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tlinh

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2022-10-31

$Tiger Brokers(TIGR)$

2022-04-01

buying the dip

AMD Stock Alert: Buy the Dip or Stay Clear?

2022-03-31

tsla will go up when u tink it goes down, this stock doesnt make sense

Tesla Extends Shanghai Plant Shutdown Again as Outbreak Persists

2022-03-25

what a stupid article and today proves it, motley fool is really a fool churning out these low quality "i told u so" articles only to appear like the real fool once market has time to digest the news

Why Nvidia Stock Dropped Wednesday

2022-03-24

aapl up

Electric Vehicle Checkpoint: Will the Apple Car Be a Porsche?

2022-03-24

good buy at 20

Of Course, Nio Will Lose Money in Q4 2021

2022-03-24

ok

US STOCKS-Wall St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries

2022-03-21

people seem to forget inflation is almost at a historically high level [Happy]

U.S. Stocks Poised to Open Slightly Higher on Monday

2022-03-20

well i like this stock personally now because of the content

Disney: Awakening The Sleeping Giant

2022-03-16

dont reli care for the markets here, this is good news regardless

Sorry, the original content has been removed

2022-03-16

nice

The Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat

2022-03-16

hmm, still wary of chinese stocks

China Vows to Keep Markets Stable, Support Foreign Listings

2022-03-08

nice

Sorry, the original content has been removed

2022-03-01

like

Market Correction: 2 Top Tech Stocks Down 63% and 78% to Buy Right Now

2022-02-26

love the line on being a business picker and not a stock picker

Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value

2022-02-25

like pls

Sorry, the original content has been removed

2022-02-21

might put in 100 to see how it goes

Aiming for a 100-Bagger? This Stock Has the Potential

2022-02-20

rblx

Better Video Game Stock: Roblox vs. Nintendo

2022-02-16

luckily i sold at 71, might go back in now that prices are low [Cool]

Sorry, the original content has been removed

2022-02-16

its a steal now at its discounted price [Miser]

@VideoLounge: [💪Morgan Stanley says buy Roblox] Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and $115.00 price target on Roblox Corp. (NYSE: RBLX) after the company, with the NFL announced the launch of NFL Tycoon, a football-inspired tycoon/simulator game, which will be the first persistent experience from a sports league on RBLX. The "Halftime Report" traders debate Morgan Stanley's bullish call on Roblox. $Roblox Corporation(RBLX)$

