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Anselo
2022-12-13
$Netflix(NFLX)$
Anselo
2022-12-12
$IFAST CORPORATION LTD.(AIY.SI)$
Anselo
2022-12-11
$Netflix(NFLX)$
Anselo
2022-12-09
$Netflix(NFLX)$
Anselo
2022-12-08
$Netflix(NFLX)$
Anselo
2022-12-07
$Netflix(NFLX)$
Anselo
2022-12-05
$Micron Technology(MU)$
Anselo
2022-12-03
$Netflix(NFLX)$
Anselo
2022-12-02
$Meta Platforms, Inc.(FB)$
Anselo
2022-12-01
$Netflix(NFLX)$
Anselo
2022-11-30
$Netflix(NFLX)$
Anselo
2022-11-29
$Pinduoduo Inc.(PDD)$
Anselo
2022-11-28
$Micron Technology(MU)$
Anselo
2022-11-27
$Netflix(NFLX)$
Anselo
2022-11-26
$Netflix(NFLX)$
Anselo
2022-11-26
Thanks
Apple: Digesting This Souring Pie
Anselo
2022-11-25
$AMC Entertainment(AMC)$
Anselo
2022-11-23
$Micron Technology(MU)$
Anselo
2022-11-22
$Apple(AAPL)$
Anselo
2022-11-21
$Netflix(NFLX)$
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16:03","market":"us","language":"en","title":"Apple: Digesting This Souring Pie","url":"https://stock-news.laohu8.com/highlight/detail?id=2285438248","media":"Seeking Alpha","summary":"SummaryWe are short-term bearish on Apple, but outline a trade for when the stock falls again.We are","content":"<html><head></head><body><h2>Summary</h2><ul><li>We are short-term bearish on Apple, but outline a trade for when the stock falls again.</li><li>We are still in a rate hike cycle, and the general market has rallied hard.</li><li>Valuation is stretched considering growth has slowed to a crawl, and that does not even account for what a mild or moderate recession could look like.</li><li>There are major issues with production.</li><li>Let it fall.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98aaa6991c907012babe7fa574645eb8\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>kimberrywood/iStock via Getty Images</span></p><p>We want to start this column by stating that Apple (NASDAQ:AAPL) is one of our core holdings, and our analysts all own it in their personal long-term accounts for close to a decade. But, when Apple surged inlate summer, we started selling chunks of the position. We are short-term bearish here, though we are buyers lower. Look, this is one of the greatest companies ever. No doubt. But, this is still a stock, and we like to trade around the core position. In this column, we highlight fundamental concerns that we have in the near-term. We are glad we were selling on strength in September and again in late October. Now, we sold more small pieces of more than just Apple, but it was our take that we could come back to Apple and repurchase the shares at better levels, and a more reasonable valuation. Shares are now down about 12% from where we sold some, and about 7% from our last round of selling. We want the stock to come lower before coming back in. The market has been up big the last few weeks, and Apple has not done much. Apple also has a lot of problems in China. It also has chip issues, and there are questions on demand. We would let it drop ideally to $130 again, which we think is easily in the cards. It will only take a few bad sessions, and we are in an interest rate hiking cycle. Like it or not, the market right now may be a touch overbought, even though it was recovering from an oversold situation. Use this to your advantage to compound gains in this great stock. Let it come down.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59b276b117db7b1fe6933c4048b4d34\" tg-width=\"640\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/><span>BAD BEAT Investing</span></p><p>Here is how we would play this. This trade is outlined for possible new money coming into the stock. We do think we are in a mild buy zone in the mid $140s, and a strong buy zone in the low 130s. We suspect shares will fall, we are bearish short-term, but here is how we would get long.</p><p>The play</p><p>Target entry 1: $144-$145 (25% of position)</p><p>Target entry 2: $135-$136 (30% of position)</p><p>Target entry 3: $130-$131 (45% of position)</p><p>With the VIX down to about 21, call options can be purchased. Frankly, with the high volume and liquidity, we like LEAPS. Go out 13 months, and look to $150 strikes. You can also scale into them, and look to exit on a rally that puts you up at least 30%. Lots of time, and the calls are cheaper than they have been in months. We are short-term bearish, but long-term bullish.</p><h2>Performance discussion</h2><p>The performance of the company remains strong. The recently reported Q4 was well covered by many of our colleagues but we would like to reiterate a few highlights as they are integral to deciding to still hold a core position, even if we are trading around ours.</p><p>Yes, Q3 2022 was another fourth-quarter record revenue of $90.1 billion. These revenues rose nicely by 8% year-over-year. Folks, once again there was solid growth in products and services. The company just grows reliably as it penetrates new markets, and continues to be a dominating brand. The products revenue jumped 9% to $71.0 billion vs. $65.1 billion a year ago. Within the products there was strength in all lines except iPad. Could consumers be saturated with products? The question is whether consumers will now delay upgrades with a possible recession coming. The risk is real. It does not mean the company is going to see massive declines. But the pace of growth could potentially stall to flat if the recession is moderate. iPhone continues to be a winner, with iPhone revenue of $42.6 billion vs. $38.9 billion a year ago, a 9.5% gain. Winning. Mac revenue rose a strong 25% to $11.5 billion. Strong, but this strength was offset by lower sales of iPads, where revenue fell 13.1% to $7.2 billion. But accessories and wearables remained strong as revenue grew 8.5% to $9.7 billion. At the same time, service revenue remains solid, which grew to $19.2 billion.</p><p>We think it is worth noting the gains, because it suggests demand is still robust. There have been questions on demand for devices, but thus far, it remains strong. The holiday quarter here will be telling, and we standby the risk to demand should recession hit. Margins remains strong, as the cost of sales rose at a commensurate pace with revenue growth. Gross margins were 53.7%. Stellar, but did dip from 54.0% last year. Very mildly bearish, but something to watch as inflation is leading to higher input and material cost, as well as labor. Operating expenses rose over 15%, with higher research and development costs weighing. Still, the company generated over $24 billion in operating cash flow, which is strong.</p><p>Overall, the EPS of $1.29 rose 4% from a year ago, and surpassed consensus by $0.02. Annual EPS was $6.11. At $150 the stock is relatively expensive at 24.5X trailing EPS. On a forward looking basis, we have concerns over impacts to both supply and demand, as well as rising costs. This makes us justified in our selling 20-25 points higher. Shares are expensive, but the growth was 9% from 2021 to 2022. We are overpaying for modest growth, even with all of the amazing innovation from the company, the solid cash hoard, share repurchases, and the dividends. Mathematically, there are concerns, but this is why we view $135 or less as a good entry. At that level, 22X is more reasonable, and, when we think about fiscal 2023 earnings, we are factoring in minimal growth, and continued cost pressures. We are looking for revenue to grow 2-3%, and EPS to be up 2%-5%, assuming we do face a mild recession, and lower if it is worse. An early look suggests $6.25-$6.45, not counting any possible future share repurchases. This is why we are cautious, but at the midpoint, and at our last leg, just over 20X EPS. That would still be richly valued, but we still assign brand name premium here, and have to give credit for the huge cash on hand.</p><h2>Now, why do we think shares can and will fall?</h2><p>There are several ongoing issues. Do not mistake possible slower rate hikes as lower rates. We are still hiking here folks. The Fed wants a slowdown in the economy, and if we see unemployment build, wages normalize, and a still elevated dollar, Apple will face pressure. It will not be immune. This is just reality. But we have deeper issues on the supply side of things, as well as possible demand concerns.</p><p>China is a huge risk here. Apple would likely love to be divorced from the company if it could, but right now, it relies heavily on international production. Folks, the ongoing Chinese "zero-Covid policy" has caused huge issues with new iPhone 14 Pro production. With all of the COVID lockdowns many employees have left Foxconn, and now they are down nearly 100,000 employees. They simply cannot replace them in time. As such, two weeks ago Apple warned shipments would be heavily impacted. The supplier just does not have the capacity to meet the order demand, but is trying to tweak production schedules in China.</p><p>Now, supposedly, there has been hopes of China easing off its zero COVID policy. Markets got super bullish on this news recently, but we are now learning there are massive outbreaks again. We find it very tough to believe China will back off fully on this stance, despite the economic carnage the draconian lockdowns have caused. The factories where Apple's products are made is still subject to restrictions. Cases are skyrocketing. We would love to be wrong, but we think you are going to see more COVID restrictions. To help meet some of the demand, Foxconn will boost production in India but this is a longer-term impact as it will take a few years to staff as needed.</p><p>These concerns have led to downgrades to shipment estimates. JP Morgan sees the impact being as many as 5 million less iPhones in the holiday quarter, and that is just for the 14. At about $1,000 a pop let's say, well, you can do the math, its impacting $5 billion of shipments. That is a problem.</p><p>Here is the other issue. Apple has to be very careful. If they irritate the very sensitive Chinese government, it could put about 1/5th of its revenues at stake.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1581e9fbec92a0c8dde081063f426c2a\" tg-width=\"640\" tg-height=\"111\" referrerpolicy=\"no-referrer\"/><span>Apple 10-K October 2022</span></p><p>Folks, there are tons of sales in China. So it has to be very cautious and let China call the shots over there. If China hinted at some sort of ban or even limitations, the stock would crater.</p><p>For now, we believe the company will toe the line, and hope that China does ease its aggressive fight against COVID to help production. While the iPhones will eventually be shipped and revenue still come in, this is a good way to alienate customers who may not be as loyal as others and push them to other devices. This is a true risk.</p><h2>Take home</h2><p>Honestly we are bearish in the short-term, but want to use the weakness when it comes to do some buying. We rate the shares as bearish here, because we are near-term bearish. However, we have set up a trade. We have to wait for the pullback. The market has rallied hard. A few bad sessions is all it will take to lower Apple shares further. Any more negative news from China, or other production issues will hurt. Growth has stalled, and that is not even factoring in the potential impacts of a recession. Let it fall another 10% or so.</p><p><i>This article is written by </i><i>Quad 7 Capital</i><i> for reference only. Please note the risks.</i></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>Apple: Digesting This Souring Pie</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: Digesting This Souring Pie\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-25 16:03 GMT+8 <a href=https://seekingalpha.com/article/4560362-apple-digesting-this-souring-pie><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryWe are short-term bearish on Apple, but outline a trade for when the stock falls again.We are still in a rate hike cycle, and the general market has rallied hard.Valuation is stretched ...</p>\n\n<a href=\"https://seekingalpha.com/article/4560362-apple-digesting-this-souring-pie\">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/4560362-apple-digesting-this-souring-pie","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285438248","content_text":"SummaryWe are short-term bearish on Apple, but outline a trade for when the stock falls again.We are still in a rate hike cycle, and the general market has rallied hard.Valuation is stretched considering growth has slowed to a crawl, and that does not even account for what a mild or moderate recession could look like.There are major issues with production.Let it fall.kimberrywood/iStock via Getty ImagesWe want to start this column by stating that Apple (NASDAQ:AAPL) is one of our core holdings, and our analysts all own it in their personal long-term accounts for close to a decade. But, when Apple surged inlate summer, we started selling chunks of the position. We are short-term bearish here, though we are buyers lower. Look, this is one of the greatest companies ever. No doubt. But, this is still a stock, and we like to trade around the core position. In this column, we highlight fundamental concerns that we have in the near-term. We are glad we were selling on strength in September and again in late October. Now, we sold more small pieces of more than just Apple, but it was our take that we could come back to Apple and repurchase the shares at better levels, and a more reasonable valuation. Shares are now down about 12% from where we sold some, and about 7% from our last round of selling. We want the stock to come lower before coming back in. The market has been up big the last few weeks, and Apple has not done much. Apple also has a lot of problems in China. It also has chip issues, and there are questions on demand. We would let it drop ideally to $130 again, which we think is easily in the cards. It will only take a few bad sessions, and we are in an interest rate hiking cycle. Like it or not, the market right now may be a touch overbought, even though it was recovering from an oversold situation. Use this to your advantage to compound gains in this great stock. Let it come down.BAD BEAT InvestingHere is how we would play this. This trade is outlined for possible new money coming into the stock. We do think we are in a mild buy zone in the mid $140s, and a strong buy zone in the low 130s. We suspect shares will fall, we are bearish short-term, but here is how we would get long.The playTarget entry 1: $144-$145 (25% of position)Target entry 2: $135-$136 (30% of position)Target entry 3: $130-$131 (45% of position)With the VIX down to about 21, call options can be purchased. Frankly, with the high volume and liquidity, we like LEAPS. Go out 13 months, and look to $150 strikes. You can also scale into them, and look to exit on a rally that puts you up at least 30%. Lots of time, and the calls are cheaper than they have been in months. We are short-term bearish, but long-term bullish.Performance discussionThe performance of the company remains strong. The recently reported Q4 was well covered by many of our colleagues but we would like to reiterate a few highlights as they are integral to deciding to still hold a core position, even if we are trading around ours.Yes, Q3 2022 was another fourth-quarter record revenue of $90.1 billion. These revenues rose nicely by 8% year-over-year. Folks, once again there was solid growth in products and services. The company just grows reliably as it penetrates new markets, and continues to be a dominating brand. The products revenue jumped 9% to $71.0 billion vs. $65.1 billion a year ago. Within the products there was strength in all lines except iPad. Could consumers be saturated with products? The question is whether consumers will now delay upgrades with a possible recession coming. The risk is real. It does not mean the company is going to see massive declines. But the pace of growth could potentially stall to flat if the recession is moderate. iPhone continues to be a winner, with iPhone revenue of $42.6 billion vs. $38.9 billion a year ago, a 9.5% gain. Winning. Mac revenue rose a strong 25% to $11.5 billion. Strong, but this strength was offset by lower sales of iPads, where revenue fell 13.1% to $7.2 billion. But accessories and wearables remained strong as revenue grew 8.5% to $9.7 billion. At the same time, service revenue remains solid, which grew to $19.2 billion.We think it is worth noting the gains, because it suggests demand is still robust. There have been questions on demand for devices, but thus far, it remains strong. The holiday quarter here will be telling, and we standby the risk to demand should recession hit. Margins remains strong, as the cost of sales rose at a commensurate pace with revenue growth. Gross margins were 53.7%. Stellar, but did dip from 54.0% last year. Very mildly bearish, but something to watch as inflation is leading to higher input and material cost, as well as labor. Operating expenses rose over 15%, with higher research and development costs weighing. Still, the company generated over $24 billion in operating cash flow, which is strong.Overall, the EPS of $1.29 rose 4% from a year ago, and surpassed consensus by $0.02. Annual EPS was $6.11. At $150 the stock is relatively expensive at 24.5X trailing EPS. On a forward looking basis, we have concerns over impacts to both supply and demand, as well as rising costs. This makes us justified in our selling 20-25 points higher. Shares are expensive, but the growth was 9% from 2021 to 2022. We are overpaying for modest growth, even with all of the amazing innovation from the company, the solid cash hoard, share repurchases, and the dividends. Mathematically, there are concerns, but this is why we view $135 or less as a good entry. At that level, 22X is more reasonable, and, when we think about fiscal 2023 earnings, we are factoring in minimal growth, and continued cost pressures. We are looking for revenue to grow 2-3%, and EPS to be up 2%-5%, assuming we do face a mild recession, and lower if it is worse. An early look suggests $6.25-$6.45, not counting any possible future share repurchases. This is why we are cautious, but at the midpoint, and at our last leg, just over 20X EPS. That would still be richly valued, but we still assign brand name premium here, and have to give credit for the huge cash on hand.Now, why do we think shares can and will fall?There are several ongoing issues. Do not mistake possible slower rate hikes as lower rates. We are still hiking here folks. The Fed wants a slowdown in the economy, and if we see unemployment build, wages normalize, and a still elevated dollar, Apple will face pressure. It will not be immune. This is just reality. But we have deeper issues on the supply side of things, as well as possible demand concerns.China is a huge risk here. Apple would likely love to be divorced from the company if it could, but right now, it relies heavily on international production. Folks, the ongoing Chinese \"zero-Covid policy\" has caused huge issues with new iPhone 14 Pro production. With all of the COVID lockdowns many employees have left Foxconn, and now they are down nearly 100,000 employees. They simply cannot replace them in time. As such, two weeks ago Apple warned shipments would be heavily impacted. The supplier just does not have the capacity to meet the order demand, but is trying to tweak production schedules in China.Now, supposedly, there has been hopes of China easing off its zero COVID policy. Markets got super bullish on this news recently, but we are now learning there are massive outbreaks again. We find it very tough to believe China will back off fully on this stance, despite the economic carnage the draconian lockdowns have caused. The factories where Apple's products are made is still subject to restrictions. Cases are skyrocketing. We would love to be wrong, but we think you are going to see more COVID restrictions. To help meet some of the demand, Foxconn will boost production in India but this is a longer-term impact as it will take a few years to staff as needed.These concerns have led to downgrades to shipment estimates. JP Morgan sees the impact being as many as 5 million less iPhones in the holiday quarter, and that is just for the 14. At about $1,000 a pop let's say, well, you can do the math, its impacting $5 billion of shipments. That is a problem.Here is the other issue. Apple has to be very careful. If they irritate the very sensitive Chinese government, it could put about 1/5th of its revenues at stake.Apple 10-K October 2022Folks, there are tons of sales in China. So it has to be very cautious and let China call the shots over there. If China hinted at some sort of ban or even limitations, the stock would crater.For now, we believe the company will toe the line, and hope that China does ease its