Shot personal page - To The Moon

Shot

Shot

trying to make a decent profit

137Follow

10Followers

2Topic

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2024-01-12

[Happy] [Happy] [Happy]

2024-01-11

[Salute] [Salute] [Salute] [Salute]

2022-07-04

$ChargePoint Holdings Inc.(CHPT)$.

2022-05-03

$Novavax(NVAX)$can the rally continue?

2022-03-22

I tell myself to buy when it drop below 100, but when it did, I dun dare to buy [Facepalm]

Why Sea Limited Stock Crashed by 6.8% Monday

2022-05-21

Nightmare

Wall Street Ends Mixed After Punishing Week

2022-05-17

Still billionaire, no worries

One-Time Richest Singapore Tycoon Has Lost 80% of His Fortune

2022-04-07

So is twitter still a buy?

Sorry, the original content has been removed

2022-10-18

Good start for the week at least

US STOCKS-Wall Street Rallies After BofA Results, UK Reversal

2022-06-20

Ok

Berkshire Hathaway: Hit To Book Value Could Be Drastic But A Buying Opportunity Comes With It

Go to Tiger App to see more news

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Good luck 2024","listText":"Thank you! Good luck 2024","text":"Thank you! Good luck 2024","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257917341495472","isVote":1,"tweetType":1,"viewCount":1837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":257517473370312,"gmtCreate":1703904471554,"gmtModify":1703904476064,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"Good luck!!&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","listText":"Good luck!!&nbsp;[Miser]&nbsp;&nbsp;[Miser]&nbsp;&nbsp;","text":"Good luck!! 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[Miser] [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/256895603118344","isVote":1,"tweetType":1,"viewCount":1441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":256894623822000,"gmtCreate":1703752451373,"gmtModify":1703752455343,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/256894623822000","repostId":"248312805347464","repostType":1,"repost":{"id":248312805347464,"gmtCreate":1701660745864,"gmtModify":1703059991513,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"🐅🌟 TIGER TYCOON CHALLENGE IS ON! 🌟🐅","htmlText":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct &amp; Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","listText":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct &amp; Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","text":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct & Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/248312805347464","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944953901,"gmtCreate":1681685720703,"gmtModify":1681685724369,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"[Smug]&nbsp;[Glance]&nbsp;[Sly]&nbsp;[Duh]&nbsp;","listText":"[Smug]&nbsp;[Glance]&nbsp;[Sly]&nbsp;[Duh]&nbsp;","text":"[Smug] [Glance] [Sly] [Duh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944953901","isVote":1,"tweetType":1,"viewCount":1154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944086287,"gmtCreate":1681626287549,"gmtModify":1681626292012,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"[Tongue]&nbsp;[Cool]&nbsp;[What]&nbsp;[Anger]&nbsp;","listText":"[Tongue]&nbsp;[Cool]&nbsp;[What]&nbsp;[Anger]&nbsp;","text":"[Tongue] [Cool] [What] [Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944086287","isVote":1,"tweetType":1,"viewCount":1174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945545672,"gmtCreate":1681526194996,"gmtModify":1681526199148,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"[Cool]&nbsp;[Tongue]&nbsp;[Glance]&nbsp;[Grin]&nbsp;[Cry]&nbsp;","listText":"[Cool]&nbsp;[Tongue]&nbsp;[Glance]&nbsp;[Grin]&nbsp;[Cry]&nbsp;","text":"[Cool] [Tongue] [Glance] [Grin] [Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945545672","isVote":1,"tweetType":1,"viewCount":1635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":262112661663760,"gmtCreate":1705027094133,"gmtModify":1705027098602,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"[Happy]&nbsp;&nbsp;[Happy]&nbsp;&nbsp;[Happy]&nbsp;&nbsp;","listText":"[Happy]&nbsp;&nbsp;[Happy]&nbsp;&nbsp;[Happy]&nbsp;&nbsp;","text":"[Happy] [Happy] [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/262112661663760","isVote":1,"tweetType":1,"viewCount":3654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":261867415314648,"gmtCreate":1704942838367,"gmtModify":1704942842018,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"[Salute]&nbsp;&nbsp;[Salute]&nbsp;&nbsp;[Salute]&nbsp;&nbsp;[Salute]&nbsp;&nbsp;","listText":"[Salute]&nbsp;&nbsp;[Salute]&nbsp;&nbsp;[Salute]&nbsp;&nbsp;[Salute]&nbsp;&nbsp;","text":"[Salute] [Salute] [Salute] [Salute]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/261867415314648","isVote":1,"tweetType":1,"viewCount":3068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047379385,"gmtCreate":1656888365847,"gmtModify":1676535907844,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>.","listText":"<a href=\"https://ttm.financial/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>.","text":"$ChargePoint Holdings Inc.(CHPT)$.","images":[{"img":"https://community-static.tradeup.com/news/d69a2ec8a182fc1a53c190acdfccbe06","width":"1080","height":"2222"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047379385","isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9061025001,"gmtCreate":1651544166505,"gmtModify":1676534923629,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>can the rally continue?","listText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>can the rally continue?","text":"$Novavax(NVAX)$can the rally continue?","images":[{"img":"https://community-static.tradeup.com/news/6e1dff5e0d621a1807719f0ebbb85269","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9061025001","isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4100909250192760","authorId":"4100909250192760","name":"XLMM","avatar":"https://community-static.tradeup.com/news/5fd3a75ea7ccf88aca493e34c270e676","crmLevel":11,"crmLevelSwitch":0,"idStr":"4100909250192760","authorIdStr":"4100909250192760"},"content":"It is going on strong! Awesome!","text":"It is going on strong! Awesome!","html":"It is going on strong! Awesome!"},{"author":{"id":"3583106134648492","authorId":"3583106134648492","name":"Frosty4ever","avatar":"https://community-static.tradeup.com/news/58fdf90023b13bdabb45b46bb0d645e1","crmLevel":5,"crmLevelSwitch":1,"idStr":"3583106134648492","authorIdStr":"3583106134648492"},"content":"can't believe it","text":"can't believe it","html":"can't believe it"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9034523767,"gmtCreate":1647922658520,"gmtModify":1676534280700,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"I tell myself to buy when it drop below 100, but when it did, I dun dare to buy&nbsp;[Facepalm]&nbsp;","listText":"I tell myself to buy when it drop below 100, but when it did, I dun dare to buy&nbsp;[Facepalm]&nbsp;","text":"I tell myself to buy when it drop below 100, but when it did, I dun dare to buy [Facepalm]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034523767","repostId":"1142854083","repostType":4,"repost":{"id":"1142854083","kind":"news","pubTimestamp":1647915164,"share":"https://ttm.financial/m/news/1142854083?lang=en_US&edition=fundamental","pubTime":"2022-03-22 10:12","market":"us","language":"en","title":"Why Sea Limited Stock Crashed by 6.8% Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1142854083","media":"Motley Fool","summary":"HSBC still likes the stock -- but not as much as it used to.","content":"<div>\n<p>HSBC still likes the stock -- but not as much as it used to.What happenedShares of Singapore-based e-commerce, payments, and online gaming company Sea Limited  traded down by 6.8% as of closed Monday....</p>\n\n<a href=\"https://www.fool.com/investing/2022/03/21/why-sea-limited-stock-crashed-by-7-monday/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Sea Limited Stock Crashed by 6.8% 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; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Sea Limited Stock Crashed by 6.8% Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-22 10:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/03/21/why-sea-limited-stock-crashed-by-7-monday/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HSBC still likes the stock -- but not as much as it used to.What happenedShares of Singapore-based e-commerce, payments, and online gaming company Sea Limited  traded down by 6.8% as of closed Monday....</p>\n\n<a href=\"https://www.fool.com/investing/2022/03/21/why-sea-limited-stock-crashed-by-7-monday/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://www.fool.com/investing/2022/03/21/why-sea-limited-stock-crashed-by-7-monday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142854083","content_text":"HSBC still likes the stock -- but not as much as it used to.What happenedShares of Singapore-based e-commerce, payments, and online gaming company Sea Limited  traded down by 6.8% as of closed Monday.You can put some of the blame for that drop on the analysts at HSBC.Image source: Getty Images.So whatIn a note out Monday morning, HSBC announced a savage 43% reduction in its target price on Sea Limited stock, from $265 per share to just $150 per share. As TheFly.com reported, the bank said it had previously \"underestimated the impact of the reopening on Sea's business and Shopee's expansion of losses,\" leaving it surprised by the scale of the company's earnings disappointment earlier this month.In the fourth quarter, Sea Limited more than doubled its sales year over year -- but instead of shrinking, its net loss grew by 18%. For the full year, Sea Limited reported a loss of more than $2 billion.Now whatThat was a big loss, and it led investors to cut Sea Limited's market capitalization by about 13% on March 1. The stock has experienced even steeper losses in the weeks since. Nevertheless, HSBC is sticking with its buy recommendation on Sea Limited, finding the shares attractively priced at late Monday's levels around $114 per share.Assuming HSBC is right and Sea Limited shares climb to $150 over the next 12 months, investors who buy now can look forward to gains of 31.5% -- not as good a profit as they'd get if the stock went to $265, admittedly, but still a very nice return.