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a><v-v data-views=\"1\"></v-v>","text":"$Tiger Brokers(TIGR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9982583986","isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011111600,"gmtCreate":1648827008975,"gmtModify":1676534406515,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"buying the dip","listText":"buying the dip","text":"buying the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011111600","repostId":"1106532742","repostType":2,"repost":{"id":"1106532742","kind":"news","pubTimestamp":1648817166,"share":"https://ttm.financial/m/news/1106532742?lang=&edition=fundamental","pubTime":"2022-04-01 20:46","market":"us","language":"en","title":"AMD Stock Alert: Buy the Dip or Stay Clear?","url":"https://stock-news.laohu8.com/highlight/detail?id=1106532742","media":"TheStreet","summary":"AMD stock is beginning to unravel. Here are the must-hold support areas before shares go on to retes","content":"<html><head></head><body><p>AMD stock is beginning to unravel. Here are the must-hold support areas before shares go on to retest the lows.</p><p>Advanced Micro Devices hasn’t been trading as well as Nvidia lately, but it’s done a pretty good job helping lead tech stocks higher.</p><p>Now though, it’s struggling. Shares tumbled more than 8% Thursday after a downgrade from Barclays. </p><p>While yesterday’s fall wasn’t a crushing blow to the bull case, it was still disappointing as it was rejected from a key area on the chart and after making new highs on the month in the same session.</p><p>The reversal off the high leaves a bad taste in bulls’ mouth, particularly as we wrap up the first quarter.</p><p>Given the strength in this group — particularly AMD and Nvidia — it’s been all over investors’ watchlist, along with Marvel and Intel.</p><p>Now correcting, I want to see where support comes into play. If it doesn’t, we could be looking at a retest of the recent lows.</p><p><b>Trading AMD Stock</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/534d63f2024e2d482832fe342963306f\" tg-width=\"1240\" tg-height=\"766\" width=\"100%\" height=\"auto\"/><span>Daily chart of AMD stock.</span></p><p>At the end of the day, traders are wondering about is what type of rally we’re experiencing. That’s specifically for AMD but also broadly for the Nasdaq and tech stocks.</p><p>In other words, is this a giant dead-cat bounce in these stocks and we’re looking at another move lower, or are we amid a new sustainable uptrend?</p><p>As I look at AMD stock, I’m trying to keep in mind that it’s the end of the quarter and with that, the volatility has increased a bit.</p><p>For now, the stock is losing the 10-day, 50-day and 200-day moving averages. It’s also being rejected from the $125 level, which was support in January, but resistance in February.</p><p>If the stock breaks back below prior channel resistance (blue line) and the 50-week moving average, we’ll have no other choice but to look for potential support at the $100 area.</p><p>As a natural bull, I hate to say that because it’s been such a painful ride already. But the reality is that unless AMD stock reclaims $117.50, we have to be aware of the potential downside.</p><p>If it reclaims $117.50, it will put the stock back over all of its key daily moving averages. That puts the weekly VWAP measure in play, followed by this week’s high near $125.</p><p>Above that opens the door to the $130 to $133 area.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Stock Alert: Buy the Dip or Stay Clear?</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\">\nAMD Stock Alert: Buy the Dip or Stay Clear?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-01 20:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/buy-the-dip-in-amd-stock-or-wait-for-more-downside><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMD stock is beginning to unravel. Here are the must-hold support areas before shares go on to retest the lows.Advanced Micro Devices hasn’t been trading as well as Nvidia lately, but it’s done a ...</p>\n\n<a href=\"https://www.thestreet.com/investing/buy-the-dip-in-amd-stock-or-wait-for-more-downside\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/buy-the-dip-in-amd-stock-or-wait-for-more-downside","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106532742","content_text":"AMD stock is beginning to unravel. Here are the must-hold support areas before shares go on to retest the lows.Advanced Micro Devices hasn’t been trading as well as Nvidia lately, but it’s done a pretty good job helping lead tech stocks higher.Now though, it’s struggling. Shares tumbled more than 8% Thursday after a downgrade from Barclays. While yesterday’s fall wasn’t a crushing blow to the bull case, it was still disappointing as it was rejected from a key area on the chart and after making new highs on the month in the same session.The reversal off the high leaves a bad taste in bulls’ mouth, particularly as we wrap up the first quarter.Given the strength in this group — particularly AMD and Nvidia — it’s been all over investors’ watchlist, along with Marvel and Intel.Now correcting, I want to see where support comes into play. If it doesn’t, we could be looking at a retest of the recent lows.Trading AMD StockDaily chart of AMD stock.At the end of the day, traders are wondering about is what type of rally we’re experiencing. That’s specifically for AMD but also broadly for the Nasdaq and tech stocks.In other words, is this a giant dead-cat bounce in these stocks and we’re looking at another move lower, or are we amid a new sustainable uptrend?As I look at AMD stock, I’m trying to keep in mind that it’s the end of the quarter and with that, the volatility has increased a bit.For now, the stock is losing the 10-day, 50-day and 200-day moving averages. It’s also being rejected from the $125 level, which was support in January, but resistance in February.If the stock breaks back below prior channel resistance (blue line) and the 50-week moving average, we’ll have no other choice but to look for potential support at the $100 area.As a natural bull, I hate to say that because it’s been such a painful ride already. But the reality is that unless AMD stock reclaims $117.50, we have to be aware of the potential downside.If it reclaims $117.50, it will put the stock back over all of its key daily moving averages. That puts the weekly VWAP measure in play, followed by this week’s high near $125.Above that opens the door to the $130 to $133 area.","news_type":1},"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013686286,"gmtCreate":1648720085324,"gmtModify":1676534385656,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"tsla will go up when u tink it goes down, this stock doesnt make sense","listText":"tsla will go up when u tink it goes down, this stock doesnt make sense","text":"tsla will go up when u tink it goes down, this stock doesnt make sense","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013686286","repostId":"2223359679","repostType":2,"repost":{"id":"2223359679","kind":"highlight","pubTimestamp":1648717493,"share":"https://ttm.financial/m/news/2223359679?lang=&edition=fundamental","pubTime":"2022-03-31 17:04","market":"us","language":"en","title":"Tesla Extends Shanghai Plant Shutdown Again as Outbreak Persists","url":"https://stock-news.laohu8.com/highlight/detail?id=2223359679","media":"Bloomberg","summary":"Tesla Inc. extended the suspension of production at its Shanghai factory by at least a day, accordin","content":"<html><head></head><body><p>Tesla Inc. extended the suspension of production at its Shanghai factory by at least a day, according to people familiar with the matter, amid uncertainty over the city’s pandemic lockdown and ongoing Covid-19 outbreak.</p><p>The suspension at the automaker’s Gigafactory, which started Monday when the financial hub went into a phased lockdown, will run through at least Friday, said the people, who asked not to be identified because they’re not authorized to speak publicly. Previously, workers were told production would likely resume on Friday, when the first phase of the lockdown was supposed to end.</p><p>Shanghai locked down the east of the city for four days on Monday to conduct mass testing to combat a Covid outbreak that’s turned it into China’s biggest virus hotspot. The western part of the city was due to be locked down from Friday, but authorities said late Wednesday they will adopt “static management” of the city, a phrase used by Chinese officials in other parts of the country to mean a strict lockdown in which residents are barred from leaving their homes.</p><p>Tesla told all employees to stay home and abide by community orders, except for workers on emergency duty, the people said. The decision is “in accordance to the latest Covid prevention requirements of the Shanghai government” according to a company memo seen by Bloomberg News. It earlier also surveyed staff on their willingness to stay in the factory to allow so-called closed-loop production -- where workers are effectively kept in a bubble and tested frequently -- if it was able to resume operations Friday, the people said.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e8e9727ee2215be4c83a07e12b937a1\" tg-width=\"1000\" tg-height=\"666\" width=\"100%\" height=\"auto\"/><span>The Tesla Gigafactory in Shanghai.Photographer: Qilai Shen/Bloomberg</span></p><p>The first Gigafactory outside Tesla’s home country produced half of the electric carmaker’s vehicles last year and had to suspend production for two days earlier this month. The companysaidat the time that it was making its “best effort” to ensure production could continue at the plant, while “actively cooperating with the government’s order for Covid tests and relevant pandemic prevention measures.”</p><p>The Shanghai factory is crucial for Tesla, considering China is the company’s second-largest market and the plant builds cars for export to Europe and elsewhere in Asia. The China Passenger Car Association earlier this month reported that Tesla delivered 56,515 cars from the factory in February alone -- 23,200 for the domestic market and 33,315 for export.</p><p>Elon Musk, Tesla’s chief executive officer, famously resisted California health regulators’ efforts to keep a U.S. factory closed during the early days of the pandemic. After about seven weeks of shutdown, he reopened the Fremont plant -- his only U.S. vehicle-production site at the time -- on May 11, 2020, flouting county officials’ orders and daring authorities to arrest him.</p><p>Musk ultimately cited the dispute as one of the reasons he moved Tesla’s headquarters from Palo Alto, California, to Austin, Texas, in late 2021.</p><p>Tesla now has plants on three continents: in North America, the original factory in California; in Shanghai; and in Europe, where Musk last week handed over the first made-in-Germany Model Y vehicles at his new factory outside Berlin. In a few weeks, Tesla will celebrate the opening of a fourth auto factory, in Austin.</p></body></html>","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>Tesla Extends Shanghai Plant Shutdown Again as Outbreak Persists</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\">\nTesla Extends Shanghai Plant Shutdown Again as Outbreak Persists\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-31 17:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-03-31/tesla-extends-shanghai-plant-shutdown-again-as-outbreak-persists><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla Inc. extended the suspension of production at its Shanghai factory by at least a day, according to people familiar with the matter, amid uncertainty over the city’s pandemic lockdown and ongoing...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-03-31/tesla-extends-shanghai-plant-shutdown-again-as-outbreak-persists\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4511":"特斯拉概念","BK4581":"高盛持仓","TSLA":"特斯拉","BK4099":"汽车制造商","BK4551":"寇图资本持仓","BK4574":"无人驾驶","BK4548":"巴美列捷福持仓","BK4527":"明星科技股","BK4111":"出版","BK4534":"瑞士信贷持仓","BK4555":"新能源车","BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"https://www.bloomberg.com/news/articles/2022-03-31/tesla-extends-shanghai-plant-shutdown-again-as-outbreak-persists","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2223359679","content_text":"Tesla Inc. extended the suspension of production at its Shanghai factory by at least a day, according to people familiar with the matter, amid uncertainty over the city’s pandemic lockdown and ongoing Covid-19 outbreak.The suspension at the automaker’s Gigafactory, which started Monday when the financial hub went into a phased lockdown, will run through at least Friday, said the people, who asked not to be identified because they’re not authorized to speak publicly. Previously, workers were told production would likely resume on Friday, when the first phase of the lockdown was supposed to end.Shanghai locked down the east of the city for four days on Monday to conduct mass testing to combat a Covid outbreak that’s turned it into China’s biggest virus hotspot. The western part of the city was due to be locked down from Friday, but authorities said late Wednesday they will adopt “static management” of the city, a phrase used by Chinese officials in other parts of the country to mean a strict lockdown in which residents are barred from leaving their homes.Tesla told all employees to stay home and abide by community orders, except for workers on emergency duty, the people said. The decision is “in accordance to the latest Covid prevention requirements of the Shanghai government” according to a company memo seen by Bloomberg News. It earlier also surveyed staff on their willingness to stay in the factory to allow so-called closed-loop production -- where workers are effectively kept in a bubble and tested frequently -- if it was able to resume operations Friday, the people said.The Tesla Gigafactory in Shanghai.Photographer: Qilai Shen/BloombergThe first Gigafactory outside Tesla’s home country produced half of the electric carmaker’s vehicles last year and had to suspend production for two days earlier this month. The companysaidat the time that it was making its “best effort” to ensure production could continue at the plant, while “actively cooperating with the government’s order for Covid tests and relevant pandemic prevention measures.”The Shanghai factory is crucial for Tesla, considering China is the company’s second-largest market and the plant builds cars for export to Europe and elsewhere in Asia. The China Passenger Car Association earlier this month reported that Tesla delivered 56,515 cars from the factory in February alone -- 23,200 for the domestic market and 33,315 for export.Elon Musk, Tesla’s chief executive officer, famously resisted California health regulators’ efforts to keep a U.S. factory closed during the early days of the pandemic. After about seven weeks of shutdown, he reopened the Fremont plant -- his only U.S. vehicle-production site at the time -- on May 11, 2020, flouting county officials’ orders and daring authorities to arrest him.Musk ultimately cited the dispute as one of the reasons he moved Tesla’s headquarters from Palo Alto, California, to Austin, Texas, in late 2021.Tesla now has plants on three continents: in North America, the original factory in California; in Shanghai; and in Europe, where Musk last week handed over the first made-in-Germany Model Y vehicles at his new factory outside Berlin. In a few weeks, Tesla will celebrate the opening of a fourth auto factory, in Austin.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037422227,"gmtCreate":1648168409230,"gmtModify":1676534312221,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"what a stupid article and today proves it, motley fool is really a fool churning out these low quality \"i told u so\" articles only to appear like the real fool once market has time to digest the news","listText":"what a stupid article and today proves it, motley fool is really a fool churning out these low quality \"i told u so\" articles only to appear like the real fool once market has time to digest the news","text":"what a stupid article and today proves it, motley fool is really a fool churning out these low quality \"i told u so\" articles only to appear like the real fool once market has time to digest the news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037422227","repostId":"2221045469","repostType":2,"repost":{"id":"2221045469","kind":"highlight","pubTimestamp":1648090020,"share":"https://ttm.financial/m/news/2221045469?lang=&edition=fundamental","pubTime":"2022-03-24 10:47","market":"us","language":"en","title":"Why Nvidia Stock Dropped Wednesday","url":"https://stock-news.laohu8.com/highlight/detail?id=2221045469","media":"Motley Fool","summary":"Is GTC 2022 a flop?","content":"<html><head></head><body><h2>What happened</h2><p>Since kicking off its virtual Graphics Technology Conference 2022 (GTC 2022) on Monday, <b>Nvidia</b> has published (by my count) about 15 separate press releases, touting, among other things:</p><ul><li>Major updates to its artificial intelligence platform.</li><li>A new Grace CPU &#34;superchip.&#34;</li><li>An &#34;energy-efficient AI supercomputer&#34; for advanced robotics and autonomous machines.</li><li>New &#34;NVIDIA Omniverse&#34; features for game developers working with virtual reality.</li></ul><p>And yet shares of the semiconductor stock fell -- down 3.4% as of closing Wednesday.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/145e3d7ad6137b17941a2174fa3a2bad\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"/><span>Image source: Getty Images.</span></p><h2>So what</h2><p>As a Reuters article covering Tuesday&#39;s announcements makes clear, artificial intelligence seems to be Nvidia&#39;s primary emphasis at this conference. That article quoted CEO Jensen Huang, who said: &#34;Data centers are becoming AI factories, processing and refining mountains of data to produce intelligence.&#34; It also quoted Bob O&#39;Donnell, chief analyst at TECHnalysis Research, who asserted that Nvidia&#39;s latest advances make it a greater threat to the data center and cloud computing businesses of <b>Intel</b> and <b>AMD</b>.</p><p>But not everyone is impressed.</p><p>On the one hand, <b>JPMorgan</b> analyst Harlan Sur observed Wednesday morning that Nvidia remains &#34;1-2 steps ahead of its competitors&#34; in the fields of artificial intelligence, high-performance computing, gaming, and autonomous vehicles, too. On the other hand, TheFly.com points out that <b>Barclays</b> Capital, <b>Citigroup</b> -- and JPMorgan, too! -- are maintaining the exact same $350 price targets on Nvidia stock that they had before GTC 2022 commenced.</p><h2>Now what</h2><p>Granted, Nvidia stock costs only about $260 today, so a $350 price target implies a generous upside potential of 35%. Granted, too, all three of these banks have buy ratings on Nvidia.</p><p>But the fact remains: Nothing that the chipmaker has said over the past two days -- not one out of the 15 separate press release announcements -- was sufficiently impressive to encourage any of these banks to shift their stances and raise their price targets on the stock. As Barclays commented, the product announcements have so far been largely as expected, and Nvidia&#39;s management didn&#39;t raise its guidance at all.</p><p>So why is Nvidia stock down Wednesday? Investors simply wanted more -- and they didn&#39;t get it.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Nvidia Stock Dropped Wednesday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Nvidia Stock Dropped Wednesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-24 10:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/03/23/why-nvidia-stock-dropped-today/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happenedSince kicking off its virtual Graphics Technology Conference 2022 (GTC 2022) on Monday, Nvidia has published (by my count) about 15 separate press releases, touting, among other things:...</p>\n\n<a href=\"https://www.fool.com/investing/2022/03/23/why-nvidia-stock-dropped-today/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","NVDA":"英伟达","BK4141":"半导体产品","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4549":"软银资本持仓","BK4567":"ESG概念","BK4503":"景林资产持仓","BK4548":"巴美列捷福持仓","BK4543":"AI","BK4551":"寇图资本持仓","BK4529":"IDC概念","BK4527":"明星科技股","BK4534":"瑞士信贷持仓"},"source_url":"https://www.fool.com/investing/2022/03/23/why-nvidia-stock-dropped-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2221045469","content_text":"What happenedSince kicking off its virtual Graphics Technology Conference 2022 (GTC 2022) on Monday, Nvidia has published (by my count) about 15 separate press releases, touting, among other things:Major updates to its artificial intelligence platform.A new Grace CPU \"superchip.\"An \"energy-efficient AI supercomputer\" for advanced robotics and autonomous machines.New \"NVIDIA Omniverse\" features for game developers working with virtual reality.And yet shares of the semiconductor stock fell -- down 3.4% as of closing Wednesday.Image source: Getty Images.So whatAs a Reuters article covering Tuesday's announcements makes clear, artificial intelligence seems to be Nvidia's primary emphasis at this conference. That article quoted CEO Jensen Huang, who said: \"Data centers are becoming AI factories, processing and refining mountains of data to produce intelligence.\" It also quoted Bob O'Donnell, chief analyst at TECHnalysis Research, who asserted that Nvidia's latest advances make it a greater threat to the data center and cloud computing businesses of Intel and AMD.But not everyone is impressed.On the one hand, JPMorgan analyst Harlan Sur observed Wednesday morning that Nvidia remains \"1-2 steps ahead of its competitors\" in the fields of artificial intelligence, high-performance computing, gaming, and autonomous vehicles, too. On the other hand, TheFly.com points out that Barclays Capital, Citigroup -- and JPMorgan, too! -- are maintaining the exact same $350 price targets on Nvidia stock that they had before GTC 2022 commenced.Now whatGranted, Nvidia stock costs only about $260 today, so a $350 price target implies a generous upside potential of 35%. Granted, too, all three of these banks have buy ratings on Nvidia.But the fact remains: Nothing that the chipmaker has said over the past two days -- not one out of the 15 separate press release announcements -- was sufficiently impressive to encourage any of these banks to shift their stances and raise their price targets on the stock. As Barclays commented, the product announcements have so far been largely as expected, and Nvidia's management didn't raise its guidance at all.So why is Nvidia stock down Wednesday? Investors simply wanted more -- and they didn't get it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037642330,"gmtCreate":1648100351500,"gmtModify":1676534304391,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"aapl up","listText":"aapl up","text":"aapl up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037642330","repostId":"1175764211","repostType":4,"repost":{"id":"1175764211","kind":"news","pubTimestamp":1648089216,"share":"https://ttm.financial/m/news/1175764211?lang=&edition=fundamental","pubTime":"2022-03-24 10:33","market":"us","language":"en","title":"Electric Vehicle Checkpoint: Will the Apple Car Be a Porsche?","url":"https://stock-news.laohu8.com/highlight/detail?id=1175764211","media":"the street","summary":"An Apple Car (or iCar) by computer giant Apple (AAPL) -Get Apple Inc. Report has been rumored for a ","content":"<html><head></head><body><p>An Apple Car (or iCar) by computer giant Apple (<b>AAPL</b>) -Get Apple Inc. Report has been rumored for a long time and some meetings with Porschemean it could be on its way.</p><p></p><p>Porsche is one of the luxury brands of the German giant Volkswagen (<b>VWAGY</b>) -Get Volkswagen AG Report, which wants to give that car group its independence in the coming months.</p><p>There are no specifics, but Porsche CEO Oliver Blume said during a video conference on the annual earnings call that his people met with Apple&#39;s people in California last year to discuss joint projects. Blume said Porsche and Apple &#34;continue to talk, but said it was too early for any specifics,&#34; a spokesperson told TheStreet in an email statement.</p><p>These meetings between the representatives of the two recognizable brands around the world have launched speculation on a possible union to jointly develop vehicles together in the image of the partnership between Apple and Goldman Sachs. This last union is behind the Apple credit card, a symbol of the ambitions of Tim Cook&#39;s group in financial services.</p><p>&#34;My iPhone on wheels?&#34; one person on Twitter asked.</p><p>&#34;VW Group and Apple make the most sense,&#34;another commenter said. &#34;VW is moving to electric partially as a way to change their image from the company that cheated with diesel. Partnering with Apple would also be a good look for VW.&#34;</p><p>It wouldn&#39;t be the first time that Apple and Porsche have teamed up. The two companies have gotten together on projects in the past, including Apple CarPlay, which enables a car radio or head unit to be a display and a controller for an iOS device.</p><p>Like all of the major auto makers, Porsche has plans to rid itself of the internal combustion engine in the very near future. Blume said he expects more than 80% of the company’s newly sold vehicles to be fully electric in 2030.</p><p>TheStreet Quant Ratings does not have a rating for Volkswagen.</p><p>Electric vehicles were always a costly premise for both automakers and consumers.</p><p>According to car-shopping website Edmunds, the average transaction price for a new EV climbed to $60,054 in February,Bloomberg reported.</p><p>Kelley Blue Book data estimated the rise was even higher. The average transaction price for an electric vehicle is $62,876, according to January 2022 Kelley Blue Book data. That is about $15,000 higher than the overall industry average of $46,404, which includes gasoline-powered vehicles, hybrids, and EVs.</p><p>Four years back, Tesla&#39;s (<b>TSLA</b>) -Get Tesla Inc Report charismatic CEO Elon Musk had offered customers a lower cost, mid-range Tesla Model 3 sedan priced at an affordable $35,000.That price point is an unlikely proposition today.</p><p>The Model 3 rear-wheel drive now costs nearly $47,000.</p><p>Earlier this week, however, Tesla however announced price hikes across its entire range of vehicles to offset rising raw material prices. It was the electric vehicle maker&#39;s second price increase this month, in response to rising inflation that has pushed up the price of nickel, a key component in EV batteries, to record high levels.</p><p>Similarly, legacy automaker General Motors (<b>GM</b>) -Get General Motors Company Report, which introduced the electric version of the Chevrolet Silverado pickup truck last year as well as two smaller, cheaper SUVs has raised its prices. GM&#39;s Chevrolet Bolt EV launched at a starting price of $33,995 is temporarily out of production.</p><p>GM&#39;s EV models are also nowhere near the prices they were originally set at. The company plans to launch more electric vehicles in the market this year, the company said during its latest earnings call in February.</p><p>Besides Tesla and GM, Chinese automaker BYD has also hiked the price of their cars, citing soaring costs of raw materials. So one reasonably would expect other automakers to follow suit and protect their profit margins. But, Ford is the exception.</p><p>The company is not planning any immediate price hikes yet but the automaker toldTheStreetit was &#34;monitoring volatility in raw material and component availability and prices.&#34;</p><p>&#34;Nothing to add specifically on pricing for now,&#34; the spokesperson added.</p><p>Ford&#39;s F all-electric Mustang Mach-E that was launched at a starting price of$43,895now costs$46,375 and the E-Transit all-electric commercial van at an entry-level comes for $43,295.</p><p>The spokesperson also said that Ford&#39;s exposure to raw materials mined or shipped through Russia and Ukraine is limited: &#34;It’s worth noting that we have very limited direct sourcing from Ukraine and Russia.&#34;</p><p>In addition, the group, led by Chief Executive Jim Farley, one of Wall Street&#39;s newer darlings, said it had secured its nickel supply over several months. In the short term that enables Ford not to pass on the surge in nickel prices to customers. Nickel is a key metal in EV batteries.</p><p>&#34;We have supplies of nickel contracted through the next few years to support our ambitious EV goals,&#34; the company told TheStreet. &#34;Beyond that, we don’t intend to give real-time updates about individual materials and components.&#34;</p><p>Surging fuel prices are prompting more people to consider greener cars but the costs and savings are complicated.</p><p>Online shopper visits for energy-efficient vehicles, that do not run on gasoline primarily, including hybrids, plug-in hybrid, and battery-electric cars rose 25% in the four weeks ending March 13, Edmunds data showed. Online curiosity for EVs peaked 39% in the week ending March 6 and increased 18% the week before that.</p><p>Ford is transitioning to electrification like other legacy vehicle makers. To gain market share quickly in this competitive sector, the group led by CEO Jim Farley is developing electric versions of its legendary models and also electric versions of its bestsellers. This is the case of the F-150 pickup, one of the best-selling vehicles in North America since its launch. Its electric version, the F-150 Lightning is eagerly awaited in the coming months.</p><p>Ford has just confirmed thatthe first deliveries scheduled from spring are on schedule. Basically, there will be no delays as consumers who have placed an order might have feared due to the continued disruption of supply chains, shortage of chips, and soaring prices of raw materials.</p><p>TheStreet Quant Ratings rates Ford as a Buy with a rating score of B.</p><p>General Motors at a product launch said that it intends to lead the world in electric vehicles eventually, in a direct challenge to market-leading Tesla. Company executives made the remarks during a press conference marking the beginning of production of its &#34;Tesla killer,&#34; a new luxury, all-electric Cadillac dubbed the Lyriq, that sold out in 10 minutes when GM opened reservations for it on Sept. 18.</p><p>The company also said that it had moved up production by nine months of the Lyriqbecause the share of the market that comprises luxury electric vehicles will jump from 13% to 36% by 2025. GM added that it will offer an additional 240,000 reservations to “hand-raisers,” or people interested in buying the luxury EV, on May 19. Lyriq is also a more wallet-friendly option than most Tesla models, with the first model priced below $60,000. It is also being made domestically, in Spring Hill, Tenn.</p><p>TheStreet Quant Ratings rates General Motors as a Buy with a rating score of B.</p><p>Everything seems to be going against Rivian (<b>RIVN</b>) -Get Rivian Automotive, Inc. Class A Report. Until recently the electric-vehicle manufacturer presented itself as a key challenger to the throne of Tesla.But two key stumbles -- involving pricing and production -- have severely clouded Rivian&#39;s path forward. The first: an ill-advised effort to raise the prices of its vehicles, a move applied to customers who have already placed their orders. The backlash was more brutal than the rise in prices. The other concerns an increase in production rates that hasn&#39;t happened. Rivian must manage this crucial step to make the transition from a niche carmaker to a major player.</p><p>The carmaker currently produces three models -- the R1T electric pickup, the R1S electric SUV, and the DEV electric delivery van -- at a plant in Normal, Ill. It currently has the ability to produce 50,000 vehicles a year, but Rivian has said it will be able to manufacture just half that number in 2022. The reason? Rivian points particularly to the supply chains disrupted by the Covid-19 pandemic. That&#39;s been worsened in the short term by Russia&#39;s invasion of Ukraine. And this year things aren&#39;t likely to improve.</p><p>TheStreet Quant Ratings does not have a rating for Rivian.</p><p>By inaugurating the Berlin Gigafactoryon Tuesday, Musk once again took his audience off guard by starting to dance. &#34;This is a great day for the factory,&#34; Musk said in English. This &#34;will be another step in the direction of a sustainable energy future.&#34; On his Twitter account, he wanted to thank Germany in German. &#34;Thank You, Germany!!!&#34; Musk wrote surrounding his message with two German flags on the left and on the right. The opening near Berlin of Tesla&#39;s first European &#34;gigafactory&#34; was announced with great fanfare in November 2019. It marked a turning point for the automotive industry in Germany with the arrival in the country of Volkswagen and Mercedes (<b>DDAIF</b>) of their main rival in the race for the electric car.</p><p>Musk&#39;s a genius with very little filter. That leads him to talk about things that don&#39;t exist and may never exist. These include the Tesla Cybertruck and its long-discussed $25,000 sedan. Are we getting one? Well, Musk confirmed that Tesla won&#39;t be building a $25,000 car, but his reasoning appeared to be that doing that isn&#39;t necessary. &#34;It&#39;s -- really the thing that overwhelmingly matters is when is the car autonomous? I think, at the point in which it is autonomous, the cost of transport drops by, I don&#39;t know, a factor of four or five,&#34; he added.</p><p></p></body></html>","source":"lsy1610613172068","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>Electric Vehicle Checkpoint: Will the Apple Car Be a Porsche?