S&amp;P 500 and the Dow industrials hit record highs on Monday as investors moved into defensive sectors and stocks recovered from losses earlier in the session, shaking off glum economic data out of China.</p>\n<p>Economically sensitive groups such as energy, materials and financials were weaker after China's factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations.</p>\n<p>But healthcare gained 1.1%, the best-performing S&amp;P 500 sector. Utilities and consumer staples -- also generally regarded as defensive sectors -- further bolstered market gains.</p>\n<p>The S&amp;P 500 and the Dow both posted record high closes for their fifth straight sessions, even after the major indexes were initially well in the red.</p>\n<p>\"There is just huge amounts of liquidity, massive amounts of cash out there, both on corporate balance sheets and in private investors’ pockets, and because of that every tiny dip that there is, people look for bargains and they buy and they keep it buoyant,\" said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.</p>\n<p>The Dow Jones Industrial Average rose 110.02 points, or 0.31%, to 35,625.4, the S&amp;P 500 gained 11.71 points, or 0.26%, to 4,479.71 and the Nasdaq Composite dropped 29.14 points, or 0.2%, to 14,793.76.</p>\n<p>A rebound in the U.S. economy including a stellar second-quarter corporate earnings season along with accommodative monetary policy has underpinned positive sentiment for equities. The S&amp;P 500 has gained 100% since its March 2020 low.</p>\n<p>“The overall environment remains supportive of risk assets, so there is a gravitational pull upward for stocks,” said Kristina Hooper, chief global market strategist at Invesco.</p>\n<p>Investors are looking for signs about when the Federal Reserve will rein in its easy money policies, with minutes from the central bank's latest meeting due on Wednesday. A resurgence in COVID-19 cases and the impact on the economy are keeping markets on edge, with investors watching earnings reports from major retailers due later in the week.</p>\n<p>Investors were also digesting news from Afghanistan, where thousands of civilians desperate to flee the country thronged Kabul airport after the Taliban seized the capital.</p>\n<p>In company news, Tesla shares fell 4.3% after U.S. auto safety regulators said they had opened a formal safety probe into the company's driver assistance system Autopilot after a series of crashes involving emergency vehicles.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 68 new 52-week highs and one new lows; the Nasdaq Composite recorded 72 new highs and 259 new lows.</p>\n<p>About 8.5 billion shares changed hands in U.S. exchanges, below the 9.2 billion daily average over the last 20 sessions.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SSO":"两倍做多标普500ETF","OEX":"标普100","SDS":"两倍做空标普500ETF","UPRO":"三倍做多标普500ETF",".DJI":"道琼斯","SPY":"标普500ETF","TSLA":"特斯拉","SPXU":"三倍做空标普500ETF",".IXIC":"NASDAQ Composite","OEF":"标普100指数ETF-iShares","SH":"标普500反向ETF",".SPX":"S&P 500 Index","IVV":"标普500指数ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160278866","content_text":"* Healthcare sector rises over 1%, utilities, staples gain\n* Cyclical areas off: Energy, materials, financials weak\n* China factory output, retail sales growth slow sharply\n* Tesla slumps after U.S. opens probe into Autopilot\n* Dow up 0.31%, S&P up 0.26%, Nasdaq down 0.2%\nAug 16 (Reuters) - The benchmark S&P 500 and the Dow industrials hit record highs on Monday as investors moved into defensive sectors and stocks recovered from losses earlier in the session, shaking off glum economic data out of China.\nEconomically sensitive groups such as energy, materials and financials were weaker after China's factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations.\nBut healthcare gained 1.1%, the best-performing S&P 500 sector. Utilities and consumer staples -- also generally regarded as defensive sectors -- further bolstered market gains.\nThe S&P 500 and the Dow both posted record high closes for their fifth straight sessions, even after the major indexes were initially well in the red.\n\"There is just huge amounts of liquidity, massive amounts of cash out there, both on corporate balance sheets and in private investors’ pockets, and because of that every tiny dip that there is, people look for bargains and they buy and they keep it buoyant,\" said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.\nThe Dow Jones Industrial Average rose 110.02 points, or 0.31%, to 35,625.4, the S&P 500 gained 11.71 points, or 0.26%, to 4,479.71 and the Nasdaq Composite dropped 29.14 points, or 0.2%, to 14,793.76.\nA rebound in the U.S. economy including a stellar second-quarter corporate earnings season along with accommodative monetary policy has underpinned positive sentiment for equities. The S&P 500 has gained 100% since its March 2020 low.\n“The overall environment remains supportive of risk assets, so there is a gravitational pull upward for stocks,” said Kristina Hooper, chief global market strategist at Invesco.\nInvestors are looking for signs about when the Federal Reserve will rein in its easy money policies, with minutes from the central bank's latest meeting due on Wednesday. A resurgence in COVID-19 cases and the impact on the economy are keeping markets on edge, with investors watching earnings reports from major retailers due later in the week.\nInvestors were also digesting news from Afghanistan, where thousands of civilians desperate to flee the country thronged Kabul airport after the Taliban seized the capital.\nIn company news, Tesla shares fell 4.3% after U.S. auto safety regulators said they had opened a formal safety probe into the company's driver assistance system Autopilot after a series of crashes involving emergency vehicles.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 2.22-to-1 ratio favored decliners.\nThe S&P 500 posted 68 new 52-week highs and one new lows; the Nasdaq Composite recorded 72 new highs and 259 new lows.\nAbout 8.5 billion shares changed hands in U.S. exchanges, below the 9.2 billion daily average over the last 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009130457,"gmtCreate":1640563453548,"gmtModify":1676533525604,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"😱😱","listText":"😱😱","text":"😱😱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009130457","repostId":"1112018480","repostType":4,"repost":{"id":"1112018480","pubTimestamp":1640563021,"share":"https://ttm.financial/m/news/1112018480?lang=&edition=fundamental","pubTime":"2021-12-27 07:57","market":"us","language":"en","title":"Credit Suisse Fund Accuses SoftBank Over $440 Million Investment","url":"https://stock-news.laohu8.com/highlight/detail?id=1112018480","media":"WSJ","summary":"A Credit Suisse Group AG fund accused SoftBank GroupCorp. in U.S. court filings of orchestrating tra","content":"<p>A&nbsp;Credit Suisse Group&nbsp;AG&nbsp;fund accused&nbsp;SoftBank GroupCorp.&nbsp;in U.S. court filings of orchestrating transactions that rendered worthless a $440 million investment the fund had made to finance a SoftBank-backed company.</p>\n<p>The filing, made Thursday in a U.S. District Court in California, asks a federal judge to permit the Credit Suisse fund to serve a subpoena on a U.S. arm of SoftBank. The filing, which says that the fund is preparing to sue SoftBank in the U.K., deepens the dispute over the demise of Greensill Capital, a supply-chain finance company that&nbsp;tumbled into insolvency&nbsp;earlier this year.</p>\n<p>Greensill made loans to companies that served as advances on expected payments from those companies’ customers; Greensill packaged the loans into securities, which investment funds run by Credit Suisse bought.</p>\n<p>One such company was Katerra Inc.,a U.S. construction startup. The Credit Suisse fund held $440 million in notes backed by Greensill’s lending to Katerra, and when Katerra ran into financial trouble last year, Greensill forgave the lending.</p>\n<p>SoftBank was an investor in both Greensill and Katerra, and in the U.S. court filing the Credit Suisse fund said SoftBank “orchestrated a deal” that cut the fund out of any possible proceeds without telling the fund.</p>\n<p>A SoftBank spokesman declined to comment, as did a spokeswoman for Credit Suisse.</p>\n<p>SoftBank put money into Greensill at the end of 2020, and Credit Suisse executives expected that money would go to their funds to make good on the Katerra loan—instead,it ended up in Greensill’s German banking unit, The Wall Street Journal reported in April.</p>\n<p>In June, the Journal reported that Credit Suisse had&nbsp;dissolved a personal banking relationship&nbsp;with SoftBank founder Masayoshi Son and clamped down on transactions with the company.</p>\n<p>The court filing made Thursday is known as a Section 1782 petition, in which a party can ask a U.S. court to order evidence-gathering for a proceeding outside the U.S. The Credit Suisse fund argues that it has taken enough steps toward suing SoftBank in the U.K. to justify the subpoena, which seeks a variety of documents.</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>Credit Suisse Fund Accuses SoftBank Over $440 Million Investment</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\">\nCredit Suisse Fund Accuses SoftBank Over $440 Million Investment\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-27 07:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/credit-suisse-fund-accuses-softbank-over-440-million-investment-11640375406?mod=markets_lead_pos2><strong>WSJ</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A Credit Suisse Group AG fund accused SoftBank GroupCorp. in U.S. court filings of orchestrating transactions that rendered worthless a $440 million investment the fund had made to finance a SoftBank-...</p>\n\n<a href=\"https://www.wsj.com/articles/credit-suisse-fund-accuses-softbank-over-440-million-investment-11640375406?mod=markets_lead_pos2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SFTBY":"软银集团"},"source_url":"https://www.wsj.com/articles/credit-suisse-fund-accuses-softbank-over-440-million-investment-11640375406?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112018480","content_text":"A Credit Suisse Group AG fund accused SoftBank GroupCorp. in U.S. court filings of orchestrating transactions that rendered worthless a $440 million investment the fund had made to finance a SoftBank-backed company.