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":700,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575091423649914","authorId":"3575091423649914","name":"diggydog","avatar":"https://community-static.tradeup.com/news/476e481044aa54d1d955e8bc4b856dd4","crmLevel":13,"crmLevelSwitch":0,"idStr":"3575091423649914","authorIdStr":"3575091423649914"},"content":"happen to all of us [Happy]","text":"happen to all of us [Happy]","html":"happen to all of us [Happy]"},{"author":{"id":"4110119270548472","authorId":"4110119270548472","name":"dhf1354","avatar":"https://community-static.tradeup.com/news/443a6ef22edb81072f741fb47fa70ecc","crmLevel":3,"crmLevelSwitch":0,"idStr":"4110119270548472","authorIdStr":"4110119270548472"},"content":"haha 🤣🤣 same here","text":"haha 🤣🤣 same here","html":"haha 🤣🤣 same here"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9021571457,"gmtCreate":1653091109979,"gmtModify":1676535220875,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"Nightmare","listText":"Nightmare","text":"Nightmare","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9021571457","repostId":"2237029541","repostType":2,"repost":{"id":"2237029541","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1653087564,"share":"https://ttm.financial/m/news/2237029541?lang=en_US&edition=fundamental","pubTime":"2022-05-21 06:59","market":"us","language":"en","title":"Wall Street Ends Mixed After Punishing Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2237029541","media":"Reuters","summary":"* Ross Stores plunges after cutting 2022 forecast* S&P 500 +0.01%, Nasdaq -0.30%, Dow +0.03%May 20 (","content":"<html><head></head><body><p>* Ross Stores plunges after cutting 2022 forecast</p><p>* S&amp;P 500 +0.01%, Nasdaq -0.30%, Dow +0.03%</p><p>May 20 (Reuters) - Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.</p><p>The S&amp;P 500 and the Nasdaq logged their seventh straight week of losses, their longest losing streak since the end of the dotcom bubble in 2001.</p><p>The Dow suffered its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.</p><p>Worries about surging inflation and rising interest rates have pummeled the U.S. stock market this year, with danger signals from Walmart Inc and other retailers this week adding to fears about the economy.</p><p>The S&amp;P 500 spent most of the session in negative territory and at one point was down just over 20% from its Jan. 3 record high close before ending down 18% from that level and flat for the day.</p><p>Closing down 20% from that record level would confirm the S&amp;P 500 has been in a bear market since reaching that January high, according to a common definition.</p><p>The tech-heavy Nasdaq was last down about 27% from its record close in November 2021.</p><p>Weighing heavily on the S&amp;P 500, Tesla tumbled 6.4% after Chief Executive Elon Musk denounced as &#34;utterly untrue&#34; claims in a news report that he sexually harassed a flight attendant on a private jet in 2016.</p><p>Other megacap stocks also fell, with Apple Google-owner Alphabet Inc down 1.3% and Nvidia losing 2.5%.</p><p>Shares of Deere &amp; Co dropped 14% after the heavy equipment maker posted downbeat quarterly revenue.</p><p>Pfizer rose 3.6%, helping the S&amp;P 500 avoid a loss for the day.</p><p>Recent disappointing forecasts from big retailers Walmart, Kohl&#39;s Corp and Target Inc have rattled market sentiment, adding to evidence that rising prices have started to hurt the purchasing power of U.S. consumers.</p><p>On Friday, Ross Stores plunged 22.5% after the discount apparel retailer cut its 2022 forecasts for sales and profit, while Vans brand owner VF Corp    gained 6.1% on strong 2023 revenue outlook.</p><p>Traders are pricing in 50-basis point rate hikes by the U.S. central bank in June and July.</p><p>The S&amp;P 500 edged up 0.01% to end the session at 3,901.36 points.</p><p>The Nasdaq declined 0.30% to 11,354.62 points, while the Dow Jones Industrial Average rose 0.03% to 31,261.90 points.</p><p>For the week, the S&amp;P 500 fell 3.0%, the Dow lost 2.9% and the Nasdaq declined 3.8%.</p><p>About two thirds of S&amp;P 500 stocks are down 20% or more from their 52-week highs.</p><p>Volume on U.S. exchanges was 13.0 billion shares, compared with a 13.5 billion average over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 11 new highs and 353 new lows.</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>Wall Street Ends Mixed After Punishing 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\">\nWall Street Ends Mixed After Punishing Week\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\">2022-05-21 06:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Ross Stores plunges after cutting 2022 forecast</p><p>* S&amp;P 500 +0.01%, Nasdaq -0.30%, Dow +0.03%</p><p>May 20 (Reuters) - Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.</p><p>The S&amp;P 500 and the Nasdaq logged their seventh straight week of losses, their longest losing streak since the end of the dotcom bubble in 2001.</p><p>The Dow suffered its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.</p><p>Worries about surging inflation and rising interest rates have pummeled the U.S. stock market this year, with danger signals from Walmart Inc and other retailers this week adding to fears about the economy.</p><p>The S&amp;P 500 spent most of the session in negative territory and at one point was down just over 20% from its Jan. 3 record high close before ending down 18% from that level and flat for the day.</p><p>Closing down 20% from that record level would confirm the S&amp;P 500 has been in a bear market since reaching that January high, according to a common definition.</p><p>The tech-heavy Nasdaq was last down about 27% from its record close in November 2021.</p><p>Weighing heavily on the S&amp;P 500, Tesla tumbled 6.4% after Chief Executive Elon Musk denounced as &#34;utterly untrue&#34; claims in a news report that he sexually harassed a flight attendant on a private jet in 2016.</p><p>Other megacap stocks also fell, with Apple Google-owner Alphabet Inc down 1.3% and Nvidia losing 2.5%.</p><p>Shares of Deere &amp; Co dropped 14% after the heavy equipment maker posted downbeat quarterly revenue.</p><p>Pfizer rose 3.6%, helping the S&amp;P 500 avoid a loss for the day.</p><p>Recent disappointing forecasts from big retailers Walmart, Kohl&#39;s Corp and Target Inc have rattled market sentiment, adding to evidence that rising prices have started to hurt the purchasing power of U.S. consumers.</p><p>On Friday, Ross Stores plunged 22.5% after the discount apparel retailer cut its 2022 forecasts for sales and profit, while Vans brand owner VF Corp    gained 6.1% on strong 2023 revenue outlook.</p><p>Traders are pricing in 50-basis point rate hikes by the U.S. central bank in June and July.</p><p>The S&amp;P 500 edged up 0.01% to end the session at 3,901.36 points.</p><p>The Nasdaq declined 0.30% to 11,354.62 points, while the Dow Jones Industrial Average rose 0.03% to 31,261.90 points.</p><p>For the week, the S&amp;P 500 fell 3.0%, the Dow lost 2.9% and the Nasdaq declined 3.8%.</p><p>About two thirds of S&amp;P 500 stocks are down 20% or more from their 52-week highs.</p><p>Volume on U.S. exchanges was 13.0 billion shares, compared with a 13.5 billion average over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 11 new highs and 353 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","BK4527":"明星科技股","SDS":"两倍做空标普500 ETF-ProShares",".IXIC":"NASDAQ Composite","BK4553":"喜马拉雅资本持仓","ROST":"罗斯百货有限公司","PSQ":"做空纳斯达克100指数ETF-ProShares","OEX":"标普100",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","BK4534":"瑞士信贷持仓","BK4514":"搜索引擎","BK4139":"生物科技","SSO":"2倍做多标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","DOG":"道指ETF-ProShares做空","BK4576":"AR","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LHDX":"Lucira Health, Inc.","QQQ":"纳指100ETF","BK4566":"资本集团","QID":"两倍做空纳斯达克指数ETF-ProShares","DJX":"1/100道琼斯","UDOW":"三倍做多道指30ETF-ProShares","BK4082":"医疗保健设备","VFC":"威富集团","LABP":"Landos Biopharma, Inc.","TGT":"塔吉特","BK4538":"云计算","KSS":"柯尔百货","DE":"迪尔股份有限公司","BK4550":"红杉资本持仓","BK4548":"巴美列捷福持仓","BK4202":"服装、服饰与奢侈品","UPRO":"三倍做多标普500ETF-ProShares","PFE":"辉瑞","TSLA":"特斯拉","BK4551":"寇图资本持仓","SH":"做空标普500-Proshares","BK4007":"制药","SDOW":"三倍做空道指30ETF-ProShares","BK4196":"保健护理服务","BK4114":"综合货品商店","NVDA":"英伟达","BK4573":"虚拟现实",".DJI":"道琼斯","BK4103":"百货商店"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2237029541","content_text":"* Ross Stores plunges after cutting 2022 forecast* S&P 500 +0.01%, Nasdaq -0.30%, Dow +0.03%May 20 (Reuters) - Wall Street ended mixed on Friday after a volatile session that saw Tesla slump and other growth stocks also lose ground.The S&P 500 and the Nasdaq logged their seventh straight week of losses, their longest losing streak since the end of the dotcom bubble in 2001.The Dow suffered its eighth consecutive weekly decline, its longest since 1932 during the Great Depression.Worries about surging inflation and rising interest rates have pummeled the U.S. stock market this year, with danger signals from Walmart Inc and other retailers this week adding to fears about the economy.The S&P 500 spent most of the session in negative territory and at one point was down just over 20% from its Jan. 3 record high close before ending down 18% from that level and flat for the day.Closing down 20% from that record level would confirm the S&P 500 has been in a bear market since reaching that January high, according to a common definition.The tech-heavy Nasdaq was last down about 27% from its record close in November 2021.Weighing heavily on the S&P 500, Tesla tumbled 6.4% after Chief Executive Elon Musk denounced as \"utterly untrue\" claims in a news report that he sexually harassed a flight attendant on a private jet in 2016.Other megacap stocks also fell, with Apple Google-owner Alphabet Inc down 1.3% and Nvidia losing 2.5%.Shares of Deere & Co dropped 14% after the heavy equipment maker posted downbeat quarterly revenue.Pfizer rose 3.6%, helping the S&P 500 avoid a loss for the day.Recent disappointing forecasts from big retailers Walmart, Kohl's Corp and Target Inc have rattled market sentiment, adding to evidence that rising prices have started to hurt the purchasing power of U.S. consumers.On Friday, Ross Stores plunged 22.5% after the discount apparel retailer cut its 2022 forecasts for sales and profit, while Vans brand owner VF Corp    gained 6.1% on strong 2023 revenue outlook.Traders are pricing in 50-basis point rate hikes by the U.S. central bank in June and July.The S&P 500 edged up 0.01% to end the session at 3,901.36 points.The Nasdaq declined 0.30% to 11,354.62 points, while the Dow Jones Industrial Average rose 0.03% to 31,261.90 points.For the week, the S&P 500 fell 3.0%, the Dow lost 2.9% and the Nasdaq declined 3.8%.About two thirds of S&P 500 stocks are down 20% or more from their 52-week highs.Volume on U.S. exchanges was 13.0 billion shares, compared with a 13.5 billion average over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.The S&P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 11 new highs and 353 new