</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\">\nElectric Vehicle Checkpoint: Will the Apple Car Be a Porsche?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-24 10:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/technology/electric-vehicle-checkpoint-will-the-apple-car-be-a-porsche><strong>the street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>An Apple Car (or iCar) by computer giant Apple (AAPL) -Get Apple Inc. Report has been rumored for a long time and some meetings with Porschemean it could be on its way.Porsche is one of the luxury ...</p>\n\n<a href=\"https://www.thestreet.com/technology/electric-vehicle-checkpoint-will-the-apple-car-be-a-porsche\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉","F":"福特汽车","RIVN":"Rivian Automotive, Inc."},"source_url":"https://www.thestreet.com/technology/electric-vehicle-checkpoint-will-the-apple-car-be-a-porsche","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175764211","content_text":"An Apple Car (or iCar) by computer giant Apple (AAPL) -Get Apple Inc. Report has been rumored for a long time and some meetings with Porschemean it could be on its way.Porsche is one of the luxury brands of the German giant Volkswagen (VWAGY) -Get Volkswagen AG Report, which wants to give that car group its independence in the coming months.There are no specifics, but Porsche CEO Oliver Blume said during a video conference on the annual earnings call that his people met with Apple's people in California last year to discuss joint projects. Blume said Porsche and Apple \"continue to talk, but said it was too early for any specifics,\" a spokesperson told TheStreet in an email statement.These meetings between the representatives of the two recognizable brands around the world have launched speculation on a possible union to jointly develop vehicles together in the image of the partnership between Apple and Goldman Sachs. This last union is behind the Apple credit card, a symbol of the ambitions of Tim Cook's group in financial services.\"My iPhone on wheels?\" one person on Twitter asked.\"VW Group and Apple make the most sense,\"another commenter said. \"VW is moving to electric partially as a way to change their image from the company that cheated with diesel. Partnering with Apple would also be a good look for VW.\"It wouldn't be the first time that Apple and Porsche have teamed up. The two companies have gotten together on projects in the past, including Apple CarPlay, which enables a car radio or head unit to be a display and a controller for an iOS device.Like all of the major auto makers, Porsche has plans to rid itself of the internal combustion engine in the very near future. Blume said he expects more than 80% of the company’s newly sold vehicles to be fully electric in 2030.TheStreet Quant Ratings does not have a rating for Volkswagen.Electric vehicles were always a costly premise for both automakers and consumers.According to car-shopping website Edmunds, the average transaction price for a new EV climbed to $60,054 in February,Bloomberg reported.Kelley Blue Book data estimated the rise was even higher. The average transaction price for an electric vehicle is $62,876, according to January 2022 Kelley Blue Book data. That is about $15,000 higher than the overall industry average of $46,404, which includes gasoline-powered vehicles, hybrids, and EVs.Four years back, Tesla's (TSLA) -Get Tesla Inc Report charismatic CEO Elon Musk had offered customers a lower cost, mid-range Tesla Model 3 sedan priced at an affordable $35,000.That price point is an unlikely proposition today.The Model 3 rear-wheel drive now costs nearly $47,000.Earlier this week, however, Tesla however announced price hikes across its entire range of vehicles to offset rising raw material prices. It was the electric vehicle maker's second price increase this month, in response to rising inflation that has pushed up the price of nickel, a key component in EV batteries, to record high levels.Similarly, legacy automaker General Motors (GM) -Get General Motors Company Report, which introduced the electric version of the Chevrolet Silverado pickup truck last year as well as two smaller, cheaper SUVs has raised its prices. GM's Chevrolet Bolt EV launched at a starting price of $33,995 is temporarily out of production.GM's EV models are also nowhere near the prices they were originally set at. The company plans to launch more electric vehicles in the market this year, the company said during its latest earnings call in February.Besides Tesla and GM, Chinese automaker BYD has also hiked the price of their cars, citing soaring costs of raw materials. So one reasonably would expect other automakers to follow suit and protect their profit margins. But, Ford is the exception.The company is not planning any immediate price hikes yet but the automaker toldTheStreetit was \"monitoring volatility in raw material and component availability and prices.\"\"Nothing to add specifically on pricing for now,\" the spokesperson added.Ford's F all-electric Mustang Mach-E that was launched at a starting price of$43,895now costs$46,375 and the E-Transit all-electric commercial van at an entry-level comes for $43,295.The spokesperson also said that Ford's exposure to raw materials mined or shipped through Russia and Ukraine is limited: \"It’s worth noting that we have very limited direct sourcing from Ukraine and Russia.\"In addition, the group, led by Chief Executive Jim Farley, one of Wall Street's newer darlings, said it had secured its nickel supply over several months. In the short term that enables Ford not to pass on the surge in nickel prices to customers. Nickel is a key metal in EV batteries.\"We have supplies of nickel contracted through the next few years to support our ambitious EV goals,\" the company told TheStreet. \"Beyond that, we don’t intend to give real-time updates about individual materials and components.\"Surging fuel prices are prompting more people to consider greener cars but the costs and savings are complicated.Online shopper visits for energy-efficient vehicles, that do not run on gasoline primarily, including hybrids, plug-in hybrid, and battery-electric cars rose 25% in the four weeks ending March 13, Edmunds data showed. Online curiosity for EVs peaked 39% in the week ending March 6 and increased 18% the week before that.Ford is transitioning to electrification like other legacy vehicle makers. To gain market share quickly in this competitive sector, the group led by CEO Jim Farley is developing electric versions of its legendary models and also electric versions of its bestsellers. This is the case of the F-150 pickup, one of the best-selling vehicles in North America since its launch. Its electric version, the F-150 Lightning is eagerly awaited in the coming months.Ford has just confirmed thatthe first deliveries scheduled from spring are on schedule. Basically, there will be no delays as consumers who have placed an order might have feared due to the continued disruption of supply chains, shortage of chips, and soaring prices of raw materials.TheStreet Quant Ratings rates Ford as a Buy with a rating score of B.General Motors at a product launch said that it intends to lead the world in electric vehicles eventually, in a direct challenge to market-leading Tesla. Company executives made the remarks during a press conference marking the beginning of production of its \"Tesla killer,\" a new luxury, all-electric Cadillac dubbed the Lyriq, that sold out in 10 minutes when GM opened reservations for it on Sept. 18.The company also said that it had moved up production by nine months of the Lyriqbecause the share of the market that comprises luxury electric vehicles will jump from 13% to 36% by 2025. GM added that it will offer an additional 240,000 reservations to “hand-raisers,” or people interested in buying the luxury EV, on May 19. Lyriq is also a more wallet-friendly option than most Tesla models, with the first model priced below $60,000. It is also being made domestically, in Spring Hill, Tenn.TheStreet Quant Ratings rates General Motors as a Buy with a rating score of B.Everything seems to be going against Rivian (RIVN) -Get Rivian Automotive, Inc. Class A Report. Until recently the electric-vehicle manufacturer presented itself as a key challenger to the throne of Tesla.But two key stumbles -- involving pricing and production -- have severely clouded Rivian's path forward. The first: an ill-advised effort to raise the prices of its vehicles, a move applied to customers who have already placed their orders. The backlash was more brutal than the rise in prices. The other concerns an increase in production rates that hasn't happened. Rivian must manage this crucial step to make the transition from a niche carmaker to a major player.The carmaker currently produces three models -- the R1T electric pickup, the R1S electric SUV, and the DEV electric delivery van -- at a plant in Normal, Ill. It currently has the ability to produce 50,000 vehicles a year, but Rivian has said it will be able to manufacture just half that number in 2022. The reason? Rivian points particularly to the supply chains disrupted by the Covid-19 pandemic. That's been worsened in the short term by Russia's invasion of Ukraine. And this year things aren't likely to improve.TheStreet Quant Ratings does not have a rating for Rivian.By inaugurating the Berlin Gigafactoryon Tuesday, Musk once again took his audience off guard by starting to dance. \"This is a great day for the factory,\" Musk said in English. This \"will be another step in the direction of a sustainable energy future.\" On his Twitter account, he wanted to thank Germany in German. \"Thank You, Germany!!!\" Musk wrote surrounding his message with two German flags on the left and on the right. The opening near Berlin of Tesla's first European \"gigafactory\" was announced with great fanfare in November 2019. It marked a turning point for the automotive industry in Germany with the arrival in the country of Volkswagen and Mercedes (DDAIF) of their main rival in the race for the electric car.Musk's a genius with very little filter. That leads him to talk about things that don't exist and may never exist. These include the Tesla Cybertruck and its long-discussed $25,000 sedan. Are we getting one? Well, Musk confirmed that Tesla won't be building a $25,000 car, but his reasoning appeared to be that doing that isn't necessary. \"It's -- really the thing that overwhelmingly matters is when is the car autonomous? I think, at the point in which it is autonomous, the cost of transport drops by, I don't know, a factor of four or five,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037646116,"gmtCreate":1648100021699,"gmtModify":1676534304365,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"good buy at 20","listText":"good buy at 20","text":"good buy at 20","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037646116","repostId":"1153321995","repostType":4,"repost":{"id":"1153321995","kind":"news","pubTimestamp":1648098607,"share":"https://ttm.financial/m/news/1153321995?lang=&edition=fundamental","pubTime":"2022-03-24 13:10","market":"us","language":"en","title":"Of Course, Nio Will Lose Money in Q4 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=1153321995","media":"investorplace","summary":"Nio (NIO) reports Q4 2021 results on March 24 after the markets closeShareholders want to know how m","content":"<html><head></head><body><ul><li>Nio (NIO) reports Q4 2021 results on March 24 after the markets close</li><li>Shareholders want to know how much money it lost in 2021</li><li>Investors should wait for the earnings report to buy Nio stock</li></ul><p>On March 24, the Chinese electric vehicle (EV) maker Nio (NYSE:NIO) reports its fourth quarter 2021 results. The company’s trailing 12-month operating loss through September was 2.98 billion Chinese Yuan ($470 million). It’s expected to lose more in the fourth quarter. On March 23, NIO stock was down 31% year-to-date (YTD).</p><p>If you’ve followed Nio for more than a year, it shouldn’t surprise you that Nio will lose money in 2021. Analysts expect it to lose 1.03 Chinese Yuan (16 cents) per share in 2022. That’s $264 million (based on 1.65 billion American depositary shares), which means its losses have probably plateaued.</p><p>Investors should expect profits in 2023.</p><p>However, even though the business looks like its pathway to profitability is moving ahead, any negative surprises when it reports will likely knock its shares into the teens, where it traded in early March.</p><p>Despite the fact I believe Nio’s got an excellent future, I would wait until after Nio reports Q4 2021 results to buy Nio stock.</p><p>As I’ve said in the past, if a stock is destined for glory, buying after it’s jumped on positive news won’t be a bad thing in the long run.</p><p>Here’s why investors should keep their dry powder ready.</p><h2>Nio Will Soon Have Four Vehicles</h2><p>Deliveries for the company’s ET7 sedan are expected to start in China on March 28. That would be Nio’s fourth vehicle after the ES8, ES6, and EC6. In the first two months of 2022, Nio sold 2,615 ES8, 8,556 ES6, and 4,612 EC6. That’s 15,783 vehicles, 23.3% higher than a year earlier.</p><p>The ES8 is already on sale in Norway, and according to InsideEVs, it’s already launched its first battery swap station in the country. So it’s only a matter of time before Europe is crawling with Nio’s.</p><p>Thanks to the launch of the ET7, Credit Suisse analyst Bun Wang predicts that Nio will deliver 150,000 units in 2022, 64% higher than in 2021. The ET7 will have a big part to play in this growth.</p><p>Despite having four vehicles in play, investors continue to have a negative view of the company’s stock. NIO is down almost 40% year-to-date.</p><p>There are a couple of reasons for investor skepticism.</p><p>First, inflation has hit EV companies. The price of metals that go into EV batteries are up 60% in 2022. That’s going to delay Nio’s pathway to profitability. The second problem is that U.S. investors don’t want to buy Nio shares in New York if it’s only delisted down the road because of poor relations with China.</p><p>Nio can only play the cards it’s dealt. But, so far, it’s doing a darn good job.</p><h2>Analysts Really Like Nio Stock</h2><p>On March 21, according to Barron’s, Deutsche Bank (NYSE:DB) analyst Edison Yu had this to say about Nio in a note to clients leading up to its Q4 2021 earnings:</p><p>The ‘tide may finally be turning,’ wrote Yu. ‘While volumes have stagnated over the past few quarters due to operational bottlenecks, we think deliveries are on track to increase from [10,000 a month to 25,000] exiting the year which will shift the narrative away from supply constraints to product cycle’</p><p>The reality is that more than 90% of the analysts covering NIO stock rate it a “Buy.” The average for the S&amp;P 500 is just 58%. Further, the average target price for Nio is $50, more than double where it currently trades.</p><p>NIO stock has been trading so poorly in 2022 that Yu cut his price target by $20 for Nio to $50. His target price is about the average of the consensus estimate.</p><p>On March 10, InvestorPlace’s Mark Hake suggested Nio stock could be worth at least $33.72 based on its sales forecasts. Hake points out that NIO trades for just 3x the analyst estimate for 2022 sales, about one-third the price-to-sales multiple of Tesla (NASDAQ:TSLA). As a result, Hake believes Nio should be valued at more than $50 billion.</p><p>I’m with my InvestorPlace colleague. Regardless of what analysts think, NIO stock is cheap right now.</p><h2>Nio’s Growth Versus Tesla</h2><p>I don’t think there’s any doubt that TSLA stock should be valued more than Nio.</p><p>However, Nio is expected to have sales of $5.61 billion in 2021 and $9.93 billion in 2022. Tesla had annualized sales of $9.93 billion sometime in fiscal 2017. In June 2017, TSLA stock was trading at $72. Based on 169 million shares outstanding, Tesla had a market capitalization of $12.2 billion or 1.2x sales.</p><p>Now, you might look at that and think that Nio’s overvalued. However, Tesla was losing a lot more money than Nio, not to mention EVs weren’t nearly as popular with consumers as they are today.</p><h2>Where This Leaves Nio Stock</h2><p>We’ve seen an uptick in EV interest since the start of the Russia-Ukraine war has driven oil prices through the roof. Americans are starting to realize that the move to electric probably isn’t such a bad idea after all.</p><p>Companies like Nio ensure the world never has to rely on Russia to power our transportation. That’s a good thing.</p><p>Despite my enthusiasm for NIO stock, I would wait for the results before buying. You never know how investors will react to its report. If it drops under $20, be sure to get some.</p></body></html>","source":"lsy1606302653667","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>Of Course, Nio Will Lose Money in Q4 2021</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\">\nOf Course, Nio Will Lose Money in Q4 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-24 13:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/03/nio-stock-of-course-nio-will-lose-money-in-q4-2021/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio (NIO) reports Q4 2021 results on March 24 after the markets closeShareholders want to know how much money it lost in 2021Investors should wait for the earnings report to buy Nio stockOn March 24, ...</p>\n\n<a href=\"https://investorplace.com/2022/03/nio-stock-of-course-nio-will-lose-money-in-q4-2021/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/03/nio-stock-of-course-nio-will-lose-money-in-q4-2021/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153321995","content_text":"Nio (NIO) reports Q4 2021 results on March 24 after the markets closeShareholders want to know how much money it lost in 2021Investors should wait for the earnings report to buy Nio stockOn March 24, the Chinese electric vehicle (EV) maker Nio (NYSE:NIO) reports its fourth quarter 2021 results. The company’s trailing 12-month operating loss through September was 2.98 billion Chinese Yuan ($470 million). It’s expected to lose more in the fourth quarter. On March 23, NIO stock was down 31% year-to-date (YTD).If you’ve followed Nio for more than a year, it shouldn’t surprise you that Nio will lose money in 2021. Analysts expect it to lose 1.03 Chinese Yuan (16 cents) per share in 2022. That’s $264 million (based on 1.65 billion American depositary shares), which means its losses have probably plateaued.Investors should expect profits in 2023.However, even though the business looks like its pathway to profitability is moving ahead, any negative surprises when it reports will likely knock its shares into the teens, where it traded in early March.Despite the fact I believe Nio’s got an excellent future, I would wait until after Nio reports Q4 2021 results to buy Nio stock.As I’ve said in the past, if a stock is destined for glory, buying after it’s jumped on positive news won’t be a bad thing in the long run.Here’s why investors should keep their dry powder ready.Nio Will Soon Have Four VehiclesDeliveries for the company’s ET7 sedan are expected to start in China on March 28. That would be Nio’s fourth vehicle after the ES8, ES6, and EC6. In the first two months of 2022, Nio sold 2,615 ES8, 8,556 ES6, and 4,612 EC6. That’s 15,783 vehicles, 23.3% higher than a year earlier.The ES8 is already on sale in Norway, and according to InsideEVs, it’s already launched its first battery swap station in the country. So it’s only a matter of time before Europe is crawling with Nio’s.Thanks to the launch of the ET7, Credit Suisse analyst Bun Wang predicts that Nio will deliver 150,000 units in 2022, 64% higher than in 2021. The ET7 will have a big part to play in this growth.Despite having four vehicles in play, investors continue to have a negative view of the company’s stock. NIO is down almost 40% year-to-date.There are a couple of reasons for investor skepticism.First, inflation has hit EV companies. The price of metals that go into EV batteries are up 60% in 2022. That’s going to delay Nio’s pathway to profitability. The second problem is that U.S. investors don’t want to buy Nio shares in New York if it’s only delisted down the road because of poor relations with China.Nio can only play the cards it’s dealt. But, so far, it’s doing a darn good job.Analysts Really Like Nio StockOn March 21, according to Barron’s, Deutsche Bank (NYSE:DB) analyst Edison Yu had this to say about Nio in a note to clients leading up to its Q4 2021 earnings:The ‘tide may finally be turning,’ wrote Yu. ‘While volumes have stagnated over the past few quarters due to operational bottlenecks, we think deliveries are on track to increase from [10,000 a month to 25,000] exiting the year which will shift the narrative away from supply constraints to product cycle’The reality is that more than 90% of the analysts covering NIO stock rate it a “Buy.” The average for the S&P 500 is just 58%. Further, the average target price for Nio is $50, more than double where it currently trades.NIO stock has been trading so poorly in 2022 that Yu cut his price target by $20 for Nio to $50. His target price is about the average of the consensus estimate.On March 10, InvestorPlace’s Mark Hake suggested Nio stock could be worth at least $33.72 based on its sales forecasts. Hake points out that NIO trades for just 3x the analyst estimate for 2022 sales, about one-third the price-to-sales multiple of Tesla (NASDAQ:TSLA). As a result, Hake believes Nio should be valued at more than $50 billion.I’m with my InvestorPlace colleague. Regardless of what analysts think, NIO stock is cheap right now.Nio’s Growth Versus TeslaI don’t think there’s any doubt that TSLA stock should be valued more than Nio.However, Nio is expected to have sales of $5.61 billion in 2021 and $9.93 billion in 2022. Tesla had annualized sales of $9.93 billion sometime in fiscal 2017. In June 2017, TSLA stock was trading at $72. Based on 169 million shares outstanding, Tesla had a market capitalization of $12.2 billion or 1.2x sales.Now, you might look at that and think that Nio’s overvalued. However, Tesla was losing a lot more money than Nio, not to mention EVs weren’t nearly as popular with consumers as they are today.Where This Leaves Nio StockWe’ve seen an uptick in EV interest since the start of the Russia-Ukraine war has driven oil prices through the roof. Americans are starting to realize that the move to electric probably isn’t such a bad idea after all.Companies like Nio ensure the world never has to rely on Russia to power our transportation. That’s a good thing.Despite my enthusiasm for NIO stock, I would wait for the results before buying. You never know how investors will react to its report. If it drops under $20, be sure to get some.","news_type":1},"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037646906,"gmtCreate":1648099986799,"gmtModify":1676534304373,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037646906","repostId":"2221304477","repostType":4,"repost":{"id":"2221304477","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":1648077274,"share":"https://ttm.financial/m/news/2221304477?lang=&edition=fundamental","pubTime":"2022-03-24 07:14","market":"us","language":"en","title":"US STOCKS-Wall St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries","url":"https://stock-news.laohu8.com/highlight/detail?id=2221304477","media":"Reuters","summary":"* Adobe falls on lackluster current-quarter forecast* Google to pause ads that exploit, dismiss Russ","content":"<html><head></head><body><p>* <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> falls on lackluster current-quarter forecast</p><p>* Google to pause ads that exploit, dismiss Russia-Ukraine war</p><p>* Indexes: Dow down 1.3%, S&amp;P 500 down 1.2%, Nasdaq down 1.3%</p><p>NEW YORK, March 23 (Reuters) - All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.</p><p>Responding to Western sanctions that have hit Russia&#39;s economy hard, President Vladimir Putin said Moscow will seek payment in roubles for natural gas sales from &#34;unfriendly&#34; countries, while its forces bombed areas of the Ukrainian capital Kyiv a month into their assault.</p><p>Oil prices    rallied 5% to over $121 a barrel and natural gas futures also jumped.    While higher oil prices benefit energy shares, they are a negative for consumers and many businesses. The S&amp;P 500 energy sector    rose 1.7% and utilities    gained 0.2%, while all of the other major S&amp;P 500 sectors were lower on the day.</p><p>&#34;These geopolitical problems are sort of hanging over the market,&#34; said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.</p><p>&#34;The resurgence of oil prices is giving people pause,&#34; he said, adding, &#34;There needs to be a resolution with Russia. That&#39;s going to hold the market back.&#34;</p><p>The day&#39;s decline follows a recent string of gains as the market recovered from lows hit amid the conflict and increased worries about inflation and higher interest rates.</p><p>Among the day&#39;s biggest drags, Adobe Inc&#39;s    stock slid 9.3% after the Photoshop maker late Tuesday forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.</p><p>The Dow Jones Industrial Average    fell 448.96 points, or 1.29%, to 34,358.5, the S&amp;P 500    lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite    dropped 186.21 points, or 1.32%, to 13,922.60.</p><p>Investors continued to assess the outlook for U.S. interest rates. San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she is open to raising rates by 50 basis points in May, joining other policymakers in saying so.</p><p>Last week, the U.S. central bank raised interest rates for the first time since 2018.</p><p>Alphabet-owned    Google said it will pause all ads containing content that exploits, dismisses or condones the ongoing Russia-Ukraine conflict. Its stock fell 1.1%.</p><p>GameStop Corp    shares jumped 14.5% after Chairman Ryan Cohen&#39;s investment company bought 100,000 shares of the videogame retailer.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 22 new 52-week highs and four new lows; the Nasdaq Composite recorded 43 new highs and 60 new lows.</p><p>Volume on U.S. exchanges was 11.69 billion shares, compared with the 14.62 billion average for the full session over the last 20 trading days.</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 St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries</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 St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-24 07:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> falls on lackluster current-quarter forecast</p><p>* Google to pause ads that exploit, dismiss Russia-Ukraine war</p><p>* Indexes: Dow down 1.3%, S&amp;P 500 down 1.2%, Nasdaq down 1.3%</p><p>NEW YORK, March 23 (Reuters) - All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.</p><p>Responding to Western sanctions that have hit Russia&#39;s economy hard, President Vladimir Putin said Moscow will seek payment in roubles for natural gas sales from &#34;unfriendly&#34; countries, while its forces bombed areas of the Ukrainian capital Kyiv a month into their assault.</p><p>Oil prices    rallied 5% to over $121 a barrel and natural gas futures also jumped.    While higher oil prices benefit energy shares, they are a negative for consumers and many businesses. The S&amp;P 500 energy sector    rose 1.7% and utilities    gained 0.2%, while all of the other major S&amp;P 500 sectors were lower on the day.</p><p>&#34;These geopolitical problems are sort of hanging over the market,&#34; said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.</p><p>&#34;The resurgence of oil prices is giving people pause,&#34; he said, adding, &#34;There needs to be a resolution with Russia. That&#39;s going to hold the market back.&#34;</p><p>The day&#39;s decline follows a recent string of gains as the market recovered from lows hit amid the conflict and increased worries about inflation and higher interest rates.</p><p>Among the day&#39;s biggest drags, Adobe Inc&#39;s    stock slid 9.3% after the Photoshop maker late Tuesday forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.</p><p>The Dow Jones Industrial Average    fell 448.96 points, or 1.29%, to 34,358.5, the S&amp;P 500    lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite    dropped 186.21 points, or 1.32%, to 13,922.60.</p><p>Investors continued to assess the outlook for U.S. interest rates. San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she is open to raising rates by 50 basis points in May, joining other policymakers in saying so.</p><p>Last week, the U.S. central bank raised interest rates for the first time since 2018.</p><p>Alphabet-owned    Google said it will pause all ads containing content that exploits, dismisses or condones the ongoing Russia-Ukraine conflict. Its stock fell 1.1%.</p><p>GameStop Corp    shares jumped 14.5% after Chairman Ryan Cohen&#39;s investment company bought 100,000 shares of the videogame retailer.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 22 new 52-week highs and four new lows; the Nasdaq Composite recorded 43 new highs and 60 new lows.</p><p>Volume on U.S. exchanges was 11.69 billion shares, compared with the 14.62 billion average for the full session over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","UPRO":"三倍做多标普500ETF","BK4077":"互动媒体与服务","SSO":"两倍做多标普500ETF","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4527":"明星科技股","SPXU":"三倍做空标普500ETF",".DJI":"道琼斯","OEX":"标普100","BK4574":"无人驾驶","SQQQ":"纳指三倍做空ETF","BK4561":"索罗斯持仓","BK4573":"虚拟现实","SDOW":"道指三倍做空ETF-ProShares",".SPX":"S&P 500 Index","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","BK4581":"高盛持仓","BK4504":"桥水持仓","DJX":"1/100道琼斯","QQQ":"纳指100ETF","SDS":"两倍做空标普500ETF","DXD":"道指两倍做空ETF","BK4548":"巴美列捷福持仓","BK4514":"搜索引擎","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","DDM":"道指两倍做多ETF","TQQQ":"纳指三倍做多ETF","BK4553":"喜马拉雅资本持仓","GOOG":"谷歌","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","IVV":"标普500指数ETF","SH":"标普500反向ETF","DOG":"道指反向ETF","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4525":"远程办公概念","PSQ":"纳指反向ETF","QLD":"纳指两倍做多ETF","UDOW":"道指三倍做多ETF-ProShares",".IXIC":"NASDAQ Composite","BK4538":"云计算"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2221304477","content_text":"* Adobe falls on lackluster current-quarter forecast* Google to pause ads that exploit, dismiss Russia-Ukraine war* Indexes: Dow down 1.3%, S&P 500 down 1.2%, Nasdaq down 1.3%NEW YORK, March 23 (Reuters) - All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.Responding to Western sanctions that have hit Russia's economy hard, President Vladimir Putin said Moscow will seek payment in roubles for natural gas sales from \"unfriendly\" countries, while its forces bombed areas of the Ukrainian capital Kyiv a month into their assault.Oil prices    rallied 5% to over $121 a barrel and natural gas futures also jumped.    While higher oil prices benefit energy shares, they are a negative for consumers and many businesses. The S&P 500 energy sector    rose 1.7% and utilities    gained 0.2%, while all of the other major S&P 500 sectors were lower on the day.\"These geopolitical problems are sort of hanging over the market,\" said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.\"The resurgence of oil prices is giving people pause,\" he said, adding, \"There needs to be a resolution with Russia. That's going to hold the market back.\"The day's decline follows a recent string of gains as the market recovered from lows hit amid the conflict and increased worries about inflation and higher interest rates.Among the day's biggest drags, Adobe Inc's    stock slid 9.3% after the Photoshop maker late Tuesday forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.The Dow Jones Industrial Average    fell 448.96 points, or 1.29%, to 34,358.5, the S&P 500    lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite    dropped 186.21 points, or 1.32%, to 13,922.60.Investors continued to assess the outlook for U.S. interest rates. San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she is open to raising rates by 50 basis points in May, joining other policymakers in saying so.Last week, the U.S. central bank raised interest rates for the first time since 2018.Alphabet-owned    Google said it will pause all ads containing content that exploits, dismisses or condones the ongoing Russia-Ukraine conflict. Its stock fell 1.1%.GameStop Corp    shares jumped 14.5% after Chairman Ryan Cohen's investment company bought 100,000 shares of the videogame retailer.Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners.The S&P 500 posted 22 new 52-week highs and four new lows; the Nasdaq Composite recorded 43 new highs and 60 new lows.Volume on U.S. exchanges was 11.69 billion shares, compared with the 14.62 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034110859,"gmtCreate":1647824351987,"gmtModify":1676534268920,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"people seem to forget inflation is almost at a historically high level&nbsp;[Happy]&nbsp;","listText":"people seem to forget inflation is almost at a historically high level&nbsp;[Happy]&nbsp;","text":"people seem to forget inflation is almost at a historically high level [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034110859","repostId":"1173921394","repostType":4,"repost":{"id":"1173921394","kind":"news","pubTimestamp":1647819269,"share":"https://ttm.financial/m/news/1173921394?lang=&edition=fundamental","pubTime":"2022-03-21 07:34","market":"us","language":"en","title":"U.S. Stocks Poised to Open Slightly Higher on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1173921394","media":"Barron's","summary":"U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&P 500 futures gained 0.09% and Nasdaq Composite futures we","content":"<html><head></head><body><p>U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&amp;P 500 futures gained 0.09% and Nasdaq Composite futures were flat.