aggressive fight against COVID to help production. While the iPhones will eventually be shipped and revenue still come in, this is a good way to alienate customers who may not be as loyal as others and push them to other devices. This is a true risk.Take homeHonestly we are bearish in the short-term, but want to use the weakness when it comes to do some buying. We rate the shares as bearish here, because we are near-term bearish. However, we have set up a trade. We have to wait for the pullback. The market has rallied hard. A few bad sessions is all it will take to lower Apple shares further. Any more negative news from China, or other production issues will hurt. Growth has stalled, and that is not even factoring in the potential impacts of a recession. Let it fall another 10% or so.This article is written by Quad 7 Capital for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968730323,"gmtCreate":1669328673063,"gmtModify":1676538182478,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4104761886182970","idStr":"4104761886182970"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AMC\">$AMC Entertainment(AMC)$ </a><v-v data-views=\"0\"></v-v>","listText":"<a href=\"https://ttm.financial/S/AMC\">$AMC Entertainment(AMC)$ </a><v-v data-views=\"0\"></v-v>","text":"$AMC Entertainment(AMC)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968730323","isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968378777,"gmtCreate":1669155847800,"gmtModify":1676538157984,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4104761886182970","idStr":"4104761886182970"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/MU\">$Micron Technology(MU)$ </a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/MU\">$Micron Technology(MU)$ </a><v-v data-views=\"1\"></v-v>","text":"$Micron Technology(MU)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968378777","isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961765835,"gmtCreate":1669067307827,"gmtModify":1676538145262,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4104761886182970","idStr":"4104761886182970"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$ </a><v-v data-views=\"1\"></v-v>","text":"$Apple(AAPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961765835","isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9961230831,"gmtCreate":1668981639423,"gmtModify":1676538132760,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4104761886182970","idStr":"4104761886182970"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NFLX\">$Netflix(NFLX)$ </a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/NFLX\">$Netflix(NFLX)$ </a><v-v data-views=\"1\"></v-v>","text":"$Netflix(NFLX)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9961230831","isVote":1,"tweetType":1,"viewCount":153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9031147154,"gmtCreate":1646487254740,"gmtModify":1676534134175,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"title":"How to read PE ratio?","htmlText":"1) Price-Earning ratio = share price / earnings per share (EPS) 2) Simple Definition: For one year of earnings, how many times is the market valuing it? 3) Generally higher ratio means investors are confident about the future prospects of the company and vice versa. 4) Another way to look at it is higher ratio means likely to be overvalued and lower value signals undervaluation. 5) Be wary of just using one year of earnings for cyclical company eg. Company who earns $1 every year for 9 years but at the end of the cycle earns $5. PE ratio for a $10 company is 10 for every year and for the final year it is just 2. SOLUTION: Take average EPS over the cycle period. 6) Historical PE = market price/trailing 12 months EPS (Good for gauging industry PE ratio) 7) Forward PE =","listText":"1) Price-Earning ratio = share price / earnings per share (EPS) 2) Simple Definition: For one year of earnings, how many times is the market valuing it? 3) Generally higher ratio means investors are confident about the future prospects of the company and vice versa. 4) Another way to look at it is higher ratio means likely to be overvalued and lower value signals undervaluation. 5) Be wary of just using one year of earnings for cyclical company eg. Company who earns $1 every year for 9 years but at the end of the cycle earns $5. PE ratio for a $10 company is 10 for every year and for the final year it is just 2. SOLUTION: Take average EPS over the cycle period. 6) Historical PE = market price/trailing 12 months EPS (Good for gauging industry PE ratio) 7) Forward PE =","text":"1) Price-Earning ratio = share price / earnings per share (EPS) 2) Simple Definition: For one year of earnings, how many times is the market valuing it? 3) Generally higher ratio means investors are confident about the future prospects of the company and vice versa. 4) Another way to look at it is higher ratio means likely to be overvalued and lower value signals undervaluation. 5) Be wary of just using one year of earnings for cyclical company eg. Company who earns $1 every year for 9 years but at the end of the cycle earns $5. PE ratio for a $10 company is 10 for every year and for the final year it is just 2. SOLUTION: Take average EPS over the cycle period. 6) Historical PE = market price/trailing 12 months EPS (Good for gauging industry PE ratio) 7) Forward PE =","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":710,"commentSize":1,"repostSize":7,"link":"https://ttm.financial/post/9031147154","isVote":1,"tweetType":1,"viewCount":13528,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4087422624240810","authorId":"4087422624240810","name":"AliceSam","avatar":"https://community-static.tradeup.com/news/ab7fe6835f5dc7190316aa1621716648","crmLevel":4,"crmLevelSwitch":1,"idStr":"4087422624240810","authorIdStr":"4087422624240810"},"content":"Thank you for science popularization [happy] This PE is a very important ratio. Many tiger friends not only increase their positions when they are bearish (for example, increase their positions every 10%), but also have many great gods who look at PE to increase their positions. For example, 20PE adds a warehouse, 15PE adds another warehouse, and 10PE bargain-hunting, which makes the interval of bargain-hunting and bargain-hunting very large.","text":"Thank you for science popularization [happy] This PE is a very important ratio. Many tiger friends not only increase their positions when they are bearish (for example, increase their positions every 10%), but also have many great gods who look at PE to increase their positions. For example, 20PE adds a warehouse, 15PE adds another warehouse, and 10PE bargain-hunting, which makes the interval of bargain-hunting and bargain-hunting very large.","html":"Thank you for science popularization [happy] This PE is a very important ratio. Many tiger friends not only increase their positions when they are bearish (for example, increase their positions every 10%), but also have many great gods who look at PE to increase their positions. For example, 20PE adds a warehouse, 15PE adds another warehouse, and 10PE bargain-hunting, which makes the interval of bargain-hunting and bargain-hunting very large."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032975338,"gmtCreate":1647269274364,"gmtModify":1676534210301,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"title":"Alibaba delisting and why it is so bad in the short term","htmlText":"1) US stock market is the largest in the world and USD is the world's reserve currency and most widely used currency is the world. These two reasons make listing in US one of top choices for a company if they want to list at a good a price because it the biggest stock market with the most volume of transactions and possibly most liquid. Which is why Alibaba list in the US (besides HK).2) Delisting from the US stock market means possibility of being taken down in major US indices. With many passive funds investing and tracking indices, if a company is being removed from its indices, the passive funds would have to sell the share to match the indices. (Selling = increase in supply of shares = lower share price)3) Some investment vehicles have a mandate to invest","listText":"1) US stock market is the largest in the world and USD is the world's reserve currency and most widely used currency is the world. These two reasons make listing in US one of top choices for a company if they want to list at a good a price because it the biggest stock market with the most volume of transactions and possibly most liquid. Which is why Alibaba list in the US (besides HK).2) Delisting from the US stock market means possibility of being taken down in major US indices. With many passive funds investing and tracking indices, if a company is being removed from its indices, the passive funds would have to sell the share to match the indices. (Selling = increase in supply of shares = lower share price)3) Some investment vehicles have a mandate to invest","text":"1) US stock market is the largest in the world and USD is the world's reserve currency and most widely used currency is the world. These two reasons make listing in US one of top choices for a company if they want to list at a good a price because it the biggest stock market with the most volume of transactions and possibly most liquid. Which is why Alibaba list in the US (besides HK).2) Delisting from the US stock market means possibility of being taken down in major US indices. With many passive funds investing and tracking indices, if a company is being removed from its indices, the passive funds would have to sell the share to match the indices. (Selling = increase in supply of shares = lower share price)3) Some investment vehicles have a mandate to invest","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":50,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032975338","isVote":1,"tweetType":1,"viewCount":5585,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000417","authorId":"9000000000000417","name":"bouncyo","avatar":"https://static.tigerbbs.com/eb0370d3fa6e993a9a62f4b7ba0130a1","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000417","authorIdStr":"9000000000000417"},"content":"In my eyes, Alibaba is a very excellent company. I am very optimistic about it. I will buy and hold it.","text":"In my eyes, Alibaba is a very excellent company. I am very optimistic about it. I will buy and hold it.","html":"In my eyes, Alibaba is a very excellent company. I am very optimistic about it. I will buy and hold it."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9046801829,"gmtCreate":1656321965061,"gmtModify":1676535805747,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"title":"Jack C. Bogle","htmlText":"Jack C. BogleThe man who brought index funds to the world. The idea is simple:1) Investing costs (management fees or trading fees) reduces returns over the long run. A low cost index fund enables minimal costs incurred and hence maximises the chance of tracking market returns.2) Diversification reduces portfolio risk.3) Most funds and retail investors don’t beat the market in the long run (they might in the short run), the surer way (higher probability of success) of making money is to invest in a low cost index fund.How to earn money by buying an index fund?1) A long time frame is required, the idea is that given enough time (no matter great depression, financial bubbles and recession or even world wars), the market will always grow and push to a new peak. Of course one can argue the past","listText":"Jack C. BogleThe man who brought index funds to the world. The idea is simple:1) Investing costs (management fees or trading fees) reduces returns over the long run. A low cost index fund enables minimal costs incurred and hence maximises the chance of tracking market returns.2) Diversification reduces portfolio risk.3) Most funds and retail investors don’t beat the market in the long run (they might in the short run), the surer way (higher probability of success) of making money is to invest in a low cost index fund.How to earn money by buying an index fund?1) A long time frame is required, the idea is that given enough time (no matter great depression, financial bubbles and recession or even world wars), the market will always grow and push to a new peak. Of course one can argue the past","text":"Jack C. BogleThe man who brought index funds to the world. The idea is simple:1) Investing costs (management fees or trading fees) reduces returns over the long run. A low cost index fund enables minimal costs incurred and hence maximises the chance of tracking market returns.2) Diversification reduces portfolio risk.3) Most funds and retail investors don’t beat the market in the long run (they might in the short run), the surer way (higher probability of success) of making money is to invest in a low cost index fund.How to earn money by buying an index fund?1) A long time frame is required, the idea is that given enough time (no matter great depression, financial bubbles and recession or even world wars), the market will always grow and push to a new peak. Of course one can argue the past","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":33,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9046801829","isVote":1,"tweetType":1,"viewCount":787,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000164","authorId":"9000000000000164","name":"HarryCox","avatar":"https://static.tigerbbs.com/68b6583f2225af9e47d6576367702edb","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000164","authorIdStr":"9000000000000164"},"content":"Thanks for sharing the investment tips!!","text":"Thanks for sharing the investment tips!!","html":"Thanks for sharing the investment tips!!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9984270235,"gmtCreate":1667666554027,"gmtModify":1676537949961,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"title":"Joel Greenblatt: The Little Book That Beats The Market","htmlText":"An extreme summarised version of the book in 10 points: 1) Most people should not attempt to invest in individual stocks. 2) 4 ways of dealing with cash on hand: put in bank, put in (nearly risk-free) government bonds, put in corporate bonds or invest in the stock market. 3) Whatever you do, as a rational investor, always invest at a rewards level higher than the risk-free rate. If the risk-free is 5%, make sure your expected returns from investing is higher than 5% to compensate for higher risks. 4) Key idea of the book is to buy GOOD COMPANIES @ BARGAIN PRICES. 5) GOOD COMPANIES i.e. companies who has a good return on capital (ROC) = EBIT/(net working capital + net fixed asset). The higher the ROC the better the company as it uses its capital more efficiently which implies a","listText":"An extreme summarised version of the book in 10 points: 1) Most people should not attempt to invest in individual stocks. 2) 4 ways of dealing with cash on hand: put in bank, put in (nearly risk-free) government bonds, put in corporate bonds or invest in the stock market. 3) Whatever you do, as a rational investor, always invest at a rewards level higher than the risk-free rate. If the risk-free is 5%, make sure your expected returns from investing is higher than 5% to compensate for higher risks. 4) Key idea of the book is to buy GOOD COMPANIES @ BARGAIN PRICES. 5) GOOD COMPANIES i.e. companies who has a good return on capital (ROC) = EBIT/(net working capital + net fixed asset). The higher the ROC the better the company as it uses its capital more efficiently which implies a","text":"An extreme summarised version of the book in 10 points: 1) Most people should not attempt to invest in individual stocks. 2) 4 ways of dealing with cash on hand: put in bank, put in (nearly risk-free) government bonds, put in corporate bonds or invest in the stock market. 3) Whatever you do, as a rational investor, always invest at a rewards level higher than the risk-free rate. If the risk-free is 5%, make sure your expected returns from investing is higher than 5% to compensate for higher risks. 4) Key idea of the book is to buy GOOD COMPANIES @ BARGAIN PRICES. 5) GOOD COMPANIES i.e. companies who has a good return on capital (ROC) = EBIT/(net working capital + net fixed asset). The higher the ROC the better the company as it uses its capital more efficiently which implies a","images":[],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":17,"commentSize":11,"repostSize":1,"link":"https://ttm.financial/post/9984270235","isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038055588,"gmtCreate":1646701518104,"gmtModify":1676534152358,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"title":"Alibaba: worth the risk?","htmlText":"No: 1) Nobody knows how China's regulatory clam down will continue and in what manner and extent. Recently, chinese regulators says self-inspection within Ant \"almost done,\" but that issues remained to be investigated, without elaborating. This is as good as saying we might hit them further. Plus rumours of additional checks and recent clam down on Alibaba’s food delivery app Ele.me points to further pain going forward. 2) Don't downplay the effects of Jack Ma's comments and China's regulatory clam down in response as the end of story. Making a multi-billion company fail may be the message the authorities want to send out for would-be dissenters. Although I believe they are too big to fail, never say never….. 3) China's new data regulations may blunt Alibaba's data monopoly, and data is mo","listText":"No: 1) Nobody knows how China's regulatory clam down will continue and in what manner and extent. Recently, chinese regulators says self-inspection within Ant \"almost done,\" but that issues remained to be investigated, without elaborating. This is as good as saying we might hit them further. Plus rumours of additional checks and recent clam down on Alibaba’s food delivery app Ele.me points to further pain going forward. 2) Don't downplay the effects of Jack Ma's comments and China's regulatory clam down in response as the end of story. Making a multi-billion company fail may be the message the authorities want to send out for would-be dissenters. Although I believe they are too big to fail, never say never….. 3) China's new data regulations may blunt Alibaba's data monopoly, and data is mo","text":"No: 1) Nobody knows how China's regulatory clam down will continue and in what manner and extent. Recently, chinese regulators says self-inspection within Ant \"almost done,\" but that issues remained to be investigated, without elaborating. This is as good as saying we might hit them further. Plus rumours of additional checks and recent clam down on Alibaba’s food delivery app Ele.me points to further pain going forward. 2) Don't downplay the effects of Jack Ma's comments and China's regulatory clam down in response as the end of story. Making a multi-billion company fail may be the message the authorities want to send out for would-be dissenters. Although I believe they are too big to fail, never say never….. 3) China's new data regulations may blunt Alibaba's data monopoly, and data is mo","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038055588","isVote":1,"tweetType":1,"viewCount":3326,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000185","authorId":"9000000000000185","name":"moonzo","avatar":"https://static.tigerbbs.com/d051d261da8127d971fe6c05affb8562","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000185","authorIdStr":"9000000000000185"},"content":"In my heart, Alibaba has always been an excellent company. I am optimistic about its development in the past, now and in the future.","text":"In my heart, Alibaba has always been an excellent company. I am optimistic about its development in the past, now and in the future.","html":"In my heart, Alibaba has always been an excellent company. I am optimistic about its development in the past, now and in the future."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037638824,"gmtCreate":1648087833003,"gmtModify":1676534302803,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"The hardest thing to predict is oil prices in my opinion, there so many market movers that individually have a lot of sway over prices. Coupled with the unpredictablility of the politics surrounding oil countries.","listText":"The hardest thing to predict is oil prices in my opinion, there so many market movers that individually have a lot of sway over prices. Coupled with the unpredictablility of the politics surrounding oil countries.","text":"The hardest thing to predict is oil prices in my opinion, there so many market movers that individually have a lot of sway over prices. Coupled with the unpredictablility of the politics surrounding oil countries.