lows.","news_type":1,"symbols_score_info":{"VFC":0.9,"QQQ":0.6,"MNQmain":0.6,"APR":0.68,".DJI":0.9,"ROST":0.9,"DXD":0.6,"QID":0.6,"DJX":0.6,"UDOW":0.6,"TSLA":0.9,"DOG":0.6,"PFE":0.9,"LABP":0.68,"LHDX":0.68,"NVDA":0.9,"SH":0.6,"TGT":0.9,"PSQ":0.6,"SDS":0.6,"UPRO":0.6,".IXIC":0.9,"SDOW":0.6,"SSO":0.6,".SPX":0.9,"OEX":0.6,"KSS":0.9,"TQQQ":0.6,"DE":0.9}},"isVote":1,"tweetType":1,"viewCount":893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9029827404,"gmtCreate":1652756327208,"gmtModify":1676535156232,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"Still billionaire, no worries","listText":"Still billionaire, no worries","text":"Still billionaire, no worries","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9029827404","repostId":"1106707720","repostType":2,"repost":{"id":"1106707720","kind":"news","pubTimestamp":1652752978,"share":"https://ttm.financial/m/news/1106707720?lang=en_US&edition=fundamental","pubTime":"2022-05-17 10:02","market":"us","language":"en","title":"One-Time Richest Singapore Tycoon Has Lost 80% of His Fortune","url":"https://stock-news.laohu8.com/highlight/detail?id=1106707720","media":"Bloomberg","summary":"Forrest Li is no longer among the world’s 500 richest peopleCompany will post a record quarterly los","content":"<div>\n<p>Forrest Li is no longer among the world’s 500 richest peopleCompany will post a record quarterly loss, analysts estimateForrest LiPhotographer: Wei Leng Tay/BloombergJust a few months ago, Forrest Li ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-05-16/sea-founder-loses-17-billion-in-one-of-tech-s-biggest-wipeouts?srnd=markets-vp\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One-Time Richest Singapore Tycoon Has Lost 80% of His Fortune</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne-Time Richest Singapore Tycoon Has Lost 80% of His Fortune\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-17 10:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-05-16/sea-founder-loses-17-billion-in-one-of-tech-s-biggest-wipeouts?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Forrest Li is no longer among the world’s 500 richest peopleCompany will post a record quarterly loss, analysts estimateForrest LiPhotographer: Wei Leng Tay/BloombergJust a few months ago, Forrest Li ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-05-16/sea-founder-loses-17-billion-in-one-of-tech-s-biggest-wipeouts?srnd=markets-vp\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://www.bloomberg.com/news/articles/2022-05-16/sea-founder-loses-17-billion-in-one-of-tech-s-biggest-wipeouts?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106707720","content_text":"Forrest Li is no longer among the world’s 500 richest peopleCompany will post a record quarterly loss, analysts estimateForrest LiPhotographer: Wei Leng Tay/BloombergJust a few months ago, Forrest Li had a $22 billion fortune and was the richest person in Singapore. Now he’s emerging as one of the biggest losers from a market crash that’s wiped more than $1 trillion from the net worth of the world’s 500 richest people this year.It’s been a litany of unfortunate events for the Sea Ltd. founder: The tech selloff, the shutdown of its main e-commerce operation in India and disappointing earnings have tanked the company’s American depository receipts more than 80% from a peak in October. He’s still rich -- worth $4.7 billion, according to the Bloomberg Billionaires Index -- but no longer enough to make the cutoff for the top 500 on the planet.Traders are preparing for more bad news. The company, which is scheduled to report first-quarter earnings later Tuesday, is expected to post a record loss of more than $740 million, according to the average analyst estimate compiled by Bloomberg. Sea’s net loss had already widened in the final three months of last year as the firm sped up its expansion.The downfall showcases the vulnerability of the quick wealth creation from the early stages of the Covid-19 pandemic -- when tech giants benefited from greater demand for their services such as Sea’s e-commerce and gaming. Higher interest rates and the tensions surrounding the war in Ukraine are further hurting growth stocks.“Sea is going to see increasing challenges in 2022,” said Shawn Yang, managing director at Blue Lotus Capital, an independent equity research firm in Hong Kong that cut the stock’s target price to $105 from $180 on May 10.The company’s e-commerce sales, its main source of revenue, could come short of its annual guidance of $8.9 billion to $9.1 billion as it faces intensifying competition from rivals including Alibaba Group Holding Ltd. and as consumers return to offline stores with the easing of Covid restrictions, Yang said.A Sea representative declined to comment for this story.Beyond Li, many tech entrepreneurs who saw their wealth rise on the back of the pandemic-induced growth are being hit hard by the market selloff. Eric Yuan, chief executive officer of Zoom Video Communications Inc., has lost $4.4 billion of wealth this year, while the fortune of Amazon.com Inc.’s Jeff Bezos, the world’s second-richest person, is down almost $58 billion. Ernie Garcia II and Ernie Garcia III, the father-son duo that runs used-car company Carvana Co., have shed $15 billion combined.Sea’s valuation collapse prompted the usually low-profile Li to reach out to his employees in March. In a 900-word internal memo, he told them not to fear and that while the drop is painful, “this is short-term pain that we have to endure to truly maximize our long-term potential.”Analysts generally remain optimistic about Sea’s future even though the stock fell to a two-year low earlier this month. Of the 38 analysts tracked by Bloomberg covering it, 34 recommend buying it. The company’s valuation may begin to rebound as prospects improve with its geographical expansion, according to Nathan Naidu, an analyst with Bloomberg Intelligence.For now, though, the shares remain volatile. After a 32% rebound amid a tech rally in the last two days of last week, they dropped 6.7% Monday. Gang Ye, one of the other company founders, has lost $4.3 billion in wealth this year, while David Chen is no longer a billionaire.“In the current economic environment, the level of anxiety about the effects of anticipated rate hikes by the Fed, along with rising inflation and impact from the Russian - Ukraine war just aren’t good for risky assets such as tech stocks,” BI’s Naidu said.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012865831,"gmtCreate":1649305668736,"gmtModify":1676534489343,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"So is twitter still a buy?","listText":"So is twitter still a buy?","text":"So is twitter still a buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012865831","repostId":"1173645974","repostType":2,"isVote":1,"tweetType":1,"viewCount":995,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586907191866715","authorId":"3586907191866715","name":"MattyKeiichi","avatar":"https://community-static.tradeup.com/news/2a3eefaf5bd9099c58b7f67a88ae29f2","crmLevel":12,"crmLevelSwitch":1,"idStr":"3586907191866715","authorIdStr":"3586907191866715"},"content":"Buy and contribute to elon’s networth, be the sheep and follow the masses.","text":"Buy and contribute to elon’s networth, be the sheep and follow the masses.","html":"Buy and contribute to elon’s networth, be the sheep and follow the masses."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989516818,"gmtCreate":1666048671734,"gmtModify":1676537695813,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"Good start&nbsp;for the week at least","listText":"Good start&nbsp;for the week at least","text":"Good start for the week at least","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9989516818","repostId":"2276154528","repostType":4,"repost":{"id":"2276154528","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1666044360,"share":"https://ttm.financial/m/news/2276154528?lang=en_US&edition=fundamental","pubTime":"2022-10-18 06:06","market":"us","language":"en","title":"US STOCKS-Wall Street Rallies After BofA Results, UK Reversal","url":"https://stock-news.laohu8.com/highlight/detail?id=2276154528","media":"Reuters","summary":"(Reuters) - U.S. stocks kicked off the trading week on Monday with a rally after Britain reversed co","content":"<html><head></head><body><p>(Reuters) - U.S. stocks kicked off the trading week on Monday with a rally after Britain reversed course on an economic plan, while Bank of America was the latest financial company to post solid quarterly results, which lifted optimism about the corporate earnings season.</p><p>Britain named Jeremy Hunt finance minister, and he immediately dispelled many of Prime Minister Liz Truss&#39; fiscal measures, which had unnerved markets in recent weeks.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America Corp</a> shares surged 6.06% as the lender&#39;s net interest income was buoyed by rising interest rates in the quarter, even though it added $378 million to its loan-loss reserves to buttress against a softening economy.</p><p>Fellow financial Bank of NY Mellon Corp also benefited from higher interest rates, and its shares climbed 5.08%.</p><p>Overall, higher rates boosted interest incomes for lenders in the third quarter, giving investors hope the current earnings season will be able to hurdle a lowered bar of expectations. The earnings growth estimate for the quarter is 3%, according to Refinitiv data, down from 4.5% at the start of the month and 11.1% on July 1.</p><p>&#34;In a fragile market like this, any type of good news in the margin can go a long way,&#34; said Emily Roland, co-chief investment strategist at John Hancock Investment Management in Boston.</p><p>&#34;There is better sentiment around what is happening in the UK, financials earnings are being supported by a number of factors, better net interest margins are one key element, higher rates are going to be good for the banks so Q3 earnings maybe are looking a little less bad than feared, I would put it, maybe not necessarily better than feared.&#34;</p><p>The S&amp;P 500 banks index was up 3.48%, while each of the 11 major S&amp;P 500 sector were higher.</p><p>The Dow Jones Industrial Average rose 550.99 points, or 1.86%, to 30,185.82, the S&amp;P 500 gained 94.88 points, or 2.65%, to 3,677.95 and the Nasdaq Composite added 354.41 points, or 3.43%, to 10,675.80.</p><p>U.S. equities remain mired in a bear market, after struggling through September, historically a tough month. Analysts said to better stock valuations entering what is traditionally a stronger period for stocks were also supporting Monday&#39;s rally. Aggressive Federal Reserve interest rate hikes could be a stumbling block though.</p><p>&#34;Right now the Fed owns the market, Fed policy is the key driver, they are implementing the most aggressive tightening in the shortest amount of time that we have seen in our generation and it is important to remember that Fed policy, it works with a lag,&#34; said Roland.