</p><p>West Texas Intermediate, the U.S. crude oil benchmark, rose 0.5%, to around $105.25 a barrel.</p><p>Diplomacy is in focus this week as President Joe Biden heads to Brussels for a two-day meeting with allies from the North Atlantic Treaty Organization and European nations. They will talk about the West’s response to Russia’s invasion of Ukraine.</p><p>In addition, this week, the Senate Judiciary Committee will start its hearings on the nomination of Judge Ketanji Brown Jackson to the Supreme Court.</p><p>This week’s earnings include: Nike on Monday; Adobe on Tuesday; Cintas, General Mills, KB Home on Wednesday; and Darden Restaurants, FactSet Research Systems, and NIO on Thursday.</p><p>This week’s notable economic events include: On Wednesday, the Census Bureau releases new-home sales data for February. On Thursday, the Census Bureau will release February’s durable goods report—often seen as a proxy for business investment, and the Department of Labor reports initial jobless claims for the week ended March 19. On Friday, the National Association of Realtors will release the Pending Home Sales Index for February.</p><h2>Nvidia, Moderna, Nike, Adobe, and Other Stocks for Investors to Watch This Week</h2><p>Earnings highlights this week include Nike on Monday, Adobe on Tuesday, General Mills on Wednesday, and Darden Restaurants on Thursday. Nvidia will hold an investor day on Tuesday and Moderna will host an event Thursday to discuss its vaccine pipeline.</p><p>Economic data out this week will include the Census Bureau’s new-home sales data for February on Wednesday, followed by the National Association of Realtors’ Pending Home Sales Index for February on Friday.</p><p>The Census Bureau will also release the durable goods report for February on Thursday—often seen as a proxy for business investment. Total new orders are expected to decline 0.5% from January, but when excluding transportation, they are seen rising 0.5%.</p><p>Geopolitics will also be in focus this week. U.S. President Joe Biden will travel to Brussels for a two-day meeting with NATO and EU leaders. The focus will be Western allies’ response to Russia’s invasion of Ukraine.</p><h2>Monday 3/21</h2><p>Nike reports third-quarter fiscal-2022 results.</p><p>The Federal Reserve Bank of Chicago releases its National Activity Index for February. Economists forecast a 0.55 reading, slightly lower than the January data. The index has had four consecutive positive monthly readings, which is associated with the economy growing faster than historical trends.</p><h2>Tuesday 3/22</h2><p>Adobe announces first-quarter fiscal-2022 earnings.</p><p>NetApp and Nvidia hold their 2022 investor days.</p><h2>Wednesday 3/23</h2><p>Cintas and General Mills report quarterly results.</p><p>Occidental Petroleum holds an investor meeting to discuss its low-carbon strategy. Shares of the upstream oil-and-gas company are up 94% this year, making it the best performer in the S&amp;P 500 index.</p><p>The Census Bureau reports new-home sales data for February. Consensus estimate is for a seasonally adjusted annual rate of 810,000 new single-family houses sold, roughly even with the January figure. The average selling price for a new home was a record $496,900 in January, while the median price was $422,300.</p><h2>Thursday 3/24</h2><p>President Biden meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels.</p><p>Darden Restaurants, FactSet Research Systems, and NIO hold conference calls to discuss quarterly results.</p><p>Moderna hosts its third annual Vaccines Day virtually. The mRNA-therapeutics pioneer will discuss the progress of its vaccines pipeline.</p><p>The Census Bureau releases the durable goods report for February. New orders for manufactured durable goods are expected to decline 0.5% month over month to $277 billion. Excluding transportation, orders for durable goods are seen rising 0.5%, after increasing 0.7% in January.</p><p>The Department of Labor reports initial jobless claims for the week ending on March 19. Claims have averaged 223,000 for the past four weeks and have normalized to roughly prepandemic levels. Continuing claims—the number of people receiving benefits under regular state unemployment-insurance programs—totaled 1.42 million as of March 5. That is the lowest figure in more than five decades, underscoring the tight labor market as job openings continue to outpace job seekers.</p><h2>Friday 3/25</h2><p>The National Association of Realtors reports its Pending Home Sales Index for February. Economists forecast a 1% increase in pending home sales, after a 5.7% drop in January.</p></body></html>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks Poised to Open Slightly Higher on Monday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks Poised to Open Slightly Higher on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-21 07:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/u-s-stocks-poised-to-open-slightly-higher-on-monday-51647816432?mod=hp_LATEST><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&P 500 futures gained 0.09% and Nasdaq Composite futures ...</p>\n\n<a href=\"https://www.barrons.com/articles/u-s-stocks-poised-to-open-slightly-higher-on-monday-51647816432?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe","NKE":"耐克","MRNA":"Moderna, Inc.","NVDA":"英伟达"},"source_url":"https://www.barrons.com/articles/u-s-stocks-poised-to-open-slightly-higher-on-monday-51647816432?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173921394","content_text":"U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&P 500 futures gained 0.09% and Nasdaq Composite futures were flat.West Texas Intermediate, the U.S. crude oil benchmark, rose 0.5%, to around $105.25 a barrel.Diplomacy is in focus this week as President Joe Biden heads to Brussels for a two-day meeting with allies from the North Atlantic Treaty Organization and European nations. They will talk about the West’s response to Russia’s invasion of Ukraine.In addition, this week, the Senate Judiciary Committee will start its hearings on the nomination of Judge Ketanji Brown Jackson to the Supreme Court.This week’s earnings include: Nike on Monday; Adobe on Tuesday; Cintas, General Mills, KB Home on Wednesday; and Darden Restaurants, FactSet Research Systems, and NIO on Thursday.This week’s notable economic events include: On Wednesday, the Census Bureau releases new-home sales data for February. On Thursday, the Census Bureau will release February’s durable goods report—often seen as a proxy for business investment, and the Department of Labor reports initial jobless claims for the week ended March 19. On Friday, the National Association of Realtors will release the Pending Home Sales Index for February.Nvidia, Moderna, Nike, Adobe, and Other Stocks for Investors to Watch This WeekEarnings highlights this week include Nike on Monday, Adobe on Tuesday, General Mills on Wednesday, and Darden Restaurants on Thursday. Nvidia will hold an investor day on Tuesday and Moderna will host an event Thursday to discuss its vaccine pipeline.Economic data out this week will include the Census Bureau’s new-home sales data for February on Wednesday, followed by the National Association of Realtors’ Pending Home Sales Index for February on Friday.The Census Bureau will also release the durable goods report for February on Thursday—often seen as a proxy for business investment. Total new orders are expected to decline 0.5% from January, but when excluding transportation, they are seen rising 0.5%.Geopolitics will also be in focus this week. U.S. President Joe Biden will travel to Brussels for a two-day meeting with NATO and EU leaders. The focus will be Western allies’ response to Russia’s invasion of Ukraine.Monday 3/21Nike reports third-quarter fiscal-2022 results.The Federal Reserve Bank of Chicago releases its National Activity Index for February. Economists forecast a 0.55 reading, slightly lower than the January data. The index has had four consecutive positive monthly readings, which is associated with the economy growing faster than historical trends.Tuesday 3/22Adobe announces first-quarter fiscal-2022 earnings.NetApp and Nvidia hold their 2022 investor days.Wednesday 3/23Cintas and General Mills report quarterly results.Occidental Petroleum holds an investor meeting to discuss its low-carbon strategy. Shares of the upstream oil-and-gas company are up 94% this year, making it the best performer in the S&P 500 index.The Census Bureau reports new-home sales data for February. Consensus estimate is for a seasonally adjusted annual rate of 810,000 new single-family houses sold, roughly even with the January figure. The average selling price for a new home was a record $496,900 in January, while the median price was $422,300.Thursday 3/24President Biden meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels.Darden Restaurants, FactSet Research Systems, and NIO hold conference calls to discuss quarterly results.Moderna hosts its third annual Vaccines Day virtually. The mRNA-therapeutics pioneer will discuss the progress of its vaccines pipeline.The Census Bureau releases the durable goods report for February. New orders for manufactured durable goods are expected to decline 0.5% month over month to $277 billion. Excluding transportation, orders for durable goods are seen rising 0.5%, after increasing 0.7% in January.The Department of Labor reports initial jobless claims for the week ending on March 19. Claims have averaged 223,000 for the past four weeks and have normalized to roughly prepandemic levels. Continuing claims—the number of people receiving benefits under regular state unemployment-insurance programs—totaled 1.42 million as of March 5. That is the lowest figure in more than five decades, underscoring the tight labor market as job openings continue to outpace job seekers.Friday 3/25The National Association of Realtors reports its Pending Home Sales Index for February. Economists forecast a 1% increase in pending home sales, after a 5.7% drop in January.","news_type":1},"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034907097,"gmtCreate":1647745936324,"gmtModify":1676534262682,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"well i like this stock personally now because of the content","listText":"well i like this stock personally now because of the content","text":"well i like this stock personally now because of the content","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034907097","repostId":"2220726035","repostType":4,"repost":{"id":"2220726035","kind":"news","pubTimestamp":1647650557,"share":"https://ttm.financial/m/news/2220726035?lang=&edition=fundamental","pubTime":"2022-03-19 08:42","market":"us","language":"en","title":"Disney: Awakening The Sleeping Giant","url":"https://stock-news.laohu8.com/highlight/detail?id=2220726035","media":"seekingalpha","summary":"SummaryDisney+ is on track to meeting its FY2024 targets and will be doubling the number of original","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Disney+ is on track to meeting its FY2024 targets and will be doubling the number of original content as well as the number of markets it&#39;s operating in.</li><li>ESPN&#39;s huge scale could bring additional huge growth opportunities in sports betting, which Disney has given the nod of approval for.</li><li>Both domestic and international parks will see strong recovery as pent-up demand for travel brings traffic back to Disney&#39;s parks along with an improvement in margins.</li><li>Based on an SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b25c502149358c089ee67660f6d4830\" tg-width=\"750\" tg-height=\"500\" width=\"100%\" height=\"auto\"/><span>hapabapa/iStock Editorial via Getty Images</span></p><p>Walt Disney (NYSE:DIS) is an attractive investment right now due to its long term growth potential as well as its likely recovery from covid impacts to its parks and attractions.</p><p><b>Investment thesis</b></p><p>The investment theses for Disney are as follows:</p><ol><li>Disney+ will be doubling the number of markets it operates in globally and doubling the amount of original content it is releasing. Furthermore, the market is under-pricing the chance of Disney+ achieving its FY2024 targets, which in my view, is becoming much more achievable with the current roadmap.</li><li>Sports could be an interesting bright spot for Disney as ESPN could leverage on its huge scale to enter sports betting, which is what many of its ESPN consumers want.</li><li>Parks segment will see a strong recovery in FY2022 due to increasing domestic and international guests at its attractions as travel resumes and heads back towards pre-COVID times.</li></ol><p>Overview</p><p>When looking at Disney, it&#39;s important to note the revenue mix of the company. There are two main segments to Disney:</p><ol><li>Disney Media &amp; Entertainment Distribution (DMED) segment which makes up 75% of revenues in 2021. This segment was formed in 2020 as part of Disney&#39;s reorganisation of its media and entertainment business and as it focuses more on the segment. This segment includes streaming services,, linear and syndicated television networks. This includes the direct-to-consumer units like Disney+, Hotstar, ESPN, Hulu</li><li>Disney Parks, Experiences &amp; Products (DPEP) segment which makes up 25% of revenues in 2021. This is Disney&#39;s most iconic travel and leisure business which includes its 6 resort destinations in the United States, Europe and Asia, as well as its cruise line.</li></ol><p>However, the revenue mix in FY2020 and FY2021, in my opinion, is more skewed towards DMED segment due to the huge impact on DPEP segment as the COVID 19 pandemic struck in 2020 and the impacts continued to linger in 2021. Of course, there is also the trend of fast growing DMED segment due to the increasing penetration of Disney&#39;s DTC streaming services like Disney+</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85405b7865b0cfd86dacf33622d3fdb2\" tg-width=\"640\" tg-height=\"184\" width=\"100%\" height=\"auto\"/><span>Revenue mix and growth of Disney (Disney Annual Reports)</span></p><p>When looking at the operating income mix, I think it is quite clear that the DPEP segment has not just seen a decline in revenues, but also margin reduction due to the low volumes in its parks and attractions. That said, at pre-COVID levels, the DPEP segment was one of the more profitable segments at around 27% operating margins. In my opinion, it is a matter of time before Disney&#39;s DPEP segment operating margins will normalise as customers return to its parks.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cde9d56416980fbbade8ae8f921bbbd\" tg-width=\"640\" tg-height=\"233\" width=\"100%\" height=\"auto\"/><span>Disney Operating Income Mix and Growth (Disney Annual Reports)</span></p><p><b>Disney+ is well positioned for the future</b></p><p>With net adds to Disney+ subs being 11.8 million in 1QFY22, this beat on consensus shows me that the market may perhaps be underpricing the probability of Disney+ achieving its long term 2024 target of achieving 230 million to 260 million subscribers.</p><p>Furthermore, what makes me more optimistic about Disney+ is the strong slate of marquee content coming in 2QF22 and beyond.</p><p>Overall, Disney is almost doubling the amount or original content from its marquee brands in Disney+ in FY2022, with most of these titles coming online in 2HFY22, particularly between July and September. In 2QF22, Pixar will release <i>Turning Red</i> (11 March) and Marvel releases <i>Moon Knight</i> (30 March).</p><p>More highly anticipated releases in 3QF22 and after will include 2 new Star Wars series <i>Andor</i> (To be announced) and <i>Obi-Wan Kenobi</i> (25 March), new Marvel series <i>Ms. Marvel</i> (To be announced) and <i>She-Hulk</i> (To be announced), a live-action <i>Pinocchio</i>(To be announced) starring Tom Hanks, and <i>Hocus Pocus 2</i> (FY2023).</p><p>Management reiterated that they have more than 340 local original titles in various stages of development and production for their DTC platforms over the next few years. Local content offerings are also increasing in Asia, India, Europe, and LatAm in FY2022, with the majority of those titles releasing in F2H22.</p><p>In my opinion, this will be a pivotal moment for Disney+ as 4QFY22 will be the first time in Disney+ history that the company will be releasing original content throughout the quarter from all of Disney, Marvel, Star Wars, Pixar, and Nat Geo.</p><p>Although there could be some risk of subs deceleration in 2QFY22 due to the back end weighted content in the second half of the year. That said, the focus should really be on 2HFY22 as, in my opinion, there could be meaningfully much higher net adds to subscriber base, partly due to content release schedule in 2HFY22, and also the international launches happening as Disney+ expands its reach globally.</p><p>In the 1QFY22 management call, management emphasised Disney+&#39;s expansion globally. In FY2022, the company plans on bringing Disney+ to more than 50 more countries. This includes countries in Central Eastern Europe, the Middle East, and South Africa.</p><p>In total, management has plans to more than double the number of markets Disney+ is in now from 80 currently to more than 160 markets by FY2023. I would expect that the initial impact of these planned market launches will be most evident in F3Q22. As such, I am of the opinion that we will continue to see quarter over quarter improvements in Disney+ net adds from 8 million net adds in 2QFY22, to 12 million net adds in 3QFY22.</p><p><b>Sports could be a future bright spot</b></p><p>In the November 10 2021 earnings call, Bob Chapek, CEO of Disney, said that the company will expand into sports betting through ESPN. Although this may not sound like anything new, this is the first time ESPN&#39;s parent company, Disney, acknowledged that sports betting will be beneficial to the parent company and will not affect Disney&#39;s brand. This sets a clear signal that the top management in Disney is giving the go ahead to go deeper and bigger into the world of sports betting.</p><p>In fact, sports betting has been something the company has been dipping its toes into. In 2020, ESPN got into an agreement with both Caesars Entertainment and DraftKings to link to their sportsbooks from</p><p>There were talks in August 2021 about ESPN, at that time, was in discussions to potentially explore a brand licensing deal with DraftKings or Caesars Entertainment for $3 billion.</p><p>Bob Chapek mentioned that the company wants to have a greater presence in online sports betting and can leverage on ESPN&#39;s reach and scale to partner with 3rd parties in the sports betting space.</p><p>In my opinion, this could help Disney create brand new revenue streams and bring growth to ESPN, especially as ESPN advertising revenues were flat in the 4th quarter of 2021 when compared to the same quarter a year before. However, its streaming service EPSN+ grew subscribers by 66% over the year and almost 90% of the most watched broadcasts on Disney&#39;s owned TV networks were sports events. Thus, I think that to leverage on this strength that Disney has would make lots of sense not just for ESPN, but for Disney as a whole.</p><p>In addition, the move to sports betting would also attract and retain a younger audience and keep the momentum growing for ESPN. Furthermore, it is noted by Chapel that the consumer wants to have sports betting and to meet the needs of the ESPN customers, Disney needs to move into sports betting or risk missing a great opportunity or even being irrelevant in the future.</p><p><b>Recovery of parks will bring huge revenue and operating income upside</b></p><p>In 1QFY22, the Parks segment saw a material beat in revenues and operating incomes which in my view is a sign that we could be seeing structurally stronger growth rates in revenue as well as operating margins normalisation as international parks and domestic parks fully open and as travel returns to pre-pandemic levels.</p><p>Although there were lower attendance than 2019, Parks revenue and operating income matched pre-pandemic levels due to the higher yield benefits with per cap spending up more than 40% compared to 1QFY19.</p><p>Furthermore, based on the latest results, trends in attendance at Disney&#39;s domestic parks have continued to increase as Walt Disney World and Disneyland 1QFY22 attendance was up double digits compared to that of 4QFY21. This was likely also reflecting the seasonality effects of the holiday season.</p><p>Moving forward, although there is likely to be continued impact from COVID in the form of volatility, Disney&#39;s domestic parks will likely see continued strong demand from domestic guests while international parks will likely see a surge in demand in the latter half of the year. This is due to the increased closures like that of Hong Kong Disneyland currently being temporarily closed.</p><p>For my longer term forecasts, I believe that we could see per caps spending sustain above pre-COVID levels and thus this will drive higher margins for the segment. Driven by huge volume and customer growth both from domestic and international guests, the recovery in Disney&#39;s Parks segment will be significant in FY2022.</p><p><b>Valuation</b></p><p>Based on above points mentioned, I developed a financial model for Disney to come up with a valuation using sum of the parts (SOTP) valuation of the different segments. Due to the currently unprofitable nature of DTC, this was forecasted using longer term DCF model for the DTC segment.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/592ec77a3e6703ec77a973ea2f37ec2d\" tg-width=\"640\" tg-height=\"267\" width=\"100%\" height=\"auto\"/><span>SOTP Valuation of Disney (Author generated model)</span></p><p>Based on the SOTP valuation, I derived a target price of $197, and there is a 43% upside potential for Disney based on current price levels.</p><p>Looking to relative valuation, when comparing Disney with Netflix (NFLX), one of Disney&#39;s competitors in the streaming services market, the forward P/E ratios of both companies are somewhat similar at about 31x to 32x 1 year forward P/E.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bba2de777172d857327f65f1635488c\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>However, as highlighted in earlier sections, Disney&#39;s growth is likely to be higher than that of Netflix due to the higher growth from DPEP segment as travel recovers, and also from DMED segment as Disney+ content releases bring in record numbers of net adds and subscribers. As can be seen below, although Disney&#39;s revenues plunged in 2020, its starting to show faster growth in 2021 as it continues to recover from the COVID situation.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b539d4941a78dc5366d8a9b95abaa13\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p><b>Risks</b></p><p><b>Competition</b></p><p>We are seeing increased competition in the streaming space. Although Disney has a strong franchise of brands in Disney+, competitors like Netflix, Apple TV (AAPL) and Amazon Prime Video (AMZN) could significantly increase content and marketing trend, competing for the same eyeballs for streaming services and thereby restricting Disney&#39;s subscriber and margin growth.</p><p><b>COVID related risks</b></p><p>As Disney&#39;s traditional travel and leisure Parks business is very susceptible to global travel and tourism trends, any increase in COVID related measures in any geographies that Disney&#39;s parks are operating in could result in slower than expected recovery.</p><p><b>Conclusion</b></p><p>All in all, there is a good risk reward investment opportunity for Disney at the current levels. With Parks segment set to see margin improvement to above pre-COVID levels as well as see traffic return, this will bring about a huge growth in revenues and profits from the profitable parks business. Furthermore, Disney continues to execute well in its streaming business, with 2HFY22 being a very exciting time for Disney+ as it rolls out to more markets and as it releases much more original marquee content that could reach a wide range of audiences. Based on SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels, which is an attractive investment opportunity in my view.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney: Awakening The Sleeping Giant</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney: Awakening The Sleeping Giant\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-19 08:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4496356-disney-attractive-investment-long-term-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDisney+ is on track to meeting its FY2024 targets and will be doubling the number of original content as well as the number of markets it's operating in.ESPN's huge scale could bring additional...</p>\n\n<a href=\"https://seekingalpha.com/article/4496356-disney-attractive-investment-long-term-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4108":"电影和娱乐","DIS":"迪士尼","BK4561":"索罗斯持仓","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4551":"寇图资本持仓","BK4524":"宅经济概念"},"source_url":"https://seekingalpha.com/article/4496356-disney-attractive-investment-long-term-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2220726035","content_text":"SummaryDisney+ is on track to meeting its FY2024 targets and will be doubling the number of original content as well as the number of markets it's operating in.ESPN's huge scale could bring additional huge growth opportunities in sports betting, which Disney has given the nod of approval for.Both domestic and international parks will see strong recovery as pent-up demand for travel brings traffic back to Disney's parks along with an improvement in margins.Based on an SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels.hapabapa/iStock Editorial via Getty ImagesWalt Disney (NYSE:DIS) is an attractive investment right now due to its long term growth potential as well as its likely recovery from covid impacts to its parks and attractions.Investment thesisThe investment theses for Disney are as follows:Disney+ will be doubling the number of markets it operates in globally and doubling the amount of original content it is releasing. Furthermore, the market is under-pricing the chance of Disney+ achieving its FY2024 targets, which in my view, is becoming much more achievable with the current roadmap.Sports could be an interesting bright spot for Disney as ESPN could leverage on its huge scale to enter sports betting, which is what many of its ESPN consumers want.Parks segment will see a strong recovery in FY2022 due to increasing domestic and international guests at its attractions as travel resumes and heads back towards pre-COVID times.OverviewWhen looking at Disney, it's important to note the revenue mix of the company. There are two main segments to Disney:Disney Media & Entertainment Distribution (DMED) segment which makes up 75% of revenues in 2021. This segment was formed in 2020 as part of Disney's reorganisation of its media and entertainment business and as it focuses more on the segment. This segment includes streaming services,, linear and syndicated television networks. This includes the direct-to-consumer units like Disney+, Hotstar, ESPN, HuluDisney Parks, Experiences & Products (DPEP) segment which makes up 25% of revenues in 2021. This is Disney's most iconic travel and leisure business which includes its 6 resort destinations in the United States, Europe and Asia, as well as its cruise line.However, the revenue mix in FY2020 and FY2021, in my opinion, is more skewed towards DMED segment due to the huge impact on DPEP segment as the COVID 19 pandemic struck in 2020 and the impacts continued to linger in 2021. Of course, there is also the trend of fast growing DMED segment due to the increasing penetration of Disney's DTC streaming services like Disney+Revenue mix and growth of Disney (Disney Annual Reports)When looking at the operating income mix, I think it is quite clear that the DPEP segment has not just seen a decline in revenues, but also margin reduction due to the low volumes in its parks and attractions. That said, at pre-COVID levels, the DPEP segment was one of the more profitable segments at around 27% operating margins. In my opinion, it is a matter of time before Disney's DPEP segment operating margins will normalise as customers return to its parks.Disney Operating Income Mix and Growth (Disney Annual Reports)Disney+ is well positioned for the futureWith net adds to Disney+ subs being 11.8 million in 1QFY22, this beat on consensus shows me that the market may perhaps be underpricing the probability of Disney+ achieving its long term 2024 target of achieving 230 million to 260 million subscribers.Furthermore, what makes me more optimistic about Disney+ is the strong slate of marquee content coming in 2QF22 and beyond.Overall, Disney is almost doubling the amount or original content from its marquee brands in Disney+ in FY2022, with most of these titles coming online in 2HFY22, particularly between July and September. In 2QF22, Pixar will release Turning Red (11 March) and Marvel releases Moon Knight (30 March).More highly anticipated releases in 3QF22 and after will include 2 new Star Wars series Andor (To be announced) and Obi-Wan Kenobi (25 March), new Marvel series Ms. Marvel (To be announced) and She-Hulk (To be announced), a live-action Pinocchio(To be announced) starring Tom Hanks, and Hocus Pocus 2 (FY2023).Management reiterated that they have more than 340 local original titles in various stages of development and production for their DTC platforms over the next few years. Local content offerings are also increasing in Asia, India, Europe, and LatAm in FY2022, with the majority of those titles releasing in F2H22.In my opinion, this will be a pivotal moment for Disney+ as 4QFY22 will be the first time in Disney+ history that the company will be releasing original content throughout the quarter from all of Disney, Marvel, Star Wars, Pixar, and Nat Geo.Although there could be some risk of subs deceleration in 2QFY22 due to the back end weighted content in the second half of the year. That said, the focus should really be on 2HFY22 as, in my opinion, there could be meaningfully much higher net adds to subscriber base, partly due to content release schedule in 2HFY22, and also the international launches happening as Disney+ expands its reach globally.In the 1QFY22 management call, management emphasised Disney+'s expansion globally. In FY2022, the company plans on bringing Disney+ to more than 50 more countries. This includes countries in Central Eastern Europe, the Middle East, and South Africa.In total, management has plans to more than double the number of markets Disney+ is in now from 80 currently to more than 160 markets by FY2023. I would expect that the initial impact of these planned market launches will be most evident in F3Q22. As such, I am of the opinion that we will continue to see quarter over quarter improvements in Disney+ net adds from 8 million net adds in 2QFY22, to 12 million net adds in 3QFY22.Sports could be a future bright spotIn the November 10 2021 earnings call, Bob Chapek, CEO of Disney, said that the company will expand into sports betting through ESPN. Although this may not sound like anything new, this is the first time ESPN's parent company, Disney, acknowledged that sports betting will be beneficial to the parent company and will not affect Disney's brand. This sets a clear signal that the top management in Disney is giving the go ahead to go deeper and bigger into the world of sports betting.In fact, sports betting has been something the company has been dipping its toes into. In 2020, ESPN got into an agreement with both Caesars Entertainment and DraftKings to link to their sportsbooks fromThere were talks in August 2021 about ESPN, at that time, was in discussions to potentially explore a brand licensing deal with DraftKings or Caesars Entertainment for $3 billion.Bob Chapek mentioned that the company wants to have a greater presence in online sports betting and can leverage on ESPN's reach and scale to partner with 3rd parties in the sports betting space.In my opinion, this could help Disney create brand new revenue streams and bring growth to ESPN, especially as ESPN advertising revenues were flat in the 4th quarter of 2021 when compared to the same quarter a year before. However, its streaming service EPSN+ grew subscribers by 66% over the year and almost 90% of the most watched broadcasts on Disney's owned TV networks were sports events. Thus, I think that to leverage on this strength that Disney has would make lots of sense not just for ESPN, but for Disney as a whole.In addition, the move to sports betting would also attract and retain a younger audience and keep the momentum growing for ESPN. Furthermore, it is noted by Chapel that the consumer wants to have sports betting and to meet the needs of the ESPN customers, Disney needs to move into sports betting or risk missing a great opportunity or even being irrelevant in the future.Recovery of parks will bring huge revenue and operating income upsideIn 1QFY22, the Parks segment saw a material beat in revenues and operating incomes which in my view is a sign that we could be seeing structurally stronger growth rates in revenue as well as operating margins normalisation as international parks and domestic parks fully open and as travel returns to pre-pandemic levels.Although there were lower attendance than 2019, Parks revenue and operating income matched pre-pandemic levels due to the higher yield benefits with per cap spending up more than 40% compared to 1QFY19.Furthermore, based on the latest results, trends in attendance at Disney's domestic parks have continued to increase as Walt Disney World and Disneyland 1QFY22 attendance was up double digits compared to that of 4QFY21. This was likely also reflecting the seasonality effects of the holiday season.Moving forward, although there is likely to be continued impact from COVID in the form of volatility, Disney's domestic parks will likely see continued strong demand from domestic guests while international parks will likely see a surge in demand in the latter half of the year. This is due to the increased closures like that of Hong Kong Disneyland currently being temporarily closed.For my longer term forecasts, I believe that we could see per caps spending sustain above pre-COVID levels and thus this will drive higher margins for the segment. Driven by huge volume and customer growth both from domestic and international guests, the recovery in Disney's Parks segment will be significant in FY2022.ValuationBased on above points mentioned, I developed a financial model for Disney to come up with a valuation using sum of the parts (SOTP) valuation of the different segments. Due to the currently unprofitable nature of DTC, this was forecasted using longer term DCF model for the DTC segment.SOTP Valuation of Disney (Author generated model)Based on the SOTP valuation, I derived a target price of $197, and there is a 43% upside potential for Disney based on current price levels.Looking to relative valuation, when comparing Disney with Netflix (NFLX), one of Disney's competitors in the streaming services market, the forward P/E ratios of both companies are somewhat similar at about 31x to 32x 1 year forward P/E.Data by YChartsHowever, as highlighted in earlier sections, Disney's growth is likely to be higher than that of Netflix due to the higher growth from DPEP segment as travel recovers, and also from DMED segment as Disney+ content releases bring in record numbers of net adds and subscribers. As can be seen below, although Disney's revenues plunged in 2020, its starting to show faster growth in 2021 as it continues to recover from the COVID situation.Data by YChartsRisksCompetitionWe are seeing increased competition in the streaming space. Although Disney has a strong franchise of brands in Disney+, competitors like Netflix, Apple TV (AAPL) and Amazon Prime Video (AMZN) could significantly increase content and marketing trend, competing for the same eyeballs for streaming services and thereby restricting Disney's subscriber and margin growth.COVID related risksAs Disney's traditional travel and leisure Parks business is very susceptible to global travel and tourism trends, any increase in COVID related measures in any geographies that Disney's parks are operating in could result in slower than expected recovery.ConclusionAll in all, there is a good risk reward investment opportunity for Disney at the current levels. With Parks segment set to see margin improvement to above pre-COVID levels as well as see traffic return, this will bring about a huge growth in revenues and profits from the profitable parks business. Furthermore, Disney continues to execute well in its streaming business, with 2HFY22 being a very exciting time for Disney+ as it rolls out to more markets and as it releases much more original marquee content that could reach a wide range of audiences. Based on SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels, which is an attractive investment opportunity in my view.","news_type":1},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032769042,"gmtCreate":1647444299142,"gmtModify":1676534230953,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"dont reli care for the markets here, this is good news regardless","listText":"dont reli care for the markets here, this is good news regardless","text":"dont reli care for the markets here, this is good news regardless","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032769042","repostId":"1189260494","repostType":4,"isVote":1,"tweetType":1,"viewCount":743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032760804,"gmtCreate":1647444210582,"gmtModify":1676534230945,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032760804","repostId":"2219276104","repostType":4,"repost":{"id":"2219276104","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1647439200,"share":"https://ttm.financial/m/news/2219276104?lang=&edition=fundamental","pubTime":"2022-03-16 22:00","market":"us","language":"en","title":"The Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat","url":"https://stock-news.laohu8.com/highlight/detail?id=2219276104","media":"Dow Jones","summary":"How the metaphors we use to explain markets can steer investors into dumb decisions.When the stock m","content":"<html><head></head><body><p>How the metaphors we use to explain markets can steer investors into dumb decisions.