\nThe filing, made Thursday in a U.S. District Court in California, asks a federal judge to permit the Credit Suisse fund to serve a subpoena on a U.S. arm of SoftBank. The filing, which says that the fund is preparing to sue SoftBank in the U.K., deepens the dispute over the demise of Greensill Capital, a supply-chain finance company that tumbled into insolvency earlier this year.\nGreensill made loans to companies that served as advances on expected payments from those companies’ customers; Greensill packaged the loans into securities, which investment funds run by Credit Suisse bought.\nOne such company was Katerra Inc.,a U.S. construction startup. The Credit Suisse fund held $440 million in notes backed by Greensill’s lending to Katerra, and when Katerra ran into financial trouble last year, Greensill forgave the lending.\nSoftBank was an investor in both Greensill and Katerra, and in the U.S. court filing the Credit Suisse fund said SoftBank “orchestrated a deal” that cut the fund out of any possible proceeds without telling the fund.\nA SoftBank spokesman declined to comment, as did a spokeswoman for Credit Suisse.\nSoftBank put money into Greensill at the end of 2020, and Credit Suisse executives expected that money would go to their funds to make good on the Katerra loan—instead,it ended up in Greensill’s German banking unit, The Wall Street Journal reported in April.\nIn June, the Journal reported that Credit Suisse had dissolved a personal banking relationship with SoftBank founder Masayoshi Son and clamped down on transactions with the company.\nThe court filing made Thursday is known as a Section 1782 petition, in which a party can ask a U.S. court to order evidence-gathering for a proceeding outside the U.S. The Credit Suisse fund argues that it has taken enough steps toward suing SoftBank in the U.K. to justify the subpoena, which seeks a variety of documents.","news_type":1},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894058537,"gmtCreate":1628779076929,"gmtModify":1676529853151,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"?&nbsp;","listText":"?&nbsp;","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894058537","repostId":"1182304144","repostType":4,"repost":{"id":"1182304144","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":1628777611,"share":"https://ttm.financial/m/news/1182304144?lang=&edition=fundamental","pubTime":"2021-08-12 22:13","market":"us","language":"en","title":"Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.","url":"https://stock-news.laohu8.com/highlight/detail?id=1182304144","media":"Tiger Newspress","summary":"Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong go","content":"<p>Palantir&nbsp;Technologies&nbsp;shares&nbsp;gain&nbsp;nearly&nbsp;12%&nbsp;in&nbsp;early&nbsp;trading&nbsp;as&nbsp;raising sales forecast on strong government uptake.</p>\n<p><img src=\"https://static.tigerbbs.com/548ca8b78dadac26cb4d35346f52e7cb\" tg-width=\"894\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Palantir Technologies Inc. forecast sales of its data software will grow 33% in the third quarter, reflecting heightened demand from government agencies and that more companies are beginning to sign up.</p>\n<p>Revenue will be about $385 million in the period ending in September, the Denver-based company said in a statement Thursday. That exceeds the company’s previous outlook as well as an average of analysts’ estimates compiled by Bloomberg.</p>\n<p>Palantir has been recruiting an array of corporate allies with the goal of attracting new customers. It forged partnerships this year with International Business Machines Corp. and Fujitsu Ltd. to resell its technology and with Amazon Web Services to support it. Palantir also expanded its own sales team.</p>\n<p>The search went even wider last month to include small companies. Palantir began selling its software through a monthly subscription to a handful of startups connected to former employees. The company also invested in a dozen startups and signed them up as customers, marking a reversal of its previous approach to only pursue large deals.</p>\n<p>“We’ve always invested in companies. Now we can do it with our balance sheet,” Kevin Kawasaki, the head of business development, said on a conference call with analysts Thursday. “This is a long-term strategy.”</p>\n<p>The shifting strategy came at a cost. The second-quarter loss was 7 cents a share. Stock-based compensation accounts for a hefty portion.</p>\n<p>Sales results in the quarter were encouraging. Palantir reported $376 million in revenue for the period that ended in June, up 49% from a year earlier.</p>\n<p>Many government agencies have flocked to Palantir since last year to help them analyze the Covid-19 pandemic. Government sales remained healthy in the second quarter at a growth rate of 66%, the company said. It was 83% in the first quarter.</p>\n<p>The U.S. National Nuclear Security Administration, the U.S. Coast Guard, the Federal Aviation Administration and the U.S. Centers for Disease Control and Prevention all signed deals during the second quarter. “The government business is on fire,” said Shyam Sankar, the chief operating officer.</p>\n<p>Corporate customers make up a smaller pool of Palantir’s revenue, but renewed efforts there appear to be paying off. U.S. sales growth in the commercial segment was 90% in the second quarter.</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>Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.\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\">2021-08-12 22:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Palantir&nbsp;Technologies&nbsp;shares&nbsp;gain&nbsp;nearly&nbsp;12%&nbsp;in&nbsp;early&nbsp;trading&nbsp;as&nbsp;raising sales forecast on strong government uptake.</p>\n<p><img src=\"https://static.tigerbbs.com/548ca8b78dadac26cb4d35346f52e7cb\" tg-width=\"894\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Palantir Technologies Inc. forecast sales of its data software will grow 33% in the third quarter, reflecting heightened demand from government agencies and that more companies are beginning to sign up.</p>\n<p>Revenue will be about $385 million in the period ending in September, the Denver-based company said in a statement Thursday. That exceeds the company’s previous outlook as well as an average of analysts’ estimates compiled by Bloomberg.</p>\n<p>Palantir has been recruiting an array of corporate allies with the goal of attracting new customers. It forged partnerships this year with International Business Machines Corp. and Fujitsu Ltd. to resell its technology and with Amazon Web Services to support it. Palantir also expanded its own sales team.</p>\n<p>The search went even wider last month to include small companies. Palantir began selling its software through a monthly subscription to a handful of startups connected to former employees. The company also invested in a dozen startups and signed them up as customers, marking a reversal of its previous approach to only pursue large deals.</p>\n<p>“We’ve always invested in companies. Now we can do it with our balance sheet,” Kevin Kawasaki, the head of business development, said on a conference call with analysts Thursday. “This is a long-term strategy.”</p>\n<p>The shifting strategy came at a cost. The second-quarter loss was 7 cents a share. Stock-based compensation accounts for a hefty portion.</p>\n<p>Sales results in the quarter were encouraging. Palantir reported $376 million in revenue for the period that ended in June, up 49% from a year earlier.</p>\n<p>Many government agencies have flocked to Palantir since last year to help them analyze the Covid-19 pandemic. Government sales remained healthy in the second quarter at a growth rate of 66%, the company said. It was 83% in the first quarter.</p>\n<p>The U.S. National Nuclear Security Administration, the U.S. Coast Guard, the Federal Aviation Administration and the U.S. Centers for Disease Control and Prevention all signed deals during the second quarter. “The government business is on fire,” said Shyam Sankar, the chief operating officer.</p>\n<p>Corporate customers make up a smaller pool of Palantir’s revenue, but renewed efforts there appear to be paying off. U.S. sales growth in the commercial segment was 90% in the second quarter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182304144","content_text":"Palantir Technologies shares gain nearly 12% in early trading as raising sales forecast on strong government uptake.\nPalantir Technologies Inc. forecast sales of its data software will grow 33% in the third quarter, reflecting heightened demand from government agencies and that more companies are beginning to sign up.\nRevenue will be about $385 million in the period ending in September, the Denver-based company said in a statement Thursday. That exceeds the company’s previous outlook as well as an average of analysts’ estimates compiled by Bloomberg.\nPalantir has been recruiting an array of corporate allies with the goal of attracting new customers. It forged partnerships this year with International Business Machines Corp. and Fujitsu Ltd. to resell its technology and with Amazon Web Services to support it. Palantir also expanded its own sales team.\nThe search went even wider last month to include small companies. Palantir began selling its software through a monthly subscription to a handful of startups connected to former employees. The company also invested in a dozen startups and signed them up as customers, marking a reversal of its previous approach to only pursue large deals.\n“We’ve always invested in companies. Now we can do it with our balance sheet,” Kevin Kawasaki, the head of business development, said on a conference call with analysts Thursday. “This is a long-term strategy.”\nThe shifting strategy came at a cost. The second-quarter loss was 7 cents a share. Stock-based compensation accounts for a hefty portion.\nSales results in the quarter were encouraging. Palantir reported $376 million in revenue for the period that ended in June, up 49% from a year earlier.\nMany government agencies have flocked to Palantir since last year to help them analyze the Covid-19 pandemic. Government sales remained healthy in the second quarter at a growth rate of 66%, the company said. It was 83% in the first quarter.\nThe U.S. National Nuclear Security Administration, the U.S. Coast Guard, the Federal Aviation Administration and the U.S. Centers for Disease Control and Prevention all signed deals during the second quarter. “The government business is on fire,” said Shyam Sankar, the chief operating officer.