</p><p>Data on manufacturing in the New York region was weaker than expected, adding fuel to expectations a pivot by the Fed may be on the horizon.</p><p>Shares of Goldman Sachs, which will post results on Tuesday, advanced 2.24% following reports of a plan to combine its investment banking and trading businesses.</p><p>Major megacap growth stocks like Apple Inc, <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> Inc, Amazon.com and Tesla Inc all rallied, helping to lift the S&amp;P 500 growth index by 3.42%, its biggest daily percentage jump since July 27.</p><p>Tesla Inc, Netflix and Johnson &amp; Johnson are among companies expected to report results later in the week.</p><p>Volume on U.S. exchanges was 10.65 billion shares, compared with the 11.52 billion average for the full session over the last 20 trading days.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 4.79-to-1 ratio; on Nasdaq, a 2.98-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted no new 52-week highs and 2 new lows; the Nasdaq Composite recorded 83 new highs and 146 new lows.</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>US STOCKS-Wall Street Rallies After BofA Results, UK Reversal</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\">\nUS STOCKS-Wall Street Rallies After BofA Results, UK Reversal\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\">2022-10-18 06:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - U.S. stocks kicked off the trading week on Monday with a rally after Britain reversed course on an economic plan, while Bank of America was the latest financial company to post solid quarterly results, which lifted optimism about the corporate earnings season.</p><p>Britain named Jeremy Hunt finance minister, and he immediately dispelled many of Prime Minister Liz Truss&#39; fiscal measures, which had unnerved markets in recent weeks.</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America Corp</a> shares surged 6.06% as the lender&#39;s net interest income was buoyed by rising interest rates in the quarter, even though it added $378 million to its loan-loss reserves to buttress against a softening economy.</p><p>Fellow financial Bank of NY Mellon Corp also benefited from higher interest rates, and its shares climbed 5.08%.</p><p>Overall, higher rates boosted interest incomes for lenders in the third quarter, giving investors hope the current earnings season will be able to hurdle a lowered bar of expectations. The earnings growth estimate for the quarter is 3%, according to Refinitiv data, down from 4.5% at the start of the month and 11.1% on July 1.</p><p>&#34;In a fragile market like this, any type of good news in the margin can go a long way,&#34; said Emily Roland, co-chief investment strategist at John Hancock Investment Management in Boston.</p><p>&#34;There is better sentiment around what is happening in the UK, financials earnings are being supported by a number of factors, better net interest margins are one key element, higher rates are going to be good for the banks so Q3 earnings maybe are looking a little less bad than feared, I would put it, maybe not necessarily better than feared.&#34;</p><p>The S&amp;P 500 banks index was up 3.48%, while each of the 11 major S&amp;P 500 sector were higher.</p><p>The Dow Jones Industrial Average rose 550.99 points, or 1.86%, to 30,185.82, the S&amp;P 500 gained 94.88 points, or 2.65%, to 3,677.95 and the Nasdaq Composite added 354.41 points, or 3.43%, to 10,675.80.</p><p>U.S. equities remain mired in a bear market, after struggling through September, historically a tough month. Analysts said to better stock valuations entering what is traditionally a stronger period for stocks were also supporting Monday&#39;s rally. Aggressive Federal Reserve interest rate hikes could be a stumbling block though.</p><p>&#34;Right now the Fed owns the market, Fed policy is the key driver, they are implementing the most aggressive tightening in the shortest amount of time that we have seen in our generation and it is important to remember that Fed policy, it works with a lag,&#34; said Roland.</p><p>Data on manufacturing in the New York region was weaker than expected, adding fuel to expectations a pivot by the Fed may be on the horizon.</p><p>Shares of Goldman Sachs, which will post results on Tuesday, advanced 2.24% following reports of a plan to combine its investment banking and trading businesses.</p><p>Major megacap growth stocks like Apple Inc, <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> Inc, Amazon.com and Tesla Inc all rallied, helping to lift the S&amp;P 500 growth index by 3.42%, its biggest daily percentage jump since July 27.</p><p>Tesla Inc, Netflix and Johnson &amp; Johnson are among companies expected to report results later in the week.</p><p>Volume on U.S. exchanges was 10.65 billion shares, compared with the 11.52 billion average for the full session over the last 20 trading days.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 4.79-to-1 ratio; on Nasdaq, a 2.98-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted no new 52-week highs and 2 new lows; the Nasdaq Composite recorded 83 new highs and 146 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2276154528","content_text":"(Reuters) - U.S. stocks kicked off the trading week on Monday with a rally after Britain reversed course on an economic plan, while Bank of America was the latest financial company to post solid quarterly results, which lifted optimism about the corporate earnings season.Britain named Jeremy Hunt finance minister, and he immediately dispelled many of Prime Minister Liz Truss' fiscal measures, which had unnerved markets in recent weeks.Bank of America Corp shares surged 6.06% as the lender's net interest income was buoyed by rising interest rates in the quarter, even though it added $378 million to its loan-loss reserves to buttress against a softening economy.Fellow financial Bank of NY Mellon Corp also benefited from higher interest rates, and its shares climbed 5.08%.Overall, higher rates boosted interest incomes for lenders in the third quarter, giving investors hope the current earnings season will be able to hurdle a lowered bar of expectations. The earnings growth estimate for the quarter is 3%, according to Refinitiv data, down from 4.5% at the start of the month and 11.1% on July 1.\"In a fragile market like this, any type of good news in the margin can go a long way,\" said Emily Roland, co-chief investment strategist at John Hancock Investment Management in Boston.\"There is better sentiment around what is happening in the UK, financials earnings are being supported by a number of factors, better net interest margins are one key element, higher rates are going to be good for the banks so Q3 earnings maybe are looking a little less bad than feared, I would put it, maybe not necessarily better than feared.\"The S&P 500 banks index was up 3.48%, while each of the 11 major S&P 500 sector were higher.The Dow Jones Industrial Average rose 550.99 points, or 1.86%, to 30,185.82, the S&P 500 gained 94.88 points, or 2.65%, to 3,677.95 and the Nasdaq Composite added 354.41 points, or 3.43%, to 10,675.80.U.S. equities remain mired in a bear market, after struggling through September, historically a tough month. Analysts said to better stock valuations entering what is traditionally a stronger period for stocks were also supporting Monday's rally. Aggressive Federal Reserve interest rate hikes could be a stumbling block though.\"Right now the Fed owns the market, Fed policy is the key driver, they are implementing the most aggressive tightening in the shortest amount of time that we have seen in our generation and it is important to remember that Fed policy, it works with a lag,\" said Roland.Data on manufacturing in the New York region was weaker than expected, adding fuel to expectations a pivot by the Fed may be on the horizon.Shares of Goldman Sachs, which will post results on Tuesday, advanced 2.24% following reports of a plan to combine its investment banking and trading businesses.Major megacap growth stocks like Apple Inc, Meta Platforms Inc, Amazon.com and Tesla Inc all rallied, helping to lift the S&P 500 growth index by 3.42%, its biggest daily percentage jump since July 27.Tesla Inc, Netflix and Johnson & Johnson are among companies expected to report results later in the week.Volume on U.S. exchanges was 10.65 billion shares, compared with the 11.52 billion average for the full session over the last 20 trading days.Advancing issues outnumbered declining ones on the NYSE by a 4.79-to-1 ratio; on Nasdaq, a 2.98-to-1 ratio favored advancers.The S&P 500 posted no new 52-week highs and 2 new lows; the Nasdaq Composite recorded 83 new highs and 146 new lows.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040444873,"gmtCreate":1655696526492,"gmtModify":1676535687995,"author":{"id":"4105783656507550","authorId":"4105783656507550","name":"Shot","avatar":"https://community-static.tradeup.com/news/3bf75a96475b9f4c635e978fbb44e2a6","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4105783656507550","authorIdStr":"4105783656507550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040444873","repostId":"1174168221","repostType":4,"repost":{"id":"1174168221","kind":"news","pubTimestamp":1655696047,"share":"https://ttm.financial/m/news/1174168221?lang=en_US&edition=fundamental","pubTime":"2022-06-20 11:34","market":"us","language":"en","title":"Berkshire Hathaway: Hit To Book Value Could Be Drastic But A Buying Opportunity Comes With It","url":"https://stock-news.laohu8.com/highlight/detail?id=1174168221","media":"Seeking Alpha","summary":"SummaryBerkshire book value is about to be slammed as the bear market is getting around to value sto","content":"<html><head></head><body><h3>Summary</h3><ul><li>Berkshire book value is about to be slammed as the bear market is getting around to value stocks; Apple in particular will be a drag with Bank of America second.</li><li>Berkshire itself is now down 25% from its March 31 high when its defensive value made it overpriced; it&#39;s now cheap at $270.</li><li>Rule ASU 2016-1 requires that unrealized stock gains/losses be included in net income and book value. Buffett recommends using dividends paid to Berkshire and &#34;look through&#34; to retained earnings.</li><li>The key numbers at Berkshire are the gusher of roughly $39 billion in cash flow and the $26ish billion after subtracting CAPEX.</li><li>The bear market may be scary but it is setting up outstanding opportunities at Berkshire for purchasing growth stocks and share repurchases.