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037638824","repostId":"1116326470","repostType":4,"repost":{"id":"1116326470","pubTimestamp":1648087340,"share":"https://ttm.financial/m/news/1116326470?lang=&edition=fundamental","pubTime":"2022-03-24 10:02","market":"other","language":"en","title":"ASX Update: Miners, Oilers Lead Reversal as Crude Tests US$123","url":"https://stock-news.laohu8.com/highlight/detail?id=1116326470","media":"themarketherald","summary":"Australian shares overcame soft leads and early weakness to rise for the sixth time in seven session","content":"<html><head></head><body><p>Australian shares overcame soft leads and early weakness to rise for the sixth time in seven sessions as surging commodity prices lifted miners and oil producers.</p><p>The <b>S&P/ASX 200</b> reached mid-session four points or 0.06 per cent ahead after earlier falling 22 points.</p><p>BHP, Rio Tinto, Newcrest and the oil majors led the turnaround. Gains were kept in check by declines in tech, banking and healthcare stocks.</p><p><b>What’s driving the market</b></p><p>Australia’s status as a resources powerhouse once again shielded the market. Leading overseas indices slumped overnight as rising prices inflamed worries about inflation and growth.</p><p>The <b>S&P 500</b> gave up 1.23 per cent. Europe’s Stoxx 600 index dropped 1.01 per cent.</p><p>“Statements from Russian president Putin that gas exports would now require rouble payment saw European gas prices jump 30%. A surprise drawdown of US crude oil inventories added to concerns around energy supply. Crude oil prices finished the session more than 5% higher, and energy stocks were among the few winners on many bourses,” Michael McCarthy, Chief Strategy Officer at Tiger Brokers Australia, said.</p><p><b>Oil</b>‘s breakneck rally continued. Brent crude rose US$1.56 or 1.3 per cent this morning to US$123.16 a barrel.</p><p>Industrial metals flew higher. The price of nickel reportedly jumped 17 per cent today in Shanghai.</p><p>Winners from the commodity surge ensured the ASX continued a rally that has lifted the benchmark more than 400 points in two and a half weeks. The <b>energy</b> sector climbed 1.81 per cent. Basic materials gained 1.34 per cent.</p><p>Not all market commentators are convinced by the recent rebound in equities. Clifford Bennett, chief economist at Sydney’s ACY Securities, believes equity markets are under-estimating the impact of the Ukraine war on the global economy.</p><p>“It is vitally important that investors consider the Ukraine war has not yet been fully priced by financial markets,” he said.</p><p>“It is highly likely Oil will exceed <b>$150 barrel</b> in the coming weeks and months. Just how high it can go is an open question?” he added.</p><p>“Higher sustained oil prices would generate on-going high inflation and much higher interest rates. This represents a major threat to the state of the global economy over the next 2-5 years.”</p><p>The day’s <b>economic data</b> confirmed the post-lockdown economic rebound remained on track. The composite business gauge from S&P Global climbed to 57.1 this month from 56.6 in February as both manufacturing and services-sector activity expanded. Readings above 50 indicate expanding activity.</p><p><b>Going up</b></p><p>The heavyweight mining and energy companies led the advance. Gold miner Newcrest bounced 3.1 per cent. Woodside Petroleum put on 3.13 per cent, Rio Tinto 2.74 per cent, BHP 2.22 per cent and Santos 2.12 per cent.</p><p>Lithium miner <b>AVZ Minerals</b> climbed 9.71 per cent to an all-time high. A 5.18 per cent advance catapulted <b>Whitehaven Coa</b>l to a level last seen in May 2019.</p><p>Strong sales growth through the third quarter lifted <b>JB Hi-F</b> 4.4 per cent. The retailer’s Australian outlets increased sales by 11.3 per cent. Sales at the company’s New Zealand shopfronts grew 2.9 per cent.</p><p>Telecommunications infrastructure firm <b>Uniti Group</b> climbed 0.64 per cent after confirming takeover interest from Macquarie Infrastructure and a Canadian pension fund. Uniti said the board was considered a non-binding incomplete and indicative offer to acquire the company at $5 per share.</p><p>A record half-year profit raised <b>Brickworks</b> 3.49 per cent. Statutory half-year net profit surged 720 per cent to $581 million, thanks in part to a one-off profit for the disposal of shares in Washington H. Soul Pattinson. Underlying profit increased 269 per cent to $330 million.</p><p><b>Washington H. Soul Pattinson</b> edged up 2.03 per cent after a result distorted by a goodwill impairment related to the acquisition of rival Milton last year. The investment house reported a $643.1 million first-half loss. Group regular profit (which excluded the impairment charge) jumped 281 per cent to $343.7 million.</p><p>A whiff of buying interest for <b>Southern Cross Media</b>‘s regional TV assets boosted the media group’s share price by 6.62 per cent. The company said it received unsolicited approaches from several parties, but none were binding or included prices. Grant Samuel was advising. The firm also announced a $40 million on-market share buyback.</p><p><b>NAB</b> inched up 0.03 per cent after completing a $2.5 billion on-market share buyback and announcing another for the same amount. The bank expects to launch the new buyback after reporting half-year results on May 5.</p><p><b>Going down</b></p><p>This week’s recovery in <b>growth stocks</b> stalled as risk appetite faded once again. Zip Co sagged 6.38 per cent, Life360 5.48 per cent and Block 4.19 per cent.</p><p>Most of the <b>banks</b> retreated as Australian yields backed off yesterday’s multi-year high. Macquarie Group dropped 1.24 per cent, ANZ 0.72 per cent, CBA 0.52 per cent and Westpac 0.02 per cent.</p><p><b>ResMed</b> skidded 3.65 per cent after warning supply-chain issues would make it hard to achieve full-year revenue targets. The company’s US-listed stock shed 8.65 per cent overnight.</p><p><b>Star Entertainment Group</b> dropped 0.77 per cent following allegations the group allowed a Chinese “junket” group accused of links to organised crime to run a private gaming room at Star’s Sydney casino.</p><p>Ali Dibadj will succeed Dick Weil as CEO of <b>Janus Henderson</b>. The asset manager’s share price fell 3.65 per cent during a weak session for the financial sector.</p><p><b>Other markets</b></p><p>The <b>Asia</b> Dow gave up 0.6 per cent. China’s Shanghai Composite dropped 0.52 per cent, Hong Kong’s Hang Seng 0.21 per cent and Japan’s Nikkei 1.19 per cent.</p><p><b>US futures</b> were unchanged.</p><p><b>Gold</b> rose US$6.70 or 0.35 per cent to US$1,944 an ounce.</p><p>The <b>dollar</b> eased after breaking 75 US cents overnight for the first time in five months. The Aussie dipped 0.1 per cent to 74.93 US cents.</p></body></html>","source":"lsy1645077863021","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>ASX Update: Miners, Oilers Lead Reversal as Crude Tests US$123</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\">\nASX Update: Miners, Oilers Lead Reversal as Crude Tests US$123\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-24 10:02 GMT+8 <a href=https://themarketherald.com.au/asx-update-miners-oilers-lead-reversal-as-crude-tests-us123-2022-03-24/><strong>themarketherald</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Australian shares overcame soft leads and early weakness to rise for the sixth time in seven sessions as surging commodity prices lifted miners and oil producers.The S&P/ASX 200 reached mid-session ...</p>\n\n<a href=\"https://themarketherald.com.au/asx-update-miners-oilers-lead-reversal-as-crude-tests-us123-2022-03-24/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AVZ.AU":"Avz Minerals Ltd","XAO.AU":"标普/澳交所 普通股指数","SGR.AU":"STAR ENTERTAINMENT GRP LTD/T","RMD.AU":"Resmed DRC","SXL.AU":"SOUTHERN CROSS MEDIA GROUP L","XJO.AU":"标普/澳交所 200指数","JBH.AU":"JB HI-FI LTD","XKO.AU":"标普/澳交所 300指数","JHG.AU":"Janus Henderson DRC","BKW.AU":"BRICKWORKS LIMITED","SOL.AU":"WASHINGTON H. SOUL PATTINSON","NAB.AU":"NATIONAL AUSTRALIA BANK LTD"},"source_url":"https://themarketherald.com.au/asx-update-miners-oilers-lead-reversal-as-crude-tests-us123-2022-03-24/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116326470","content_text":"Australian shares overcame soft leads and early weakness to rise for the sixth time in seven sessions as surging commodity prices lifted miners and oil producers.The S&P/ASX 200 reached mid-session four points or 0.06 per cent ahead after earlier falling 22 points.BHP, Rio Tinto, Newcrest and the oil majors led the turnaround. Gains were kept in check by declines in tech, banking and healthcare stocks.What’s driving the marketAustralia’s status as a resources powerhouse once again shielded the market. Leading overseas indices slumped overnight as rising prices inflamed worries about inflation and growth.The S&P 500 gave up 1.23 per cent. Europe’s Stoxx 600 index dropped 1.01 per cent.“Statements from Russian president Putin that gas exports would now require rouble payment saw European gas prices jump 30%. A surprise drawdown of US crude oil inventories added to concerns around energy supply. Crude oil prices finished the session more than 5% higher, and energy stocks were among the few winners on many bourses,” Michael McCarthy, Chief Strategy Officer at Tiger Brokers Australia, said.Oil‘s breakneck rally continued. Brent crude rose US$1.56 or 1.3 per cent this morning to US$123.16 a barrel.Industrial metals flew higher. The price of nickel reportedly jumped 17 per cent today in Shanghai.Winners from the commodity surge ensured the ASX continued a rally that has lifted the benchmark more than 400 points in two and a half weeks. The energy sector climbed 1.81 per cent. Basic materials gained 1.34 per cent.Not all market commentators are convinced by the recent rebound in equities. Clifford Bennett, chief economist at Sydney’s ACY Securities, believes equity markets are under-estimating the impact of the Ukraine war on the global economy.“It is vitally important that investors consider the Ukraine war has not yet been fully priced by financial markets,” he said.“It is highly likely Oil will exceed $150 barrel in the coming weeks and months. Just how high it can go is an open question?” he added.“Higher sustained oil prices would generate on-going high inflation and much higher interest rates. This represents a major threat to the state of the global economy over the next 2-5 years.”The day’s economic data confirmed the post-lockdown economic rebound remained on track. The composite business gauge from S&P Global climbed to 57.1 this month from 56.6 in February as both manufacturing and services-sector activity expanded. Readings above 50 indicate expanding activity.Going upThe heavyweight mining and energy companies led the advance. Gold miner Newcrest bounced 3.1 per cent. Woodside Petroleum put on 3.13 per cent, Rio Tinto 2.74 per cent, BHP 2.22 per cent and Santos 2.12 per cent.Lithium miner AVZ Minerals climbed 9.71 per cent to an all-time high. A 5.18 per cent advance catapulted Whitehaven Coal to a level last seen in May 2019.Strong sales growth through the third quarter lifted JB Hi-F 4.4 per cent. The retailer’s Australian outlets increased sales by 11.3 per cent. Sales at the company’s New Zealand shopfronts grew 2.9 per cent.Telecommunications infrastructure firm Uniti Group climbed 0.64 per cent after confirming takeover interest from Macquarie Infrastructure and a Canadian pension fund. Uniti said the board was considered a non-binding incomplete and indicative offer to acquire the company at $5 per share.A record half-year profit raised Brickworks 3.49 per cent. Statutory half-year net profit surged 720 per cent to $581 million, thanks in part to a one-off profit for the disposal of shares in Washington H. Soul Pattinson. Underlying profit increased 269 per cent to $330 million.Washington H. Soul Pattinson edged up 2.03 per cent after a result distorted by a goodwill impairment related to the acquisition of rival Milton last year. The investment house reported a $643.1 million first-half loss. Group regular profit (which excluded the impairment charge) jumped 281 per cent to $343.7 million.A whiff of buying interest for Southern Cross Media‘s regional TV assets boosted the media group’s share price by 6.62 per cent. The company said it received unsolicited approaches from several parties, but none were binding or included prices. Grant Samuel was advising. The firm also announced a $40 million on-market share buyback.NAB inched up 0.03 per cent after completing a $2.5 billion on-market share buyback and announcing another for the same amount. The bank expects to launch the new buyback after reporting half-year results on May 5.Going downThis week’s recovery in growth stocks stalled as risk appetite faded once again. Zip Co sagged 6.38 per cent, Life360 5.48 per cent and Block 4.19 per cent.Most of the banks retreated as Australian yields backed off yesterday’s multi-year high. Macquarie Group dropped 1.24 per cent, ANZ 0.72 per cent, CBA 0.52 per cent and Westpac 0.02 per cent.ResMed skidded 3.65 per cent after warning supply-chain issues would make it hard to achieve full-year revenue targets. The company’s US-listed stock shed 8.65 per cent overnight.Star Entertainment Group dropped 0.77 per cent following allegations the group allowed a Chinese “junket” group accused of links to organised crime to run a private gaming room at Star’s Sydney casino.Ali Dibadj will succeed Dick Weil as CEO of Janus Henderson. The asset manager’s share price fell 3.65 per cent during a weak session for the financial sector.Other marketsThe Asia Dow gave up 0.6 per cent. China’s Shanghai Composite dropped 0.52 per cent, Hong Kong’s Hang Seng 0.21 per cent and Japan’s Nikkei 1.19 per cent.US futures were unchanged.Gold rose US$6.70 or 0.35 per cent to US$1,944 an ounce.The dollar eased after breaking 75 US cents overnight for the first time in five months. The Aussie dipped 0.1 per cent to 74.93 US cents.","news_type":1},"isVote":1,"tweetType":1,"viewCount":355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032131425,"gmtCreate":1647303653151,"gmtModify":1676534213898,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"U can think of berkshire as if they are a diversified index fund but having a lower fee (:","listText":"U can think of berkshire as if they are a diversified index fund but having a lower fee (:","text":"U can think of berkshire as if they are a diversified index fund but having a lower fee (:","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032131425","repostId":"2219067542","repostType":4,"repost":{"id":"2219067542","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":1647301883,"share":"https://ttm.financial/m/news/2219067542?lang=&edition=fundamental","pubTime":"2022-03-15 07:51","market":"us","language":"en","title":"Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=2219067542","media":"Reuters","summary":"March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for","content":"<html><head></head><body><p>March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company's status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.</p><p>Berkshire's Class A shares have risen 10% in 2022, outpacing the Standard & Poor's 500 index, which has fallen 12%.</p><p>The Omaha, Nebraska-based company's market value is approximately $731 billion, ranking sixth in the United States, and Buffett's 16.2% stake makes him the world's fifth-richest person at $119.2 billion, according to Forbes magazine.</p><p>Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.</p><p>It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.</p><p>Berkshire specializes in "on the ground, Main Street-esque business activity," said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.</p><p>"They're big and they're not a tech stock, and investors get comfort from that."</p><p>Berkshire shares also slightly outperformed the S&P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.</p><p>Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.</p><p>Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.</p><p>Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.</p><p>U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire's largest common stock holding.</p><p>Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Stock Price Reaches $500,000 for the First Time on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-15 07:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company's status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.</p><p>Berkshire's Class A shares have risen 10% in 2022, outpacing the Standard & Poor's 500 index, which has fallen 12%.</p><p>The Omaha, Nebraska-based company's market value is approximately $731 billion, ranking sixth in the United States, and Buffett's 16.2% stake makes him the world's fifth-richest person at $119.2 billion, according to Forbes magazine.</p><p>Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.</p><p>It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.</p><p>Berkshire specializes in "on the ground, Main Street-esque business activity," said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.</p><p>"They're big and they're not a tech stock, and investors get comfort from that."</p><p>Berkshire shares also slightly outperformed the S&P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.</p><p>Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.</p><p>Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.</p><p>Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.</p><p>U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire's largest common stock holding.</p><p>Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","LABP":"Landos Biopharma, Inc.","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4176":"多领域控股","BRK.A":"伯克希尔","BK4023":"应用软件","BK4554":"元宇宙及AR概念","BRK.B":"伯克希尔B","BK4553":"喜马拉雅资本持仓","CGEM":"Cullinan Therapeutics","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","SANA":"Sana Biotechnology, Inc.","BK4139":"生物科技","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4007":"制药","BK4525":"远程办公概念","BK4196":"保健护理服务","BK4566":"资本集团","BK4082":"医疗保健设备","BK4077":"互动媒体与服务","BK4527":"明星科技股","BK4579":"人工智能","BK4550":"红杉资本持仓","ONTF":"ON24, Inc.","LHDX":"Lucira Health, Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2219067542","content_text":"March 14 (Reuters) - The share price of Warren Buffett's Berkshire Hathaway Inc reached $500,000 for the first time on Monday, reflecting the company's status as a defensive stock in a market unsettled by events in Ukraine and rising inflation.Berkshire's Class A shares have risen 10% in 2022, outpacing the Standard & Poor's 500 index, which has fallen 12%.The Omaha, Nebraska-based company's market value is approximately $731 billion, ranking sixth in the United States, and Buffett's 16.2% stake makes him the world's fifth-richest person at $119.2 billion, according to Forbes magazine.Berkshire generated a record $27.46 billion of operating profit last year, including gains at Geico car insurance, the BNSF railroad and Berkshire Hathaway Energy.It also owns dozens of other businesses, including the fast-growing Clayton Homes mobile home unit and the largest U.S. residential real estate brokerage.Berkshire specializes in \"on the ground, Main Street-esque business activity,\" said Bill Smead, chief executive of Smead Capital Management Inc in Phoenix, which invests about $4.3 billion and owns Berkshire stock.\"They're big and they're not a tech stock, and investors get comfort from that.\"Berkshire shares also slightly outperformed the S&P 500 in 2021, after lagging in 2019 and 2020. They closed up 0.8% on Monday at $493,785.Most Berkshire operating units focus on the United States, and about 77% of its approximately 372,000 employees work there.Among those expanding elsewhere is Dairy Queen, which plans by 2030 to add 600 stores in China, already its largest market outside the United States.Berkshire traded below $20 when Buffett took over the then-struggling textile company in 1965. Its Class B shares are worth about 1/1500th of Class A shares.U.S. companies with larger market capitalizations include Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc and Tesla Inc. Apple is also Berkshire's largest common stock holding.Berkshire ended 2021 with $146.7 billion in cash, though it has since invested well over $5 billion in Occidental Petroleum Corp as oil prices soared.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035638104,"gmtCreate":1647576339149,"gmtModify":1676534246894,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Her holdings are growth stocks that take time to mature. Rather than trading it short term, makes more sense to invest on a LT basis.","listText":"Her holdings are growth stocks that take time to mature. Rather than trading it short term, makes more sense to invest on a LT basis.","text":"Her holdings are growth stocks that take time to mature. Rather than trading it short term, makes more sense to invest on a LT basis.