\nCorporate customers make up a smaller pool of Palantir’s revenue, but renewed efforts there appear to be paying off. U.S. sales growth in the commercial segment was 90% in the second quarter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890863589,"gmtCreate":1628092312941,"gmtModify":1703501170240,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890863589","repostId":"1127899199","repostType":4,"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9967871261,"gmtCreate":1670302034753,"gmtModify":1676538340642,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967871261","repostId":"1125714153","repostType":2,"repost":{"id":"1125714153","pubTimestamp":1670293345,"share":"https://ttm.financial/m/news/1125714153?lang=&edition=fundamental","pubTime":"2022-12-06 10:22","market":"us","language":"en","title":"Apple Is Good, Even Better If Owned Via Berkshire Hathaway","url":"https://stock-news.laohu8.com/highlight/detail?id=1125714153","media":"Seeking Alpha","summary":"SummaryI kept telling my readers buying/adding Apple near or below 20x owners' earnings is a no brai","content":"<html><head></head><body><h3>Summary</h3><ul><li>I kept telling my readers buying/adding Apple near or below 20x owners&#39; earnings is a no brainer (i.e., a ~$145 price under current conditions).</li><li>In this article, I will explain a way to backdoor Apple through Berkshire Hathaway.</li><li>I will explain why owning Apple shares via Berkshire is even more attractive under their current conditions.</li><li>This way, you get to own Apple with an effective “ownership”PE in the range of ~12x to free depending on how you value Berkshires’ operating earnings.</li><li>This idea was discussed in more depth with members of my private investing community, Envision Early Retirement.</li></ul><h3>Q3 recap and investment thesis</h3><p>My last article on <a href=\"https://laohu8.com/S/AAPL\">Apple</a> and Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) is co-produced with Sensor Unlimited and published about a month ago in early November. That article argued that share repurchases at both AAPL and BRK are far more potent when considered together than viewed separately. Such “double buybacks” are compounding on steroids in our view.</p><p>In this article, we want to switch the focus entirely. We will argue A) why buying/adding AAPL around its current price (which translates to about 20x owners&#39; earnings) is a no-brainer, and B) why owning AAPL via BRK is an even better idea.</p><p>Both AAPL and BRK have posted strong Q3 earnings. The key results are shown in the two charts below, and I will dive into the highlights as we go. These strong results, when combined with the price corrections during Q3 due to (or thanks to) market volatilities, investors have some great opportunities to buy or add these perpetual compounders at enticing entry valuations.</p><p>For AAPL, its TTM EPS as of Q3 2022 (i.e., its FY Q4) came in at $6.11 per share as you can see from the first chart below. Later, you will see that such accounting EPS underestimates its owners&#39; earnings (“OE”), and its OE is around $7.18, which translates into a share price near ~$145 at a 20x OE multiple. And I kept telling my readers buying/adding stock like AAPL near or below 20x OE is a no-brainer. Stocks like AAPL (or BRK) are quintessential examples of equity bonds as explained in my earlier article because:</p><p>To me, any valuation near or below 20x OE is very attractive for a stock with ROCE (return on capital employed) near 100% like AAPL. At about 100% ROCE, a 5% investment rate would provide 5% organic real growth rates (i.e., before inflation adjustments). And a 20x OE would provide about 5% owners earnings yield, leading to a total return in the double digits. Once you adjust for the risks (and I consider the risks from AAPL similar to treasury bonds), a 10%+ annual return is ~3x of what you can get from bonds in the long term.</p><p>In this article, I will focus on an alternative way to own AAPL, a sort of backdoor, through BRK. And I will explain why owning AAPL this way is even more attractive under current conditions. And this brings me to the financials of BRK, as shown in the second chart in this section.</p><p><img src=\"https://static.tigerbbs.com/f61e045c67f643b98ba432f7f5f77739\" tg-width=\"640\" tg-height=\"585\" width=\"100%\" height=\"auto\"/>BRK reported strong operating results for Q3 also and is on pace for a solid 2022. Operating earnings per share, which excludes capital gains and losses from the investment portfolio, clocked in at $3.00 in Q3, translating into an annual growth rate of almost 20% YOY. This was particularly impressive considering that its insurance segment suffered higher-than-usual operations losses due to hurricane Ida, Ian, and also the floods in Europe. The remainder of this analysis also will involve its balance sheet, which is posted below. And a couple of highlights relevant to the subsequent analyses:</p><ul><li>All my following per-share numbers for BRK (e.g., OE, equity, cash, et al) are quoted per Berkshire Hathaway B share, not A shares. Given that the focus here is on the financial (not voting power), the analysis should be perfectly applicable for A shares.</li><li>Its equivalent Class B shares outstanding is taken to be 2.2B shares according to its most recent 10-K filing. The market value of its equity investment portfolio is taken from dataroma. And as of this writing, the portfolio value is reported to be $296.1B, slightly below the $306B shown in its 10-K below due to market fluctuations since the filing.</li></ul><p>With these parameters, let’s dive in and see how we can own AAPL through BRK at an effective PE of ~12x or below.</p><h3><img src=\"https://static.tigerbbs.com/744119f29d38279a1a7fad8febbe605e\" tg-width=\"640\" tg-height=\"401\" width=\"100%\" height=\"auto\"/>AAPL’s EPS and OE</h3><p>Since we are analyzing AAPL and BRK, it&#39;s only fitting to start with a quote from Warren Buffett on the difference between accounting EPS and owners&#39; earnings (“OE”). The following is taken from Berkshire Hathaway&#39;s 1986 annual report (slightly edited with emphases added by me):</p><p>These represent (“a”) reported earnings plus (“b”) depreciation, depletion, amortization, and certain other non-cash charges...less (“c”) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (“c”) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes...All of this points up the absurdity of the &#39;cash flow&#39; numbers that are often set forth in Wall Street reports. These numbers routinely include (“a”) plus (“b”) - but do not subtract (“c”).</p><p>The key is to estimate item c, and my analysis of item c for AAPL is shown in the table below. This table is based off Bruce Greenwald’s method (detailed in his book Value Investing) to separate maintenance capex and growth capex. Readers interested in the details could find them in my earlier article or his book.</p><p>To wit, AAPL’s TTM accounting EPS came in at $6.11 per share as aforementioned. However, its OE is about $7.18 per share, about 18% higher. The reason for this higher OE is the accounting EPS considered all CAPEX to be a cost, while only the maintenance capex should be considered as costs as Buffett explained above. In AAPL’s case, the discrepancy should be obvious as its accounting EPS is even lower than its FCF (free cash flow) by about 13%, and then even the FCF is an underestimate of the true OE (again because the FCF calculation also considered all the capex expenses to costs). The third column in the table shows my forecast for the next year. And as you can see, the OE for Apple in the next year is projected to be $7.33 per share.</p><p>All told, Apple&#39;s accounting PE is about 23x, a number all AAPL investors must be very familiar with. However, once you consider its OE, then the multiple is actually on the order of 20x for this year and slightly below 20x on an FW basis.</p><p>Then finally, remember that Apple also carries a net cash position on its balance sheet (about $2.27 per share under its current conditions). Once you adjust the cash position too, its OE PE is on the order of 19.9x for this year and only 19.5x for next year.</p><p>And in the next section, we will see how we can do even better through BRK.</p><h3><img src=\"https://static.tigerbbs.com/c3ac6ab756c4503f2a547af66444cff4\" tg-width=\"640\" tg-height=\"344\" width=\"100%\" height=\"auto\"/>Backdoor AAPL via BRK</h3><p>As mentioned earlier, the market value of BRK’s equity investment portfolio (based on dataroma) is at $296.1B As of this writing. AAPL is the largest position and is valued at $123.6B. So BRK’s equity investment excluding AAPL is worth about $173B, or $77 per share. The market capitalization for BRK is about $701B ($315 share price). Then also recall from its balance sheet, we know that there is $109 billion worth of cash sitting on its ledger.</p><p>Putting all these above numbers together, we can show that:</p><p>If we take out all the other equity investments except AAPL and the cash, BRK’s adjusted market cap is $420B (or $189 per share). This means if we buy BRK shares at $315 and then liquidate the cash and all other equity investments except AAPL, we effectively paid $189 for each BRK share only.</p><p>Why does this $189 buy us then? First, we bought all the AAPL shares that BRK owns. As of this writing, BRK owns a total of 894.8 million shares of AAPL, translating into 0.40 AAPL shares contained per BRK share. BRK has been consistently buying back its own shares. And I project this trend to continue. Extrapolating its share repurchase from the previous quarters, the AAPL shares contained in each BRK share would increase to 0.41 next year as shown.</p><p>Second, we also bought all the BRK operating segments too, which is what we will examine next.</p><h3><img src=\"https://static.tigerbbs.com/16462afe4efe010fb29b16d41385f15a\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"/>AAPL’s ownership PE via BRK</h3><p>BRK is projected to earn $12.9 per share of operating income in 2022, although 2022 may not be the most representative year. My best estimate for its normalized operating income is about $12 per share (or $26.7B in total), which is the assumption that I used in the analysis shown in the following table.