</li></ul><blockquote>“You make most of your money in a bear market; you just don’t realize it at the time.” - value investor Shelby Davis</blockquote><p>Get ready for a shock. The book value of Berkshire Hathaway is in the process of falling by a scary amount. That will become apparent in about a month when it reports second quarter earnings. There are a few underlying reasons but very few companies have the unusual degree of exposure to a huge downward reset of valuations. The bear market will weigh on both reported net income and the balance sheet even as its fundamentals remain solid. Don&#39;t panic. It may weigh upon the Berk stock price for a while, but as Buffett has said, &#34;The best chance to deploy capital is when things are going down.&#34; Recognizing a tough period for Berkshire should lead smart investors to start thinking about levels at which to buy. Times like this are when you set yourself up for future profits - in Berkshire and many other investments.</p><p>For most businesses, earnings may be a little punk for a while but little or no change in book value will result. Berkshire is different. You can chalk it up the outsized impact on Berkshire to Accounting Standards Update (ASU) 2016-1 which went into effect in 2017. The new rule required the inclusion of &#34;unrealized investment gains and losses&#34; in reporting Net Income. This greatly expanded the previous rule mandating that &#34;realized capital gains&#34; be included in reported income. CEO Warren Buffett pointed out in Berkshire&#39;s2017 Shareholder Letterthat the inclusion of unrealized gains and losses had the effect of creating &#34;wild&#34; and &#34;capricious&#34; numbers which had to be included in all net income figures and thus made the bottom line number &#34;useless.&#34; Ironically, the for 1917 results an equally extraneous event, the corporate tax cut, was juiced earnings as he stated in paragraph one of the Letter:</p><blockquote>Berkshire’s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%. Over the last 53 years (that is, since present management took over), per share book value has grown from $19 to $211,750, a rate of 19.1% compounded annually.</blockquote><blockquote>The format of that opening paragraph has been standard for 30 years. But 2017 was far from standard: A large portion of our gain did not come from anything we accomplished at Berkshire. The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.&#34;</blockquote><p>Decoding Buffett&#39;s objective wording, the message is that shareholders and analysts should not take the nominal number too seriously. What they should do instead is base their view of Berkshire on the much less variable number of $36-39 billion cash from Berkshire&#39;s operations. Buffett had in fact never really approved of including &#34;realized&#34; capital gains or losses as part of earnings because they were erratic and random, thus providing a poor measure of long term growth and profitability. It took less than a year for a market decline stopping at just under 20% showed what the ASU 2016-1 rule could do to book value in a bear market.</p><p>In this article, published on December 24, 2018, I pointed out that the decline including the few remaining trading days of 2018 might pull down the stocks in the Berkshire portfolio by as much as $37 billion. It turned out to be a little less as stocks rallied between Christmas and New Year&#39;s, but it was still quite bit at a time when Berkshire&#39;s entire stock portfolio was a mere $177 billion. The stock portfolio was also much smaller compared to Berkshire&#39;s operating divisions than it was on December 31, 2021.</p><p>My first concern in 2018 was that Berkshire&#39;s price to book value (P/B) ratio would jump from 1.25 to 1.41. Book value was still a major metric for Berkshire and investors still looked to the P/B level when trying to estimate the level of buybacks. A major leap in the P/B ratio would test the underlying assumptions of Buffett&#39;s new, more fluid buyback policy. Would he ignore the jump in price to book and stick to his often expressed view that Berkshire owned stocks as businesses which paid Berkshire dividends and also produced &#34;look through&#34; earnings creating retained earnings which internally compounded their value?</p><p>As it turned out that was exactly what happened as Buffett signaled his deemphasis of book value in the2019 Shareholder Letterdropping it from the page one comparison of long term returns with the S&amp;P 500. His stated rationale was book value had become less meaningful since Berkshire had an increasing weight of wholly owned businesses which had grown tremendously but remained on the on the books at their original purchase price. The better way to look at both businesses and publicly traded stocks was &#34;business value,&#34; the cash dividends returned to Berkshire corporate headquarters as well as the earnings that both internal subsidiaries and publicly traded stocks retained and which would provide future earnings growth. The Accounting Standards Board didn&#39;t see it that way and instead mandated that &#34;unrealized capital gains and losses&#34; be included in Net Income, thus also dropping down into Book Value. The effect on both would be dramatic, though mainly cosmetic, for Berkshire. The 4th quarter of 2018, with the Fed initiating a series of rate increases, put it to the test. Here are the top six stocks in the Berkshire portfolio I considered in 2018 along with my predicted hit to book value:</p><ul><li><a href=\"https://laohu8.com/S/AAPL\">Apple</a> - roughly $19 billion</li><li><a href=\"https://laohu8.com/S/BAC\">Bank of America</a> - roughly $5 billion</li><li><a href=\"https://laohu8.com/S/AXP\">American Express</a> - a bit over $2 billion</li><li><a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a> - a bit under $3 billion</li><li><a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a> - a bit over a half billion</li><li><a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a> - about $4 billion</li></ul><p>Thanks to strong operating earnings Berkshire&#39;s book value was essentially flat for 2018. After the one-quarter almost-bear market the Fed backed off and the bull market resumed. It is likely to be different this time.</p><p>There&#39;s An Important Nuance Of Difference In 2022</p><p>It&#39;s a little early to close the books on Q2 2022, but at this point we can take a stab at what the decline in book value might be. It should be noted that the 2018 and 2022 events had a major difference in the nature of the stock market decline. In 2018 the Fed attempted to tighten and increase rates and the market as a whole fell a little under 20% with most stocks going down in unison. The decline took place over about 30 days.</p><p>In the current bear market prices of various groups have declined in sequence starting about 15 months ago in February 2021 with ARK Innovation ETF (ARKK) and the speculative stocks it contains, then moving to more substantial but overpriced tech stocks like Amazon (AMZN) and Alphabet (GOOG)(GOOGL) in November 2021, and growth stocks in general such as those in the Invesco QQQ ETF (QQQ) at the beginning of 2022.</p><p>Until the beginning of 2022 the market had two trends: (1) a general decline which began with insubstantial Cathie Woodish companies and (2) a gradually broadening decline with a focus shifting from overpriced growth to moderately cheap or less overpriced value. Around the end of the first quarter, on March 31, the bear market finally came for the value side of the market. Their steeply declining prices quickly began to play catch-up with the market as a whole.</p><p>The numbers stem from different dates but all the stocks below peaked in 2022. The total hit to book value from the first trading day of 2022 is $85 billion. Bear in the mind that there are two weeks left in the second quarter and prices are changing even as I write this. Here are the current top six stocks in the Berkshire Hathaway portfolio with their approximate amount down from all-time highs. All fall into the category of value. They amount to about 75% of the Berkshire portfolio.</p><ul><li>Apple $60 billion</li><li>Bank of America $11.5 billion</li><li>Coca-Cola (KO) $1</li><li>Chevron (CVX) down $3 billion</li><li>American Express billion $4.5</li><li>Occidental Petroleum (OXY) down $5 billion</li></ul><p>BAC was the first holding to drop hard and persistently along with all the other banks. I would speculate that BAC and other banks will be among the first parts of the market to recover because their extremely low P/E ratios should provide support. AXP is down surprisingly hard, falling 30% since mid-February. KO, down about 10% like other highly valued consumer staples stocks, was among the last to decline, starting in April. Chevron and Occidental were at all-time highs less than 10 days ago but have fallen 22% and 24% as of the moment I am writing this line.</p><p>Apple and Berkshire itself are the most interesting. Apple peaked on the first day of trading in 2022, January 3, but bounced strongly twice, trading within a dollar of its January high at the end of March before succumbing to a steep decline. Berkshire Hathaway peaked on March 31 and has fallen relentlessly since. The behavior of AAPL and BRK.B aren&#39;t surprising. Both are the most stalwart of market stalwarts. AAPL has an unmatched consumer brand and BRK.B sets the standard for steady and persistent long term gains and equally steady, capable, and shareholder-friendly management. What&#39;s not to like? Nothing, except as the last survivors Apple and Berkshire had both become expensive in both absolute and relative terms. Here&#39;s a chart showing both:</p><p><img src=\"https://static.tigerbbs.com/9951acd3fbdf9d94d3fb7b2018eeee9d\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/>Looking back two years Berkshire and Apple are virtually in lockstep. For Berkshire, that presents a bit of a double whammy. Despite its steep decline since March 31, Apple leads a decline in book value which assures that Berk&#39;s P/B has not declined as sharply as one might think. Is that dragging down Berk&#39;s steep relative decline at this point or is Berk just continuing to play catch-up in a steeply declining market?</p><h3>The Base Case For Owning Berkshire Hathaway</h3><p>Berkshire is a conglomerate, but it is very different from conglomerates fifty years ago which were thrown together by acquirers using debt and their own inflated stock for currency to pump up their stock price with mediocre acquisitions. Berkshire was carefully put together and Buffett&#39;s major units are uniformly high quality. The overall structure combines decentralized management with centralized asset allocation done largely by Buffett himself. That being said, Buffett&#39;s designated successor has played an important role in recent acquisitions, and his two stock managers have been successful running a growing amount which is now about $70 billion. Management overall is excellent and deep.