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035638104","repostId":"2220742724","repostType":4,"repost":{"id":"2220742724","pubTimestamp":1647572281,"share":"https://ttm.financial/m/news/2220742724?lang=&edition=fundamental","pubTime":"2022-03-18 10:58","market":"us","language":"en","title":"Cathie Wood’s ARKK Suffers as Two-Thirds of Its Holdings Fell to 52-Week Lows This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2220742724","media":"seekingalpha","summary":"MicroPixieStock/iStock via Getty ImagesThe bloodbath for Cathie Wood’s ARK Innovation Pacer Swan SOS","content":"<html><head></head><body><p></p><p><img src=\"https://static.tigerbbs.com/8a83e554c7c548c1a7fb34312878de30\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>MicroPixieStock/iStock via Getty Images</p><p></p><p>The bloodbath for Cathie Wood’s ARK Innovation <a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF|ETF</a> (NYSEARCA:ARKK) continues, despite the fund being up slightly on Thursday. Wood’s ETF is -36% YTD and is currently working towards its fifth straight downward month. Meanwhile, this week has been particularly difficult, as 23 of its 35 holdings fell to 52-week trading lows -- about two-thirds of the total.</p><p>This spiral has taken a heavy toll on some of ARKK’s biggest holdings. Eight of the stocks hitting yearly trading lows fall inside ARKK’s top 10 weighted positions, which have a combined representation of 42.6%. Additionally, some of ARKK’s holdings also plummeted to record trading lows as well, and some just missed yearly lows but hovered near them.</p><p>Below is a list of the 23 stocks Wood and ARKK hold that have plunged to 52-week lows this week:</p><p><i>(TDOC), (ROKU), (ZM), (COIN), (EXAS), (U), (TWLO), (PATH), (SPOT), (BEAM), (SHOP), (DKNG), (FATE), (PD), (TXG), (RBLX), (NVTA), (PACB), (VCYT), (SE), (DNA), (TWST), (TSP)</i>.</p><p>As the first quarter of the year is approaching its conclusion, 34 of the 35 ARKK holdings sit in negative territory year-to-date. <a href=\"https://laohu8.com/S/SGFY\">Signify Health, Inc.</a> (SGFY) is the ETFs lone bright spot in 2022 as the stock is +23.6%. That said, the stock is down 24% over the past six months and -41.8% over a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year period.</p><p>ARKK’s worst-performing stock on the year is TuSimple Holdings, which is -66.1% in 2022 and holds a 0.90% weighting in ARKK. Furthermore, 30 of the 36 holdings are sub 20% this year as well.</p><p>Below is a spreadsheet of ARKK and its year-to-date performance, along with each of its holdings in weighted order with their year-to-date performance. See also how Wood’s innovative fund matched up with the household QQQ ETF.</p><p><img src=\"https://static.tigerbbs.com/6fb51e31d40bf7fe31b54b38176b0615\" tg-width=\"452\" tg-height=\"825\" referrerpolicy=\"no-referrer\"/></p></body></html>","source":"lsy1642056764450","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>Cathie Wood’s ARKK Suffers as Two-Thirds of Its Holdings Fell to 52-Week Lows 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\">\nCathie Wood’s ARKK Suffers as Two-Thirds of Its Holdings Fell to 52-Week Lows This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-18 10:58 GMT+8 <a href=https://seekingalpha.com/news/3814663-cathie-woods-arkk-suffers-as-23-of-its-35-holdings-fell-to-52-week-lows-this-week><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>MicroPixieStock/iStock via Getty ImagesThe bloodbath for Cathie Wood’s ARK Innovation Pacer Swan SOS Fund of Funds ETF|ETF (NYSEARCA:ARKK) continues, despite the fund being up slightly on Thursday. ...</p>\n\n<a href=\"https://seekingalpha.com/news/3814663-cathie-woods-arkk-suffers-as-23-of-its-35-holdings-fell-to-52-week-lows-this-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF"},"source_url":"https://seekingalpha.com/news/3814663-cathie-woods-arkk-suffers-as-23-of-its-35-holdings-fell-to-52-week-lows-this-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2220742724","content_text":"MicroPixieStock/iStock via Getty ImagesThe bloodbath for Cathie Wood’s ARK Innovation Pacer Swan SOS Fund of Funds ETF|ETF (NYSEARCA:ARKK) continues, despite the fund being up slightly on Thursday. Wood’s ETF is -36% YTD and is currently working towards its fifth straight downward month. Meanwhile, this week has been particularly difficult, as 23 of its 35 holdings fell to 52-week trading lows -- about two-thirds of the total.This spiral has taken a heavy toll on some of ARKK’s biggest holdings. Eight of the stocks hitting yearly trading lows fall inside ARKK’s top 10 weighted positions, which have a combined representation of 42.6%. Additionally, some of ARKK’s holdings also plummeted to record trading lows as well, and some just missed yearly lows but hovered near them.Below is a list of the 23 stocks Wood and ARKK hold that have plunged to 52-week lows this week:(TDOC), (ROKU), (ZM), (COIN), (EXAS), (U), (TWLO), (PATH), (SPOT), (BEAM), (SHOP), (DKNG), (FATE), (PD), (TXG), (RBLX), (NVTA), (PACB), (VCYT), (SE), (DNA), (TWST), (TSP).As the first quarter of the year is approaching its conclusion, 34 of the 35 ARKK holdings sit in negative territory year-to-date. Signify Health, Inc. (SGFY) is the ETFs lone bright spot in 2022 as the stock is +23.6%. That said, the stock is down 24% over the past six months and -41.8% over a one-year period.ARKK’s worst-performing stock on the year is TuSimple Holdings, which is -66.1% in 2022 and holds a 0.90% weighting in ARKK. Furthermore, 30 of the 36 holdings are sub 20% this year as well.Below is a spreadsheet of ARKK and its year-to-date performance, along with each of its holdings in weighted order with their year-to-date performance. See also how Wood’s innovative fund matched up with the household QQQ ETF.","news_type":1},"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000601","authorId":"9000000000000601","name":"ElvisMarner","avatar":"https://static.tigerbbs.com/6feca155d0db09a740c96d3ac91f0628","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000601","authorIdStr":"9000000000000601"},"content":"Is investing in growth stocks a good option during a rate hike cycle? I prefer to invest in banking stocks and insurance stocks.","text":"Is investing in growth stocks a good option during a rate hike cycle? I prefer to invest in banking stocks and insurance stocks.","html":"Is investing in growth stocks a good option during a rate hike cycle? I prefer to invest in banking stocks and insurance stocks."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915266174,"gmtCreate":1665049762398,"gmtModify":1676537549411,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9915266174","repostId":"2273387298","repostType":4,"repost":{"id":"2273387298","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1665045975,"share":"https://ttm.financial/m/news/2273387298?lang=&edition=fundamental","pubTime":"2022-10-06 16:46","market":"us","language":"en","title":"Pinterest, Ford, Shell, Costco And More: U.S. Stocks To Watch","url":"https://stock-news.laohu8.com/highlight/detail?id=2273387298","media":"Benzinga","summary":"With US stock futures trading slightly lower this morning on Thursday, some of the stocks that may grab investor focus today are as follows:","content":"<html><head></head><body><p>With US stock futures trading slightly lower this morning on Thursday, some of the stocks that may grab investor focus today are as follows:</p><ul><li>Goldman Sachs analyst Eric Sheridan upgraded <b>Pinterest </b>(NYSE:PINS) to Buy from Neutral with a price target of $31, up from $24. Pinterest shares rose 3.7% to $25.55 in aftermarket trading Thursday.</li></ul><ul><li><b>Shell</b> (NYSE:SHEL) said on Thursday its third-quarter profits would be pressured by a near halving of oil refining margins, crumbling chemical margins and weaker natural gas trading. Shell shares slid 4.4% to $51.64 in premarket trading Thursday.</li></ul><ul><li><b>Costco Wholesale Corporation</b> (NASDAQ:COST) reported an 8.5% year-over-year surge in comparable sales for September. Its net sales for the retail month of September, the five weeks ended October 2, 2022, jumped 10.1% year-over-year to $21.46 billion during the month. Costco shares rose 0.1% to $480.80 in the pre-market trading Thursday.</li></ul><ul><li><b>Ford Motor Company</b> (NYSE:F) is reportedly raising the price of its electric truck F-150 Lightning Pro for its 2023 model by close to 11%, in a bid to soften the hit from ongoing supply chain snags and decades-high inflation, Reuters reported. Ford shares fell 0.7% to $12.42 in pre-market trading Thursday.</li></ul><ul><li>Wall Street expects <b>Constellation Brands, Inc.</b> (NYSE:STZ) to report quarterly earnings at $2.81 per share on revenue of $2.51 billion before the opening bell. Constellation Brands shares rose 1.1% to $238.45 in after-hours trading Wednesday.</li></ul><ul><li>Analysts are expecting <b>Conagra Brands, Inc.</b> (NYSE:CAG) to have earned $0.52 per share on revenue of $2.85 billion for the latest quarter. The company will release earnings before the markets open. Conagra shares gained 0.3% to $33.90 in after-hours trading Wednesday.</li></ul><ul><li>Analysts expect <b>McCormick & Company, Incorporated</b> (NYSE:MKC) to post quarterly earnings at $0.94 per share on revenue of $1.78 billion before the opening bell. McCormick shares fell 1.1% to $72.50 in after-hours trading Wednesday.</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>Pinterest, Ford, Shell, Costco And More: U.S. Stocks To Watch</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\">\nPinterest, Ford, Shell, Costco And More: U.S. Stocks To Watch\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-10-06 16:46</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>With US stock futures trading slightly lower this morning on Thursday, some of the stocks that may grab investor focus today are as follows:</p><ul><li>Goldman Sachs analyst Eric Sheridan upgraded <b>Pinterest </b>(NYSE:PINS) to Buy from Neutral with a price target of $31, up from $24. Pinterest shares rose 3.7% to $25.55 in aftermarket trading Thursday.</li></ul><ul><li><b>Shell</b> (NYSE:SHEL) said on Thursday its third-quarter profits would be pressured by a near halving of oil refining margins, crumbling chemical margins and weaker natural gas trading. Shell shares slid 4.4% to $51.64 in premarket trading Thursday.</li></ul><ul><li><b>Costco Wholesale Corporation</b> (NASDAQ:COST) reported an 8.5% year-over-year surge in comparable sales for September. Its net sales for the retail month of September, the five weeks ended October 2, 2022, jumped 10.1% year-over-year to $21.46 billion during the month. Costco shares rose 0.1% to $480.80 in the pre-market trading Thursday.</li></ul><ul><li><b>Ford Motor Company</b> (NYSE:F) is reportedly raising the price of its electric truck F-150 Lightning Pro for its 2023 model by close to 11%, in a bid to soften the hit from ongoing supply chain snags and decades-high inflation, Reuters reported. Ford shares fell 0.7% to $12.42 in pre-market trading Thursday.</li></ul><ul><li>Wall Street expects <b>Constellation Brands, Inc.</b> (NYSE:STZ) to report quarterly earnings at $2.81 per share on revenue of $2.51 billion before the opening bell. Constellation Brands shares rose 1.1% to $238.45 in after-hours trading Wednesday.</li></ul><ul><li>Analysts are expecting <b>Conagra Brands, Inc.</b> (NYSE:CAG) to have earned $0.52 per share on revenue of $2.85 billion for the latest quarter. The company will release earnings before the markets open. Conagra shares gained 0.3% to $33.90 in after-hours trading Wednesday.</li></ul><ul><li>Analysts expect <b>McCormick & Company, Incorporated</b> (NYSE:MKC) to post quarterly earnings at $0.94 per share on revenue of $1.78 billion before the opening bell. McCormick shares fell 1.1% to $72.50 in after-hours trading Wednesday.</li></ul></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAG":"康尼格拉","COST":"好市多","MKC":"味好美","PINS":"Pinterest, Inc.","F":"福特汽车","STZ":"星座品牌","SHEL":"SHELL PLC SPON ADS EACH REPR 2 ORD SHS"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2273387298","content_text":"With US stock futures trading slightly lower this morning on Thursday, some of the stocks that may grab investor focus today are as follows:Goldman Sachs analyst Eric Sheridan upgraded Pinterest (NYSE:PINS) to Buy from Neutral with a price target of $31, up from $24. Pinterest shares rose 3.7% to $25.55 in aftermarket trading Thursday.Shell (NYSE:SHEL) said on Thursday its third-quarter profits would be pressured by a near halving of oil refining margins, crumbling chemical margins and weaker natural gas trading. Shell shares slid 4.4% to $51.64 in premarket trading Thursday.Costco Wholesale Corporation (NASDAQ:COST) reported an 8.5% year-over-year surge in comparable sales for September. Its net sales for the retail month of September, the five weeks ended October 2, 2022, jumped 10.1% year-over-year to $21.46 billion during the month. Costco shares rose 0.1% to $480.80 in the pre-market trading Thursday.Ford Motor Company (NYSE:F) is reportedly raising the price of its electric truck F-150 Lightning Pro for its 2023 model by close to 11%, in a bid to soften the hit from ongoing supply chain snags and decades-high inflation, Reuters reported. Ford shares fell 0.7% to $12.42 in pre-market trading Thursday.Wall Street expects Constellation Brands, Inc. (NYSE:STZ) to report quarterly earnings at $2.81 per share on revenue of $2.51 billion before the opening bell. Constellation Brands shares rose 1.1% to $238.45 in after-hours trading Wednesday.Analysts are expecting Conagra Brands, Inc. (NYSE:CAG) to have earned $0.52 per share on revenue of $2.85 billion for the latest quarter. The company will release earnings before the markets open. Conagra shares gained 0.3% to $33.90 in after-hours trading Wednesday.Analysts expect McCormick & Company, Incorporated (NYSE:MKC) to post quarterly earnings at $0.94 per share on revenue of $1.78 billion before the opening bell. McCormick shares fell 1.1% to $72.50 in after-hours trading Wednesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031858005,"gmtCreate":1646528146588,"gmtModify":1676534136456,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Based on new sources: conflict/war = higher commodity prices (inflation) = higher possibility of interest rate hikes = bad for equities. Wonder who really go dig up historical records for this and examine whether it is true.","listText":"Based on new sources: conflict/war = higher commodity prices (inflation) = higher possibility of interest rate hikes = bad for equities. Wonder who really go dig up historical records for this and examine whether it is true.","text":"Based on new sources: conflict/war = higher commodity prices (inflation) = higher possibility of interest rate hikes = bad for equities. Wonder who really go dig up historical records for this and examine whether it is true.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031858005","repostId":"2217746440","repostType":4,"isVote":1,"tweetType":1,"viewCount":317,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3479274809858351","authorId":"3479274809858351","name":"twinkle5","avatar":"https://static.tigerbbs.com/1199212883bdd6438fe9209c5a43f33d","crmLevel":1,"crmLevelSwitch":0,"idStr":"3479274809858351","authorIdStr":"3479274809858351"},"content":"War is bad for everything. I hope the disputes can be ended soon and the financial market can be gradually stabilized.","text":"War is bad for everything. I hope the disputes can be ended soon and the financial market can be gradually stabilized.","html":"War is bad for everything. I hope the disputes can be ended soon and the financial market can be gradually stabilized."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039360285,"gmtCreate":1645926176765,"gmtModify":1676534075116,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"This article is music to the ears of all Apple shareholders in Tiger Broker which is alot (:","listText":"This article is music to the ears of all Apple shareholders in Tiger Broker which is alot (:","text":"This article is music to the ears of all Apple shareholders in Tiger Broker which is alot (:","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039360285","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966308961,"gmtCreate":1669413225253,"gmtModify":1676538193515,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9966308961","repostId":"2285438248","repostType":4,"repost":{"id":"2285438248","pubTimestamp":1669363390,"share":"https://ttm.financial/m/news/2285438248?lang=&edition=fundamental","pubTime":"2022-11-25 16:03","market":"us","language":"en","title":"Apple: Digesting This Souring Pie","url":"https://stock-news.laohu8.com/highlight/detail?id=2285438248","media":"Seeking Alpha","summary":"SummaryWe are short-term bearish on Apple, but outline a trade for when the stock falls again.We are","content":"<html><head></head><body><h2>Summary</h2><ul><li>We are short-term bearish on Apple, but outline a trade for when the stock falls again.</li><li>We are still in a rate hike cycle, and the general market has rallied hard.</li><li>Valuation is stretched considering growth has slowed to a crawl, and that does not even account for what a mild or moderate recession could look like.</li><li>There are major issues with production.</li><li>Let it fall.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98aaa6991c907012babe7fa574645eb8\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>kimberrywood/iStock via Getty Images</span></p><p>We want to start this column by stating that Apple (NASDAQ:AAPL) is one of our core holdings, and our analysts all own it in their personal long-term accounts for close to a decade. But, when Apple surged inlate summer, we started selling chunks of the position. We are short-term bearish here, though we are buyers lower. Look, this is one of the greatest companies ever. No doubt. But, this is still a stock, and we like to trade around the core position. In this column, we highlight fundamental concerns that we have in the near-term. We are glad we were selling on strength in September and again in late October. Now, we sold more small pieces of more than just Apple, but it was our take that we could come back to Apple and repurchase the shares at better levels, and a more reasonable valuation. Shares are now down about 12% from where we sold some, and about 7% from our last round of selling. We want the stock to come lower before coming back in. The market has been up big the last few weeks, and Apple has not done much. Apple also has a lot of problems in China. It also has chip issues, and there are questions on demand. We would let it drop ideally to $130 again, which we think is easily in the cards. It will only take a few bad sessions, and we are in an interest rate hiking cycle. Like it or not, the market right now may be a touch overbought, even though it was recovering from an oversold situation. Use this to your advantage to compound gains in this great stock. Let it come down.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59b276b117db7b1fe6933c4048b4d34\" tg-width=\"640\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/><span>BAD BEAT Investing</span></p><p>Here is how we would play this. This trade is outlined for possible new money coming into the stock. We do think we are in a mild buy zone in the mid $140s, and a strong buy zone in the low 130s. We suspect shares will fall, we are bearish short-term, but here is how we would get long.</p><p>The play</p><p>Target entry 1: $144-$145 (25% of position)</p><p>Target entry 2: $135-$136 (30% of position)</p><p>Target entry 3: $130-$131 (45% of position)</p><p>With the VIX down to about 21, call options can be purchased. Frankly, with the high volume and liquidity, we like LEAPS. Go out 13 months, and look to $150 strikes. You can also scale into them, and look to exit on a rally that puts you up at least 30%. Lots of time, and the calls are cheaper than they have been in months. We are short-term bearish, but long-term bullish.</p><h2>Performance discussion</h2><p>The performance of the company remains strong. The recently reported Q4 was well covered by many of our colleagues but we would like to reiterate a few highlights as they are integral to deciding to still hold a core position, even if we are trading around ours.