</p><p><img src=\"https://static.tigerbbs.com/4af9da2b8625409ae4723445ce6a9c94\" tg-width=\"640\" tg-height=\"159\" width=\"100%\" height=\"auto\"/>Now just as established above, if we buy BRK shares at $315, we are effectively buying 0.40 AAPL shares (or 0.41 on an FW basis) and all the BRK operating segments for $189. The BRK operating segments would provide earnings of $12 per share as assumed above, and the 0.4 AAPL shares would provide an OE of $2.88 (=0.40*$7.18). Thus, we paid $189 and got a total of $14.88 per share of OE ($12 from BRK operations plus $2.88 from AAPL). On an FW basis, the earnings would further increase to $15.13 per share due to a combination of AAPL earnings growth and BRK’s share repurchases as discussed above.</p><p>Now, how you compute the PE multiple here depends on how you value BRK’s operating income. The last row of the table shows an aggregated average, a sort of effective &#34;ownership&#34; PE of AAPL and BRK together, which turned out to be 12.7x based on 2022 financials and 12.1x on an FW basis.</p><p>If BRK’s operating income is priced at a 15x multiple – a quite reasonable multiple in my view, then BRK’s operating income would be worth $180 per share. Hence, we would be paying only $9 ($189-$12*15) for the 0.4 AAPL share, which provides $2.88 of OE. This means we would be owning the AAPL shares at a PE of about 3.1x only.</p><h3>Risks and final thoughts</h3><p>Specific risks for AAPL or BRK have been thoroughly discussed in other SA articles (including some of our own), and I won’t further add them here. Here I will focus on the risks and limitations associated with the particular backdoor idea described in this article.</p><ul><li>BRK’s cash position. In this analysis, I assumed that you could liquidate all the cash on its ledger. But of course, a good part of the cash is insurance float and cannot be liquidated (at least cannot be entirely liquidated). But there also are good reasons behind the approach that I used – at least as a thought experiment to analyze the financials and valuation. After all, cash is cash. If you buy BRK completely, every $1 in the insurance float still counts as $1.</li><li>Worth of BRK’s equity portfolio. The market valuation of BRK’s equity portfolio is always a moving target and changes on a daily basis with the market volatilities. Hence, there is some uncertainty here too. As aforementioned, the current portfolio value of $296.1B is already below the $306B disclosed in its 10-K back in September.</li></ul><p>Nonetheless, it’s always better to be approximately right than precisely wrong. And the bigger picture I see here are:</p><ul><li>Owning a perpetual compounder like AAPL near or below 20x OE is a no-brainer to me. And under Apple’s current conditions, with the cash position and underestimation of accounting EPS adjusted, a ~$145 stock price should translate into a 20x OE or below.</li><li>The discrepancy between accounting PE and OE PE is even larger than BRK. And once these discrepancies are corrected, we can own Apple shares with an effective “ownership” PE through BRK at heavy discounts. The exact discounts depend on how your value BRK’s operating income, which can lead to an ownership PE of AAPL in the range of ~12x to free based on my analyses.</li></ul></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>Apple Is Good, Even Better If Owned Via Berkshire Hathaway</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\">\nApple Is Good, Even Better If Owned Via Berkshire Hathaway\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-06 10:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4562427-apple-is-good-even-better-if-owned-via-berkshire-hathaway><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryI kept telling my readers buying/adding Apple near or below 20x owners' earnings is a no brainer (i.e., a ~$145 price under current conditions).In this article, I will explain a way to backdoor...</p>\n\n<a href=\"https://seekingalpha.com/article/4562427-apple-is-good-even-better-if-owned-via-berkshire-hathaway\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4562427-apple-is-good-even-better-if-owned-via-berkshire-hathaway","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125714153","content_text":"SummaryI kept telling my readers buying/adding Apple near or below 20x owners' earnings is a no brainer (i.e., a ~$145 price under current conditions).In this article, I will explain a way to backdoor Apple through Berkshire Hathaway.I will explain why owning Apple shares via Berkshire is even more attractive under their current conditions.This way, you get to own Apple with an effective “ownership”PE in the range of ~12x to free depending on how you value Berkshires’ operating earnings.This idea was discussed in more depth with members of my private investing community, Envision Early Retirement.Q3 recap and investment thesisMy last article on Apple and Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) is co-produced with Sensor Unlimited and published about a month ago in early November. That article argued that share repurchases at both AAPL and BRK are far more potent when considered together than viewed separately. Such “double buybacks” are compounding on steroids in our view.In this article, we want to switch the focus entirely. We will argue A) why buying/adding AAPL around its current price (which translates to about 20x owners' earnings) is a no-brainer, and B) why owning AAPL via BRK is an even better idea.Both AAPL and BRK have posted strong Q3 earnings. The key results are shown in the two charts below, and I will dive into the highlights as we go. These strong results, when combined with the price corrections during Q3 due to (or thanks to) market volatilities, investors have some great opportunities to buy or add these perpetual compounders at enticing entry valuations.For AAPL, its TTM EPS as of Q3 2022 (i.e., its FY Q4) came in at $6.11 per share as you can see from the first chart below. Later, you will see that such accounting EPS underestimates its owners' earnings (“OE”), and its OE is around $7.18, which translates into a share price near ~$145 at a 20x OE multiple. And I kept telling my readers buying/adding stock like AAPL near or below 20x OE is a no-brainer. Stocks like AAPL (or BRK) are quintessential examples of equity bonds as explained in my earlier article because:To me, any valuation near or below 20x OE is very attractive for a stock with ROCE (return on capital employed) near 100% like AAPL. At about 100% ROCE, a 5% investment rate would provide 5% organic real growth rates (i.e., before inflation adjustments). And a 20x OE would provide about 5% owners earnings yield, leading to a total return in the double digits. Once you adjust for the risks (and I consider the risks from AAPL similar to treasury bonds), a 10%+ annual return is ~3x of what you can get from bonds in the long term.In this article, I will focus on an alternative way to own AAPL, a sort of backdoor, through BRK. And I will explain why owning AAPL this way is even more attractive under current conditions. And this brings me to the financials of BRK, as shown in the second chart in this section.BRK reported strong operating results for Q3 also and is on pace for a solid 2022. Operating earnings per share, which excludes capital gains and losses from the investment portfolio, clocked in at $3.00 in Q3, translating into an annual growth rate of almost 20% YOY. This was particularly impressive considering that its insurance segment suffered higher-than-usual operations losses due to hurricane Ida, Ian, and also the floods in Europe. The remainder of this analysis also will involve its balance sheet, which is posted below. And a couple of highlights relevant to the subsequent analyses:All my following per-share numbers for BRK (e.g., OE, equity, cash, et al) are quoted per Berkshire Hathaway B share, not A shares. Given that the focus here is on the financial (not voting power), the analysis should be perfectly applicable for A shares.Its equivalent Class B shares outstanding is taken to be 2.2B shares according to its most recent 10-K filing. The market value of its equity investment portfolio is taken from dataroma. And as of this writing, the portfolio value is reported to be $296.1B, slightly below the $306B shown in its 10-K below due to market fluctuations since the filing.With these parameters, let’s dive in and see how we can own AAPL through BRK at an effective PE of ~12x or below.AAPL’s EPS and OESince we are analyzing AAPL and BRK, it's only fitting to start with a quote from Warren Buffett on the difference between accounting EPS and owners' earnings (“OE”). The following is taken from Berkshire Hathaway's 1986 annual report (slightly edited with emphases added by me):These represent (“a”) reported earnings plus (“b”) depreciation, depletion, amortization, and certain other non-cash charges...less (“c”) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (“c”) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (“a”) plus (“b”) - but do not subtract (“c”).The key is to estimate item c, and my analysis of item c for AAPL is shown in the table below. This table is based off Bruce Greenwald’s method (detailed in his book Value Investing) to separate maintenance capex and growth capex. Readers interested in the details could find them in my earlier article or his book.To wit, AAPL’s TTM accounting EPS came in at $6.11 per share as aforementioned. However, its OE is about $7.18 per share, about 18% higher. The reason for this higher OE is the accounting EPS considered all CAPEX to be a cost, while only the maintenance capex should be considered as costs as Buffett explained above. In AAPL’s case, the discrepancy should be obvious as its accounting EPS is even lower than its FCF (free cash flow) by about 13%, and then even the FCF is an underestimate of the true OE (again because the FCF calculation also considered all the capex expenses to costs). The third column in the table shows my forecast for the next year. And as you can see, the OE for Apple in the next year is projected to be $7.33 per share.All told, Apple's accounting PE is about 23x, a number all AAPL investors must be very familiar with. However, once you consider its OE, then the multiple is actually on the order of 20x for this year and slightly below 20x on an FW basis.Then finally, remember that Apple also carries a net cash position on its balance sheet (about $2.27 per share under its current conditions). Once you adjust the cash position too, its OE PE is on the order of 19.9x for this year