</p><p>When the stock market plunges, we all go to Disney World -- or Six Flags. Buckle up for this roller coaster, the commentators tell us. Keep your hands, arms and assets inside the vehicle at all times.</p><p>The theme-park thrill ride is our most tired metaphor for market volatility. When the VIX  spiked this year, roller coasters showed up everywhere on financial media in both words and images: on the cover of The Economist, on all the major financial networks and newspapers and, too often for my taste, on MarketWatch.</p><p>The language and imagery we use to talk about markets matters. In <a href=\"https://laohu8.com/S/AONE.U\">one</a> of my first columns after becoming editor of this site in 2014, I said we were banning photos of traders on the floor of the New York Stock Exchange because these &#34;human emoji&#34; no longer reflected the modern reality of a market divorced from the physical space of Wall Street.</p><p>I shouldn&#39;t have stopped there. So in this, my final column for MarketWatch, I think it&#39;s time to retire the roller coaster as an illustration of volatility, because the metaphor is a mediocre visual joke that&#39;s unfair to both amusement parks and markets.</p><p>We lean on the rides to convey turbulence, because the hills, twists and inversions seem like stock charts drawn in real life, and the rides, like markets, induce anxiety, adrenaline, and enough G forces to empty your pockets or make you lose your lunch. So what&#39;s wrong with these images? To explore this question, I reached out to two uniquely qualified experts on the subject: 1. A professor of business and psychology who has studied how market metaphors impact the decisions investors make. And 2. A roller-coaster designer.</p><p>But first, it&#39;s important to consider how metaphors influence our thoughts and behaviors. In &#34;Metaphors We Live By,&#34; a seminal work by the philosophers George Lakoff and Mark Johnson, they make the case that &#34;the way we think, what we experience, and what we do every day is very much a matter of metaphor.&#34; What does this have to do with roller coasters? Well, as Lakoff and Johnson say, &#34;the major metaphor in our culture is HAPPY IS UP.&#34;</p><p>When we feel good, we say we are up, we strive to climb the corporate ladder, we want to get a raise. Happy is definitely up on a market chart, unless you&#39;re a short seller. Up is more. Up is richer. Up is one step closer to joining the Great Resignation and jetting off to the Almafi coast. But the most happy moments on a roller coaster, as someone who loves roller coasters, are not the ups, but the most horrific, violent stretches of a market chart: the steep drops and wild turns.</p><p>&#34;The ups and downs in the emotions don&#39;t correlate with the ups and downs in distance above the floor,&#34; said Brendan Walker, a London-based &#34;thrill engineer&#34; with two decades of roller-coaster design experience. &#34;The points of sudden change are the most exciting moments, made to be scary as hell or fun and exhilarating.&#34;</p><p>The metaphor does work in one sense: Inching up the lift hill is a moment of building anticipation and nerves, Walker said. Like investors wondering if they should bail out before the bottom falls out, nervous riders whisper to themselves over and over again as the train lurches upward: &#34;Is this the top yet?&#34; Most of life is more like waiting in line for the ride than actually riding it, of course.</p><p>But remember, roller coasters, unlike volatile markets, are a form of entertainment, with each of the 90-120 seconds choreographed to neurotransmit a cocktail of maximal pleasure and excitement. &#34;They seem to be very risky, but this is one of the most risk-averse industries around,&#34; said Walker, whose current venture, Studio Go Go, specializes in enhancing older rides with the addition of virtual reality. &#34;A new ride costs $25 million and needs to appeal to 95% of visitors.&#34; They are designed to be a safe way to experience the feeling of risk, said Walker. &#34;This is not skydiving or skiing black runs off-piste.&#34;</p><p>Theme-park rides sometimes end badly -- I once watched helplessly as my nephew was thrown from a carnival ride, thankfully sustaining only &#34;minor injuries&#34; -- but, for the most part, we can be fairly certain that we end up right back where we started, unscathed, maybe smiling, maybe muttering &#34;never again,&#34; but no poorer for the journey.</p><p>Markets can be far more hazardous -- and so can market metaphors. Roller-coaster images may provide false comfort to investors, said Michael Morris, a business professor and psychologist at Columbia University. &#34;It&#39;s a bit like the bubble metaphor, which suggests that once it has popped it is a safe time to invest, the danger is over.&#34;</p><p>In a 2007 paper, &#34;Metaphors and the Market,&#34; Morris and his co-authors studied the impact a range of metaphors used by financial media had on investor decision making, focusing on two types: &#34;agent&#34; metaphors, which suggest the market is an animal spirit that climbs, claws, charges, or flies vs. that &#34;object&#34; metaphors, passive victims of gravity, as in &#34;the  Dow fell off a cliff.&#34; Presumably dead cats bounce into and out of the latter category.</p><p>&#34;Humans detect the features of things that are self-propelled and the things that defy gravity and we treat them very differently,&#34; Morris told me. In experiments they found that agent metaphors made investors more confident that the current trends were likely to continue. Media commentary causes investors to take uptrends as meaningful signals and downtrends as something that can be ignored, the paper argues.</p><p>Even the market chart itself can mislead investors this way. The lines on a chart suggest continued trajectories, Morris said. Investors fared better after being shown tables of data as opposed to a chart, he said. Allusions to roller coasters might have a similar effect, his research found, since they have &#34;unsteady but regular trajectories. And they may imply that the past regularity portends future regularity.&#34;</p><p>Behavioral economist Richard Thaler has joked that investors would be better off watching ESPN than a business network, and maybe he has a point. Financial journalists have a responsibility to think critically about the language and imagery used to explain the market. We should be up front about how little we know, and we should banish all the bears and B.S. We can do better.</p><p>Morris told me that his metaphor research was conducted well before the rise of social media, and these days the major financial networks and sites may be the least of investors&#39; problems. &#34;If you want to be a contrarian thinker, the last thing you want is ignorant people shouting in your ear,&#34; he said.</p><p>Investing is not for the faint of heart. But unlike markets, every roller coaster must come to an end. Writing for and editing MarketWatch has been one the great thrills of my life. Thanks for reading and riding along with me.</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>The Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-03-16 22:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>How the metaphors we use to explain markets can steer investors into dumb decisions.</p><p>When the stock market plunges, we all go to Disney World -- or Six Flags. Buckle up for this roller coaster, the commentators tell us. Keep your hands, arms and assets inside the vehicle at all times.</p><p>The theme-park thrill ride is our most tired metaphor for market volatility. When the VIX  spiked this year, roller coasters showed up everywhere on financial media in both words and images: on the cover of The Economist, on all the major financial networks and newspapers and, too often for my taste, on MarketWatch.</p><p>The language and imagery we use to talk about markets matters. In <a href=\"https://laohu8.com/S/AONE.U\">one</a> of my first columns after becoming editor of this site in 2014, I said we were banning photos of traders on the floor of the New York Stock Exchange because these &#34;human emoji&#34; no longer reflected the modern reality of a market divorced from the physical space of Wall Street.</p><p>I shouldn&#39;t have stopped there. So in this, my final column for MarketWatch, I think it&#39;s time to retire the roller coaster as an illustration of volatility, because the metaphor is a mediocre visual joke that&#39;s unfair to both amusement parks and markets.</p><p>We lean on the rides to convey turbulence, because the hills, twists and inversions seem like stock charts drawn in real life, and the rides, like markets, induce anxiety, adrenaline, and enough G forces to empty your pockets or make you lose your lunch. So what&#39;s wrong with these images? To explore this question, I reached out to two uniquely qualified experts on the subject: 1. A professor of business and psychology who has studied how market metaphors impact the decisions investors make. And 2. A roller-coaster designer.</p><p>But first, it&#39;s important to consider how metaphors influence our thoughts and behaviors. In &#34;Metaphors We Live By,&#34; a seminal work by the philosophers George Lakoff and Mark Johnson, they make the case that &#34;the way we think, what we experience, and what we do every day is very much a matter of metaphor.&#34; What does this have to do with roller coasters? Well, as Lakoff and Johnson say, &#34;the major metaphor in our culture is HAPPY IS UP.&#34;</p><p>When we feel good, we say we are up, we strive to climb the corporate ladder, we want to get a raise. Happy is definitely up on a market chart, unless you&#39;re a short seller. Up is more. Up is richer. Up is one step closer to joining the Great Resignation and jetting off to the Almafi coast. But the most happy moments on a roller coaster, as someone who loves roller coasters, are not the ups, but the most horrific, violent stretches of a market chart: the steep drops and wild turns.</p><p>&#34;The ups and downs in the emotions don&#39;t correlate with the ups and downs in distance above the floor,&#34; said Brendan Walker, a London-based &#34;thrill engineer&#34; with two decades of roller-coaster design experience. &#34;The points of sudden change are the most exciting moments, made to be scary as hell or fun and exhilarating.&#34;</p><p>The metaphor does work in one sense: Inching up the lift hill is a moment of building anticipation and nerves, Walker said. Like investors wondering if they should bail out before the bottom falls out, nervous riders whisper to themselves over and over again as the train lurches upward: &#34;Is this the top yet?&#34; Most of life is more like waiting in line for the ride than actually riding it, of course.</p><p>But remember, roller coasters, unlike volatile markets, are a form of entertainment, with each of the 90-120 seconds choreographed to neurotransmit a cocktail of maximal pleasure and excitement. &#34;They seem to be very risky, but this is one of the most risk-averse industries around,&#34; said Walker, whose current venture, Studio Go Go, specializes in enhancing older rides with the addition of virtual reality. &#34;A new ride costs $25 million and needs to appeal to 95% of visitors.&#34; They are designed to be a safe way to experience the feeling of risk, said Walker. &#34;This is not skydiving or skiing black runs off-piste.&#34;</p><p>Theme-park rides sometimes end badly -- I once watched helplessly as my nephew was thrown from a carnival ride, thankfully sustaining only &#34;minor injuries&#34; -- but, for the most part, we can be fairly certain that we end up right back where we started, unscathed, maybe smiling, maybe muttering &#34;never again,&#34; but no poorer for the journey.</p><p>Markets can be far more hazardous -- and so can market metaphors. Roller-coaster images may provide false comfort to investors, said Michael Morris, a business professor and psychologist at Columbia University. &#34;It&#39;s a bit like the bubble metaphor, which suggests that once it has popped it is a safe time to invest, the danger is over.&#34;</p><p>In a 2007 paper, &#34;Metaphors and the Market,&#34; Morris and his co-authors studied the impact a range of metaphors used by financial media had on investor decision making, focusing on two types: &#34;agent&#34; metaphors, which suggest the market is an animal spirit that climbs, claws, charges, or flies vs. that &#34;object&#34; metaphors, passive victims of gravity, as in &#34;the  Dow fell off a cliff.&#34; Presumably dead cats bounce into and out of the latter category.</p><p>&#34;Humans detect the features of things that are self-propelled and the things that defy gravity and we treat them very differently,&#34; Morris told me. In experiments they found that agent metaphors made investors more confident that the current trends were likely to continue. Media commentary causes investors to take uptrends as meaningful signals and downtrends as something that can be ignored, the paper argues.</p><p>Even the market chart itself can mislead investors this way. The lines on a chart suggest continued trajectories, Morris said. Investors fared better after being shown tables of data as opposed to a chart, he said. Allusions to roller coasters might have a similar effect, his research found, since they have &#34;unsteady but regular trajectories. And they may imply that the past regularity portends future regularity.&#34;</p><p>Behavioral economist Richard Thaler has joked that investors would be better off watching ESPN than a business network, and maybe he has a point. Financial journalists have a responsibility to think critically about the language and imagery used to explain the market. We should be up front about how little we know, and we should banish all the bears and B.S. We can do better.</p><p>Morris told me that his metaphor research was conducted well before the rise of social media, and these days the major financial networks and sites may be the least of investors&#39; problems. &#34;If you want to be a contrarian thinker, the last thing you want is ignorant people shouting in your ear,&#34; he said.</p><p>Investing is not for the faint of heart. But unlike markets, every roller coaster must come to an end. Writing for and editing MarketWatch has been one the great thrills of my life. Thanks for reading and riding along with me.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2219276104","content_text":"How the metaphors we use to explain markets can steer investors into dumb decisions.When the stock market plunges, we all go to Disney World -- or Six Flags. Buckle up for this roller coaster, the commentators tell us. Keep your hands, arms and assets inside the vehicle at all times.The theme-park thrill ride is our most tired metaphor for market volatility. When the VIX  spiked this year, roller coasters showed up everywhere on financial media in both words and images: on the cover of The Economist, on all the major financial networks and newspapers and, too often for my taste, on MarketWatch.The language and imagery we use to talk about markets matters. In one of my first columns after becoming editor of this site in 2014, I said we were banning photos of traders on the floor of the New York Stock Exchange because these \"human emoji\" no longer reflected the modern reality of a market divorced from the physical space of Wall Street.I shouldn't have stopped there. So in this, my final column for MarketWatch, I think it's time to retire the roller coaster as an illustration of volatility, because the metaphor is a mediocre visual joke that's unfair to both amusement parks and markets.We lean on the rides to convey turbulence, because the hills, twists and inversions seem like stock charts drawn in real life, and the rides, like markets, induce anxiety, adrenaline, and enough G forces to empty your pockets or make you lose your lunch. So what's wrong with these images? To explore this question, I reached out to two uniquely qualified experts on the subject: 1. A professor of business and psychology who has studied how market metaphors impact the decisions investors make. And 2. A roller-coaster designer.But first, it's important to consider how metaphors influence our thoughts and behaviors. In \"Metaphors We Live By,\" a seminal work by the philosophers George Lakoff and Mark Johnson, they make the case that \"the way we think, what we experience, and what we do every day is very much a matter of metaphor.\" What does this have to do with roller coasters? Well, as Lakoff and Johnson say, \"the major metaphor in our culture is HAPPY IS UP.\"When we feel good, we say we are up, we strive to climb the corporate ladder, we want to get a raise. Happy is definitely up on a market chart, unless you're a short seller. Up is more. Up is richer. Up is one step closer to joining the Great Resignation and jetting off to the Almafi coast. But the most happy moments on a roller coaster, as someone who loves roller coasters, are not the ups, but the most horrific, violent stretches of a market chart: the steep drops and wild turns.\"The ups and downs in the emotions don't correlate with the ups and downs in distance above the floor,\" said Brendan Walker, a London-based \"thrill engineer\" with two decades of roller-coaster design experience. \"The points of sudden change are the most exciting moments, made to be scary as hell or fun and exhilarating.\"The metaphor does work in one sense: Inching up the lift hill is a moment of building anticipation and nerves, Walker said. Like investors wondering if they should bail out before the bottom falls out, nervous riders whisper to themselves over and over again as the train lurches upward: \"Is this the top yet?\" Most of life is more like waiting in line for the ride than actually riding it, of course.But remember, roller coasters, unlike volatile markets, are a form of entertainment, with each of the 90-120 seconds choreographed to neurotransmit a cocktail of maximal pleasure and excitement. \"They seem to be very risky, but this is one of the most risk-averse industries around,\" said Walker, whose current venture, Studio Go Go, specializes in enhancing older rides with the addition of virtual reality. \"A new ride costs $25 million and needs to appeal to 95% of visitors.\" They are designed to be a safe way to experience the feeling of risk, said Walker. \"This is not skydiving or skiing black runs off-piste.\"Theme-park rides sometimes end badly -- I once watched helplessly as my nephew was thrown from a carnival ride, thankfully sustaining only \"minor injuries\" -- but, for the most part, we can be fairly certain that we end up right back where we started, unscathed, maybe smiling, maybe muttering \"never again,\" but no poorer for the journey.Markets can be far more hazardous -- and so can market metaphors. Roller-coaster images may provide false comfort to investors, said Michael Morris, a business professor and psychologist at Columbia University. \"It's a bit like the bubble metaphor, which suggests that once it has popped it is a safe time to invest, the danger is over.\"In a 2007 paper, \"Metaphors and the Market,\" Morris and his co-authors studied the impact a range of metaphors used by financial media had on investor decision making, focusing on two types: \"agent\" metaphors, which suggest the market is an animal spirit that climbs, claws, charges, or flies vs. that \"object\" metaphors, passive victims of gravity, as in \"the  Dow fell off a cliff.\" Presumably dead cats bounce into and out of the latter category.\"Humans detect the features of things that are self-propelled and the things that defy gravity and we treat them very differently,\" Morris told me. In experiments they found that agent metaphors made investors more confident that the current trends were likely to continue. Media commentary causes investors to take uptrends as meaningful signals and downtrends as something that can be ignored, the paper argues.Even the market chart itself can mislead investors this way. The lines on a chart suggest continued trajectories, Morris said. Investors fared better after being shown tables of data as opposed to a chart, he said. Allusions to roller coasters might have a similar effect, his research found, since they have \"unsteady but regular trajectories. And they may imply that the past regularity portends future regularity.\"Behavioral economist Richard Thaler has joked that investors would be better off watching ESPN than a business network, and maybe he has a point. Financial journalists have a responsibility to think critically about the language and imagery used to explain the market. We should be up front about how little we know, and we should banish all the bears and B.S. We can do better.Morris told me that his metaphor research was conducted well before the rise of social media, and these days the major financial networks and sites may be the least of investors' problems. \"If you want to be a contrarian thinker, the last thing you want is ignorant people shouting in your ear,\" he said.Investing is not for the faint of heart. But unlike markets, every roller coaster must come to an end. Writing for and editing MarketWatch has been one the great thrills of my life. Thanks for reading and riding along with me.","news_type":1},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032485047,"gmtCreate":1647424829121,"gmtModify":1676534228162,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"hmm, still wary of chinese stocks","listText":"hmm, still wary of chinese stocks","text":"hmm, still wary of chinese stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032485047","repostId":"2219754226","repostType":2,"repost":{"id":"2219754226","kind":"news","pubTimestamp":1647416880,"share":"https://ttm.financial/m/news/2219754226?lang=&edition=fundamental","pubTime":"2022-03-16 15:48","market":"hk","language":"en","title":"China Vows to Keep Markets Stable, Support Foreign Listings","url":"https://stock-news.laohu8.com/highlight/detail?id=2219754226","media":"bloomberg","summary":"Key committee led by Vice Premier Liu He makes statementStocks surged after the announcement on the ","content":"<html><head></head><body><ul><li>Key committee led by Vice Premier Liu He makes statement</li><li>Stocks surged after the announcement on the promise of support</li></ul><p>Beijing issued a strong promise for policies to boost financial markets and stimulate economic growth as it responded to a market sell-off over risks from the property market, overseas listings and internet companies.</p><p>Government departments should “actively introduce policies that benefit markets,” according to a meeting of China’s top financial policy committee led by Vice Premier Liu He, who’s in charge of overall economic policy. The meeting concluded there is a need to “boost the economy,” in the first quarter, according to a state-media report.</p><p>The Financial Stability and Development Committee meeting promised investors relief on a number of concerns which drove a sell-off in Chinese equities earlier this week. “Any policy that has a significant impact on capital markets should be co-ordinated with financial management departments in advance to maintain the stability and consistency of policy expectations,” the meeting said.</p><p>Stocks surged after the announcement. The Hang Seng China Enterprises Index jumped as much as 13% in Hong Kong, the most since 2008, after plunging 26% this year through Tuesday. The CSI 300 Index of mainland shares climbed 4.6%.</p><p><b>Overseas Listings</b></p><p>China supports overseas listing and has achieved positive progress in discussions with Washington over Chinese stocks listed in U.S. markets, the report said, adding that both sides are working to formulate a detailed cooperation plan.</p><p>In 2020 U.S. lawmakers enacted a bill threatening to delist Chinese firms that failed to meet audit inspection rules. U.S. regulators said Tuesday that they were “actively engaged” and had been meeting with Chinese government authorities to reach a deal that would give them access to audit firms in Hong Kong and China.</p><p><b>Platform Companies</b></p><p>Efforts to “rectify” internet platform companies should be completed “as soon as possible,” the statement said.</p><p>Beijing took aim at the country’s most valuable companies last year, warning that platform operators may abuse their power and undermine competition. In particular, regulators took issue with companies like e-commerce leader Alibaba Group Holding Ltd., which eventually paid a record fine, and food-delivery giant Meituan, which was forced to lower the fees that it charges restaurants for delivery and improve the treatment of its drivers.</p><p><b>Housing Market</b></p><p>On the ongoing slump in China’s property markets which has pushed large property developers close to collapse, the statement called for the introduction of an effective plan to prevent and resolve risks around the developers, as well as policies to help the industry transform to a new development model. Monetary policy will be proactive in the first quarter and new loans will grow appropriately, it added.</p><p>“The statement addressed so many issues on various fronts, which is really rare,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc. “The markets were very pessimistic and the selloffs tended to be self-fulfilling partly because of the lack of response from the government -- valuation wise, there should have not been such a big correction. An aim of the government move is probably to break that inertia and stabilize market expectations,” he said.</p><p>The meeting didn’t mention Russia’s invasion of Ukraine, which has fueled an oil price spike and fears among investors that Chinese companies might be subject to sanctions.</p><p>Other points from the meeting:</p><ul><li>Regulation of internet platform companies should be “standardized, transparent and predictable”</li><li>Financial institutions should “consider the big picture” and firmly support the development of the real economy</li><li>Long-term institutional investors are welcome to increase shareholdings in Chinese companies</li><li>Beijing and Hong Kong should strengthen communication over the stability of Hong Kong’s financial markets</li><li>Continuing economic development is the first priority of the Chinese Communist party</li><li>Coronavirus controls should be co-ordinated with economic development</li><li>The economy should operate in a reasonable range</li><li>The operation of capital markets should remain stable</li></ul></body></html>","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>China Vows to Keep Markets Stable, Support Foreign Listings</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\">\nChina Vows to Keep Markets Stable, Support Foreign Listings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-16 15:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-03-16/china-vows-to-keep-markets-stable-and-handle-developers-risks?srnd=premium-asia><strong>bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key committee led by Vice Premier Liu He makes statementStocks surged after the announcement on the promise of supportBeijing issued a strong promise for policies to boost financial markets and ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-03-16/china-vows-to-keep-markets-stable-and-handle-developers-risks?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度","BILI":"哔哩哔哩","PDD":"拼多多","DIDI":"滴滴(已退市)","01024":"快手-W","LI":"理想汽车","03690":"美团-W","09866":"蔚来-SW","NIO":"蔚来","XPEV":"小鹏汽车","BABA":"阿里巴巴","09988":"阿里巴巴-W","JD":"京东","09868":"小鹏汽车-W","TCEHY":"腾讯控股ADR","00700":"腾讯控股","HSCEI":"国企指数","HSI":"恒生指数","09626":"哔哩哔哩-W","RY":"加拿大皇家银行","HSTECH":"恒生科技指数"},"source_url":"https://www.bloomberg.com/news/articles/2022-03-16/china-vows-to-keep-markets-stable-and-handle-developers-risks?