</p><p>Yes, Q3 2022 was another fourth-quarter record revenue of $90.1 billion. These revenues rose nicely by 8% year-over-year. Folks, once again there was solid growth in products and services. The company just grows reliably as it penetrates new markets, and continues to be a dominating brand. The products revenue jumped 9% to $71.0 billion vs. $65.1 billion a year ago. Within the products there was strength in all lines except iPad. Could consumers be saturated with products? The question is whether consumers will now delay upgrades with a possible recession coming. The risk is real. It does not mean the company is going to see massive declines. But the pace of growth could potentially stall to flat if the recession is moderate. iPhone continues to be a winner, with iPhone revenue of $42.6 billion vs. $38.9 billion a year ago, a 9.5% gain. Winning. Mac revenue rose a strong 25% to $11.5 billion. Strong, but this strength was offset by lower sales of iPads, where revenue fell 13.1% to $7.2 billion. But accessories and wearables remained strong as revenue grew 8.5% to $9.7 billion. At the same time, service revenue remains solid, which grew to $19.2 billion.</p><p>We think it is worth noting the gains, because it suggests demand is still robust. There have been questions on demand for devices, but thus far, it remains strong. The holiday quarter here will be telling, and we standby the risk to demand should recession hit. Margins remains strong, as the cost of sales rose at a commensurate pace with revenue growth. Gross margins were 53.7%. Stellar, but did dip from 54.0% last year. Very mildly bearish, but something to watch as inflation is leading to higher input and material cost, as well as labor. Operating expenses rose over 15%, with higher research and development costs weighing. Still, the company generated over $24 billion in operating cash flow, which is strong.</p><p>Overall, the EPS of $1.29 rose 4% from a year ago, and surpassed consensus by $0.02. Annual EPS was $6.11. At $150 the stock is relatively expensive at 24.5X trailing EPS. On a forward looking basis, we have concerns over impacts to both supply and demand, as well as rising costs. This makes us justified in our selling 20-25 points higher. Shares are expensive, but the growth was 9% from 2021 to 2022. We are overpaying for modest growth, even with all of the amazing innovation from the company, the solid cash hoard, share repurchases, and the dividends. Mathematically, there are concerns, but this is why we view $135 or less as a good entry. At that level, 22X is more reasonable, and, when we think about fiscal 2023 earnings, we are factoring in minimal growth, and continued cost pressures. We are looking for revenue to grow 2-3%, and EPS to be up 2%-5%, assuming we do face a mild recession, and lower if it is worse. An early look suggests $6.25-$6.45, not counting any possible future share repurchases. This is why we are cautious, but at the midpoint, and at our last leg, just over 20X EPS. That would still be richly valued, but we still assign brand name premium here, and have to give credit for the huge cash on hand.</p><h2>Now, why do we think shares can and will fall?</h2><p>There are several ongoing issues. Do not mistake possible slower rate hikes as lower rates. We are still hiking here folks. The Fed wants a slowdown in the economy, and if we see unemployment build, wages normalize, and a still elevated dollar, Apple will face pressure. It will not be immune. This is just reality. But we have deeper issues on the supply side of things, as well as possible demand concerns.</p><p>China is a huge risk here. Apple would likely love to be divorced from the company if it could, but right now, it relies heavily on international production. Folks, the ongoing Chinese "zero-Covid policy" has caused huge issues with new iPhone 14 Pro production. With all of the COVID lockdowns many employees have left Foxconn, and now they are down nearly 100,000 employees. They simply cannot replace them in time. As such, two weeks ago Apple warned shipments would be heavily impacted. The supplier just does not have the capacity to meet the order demand, but is trying to tweak production schedules in China.</p><p>Now, supposedly, there has been hopes of China easing off its zero COVID policy. Markets got super bullish on this news recently, but we are now learning there are massive outbreaks again. We find it very tough to believe China will back off fully on this stance, despite the economic carnage the draconian lockdowns have caused. The factories where Apple's products are made is still subject to restrictions. Cases are skyrocketing. We would love to be wrong, but we think you are going to see more COVID restrictions. To help meet some of the demand, Foxconn will boost production in India but this is a longer-term impact as it will take a few years to staff as needed.</p><p>These concerns have led to downgrades to shipment estimates. JP Morgan sees the impact being as many as 5 million less iPhones in the holiday quarter, and that is just for the 14. At about $1,000 a pop let's say, well, you can do the math, its impacting $5 billion of shipments. That is a problem.</p><p>Here is the other issue. Apple has to be very careful. If they irritate the very sensitive Chinese government, it could put about 1/5th of its revenues at stake.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1581e9fbec92a0c8dde081063f426c2a\" tg-width=\"640\" tg-height=\"111\" referrerpolicy=\"no-referrer\"/><span>Apple 10-K October 2022</span></p><p>Folks, there are tons of sales in China. So it has to be very cautious and let China call the shots over there. If China hinted at some sort of ban or even limitations, the stock would crater.</p><p>For now, we believe the company will toe the line, and hope that China does ease its aggressive fight against COVID to help production. While the iPhones will eventually be shipped and revenue still come in, this is a good way to alienate customers who may not be as loyal as others and push them to other devices. This is a true risk.</p><h2>Take home</h2><p>Honestly we are bearish in the short-term, but want to use the weakness when it comes to do some buying. We rate the shares as bearish here, because we are near-term bearish. However, we have set up a trade. We have to wait for the pullback. The market has rallied hard. A few bad sessions is all it will take to lower Apple shares further. Any more negative news from China, or other production issues will hurt. Growth has stalled, and that is not even factoring in the potential impacts of a recession. Let it fall another 10% or so.</p><p><i>This article is written by </i><i>Quad 7 Capital</i><i> for reference only. Please note the risks.</i></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>Apple: Digesting This Souring Pie</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: Digesting This Souring Pie\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-25 16:03 GMT+8 <a href=https://seekingalpha.com/article/4560362-apple-digesting-this-souring-pie><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryWe are short-term bearish on Apple, but outline a trade for when the stock falls again.We are still in a rate hike cycle, and the general market has rallied hard.Valuation is stretched ...</p>\n\n<a href=\"https://seekingalpha.com/article/4560362-apple-digesting-this-souring-pie\">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/4560362-apple-digesting-this-souring-pie","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285438248","content_text":"SummaryWe are short-term bearish on Apple, but outline a trade for when the stock falls again.We are still in a rate hike cycle, and the general market has rallied hard.Valuation is stretched considering growth has slowed to a crawl, and that does not even account for what a mild or moderate recession could look like.There are major issues with production.Let it fall.kimberrywood/iStock via Getty ImagesWe want to start this column by stating that Apple (NASDAQ:AAPL) is one of our core holdings, and our analysts all own it in their personal long-term accounts for close to a decade. But, when Apple surged inlate summer, we started selling chunks of the position. We are short-term bearish here, though we are buyers lower. Look, this is one of the greatest companies ever. No doubt. But, this is still a stock, and we like to trade around the core position. In this column, we highlight fundamental concerns that we have in the near-term. We are glad we were selling on strength in September and again in late October. Now, we sold more small pieces of more than just Apple, but it was our take that we could come back to Apple and repurchase the shares at better levels, and a more reasonable valuation. Shares are now down about 12% from where we sold some, and about 7% from our last round of selling. We want the stock to come lower before coming back in. The market has been up big the last few weeks, and Apple has not done much. Apple also has a lot of problems in China. It also has chip issues, and there are questions on demand. We would let it drop ideally to $130 again, which we think is easily in the cards. It will only take a few bad sessions, and we are in an interest rate hiking cycle. Like it or not, the market right now may be a touch overbought, even though it was recovering from an oversold situation. Use this to your advantage to compound gains in this great stock. Let it come down.BAD BEAT InvestingHere is how we would play this. This trade is outlined for possible new money coming into the stock. We do think we are in a mild buy zone in the mid $140s, and a strong buy zone in the low 130s. We suspect shares will fall, we are bearish short-term, but here is how we would get long.The playTarget entry 1: $144-$145 (25% of position)Target entry 2: $135-$136 (30% of position)Target entry 3: $130-$131 (45% of position)With the VIX down to about 21, call options can be purchased. Frankly, with the high volume and liquidity, we like LEAPS. Go out 13 months, and look to $150 strikes. You can also scale into them, and look to exit on a rally that puts you up at least 30%. Lots of time, and the calls are cheaper than they have been in months. We are short-term bearish, but long-term bullish.Performance discussionThe performance of the company remains strong. The recently reported Q4 was well covered by many of our colleagues but we would like to reiterate a few highlights as they are integral to deciding to still hold a core position, even if we are trading around ours.Yes, Q3 2022 was another fourth-quarter record revenue of $90.1 billion. These revenues rose nicely by 8% year-over-year. Folks, once again there was solid growth in products and services. The company just grows reliably as it penetrates new markets, and continues to be a dominating brand. The products revenue jumped 9% to $71.0 billion vs. $65.1 billion a year ago. Within the products there was strength in all lines except iPad. Could consumers be saturated with products? The question is whether consumers will now delay upgrades with a possible recession coming. The risk is real. It does not mean the company is going to see massive declines. But the pace of growth could potentially stall to flat if the recession is moderate. iPhone continues to be a winner, with iPhone revenue of $42.6 billion vs. $38.9 billion a year ago, a 9.5% gain. Winning. Mac revenue rose a strong 25% to $11.5 billion. Strong, but this strength was offset by lower sales of iPads, where revenue fell 13.1% to $7.2 billion. But accessories and wearables remained strong as revenue grew 8.5% to $9.7 billion. At the same time, service revenue remains solid, which grew to $19.2 billion.We think it is worth noting the gains, because it suggests demand is still robust. There have been questions on demand for devices, but thus far, it remains strong. The holiday quarter here will be telling, and we standby the risk to demand should recession hit. Margins remains strong, as the cost of sales rose at a commensurate pace with revenue growth. Gross margins were 53.7%. Stellar, but did dip from 54.0% last year. Very mildly bearish, but something to watch as inflation is leading to higher input and material cost, as well as labor. Operating expenses rose over 15%, with higher research and development costs weighing. Still, the company generated over $24 billion in operating cash flow, which is strong.Overall, the EPS of $1.29 rose 4% from a year ago, and surpassed consensus by $0.02. Annual EPS was $6.11. At $150 the stock is relatively expensive at 24.5X trailing EPS. On a forward looking basis, we have concerns over impacts to both supply and demand, as well as rising costs. This makes us justified in our selling 20-25 points higher. Shares are expensive, but the growth was 9% from 2021 to 2022. We are overpaying for modest growth, even with all of the amazing innovation from the company, the solid cash hoard, share repurchases, and the dividends. Mathematically, there are concerns, but this is why we view $135 or less as a good entry. At that level, 22X is more reasonable, and, when we think about fiscal 2023 earnings, we are factoring in minimal growth, and continued cost pressures. We are looking for revenue to grow 2-3%, and EPS to be up 2%-5%, assuming we do face a mild recession, and lower if it is worse. An early look suggests $6.25-$6.45, not counting any possible future share repurchases. This is why we are cautious, but at the midpoint, and at our last leg, just over 20X EPS. That would still be richly valued, but we still assign brand name premium here, and have to give credit for the huge cash on hand.Now, why do we think shares can and will fall?There are several ongoing issues. Do not mistake possible slower rate hikes as lower rates. We are still hiking here folks. The Fed wants a slowdown in the economy, and if we see unemployment build, wages normalize, and a still elevated dollar, Apple will face pressure. It will not be immune. This is just reality. But we have deeper issues on the supply side of things, as well as possible demand concerns.China is a huge risk here. Apple would likely love to be divorced from the company if it could, but right now, it relies heavily on international production. Folks, the ongoing Chinese \"zero-Covid policy\" has caused huge issues with new iPhone 14 Pro production. With all of the COVID lockdowns many employees have left Foxconn, and now they are down nearly 100,000 employees. They simply cannot replace them in time. As such, two weeks ago Apple warned shipments would be heavily impacted. The supplier just does not have the capacity to meet the order demand, but is trying to tweak production schedules in China.Now, supposedly, there has been hopes of China easing off its zero COVID policy. Markets got super bullish on this news recently, but we are now learning there are massive outbreaks again. We find it very tough to believe China will back off fully on this stance, despite the economic carnage the draconian lockdowns have caused. The factories where Apple's products are made is still subject to restrictions. Cases are skyrocketing. We would love to be wrong, but we think you are going to see more COVID restrictions. To help meet some of the demand, Foxconn will boost production in India but this is a longer-term impact as it will take a few years to staff as needed.These concerns have led to downgrades to shipment estimates. JP Morgan sees the impact being as many as 5 million less iPhones in the holiday quarter, and that is just for the 14. At about $1,000 a pop let's say, well, you can do the math, its impacting $5 billion of shipments. That is a problem.Here is the other issue. Apple has to be very careful. If they irritate the very sensitive Chinese government, it could put about 1/5th of its revenues at stake.Apple 10-K October 2022Folks, there are tons of sales in China. So it has to be very cautious and let China call the shots over there. If China hinted at some sort of ban or even limitations, the stock would crater.For now, we believe the company will toe the line, and hope that China does ease its aggressive fight against COVID to help production. While the iPhones will eventually be shipped and revenue still come in, this is a good way to alienate customers who may not be as loyal as others and push them to other devices. This is a true risk.Take homeHonestly we are bearish in the short-term, but want to use the weakness when it comes to do some buying. We rate the shares as bearish here, because we are near-term bearish. However, we have set up a trade. We have to wait for the pullback. The market has rallied hard. A few bad sessions is all it will take to lower Apple shares further. Any more negative news from China, or other production issues will hurt. Growth has stalled, and that is not even factoring in the potential impacts of a recession. Let it fall another 10% or so.This article is written by Quad 7 Capital for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096497542,"gmtCreate":1644447719737,"gmtModify":1676533926233,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Huat ah","listText":"Huat ah","text":"Huat ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096497542","repostId":"1154751327","repostType":4,"repost":{"id":"1154751327","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":1644419033,"share":"https://ttm.financial/m/news/1154751327?lang=&edition=fundamental","pubTime":"2022-02-09 23:03","market":"us","language":"en","title":"Alibaba Shares Jumped over 3% in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1154751327","media":"Tiger Newspress","summary":"Alibaba Shares Jumped over 3% in Morning Trading. Softbank Said Additional Alibaba ADS Not Tied to A","content":"<html><head></head><body><p>Alibaba Shares Jumped over 3% in Morning Trading. Softbank Said Additional Alibaba ADS Not Tied to Any Specific Future Softbank Transaction.<img src=\"https://static.tigerbbs.com/ded43a9d79c85fd086b9d3d2dbcd926d\" tg-width=\"872\" tg-height=\"639\" referrerpolicy=\"no-referrer\"/>Alibaba's recent registration of additional American Depository Shares is not tied to any specific future transaction by SoftBank Group Corp, a spokesperson for the Japanese conglomerate said on Wednesday.</p><p>"The registration of the ADR conversion facility (F6 filing, which was filed by Alibaba), including its size, is not tied to any specific future transaction by SBG," SoftBank said in a statement to Reuters.</p><p>E-commerce giant Alibaba last week filed to register an additional one billion American Depository Shares. The move, Citigroup analysts said this week, "might also suggest potential selling intention by SoftBank."</p><p>"Since Softbank has been a pre-IPO investor, we believe a large proportion of those shares have not been previously registered as ADS," Citi analysts including Alicia Yap wrote.</p><p>SoftBank's stake of around 25% in Alibaba is worth around $82 billion and has its origins in a $20 million investment in 2000. Alibaba's shares have fallen by 60% since highs in October 2020.</p><p></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>Alibaba Shares Jumped over 3% in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Shares Jumped over 3% in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-09 23:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Alibaba Shares Jumped over 3% in Morning Trading. Softbank Said Additional Alibaba ADS Not Tied to Any Specific Future Softbank Transaction.<img src=\"https://static.tigerbbs.com/ded43a9d79c85fd086b9d3d2dbcd926d\" tg-width=\"872\" tg-height=\"639\" referrerpolicy=\"no-referrer\"/>Alibaba's recent registration of additional American Depository Shares is not tied to any specific future transaction by SoftBank Group Corp, a spokesperson for the Japanese conglomerate said on Wednesday.</p><p>"The registration of the ADR conversion facility (F6 filing, which was filed by Alibaba), including its size, is not tied to any specific future transaction by SBG," SoftBank said in a statement to Reuters.</p><p>E-commerce giant Alibaba last week filed to register an additional one billion American Depository Shares. The move, Citigroup analysts said this week, "might also suggest potential selling intention by SoftBank."</p><p>"Since Softbank has been a pre-IPO investor, we believe a large proportion of those shares have not been previously registered as ADS," Citi analysts including Alicia Yap wrote.</p><p>SoftBank's stake of around 25% in Alibaba is worth around $82 billion and has its origins in a $20 million investment in 2000. Alibaba's shares have fallen by 60% since highs in October 2020.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154751327","content_text":"Alibaba Shares Jumped over 3% in Morning Trading. Softbank Said Additional Alibaba ADS Not Tied to Any Specific Future Softbank Transaction.Alibaba's recent registration of additional American Depository Shares is not tied to any specific future transaction by SoftBank Group Corp, a spokesperson for the Japanese conglomerate said on Wednesday.