and only 19.5x for next year.And in the next section, we will see how we can do even better through BRK.Backdoor AAPL via BRKAs mentioned earlier, the market value of BRK’s equity investment portfolio (based on dataroma) is at $296.1B As of this writing. AAPL is the largest position and is valued at $123.6B. So BRK’s equity investment excluding AAPL is worth about $173B, or $77 per share. The market capitalization for BRK is about $701B ($315 share price). Then also recall from its balance sheet, we know that there is $109 billion worth of cash sitting on its ledger.Putting all these above numbers together, we can show that:If we take out all the other equity investments except AAPL and the cash, BRK’s adjusted market cap is $420B (or $189 per share). This means if we buy BRK shares at $315 and then liquidate the cash and all other equity investments except AAPL, we effectively paid $189 for each BRK share only.Why does this $189 buy us then? First, we bought all the AAPL shares that BRK owns. As of this writing, BRK owns a total of 894.8 million shares of AAPL, translating into 0.40 AAPL shares contained per BRK share. BRK has been consistently buying back its own shares. And I project this trend to continue. Extrapolating its share repurchase from the previous quarters, the AAPL shares contained in each BRK share would increase to 0.41 next year as shown.Second, we also bought all the BRK operating segments too, which is what we will examine next.AAPL’s ownership PE via BRKBRK is projected to earn $12.9 per share of operating income in 2022, although 2022 may not be the most representative year. My best estimate for its normalized operating income is about $12 per share (or $26.7B in total), which is the assumption that I used in the analysis shown in the following table.Now just as established above, if we buy BRK shares at $315, we are effectively buying 0.40 AAPL shares (or 0.41 on an FW basis) and all the BRK operating segments for $189. The BRK operating segments would provide earnings of $12 per share as assumed above, and the 0.4 AAPL shares would provide an OE of $2.88 (=0.40*$7.18). Thus, we paid $189 and got a total of $14.88 per share of OE ($12 from BRK operations plus $2.88 from AAPL). On an FW basis, the earnings would further increase to $15.13 per share due to a combination of AAPL earnings growth and BRK’s share repurchases as discussed above.Now, how you compute the PE multiple here depends on how you value BRK’s operating income. The last row of the table shows an aggregated average, a sort of effective \"ownership\" PE of AAPL and BRK together, which turned out to be 12.7x based on 2022 financials and 12.1x on an FW basis.If BRK’s operating income is priced at a 15x multiple – a quite reasonable multiple in my view, then BRK’s operating income would be worth $180 per share. Hence, we would be paying only $9 ($189-$12*15) for the 0.4 AAPL share, which provides $2.88 of OE. This means we would be owning the AAPL shares at a PE of about 3.1x only.Risks and final thoughtsSpecific risks for AAPL or BRK have been thoroughly discussed in other SA articles (including some of our own), and I won’t further add them here. Here I will focus on the risks and limitations associated with the particular backdoor idea described in this article.BRK’s cash position. In this analysis, I assumed that you could liquidate all the cash on its ledger. But of course, a good part of the cash is insurance float and cannot be liquidated (at least cannot be entirely liquidated). But there also are good reasons behind the approach that I used – at least as a thought experiment to analyze the financials and valuation. After all, cash is cash. If you buy BRK completely, every $1 in the insurance float still counts as $1.Worth of BRK’s equity portfolio. The market valuation of BRK’s equity portfolio is always a moving target and changes on a daily basis with the market volatilities. Hence, there is some uncertainty here too. As aforementioned, the current portfolio value of $296.1B is already below the $306B disclosed in its 10-K back in September.Nonetheless, it’s always better to be approximately right than precisely wrong. And the bigger picture I see here are:Owning a perpetual compounder like AAPL near or below 20x OE is a no-brainer to me. And under Apple’s current conditions, with the cash position and underestimation of accounting EPS adjusted, a ~$145 stock price should translate into a 20x OE or below.The discrepancy between accounting PE and OE PE is even larger than BRK. And once these discrepancies are corrected, we can own Apple shares with an effective “ownership” PE through BRK at heavy discounts. The exact discounts depend on how your value BRK’s operating income, which can lead to an ownership PE of AAPL in the range of ~12x to free based on my analyses.","news_type":1},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963077134,"gmtCreate":1668559989328,"gmtModify":1676538075536,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$&nbsp;</a><v-v data-views=\"1\"></v-v>🌻🌻","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$&nbsp;</a><v-v data-views=\"1\"></v-v>🌻🌻","text":"$Tiger Brokers(TIGR)$ 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🙏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051820839","repostId":"1199027116","repostType":2,"repost":{"id":"1199027116","pubTimestamp":1654664961,"share":"https://ttm.financial/m/news/1199027116?lang=&edition=fundamental","pubTime":"2022-06-08 13:09","market":"us","language":"en","title":"Why Alibaba, Nio, Chinese Peers Are Surging in Hong Kong Today","url":"https://stock-news.laohu8.com/highlight/detail?id=1199027116","media":"Benzinga","summary":"Major tech giants like Alibaba Group Holding, JD.com Inc, Baidu Inc, and Tencent Holdings gained at ","content":"<html><head></head><body><p>Major tech giants like <b>Alibaba Group Holding</b>, <b>JD.com Inc</b>, <b>Baidu Inc</b>, and <b>Tencent Holdings</b> gained at least 4% at press time.</p><p>Among electric vehicle stocks, <b>Nio Inc</b>, <b>Li Auto Inc</b>, and <b>Xpeng Inc</b> gained as much as 6%.</p><p>Shares of these Chinese companies ended higher on Tuesday on U.S. bourses.</p><p><b>Global Markets Recap</b>: At press time, the benchmark <b>Hang Seng Index</b> was trading 2.16% higher, driven by the tech and clean energy stocks.</p><p>Overnight in the U.S., the <b>Dow Jones Industrial Average</b> ended the day nearly a percent higher after a few hiccups.</p><p>Elsewhere, Shanghai&#39;s <b>SSE Composite Index</b> was 0.62% higher, <b>Japan&#39;s Nikkei 225</b> was up 0.94%, and Australia&#39;s <b>ASX 200</b> gained 0.74%.</p><p><b>Macro Factors</b>: On Tuesday, the<b> World Bank</b> slashed its global growth forecast by 1.2% to 2.9% for 2022 amid the ongoing Russian invasion of Ukraine that has compounded the damage from the COVID-19 pandemic.</p><p>&#34;The danger of stagflation is considerable today,&#34; World Bank President<b> David Malpass</b> said in the report.</p><p><b>Company In News</b>: China&#39;s regulator <b>National Press and Publication Administration (NPPA)</b> granted the second batch of licenses to 60 online games in the biggest mass approval of titles for computers and smartphones since July 2021. However, the games developed by Tencent Holdings and <b>NetEase Inc</b> were excluded from the latest approvals.</p><p>G7 Connect, a Chinese truck fleet management company, backed by Tencent, is lapping up E6, a smaller rival backed by Alibaba.</p><p></p></body></html>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Alibaba, Nio, Chinese Peers Are Surging in Hong Kong Today</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Alibaba, Nio, Chinese Peers Are Surging in Hong Kong Today\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-08 13:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/asia/22/06/27601407/why-alibaba-tencent-nio-and-peers-are-trading-higher-in-hong-kong-today><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Major tech giants like Alibaba Group Holding, JD.com Inc, Baidu Inc, and Tencent Holdings gained at least 4% at press time.Among electric vehicle stocks, Nio Inc, Li Auto Inc, and Xpeng Inc gained as ...</p>\n\n<a href=\"https://www.benzinga.com/markets/asia/22/06/27601407/why-alibaba-tencent-nio-and-peers-are-trading-higher-in-hong-kong-today\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09888":"百度集团-SW","00700":"腾讯控股","09866":"蔚来-SW","09868":"小鹏汽车-W","09618":"京东集团-SW","02015":"理想汽车-W","09988":"阿里巴巴-W"},"source_url":"https://www.benzinga.com/markets/asia/22/06/27601407/why-alibaba-tencent-nio-and-peers-are-trading-higher-in-hong-kong-today","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199027116","content_text":"Major tech giants like Alibaba Group Holding, JD.com Inc, Baidu Inc, and Tencent Holdings gained at least 4% at press time.Among electric vehicle stocks, Nio Inc, Li Auto Inc, and Xpeng Inc gained as much as 6%.Shares of these Chinese companies ended higher on Tuesday on U.S. bourses.Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 2.16% higher, driven by the tech and clean energy stocks.Overnight in the U.S., the Dow Jones Industrial Average ended the day nearly a percent higher after a few hiccups.Elsewhere, Shanghai's SSE Composite Index was 0.62% higher, Japan's Nikkei 225 was up 0.94%, and Australia's ASX 200 gained 0.74%.Macro Factors: On Tuesday, the World Bank slashed its global growth forecast by 1.2% to 2.9% for 2022 amid the ongoing Russian invasion of Ukraine that has compounded the damage from the COVID-19 pandemic.\"The danger of stagflation is considerable today,\" World Bank President David Malpass said in the report.Company In News: China's regulator National Press and Publication Administration (NPPA) granted the second batch of licenses to 60 online games in the biggest mass approval of titles for computers and smartphones since July 2021. However, the games developed by Tencent Holdings and NetEase Inc were excluded from the latest approvals.G7 Connect, a Chinese truck fleet management company, backed by Tencent, is lapping up E6, a smaller rival backed by Alibaba.","news_type":1},"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066086714,"gmtCreate":1651820087138,"gmtModify":1676534978227,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Enlightening - thank YOU!&nbsp;","listText":"Enlightening - thank YOU!&nbsp;","text":"Enlightening - thank YOU!