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2219754226","content_text":"Key committee led by Vice Premier Liu He makes statementStocks surged after the announcement on the promise of supportBeijing issued a strong promise for policies to boost financial markets and stimulate economic growth as it responded to a market sell-off over risks from the property market, overseas listings and internet companies.Government departments should “actively introduce policies that benefit markets,” according to a meeting of China’s top financial policy committee led by Vice Premier Liu He, who’s in charge of overall economic policy. The meeting concluded there is a need to “boost the economy,” in the first quarter, according to a state-media report.The Financial Stability and Development Committee meeting promised investors relief on a number of concerns which drove a sell-off in Chinese equities earlier this week. “Any policy that has a significant impact on capital markets should be co-ordinated with financial management departments in advance to maintain the stability and consistency of policy expectations,” the meeting said.Stocks surged after the announcement. The Hang Seng China Enterprises Index jumped as much as 13% in Hong Kong, the most since 2008, after plunging 26% this year through Tuesday. The CSI 300 Index of mainland shares climbed 4.6%.Overseas ListingsChina supports overseas listing and has achieved positive progress in discussions with Washington over Chinese stocks listed in U.S. markets, the report said, adding that both sides are working to formulate a detailed cooperation plan.In 2020 U.S. lawmakers enacted a bill threatening to delist Chinese firms that failed to meet audit inspection rules. U.S. regulators said Tuesday that they were “actively engaged” and had been meeting with Chinese government authorities to reach a deal that would give them access to audit firms in Hong Kong and China.Platform CompaniesEfforts to “rectify” internet platform companies should be completed “as soon as possible,” the statement said.Beijing took aim at the country’s most valuable companies last year, warning that platform operators may abuse their power and undermine competition. In particular, regulators took issue with companies like e-commerce leader Alibaba Group Holding Ltd., which eventually paid a record fine, and food-delivery giant Meituan, which was forced to lower the fees that it charges restaurants for delivery and improve the treatment of its drivers.Housing MarketOn the ongoing slump in China’s property markets which has pushed large property developers close to collapse, the statement called for the introduction of an effective plan to prevent and resolve risks around the developers, as well as policies to help the industry transform to a new development model. Monetary policy will be proactive in the first quarter and new loans will grow appropriately, it added.“The statement addressed so many issues on various fronts, which is really rare,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc. “The markets were very pessimistic and the selloffs tended to be self-fulfilling partly because of the lack of response from the government -- valuation wise, there should have not been such a big correction. An aim of the government move is probably to break that inertia and stabilize market expectations,” he said.The meeting didn’t mention Russia’s invasion of Ukraine, which has fueled an oil price spike and fears among investors that Chinese companies might be subject to sanctions.Other points from the meeting:Regulation of internet platform companies should be “standardized, transparent and predictable”Financial institutions should “consider the big picture” and firmly support the development of the real economyLong-term institutional investors are welcome to increase shareholdings in Chinese companiesBeijing and Hong Kong should strengthen communication over the stability of Hong Kong’s financial marketsContinuing economic development is the first priority of the Chinese Communist partyCoronavirus controls should be co-ordinated with economic developmentThe economy should operate in a reasonable rangeThe operation of capital markets should remain stable","news_type":1},"isVote":1,"tweetType":1,"viewCount":436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038384778,"gmtCreate":1646744602176,"gmtModify":1676534157169,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038384778","repostId":"1172062259","repostType":4,"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039790908,"gmtCreate":1646113840207,"gmtModify":1676534092959,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039790908","repostId":"1136272082","repostType":4,"repost":{"id":"1136272082","kind":"news","pubTimestamp":1646106831,"share":"https://ttm.financial/m/news/1136272082?lang=&edition=fundamental","pubTime":"2022-03-01 11:53","market":"us","language":"en","title":"Market Correction: 2 Top Tech Stocks Down 63% and 78% to Buy Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1136272082","media":"Motley Fool","summary":"Wall Street is overlooking the long-term value of these businesses.Since peaking in November, the te","content":"<html><head></head><body><p>Wall Street is overlooking the long-term value of these businesses.</p><p>Since peaking in November, the tech-heavy <b>Nasdaq Composite</b> has dropped nearly 15%, putting the index incorrection territory. And many individual stocks have fallen much further. For instance, shares of <b>DocuSign</b> and <b>Zoom Video Communications</b> have dropped 63% and 78%, respectively, from their highs, as Wall Street continues to weigh the impact of high inflation and potential interest rate hikes on corporate profitability.</p><p>Many investors have also mistakenly categorized DocuSign and Zoom as &#34;pandemic stocks,&#34; citing slowing revenue growth as cause for alarm. But nothing could be further from the truth. Both businesses play an important role in digital transformation, and their services should only become more valuable in the years ahead. Better yet, both stocks look relatively cheap right now.</p><p>Here&#39;s what you should know.</p><p><b>1. DocuSign</b></p><p>Agreements are an essential part of any business. Organizations form agreements with customers, employees, and partners, but traditional paper-based processes -- such as printing, signing, and taking action on a physical document -- are slow, costly, and prone to errors. With its Agreement Cloud, DocuSign aims to accelerate and simplify workflow by digitizing and automating the agreement process. Its platform spans over a dozen applications, and it integrates with over 350 other technologies.</p><p>At its core is DocuSign eSignature, a product that allows documents to be signed in a digital, secure, and legally valid manner, on virtually any device. But the company&#39;s portfolio also includes tools for automatic contract generation, AI-powered analytics and risk scoring, and payment collection. Collectively, those tools help clients work more quickly and efficiently.</p><p>Founded in 2003, DocuSign is a pioneer in the e-signature industry, and the company has parlayed its first-mover status into a robust competitive edge. DocuSign ranks as the No. 1 e-signature tool, holding over 70% market share, and its platform boasts a net promoter score (NPS) of 72. For context, the NPS is designed to measure the customer experience, and 50 is an impressive score, but an NPS of 70 (or higher) is considered world class.</p><p>Not surprisingly, DocuSign&#39;s strong competitive position and excellent rapport with customers have fueled impressive growth. Over the past year, the company&#39;s customer base expanded 34% to 1.1 million; revenue soared 51% to $2 billion; and free cash flow skyrocketed 125% to $418.7 million. More importantly, management puts its addressable market at $50 billion, meaning DocuSign still has plenty of room to grow. And with the stock trading at 11.4times sales-- significantly cheaper than its three-year average of 22 times sales -- now looks like a good time to buy a few shares.</p><p><b>2. Zoom Video Communications</b></p><p>Zoom became a household name during the pandemic. Its core product, videoconferencing app Zoom Meetings, helped socially distanced friends and families stay in touch, while allowing students and employees to learn and work remotely. However, Zoom is more than a videoconferencing application; it&#39;s a communications company, and its platform also includes a cloud-based phone system (Zoom Phone) and a software-based collaboration suite for hybrid workforces (Zoom Rooms).</p><p>While some employees have already returned to the office, remote work is likely here to stay. In fact, research firm Gartner believes that 48% of employees will work remotely at least part time in a post-COVID world, up from 30% prior to the pandemic. And Gartner says that by 2024 just 25% of enterprise meetings will take place in person, down from 60% in 2019. Both of those trends are good news for Zoom and its shareholders.</p><p>Better yet, Zoom is actually becoming more popular. In the video conferencing space, the company captured 49% market share in 2021, up from 26% in 2020. Even more impressive, Zoom is actually the fifth most popular enterprise application of any kind, according to <b>Okta</b>&#39;s 2022 Business at Work report.</p><p>In the most recent quarter, Zoom hit 512,100 customers, up 18%. And the company has kept its expansion rate above 130% for the last 14 quarters, meaning the average customer consistently spends 30% more. Fueled by that stickiness, revenue soared 100% to $3.9 billion over the past year, and free cash flow rose 59% to $1.7 billion. More importantly, management puts its market opportunity at $91 billion by 2025, leaving plenty of room for future growth. And with the stock trading at 9.7 times sales -- near its cheapest valuation since going public in 2019 -- now looks like a good time to invest in this beaten-down tech company.</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>Market Correction: 2 Top Tech Stocks Down 63% and 78% to Buy Right Now</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Correction: 2 Top Tech Stocks Down 63% and 78% to Buy Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-01 11:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/28/market-correction-2-top-tech-stocks-down-63-and-78/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street is overlooking the long-term value of these businesses.Since peaking in November, the tech-heavy Nasdaq Composite has dropped nearly 15%, putting the index incorrection territory. And many...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/28/market-correction-2-top-tech-stocks-down-63-and-78/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign","ZM":"Zoom"},"source_url":"https://www.fool.com/investing/2022/02/28/market-correction-2-top-tech-stocks-down-63-and-78/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136272082","content_text":"Wall Street is overlooking the long-term value of these businesses.Since peaking in November, the tech-heavy Nasdaq Composite has dropped nearly 15%, putting the index incorrection territory. And many individual stocks have fallen much further. For instance, shares of DocuSign and Zoom Video Communications have dropped 63% and 78%, respectively, from their highs, as Wall Street continues to weigh the impact of high inflation and potential interest rate hikes on corporate profitability.Many investors have also mistakenly categorized DocuSign and Zoom as \"pandemic stocks,\" citing slowing revenue growth as cause for alarm. But nothing could be further from the truth. Both businesses play an important role in digital transformation, and their services should only become more valuable in the years ahead. Better yet, both stocks look relatively cheap right now.Here's what you should know.1. DocuSignAgreements are an essential part of any business. Organizations form agreements with customers, employees, and partners, but traditional paper-based processes -- such as printing, signing, and taking action on a physical document -- are slow, costly, and prone to errors. With its Agreement Cloud, DocuSign aims to accelerate and simplify workflow by digitizing and automating the agreement process. Its platform spans over a dozen applications, and it integrates with over 350 other technologies.At its core is DocuSign eSignature, a product that allows documents to be signed in a digital, secure, and legally valid manner, on virtually any device. But the company's portfolio also includes tools for automatic contract generation, AI-powered analytics and risk scoring, and payment collection. Collectively, those tools help clients work more quickly and efficiently.Founded in 2003, DocuSign is a pioneer in the e-signature industry, and the company has parlayed its first-mover status into a robust competitive edge. DocuSign ranks as the No. 1 e-signature tool, holding over 70% market share, and its platform boasts a net promoter score (NPS) of 72. For context, the NPS is designed to measure the customer experience, and 50 is an impressive score, but an NPS of 70 (or higher) is considered world class.Not surprisingly, DocuSign's strong competitive position and excellent rapport with customers have fueled impressive growth. Over the past year, the company's customer base expanded 34% to 1.1 million; revenue soared 51% to $2 billion; and free cash flow skyrocketed 125% to $418.7 million. More importantly, management puts its addressable market at $50 billion, meaning DocuSign still has plenty of room to grow. And with the stock trading at 11.4times sales-- significantly cheaper than its three-year average of 22 times sales -- now looks like a good time to buy a few shares.2. Zoom Video CommunicationsZoom became a household name during the pandemic. Its core product, videoconferencing app Zoom Meetings, helped socially distanced friends and families stay in touch, while allowing students and employees to learn and work remotely. However, Zoom is more than a videoconferencing application; it's a communications company, and its platform also includes a cloud-based phone system (Zoom Phone) and a software-based collaboration suite for hybrid workforces (Zoom Rooms).While some employees have already returned to the office, remote work is likely here to stay. In fact, research firm Gartner believes that 48% of employees will work remotely at least part time in a post-COVID world, up from 30% prior to the pandemic. And Gartner says that by 2024 just 25% of enterprise meetings will take place in person, down from 60% in 2019. Both of those trends are good news for Zoom and its shareholders.Better yet, Zoom is actually becoming more popular. In the video conferencing space, the company captured 49% market share in 2021, up from 26% in 2020. Even more impressive, Zoom is actually the fifth most popular enterprise application of any kind, according to Okta's 2022 Business at Work report.In the most recent quarter, Zoom hit 512,100 customers, up 18%. And the company has kept its expansion rate above 130% for the last 14 quarters, meaning the average customer consistently spends 30% more. Fueled by that stickiness, revenue soared 100% to $3.9 billion over the past year, and free cash flow rose 59% to $1.7 billion. More importantly, management puts its market opportunity at $91 billion by 2025, leaving plenty of room for future growth. And with the stock trading at 9.7 times sales -- near its cheapest valuation since going public in 2019 -- now looks like a good time to invest in this beaten-down tech company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039914041,"gmtCreate":1645881881723,"gmtModify":1676534072205,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"love the line on being a business picker and not a stock picker","listText":"love the line on being a business picker and not a stock picker","text":"love the line on being a business picker and not a stock picker","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039914041","repostId":"1125580913","repostType":2,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030424795,"gmtCreate":1645793596244,"gmtModify":1676534064801,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030424795","repostId":"2214974048","repostType":4,"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097843802,"gmtCreate":1645417762000,"gmtModify":1676534026285,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"might put in 100 to see how it goes","listText":"might put in 100 to see how it goes","text":"might put in 100 to see how it goes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097843802","repostId":"2212701366","repostType":4,"repost":{"id":"2212701366","kind":"highlight","pubTimestamp":1645401531,"share":"https://ttm.financial/m/news/2212701366?lang=&edition=fundamental","pubTime":"2022-02-21 07:58","market":"us","language":"en","title":"Aiming for a 100-Bagger? This Stock Has the Potential","url":"https://stock-news.laohu8.com/highlight/detail?id=2212701366","media":"Motley Fool","summary":"Here's why I think Joby Aviation might be a massive winner over the next decade or two.","content":"<html><head></head><body><p>The market says <b>Joby Aviation </b>(NYSE:JOBY) is worth about $2.9 billion right now. To make a 100-bagger with this <a href=\"https://laohu8.com/S/AONE.U\">one</a>, its market capitalization would have to reach $290 billion one day. Can this air-taxi pioneer pull it off? I&#39;m very bullish on the company&#39;s future. But Joby is a high-risk stock. So my investment here is tiny (way under 1% of my family investment portfolio).</p><p>I&#39;m bullish on this stock because I&#39;m negative about self-driving cars. I don&#39;t think the collective intelligence at <b>Alphabet </b>or <b>Tesla </b>can sufficiently plan for all the variables of driving a car in the street. Even if the artificial intelligence-based technology works and reduces car collisions, every accident is a major lawsuit waiting to happen. For example, suppose Tesla manages to reduce the accident rate from 6 million a year (the total number of car accidents in 2018 in the U.S. and assuming all cars are self driven) to 1 million -- which would be incredible -- that&#39;s still 1 million lawsuits a year the company will face.</p><p>Joby, meanwhile, is changing the transportation landscape in a three-dimensional way. There&#39;s almost zero traffic in the sky. The vehicles are way faster and just as quiet. I think Joby could easily go up 10 times in value, just with human pilots. But if robots start flying those things? The sky&#39;s the limit.</p><p><img src=\"https://static.tigerbbs.com/53ef58ffe2738754750ccf5ed3524fee\" tg-width=\"700\" tg-height=\"437\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Joby Aviation.</p><p>So I&#39;m investing in Joby now, even though the company has neither earnings nor revenues yet. Why so soon? Because when you&#39;re shooting for a 100-bagger, you don&#39;t need (or want) a large initial investment. There are so many things that could go wrong, you might lose everything. But the potential upside is so high, it&#39;s worth making small investments now before the crowd wakes up and bids up the stock price.</p><h2>A couple of 100-baggers will make you rich</h2><p>While a 100-bagger seems impossibly big, it actually happens fairly often. For instance, if you bought shares of <b>Apple </b>in 2004, after the iPod but before the iPhone, you&#39;d have made over 400 times your money by now.</p><p><img src=\"https://static.tigerbbs.com/9e91162a5aadbd08b32d01724ff07b0c\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts.</p><p>That&#39;s nothing compared to <b>Microsoft </b>(NASDAQ:MSFT) and its insane 3,000-bagger in 35 years.</p><p><img src=\"https://static.tigerbbs.com/4f6722c6dc3fd2e39bd9bada318faff1\" tg-width=\"720\" tg-height=\"433\" referrerpolicy=\"no-referrer\"/>Data by YCharts.</p><p>Here&#39;s a short list of some of the stocks that have pulled off the 100-bagger feat:</p><p><b>Amazon </b>(NASDAQ:AMZN)</p><p><b>Walmart </b>(NYSE:WMT)</p><p><b>Intuitive Surgical </b>(NASDAQ:ISRG)</p><p><b>Netflix </b>(NASDAQ:NFLX)</p><p><b>Nvidia </b>(NASDAQ:NVDA)</p><p><b>Intel </b>(NASDAQ:INTC)</p><p><b>Cisco Systems </b>(NASDAQ:CSCO)</p><p><b>Tesla </b>(NASDAQ:TSLA)</p><p><b>Nike </b>(NYSE:NKE)</p><p><b>McDonald&#39;s </b>(NYSE:MCD)</p><p>If you do the math, you&#39;ll see that even a tiny investment in a 100-bagger can make you rich. The 20-year-old college student who bought $500 worth of Microsoft back in 1986 is now a millionaire, just from that one stock buy. So that&#39;s why it&#39;s worth your time to search for companies chasing massive opportunities, and make small investments while the stock price is still tiny, and the future is uncertain.</p><h2>How big is the market for air taxis?</h2><p>A couple of years ago, <b><a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> </b>put out a research report that estimates the market for air taxis to reach $1.5 trillion by 2040. It&#39;s not hard to see why transportation will go vertical in the future. Joby&#39;s aircraft is electric and recently demonstrated how quiet the aircraft, a critical parameter to operate in populated areas. At about 55 decibels during take-off, it&#39;s more than a thousand times quieter than a typical helicopter. And that&#39;s kind of amazing, because these vehicles are super-fast. How fast? The company&#39;s air taxi hit 205 miles an hour in a practice run earlier this year.</p><p>The company also demonstrated that the aircraft can fly 150 miles on a single battery charge. The plan is to use them to ferry passengers in and around congested cities. Los Angeles, for instance, is known for its heavy traffic. Electric cars do not fix that problem. Self-driving cars don&#39;t fix that problem, either. Nobody likes a traffic snarl, and anything that reduces those bottlenecks will be a blessing. Joby estimates the market for its air taxis in L.A. at $500 million a year. That&#39;s just one city!</p><h2>Tesla in the sky?</h2><p>How big is the air taxi opportunity? Well, if you don&#39;t believe Morgan Stanley&#39;s $1.5 trillion number, consider what Elon Musk has to say.</p><blockquote>So, over time, we think full self-driving will become the most important source of profitability for Tesla. It&#39;s -- actually, if you run the numbers on robotaxis, it&#39;s kind of nutty -- it&#39;s nutty good from a financial standpoint.</blockquote><p>That&#39;s thought-provoking. Musk is happy about his fleet of electric cars and his $53 billion in revenues. But he believes self-driving taxis is actually a much bigger opportunity in the future.</p><p>Try to imagine investing in Tesla back in 2010, when the company had its initial public offering (IPO). It was a daunting investment. Tesla had no profits and had only sold 1,000 cars <i>in total</i> when the company went public. If the company had suffered a few bad breaks a decade ago, it could have easily gone Chapter 11.</p><p>Joby in 2022 is much like Tesla in 2010 -- a highly risky investment opportunity with a huge potential upside. The way you approach a dangerous stock like this is by making a small investment now, and maybe adding to your position as the dangers recede and the market gets more and more excited.</p><p><img src=\"https://static.tigerbbs.com/0b98052269302be9144c26272252075f\" tg-width=\"720\" tg-height=\"433\" referrerpolicy=\"no-referrer\"/>Data by YCharts.</p><h2>Uber in the sky?</h2><p>Of course, when you think &#34;taxis,&#34; you think <b>Uber Technologies </b>(NYSE:UBER), the company that disrupted the taxi industry around the world. You might think Uber would be interested in that $1.5 trillion market opportunity, too. And you&#39;d be right. Back in 2016, Uber published a white paper about the future of urban air transportation. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> years later, the ride-sharing giant introduced its prototype vehicle. But Uber was too late to the party, and so in 2020 the company abandoned the race and sold out to Joby (and invested $75 million in the start-up).</p><p>Similarly, <b>Toyota </b>decided to invest almost $400 million in Joby last year. That&#39;s a major influx of cash. After several financing rounds and its SPAC last year, Joby is now sitting on $1.6 billion dollars.</p><p>So here we have a huge market opportunity. Uber sees it, and Toyota sees it. And yet these two massive companies both decided to back Joby instead of going alone. Why?</p><p>Joby has a powerful first-mover advantage. The company has been working on its aircraft for over a decade and has been collaborating with NASA since 2012. Joby&#39;s near-term goals are to get its aircraft certified by the Federal Aviation Administration (FAA), scale up its manufacturing, and launch its air taxi service in 2024. It&#39;s in the lead and likely to be first to market in the U.S.</p><h2>What about self-driving air taxis?</h2><p>I think Musk&#39;s vision of robotaxis in the future is very exciting. But given the congestion in the cities and the pain-points that air taxis solve, I believe this revolution may very well happen in the air first. After all, the first autopilots in aircraft were introduced in 1912! We already have drones in the air. The safety issues with a self-driving aircraft are minuscule compared to the complexities on the ground.</p><p>So that&#39;s why I&#39;ve made a tiny investment in Joby Aviation now, even with a significant possibility that I might lose it all. The long-term upside is so massive, I want to have a minor ownership now, in the hopes that Joby can pull off what the company is trying to do.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Aiming for a 100-Bagger? This Stock Has the Potential</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\">\nAiming for a 100-Bagger? This Stock Has the Potential\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-21 07:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/20/aiming-for-a-100-bagger-this-stock-has-the-potenti/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The market says Joby Aviation (NYSE:JOBY) is worth about $2.9 billion right now. To make a 100-bagger with this one, its market capitalization would have to reach $290 billion one day. Can this air-...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/20/aiming-for-a-100-bagger-this-stock-has-the-potenti/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4529":"IDC概念","BK4528":"SaaS概念","BK4516":"特朗普概念","UBER":"优步","TM":"丰田汽车","INTC":"英特尔","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","JOBY":"Joby Aviation, Inc.","BK4515":"5G概念","MCD":"麦当劳","BK4108":"电影和娱乐","BK4008":"航空公司","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","MSFT":"微软","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4146":"鞋类","BK4525":"远程办公概念","BK4558":"双十一","MS":"摩根士丹利","BK4082":"医疗保健设备","BK4535":"淡马锡持仓","ISRG":"直觉外科公司","IPO":"Renaissance IPO ETF","BK4527":"明星科技股","BK4538":"云计算","BK4543":"AI","BK4020":"通信设备","NVDA":"英伟达","BK4141":"半导体产品","BK4503":"景林资产持仓","AMZN":"亚马逊","WMT":"沃尔玛","BK4551":"寇图资本持仓","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4155":"大卖场与超市","BK4504":"桥水持仓","BK4512":"苹果概念","NKE":"耐克","TSLA":"特斯拉","BK4209":"餐馆","BK4099":"汽车制造商","BK4549":"软银资本持仓","NFLX":"奈飞","BK4548":"巴美列捷福持仓","BK4127":"投资银行业与经纪业"},"source_url":"https://www.fool.com/investing/2022/02/20/aiming-for-a-100-bagger-this-stock-has-the-potenti/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2212701366","content_text":"The market says Joby Aviation (NYSE:JOBY) is worth about $2.9 billion right now. To make a 100-bagger with this one, its market capitalization would have to reach $290 billion one day. Can this air-taxi pioneer pull it off? I'm very bullish on the company's future. But Joby is a high-risk stock. So my investment here is tiny (way under 1% of my family investment portfolio).I'm bullish on this stock because I'm negative about self-driving cars. I don't think the collective intelligence at Alphabet or Tesla can sufficiently plan for all the variables of driving a car in the street. Even if the artificial intelligence-based technology works and reduces car collisions, every accident is a major lawsuit waiting to happen. For example, suppose Tesla manages to reduce the accident rate from 6 million a year (the total number of car accidents in 2018 in the U.S. and assuming all cars are self driven) to 1 million -- which would be incredible -- that's still 1 million lawsuits a year the company will face.Joby, meanwhile, is changing the transportation landscape in a three-dimensional way. There's almost zero traffic in the sky. The vehicles are way faster and just as quiet. I think Joby could easily go up 10 times in value, just with human pilots. But if robots start flying those things? The sky's the limit.Image source: Joby Aviation.So I'm investing in Joby now, even though the company has neither earnings nor revenues yet. Why so soon? Because when you're shooting for a 100-bagger, you don't need (or want) a large initial investment. There are so many things that could go wrong, you might lose everything. But the potential upside is so high, it's worth making small investments now before the crowd wakes up and bids up the stock price.A couple of 100-baggers will make you richWhile a 100-bagger seems impossibly big, it actually happens fairly often. For instance, if you bought shares of Apple in 2004, after the iPod but before the iPhone, you'd have made over 400 times your money by now.Data by YCharts.That's nothing compared to Microsoft (NASDAQ:MSFT) and its insane 3,000-bagger in 35 years.Data by YCharts.Here's a short list of some of the stocks that have pulled off the 100-bagger feat:Amazon (NASDAQ:AMZN)Walmart (NYSE:WMT)Intuitive Surgical (NASDAQ:ISRG)Netflix (NASDAQ:NFLX)Nvidia (NASDAQ:NVDA)Intel (NASDAQ:INTC)Cisco Systems (NASDAQ:CSCO)Tesla (NASDAQ:TSLA)Nike (NYSE:NKE)McDonald's (NYSE:MCD)If you do the math, you'll see that even a tiny investment in a 100-bagger can make you rich. The 20-year-old college student who bought $500 worth of Microsoft back in 1986 is now a millionaire, just from that one stock buy. So that's why it's worth your time to search for companies chasing massive opportunities, and make small investments while the stock price is still tiny, and the future is uncertain.How big is the market for air taxis?A couple of years ago, Morgan Stanley put out a research report that estimates the market for air taxis to reach $1.5 trillion by 2040. It's not hard to see why transportation will go vertical in the future. Joby's aircraft is electric and recently demonstrated how quiet the aircraft, a critical parameter to operate in populated areas. At about 55 decibels during take-off, it's more than a thousand times quieter than a typical helicopter. And that's kind of amazing, because these vehicles are super-fast. How fast? The company's air taxi hit 205 miles an hour in a practice run earlier this year.The company also demonstrated that the aircraft can fly 150 miles on a single battery charge. The plan is to use them to ferry passengers in and around congested cities. Los Angeles, for instance, is known for its heavy traffic. Electric cars do not fix that problem. Self-driving cars don't fix that problem, either. Nobody likes a traffic snarl, and anything that reduces those bottlenecks will be a blessing. Joby estimates the market for its air taxis in L.A. at $500 million a year. That's just one city!Tesla in the sky?How big is the air taxi opportunity? Well, if you don't believe Morgan Stanley's $1.5 trillion number, consider what Elon Musk has to say.So, over time, we think full self-driving will become the most important source of profitability for Tesla. It's -- actually, if you run the numbers on robotaxis, it's kind of nutty -- it's nutty good from a financial standpoint.That's thought-provoking. Musk is happy about his fleet of electric cars and his $53 billion in revenues. But he believes self-driving taxis is actually a much bigger opportunity in the future.Try to imagine investing in Tesla back in 2010, when the company had its initial public offering (IPO). It was a daunting investment. Tesla had no profits and had only sold 1,000 cars in total when the company went public. If the company had suffered a few bad breaks a decade ago, it could have easily gone Chapter 11.Joby in 2022 is much like Tesla in 2010 -- a highly risky investment opportunity with a huge potential upside. The way you approach a dangerous stock like this is by making a small investment now, and maybe adding to your position as the dangers recede and the market gets more and more excited.Data by YCharts.Uber in the sky?Of course, when you think \"taxis,\" you think Uber Technologies (NYSE:UBER), the company that disrupted the taxi industry around the world. You might think Uber would be interested in that $1.5 trillion market opportunity, too. And you'd be right. Back in 2016, Uber published a white paper about the future of urban air transportation. Two years later, the ride-sharing giant introduced its prototype vehicle. But Uber was too late to the party, and so in 2020 the company abandoned the race and sold out to Joby (and invested $75 million in the start-up).Similarly, Toyota decided to invest almost $400 million in Joby last year. That's a major influx of cash. After several financing rounds and its SPAC last year, Joby is now sitting on $1.6 billion dollars.So here we have a huge market opportunity. Uber sees it, and Toyota sees it. And yet these two massive companies both decided to back Joby instead of going alone. Why?Joby has a powerful first-mover advantage. The company has been working on its aircraft for over a decade and has been collaborating with NASA since 2012. Joby's near-term goals are to get its aircraft certified by the Federal Aviation Administration (FAA), scale up its manufacturing, and launch its air taxi service in 2024. It's in the lead and likely to be first to market in the U.S.What about self-driving air taxis?I think Musk's vision of robotaxis in the future is very exciting. But given the congestion in the cities and the pain-points that air taxis solve, I believe this revolution may very well happen in the air first. After all, the first autopilots in aircraft were introduced in 1912! We already have drones in the air. The safety issues with a self-driving aircraft are minuscule compared to the complexities on the ground.So that's why I've made a tiny investment in Joby Aviation now, even with a significant possibility that I might lose it all. The long-term upside is so massive, I want to have a minor ownership now, in the hopes that Joby can pull off what the company is trying to do.","news_type":1},"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097313128,"gmtCreate":1645331521099,"gmtModify":1676534019755,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"rblx","listText":"rblx","text":"rblx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097313128","repostId":"2212567482","repostType":4,"repost":{"id":"2212567482","kind":"highlight","pubTimestamp":1645326947,"share":"https://ttm.financial/m/news/2212567482?lang=&edition=fundamental","pubTime":"2022-02-20 11:15","market":"us","language":"en","title":"Better Video Game Stock: Roblox vs. Nintendo","url":"https://stock-news.laohu8.com/highlight/detail?id=2212567482","media":"Motley Fool","summary":"Which gaming stock will fare better in a post-lockdown market?","content":"<html><head></head><body><p><b>Roblox</b> (NYSE:RBLX) and <b>Nintendo</b> (OTC:NTDOY) both generated robust growth throughout 2020 as the pandemic caused people to stay at home and play more video games.