\"The registration of the ADR conversion facility (F6 filing, which was filed by Alibaba), including its size, is not tied to any specific future transaction by SBG,\" SoftBank said in a statement to Reuters.E-commerce giant Alibaba last week filed to register an additional one billion American Depository Shares. The move, Citigroup analysts said this week, \"might also suggest potential selling intention by SoftBank.\"\"Since Softbank has been a pre-IPO investor, we believe a large proportion of those shares have not been previously registered as ADS,\" Citi analysts including Alicia Yap wrote.SoftBank's stake of around 25% in Alibaba is worth around $82 billion and has its origins in a $20 million investment in 2000. Alibaba's shares have fallen by 60% since highs in October 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002324655,"gmtCreate":1641927631952,"gmtModify":1676533662433,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"With Central Banks around the world flooding the market with cash, government stimulus and Covid-19 induced labour shortage and supply chain issues, hard not to have inflation. ","listText":"With Central Banks around the world flooding the market with cash, government stimulus and Covid-19 induced labour shortage and supply chain issues, hard not to have inflation. ","text":"With Central Banks around the world flooding the market with cash, government stimulus and Covid-19 induced labour shortage and supply chain issues, hard not to have inflation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002324655","repostId":"2202789402","repostType":4,"repost":{"id":"2202789402","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1641916140,"share":"https://ttm.financial/m/news/2202789402?lang=&edition=fundamental","pubTime":"2022-01-11 23:49","market":"us","language":"en","title":"Fed may start shrinking its balance sheet this year, says Powell","url":"https://stock-news.laohu8.com/highlight/detail?id=2202789402","media":"Dow Jones","summary":"Fed's Powell: Fed may start shrinking its balance sheet this year. High inflation will last 'well in","content":"<html><head></head><body><p>Fed's Powell: Fed may start shrinking its balance sheet this year. High inflation will last 'well into the middle of this year'.Omicron may cause a pause in growth but 'it should be short-lived'.</p><p>Dow down over 200 points as investors focus on testimony from Fed’s Powell.</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 may start shrinking its balance sheet this year, says Powell</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 may start shrinking its balance sheet this year, says Powell\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-01-11 23:49</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Fed's Powell: Fed may start shrinking its balance sheet this year. High inflation will last 'well into the middle of this year'.Omicron may cause a pause in growth but 'it should be short-lived'.</p><p>Dow down over 200 points as investors focus on testimony from Fed’s Powell.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","BK4096":"电气部件与设备"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2202789402","content_text":"Fed's Powell: Fed may start shrinking its balance sheet this year. High inflation will last 'well into the middle of this year'.Omicron may cause a pause in growth but 'it should be short-lived'.Dow down over 200 points as investors focus on testimony from Fed’s Powell.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9916842874,"gmtCreate":1664579994398,"gmtModify":1676537478544,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9916842874","repostId":"2271971706","repostType":4,"repost":{"id":"2271971706","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":1664551545,"share":"https://ttm.financial/m/news/2271971706?lang=&edition=fundamental","pubTime":"2022-09-30 23:25","market":"us","language":"en","title":"U.S. Investors Brace for More Wild Market Gyrations After Dizzying Q3","url":"https://stock-news.laohu8.com/highlight/detail?id=2271971706","media":"Reuters","summary":"(Reuters) - In a year of wild market swings, the third quarter of 2022 was a time when events took a","content":"<html><head></head><body><p>(Reuters) - In a year of wild market swings, the third quarter of 2022 was a time when events took a truly extraordinary turn.</p><p>As the Federal Reserve ratcheted up its monetary policy tightening to tame the worst inflation in decades, U.S. Treasury yields shot to their highest levels in more than a decade and stocks reversed a summer rally to plumb fresh depths.</p><p>The S&P 500 is down nearly 24% year-to-date, while yields on the benchmark 10 year Treasury note, which move inversely to bond prices, recently hit their highest level since 2008.</p><p>Outside the United States, the soaring dollar spurred big declines in global currencies, pushing Japan to support the yen for the first time in years. A slump in British government bond prices, meanwhile, forced the Bank of England to carry out temporary purchases of long-dated gilts. Many investors are looking to the next three months with trepidation, betting the selloff in U.S. stocks will continue until there are signs the Fed is winning its battle against inflation. Yet the last quarter of the year has often been a beneficial time for U.S. equities, spurring hopes that markets may have already seen the worst of the selloff.</p><h3>PASS THE DIP</h3><p>The strategy of buying stock market dips yielded rich rewards for investors in the past but failed badly in 2022: the S&P 500 has rallied by 6% or more four times this year and went on to make a fresh low in each instance.</p><p>The third quarter saw the index rise by nearly 14% before reversing to make a fresh two-year low in September after investors recalibrated their expectations for even more aggressive Fed tightening.</p><h3>LOOK OUT BELOW?</h3><p>With several big Wall Street banks expecting the benchmark index to end the year below current levels - Bank of America and Goldman Sachs both recently published year-end targets of 3,600 - the outlook for dip-buying remains murky.</p><p>In addition, the current bear market, which has so far lasted 268 days and notched a peak-to-trough decline of about 24%, is still relatively short and shallow compared with past drops. Since 1950, the average bear market has lasted 391 days with an average peak-to-trough drop of 35.6%, according to Yardeni Research.</p><h3>LOOK TO BONDS</h3><p>Though equities have been volatile, the gyrations in bond markets have been comparatively worse.</p><p>The ICE BofAML U.S. Bond Market Option Volatility Estimate Index shot to its highest level since March 2020 as the ICE BofA US Treasury index is on track for its biggest annual drop on record.</p><p>By comparison, the Cboe Volatility Index - the so-called Wall Street "fear gauge" - has failed to scale its March peak.</p><p>Some investors believe stock turbulence will continue until bond markets calm down.</p><p>"I think there is a good scenario where once we get through the bond market violence, we get to a more tradable bottom (for stocks)," said Michael Purves, chief executive at Tallbacken Capital Advisors in New York.</p><h3>…AND THE DOLLAR</h3><p>Soaring U.S. interest rates, a relatively robust American economy and investors' reach for safe haven amidst a rise in financial market volatility has boosted the U.S. dollar – to the detriment of other global currencies.</p><p>The greenback is up about 7% for the quarter against a basket of currencies and stands near its highest level since May 2002. The dollar’s strength has the Bank of Japan to shore up the yen through interventions while also presenting an earnings headwind for U.S. corporates.</p><p>"Market risk-takers are grappling with the double-barreled threat of persistent dollar strength and dramatically higher interest rates," Jack Ablin, chief investment officer at Cresset Capital, said in a note.</p><h3>EARNINGS TEST</h3><p>Third quarter earnings may present another obstacle to markets, as companies factor in everything from dollar-fueled currency headwinds to supply chain issues.</p><p>Analysts have become more downbeat on third quarter profit growth, with consensus estimates falling to 4.6% from 7.2% in early August, according to Refinitiv IBES. So far, that is only slightly worse than the median 2.2 percentage point decline ahead of reporting periods historically, yet warnings from companies such as FedEX and Ford have hinted at the possibility of more pain to come.</p><h3>'TIS THE SEASON</h3><p>The calendar may offer weary stock investors some hope.</p><p>The fourth quarter is historically the best period for returns for major U.S. stock indexes, with the S&P 500 averaging a 4.2% gain since 1949, according to the Stock Trader's Almanac.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Investors Brace for More Wild Market Gyrations After Dizzying Q3</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Investors Brace for More Wild Market Gyrations After Dizzying Q3\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-09-30 23:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - In a year of wild market swings, the third quarter of 2022 was a time when events took a truly extraordinary turn.</p><p>As the Federal Reserve ratcheted up its monetary policy tightening to tame the worst inflation in decades, U.S. Treasury yields shot to their highest levels in more than a decade and stocks reversed a summer rally to plumb fresh depths.</p><p>The S&P 500 is down nearly 24% year-to-date, while yields on the benchmark 10 year Treasury note, which move inversely to bond prices, recently hit their highest level since 2008.</p><p>Outside the United States, the soaring dollar spurred big declines in global currencies, pushing Japan to support the yen for the first time in years. A slump in British government bond prices, meanwhile, forced the Bank of England to carry out temporary purchases of long-dated gilts. Many investors are looking to the next three months with trepidation, betting the selloff in U.S. stocks will continue until there are signs the Fed is winning its battle against inflation. Yet the last quarter of the year has often been a beneficial time for U.S. equities, spurring hopes that markets may have already seen the worst of the selloff.</p><h3>PASS THE DIP</h3><p>The strategy of buying stock market dips yielded rich rewards for investors in the past but failed badly in 2022: the S&P 500 has rallied by 6% or more four times this year and went on to make a fresh low in each instance.</p><p>The third quarter saw the index rise by nearly 14% before reversing to make a fresh two-year low in September after investors recalibrated their expectations for even more aggressive Fed tightening.</p><h3>LOOK OUT BELOW?</h3><p>With several big Wall Street banks expecting the benchmark index to end the year below current levels - Bank of America and Goldman Sachs both recently published year-end targets of 3,600 - the outlook for dip-buying remains murky.</p><p>In addition, the current bear market, which has so far lasted 268 days and notched a peak-to-trough decline of about 24%, is still relatively short and shallow compared with past drops. Since 1950, the average bear market has lasted 391 days with an average peak-to-trough drop of 35.6%, according to Yardeni Research.</p><h3>LOOK TO BONDS</h3><p>Though equities have been volatile, the gyrations in bond markets have been comparatively worse.</p><p>The ICE BofAML U.S. Bond Market Option Volatility Estimate Index shot to its highest level since March 2020 as the ICE BofA US Treasury index is on track for its biggest annual drop on record.</p><p>By comparison, the Cboe Volatility Index - the so-called Wall Street "fear gauge" - has failed to scale its March peak.</p><p>Some investors believe stock turbulence will continue until bond markets calm down.</p><p>"I think there is a good scenario where once we get through the bond market violence, we get to a more tradable bottom (for stocks)," said Michael Purves, chief executive at Tallbacken Capital Advisors in New York.</p><h3>…AND THE DOLLAR</h3><p>Soaring U.S. interest rates, a relatively robust American economy and investors' reach for safe haven amidst a rise in financial market volatility has boosted the U.S. dollar – to the detriment of other global currencies.</p><p>The greenback is up about 7% for the quarter against a basket of currencies and stands near its highest level since May 2002. The dollar’s strength has the Bank of Japan to shore up the yen through interventions while also presenting an earnings headwind for U.S. corporates.</p><p>"Market risk-takers are grappling with the double-barreled threat of persistent dollar strength and dramatically higher interest rates," Jack Ablin, chief investment officer at Cresset Capital, said in a note.</p><h3>EARNINGS TEST</h3><p>Third quarter earnings may present another obstacle to markets, as companies factor in everything from dollar-fueled currency headwinds to supply chain issues.</p><p>Analysts have become more downbeat on third quarter profit growth, with consensus estimates falling to 4.6% from 7.2% in early August, according to Refinitiv IBES. So far, that is only slightly worse than the median 2.2 percentage point decline ahead of reporting periods historically, yet warnings from companies such as FedEX and Ford have hinted at the possibility of more pain to come.</p><h3>'TIS THE SEASON</h3><p>The calendar may offer weary stock investors some hope.</p><p>The fourth quarter is historically the best period for returns for major U.S. stock indexes, with the S&P 500 averaging a 4.2% gain since 1949, according to the Stock Trader's Almanac.</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"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2271971706","content_text":"(Reuters) - In a year of wild market swings, the third quarter of 2022 was a time when events took a truly extraordinary turn.As the Federal Reserve ratcheted up its monetary policy tightening to tame the worst inflation in decades, U.S. Treasury yields shot to their highest levels in more than a decade and stocks reversed a summer rally to plumb fresh depths.The S&P 500 is down nearly 24% year-to-date, while yields on the benchmark 10 year Treasury note, which move inversely to bond prices, recently hit their highest level since 2008.Outside the United States, the soaring dollar spurred big declines in global currencies, pushing Japan to support the yen for the first time in years. A slump in British government bond prices, meanwhile, forced the Bank of England to carry out temporary purchases of long-dated gilts. Many investors are looking to the next three months with trepidation, betting the selloff in U.S. stocks will continue until there are signs the Fed is winning its battle against inflation. Yet the last quarter of the year has often been a beneficial time for U.S. equities, spurring hopes that markets may have already seen the worst of the selloff.PASS THE DIPThe strategy of buying stock market dips yielded rich rewards for investors in the past but failed badly in 2022: the S&P 500 has rallied by 6% or more four times this year and went on to make a fresh low in each instance.The third quarter saw the index rise by nearly 14% before reversing to make a fresh two-year low in September after investors recalibrated their expectations for even more aggressive Fed tightening.LOOK OUT BELOW?With several big Wall Street banks expecting the benchmark index to end the year below current levels - Bank of America and Goldman Sachs both recently published year-end targets of 3,600 - the outlook for dip-buying remains murky.In addition, the current bear market, which has so far lasted 268 days and notched a peak-to-trough decline of about 24%, is still relatively short and shallow compared with past drops. Since 1950, the average bear market has lasted 391 days with an average peak-to-trough drop of 35.6%, according to Yardeni Research.LOOK TO BONDSThough equities have been volatile, the gyrations in bond markets have been comparatively worse.The ICE BofAML U.S. Bond Market Option Volatility Estimate Index shot to its highest level since March 2020 as the ICE BofA US Treasury index is on track for its biggest annual drop on record.By comparison, the Cboe Volatility Index - the so-called Wall Street \"fear gauge\" - has failed to scale its March peak.Some investors believe stock turbulence will continue until bond markets calm down.\"I think there is a good scenario where once we get through the bond market violence, we get to a more tradable bottom (for stocks),\" said Michael Purves, chief executive at Tallbacken Capital Advisors in New York.…AND THE DOLLARSoaring U.S. interest rates, a relatively robust American economy and investors' reach for safe haven amidst a rise in financial market volatility has boosted the U.S. dollar – to the detriment of other global currencies.The greenback is up about 7% for the quarter against a basket of currencies and stands near its highest level since May 2002. The dollar’s strength has the Bank of Japan to shore up the yen through interventions while also presenting an earnings headwind for U.S. corporates.\"Market risk-takers are grappling with the double-barreled threat of persistent dollar strength and dramatically higher interest rates,\" Jack Ablin, chief investment officer at Cresset Capital, said in a note.EARNINGS TESTThird quarter earnings may present another obstacle to markets, as companies factor in everything from dollar-fueled currency headwinds to supply chain issues.Analysts have become more downbeat on third quarter profit growth, with consensus estimates falling to 4.6% from 7.2% in early August, according to Refinitiv IBES. So far, that is only slightly worse than the median 2.2 percentage point decline ahead of reporting periods historically, yet warnings from companies such as FedEX and Ford have hinted at the possibility of more pain to come.'TIS THE SEASONThe calendar may offer weary stock investors some hope.The fourth quarter is historically the best period for returns for major U.S. stock indexes, with the S&P 500 averaging a 4.2% gain since 1949, according to the Stock Trader's Almanac.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085745941,"gmtCreate":1650769653913,"gmtModify":1676534790040,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Thanks for the article!","listText":"Thanks for the article!","text":"Thanks for the article!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085745941","repostId":"2229416577","repostType":4,"repost":{"id":"2229416577","pubTimestamp":1650684004,"share":"https://ttm.financial/m/news/2229416577?lang=&edition=fundamental","pubTime":"2022-04-23 11:20","market":"us","language":"en","title":"Alibaba Vs. Amazon Stock: Back To Fundamentals","url":"https://stock-news.laohu8.com/highlight/detail?id=2229416577","media":"seekingalpha","summary":"SummaryThe stock market is notorious for completely ignoring business fundamentals at its extremes: ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The stock market is notorious for completely ignoring business fundamentals at its extremes: Either extreme greed or extreme fear.</li><li>A comparison between Alibaba and Amazon serves as an illustrating example of both of these extremes.</li><li>Alibaba now is completely dominated by fear, and its superior fundamentals are completely ignored by the market.</li><li>Amazon, on the other hand, despite its inferior profitability and mounting cash flow issues, trades at a considerable premium, not only relative to Alibaba but also to the overall market.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f8b5ac1c4e34f0e556f966ee340d8118\" tg-width=\"750\" tg-height=\"500\" referrerpolicy=\"no-referrer\"/><span>alexsl/iStock Unreleased via Getty Images</span></p><p><b>Thesis</b></p><p>The stock market is notorious for completely ignoring business fundamentals at both the greed and feel extreme, as illustrated by the current conditions of Alibaba (NYSE:BABA) and Amazon (NASDAQ:AMZN). The contrast between these two stocks is so stark that it not only serves to show a specific investment opportunity but also serves as a general example of market psychology. Admittedly, these two stocks are not entirely comparable and there are certainly differences. Some of the uncertainties and risks faced by BABA are not shared by AMZN.