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066086714","repostId":"2233184399","repostType":4,"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066086206,"gmtCreate":1651820038605,"gmtModify":1676534978289,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"Enlightening - thank YOU&nbsp;","listText":"Enlightening - thank YOU&nbsp;","text":"Enlightening - thank YOU","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066086206","repostId":"2233184399","repostType":2,"repost":{"id":"2233184399","pubTimestamp":1651802485,"share":"https://ttm.financial/m/news/2233184399?lang=&edition=fundamental","pubTime":"2022-05-06 10:01","market":"us","language":"en","title":"Sea Limited: The Astute Investor Buys When The Average Investor Sells","url":"https://stock-news.laohu8.com/highlight/detail?id=2233184399","media":"seekingalpha","summary":"Benjamin Graham, the father of value investing, is famous for saying that the market is like a votin","content":"<html><head></head><body><p>Benjamin Graham, the father of value investing, is famous for saying that the market is like a voting machine in the short run and in the long run, the market is like a weighing machine.</p><p>I think that this encapsulates what has happened with Sea Limited (NYSE:SE) very well as we have seen the stock rise more than 800% from its COVID lows to its all-time high, as sentiment was positive and investors let the price determine the narrative of the stock in the short run. However, in the longer run, as sentiment changes, if the average investor continues to let price determine the stock&#39;s narrative, this can cause the average investor to panic sell their shares in Sea Limited as the stock has dropped more than 70% from its all-time highs. As such, in the long run, the stock market is like a weighing machine that evaluates and measures the fundamentals of the company.</p><p>I would argue that this is the time to be buying Sea Limited rather than let the fear or the price action determine your investment decisions.</p><h2>Investment Thesis</h2><p>I have written elaborate articles on Sea both as an initiation article as well as follow up articles (here and here) as the market moves. With everything that is happening at Sea, my initial investment thesis for Sea still stands, as shown below:</p><p>1. Garena, will continue to be a market leader and serve as a cash cow for Sea, along with solid growth from not just Free Fire but also other budding new developments from its many gaming studios.</p><p>2. Undoubtedly, Sea&#39;s Shopee has the leadership position in Southeast Asia e-commerce. It is currently still in the early days in Southeast Asia for Shopee and it is likely to see strong growth in the future from increasing penetration in the region brought about by multiple tailwinds.</p><p>3. Sea&#39;s market expansion strategy has shown very strong discipline, with a focus on Latin America (LatAm) e-commerce market, which brings exposure to an underpenetrated, fast-growing market. It is also newer and testing waters in some newer geographies in Europe for example.</p><p>4. Sea&#39;s new emerging fintech business, SeaMoney, will bring additional high growth areas with strong digital payments tailwinds.</p><h2>Laser-Focused On Free Cash Flows And Capital Preservation</h2><p>Shopee, which is Sea&#39;s e-commerce arm, Shopee, made 2 announcements barely a month apart about its decision to exit from France and India. The 2 exits in 1 month clearly sank sentiment on the stock as it reduces the potential total addressable market for Sea and these 2 markets are not insignificant.</p><p>However, I am of the view that Sea&#39;s Shopee needs to pick the right battles and show investors that they are prudent with capital and making the right management decisions. As such, I think that the exit from France, and then India, is a blessing in disguise for Shopee as it saves the company and its shareholders the trouble of significant cash burn in highly competitive e-commerce markets in India and France, while being able to reallocate these precious financial resources and time to other markets in which Shopee is able to execute well, gain dominance and ultimately, generate free cash flows and profits.</p><p>Given that the combined GMV of these 2 markets are minimal at 0.3% of total GMV for the Sea Group, this early withdrawal from these 2 markets barely has an impact on current financials of the company due to the early stage trials that Shopee was doing in these markets.</p><p>For the exit from India, this comes at a time of heightened regulatory scrutiny for Sea given Sea&#39;s Free Fire ban in India. As such, given the highly competitive e-commerce market in India and the huge size of the India e-commerce market which implies needing much more capital spending for GMV growth, it is wise for management to exit India to focus on conserving capital for where it would make more sense. For the exit from France, this came as Shopee management found that customer acquisition costs were too high and Shopee could not compete meaningfully in the market, resulting in a prompt decision from management to exit France.</p><p>With the 2 decisions made to exit France and India, I am not expecting Sea to be entering any new markets this year or in the near term, as it will be focusing on its core ASEAN and Taiwan markets and its new focus, Brazil and Latin America markets.</p><h2>Encouraging Trends In Brazil And Latin America For Shopee</h2><p>We are starting to see the results from Shopee&#39;s foray into Brazil and Latin America. As can be seen below, when looking at monthly active users, Shopee has outperformed in this metric compared to all other peers since March of 2021. I attribute this to Shopee gamifying the e-commerce experience, luring customers to return to the Shopee app, thus creating top mind share and, possible market share as well, in Brazil in such a span of slightly more than 2 years.</p><p></p><p><img src=\"https://static.tigerbbs.com/f856157084170e251a60a39175838bb7\" tg-width=\"640\" tg-height=\"385\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Brazil e-commerce: Monthly active users (million) (Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a>)</p><p>In Colombia, Shopee is already doing in-line or better than the international e-commerce players in the country by relative search index sources.</p><p><img src=\"https://static.tigerbbs.com/3d29b69ed14f44e2efffb15323b85041\" tg-width=\"640\" tg-height=\"400\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Relative search interest in Colombia (Google Trends)</p><p>While Chile remains in the relatively early stages of development, the relative search index shows that momentum is growing in the country only after almost less than a year of Shopee operating in the country.</p><p><img src=\"https://static.tigerbbs.com/dc8edd690b7e883a2e7d065e4e5376d9\" tg-width=\"640\" tg-height=\"401\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Relative Search Index for Chile (Google Trends)</p><p>With improving metrics for Shopee in these LatAm regions, it would make more sense for Shopee to be redirecting its capital preserved from the India and France exit to focus on the opportunities in LatAm given the easier competitive and regulatory environment in the LatAm region.</p><p>In my view, the strategy Shopee takes in Brazil will be similar to its playbook in ASEAN and Taiwan, where it initially strives to gain mindshare and later, market share in the region, and emerge as a leader in the market based on its volumes and scale, which will then bring about the visibility of turning profitable in the region as it looks to reduce logistics costs over the large scale it has amassed.</p><p>Furthermore, Sea recently launched in Brazil the Shopee Live feature, which is basically the live-streaming feature. Live e-commerce is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the key e-commerce trends in the near term and I am of the opinion that Shopee can create an early advantage over its peers in the live e-commerce segment in LatAm. One key competitor that is currently having a similar live shopping feature is Magazine Luiza, where it offers exclusive discounts during live streaming. Specifically for the live-streaming feature on Shopee Live, this includes live broadcasts during which exclusive coupons are given, or use of guest stars and influencers as live presenters for Shopee Live to drive traffic.</p><p>The Shopee Live feature in Brazil can add a new dimension to the Shopee platform that complements the current e-commerce shopping experience and it also helps Shopee to engage its customers more directly through live-streaming and at the same time provide customers with a value add which is to have a sense of security as the product is reviewed by live streamers.</p><h3>Shopee ASEAN + Taiwan Turning Profitable With Scale</h3><p>Inflation is working in favour of Shopee, in my view. While inflation is affecting major e-commerce players in the form of higher logistics costs from rising cost of labour and fuel, Shopee&#39;s marketplace business model enables it to feel less of the inflation effect. This is in contrast to the 1P competitors that have to actually take on inventory. In addition, I think we will see Shopee have an advantage in the current environment given their focus on mass market and average order value categories, as it is in a good position when customers decide to trade down. In contrast, Sea&#39;s competitor in the region, Alibaba-owned (BABA) Lazada has a focus on higher order value items and premium items, which will be in a tougher position in the current environment.</p><p>Despite challenges from inflation and also potential increasing competition, I still expect that for the core region of ASEAN + Taiwan, we will see Shopee achieving its breakeven target in 2022. While Shopee is focusing on achieving this breakeven target, my channel checks have found that Shopee has managed to outgrow its competitors and maintain the market share it needs, while spending less on a per order basis. In my view, market share is key in e-commerce to ensure favourable unit economics to make the business model work. Further channel checks that have been done shows that Shopee is currently about 5x to 6x larger and 2x to 3x larger than competitors in terms of volumes in Taiwan and ASEAN respectively. As can be seen below, even with reduced spend per user, the monthly active users in the core ASEAN + Taiwan region is not just steady but continuing to grow.