</p><p>Roblox&#39;s social gaming platform -- which enables players to create, share, and monetize block-based experiences without any coding knowledge -- attracted millions of younger gamers throughout the crisis. Nintendo sold more Switch consoles, and millions of cooped up gamers flocked to the casual online world of <i>Animal Crossing: New Horizons</i> to socialize with other people.</p><p>However, both companies experienced decelerating growth last year as the lockdown measures were relaxed. Should investors consider buying either gaming stock right now as they face challenging post-lockdown comparisons?</p><p class=\"t-img-caption\"><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F666376%2Fgettyimages-951047436.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>Image source: Getty Images.</span></p><h2>The differences between Roblox and Nintendo</h2><p>Roblox generates most of its revenue by selling a virtual currency called Robux. Its players can use Robux to buy additional in-game experiences, items, and cosmetic upgrades for their avatars. It also offers subscription plans, which grant players a monthly stipend of discounted Robux.</p><p>Nintendo makes most of its money by selling Switch consoles and games. It generates a sliver of its revenue from older consoles, mobile games, playing cards, and licensing fees for its franchises.</p><p>Roblox gauges its growth in terms of daily active users (DAUs), engagement hours, and average bookings per DAU (ABPDAU). Nintendo mainly reports its growth in terms of console and game shipments. Roblox is also deeply unprofitable, while Nintendo&#39;s bottom line is firmly in the black.</p><h2>Roblox faces a tough post-lockdown slowdown</h2><p>Roblox&#39;s revenue surged 82% to $924 million in 2020, then jumped another 108% to $1.92 billion in 2021. Those growth rates seem impressive, but its bookings -- which include its deferred revenue and other adjustments -- actually give investors a clearer picture of its underlying growth.</p><p>Roblox&#39;s bookings surged 171% to $1.88 billion in 2020 as more people played its games throughout the pandemic, but grew just 45% to $2.73 billion in 2021 as more students returned to school.</p><p>Roblox ended 2021 with 45.5 million DAUs, representing 40% growth from a year earlier. Its total engagement hours grew 35% to 41.4 billion, but its ABPDAU increase just 4% to $59.85. Moreover, its ABPDAU actually declined year-over-year in both the third and fourth quarters of the year.</p><p>Roblox also recently revealed that its bookings rose just 2%-3% year-over-year in January, and that its ABPDAU likely declined 22%-23% during the month. Roblox blames that slowdown on its overseas expansion and a focus on gaining older users, but its high-growth days are clearly over. Analysts expect its reported revenue to increase just 23% in 2022.</p><p>On the bottom line, Roblox&#39;s net loss widened from $71 million in 2019 to $253 million in 2020, then widened again to $492 million in 2021. Analysts expect it to remain deeply unprofitable for the foreseeable future.</p><h2>Nintendo could generate stronger growth in 2022</h2><p>Nintendo&#39;s revenue soared 34% to 1.76 trillion yen ($15.2 billion) in fiscal 2020, which ended last March. Its shipments of Switch consoles and software units both grew 37% as more people stayed at home.</p><p>But in the first nine months of 2021, Nintendo&#39;s revenue declined 6% year-over-year to 1.32 trillion yen ($11.4 billion). Its Switch shipments tumbled 21% due to a tough comparison to the previous year and ongoing supply chain challenges, but its software shipments still rose 2%. Nintendo expects its revenue to decline 6% for the full year.</p><p>Nintendo&#39;s net profit surged 86% to 480 billion yen ($4.15 billion) in 2020, but dipped 3% to 367 billion yen ($3.18 billion) in the first nine months of 2021. It expects its net profit to decline 16% for the full year.</p><p>For 2022, analysts expect Nintendo&#39;s revenue to stay nearly flat with just 6% earnings growth. Those growth rates seem anemic, but several catalysts could help it exceed analysts&#39; expectations: a resolution of its supply chain issues, robust sales of the Switch OLED, big upcoming games (including <i>Metroid Prime 4</i> and a new <i>Legend of Zelda</i> game), and the expansion of its franchises beyond video games with new licensing deals.</p><h2>The valuations and verdict</h2><p>Roblox can&#39;t be valued by its profits yet, but it trades at about ten times its 2022 sales after its recent post-earnings pullback. Nintendo trades at 16 times forward earnings and just four times this year&#39;s sales.</p><p>Roblox is growing faster than Nintendo, but it faces a much more challenging slowdown. Its lack of profits and high debt-to-equity ratio of 6.7 could also limit its appeal as interest rates rise. Nintendo&#39;s brand is stronger, its business is better diversified across the hardware and software markets, it&#39;s firmly profitable, and it has a low debt-to-equity ratio of 0.3.</p><p>Nintendo might not attract a lot of attention from the bulls until it finally unveils a proper successor to the Switch, which was launched nearly five years ago. Nonetheless, it&#39;s still a much more appealing investment than Roblox in this challenging market for pandemic-era growth stocks.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Video Game Stock: Roblox vs. Nintendo</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\">\nBetter Video Game Stock: Roblox vs. Nintendo\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-20 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/19/better-video-game-stock-roblox-vs-nintendo/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Roblox (NYSE:RBLX) and Nintendo (OTC:NTDOY) both generated robust growth throughout 2020 as the pandemic caused people to stay at home and play more video games.Roblox's social gaming platform -- ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/19/better-video-game-stock-roblox-vs-nintendo/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4547":"WSB热门概念","NTDOY":"任天堂","BK4551":"寇图资本持仓","BK4085":"互动家庭娱乐","BK4565":"NFT概念","BK4554":"元宇宙及AR概念","BK4535":"淡马锡持仓","RBLX":"Roblox Corporation"},"source_url":"https://www.fool.com/investing/2022/02/19/better-video-game-stock-roblox-vs-nintendo/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2212567482","content_text":"Roblox (NYSE:RBLX) and Nintendo (OTC:NTDOY) both generated robust growth throughout 2020 as the pandemic caused people to stay at home and play more video games.Roblox's social gaming platform -- which enables players to create, share, and monetize block-based experiences without any coding knowledge -- attracted millions of younger gamers throughout the crisis. Nintendo sold more Switch consoles, and millions of cooped up gamers flocked to the casual online world of Animal Crossing: New Horizons to socialize with other people.However, both companies experienced decelerating growth last year as the lockdown measures were relaxed. Should investors consider buying either gaming stock right now as they face challenging post-lockdown comparisons?Image source: Getty Images.The differences between Roblox and NintendoRoblox generates most of its revenue by selling a virtual currency called Robux. Its players can use Robux to buy additional in-game experiences, items, and cosmetic upgrades for their avatars. It also offers subscription plans, which grant players a monthly stipend of discounted Robux.Nintendo makes most of its money by selling Switch consoles and games. It generates a sliver of its revenue from older consoles, mobile games, playing cards, and licensing fees for its franchises.Roblox gauges its growth in terms of daily active users (DAUs), engagement hours, and average bookings per DAU (ABPDAU). Nintendo mainly reports its growth in terms of console and game shipments. Roblox is also deeply unprofitable, while Nintendo's bottom line is firmly in the black.Roblox faces a tough post-lockdown slowdownRoblox's revenue surged 82% to $924 million in 2020, then jumped another 108% to $1.92 billion in 2021. Those growth rates seem impressive, but its bookings -- which include its deferred revenue and other adjustments -- actually give investors a clearer picture of its underlying growth.Roblox's bookings surged 171% to $1.88 billion in 2020 as more people played its games throughout the pandemic, but grew just 45% to $2.73 billion in 2021 as more students returned to school.Roblox ended 2021 with 45.5 million DAUs, representing 40% growth from a year earlier. Its total engagement hours grew 35% to 41.4 billion, but its ABPDAU increase just 4% to $59.85. Moreover, its ABPDAU actually declined year-over-year in both the third and fourth quarters of the year.Roblox also recently revealed that its bookings rose just 2%-3% year-over-year in January, and that its ABPDAU likely declined 22%-23% during the month. Roblox blames that slowdown on its overseas expansion and a focus on gaining older users, but its high-growth days are clearly over. Analysts expect its reported revenue to increase just 23% in 2022.On the bottom line, Roblox's net loss widened from $71 million in 2019 to $253 million in 2020, then widened again to $492 million in 2021. Analysts expect it to remain deeply unprofitable for the foreseeable future.Nintendo could generate stronger growth in 2022Nintendo's revenue soared 34% to 1.76 trillion yen ($15.2 billion) in fiscal 2020, which ended last March. Its shipments of Switch consoles and software units both grew 37% as more people stayed at home.But in the first nine months of 2021, Nintendo's revenue declined 6% year-over-year to 1.32 trillion yen ($11.4 billion). Its Switch shipments tumbled 21% due to a tough comparison to the previous year and ongoing supply chain challenges, but its software shipments still rose 2%. Nintendo expects its revenue to decline 6% for the full year.Nintendo's net profit surged 86% to 480 billion yen ($4.15 billion) in 2020, but dipped 3% to 367 billion yen ($3.18 billion) in the first nine months of 2021. It expects its net profit to decline 16% for the full year.For 2022, analysts expect Nintendo's revenue to stay nearly flat with just 6% earnings growth. Those growth rates seem anemic, but several catalysts could help it exceed analysts' expectations: a resolution of its supply chain issues, robust sales of the Switch OLED, big upcoming games (including Metroid Prime 4 and a new Legend of Zelda game), and the expansion of its franchises beyond video games with new licensing deals.The valuations and verdictRoblox can't be valued by its profits yet, but it trades at about ten times its 2022 sales after its recent post-earnings pullback. Nintendo trades at 16 times forward earnings and just four times this year's sales.Roblox is growing faster than Nintendo, but it faces a much more challenging slowdown. Its lack of profits and high debt-to-equity ratio of 6.7 could also limit its appeal as interest rates rise. Nintendo's brand is stronger, its business is better diversified across the hardware and software markets, it's firmly profitable, and it has a low debt-to-equity ratio of 0.3.Nintendo might not attract a lot of attention from the bulls until it finally unveils a proper successor to the Switch, which was launched nearly five years ago. Nonetheless, it's still a much more appealing investment than Roblox in this challenging market for pandemic-era growth stocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095755505,"gmtCreate":1645005019130,"gmtModify":1676533985432,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"luckily i sold at 71, might go back in now that prices are low&nbsp;[Cool]&nbsp;","listText":"luckily i sold at 71, might go back in now that prices are low&nbsp;[Cool]&nbsp;","text":"luckily i sold at 71, might go back in now that prices are low [Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095755505","repostId":"1119544130","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095728226,"gmtCreate":1645000303565,"gmtModify":1676533985047,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"its a steal now at its discounted price [Miser]","listText":"its a steal now at its discounted price [Miser]","text":"its a steal now at its discounted price [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095728226","repostId":"9095975163","repostType":1,"repost":{"id":9095975163,"gmtCreate":1644811868615,"gmtModify":1676533964215,"author":{"id":"3527667631258507","authorId":"3527667631258507","name":"VideoLounge","avatar":"https://static.tigerbbs.com/d2c50ee53d2487e186b3c414f8529d52","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667631258507","authorIdStr":"3527667631258507"},"themes":[],"htmlText":"\n \n \n  [💪Morgan Stanley says buy Roblox] Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and $115.00 price target on Roblox Corp. (NYSE: RBLX) after the company, with the NFL announced the launch of NFL Tycoon, a football-inspired tycoon/simulator game, which will be the first persistent experience from a sports league on RBLX. The \"Halftime Report\" traders debate Morgan Stanley's bullish call on Roblox. <a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>\n \n","listText":"[💪Morgan Stanley says buy Roblox] Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and $115.00 price target on Roblox Corp. (NYSE: RBLX) after the company, with the NFL announced the launch of NFL Tycoon, a football-inspired tycoon/simulator game, which will be the first persistent experience from a sports league on RBLX. The \"Halftime Report\" traders debate Morgan Stanley's bullish call on Roblox. <a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>","text":"[💪Morgan Stanley says buy Roblox] Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and $115.00 price target on Roblox Corp. (NYSE: RBLX) after the company, with the NFL announced the launch of NFL Tycoon, a football-inspired tycoon/simulator game, which will be the first persistent experience from a sports league on RBLX. The \"Halftime Report\" traders debate Morgan Stanley's bullish call on Roblox. $Roblox Corporation(RBLX)$","images":[{"img":"https://static.tigerbbs.com/0fcf4b84508364b42602e093fb4dbaa7","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095975163","isVote":1,"tweetType":2,"object":{"id":"367f253cb8d24eb5a2e68f624bad09eb","tweetId":"9095975163","videoUrl":"https://1254107296.vod2.myqcloud.com/e2ad4227vodcq1254107296/907bcadb387702296062663946/f0.mp4","poster":"https://static.tigerbbs.com/0fcf4b84508364b42602e093fb4dbaa7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9097843802,"gmtCreate":1645417762000,"gmtModify":1676534026285,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"might put in 100 to see how it goes","listText":"might put in 100 to see how it goes","text":"might put in 100 to see how it goes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097843802","repostId":"2212701366","repostType":4,"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030424795,"gmtCreate":1645793596244,"gmtModify":1676534064801,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"like pls","listText":"like pls","text":"like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030424795","repostId":"2214974048","repostType":4,"repost":{"id":"2214974048","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1645802130,"share":"https://ttm.financial/m/news/2214974048?lang=&edition=fundamental","pubTime":"2022-02-25 23:15","market":"us","language":"en","title":"Stock Market Stages Epic Turnaround after Russia Invaded Ukraine. Here Are 3 Reasons for the Rebound","url":"https://stock-news.laohu8.com/highlight/detail?id=2214974048","media":"Dow Jones","summary":"Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren't yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.\"It is a pretty remarkable turnaround through,\" Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.Schwab's Liz Ann Sonders told CNBC that she doesn't think the market is out of the woods but beli","content":"<html><head></head><body><p>U.S. stock-market investors shook off an unprovoked Russian invasion of Ukraine to end decidedly in positive territory on Thursday.</p><p>The Nasdaq Composite Index, for example, had fallen by 3.45% at its lows of the session but clawed back to a gain of over 3%, driven higher by large-capitalization information technology stocks and notable gains in the cybersecurity sector.</p><p>The last time the tech-heavy index staged a comeback of this magnitude was Jan. 24, 2022 when it fell 4.90% at its low, but closed up 0.63%, according to Dow Jones Market Data.</p><p>In fact, there have only been eight trading sessions in which the Nasdaq Composite was down at least 3% on an intraday basis, but ended the day higher (not including today).</p><p>The Nasdaq Composite&#39;s turnaround also reflect a broader reversal from a very bearish tone for markets for the S&amp;P 500 and the Dow Jones Industrial Average , even if the index finished once again on the brink of correction territory. The Dow industrials were down 859.12 points at Thursday&#39;s nadir, or 2.6%, and the S&amp;P was down 2.55% at its lows.</p><p>Investors scooped up shares in the tech sector and communication services, both up by around 2.8%, at last check. Gains there contributed to the bounce back, which also saw yields for the 10-year Treasury note rise to 1.969, after hitting a low around 1.85%.</p><p>So why the turnaround?</p><h2>Not so SWIFT</h2><p>The frenzied action on Wall Street came after Russian President Vladimir Putin ordered special operations into Ukraine. The U.S. and most of the international community declared the move an invasion and leveled further sanctions against, Moscow, including fresh sanctions from the U.S., including those on Russian banks, the country&#39;s elites and its largest state-owned enterprises.</p><p>&#34;Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,&#34; President Biden said during a speech at the White House Thursday afternoon.</p><p>Market participants, however, may have taken solace in the fact that Biden hasn&#39;t yet booted Russia out of the SWIFT payment network. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service that helps banks world-wide execute financial transactions.</p><p>Although, such a move may come, keeping Russia in the Swift network may avoid hurting other members of the network that, which could have hurt some economies in Europe.</p><h2>Buy the dip?</h2><p>Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren&#39;t yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.</p><p>&#34;It is a pretty remarkable turnaround through,&#34; Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.</p><p>Schwab&#39;s Liz Ann Sonders told CNBC that she doesn&#39;t think the market is out of the woods but believed that algorithmic, or computer-driven, trading may have contributing to the reversal. It is probably some version of &#34;buy the rumor sell the fact,&#34; she said.</p><h2>The technicals</h2><p>Investors might also have responded to so-called oversold conditions present in the market that ultimately gave way to a flurry of technical buying. Near midday Thursday, the Arms Index, which is a volume-weighted breadth measure, suggests there is no panic in the stock market&#39;s selloff with signs of opportunistic buying emerging even at that point.</p><p>MarketWatch&#39;s Tomi Kilgore noted that earlier this week that the Relative Strength Index, or RSI, a momentum indicator that measures the magnitude of recent gains against the magnitude of recent declines, was still above its January low for the S&amp;P 500, despite a slide into correction.</p><p>He wrote that when prices make new lows but underlying technicals make higher lows is referred to as &#34;bullish divergence,&#34; and suggested a downtrend may be running out of steam.</p><p>Kilgore notes that another positive sign from the RSI indicator is that it remained above what many chart watchers view as the oversold threshold of 30.</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>Stock Market Stages Epic Turnaround after Russia Invaded Ukraine. Here Are 3 Reasons for the Rebound</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\">\nStock Market Stages Epic Turnaround after Russia Invaded Ukraine. Here Are 3 Reasons for the Rebound\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-02-25 23:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stock-market investors shook off an unprovoked Russian invasion of Ukraine to end decidedly in positive territory on Thursday.</p><p>The Nasdaq Composite Index, for example, had fallen by 3.45% at its lows of the session but clawed back to a gain of over 3%, driven higher by large-capitalization information technology stocks and notable gains in the cybersecurity sector.</p><p>The last time the tech-heavy index staged a comeback of this magnitude was Jan. 24, 2022 when it fell 4.90% at its low, but closed up 0.63%, according to Dow Jones Market Data.</p><p>In fact, there have only been eight trading sessions in which the Nasdaq Composite was down at least 3% on an intraday basis, but ended the day higher (not including today).</p><p>The Nasdaq Composite&#39;s turnaround also reflect a broader reversal from a very bearish tone for markets for the S&amp;P 500 and the Dow Jones Industrial Average , even if the index finished once again on the brink of correction territory. The Dow industrials were down 859.12 points at Thursday&#39;s nadir, or 2.6%, and the S&amp;P was down 2.55% at its lows.</p><p>Investors scooped up shares in the tech sector and communication services, both up by around 2.8%, at last check. Gains there contributed to the bounce back, which also saw yields for the 10-year Treasury note rise to 1.969, after hitting a low around 1.85%.</p><p>So why the turnaround?</p><h2>Not so SWIFT</h2><p>The frenzied action on Wall Street came after Russian President Vladimir Putin ordered special operations into Ukraine. The U.S. and most of the international community declared the move an invasion and leveled further sanctions against, Moscow, including fresh sanctions from the U.S., including those on Russian banks, the country&#39;s elites and its largest state-owned enterprises.</p><p>&#34;Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,&#34; President Biden said during a speech at the White House Thursday afternoon.</p><p>Market participants, however, may have taken solace in the fact that Biden hasn&#39;t yet booted Russia out of the SWIFT payment network. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service that helps banks world-wide execute financial transactions.</p><p>Although, such a move may come, keeping Russia in the Swift network may avoid hurting other members of the network that, which could have hurt some economies in Europe.</p><h2>Buy the dip?</h2><p>Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren&#39;t yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.</p><p>&#34;It is a pretty remarkable turnaround through,&#34; Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.</p><p>Schwab&#39;s Liz Ann Sonders told CNBC that she doesn&#39;t think the market is out of the woods but believed that algorithmic, or computer-driven, trading may have contributing to the reversal. It is probably some version of &#34;buy the rumor sell the fact,&#34; she said.</p><h2>The technicals</h2><p>Investors might also have responded to so-called oversold conditions present in the market that ultimately gave way to a flurry of technical buying. Near midday Thursday, the Arms Index, which is a volume-weighted breadth measure, suggests there is no panic in the stock market&#39;s selloff with signs of opportunistic buying emerging even at that point.</p><p>MarketWatch&#39;s Tomi Kilgore noted that earlier this week that the Relative Strength Index, or RSI, a momentum indicator that measures the magnitude of recent gains against the magnitude of recent declines, was still above its January low for the S&amp;P 500, despite a slide into correction.</p><p>He wrote that when prices make new lows but underlying technicals make higher lows is referred to as &#34;bullish divergence,&#34; and suggested a downtrend may be running out of steam.</p><p>Kilgore notes that another positive sign from the RSI indicator is that it remained above what many chart watchers view as the oversold threshold of 30.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2214974048","content_text":"U.S. stock-market investors shook off an unprovoked Russian invasion of Ukraine to end decidedly in positive territory on Thursday.The Nasdaq Composite Index, for example, had fallen by 3.45% at its lows of the session but clawed back to a gain of over 3%, driven higher by large-capitalization information technology stocks and notable gains in the cybersecurity sector.The last time the tech-heavy index staged a comeback of this magnitude was Jan. 24, 2022 when it fell 4.90% at its low, but closed up 0.63%, according to Dow Jones Market Data.In fact, there have only been eight trading sessions in which the Nasdaq Composite was down at least 3% on an intraday basis, but ended the day higher (not including today).The Nasdaq Composite's turnaround also reflect a broader reversal from a very bearish tone for markets for the S&P 500 and the Dow Jones Industrial Average , even if the index finished once again on the brink of correction territory. The Dow industrials were down 859.12 points at Thursday's nadir, or 2.6%, and the S&P was down 2.55% at its lows.Investors scooped up shares in the tech sector and communication services, both up by around 2.8%, at last check. Gains there contributed to the bounce back, which also saw yields for the 10-year Treasury note rise to 1.969, after hitting a low around 1.85%.So why the turnaround?Not so SWIFTThe frenzied action on Wall Street came after Russian President Vladimir Putin ordered special operations into Ukraine. The U.S. and most of the international community declared the move an invasion and leveled further sanctions against, Moscow, including fresh sanctions from the U.S., including those on Russian banks, the country's elites and its largest state-owned enterprises.\"Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,\" President Biden said during a speech at the White House Thursday afternoon.Market participants, however, may have taken solace in the fact that Biden hasn't yet booted Russia out of the SWIFT payment network. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service that helps banks world-wide execute financial transactions.Although, such a move may come, keeping Russia in the Swift network may avoid hurting other members of the network that, which could have hurt some economies in Europe.Buy the dip?Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren't yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.\"It is a pretty remarkable turnaround through,\" Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.Schwab's Liz Ann Sonders told CNBC that she doesn't think the market is out of the woods but believed that algorithmic, or computer-driven, trading may have contributing to the reversal. It is probably some version of \"buy the rumor sell the fact,\" she said.The technicalsInvestors might also have responded to so-called oversold conditions present in the market that ultimately gave way to a flurry of technical buying. Near midday Thursday, the Arms Index, which is a volume-weighted breadth measure, suggests there is no panic in the stock market's selloff with signs of opportunistic buying emerging even at that point.MarketWatch's Tomi Kilgore noted that earlier this week that the Relative Strength Index, or RSI, a momentum indicator that measures the magnitude of recent gains against the magnitude of recent declines, was still above its January low for the S&P 500, despite a slide into correction.He wrote that when prices make new lows but underlying technicals make higher lows is referred to as \"bullish divergence,\" and suggested a downtrend may be running out of steam.Kilgore notes that another positive sign from the RSI indicator is that it remained above what many chart watchers view as the oversold threshold of 30.","news_type":1},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037646116,"gmtCreate":1648100021699,"gmtModify":1676534304365,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"good buy at 20","listText":"good buy at 20","text":"good buy at 20","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037646116","repostId":"1153321995","repostType":4,"repost":{"id":"1153321995","kind":"news","pubTimestamp":1648098607,"share":"https://ttm.financial/m/news/1153321995?lang=&edition=fundamental","pubTime":"2022-03-24 13:10","market":"us","language":"en","title":"Of Course, Nio Will Lose Money in Q4 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=1153321995","media":"investorplace","summary":"Nio (NIO) reports Q4 2021 results on March 24 after the markets closeShareholders want to know how m","content":"<html><head></head><body><ul><li>Nio (NIO) reports Q4 2021 results on March 24 after the markets close</li><li>Shareholders want to know how much money it lost in 2021</li><li>Investors should wait for the earnings report to buy Nio stock</li></ul><p>On March 24, the Chinese electric vehicle (EV) maker Nio (NYSE:NIO) reports its fourth quarter 2021 results. The company’s trailing 12-month operating loss through September was 2.98 billion Chinese Yuan ($470 million). It’s expected to lose more in the fourth quarter. On March 23, NIO stock was down 31% year-to-date (YTD).</p><p>If you’ve followed Nio for more than a year, it shouldn’t surprise you that Nio will lose money in 2021. Analysts expect it to lose 1.03 Chinese Yuan (16 cents) per share in 2022. That’s $264 million (based on 1.65 billion American depositary shares), which means its losses have probably plateaued.</p><p>Investors should expect profits in 2023.</p><p>However, even though the business looks like its pathway to profitability is moving ahead, any negative surprises when it reports will likely knock its shares into the teens, where it traded in early March.</p><p>Despite the fact I believe Nio’s got an excellent future, I would wait until after Nio reports Q4 2021 results to buy Nio stock.</p><p>As I’ve said in the past, if a stock is destined for glory, buying after it’s jumped on positive news won’t be a bad thing in the long run.</p><p>Here’s why investors should keep their dry powder ready.</p><h2>Nio Will Soon Have Four Vehicles</h2><p>Deliveries for the company’s ET7 sedan are expected to start in China on March 28. That would be Nio’s fourth vehicle after the ES8, ES6, and EC6. In the first two months of 2022, Nio sold 2,615 ES8, 8,556 ES6, and 4,612 EC6. That’s 15,783 vehicles, 23.3% higher than a year earlier.</p><p>The ES8 is already on sale in Norway, and according to InsideEVs, it’s already launched its first battery swap station in the country. So it’s only a matter of time before Europe is crawling with Nio’s.</p><p>Thanks to the launch of the ET7, Credit Suisse analyst Bun Wang predicts that Nio will deliver 150,000 units in 2022, 64% higher than in 2021. The ET7 will have a big part to play in this growth.</p><p>Despite having four vehicles in play, investors continue to have a negative view of the company’s stock. NIO is down almost 40% year-to-date.</p><p>There are a couple of reasons for investor skepticism.</p><p>First, inflation has hit EV companies. The price of metals that go into EV batteries are up 60% in 2022. That’s going to delay Nio’s pathway to profitability. The second problem is that U.S. investors don’t want to buy Nio shares in New York if it’s only delisted down the road because of poor relations with China.</p><p>Nio can only play the cards it’s dealt. But, so far, it’s doing a darn good job.</p><h2>Analysts Really Like Nio Stock</h2><p>On March 21, according to Barron’s, Deutsche Bank (NYSE:DB) analyst Edison Yu had this to say about Nio in a note to clients leading up to its Q4 2021 earnings:</p><p>The ‘tide may finally be turning,’ wrote Yu. ‘While volumes have stagnated over the past few quarters due to operational bottlenecks, we think deliveries are on track to increase from [10,000 a month to 25,000] exiting the year which will shift the narrative away from supply constraints to product cycle’</p><p>The reality is that more than 90% of the analysts covering NIO stock rate it a “Buy.” The average for the S&amp;P 500 is just 58%. Further, the average target price for Nio is $50, more than double where it currently trades.</p><p>NIO stock has been trading so poorly in 2022 that Yu cut his price target by $20 for Nio to $50. His target price is about the average of the consensus estimate.</p><p>On March 10, InvestorPlace’s Mark Hake suggested Nio stock could be worth at least $33.72 based on its sales forecasts. Hake points out that NIO trades for just 3x the analyst estimate for 2022 sales, about one-third the price-to-sales multiple of Tesla (NASDAQ:TSLA). As a result, Hake believes Nio should be valued at more than $50 billion.