</p><p>And my thesis here is that the current market valuation has already priced in all the risks surrounding BABA. More specifically,</p><ul><li>BABA's stock price has recently become dominated by market sentiment and disconnected from fundamentals. Its stock prices easily fluctuated 10%-plus in a few days or even a single day recently in response to news and sentiments that may or may not have direct relevance to its business fundamentals. On the other hand, AMZN's stock price seemed to be immune from news and fundamentals. It has been trading sideways in a narrow range (and at an elevated valuation) despite its mounting cash flow issues and all the geopolitical and macroeconomic risks.</li><li>As shown in the next chart, both BABA and AMZN are valued at about 1.8x and 3.2x price to sales ratio, respectively, a discount by almost a factor of 2x (1.8x to be exact). As we look deeper next, the discount becomes even larger than on the surface. The second chart compares the profit margin between BABA and Amazon. BABA's EBIT profit margin is almost twice that of Amazon - not only shows BABA's superior profitability (and AMZN's concerning and deteriorating profitability) but also further highlights the valuation gap. The sales of BABA should be worth about 2x as valuable as that of AMZN because of the higher margin, but the current valuation is the opposite. And as you were seeing the remainder of this article, BABA also enjoys superior fundamentals in other keys aspects, such as R&D output, return on capital employed, and growth potential.</li><li>Finally, aside from their drastically different valuations, there are many comparable aspects between these two e-commerce giants. And a comparison between them could also provide insights into the evolving e-commerce landscape. Comparing what they are researching and developing gives us a peek at the future investment direction in this space.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edc32a62854da273e12174d4c8743211\" tg-width=\"640\" tg-height=\"229\" referrerpolicy=\"no-referrer\"/><span>Seeking Alpha</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9307ef042b92a9964176e9d55e850efc\" tg-width=\"640\" tg-height=\"228\" referrerpolicy=\"no-referrer\"/><span>Seeking Alpha</span></p><p><b>Both R&D aggressively but BABA enjoys way better yield</b></p><p>As mentioned in our earlier writings, we do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we are more focused on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D <i>process</i>.</p><p>So let's first see how well and sustainably BABA and AMZN can fund their new R&D efforts. The short answer is: Extremely well. The next chart shows the R&D expenses of BABA and AMZN over the past decade. As seen, both have been consistently investing heavily in R&D in recent years. AMZN didn't spend meaningfully on R&D before 2016. But since 2016, AMZN on average has been spending about 12% of its total revenue on R&D efforts. And BABA spends a bit less, on average 10%. Both levels are consistent with the average of other overachievers in the tech space, such as the FAAMG group.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0b7e323032c8f5c21cefbaad05f431d0\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"/><span>Author based on Seeking Alpha data</span></p><p>Then the next question is, how effective is their R&D process? This is where the contrast kicks in as shown in the next chart. The chart shows a variation of Buffett's $1 test on R&D expenses. Advised by Buffett, we do not only listen to CEOs' pitches on their brilliant new ideas that will shake the earth (again). We also examine the financials to see if their words are corroborated by the numbers. And in BABA and AMZN's cases, their numbers are shown here. The analysis method is detailed in our earlier writings and in summary:</p><blockquote><ul><li><i>The purpose of any corporate R&D is obviously to generate profit. Therefore, this analysis quantifies the yield by taking the ratio between profit and R&D expenditures. We used the operating cash flow as the measure for profit.</i></li><li><i>Also, most R&D investments do not produce any result in the same year. They typically have a lifetime of a few years. Therefore, this analysis assumes a three-year average investment cycle for R&D. And as a result, we used the three-year moving average of operating cash flow to represent this three-year cycle.</i></li></ul></blockquote><p>As you can see, the R&D yield for both has been remarkably consistent although at different levels. In BABA's case, its R&D yield has been steady around an average of $3.3 in recent years. This level of R&D yield is very competitive even among the overachieving FAAMG group. The FAAMG group boasts an average R&D yield of around $2 to $2.5 in recent years. And the only one that generates a significantly high R&D yield in this group is Apple (AAPL), which generates an R&D yield of $4.7 of profit output from every $1 of R&D expenses.</p><p>AMZN's R&D yield of $0.9, on the other hand, is substantially lower than BABA's and is also the lowest among the FAAMG group. And note that since AMZN didn't spend meaningfully on R&D before 2016, we only started reporting its R&D yield starting in 2016.</p><p>Next, we will examine their profitability to fuel their R&D efforts sustainably and also dive into some of the specific R&D efforts they are undertaking.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/900e44a75dee8b7ca4ba98a4fd84fe9f\" tg-width=\"640\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p><b>BABA enjoys far superior profitability</b></p><p>As explained in our earlier writings, to us, the most important profitability measure is ROCE (return on capital employed) because:</p><blockquote><i>ROCE considers the return of capital ACTUALLY employed and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimating the long-term growth rate. Because when we think as long-term business owners, the growth rate is "simply" the product of ROCE and reinvestment rate, i.e.,</i></blockquote><blockquote><i>Long-Term Growth Rate = ROCE * Reinvestment Rate</i></blockquote><p>The ROCE of both stocks has been detailed in our earlier articles and I will just directly quote the results below. In this analysis, I consider the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, and C) Research and development expenses are also capitalized. As you can see, BABA was able to maintain a remarkably high ROCE over the past decade. It has been astronomical in the early part of the decade exceeding 150%. It has declined due to all the drama in recent years that you are familiar with (China's tightened regulations, high tax rates, slow-down of the overall economic growth in China, et al). But still, its ROCE is on average about 95% in recent years.</p><p>AMZN's ROCE has shown a similar pattern. It too has enjoyed a much higher ROCE in the early part of the decade. And it too has witnessed a steady decline over the years. In recent years, its ROCE has been relatively low, with an average of around 29%. A ROCE of 29% is still a healthy level (my estimate of the ROCE for the overall economy is about 20%). However, it's not comparable to BABA or other overachievers in the FAANG pack.</p><p>Next, we will examine their key segments and initiatives to form a projection of their future profitability and growth drivers.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8056d3adecb25ebef04479bb04307ec3\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p><b>Growth prospects and final verdict</b></p><p>Looking forward, I see both as well poised to benefit from the secular trend of e-commerce penetration. When we are so used to the American way of online shopping, it's easy to form the impression that e-commerce has already saturated. The reality is that the global e-commerce penetration is still ONLY at about 20% currently. Meaning 80% of the commerce is still currently conducted offline. In terms of absolute volume, as you can see from the following chart, global retail e-commerce sales have reached $4.2 trillion in 2020. And it's projected to almost double by 2026, reaching $7.4 trillion of revenues in the retail e-commerce business. The e-commerce movement is just getting started and the bulk of the growth opportunity is yet to come. And leaders like BABA and AMZN are both best poised to capitalize on this secular trend.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6158c888029f44a73ed791c390065540\" tg-width=\"640\" tg-height=\"328\" referrerpolicy=\"no-referrer\"/><span>OBERLO data</span></p><p>I also see both enjoy tremendous growth opportunities in other areas besides e-commerce. Both are leaders in the cloud computing space, especially in their own geographical areas. This segment has tremendous growth potential as the world shifts to the pure "pay per use" model, and the growth is just starting as start-ups, enterprises, government agencies, and academic institutions shift their computing needs to this new model. In BABA's case, its cloud computing, international avenues, and domestic platform expansion are all enjoying momentum. These segments all show promise for profitability and growth in the near future to maintain their high R&D yield and high ROCE. Similarly, AMZN's AWS unit is expected to grow significantly in the near future to help lift the bottom line. It has recently announced offerings such as Cloud WAN, a managed wide area network, and Amplify Studio, a new visual development environment. Moreover, AMZN's also announced the planned $8.45 billion purchase of MGM Movie Studios, and I'm optimistic about the synergies with its streaming businesses.</p><p>Also, I do see some asymmetric growth opportunities for BABA. As aforementioned, both stocks are best poised to capitalize on the world's unstoppable shift toward e-commerce. However, the remaining shift will be unevenly distributed and the Asian-Pacific region will be the center of the momentum. As shown in the chart above, world retail e-commerce sales are expected to exceed $7.3 trillion by 2025. The twist is that the Asian-Pacific region will be where most of the growth will be. By 2023, the Western continents will contribute 16% of the total B2B e-commerce volume, while the remaining 84% would come from the non-Western world. And BABA is best poised to benefit with its scale and reach, government support, and cultural and geographic proximity.</p><p>Finally, the following table summarizes all the key metrics discussed above. As mentioned early on, my thesis is that the risks surrounding BABA have been fully priced in already. Even if we put aside the issue of valuations and risks, there are many comparable aspects between these two e-commerce giants (probably more than their differences). Comparing and contrasting their R&D efforts, profitability, and future growth areas not only elucidate their own investment prospects but also provide insight into other e-commerce investment opportunities.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/609b820dedf6ed23d5ddfd1ed92b9515\" tg-width=\"640\" tg-height=\"272\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p><b>Risks</b></p><p>I do not think there is a need to repeat BABA's risks anymore. Other SA authors have provided excellent coverage already. And we ourselves have also assessed these risks based on a Kelly analysis.</p><p>For AMZN, a key issue I recommend investors to keep a close on in the upcoming earnings release is the leasing accounting. We have cautioned readers before the 2021 Q4 earnings release about the role of its lease accounting and the possibility of its free cash flow ("FCF") deterioration after being adjusted for leasing accounting. And as you can see from the following chart, unfortunately, its FCF has indeed suffered a dramatic deterioration to a negative $20B in 2021 Q4. In the incoming 2022 Q1 release, this is a key item that I would be watching.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/963ea4489df1ce587e26c13d870e7326\" tg-width=\"640\" tg-height=\"487\" referrerpolicy=\"no-referrer\"/><span>AMZN 2021 Q4 earnings release</span></p><p><b>Summary and final thoughts</b></p><p>The stock market is notorious for completely ignoring business fundamentals both at the greed extreme and at the fear extreme. The stark contrast between BABA and AMZN serves as a general example of such market psychology so investors could identify mispricing opportunities.</p><p>The thesis is that BABA is now in the extreme fear end of the spectrum and its stock price has recently become disconnected from fundamentals. In particular,</p><ul><li>The current market valuation has already priced in all the risks surrounding BABA. BABA's price to sales ratio is discounted by almost half relative to AMZN despite its higher margin and profitability.</li><li>Both stocks pursue new opportunities aggressively with 10% to 12% of their total sales spent on R&D efforts, but BABA enjoys a far better yield.</li><li>I also see both well poised to benefit from the secular trend of global e-commerce penetration and also from the opportunities in other areas such as cloud computing. However, I do see some asymmetries here. For example, the remaining e-commerce shift will be unevenly distributed and the Asian-Pacific region will be the center of the momentum, where BABA is better positioned to benefit from its government support and cultural/geographic proximity.</li></ul></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>Alibaba Vs. Amazon Stock: Back To Fundamentals</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Vs. Amazon Stock: Back To Fundamentals\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-23 11:20 GMT+8 <a href=https://seekingalpha.com/article/4502993-alibaba-vs-amazon-back-to-fundamentals><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe stock market is notorious for completely ignoring business fundamentals at its extremes: Either extreme greed or extreme fear.A comparison between Alibaba and Amazon serves as an ...</p>\n\n<a href=\"https://seekingalpha.com/article/4502993-alibaba-vs-amazon-back-to-fundamentals\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4502993-alibaba-vs-amazon-back-to-fundamentals","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2229416577","content_text":"SummaryThe stock market is notorious for completely ignoring business fundamentals at its extremes: Either extreme greed or extreme fear.A comparison between Alibaba and Amazon serves as an illustrating example of both of these extremes.Alibaba now is completely dominated by fear, and its superior fundamentals are completely ignored by the market.Amazon, on the other hand, despite its inferior profitability and mounting cash flow issues, trades at a considerable premium, not only relative to Alibaba but also to the overall market.alexsl/iStock Unreleased via Getty ImagesThesisThe stock market is notorious for completely ignoring business fundamentals at both the greed and feel extreme, as illustrated by the current conditions of Alibaba (NYSE:BABA) and Amazon (NASDAQ:AMZN). The contrast between these two stocks is so stark that it not only serves to show a specific investment opportunity but also serves as a general example of market psychology. Admittedly, these two stocks are not entirely comparable and there are certainly differences. Some of the uncertainties and risks faced by BABA are not shared by AMZN.And my thesis here is that the current market valuation has already priced in all the risks surrounding BABA. More specifically,BABA's stock price has recently become dominated by market sentiment and disconnected from fundamentals. Its stock prices easily fluctuated 10%-plus in a few days or even a single day recently in response to news and sentiments that may or may not have direct relevance to its business fundamentals. On the other hand, AMZN's stock price seemed to be immune from news and fundamentals. It has been trading sideways in a narrow range (and at an elevated valuation) despite its mounting cash flow issues and all the geopolitical and macroeconomic risks.As shown in the next chart, both BABA and AMZN are valued at about 1.8x and 3.2x price to sales ratio, respectively, a discount by almost a factor of 2x (1.8x to be exact). As we look deeper next, the discount becomes even larger than on the surface. The second chart compares the profit margin between BABA and Amazon. BABA's EBIT profit margin is almost twice that of Amazon - not only shows BABA's superior profitability (and AMZN's concerning and deteriorating profitability) but also further highlights the valuation gap. The sales of BABA should be worth about 2x as valuable as that of AMZN because of the higher margin, but the current valuation is the opposite. And as you were seeing the remainder of this article, BABA also enjoys superior fundamentals in other keys aspects, such as R&D output, return on capital employed, and growth potential.Finally, aside from their drastically different valuations, there are many comparable aspects between these two e-commerce giants. And a comparison between them could also provide insights into the evolving e-commerce landscape. Comparing what they are researching and developing gives us a peek at the future investment direction in this space.Seeking AlphaSeeking AlphaBoth R&D aggressively but BABA enjoys way better yieldAs mentioned in our earlier writings, we do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we are more focused on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D process.So let's first see how well and sustainably BABA and AMZN can fund their new R&D efforts. The short answer is: Extremely well. The next chart shows the R&D expenses of BABA and AMZN over the past decade. As seen, both have been consistently investing heavily in R&D in recent years. AMZN didn't spend meaningfully on R&D before 2016. But since 2016, AMZN on average has been spending about 12% of its total revenue on R&D efforts. And BABA spends a bit less, on average 10%. Both levels are consistent with the average of other overachievers in the tech space, such as the FAAMG group.Author based on Seeking Alpha dataThen the next question is, how effective is their R&D process? This is where the contrast kicks in as shown in the next chart. The chart shows a variation of Buffett's $1 test on R&D expenses. Advised by Buffett, we do not only listen to CEOs' pitches on their brilliant new ideas that will shake the earth (again). We also examine the financials to see if their words are corroborated by the numbers. And in BABA and AMZN's cases, their numbers are shown here. The analysis method is detailed in our earlier writings and in summary:The purpose of any corporate R&D is obviously to generate profit. Therefore, this analysis quantifies the yield by taking the ratio between profit and R&D expenditures. We used the operating cash flow as the measure for profit.Also, most R&D investments do not produce any result in the same year. They typically have a lifetime of a few years. Therefore, this analysis assumes a three-year average investment cycle for R&D. And as a result, we used the three-year moving average of operating cash flow to represent this three-year cycle.As you can see, the R&D yield for both has been remarkably consistent although at different levels. In BABA's case, its R&D yield has been steady around an average of $3.3 in recent years. This level of R&D yield is very competitive even among the overachieving FAAMG group. The FAAMG group boasts an average R&D yield of around $2 to $2.5 in recent years. And the only one that generates a significantly high R&D yield in this group is Apple (AAPL), which generates an R&D yield of $4.7 of profit output from every $1 of R&D expenses.AMZN's R&D yield of $0.9, on the other hand, is substantially lower than BABA's and is also the lowest among the FAAMG group. And note that since AMZN didn't spend meaningfully on R&D before 2016, we only started reporting its R&D yield starting in 2016.Next, we will examine their profitability to fuel their R&D efforts sustainably and also dive into some of the specific R&D efforts they are undertaking.AuthorBABA enjoys far superior profitabilityAs explained in our earlier writings, to us, the most important profitability measure is ROCE (return on capital employed) because:ROCE considers the return of capital ACTUALLY employed and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimating the long-term growth rate. Because when we think as long-term business owners, the growth rate is \"simply\" the product of ROCE and reinvestment rate, i.e.,Long-Term Growth Rate = ROCE * Reinvestment RateThe ROCE of both stocks has been detailed in our earlier articles and I will just directly quote the results below. In this analysis, I consider the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, and C) Research and development expenses are also capitalized. As you can see, BABA was able to