</p><p><img src=\"https://static.tigerbbs.com/30b8b1d6c599c34d0744929879160580\" tg-width=\"640\" tg-height=\"383\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Shopee (ASEAN + Taiwan) monthly active users (million) (Sensor Tower)</p><h2>Gaming Fears Has Been Priced In</h2><p>I have discussed the Free Fire ban in India several times in my previous articles on Sea (Found here and here). Although the Singapore government has taken efforts to talk with the Indian government about the ban of Free Fire in India, there is uncertainty about the potential return of the game in India.</p><p>However, I am of the opinion that the Free Fire ban has long been priced in given that the 2022F gaming guidance implies a 35% year over year drop in bookings and this guidance has already excluded all contributions from India.</p><p>There are also concerns about the impact of reopening of economies on Garena as the world economies reopen and normalise. While normalised user behaviour needs to be observed in the near term for any further weakness, management continues to improve the user experience and refresh content</p><h2>SeaMoney</h2><p>For Sea&#39;s financial services arm, SeaMoney, I think we will see the company continue to ramp up on verticals in non-payments like credit, insurance tech, and wealth management. Currently, SeaMoney is most comprehensive in Indonesia and could be rolled out to the Philippines in 2022.</p><p>Shopee Malaysia recently got the digital banking license in Malaysia, along with 4 other consortiums, opening up new opportunities for SeaMoney Malaysia. Furthermore, Shopee Brazil recently received approval as a payment institution in Brazil, paving the way for SeaMoney in the crucial LatAm market.</p><h2>Valuation</h2><p>My worst case SOTP valuation is updated with the latest information on the company, which includes:</p><ol><li>The impact of lower revenue guidance on gaming resulting in some downward revisions in gaming,</li><li>I assume the reallocation of Shopee&#39;s resources and capital expenditures from India and France to LatAm and ASEA and Taiwan, resulting in largely in-line e-commerce projections</li><li>With the new opportunities in Malaysia and Brazil for SeaMoney, I have made upward revisions on SeaMoney.</li></ol><p>With that the updated target price for Sea Limited is $188.25, implying 109% upside from current levels.</p><p><img src=\"https://static.tigerbbs.com/3f135db17b0a51d1121959ee77598fee\" tg-width=\"389\" tg-height=\"457\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>SOTP valuation for Sea Limited (Author generated)</p><h2>Risks</h2><h3>Competition</h3><p>Although Sea has exited the highly competitive market of India, e-commerce is still a competitive business with many competitors with deep pockets. As such Shopee could face fierce competition from global peers as international expansion in the industry continues. For example, Shopee has done well in Southeast Asia but the threat of Tokopedia in Indonesia is still there. Furthermore, Alibaba&#39;s Lazada is ramping up and focusing on international expansion as China&#39;s domestic e-commerce market slows. If competition intensifies, this could be a significant drag to profitability of the e-commerce segment.</p><h3>Execution In New Markets</h3><p>The operating and competitive environment in LatAm, and Europe has its challenges. Although Shopee has had a good run in Southeast Asia, there are still execution risks in these new markets especially with large domestic e-commerce players already present. That said, Shopee has shown strong execution and capital discipline thus far, and will only commit capital to a market it deems core.</p><h3>Synergies In All 3 Business Segments</h3><p>The flywheel effect could prove to be Sea&#39;s competitive advantage if it is able to build its gaming, e-commerce and fintech ecosystem well. However, if synergies between the 3 are not reaped, the company is not maximising the benefit of its entire ecosystem and should each segment operate increasingly in silos, this could result in deterioration of competitive advantage of Sea.</p><h2>Conclusion</h2><p>To bring back the Benjamin Graham quote from earlier, in the short term, the stock market is like a voting machine, highly driven by sentiment and emotions. This is what is driving Sea Limited&#39;s stock price right now with the more than 70% decline from all-time highs. However, as highlighted, the business fundamentals are actually solid and improving. Sea&#39;s Shopee is soon to achieve its breakeven target in ASEAN + Taiwan as it continues to maintain and gain market share, while Shopee is growing rapidly and becoming dominant in LatAm, specifically in Brazil. While uncertainties remain on the gaming front, as I mentioned, I believe that this has already been priced in. Lastly, SeaMoney is seeing multiple opportunities open up in Sea&#39;s core markets and will likely gain greater traction this year.</p><p>As such, with the improving fundamentals, the astute investor would take the chance to invest in a company that is a winner in the fast-growing gaming, e-commerce and digital financial services in Asia and LatAm. With that, my SOTP target price for Sea is $188.25, implying 109% upside from current levels.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: The Astute Investor Buys When The Average Investor Sells</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\">\nSea Limited: The Astute Investor Buys When The Average Investor Sells\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 10:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4507258-sea-limited-the-astute-investor-buys-when-the-average-investor-sells><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Benjamin Graham, the father of value investing, is famous for saying that the market is like a voting machine in the short run and in the long run, the market is like a weighing machine.I think that ...</p>\n\n<a href=\"https://seekingalpha.com/article/4507258-sea-limited-the-astute-investor-buys-when-the-average-investor-sells\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4504":"桥水持仓","SE":"Sea Ltd","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","BK4548":"巴美列捷福持仓","BGNE":"百济神州","BK4526":"热门中概股"},"source_url":"https://seekingalpha.com/article/4507258-sea-limited-the-astute-investor-buys-when-the-average-investor-sells","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2233184399","content_text":"Benjamin Graham, the father of value investing, is famous for saying that the market is like a voting machine in the short run and in the long run, the market is like a weighing machine.I think that this encapsulates what has happened with Sea Limited (NYSE:SE) very well as we have seen the stock rise more than 800% from its COVID lows to its all-time high, as sentiment was positive and investors let the price determine the narrative of the stock in the short run. However, in the longer run, as sentiment changes, if the average investor continues to let price determine the stock's narrative, this can cause the average investor to panic sell their shares in Sea Limited as the stock has dropped more than 70% from its all-time highs. As such, in the long run, the stock market is like a weighing machine that evaluates and measures the fundamentals of the company.I would argue that this is the time to be buying Sea Limited rather than let the fear or the price action determine your investment decisions.Investment ThesisI have written elaborate articles on Sea both as an initiation article as well as follow up articles (here and here) as the market moves. With everything that is happening at Sea, my initial investment thesis for Sea still stands, as shown below:1. Garena, will continue to be a market leader and serve as a cash cow for Sea, along with solid growth from not just Free Fire but also other budding new developments from its many gaming studios.2. Undoubtedly, Sea's Shopee has the leadership position in Southeast Asia e-commerce. It is currently still in the early days in Southeast Asia for Shopee and it is likely to see strong growth in the future from increasing penetration in the region brought about by multiple tailwinds.3. Sea's market expansion strategy has shown very strong discipline, with a focus on Latin America (LatAm) e-commerce market, which brings exposure to an underpenetrated, fast-growing market. It is also newer and testing waters in some newer geographies in Europe for example.4. Sea's new emerging fintech business, SeaMoney, will bring additional high growth areas with strong digital payments tailwinds.Laser-Focused On Free Cash Flows And Capital PreservationShopee, which is Sea's e-commerce arm, Shopee, made 2 announcements barely a month apart about its decision to exit from France and India. The 2 exits in 1 month clearly sank sentiment on the stock as it reduces the potential total addressable market for Sea and these 2 markets are not insignificant.However, I am of the view that Sea's Shopee needs to pick the right battles and show investors that they are prudent with capital and making the right management decisions. As such, I think that the exit from France, and then India, is a blessing in disguise for Shopee as it saves the company and its shareholders the trouble of significant cash burn in highly competitive e-commerce markets in India and France, while being able to reallocate these precious financial resources and time to other markets in which Shopee is able to execute well, gain dominance and ultimately, generate free cash flows and profits.Given that the combined GMV of these 2 markets are minimal at 0.3% of total GMV for the Sea Group, this early withdrawal from these 2 markets barely has an impact on current financials of the company due to the early stage trials that Shopee was doing in these markets.For the exit from India, this comes at a time of heightened regulatory scrutiny for Sea given Sea's Free Fire ban in India. As such, given the highly competitive e-commerce market in India and the huge size of the India e-commerce market which implies needing much more capital spending for GMV growth, it is wise for management to exit India to focus on conserving capital for where it would make more sense. For the exit from France, this came as Shopee management found that customer acquisition costs were too high and Shopee could not compete meaningfully in the market, resulting in a prompt decision from management to exit France.With the 2 decisions made to exit France and India, I am not expecting