</p><p>To understand Berkshire Hathaway you start with the fact that its earnings and overall value come from several distinct but interconnected areas. Its four operating units - Insurance, the BNSF Railroad, Berkshire Hathaway Energy, and the Manufacturing, Service and Retail Unit - are made up of wholly (or largely) owned subsidiaries acquired over fifty years. Its publicly traded stock portfolio originated as a vehicle to invest insurance float to pay future insurance claims. Its largest position by far is Apple, with a year end 2021 value of $161 billion. Buffett sometimes describes as its second largest<i>business</i>unit.</p><p>Net earnings attributable to Berkshire Hathaway shareholders from the four business units and stock portfolio for each of the past three years are disaggregated in the table that follows. Amounts are in millions after deducting income taxes and exclude earnings attributable to non-controlling interests. What remains are the numbers for actual operating earnings. That&#39;s the number Buffett believes analysts should start with.</p><p><img src=\"https://static.tigerbbs.com/5e4160faa40e9626bf099fed6386f70e\" tg-width=\"917\" tg-height=\"627\" width=\"100%\" height=\"auto\"/>Table extracted from Berkshire Hathaway 2021 Annual Report, p. 32.</p><p>For the bottom line of the table I subtracted the numbers for Investment gains/losses and Other. Another important number not included in the table is free cash flow, which has been about $36-39 billion in recent years. To get to the numbers in the bottom line of the table one subtracts aggregate capital expenditures of the operating businesses. Cash flow has doubled over the past decade. That&#39;s a faster rate than the ten year increase in net earnings with a one-time jump from the corporate tax cut of 2017. Depending on the degree to which profits are squeezed by the current inflation the numbers for both earnings and cash flow should generally grow at a moderate rate.</p><p>Assembling a definitive number for the value of Berkshire Hathaway is difficult. ThisSA articleby David Kass took a shot at it using a relatively simple methodology. I have resisted the temptation to do an article valuing Berk two or three different ways but two of my past Berkshire articles,hereandhere, touch upon the subject tangentially and also lend themselves to the discussion of future buybacks later in this article. Arguably one might value the separate businesses by the standard business school approach of comparing them to separate free standing businesses. The catch is that valuations are now in flux due to the complexities that stem from insurance underwriting and insurance float. There are also complications involving the way to think about the publicly traded stock portfolio.</p><p>You get a sense of the difficulty in the fact that some sector divisions count Berkshire as a financial while others classify it as an industrial. The exceptional events of the past few years, including the pandemic lockdown, an actual change in the corporate tax rate as well as the impact of Accounting Standards Update (ASU) 2016-1, produce unhelpful numbers which must be smoothed in a process involving estimates. On top of those factors, Berkshire&#39;s annual results are inherently lumpy.</p><p>Three years ago, I calculated Berkshire&#39;s Return on Equity as slightly above 9% and noted that buybacks, which reduce the ROE denominator, could lift ROE above 10% within a year or two. I think the pandemic crimp to earnings and slowing buybacks because of Berkshire&#39;s price run-up took that off the table. Over the long run, however, looking at its separate businesses and its stock portfolio as measured by dividends (and perhaps by the increase in retained earnings) earnings should compound at a rate a little under 10%. Tax increases, wars, and pandemics could of course completely wreck this forecast.</p><p>SA Rating Summary, Factor Grades, and Quant Rankings are not as helpful for Berkshire as for most stocks in part because the overwhelming majority of Berkshire investors view it as a long term core holding. Berkshire&#39;s Rating Summary at SA is Hold, which happens to be what most Berkshire investors do. Berkshire is more popular with SA authors and Wall Street analysts who rate it a cumulative Buy. None rate it a Sell. The Profitability Grade of A+ is the Factor Grade which stands out. Berkshire&#39;s Profitability Factor Grade appears to depend heavily upon the $37 billion gusher of Cash From Operations. Cash flow like that overpowers other metrics which are distorted by the various factors mentioned above. That&#39;s the amount Buffett has available to reinvest or reallocate on an annual basis.</p><h3>Will Future Berkshire Buybacks Return To A High Level?</h3><p>A large market decline presents huge opportunities but difficult choices. The choices presented to Buffett are pretty much the same as the choices presented to you and me. Buffett&#39;s priorities for deploying that flood of cash are the following in order of preference:</p><ol><li>Increase the long term earning power of Berkshire&#39;s controlled businesses through internal growth (something you and I can&#39;t do) or by making acquisitions. Many lists of alternative uses for cash separate internal CAPEX from acquisitions.</li><li>Buy non-controlling part-interests in good businesses that are publicly traded (i.e., buy stocks). At the recent Annual Meeting, Buffett saw few exciting prospects. That is clearly changing.</li><li>Repurchase Berkshire Hathaway shares when they are available at good prices, thus increasing your share of the many controlled and non-controlled businesses plus publicly traded stocks that Berkshire owns. Buffett calls this the easiest and most certain way to increase shareholder wealth.</li></ol><p>In the last couple of years, since he completed establishing his position in Apple, Buffett purchased such things as bolt-on additions to Berkshire Hathaway Energy, value stocks paying good dividends, and most recently the energy companies Occidental and Chevron. The bolt-on include pipelines and a storage facility bought from Dominion Energy (D) and Alleghany Corporation (Y) which fits seamlessly into Berkshire&#39;s insurance businesses. Bolt-ons are almost always successful because they are businesses you already know a lot about. Stocks bought for cash dividends mainly to pay future insurance claims include the five Japanese trading companies, which he carefully hedged by issuing debt in yen, and HP Inc. (HPQ), a slowly fading tech stock with a good dividend.</p><p>If the reset of valuation continues I suspect that Buffett&#39;s focus for acquisitions and publicly traded stocks may shift toward established growth stocks which are rapidly falling toward reasonable prices. My first thoughts are Amazon and Alphabet (now with a 19 P/E), although there may soon be a large list. The question is how newly cheap or reasonably priced growth companies will stack up against Berkshire itself. Apple shows what an astute tech investment at the right price can do to juice returns. But what about the steady growth of the company Buffett knows best?</p><p>The 2020 and 2021 level of Berkshire buybacks took place in an environment in which Berkshire itself was the surest and safest candidate. The case for Berkshire includes but is not limited to the following:</p><ul><li>Its large operating units are not going away anytime soon and have a more or less assured growth that should more than keep up with the economy.</li><li>These businesses and Berkshire as a whole are well within Buffett&#39;s area of competence.</li><li>The insurance businesses are in the aggregate best of breed and relatively immune to economic downturns.</li><li>Buybacks help make the case against dividends, which the overwhelming majority of Berkshire shareholders don&#39;t want (to me and many others they mean throwing money away as a gift to the IRS). Shareholders willing to take minimal action can convert buybacks into a dividend up to the percentage of shares repurchased at a lower tax rate and without reducing the percentage of Berkshire Hathaway owned.</li></ul><p>The following bit extracted from the second of two past articles cited above shows how a buyback works:</p><blockquote>The $24.7 buyback in 2020 amounted to 5% of Berkshire&#39;s total market cap. This had the effect of shrinking tangible book value by that same $24.7 billion. Cash, of course, is very tangible, despite the fact that it currently produces no return. Lowering the denominator without change in the numerator lifted the rate of return to its present 9.8%. Meanwhile the few Berkshire shareholders desperate for a dividend had their wish fulfilled: they could sell 5% of their shares without diluting the percentage of ownership they had before the buybacks. Here&#39;s a quick review of the effects:</blockquote><ol><li>The shares remaining after the buyback were 95% of the shares previously outstanding.</li><li>Continuing shareholders now own 5.2% more of Berkshire&#39;s total cash flow and earnings than they did previously.</li><li>All per share measures except P/B increase by that same 5.2% - the equivalent of a 5.2% addition to growth.</li><li>Return on Book Value moved closer to reflecting Berkshire&#39;s actual level of profitability.&#34;</li></ol><p>The beauty of this use of cash is that the benefits are structural and not dependent on anything else. They won&#39;t, of course, produce a home run like Apple but they won&#39;t risk a big loser either. The overall return is a little better than the internal return at Berkshire itself. Factoring in the relative safety, that&#39;s excellent.</p><h3>How To Buy Or Add In Stages</h3><p>Berkshire began 2022 trading around $300 per share and went more or less straight up. That $300 price did not stop Buffett from buying although the level of his purchases was reduced. In the 4th Quarter of 2021, however, he bought back $6.7 billion in shares at prices which probably averaged around $290. Berkshire looks like a long term buy anywhere below that price. As I write this it is trading at $270. That&#39;s clearly below fair &#34;business value.&#34; I would buy or add at least the first third of the capital I wished to deploy.</p><p>At $250 I would buy the second third, confident that this buy would look good in a year or two. At $220, if that price should at any point be available, I would go all in. $220 is a steal.</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: Hit To Book Value Could Be Drastic But A Buying Opportunity Comes With 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\">\nBerkshire Hathaway: Hit To Book Value Could Be Drastic But A Buying Opportunity Comes With It\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-20 11:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4519091-berkshire-hathaway-hit-to-book-value-could-be-drastic-but-buying-opportunity><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryBerkshire book value is about to be slammed as the bear market is getting around to value stocks; Apple in particular will be a drag with Bank of America second.Berkshire itself is now down 25%...