maintain a remarkably high ROCE over the past decade. It has been astronomical in the early part of the decade exceeding 150%. It has declined due to all the drama in recent years that you are familiar with (China's tightened regulations, high tax rates, slow-down of the overall economic growth in China, et al). But still, its ROCE is on average about 95% in recent years.AMZN's ROCE has shown a similar pattern. It too has enjoyed a much higher ROCE in the early part of the decade. And it too has witnessed a steady decline over the years. In recent years, its ROCE has been relatively low, with an average of around 29%. A ROCE of 29% is still a healthy level (my estimate of the ROCE for the overall economy is about 20%). However, it's not comparable to BABA or other overachievers in the FAANG pack.Next, we will examine their key segments and initiatives to form a projection of their future profitability and growth drivers.AuthorGrowth prospects and final verdictLooking forward, I see both as well poised to benefit from the secular trend of e-commerce penetration. When we are so used to the American way of online shopping, it's easy to form the impression that e-commerce has already saturated. The reality is that the global e-commerce penetration is still ONLY at about 20% currently. Meaning 80% of the commerce is still currently conducted offline. In terms of absolute volume, as you can see from the following chart, global retail e-commerce sales have reached $4.2 trillion in 2020. And it's projected to almost double by 2026, reaching $7.4 trillion of revenues in the retail e-commerce business. The e-commerce movement is just getting started and the bulk of the growth opportunity is yet to come. And leaders like BABA and AMZN are both best poised to capitalize on this secular trend.OBERLO dataI also see both enjoy tremendous growth opportunities in other areas besides e-commerce. Both are leaders in the cloud computing space, especially in their own geographical areas. This segment has tremendous growth potential as the world shifts to the pure \"pay per use\" model, and the growth is just starting as start-ups, enterprises, government agencies, and academic institutions shift their computing needs to this new model. In BABA's case, its cloud computing, international avenues, and domestic platform expansion are all enjoying momentum. These segments all show promise for profitability and growth in the near future to maintain their high R&D yield and high ROCE. Similarly, AMZN's AWS unit is expected to grow significantly in the near future to help lift the bottom line. It has recently announced offerings such as Cloud WAN, a managed wide area network, and Amplify Studio, a new visual development environment. Moreover, AMZN's also announced the planned $8.45 billion purchase of MGM Movie Studios, and I'm optimistic about the synergies with its streaming businesses.Also, I do see some asymmetric growth opportunities for BABA. As aforementioned, both stocks are best poised to capitalize on the world's unstoppable shift toward e-commerce. However, the remaining shift will be unevenly distributed and the Asian-Pacific region will be the center of the momentum. As shown in the chart above, world retail e-commerce sales are expected to exceed $7.3 trillion by 2025. The twist is that the Asian-Pacific region will be where most of the growth will be. By 2023, the Western continents will contribute 16% of the total B2B e-commerce volume, while the remaining 84% would come from the non-Western world. And BABA is best poised to benefit with its scale and reach, government support, and cultural and geographic proximity.Finally, the following table summarizes all the key metrics discussed above. As mentioned early on, my thesis is that the risks surrounding BABA have been fully priced in already. Even if we put aside the issue of valuations and risks, there are many comparable aspects between these two e-commerce giants (probably more than their differences). Comparing and contrasting their R&D efforts, profitability, and future growth areas not only elucidate their own investment prospects but also provide insight into other e-commerce investment opportunities.AuthorRisksI do not think there is a need to repeat BABA's risks anymore. Other SA authors have provided excellent coverage already. And we ourselves have also assessed these risks based on a Kelly analysis.For AMZN, a key issue I recommend investors to keep a close on in the upcoming earnings release is the leasing accounting. We have cautioned readers before the 2021 Q4 earnings release about the role of its lease accounting and the possibility of its free cash flow (\"FCF\") deterioration after being adjusted for leasing accounting. And as you can see from the following chart, unfortunately, its FCF has indeed suffered a dramatic deterioration to a negative $20B in 2021 Q4. In the incoming 2022 Q1 release, this is a key item that I would be watching.AMZN 2021 Q4 earnings releaseSummary and final thoughtsThe stock market is notorious for completely ignoring business fundamentals both at the greed extreme and at the fear extreme. The stark contrast between BABA and AMZN serves as a general example of such market psychology so investors could identify mispricing opportunities.The thesis is that BABA is now in the extreme fear end of the spectrum and its stock price has recently become disconnected from fundamentals. In particular,The current market valuation has already priced in all the risks surrounding BABA. BABA's price to sales ratio is discounted by almost half relative to AMZN despite its higher margin and profitability.Both stocks pursue new opportunities aggressively with 10% to 12% of their total sales spent on R&D efforts, but BABA enjoys a far better yield.I also see both well poised to benefit from the secular trend of global e-commerce penetration and also from the opportunities in other areas such as cloud computing. However, I do see some asymmetries here. For example, the remaining e-commerce shift will be unevenly distributed and the Asian-Pacific region will be the center of the momentum, where BABA is better positioned to benefit from its government support and cultural/geographic proximity.","news_type":1},"isVote":1,"tweetType":1,"viewCount":317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097932334,"gmtCreate":1645313043052,"gmtModify":1676534016819,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"I honestly think that if she doesnt switch out her portfolio often, she will earn more money down the line. Her growth companies takes time to mature.","listText":"I honestly think that if she doesnt switch out her portfolio often, she will earn more money down the line. Her growth companies takes time to mature.","text":"I honestly think that if she doesnt switch out her portfolio often, she will earn more money down the line. Her growth companies takes time to mature.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097932334","repostId":"1129820775","repostType":4,"repost":{"id":"1129820775","pubTimestamp":1645235242,"share":"https://ttm.financial/m/news/1129820775?lang=&edition=fundamental","pubTime":"2022-02-19 09:47","market":"us","language":"en","title":"Cathie Wood's Flagship Ark Fund Hits 20-Month Low","url":"https://stock-news.laohu8.com/highlight/detail?id=1129820775","media":"TheStreet","summary":"Anticipation of interest rate hikes by the Federal Reserve is putting the kibosh on the stocks of yo","content":"<html><head></head><body><p>Anticipation of interest rate hikes by the Federal Reserve is putting the kibosh on the stocks of young technology companies.</p><p>Chicago Cubs fans used to say that any team can have a bad century.</p><p>And now investment star Cathie Wood, chief executive of Ark Investment Management, may be saying that any fund can have a bad 20 months.</p><p>Her flagship fund Ark Innovation ETF(<b>ARKK</b>) slid 5% Friday to $64.80, its lowest level since June 2020. The fund and Wood’s reputation took off when it soared 157% in 2020. But it slid 23% last year, and has dropped another 31% so far this year.</p><p>The fund’s young technology stocks have suffered from rising bond yields overall and anticipation of Federal Reserve interest-rate increases.</p><p>Rising rates hurt the stocks by making the potential earnings streams of young tech companies less valuable compared to safer investments, such as Treasury bonds. In addition, many young tech companies borrow money, so higher rates increase their debt costs.</p><p>Ark Innovation’s biggest stock holdings, starting with the largest, are electric-car titan Tesla, which has slid 21% in the last three months; online healthcare system Teladoc Health, which has dropped 51% during that period; streaming platform Roku, which has lost 55%; and video meeting platform Zoom Video Communications, which has shed 52%.</p><p>Wood is unbowed by her stocks’ descent. “The important thing to keep in mind is the long-term horizon that we invest in,”she told investors last month. “We have a five-year horizon. I’ve never seen innovation on sale like it is today.”</p><p>So Wood has been snapping up shares, including Tesla,Roku and Zoom on Thursday.</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>Cathie Wood's Flagship Ark Fund Hits 20-Month Low</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\">\nCathie Wood's Flagship Ark Fund Hits 20-Month Low\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-19 09:47 GMT+8 <a href=https://www.thestreet.com/investing/cathie-wood-ark-fund-20-month-low><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Anticipation of interest rate hikes by the Federal Reserve is putting the kibosh on the stocks of young technology companies.Chicago Cubs fans used to say that any team can have a bad century.And now ...</p>\n\n<a href=\"https://www.thestreet.com/investing/cathie-wood-ark-fund-20-month-low\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","ZM":"Zoom","TSLA":"特斯拉","TDOC":"Teladoc Health Inc.","ARKK":"ARK Innovation ETF"},"source_url":"https://www.thestreet.com/investing/cathie-wood-ark-fund-20-month-low","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129820775","content_text":"Anticipation of interest rate hikes by the Federal Reserve is putting the kibosh on the stocks of young technology companies.Chicago Cubs fans used to say that any team can have a bad century.And now investment star Cathie Wood, chief executive of Ark Investment Management, may be saying that any fund can have a bad 20 months.Her flagship fund Ark Innovation ETF(ARKK) slid 5% Friday to $64.80, its lowest level since June 2020. The fund and Wood’s reputation took off when it soared 157% in 2020. But it slid 23% last year, and has dropped another 31% so far this year.The fund’s young technology stocks have suffered from rising bond yields overall and anticipation of Federal Reserve interest-rate increases.Rising rates hurt the stocks by making the potential earnings streams of young tech companies less valuable compared to safer investments, such as Treasury bonds. In addition, many young tech companies borrow money, so higher rates increase their debt costs.Ark Innovation’s biggest stock holdings, starting with the largest, are electric-car titan Tesla, which has slid 21% in the last three months; online healthcare system Teladoc Health, which has dropped 51% during that period; streaming platform Roku, which has lost 55%; and video meeting platform Zoom Video Communications, which has shed 52%.Wood is unbowed by her stocks’ descent. “The important thing to keep in mind is the long-term horizon that we invest in,”she told investors last month. “We have a five-year horizon. I’ve never seen innovation on sale like it is today.”So Wood has been snapping up shares, including Tesla,Roku and Zoom on Thursday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004935800,"gmtCreate":1642469917715,"gmtModify":1676533713584,"author":{"id":"4104761886182970","authorId":"4104761886182970","name":"Anselo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4104761886182970","authorIdStr":"4104761886182970"},"themes":[],"htmlText":"Don't bet against Warren.","listText":"Don't bet against Warren.","text":"Don't bet against Warren.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004935800","repostId":"1119480541","repostType":4,"repost":{"id":"1119480541","pubTimestamp":1642463205,"share":"https://ttm.financial/m/news/1119480541?lang=&edition=fundamental","pubTime":"2022-01-18 07:46","market":"us","language":"en","title":"The Old Man's Still Got It: Warren Buffett's Berkshire Hathaway Hits an All-Time High, But Is Still Vulnerable To a Fed-Induced Bear Market. How To Protect It.","url":"https://stock-news.laohu8.com/highlight/detail?id=1119480541","media":"benzinga","summary":"\"He's old, and he's washed up.\" Dave Portnoy on Warren Buffett, June 9th, 2020 (screen capture via T","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/9f21aefdc0a475c3022e906e8e7a5e83\" tg-width=\"685\" tg-height=\"375\" referrerpolicy=\"no-referrer\"/></p><p><i>"He's old, and he's washed up." Dave Portnoy on Warren Buffett, June 9th, 2020 (screen capture via Twitter).</i></p><p><b>Berkshire Hathaway Hits An All-Time High</b></p><p>Back in June of 2020, Dave Portnoy was a few months into his day trading career. Portnoy had started trading after COVID lockdowns shut down sporting events, keeping him from sports betting (his company, Barstool Sports, has a sportsbook betting app). At the time, Portnoy compared Warren Buffett's investing acumen invidiously to his own.</p><p>Since then, shares of Buffett's holding company,<b>Berkshire Hathaway, Inc.</b>(NYSE:BRK-A), (NYSE:BRK-B) have handily outpaced the<b>SPDR S&P 500 Trust</b></p><p>SPY+0.05%and Barstool's parent company<b>Penn National Gaming, Inc.</b>PENN-2.8%, on their way to a new all-time high.</p><p><img src=\"https://static.tigerbbs.com/b67e49f945eb3434945ac8d15ea72b7f\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p><b>Berkshire Isn't Bear Market-Proof Though</b></p><p>After Lehman Brothers went bankrupt on September 9th of 2008, Berkshire Hathaway shares rallied for a couple of weeks before joining in the 2008-2009 bear market.</p><p><img src=\"https://static.tigerbbs.com/c7baefa845d8135e82adab759276beb4\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\"/></p><p>Although bear market warnings have vastly outnumbered actual bear markets over the years, the current market environment of high valuations combined with high inflation and rising interest rates suggests that stock market investors ought to be concerned about downside risk now. Below are a couple of ways of staying long Berkshire while limiting your downside risk in the event we head into a bear market over the next several months.</p><p><b>Downside Protection For Berkshire Hathaway</b></p><p>Let's say you own a thousand shares of Berkshire Hathaway Class B and you can tolerate a 20% drawdown over the next several months, but not one larger than that. Here are two ways of doing that.</p><p><b><i>Uncapped Upside, Positive Cost</i></b></p><p>As of Friday's close, these were the optimal puts to hedge against a >20% drop in BRK-B by mid-June.</p><p><img src=\"https://static.tigerbbs.com/7aa1e47bee5fb89e73f6f6a5883cc4e3\" tg-width=\"340\" tg-height=\"584\" referrerpolicy=\"no-referrer\"/></p><p><i>This and the subsequent screen captures are via the Portfolio Armor iPhone app, but you can also scan for optional hedges with our website.</i></p><p>The cost here was $3,350, or 1.03% of position value (calculated conservatively, using the ask price; you can often buy and sell options at some price between the bid and ask). That cost is pretty low. By way of comparison, the cost of hedging SPY against the same decline threshold over the same time frame was 1.25% of position value.</p><p><b><i>Capped Upside, Negative Cost</i></b></p><p>If you were willing to cap your possible upside at 11%, this was the optimal collar to protect against a >20% drop over the same time frame.</p><p><img src=\"https://static.tigerbbs.com/0e3898e03ede4c5e54abd239139d83c3\" tg-width=\"340\" tg-height=\"459\" referrerpolicy=\"no-referrer\"/></p><p><img src=\"https://static.tigerbbs.com/b8f1533be93ab82b17eaf744f6a26d0e\" tg-width=\"340\" tg-height=\"370\" referrerpolicy=\"no-referrer\"/></p><p>Here, the cost was negative, meaning you would have collected a net credit of $880 when opening this collar, assuming you placed both trades at the worst ends of their respective spreads (buying the puts at the ask and selling the calls at the bid).</p><p>Something to consider if you're long Berkshire shares and want to limit your downside risk.</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>The Old Man's Still Got It: Warren Buffett's Berkshire Hathaway Hits an All-Time High, But Is Still Vulnerable To a Fed-Induced Bear Market. How To Protect It.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Old Man's Still Got It: Warren Buffett's Berkshire Hathaway Hits an All-Time High, But Is Still Vulnerable To a Fed-Induced Bear Market. How To Protect It.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-18 07:46 GMT+8 <a href=https://www.benzinga.com/trading-ideas/22/01/25076154/the-old-mans-still-got-it-warren-buffetts-berkshire-hathaway-hits-an-all-time-high-but-is-still-vul><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>\"He's old, and he's washed up.\" Dave Portnoy on Warren Buffett, June 9th, 2020 (screen capture via Twitter).Berkshire Hathaway Hits An All-Time HighBack in June of 2020, Dave Portnoy was a few months ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/22/01/25076154/the-old-mans-still-got-it-warren-buffetts-berkshire-hathaway-hits-an-all-time-high-but-is-still-vul\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.benzinga.com/trading-ideas/22/01/25076154/the-old-mans-still-got-it-warren-buffetts-berkshire-hathaway-hits-an-all-time-high-but-is-still-vul","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119480541","content_text":"\"He's old, and he's washed up.\" Dave Portnoy on Warren Buffett, June 9th, 2020 (screen capture via Twitter).Berkshire Hathaway Hits An All-Time HighBack in June of 2020, Dave Portnoy was a few months into his day trading career. Portnoy had started trading after COVID lockdowns shut down sporting events, keeping him from sports betting (his company, Barstool Sports, has a sportsbook betting app). At the time, Portnoy compared Warren Buffett's investing acumen invidiously to his own.Since then, shares of Buffett's holding company,Berkshire Hathaway, Inc.(NYSE:BRK-A), (NYSE:BRK-B) have handily outpaced theSPDR S&P 500 TrustSPY+0.05%and Barstool's parent companyPenn National Gaming, Inc.PENN-2.8%, on their way to a new all-time high.Berkshire Isn't Bear Market-Proof ThoughAfter Lehman Brothers went bankrupt on September 9th of 2008, Berkshire Hathaway shares rallied for a couple of weeks before joining in the 2008-2009 bear market.Although bear market warnings have vastly outnumbered actual bear markets over the years, the current market environment of high valuations combined with high inflation and rising interest rates suggests that stock market investors ought to be concerned about downside risk now. Below are a couple of ways of staying long Berkshire while limiting your downside risk in the event we head into a bear market over the next several months.Downside Protection For Berkshire HathawayLet's say you own a thousand shares of Berkshire Hathaway Class B and you can tolerate a 20% drawdown over the next several months, but not one larger than that. Here are two ways of doing that.Uncapped Upside, Positive CostAs of Friday's close, these were the optimal puts to hedge against a >20% drop in BRK-B by mid-June.This and the subsequent screen captures are via the Portfolio Armor iPhone app, but you can also scan for optional hedges with our website.The cost here was $3,350, or 1.03% of position value (calculated conservatively, using the ask price; you can often buy and sell options at some price between the bid and ask). That cost is pretty low. By way of comparison, the cost of hedging SPY against the same decline threshold over the same time frame was 1.25% of position value.Capped Upside, Negative CostIf you were willing to cap your possible upside at 11%, this was the optimal collar to protect against a >20% drop over the same time frame.Here, the cost was negative, meaning you would have collected a net credit of $880 when opening this collar, assuming you placed both trades at the worst ends of their respective spreads (buying the puts at the ask and selling the calls at the bid).Something to consider if you're long Berkshire shares and want to limit your downside risk.","news_type":1},"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