Sea to be entering any new markets this year or in the near term, as it will be focusing on its core ASEAN and Taiwan markets and its new focus, Brazil and Latin America markets.Encouraging Trends In Brazil And Latin America For ShopeeWe are starting to see the results from Shopee's foray into Brazil and Latin America. As can be seen below, when looking at monthly active users, Shopee has outperformed in this metric compared to all other peers since March of 2021. I attribute this to Shopee gamifying the e-commerce experience, luring customers to return to the Shopee app, thus creating top mind share and, possible market share as well, in Brazil in such a span of slightly more than 2 years.Brazil e-commerce: Monthly active users (million) (Sensor Tower)In Colombia, Shopee is already doing in-line or better than the international e-commerce players in the country by relative search index sources.Relative search interest in Colombia (Google Trends)While Chile remains in the relatively early stages of development, the relative search index shows that momentum is growing in the country only after almost less than a year of Shopee operating in the country.Relative Search Index for Chile (Google Trends)With improving metrics for Shopee in these LatAm regions, it would make more sense for Shopee to be redirecting its capital preserved from the India and France exit to focus on the opportunities in LatAm given the easier competitive and regulatory environment in the LatAm region.In my view, the strategy Shopee takes in Brazil will be similar to its playbook in ASEAN and Taiwan, where it initially strives to gain mindshare and later, market share in the region, and emerge as a leader in the market based on its volumes and scale, which will then bring about the visibility of turning profitable in the region as it looks to reduce logistics costs over the large scale it has amassed.Furthermore, Sea recently launched in Brazil the Shopee Live feature, which is basically the live-streaming feature. Live e-commerce is one of the key e-commerce trends in the near term and I am of the opinion that Shopee can create an early advantage over its peers in the live e-commerce segment in LatAm. One key competitor that is currently having a similar live shopping feature is Magazine Luiza, where it offers exclusive discounts during live streaming. Specifically for the live-streaming feature on Shopee Live, this includes live broadcasts during which exclusive coupons are given, or use of guest stars and influencers as live presenters for Shopee Live to drive traffic.The Shopee Live feature in Brazil can add a new dimension to the Shopee platform that complements the current e-commerce shopping experience and it also helps Shopee to engage its customers more directly through live-streaming and at the same time provide customers with a value add which is to have a sense of security as the product is reviewed by live streamers.Shopee ASEAN + Taiwan Turning Profitable With ScaleInflation is working in favour of Shopee, in my view. While inflation is affecting major e-commerce players in the form of higher logistics costs from rising cost of labour and fuel, Shopee's marketplace business model enables it to feel less of the inflation effect. This is in contrast to the 1P competitors that have to actually take on inventory. In addition, I think we will see Shopee have an advantage in the current environment given their focus on mass market and average order value categories, as it is in a good position when customers decide to trade down. In contrast, Sea's competitor in the region, Alibaba-owned (BABA) Lazada has a focus on higher order value items and premium items, which will be in a tougher position in the current environment.Despite challenges from inflation and also potential increasing competition, I still expect that for the core region of ASEAN + Taiwan, we will see Shopee achieving its breakeven target in 2022. While Shopee is focusing on achieving this breakeven target, my channel checks have found that Shopee has managed to outgrow its competitors and maintain the market share it needs, while spending less on a per order basis. In my view, market share is key in e-commerce to ensure favourable unit economics to make the business model work. Further channel checks that have been done shows that Shopee is currently about 5x to 6x larger and 2x to 3x larger than competitors in terms of volumes in Taiwan and ASEAN respectively. As can be seen below, even with reduced spend per user, the monthly active users in the core ASEAN + Taiwan region is not just steady but continuing to grow.Shopee (ASEAN + Taiwan) monthly active users (million) (Sensor Tower)Gaming Fears Has Been Priced InI have discussed the Free Fire ban in India several times in my previous articles on Sea (Found here and here). Although the Singapore government has taken efforts to talk with the Indian government about the ban of Free Fire in India, there is uncertainty about the potential return of the game in India.However, I am of the opinion that the Free Fire ban has long been priced in given that the 2022F gaming guidance implies a 35% year over year drop in bookings and this guidance has already excluded all contributions from India.There are also concerns about the impact of reopening of economies on Garena as the world economies reopen and normalise. While normalised user behaviour needs to be observed in the near term for any further weakness, management continues to improve the user experience and refresh contentSeaMoneyFor Sea's financial services arm, SeaMoney, I think we will see the company continue to ramp up on verticals in non-payments like credit, insurance tech, and wealth management. Currently, SeaMoney is most comprehensive in Indonesia and could be rolled out to the Philippines in 2022.Shopee Malaysia recently got the digital banking license in Malaysia, along with 4 other consortiums, opening up new opportunities for SeaMoney Malaysia. Furthermore, Shopee Brazil recently received approval as a payment institution in Brazil, paving the way for SeaMoney in the crucial LatAm market.ValuationMy worst case SOTP valuation is updated with the latest information on the company, which includes:The impact of lower revenue guidance on gaming resulting in some downward revisions in gaming,I assume the reallocation of Shopee's resources and capital expenditures from India and France to LatAm and ASEA and Taiwan, resulting in largely in-line e-commerce projectionsWith the new opportunities in Malaysia and Brazil for SeaMoney, I have made upward revisions on SeaMoney.With that the updated target price for Sea Limited is $188.25, implying 109% upside from current levels.SOTP valuation for Sea Limited (Author generated)RisksCompetitionAlthough Sea has exited the highly competitive market of India, e-commerce is still a competitive business with many competitors with deep pockets. As such Shopee could face fierce competition from global peers as international expansion in the industry continues. For example, Shopee has done well in Southeast Asia but the threat of Tokopedia in Indonesia is still there. Furthermore, Alibaba's Lazada is ramping up and focusing on international expansion as China's domestic e-commerce market slows. If competition intensifies, this could be a significant drag to profitability of the e-commerce segment.Execution In New MarketsThe operating and competitive environment in LatAm, and Europe has its challenges. Although Shopee has had a good run in Southeast Asia, there are still execution risks in these new markets especially with large domestic e-commerce players already present. That said, Shopee has shown strong execution and capital discipline thus far, and will only commit capital to a market it deems core.Synergies In All 3 Business SegmentsThe flywheel effect could prove to be Sea's competitive advantage if it is able to build its gaming, e-commerce and fintech ecosystem well. However, if synergies between the 3 are not reaped, the company is not maximising the benefit of its entire ecosystem and should each segment operate increasingly in silos, this could result in deterioration of competitive advantage of Sea.ConclusionTo bring back the Benjamin Graham quote from earlier, in the short term, the stock market is like a voting machine, highly driven by sentiment and emotions. This is what is driving Sea Limited's stock price right now with the more than 70% decline from all-time highs. However, as highlighted, the business fundamentals are actually solid and improving. Sea's Shopee is soon to achieve its breakeven target in ASEAN + Taiwan as it continues to maintain and gain market share, while Shopee is growing rapidly and becoming dominant in LatAm, specifically in Brazil. While uncertainties remain on the gaming front, as I mentioned, I believe that this has already been priced in. Lastly, SeaMoney is seeing multiple opportunities open up in Sea's core markets and will likely gain greater traction this year.As such, with the improving fundamentals, the astute investor would take the chance to invest in a company that is a winner in the fast-growing gaming, e-commerce and digital financial services in Asia and LatAm. With that, my SOTP target price for Sea is $188.25, implying 109% upside from current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950806896,"gmtCreate":1672710728116,"gmtModify":1676538723176,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","listText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>[Miser]&nbsp;[Miser]&nbsp;","text":"$Alibaba(BABA)$ [Miser] [Miser]","images":[{"img":"https://community-static.tradeup.com/news/53370e3c55882158a43d7bc115027d56","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950806896","isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9927692615,"gmtCreate":1672460586237,"gmtModify":1676538694609,"author":{"id":"4090594976982710","authorId":"4090594976982710","name":"Anna79","avatar":"https://static.tigerbbs.com/15e28029cdd3aac4683d961154d6ab19","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090594976982710","authorIdStr":"4090594976982710"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/BABA\">$Alibaba(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Alibaba(BABA)$","images":[{"img":"https://community-static.tradeup.com/news/53370e3c55882158a43d7bc115027d56","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9927692615","isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}