</p>\n\n<a href=\"https://seekingalpha.com/article/4519091-berkshire-hathaway-hit-to-book-value-could-be-drastic-but-buying-opportunity\">Source 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://seekingalpha.com/article/4519091-berkshire-hathaway-hit-to-book-value-could-be-drastic-but-buying-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174168221","content_text":"SummaryBerkshire book value is about to be slammed as the bear market is getting around to value stocks; Apple in particular will be a drag with Bank of America second.Berkshire itself is now down 25% from its March 31 high when its defensive value made it overpriced; it's now cheap at $270.Rule ASU 2016-1 requires that unrealized stock gains/losses be included in net income and book value. Buffett recommends using dividends paid to Berkshire and \"look through\" to retained earnings.The key numbers at Berkshire are the gusher of roughly $39 billion in cash flow and the $26ish billion after subtracting CAPEX.The bear market may be scary but it is setting up outstanding opportunities at Berkshire for purchasing growth stocks and share repurchases.“You make most of your money in a bear market; you just don’t realize it at the time.” - value investor Shelby DavisGet ready for a shock. The book value of Berkshire Hathaway is in the process of falling by a scary amount. That will become apparent in about a month when it reports second quarter earnings. There are a few underlying reasons but very few companies have the unusual degree of exposure to a huge downward reset of valuations. The bear market will weigh on both reported net income and the balance sheet even as its fundamentals remain solid. Don't panic. It may weigh upon the Berk stock price for a while, but as Buffett has said, \"The best chance to deploy capital is when things are going down.\" Recognizing a tough period for Berkshire should lead smart investors to start thinking about levels at which to buy. Times like this are when you set yourself up for future profits - in Berkshire and many other investments.For most businesses, earnings may be a little punk for a while but little or no change in book value will result. Berkshire is different. You can chalk it up the outsized impact on Berkshire to Accounting Standards Update (ASU) 2016-1 which went into effect in 2017. The new rule required the inclusion of \"unrealized investment gains and losses\" in reporting Net Income. This greatly expanded the previous rule mandating that \"realized capital gains\" be included in reported income. CEO Warren Buffett pointed out in Berkshire's2017 Shareholder Letterthat the inclusion of unrealized gains and losses had the effect of creating \"wild\" and \"capricious\" numbers which had to be included in all net income figures and thus made the bottom line number \"useless.\" Ironically, the for 1917 results an equally extraneous event, the corporate tax cut, was juiced earnings as he stated in paragraph one of the Letter:Berkshire’s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%. Over the last 53 years (that is, since present management took over), per share book value has grown from $19 to $211,750, a rate of 19.1% compounded annually.The format of that opening paragraph has been standard for 30 years. But 2017 was far from standard: A large portion of our gain did not come from anything we accomplished at Berkshire. The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.\"Decoding Buffett's objective wording, the message is that shareholders and analysts should not take the nominal number too seriously. What they should do instead is base their view of Berkshire on the much less variable number of $36-39 billion cash from Berkshire's operations. Buffett had in fact never really approved of including \"realized\" capital gains or losses as part of earnings because they were erratic and random, thus providing a poor measure of long term growth and profitability. It took less than a year for a market decline stopping at just under 20% showed what the ASU 2016-1 rule could do to book value in a bear market.In this article, published on December 24, 2018, I pointed out that the decline including the few remaining trading days of 2018 might pull down the stocks in the Berkshire portfolio by as much as $37 billion. It turned out to be a little less as stocks rallied between Christmas and New Year's, but it was still quite bit at a time when Berkshire's entire stock portfolio was a mere $177 billion. The stock portfolio was also much smaller compared to Berkshire's operating divisions than it was on December 31, 2021.My first concern in 2018 was that Berkshire's price to book value (P/B) ratio would jump from 1.25 to 1.41. Book value was still a major metric for Berkshire and investors still looked to the P/B level when trying to estimate the level of buybacks. A major leap in the P/B ratio would test the underlying assumptions of Buffett's new, more fluid buyback policy. Would he ignore the jump in price to book and stick to his often expressed view that Berkshire owned stocks as businesses which paid Berkshire dividends and also produced \"look through\" earnings creating retained earnings which internally compounded their value?As it turned out that was exactly what happened as Buffett signaled his deemphasis of book value in the2019 Shareholder Letterdropping it from the page one comparison of long term returns with the S&P 500. His stated rationale was book value had become less meaningful since Berkshire had an increasing weight of wholly owned businesses which had grown tremendously but remained on the on the books at their original purchase price. The better way to look at both businesses and publicly traded stocks was \"business value,\" the cash dividends returned to Berkshire corporate headquarters as well as the earnings that both internal subsidiaries and publicly traded stocks retained and which would provide future earnings growth. The Accounting Standards Board didn't see it that way and instead mandated that \"unrealized capital gains and losses\" be included in Net Income, thus also dropping down into Book Value. The effect on both would be dramatic, though mainly cosmetic, for Berkshire. The 4th quarter of 2018, with the Fed initiating a series of rate increases, put it to the test. Here are the top six stocks in the Berkshire portfolio I considered in 2018 along with my predicted hit to book value:Apple - roughly $19 billionBank of America - roughly $5 billionAmerican Express - a bit over $2 billionKraft Heinz - a bit under $3 billionU.S. Bancorp - a bit over a half billionWells Fargo - about $4 billionThanks to strong operating earnings Berkshire's book value was essentially flat for 2018. After the one-quarter almost-bear market the Fed backed off and the bull market resumed. It is likely to be different this time.There's An Important Nuance Of Difference In 2022It's a little early to close the books on Q2 2022, but at this point we can take a stab at what the decline in book value might be. It should be noted that the 2018 and 2022 events had a major difference in the nature of the stock market decline. In 2018 the Fed attempted to tighten and increase rates and the market as a whole fell a little under 20% with most stocks going down in unison. The decline took place over about 30 days.In the current bear market prices of various groups have declined in sequence starting about 15 months ago in February 2021 with ARK Innovation ETF (ARKK) and the speculative stocks it contains, then moving to more substantial but overpriced tech stocks like Amazon (AMZN) and Alphabet (GOOG)(GOOGL) in November 2021, and growth stocks in general such as those in the Invesco QQQ ETF (QQQ) at the beginning of 2022.Until the beginning of 2022 the market had two trends: (1) a general decline which began with insubstantial Cathie Woodish companies and (2) a gradually broadening decline with a focus shifting from overpriced growth to moderately cheap or less overpriced value. Around the end of the first quarter, on March 31, the bear market finally came for the value side of the market. Their steeply declining prices quickly began to play catch-up with the market as a whole.The numbers stem from different dates but all the stocks below peaked in 2022. The total hit to book value from the first trading day of 2022 is $85 billion. Bear in the mind that there are two weeks left in the second quarter and prices are changing even as I write this. Here are the current top six stocks in the Berkshire Hathaway portfolio with their approximate amount down from all-time highs. All fall into the category of value. They amount to about 75% of the Berkshire portfolio.Apple $60 billionBank of America $11.5 billionCoca-Cola (KO) $1Chevron (CVX) down $3 billionAmerican Express billion $4.5Occidental Petroleum (OXY) down $5 billionBAC was the first holding to drop hard and persistently along with all the other banks. I would speculate that BAC and other banks will be among the first parts of the market to recover because their extremely low P/E ratios should provide support. AXP is down surprisingly hard, falling 30% since mid-February. KO, down about 10% like other highly valued consumer staples stocks, was among the last to decline, starting in April. Chevron and Occidental were at all-time highs less than 10 days ago but have fallen 22% and 24% as of the moment I am writing this line.Apple and Berkshire itself are the most interesting. Apple peaked on the first day of trading in 2022, January 3, but bounced strongly twice, trading within a dollar of its January high at the end of March before succumbing to a steep decline. Berkshire Hathaway peaked on March 31 and has fallen relentlessly since. The behavior of AAPL and BRK.B aren't surprising. Both are the most stalwart of market stalwarts. AAPL has an unmatched consumer brand and BRK.B sets the standard for steady and persistent long term gains and equally steady, capable, and shareholder-friendly management. What's not to like? Nothing, except as the last survivors Apple and Berkshire had both become expensive in both absolute and relative terms. Here's a chart showing both:Looking back two years Berkshire and Apple are virtually in lockstep. For Berkshire, that presents a bit of a double whammy. Despite its steep decline since March 31, Apple leads a decline in book value which assures that Berk's P/B has not declined as sharply as one might think. Is that dragging down Berk's steep relative decline at this point or is Berk just continuing to play catch-up in a steeply declining market?The Base Case For Owning Berkshire HathawayBerkshire is a conglomerate, but it is very different from conglomerates fifty years ago which were thrown together by acquirers using debt and their own inflated stock for currency to pump up their stock price with mediocre acquisitions. Berkshire was carefully put together and Buffett's major units are uniformly high quality. The overall structure combines decentralized management with centralized asset allocation done largely by Buffett himself. That being said, Buffett's designated successor has played an important role in recent acquisitions, and his two stock managers have been successful running a growing amount which is now about $70 billion. Management overall is excellent and deep.To understand Berkshire Hathaway you start with the fact that its earnings and overall value come from several distinct but interconnected areas. Its four operating units - Insurance, the BNSF Railroad, Berkshire Hathaway Energy, and the Manufacturing, Service and Retail Unit - are made up of wholly (or largely) owned subsidiaries acquired over fifty years. Its publicly traded stock portfolio originated as a vehicle to invest insurance float to pay future insurance claims. Its largest position by far is Apple, with a year end 2021 value of $161 billion. Buffett sometimes describes as its second largestbusinessunit.Net earnings attributable to Berkshire Hathaway shareholders from the four business units and stock portfolio for each of the past three years are disaggregated in the table that follows. Amounts are in millions after deducting income taxes and exclude earnings attributable to non-controlling interests. What remains are the numbers for actual operating earnings. That's the number Buffett believes analysts should start with.Table extracted from Berkshire Hathaway 2021 Annual Report, p. 32.For the bottom line of the table I subtracted the numbers for Investment gains/losses and Other. Another important number not included in the table is free cash flow, which has been about $36-39 billion in recent years. To get to the numbers in the bottom line of the table one subtracts aggregate capital expenditures of the operating businesses. Cash flow has doubled over the past decade. That's a faster rate than the ten year increase in net earnings with a one-time jump from the corporate tax cut of 2017. Depending on the degree to which profits are squeezed by the current inflation the numbers for both earnings and cash flow should generally grow at a moderate rate.Assembling a definitive number for the value of Berkshire Hathaway is difficult. ThisSA articleby David Kass took a shot at it using a relatively simple methodology. I have resisted the temptation to do an article valuing Berk two or three different ways but two of my past Berkshire articles,hereandhere, touch upon the subject tangentially and also lend themselves to the discussion of future buybacks later in this article. Arguably one might value the separate businesses by the standard business school approach of comparing them to separate free standing businesses. The catch is that valuations are now in flux due to the complexities that stem from insurance underwriting and insurance float. There are also complications involving the way to think about the publicly traded stock portfolio.You get a sense of the difficulty in the fact that some sector divisions count Berkshire as a financial while others classify it as an industrial. The exceptional events of the past few years, including the pandemic lockdown, an actual change in the corporate tax rate as well as the impact of Accounting Standards Update (ASU) 2016-1, produce unhelpful numbers which must be smoothed in a process involving estimates. On top of those factors, Berkshire's annual results are inherently lumpy.Three years ago, I calculated Berkshire's Return on Equity as slightly above 9% and noted that buybacks, which reduce the ROE denominator, could lift ROE above 10% within a year or two. I think the pandemic crimp to earnings and slowing buybacks because of Berkshire's price run-up took that off the table. Over the long run, however, looking at its separate businesses and its stock portfolio as measured by dividends (and perhaps by the increase in retained earnings) earnings should compound at a rate a little under 10%. Tax increases, wars, and pandemics could of course completely wreck this forecast.SA Rating Summary, Factor Grades, and Quant Rankings are not as helpful for Berkshire as for most stocks in part because the overwhelming majority of Berkshire investors view it as a long term core holding. Berkshire's Rating Summary at SA is Hold, which happens to be what most Berkshire investors do. Berkshire is more popular with SA authors and Wall Street analysts who rate it a cumulative Buy. None rate it a Sell. The Profitability Grade of A+ is the Factor Grade which stands out. Berkshire's Profitability Factor Grade appears to depend heavily upon the $37 billion gusher of Cash From Operations. Cash flow like that overpowers other metrics which are distorted by the various factors mentioned above. That's the amount Buffett has available to reinvest or reallocate on an annual basis.Will Future Berkshire Buybacks Return To A High Level?A large market decline presents huge opportunities but difficult choices. The choices presented to Buffett are pretty much the same as the choices presented to you and me. Buffett's priorities for deploying that flood of cash are the following in order of preference:Increase the long term earning power of Berkshire's controlled businesses through internal growth (something you and I can't do) or by making acquisitions. Many lists of alternative uses for cash separate internal CAPEX from acquisitions.Buy non-controlling part-interests in good businesses that are publicly traded (i.e., buy stocks). At the recent Annual Meeting, Buffett saw few exciting prospects. That is clearly changing.Repurchase Berkshire Hathaway shares when they are available at good prices, thus increasing your share of the many controlled and non-controlled businesses plus publicly traded stocks that Berkshire owns. Buffett calls this the easiest and most certain way to increase shareholder wealth.In the last couple of years, since he completed establishing his position in Apple, Buffett purchased such things as bolt-on additions to Berkshire Hathaway Energy, value stocks paying good dividends, and most recently the energy companies Occidental and Chevron. The bolt-on include pipelines and a storage facility bought from Dominion Energy (D) and Alleghany Corporation (Y) which fits seamlessly into Berkshire's insurance businesses. Bolt-ons are almost always successful because they are businesses you already know a lot about. Stocks bought for cash dividends mainly to pay future insurance claims include the five Japanese trading companies, which he carefully hedged by issuing debt in yen, and HP Inc. (HPQ), a slowly fading tech stock with a good dividend.If the reset of valuation continues I suspect that Buffett's focus for acquisitions and publicly traded stocks may shift toward established growth stocks which are rapidly falling toward reasonable prices. My first thoughts are Amazon and Alphabet (now with a 19 P/E), although there may soon be a large list. The question is how newly cheap or reasonably priced growth companies will stack up against Berkshire itself. Apple shows what an astute tech investment at the right price can do to juice returns. But what about the steady growth of the company Buffett knows best?The 2020 and 2021 level of Berkshire buybacks took place in an environment in which Berkshire itself was the surest and safest candidate. The case for Berkshire includes but is not limited to the following:Its large operating units are not going away anytime soon and have a more or less assured growth that should more than keep up with the economy.These businesses and Berkshire as a whole are well within Buffett's area of competence.The insurance businesses are in the aggregate best of breed and relatively immune to economic downturns.Buybacks help make the case against dividends, which the overwhelming majority of Berkshire shareholders don't want (to me and many others they mean throwing money away as a gift to the IRS). Shareholders willing to take minimal action can convert buybacks into a dividend up to the percentage of shares repurchased at a lower tax rate and without reducing the percentage of Berkshire Hathaway owned.The following bit extracted from the second of two past articles cited above shows how a buyback works:The $24.7 buyback in 2020 amounted to 5% of Berkshire's total market cap. This had the effect of shrinking tangible book value by that same $24.7 billion. Cash, of course, is very tangible, despite the fact that it currently produces no return. Lowering the denominator without change in the numerator lifted the rate of return to its present 9.8%. Meanwhile the few Berkshire shareholders desperate for a dividend had their wish fulfilled: they could sell 5% of their shares without diluting the percentage of ownership they had before the buybacks. Here's a quick review of the effects:The shares remaining after the buyback were 95% of the shares previously outstanding.Continuing shareholders now own 5.2% more of Berkshire's total cash flow and earnings than they did previously.All per share measures except P/B increase by that same 5.2% - the equivalent of a 5.2% addition to growth.Return on Book Value moved closer to reflecting Berkshire's actual level of profitability.\"The beauty of this use of cash is that the benefits are structural and not dependent on anything else. They won't, of course, produce a home run like Apple but they won't risk a big loser either. The overall return is a little better than the internal return at Berkshire itself. Factoring in the relative safety, that's excellent.How To Buy Or Add In StagesBerkshire began 2022 trading around $300 per share and went more or less straight up. That $300 price did not stop Buffett from buying although the level of his purchases was reduced. In the 4th Quarter of 2021, however, he bought back $6.7 billion in shares at prices which probably averaged around $290. Berkshire looks like a long term buy anywhere below that price. As I write this it is trading at $270. That's clearly below fair \"business value.\" I would buy or add at least the first third of the capital I wished to deploy.At $250 I would buy the second third, confident that this buy would look good in a year or two. At $220, if that price should at any point be available, I would go all in. $220 is a steal.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}