</p><p>I’m with my InvestorPlace colleague. Regardless of what analysts think, NIO stock is cheap right now.</p><h2>Nio’s Growth Versus Tesla</h2><p>I don’t think there’s any doubt that TSLA stock should be valued more than Nio.</p><p>However, Nio is expected to have sales of $5.61 billion in 2021 and $9.93 billion in 2022. Tesla had annualized sales of $9.93 billion sometime in fiscal 2017. In June 2017, TSLA stock was trading at $72. Based on 169 million shares outstanding, Tesla had a market capitalization of $12.2 billion or 1.2x sales.</p><p>Now, you might look at that and think that Nio’s overvalued. However, Tesla was losing a lot more money than Nio, not to mention EVs weren’t nearly as popular with consumers as they are today.</p><h2>Where This Leaves Nio Stock</h2><p>We’ve seen an uptick in EV interest since the start of the Russia-Ukraine war has driven oil prices through the roof. Americans are starting to realize that the move to electric probably isn’t such a bad idea after all.</p><p>Companies like Nio ensure the world never has to rely on Russia to power our transportation. That’s a good thing.</p><p>Despite my enthusiasm for NIO stock, I would wait for the results before buying. You never know how investors will react to its report. If it drops under $20, be sure to get some.</p></body></html>","source":"lsy1606302653667","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>Of Course, Nio Will Lose Money in Q4 2021</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\">\nOf Course, Nio Will Lose Money in Q4 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-24 13:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/03/nio-stock-of-course-nio-will-lose-money-in-q4-2021/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio (NIO) reports Q4 2021 results on March 24 after the markets closeShareholders want to know how much money it lost in 2021Investors should wait for the earnings report to buy Nio stockOn March 24, ...</p>\n\n<a href=\"https://investorplace.com/2022/03/nio-stock-of-course-nio-will-lose-money-in-q4-2021/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/03/nio-stock-of-course-nio-will-lose-money-in-q4-2021/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153321995","content_text":"Nio (NIO) reports Q4 2021 results on March 24 after the markets closeShareholders want to know how much money it lost in 2021Investors should wait for the earnings report to buy Nio stockOn March 24, the Chinese electric vehicle (EV) maker Nio (NYSE:NIO) reports its fourth quarter 2021 results. The company’s trailing 12-month operating loss through September was 2.98 billion Chinese Yuan ($470 million). It’s expected to lose more in the fourth quarter. On March 23, NIO stock was down 31% year-to-date (YTD).If you’ve followed Nio for more than a year, it shouldn’t surprise you that Nio will lose money in 2021. Analysts expect it to lose 1.03 Chinese Yuan (16 cents) per share in 2022. That’s $264 million (based on 1.65 billion American depositary shares), which means its losses have probably plateaued.Investors should expect profits in 2023.However, even though the business looks like its pathway to profitability is moving ahead, any negative surprises when it reports will likely knock its shares into the teens, where it traded in early March.Despite the fact I believe Nio’s got an excellent future, I would wait until after Nio reports Q4 2021 results to buy Nio stock.As I’ve said in the past, if a stock is destined for glory, buying after it’s jumped on positive news won’t be a bad thing in the long run.Here’s why investors should keep their dry powder ready.Nio Will Soon Have Four VehiclesDeliveries for the company’s ET7 sedan are expected to start in China on March 28. That would be Nio’s fourth vehicle after the ES8, ES6, and EC6. In the first two months of 2022, Nio sold 2,615 ES8, 8,556 ES6, and 4,612 EC6. That’s 15,783 vehicles, 23.3% higher than a year earlier.The ES8 is already on sale in Norway, and according to InsideEVs, it’s already launched its first battery swap station in the country. So it’s only a matter of time before Europe is crawling with Nio’s.Thanks to the launch of the ET7, Credit Suisse analyst Bun Wang predicts that Nio will deliver 150,000 units in 2022, 64% higher than in 2021. The ET7 will have a big part to play in this growth.Despite having four vehicles in play, investors continue to have a negative view of the company’s stock. NIO is down almost 40% year-to-date.There are a couple of reasons for investor skepticism.First, inflation has hit EV companies. The price of metals that go into EV batteries are up 60% in 2022. That’s going to delay Nio’s pathway to profitability. The second problem is that U.S. investors don’t want to buy Nio shares in New York if it’s only delisted down the road because of poor relations with China.Nio can only play the cards it’s dealt. But, so far, it’s doing a darn good job.Analysts Really Like Nio StockOn March 21, according to Barron’s, Deutsche Bank (NYSE:DB) analyst Edison Yu had this to say about Nio in a note to clients leading up to its Q4 2021 earnings:The ‘tide may finally be turning,’ wrote Yu. ‘While volumes have stagnated over the past few quarters due to operational bottlenecks, we think deliveries are on track to increase from [10,000 a month to 25,000] exiting the year which will shift the narrative away from supply constraints to product cycle’The reality is that more than 90% of the analysts covering NIO stock rate it a “Buy.” The average for the S&P 500 is just 58%. Further, the average target price for Nio is $50, more than double where it currently trades.NIO stock has been trading so poorly in 2022 that Yu cut his price target by $20 for Nio to $50. His target price is about the average of the consensus estimate.On March 10, InvestorPlace’s Mark Hake suggested Nio stock could be worth at least $33.72 based on its sales forecasts. Hake points out that NIO trades for just 3x the analyst estimate for 2022 sales, about one-third the price-to-sales multiple of Tesla (NASDAQ:TSLA). As a result, Hake believes Nio should be valued at more than $50 billion.I’m with my InvestorPlace colleague. Regardless of what analysts think, NIO stock is cheap right now.Nio’s Growth Versus TeslaI don’t think there’s any doubt that TSLA stock should be valued more than Nio.However, Nio is expected to have sales of $5.61 billion in 2021 and $9.93 billion in 2022. Tesla had annualized sales of $9.93 billion sometime in fiscal 2017. In June 2017, TSLA stock was trading at $72. Based on 169 million shares outstanding, Tesla had a market capitalization of $12.2 billion or 1.2x sales.Now, you might look at that and think that Nio’s overvalued. However, Tesla was losing a lot more money than Nio, not to mention EVs weren’t nearly as popular with consumers as they are today.Where This Leaves Nio StockWe’ve seen an uptick in EV interest since the start of the Russia-Ukraine war has driven oil prices through the roof. Americans are starting to realize that the move to electric probably isn’t such a bad idea after all.Companies like Nio ensure the world never has to rely on Russia to power our transportation. That’s a good thing.Despite my enthusiasm for NIO stock, I would wait for the results before buying. You never know how investors will react to its report. If it drops under $20, be sure to get some.","news_type":1},"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034110859,"gmtCreate":1647824351987,"gmtModify":1676534268920,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"people seem to forget inflation is almost at a historically high level&nbsp;[Happy]&nbsp;","listText":"people seem to forget inflation is almost at a historically high level&nbsp;[Happy]&nbsp;","text":"people seem to forget inflation is almost at a historically high level [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034110859","repostId":"1173921394","repostType":4,"repost":{"id":"1173921394","kind":"news","pubTimestamp":1647819269,"share":"https://ttm.financial/m/news/1173921394?lang=&edition=fundamental","pubTime":"2022-03-21 07:34","market":"us","language":"en","title":"U.S. Stocks Poised to Open Slightly Higher on Monday","url":"https://stock-news.laohu8.com/highlight/detail?id=1173921394","media":"Barron's","summary":"U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&P 500 futures gained 0.09% and Nasdaq Composite futures we","content":"<html><head></head><body><p>U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&amp;P 500 futures gained 0.09% and Nasdaq Composite futures were flat.</p><p>West Texas Intermediate, the U.S. crude oil benchmark, rose 0.5%, to around $105.25 a barrel.</p><p>Diplomacy is in focus this week as President Joe Biden heads to Brussels for a two-day meeting with allies from the North Atlantic Treaty Organization and European nations. They will talk about the West’s response to Russia’s invasion of Ukraine.</p><p>In addition, this week, the Senate Judiciary Committee will start its hearings on the nomination of Judge Ketanji Brown Jackson to the Supreme Court.</p><p>This week’s earnings include: Nike on Monday; Adobe on Tuesday; Cintas, General Mills, KB Home on Wednesday; and Darden Restaurants, FactSet Research Systems, and NIO on Thursday.</p><p>This week’s notable economic events include: On Wednesday, the Census Bureau releases new-home sales data for February. On Thursday, the Census Bureau will release February’s durable goods report—often seen as a proxy for business investment, and the Department of Labor reports initial jobless claims for the week ended March 19. On Friday, the National Association of Realtors will release the Pending Home Sales Index for February.</p><h2>Nvidia, Moderna, Nike, Adobe, and Other Stocks for Investors to Watch This Week</h2><p>Earnings highlights this week include Nike on Monday, Adobe on Tuesday, General Mills on Wednesday, and Darden Restaurants on Thursday. Nvidia will hold an investor day on Tuesday and Moderna will host an event Thursday to discuss its vaccine pipeline.</p><p>Economic data out this week will include the Census Bureau’s new-home sales data for February on Wednesday, followed by the National Association of Realtors’ Pending Home Sales Index for February on Friday.</p><p>The Census Bureau will also release the durable goods report for February on Thursday—often seen as a proxy for business investment. Total new orders are expected to decline 0.5% from January, but when excluding transportation, they are seen rising 0.5%.</p><p>Geopolitics will also be in focus this week. U.S. President Joe Biden will travel to Brussels for a two-day meeting with NATO and EU leaders. The focus will be Western allies’ response to Russia’s invasion of Ukraine.</p><h2>Monday 3/21</h2><p>Nike reports third-quarter fiscal-2022 results.</p><p>The Federal Reserve Bank of Chicago releases its National Activity Index for February. Economists forecast a 0.55 reading, slightly lower than the January data. The index has had four consecutive positive monthly readings, which is associated with the economy growing faster than historical trends.</p><h2>Tuesday 3/22</h2><p>Adobe announces first-quarter fiscal-2022 earnings.</p><p>NetApp and Nvidia hold their 2022 investor days.</p><h2>Wednesday 3/23</h2><p>Cintas and General Mills report quarterly results.</p><p>Occidental Petroleum holds an investor meeting to discuss its low-carbon strategy. Shares of the upstream oil-and-gas company are up 94% this year, making it the best performer in the S&amp;P 500 index.</p><p>The Census Bureau reports new-home sales data for February. Consensus estimate is for a seasonally adjusted annual rate of 810,000 new single-family houses sold, roughly even with the January figure. The average selling price for a new home was a record $496,900 in January, while the median price was $422,300.</p><h2>Thursday 3/24</h2><p>President Biden meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels.</p><p>Darden Restaurants, FactSet Research Systems, and NIO hold conference calls to discuss quarterly results.</p><p>Moderna hosts its third annual Vaccines Day virtually. The mRNA-therapeutics pioneer will discuss the progress of its vaccines pipeline.</p><p>The Census Bureau releases the durable goods report for February. New orders for manufactured durable goods are expected to decline 0.5% month over month to $277 billion. Excluding transportation, orders for durable goods are seen rising 0.5%, after increasing 0.7% in January.</p><p>The Department of Labor reports initial jobless claims for the week ending on March 19. Claims have averaged 223,000 for the past four weeks and have normalized to roughly prepandemic levels. Continuing claims—the number of people receiving benefits under regular state unemployment-insurance programs—totaled 1.42 million as of March 5. That is the lowest figure in more than five decades, underscoring the tight labor market as job openings continue to outpace job seekers.</p><h2>Friday 3/25</h2><p>The National Association of Realtors reports its Pending Home Sales Index for February. Economists forecast a 1% increase in pending home sales, after a 5.7% drop in January.</p></body></html>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks Poised to Open Slightly Higher on Monday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Stocks Poised to Open Slightly Higher on Monday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-21 07:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/u-s-stocks-poised-to-open-slightly-higher-on-monday-51647816432?mod=hp_LATEST><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&P 500 futures gained 0.09% and Nasdaq Composite futures ...</p>\n\n<a href=\"https://www.barrons.com/articles/u-s-stocks-poised-to-open-slightly-higher-on-monday-51647816432?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe","NKE":"耐克","MRNA":"Moderna, Inc.","NVDA":"英伟达"},"source_url":"https://www.barrons.com/articles/u-s-stocks-poised-to-open-slightly-higher-on-monday-51647816432?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173921394","content_text":"U.S. stocks are set to open Monday slightly up. On Sunday night, Dow Jones Industrial Average futures gained 18 points, or 0.05%, while the S&P 500 futures gained 0.09% and Nasdaq Composite futures were flat.West Texas Intermediate, the U.S. crude oil benchmark, rose 0.5%, to around $105.25 a barrel.Diplomacy is in focus this week as President Joe Biden heads to Brussels for a two-day meeting with allies from the North Atlantic Treaty Organization and European nations. They will talk about the West’s response to Russia’s invasion of Ukraine.In addition, this week, the Senate Judiciary Committee will start its hearings on the nomination of Judge Ketanji Brown Jackson to the Supreme Court.This week’s earnings include: Nike on Monday; Adobe on Tuesday; Cintas, General Mills, KB Home on Wednesday; and Darden Restaurants, FactSet Research Systems, and NIO on Thursday.This week’s notable economic events include: On Wednesday, the Census Bureau releases new-home sales data for February. On Thursday, the Census Bureau will release February’s durable goods report—often seen as a proxy for business investment, and the Department of Labor reports initial jobless claims for the week ended March 19. On Friday, the National Association of Realtors will release the Pending Home Sales Index for February.Nvidia, Moderna, Nike, Adobe, and Other Stocks for Investors to Watch This WeekEarnings highlights this week include Nike on Monday, Adobe on Tuesday, General Mills on Wednesday, and Darden Restaurants on Thursday. Nvidia will hold an investor day on Tuesday and Moderna will host an event Thursday to discuss its vaccine pipeline.Economic data out this week will include the Census Bureau’s new-home sales data for February on Wednesday, followed by the National Association of Realtors’ Pending Home Sales Index for February on Friday.The Census Bureau will also release the durable goods report for February on Thursday—often seen as a proxy for business investment. Total new orders are expected to decline 0.5% from January, but when excluding transportation, they are seen rising 0.5%.Geopolitics will also be in focus this week. U.S. President Joe Biden will travel to Brussels for a two-day meeting with NATO and EU leaders. The focus will be Western allies’ response to Russia’s invasion of Ukraine.Monday 3/21Nike reports third-quarter fiscal-2022 results.The Federal Reserve Bank of Chicago releases its National Activity Index for February. Economists forecast a 0.55 reading, slightly lower than the January data. The index has had four consecutive positive monthly readings, which is associated with the economy growing faster than historical trends.Tuesday 3/22Adobe announces first-quarter fiscal-2022 earnings.NetApp and Nvidia hold their 2022 investor days.Wednesday 3/23Cintas and General Mills report quarterly results.Occidental Petroleum holds an investor meeting to discuss its low-carbon strategy. Shares of the upstream oil-and-gas company are up 94% this year, making it the best performer in the S&P 500 index.The Census Bureau reports new-home sales data for February. Consensus estimate is for a seasonally adjusted annual rate of 810,000 new single-family houses sold, roughly even with the January figure. The average selling price for a new home was a record $496,900 in January, while the median price was $422,300.Thursday 3/24President Biden meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels.Darden Restaurants, FactSet Research Systems, and NIO hold conference calls to discuss quarterly results.Moderna hosts its third annual Vaccines Day virtually. The mRNA-therapeutics pioneer will discuss the progress of its vaccines pipeline.The Census Bureau releases the durable goods report for February. New orders for manufactured durable goods are expected to decline 0.5% month over month to $277 billion. Excluding transportation, orders for durable goods are seen rising 0.5%, after increasing 0.7% in January.The Department of Labor reports initial jobless claims for the week ending on March 19. Claims have averaged 223,000 for the past four weeks and have normalized to roughly prepandemic levels. Continuing claims—the number of people receiving benefits under regular state unemployment-insurance programs—totaled 1.42 million as of March 5. That is the lowest figure in more than five decades, underscoring the tight labor market as job openings continue to outpace job seekers.Friday 3/25The National Association of Realtors reports its Pending Home Sales Index for February. Economists forecast a 1% increase in pending home sales, after a 5.7% drop in January.","news_type":1},"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097313128,"gmtCreate":1645331521099,"gmtModify":1676534019755,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"rblx","listText":"rblx","text":"rblx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097313128","repostId":"2212567482","repostType":4,"repost":{"id":"2212567482","kind":"highlight","pubTimestamp":1645326947,"share":"https://ttm.financial/m/news/2212567482?lang=&edition=fundamental","pubTime":"2022-02-20 11:15","market":"us","language":"en","title":"Better Video Game Stock: Roblox vs. Nintendo","url":"https://stock-news.laohu8.com/highlight/detail?id=2212567482","media":"Motley Fool","summary":"Which gaming stock will fare better in a post-lockdown market?","content":"<html><head></head><body><p><b>Roblox</b> (NYSE:RBLX) and <b>Nintendo</b> (OTC:NTDOY) both generated robust growth throughout 2020 as the pandemic caused people to stay at home and play more video games.</p><p>Roblox&#39;s social gaming platform -- which enables players to create, share, and monetize block-based experiences without any coding knowledge -- attracted millions of younger gamers throughout the crisis. Nintendo sold more Switch consoles, and millions of cooped up gamers flocked to the casual online world of <i>Animal Crossing: New Horizons</i> to socialize with other people.</p><p>However, both companies experienced decelerating growth last year as the lockdown measures were relaxed. Should investors consider buying either gaming stock right now as they face challenging post-lockdown comparisons?</p><p class=\"t-img-caption\"><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F666376%2Fgettyimages-951047436.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>Image source: Getty Images.</span></p><h2>The differences between Roblox and Nintendo</h2><p>Roblox generates most of its revenue by selling a virtual currency called Robux. Its players can use Robux to buy additional in-game experiences, items, and cosmetic upgrades for their avatars. It also offers subscription plans, which grant players a monthly stipend of discounted Robux.</p><p>Nintendo makes most of its money by selling Switch consoles and games. It generates a sliver of its revenue from older consoles, mobile games, playing cards, and licensing fees for its franchises.</p><p>Roblox gauges its growth in terms of daily active users (DAUs), engagement hours, and average bookings per DAU (ABPDAU). Nintendo mainly reports its growth in terms of console and game shipments. Roblox is also deeply unprofitable, while Nintendo&#39;s bottom line is firmly in the black.</p><h2>Roblox faces a tough post-lockdown slowdown</h2><p>Roblox&#39;s revenue surged 82% to $924 million in 2020, then jumped another 108% to $1.92 billion in 2021. Those growth rates seem impressive, but its bookings -- which include its deferred revenue and other adjustments -- actually give investors a clearer picture of its underlying growth.</p><p>Roblox&#39;s bookings surged 171% to $1.88 billion in 2020 as more people played its games throughout the pandemic, but grew just 45% to $2.73 billion in 2021 as more students returned to school.</p><p>Roblox ended 2021 with 45.5 million DAUs, representing 40% growth from a year earlier. Its total engagement hours grew 35% to 41.4 billion, but its ABPDAU increase just 4% to $59.85. Moreover, its ABPDAU actually declined year-over-year in both the third and fourth quarters of the year.</p><p>Roblox also recently revealed that its bookings rose just 2%-3% year-over-year in January, and that its ABPDAU likely declined 22%-23% during the month. Roblox blames that slowdown on its overseas expansion and a focus on gaining older users, but its high-growth days are clearly over. Analysts expect its reported revenue to increase just 23% in 2022.</p><p>On the bottom line, Roblox&#39;s net loss widened from $71 million in 2019 to $253 million in 2020, then widened again to $492 million in 2021. Analysts expect it to remain deeply unprofitable for the foreseeable future.</p><h2>Nintendo could generate stronger growth in 2022</h2><p>Nintendo&#39;s revenue soared 34% to 1.76 trillion yen ($15.2 billion) in fiscal 2020, which ended last March. Its shipments of Switch consoles and software units both grew 37% as more people stayed at home.</p><p>But in the first nine months of 2021, Nintendo&#39;s revenue declined 6% year-over-year to 1.32 trillion yen ($11.4 billion). Its Switch shipments tumbled 21% due to a tough comparison to the previous year and ongoing supply chain challenges, but its software shipments still rose 2%. Nintendo expects its revenue to decline 6% for the full year.</p><p>Nintendo&#39;s net profit surged 86% to 480 billion yen ($4.15 billion) in 2020, but dipped 3% to 367 billion yen ($3.18 billion) in the first nine months of 2021. It expects its net profit to decline 16% for the full year.</p><p>For 2022, analysts expect Nintendo&#39;s revenue to stay nearly flat with just 6% earnings growth. Those growth rates seem anemic, but several catalysts could help it exceed analysts&#39; expectations: a resolution of its supply chain issues, robust sales of the Switch OLED, big upcoming games (including <i>Metroid Prime 4</i> and a new <i>Legend of Zelda</i> game), and the expansion of its franchises beyond video games with new licensing deals.</p><h2>The valuations and verdict</h2><p>Roblox can&#39;t be valued by its profits yet, but it trades at about ten times its 2022 sales after its recent post-earnings pullback. Nintendo trades at 16 times forward earnings and just four times this year&#39;s sales.</p><p>Roblox is growing faster than Nintendo, but it faces a much more challenging slowdown. Its lack of profits and high debt-to-equity ratio of 6.7 could also limit its appeal as interest rates rise. Nintendo&#39;s brand is stronger, its business is better diversified across the hardware and software markets, it&#39;s firmly profitable, and it has a low debt-to-equity ratio of 0.3.</p><p>Nintendo might not attract a lot of attention from the bulls until it finally unveils a proper successor to the Switch, which was launched nearly five years ago. Nonetheless, it&#39;s still a much more appealing investment than Roblox in this challenging market for pandemic-era growth stocks.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Video Game Stock: Roblox vs. Nintendo</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\">\nBetter Video Game Stock: Roblox vs. Nintendo\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-20 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/19/better-video-game-stock-roblox-vs-nintendo/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Roblox (NYSE:RBLX) and Nintendo (OTC:NTDOY) both generated robust growth throughout 2020 as the pandemic caused people to stay at home and play more video games.Roblox's social gaming platform -- ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/19/better-video-game-stock-roblox-vs-nintendo/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4547":"WSB热门概念","NTDOY":"任天堂","BK4551":"寇图资本持仓","BK4085":"互动家庭娱乐","BK4565":"NFT概念","BK4554":"元宇宙及AR概念","BK4535":"淡马锡持仓","RBLX":"Roblox Corporation"},"source_url":"https://www.fool.com/investing/2022/02/19/better-video-game-stock-roblox-vs-nintendo/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2212567482","content_text":"Roblox (NYSE:RBLX) and Nintendo (OTC:NTDOY) both generated robust growth throughout 2020 as the pandemic caused people to stay at home and play more video games.Roblox's social gaming platform -- which enables players to create, share, and monetize block-based experiences without any coding knowledge -- attracted millions of younger gamers throughout the crisis. Nintendo sold more Switch consoles, and millions of cooped up gamers flocked to the casual online world of Animal Crossing: New Horizons to socialize with other people.However, both companies experienced decelerating growth last year as the lockdown measures were relaxed. Should investors consider buying either gaming stock right now as they face challenging post-lockdown comparisons?Image source: Getty Images.The differences between Roblox and NintendoRoblox generates most of its revenue by selling a virtual currency called Robux. Its players can use Robux to buy additional in-game experiences, items, and cosmetic upgrades for their avatars. It also offers subscription plans, which grant players a monthly stipend of discounted Robux.Nintendo makes most of its money by selling Switch consoles and games. It generates a sliver of its revenue from older consoles, mobile games, playing cards, and licensing fees for its franchises.Roblox gauges its growth in terms of daily active users (DAUs), engagement hours, and average bookings per DAU (ABPDAU). Nintendo mainly reports its growth in terms of console and game shipments. Roblox is also deeply unprofitable, while Nintendo's bottom line is firmly in the black.Roblox faces a tough post-lockdown slowdownRoblox's revenue surged 82% to $924 million in 2020, then jumped another 108% to $1.92 billion in 2021. Those growth rates seem impressive, but its bookings -- which include its deferred revenue and other adjustments -- actually give investors a clearer picture of its underlying growth.Roblox's bookings surged 171% to $1.88 billion in 2020 as more people played its games throughout the pandemic, but grew just 45% to $2.73 billion in 2021 as more students returned to school.Roblox ended 2021 with 45.5 million DAUs, representing 40% growth from a year earlier. Its total engagement hours grew 35% to 41.4 billion, but its ABPDAU increase just 4% to $59.85. Moreover, its ABPDAU actually declined year-over-year in both the third and fourth quarters of the year.Roblox also recently revealed that its bookings rose just 2%-3% year-over-year in January, and that its ABPDAU likely declined 22%-23% during the month. Roblox blames that slowdown on its overseas expansion and a focus on gaining older users, but its high-growth days are clearly over. Analysts expect its reported revenue to increase just 23% in 2022.On the bottom line, Roblox's net loss widened from $71 million in 2019 to $253 million in 2020, then widened again to $492 million in 2021. Analysts expect it to remain deeply unprofitable for the foreseeable future.Nintendo could generate stronger growth in 2022Nintendo's revenue soared 34% to 1.76 trillion yen ($15.2 billion) in fiscal 2020, which ended last March. Its shipments of Switch consoles and software units both grew 37% as more people stayed at home.But in the first nine months of 2021, Nintendo's revenue declined 6% year-over-year to 1.32 trillion yen ($11.4 billion). Its Switch shipments tumbled 21% due to a tough comparison to the previous year and ongoing supply chain challenges, but its software shipments still rose 2%. Nintendo expects its revenue to decline 6% for the full year.Nintendo's net profit surged 86% to 480 billion yen ($4.15 billion) in 2020, but dipped 3% to 367 billion yen ($3.18 billion) in the first nine months of 2021. It expects its net profit to decline 16% for the full year.For 2022, analysts expect Nintendo's revenue to stay nearly flat with just 6% earnings growth. Those growth rates seem anemic, but several catalysts could help it exceed analysts' expectations: a resolution of its supply chain issues, robust sales of the Switch OLED, big upcoming games (including Metroid Prime 4 and a new Legend of Zelda game), and the expansion of its franchises beyond video games with new licensing deals.The valuations and verdictRoblox can't be valued by its profits yet, but it trades at about ten times its 2022 sales after its recent post-earnings pullback. Nintendo trades at 16 times forward earnings and just four times this year's sales.Roblox is growing faster than Nintendo, but it faces a much more challenging slowdown. Its lack of profits and high debt-to-equity ratio of 6.7 could also limit its appeal as interest rates rise. Nintendo's brand is stronger, its business is better diversified across the hardware and software markets, it's firmly profitable, and it has a low debt-to-equity ratio of 0.3.Nintendo might not attract a lot of attention from the bulls until it finally unveils a proper successor to the Switch, which was launched nearly five years ago. Nonetheless, it's still a much more appealing investment than Roblox in this challenging market for pandemic-era growth stocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037646906,"gmtCreate":1648099986799,"gmtModify":1676534304373,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037646906","repostId":"2221304477","repostType":4,"repost":{"id":"2221304477","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":1648077274,"share":"https://ttm.financial/m/news/2221304477?lang=&edition=fundamental","pubTime":"2022-03-24 07:14","market":"us","language":"en","title":"US STOCKS-Wall St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries","url":"https://stock-news.laohu8.com/highlight/detail?id=2221304477","media":"Reuters","summary":"* Adobe falls on lackluster current-quarter forecast* Google to pause ads that exploit, dismiss Russ","content":"<html><head></head><body><p>* <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> falls on lackluster current-quarter forecast</p><p>* Google to pause ads that exploit, dismiss Russia-Ukraine war</p><p>* Indexes: Dow down 1.3%, S&amp;P 500 down 1.2%, Nasdaq down 1.3%</p><p>NEW YORK, March 23 (Reuters) - All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.</p><p>Responding to Western sanctions that have hit Russia&#39;s economy hard, President Vladimir Putin said Moscow will seek payment in roubles for natural gas sales from &#34;unfriendly&#34; countries, while its forces bombed areas of the Ukrainian capital Kyiv a month into their assault.</p><p>Oil prices    rallied 5% to over $121 a barrel and natural gas futures also jumped.    While higher oil prices benefit energy shares, they are a negative for consumers and many businesses. The S&amp;P 500 energy sector    rose 1.7% and utilities    gained 0.2%, while all of the other major S&amp;P 500 sectors were lower on the day.</p><p>&#34;These geopolitical problems are sort of hanging over the market,&#34; said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.</p><p>&#34;The resurgence of oil prices is giving people pause,&#34; he said, adding, &#34;There needs to be a resolution with Russia. That&#39;s going to hold the market back.&#34;</p><p>The day&#39;s decline follows a recent string of gains as the market recovered from lows hit amid the conflict and increased worries about inflation and higher interest rates.</p><p>Among the day&#39;s biggest drags, Adobe Inc&#39;s    stock slid 9.3% after the Photoshop maker late Tuesday forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.</p><p>The Dow Jones Industrial Average    fell 448.96 points, or 1.29%, to 34,358.5, the S&amp;P 500    lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite    dropped 186.21 points, or 1.32%, to 13,922.60.</p><p>Investors continued to assess the outlook for U.S. interest rates. San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she is open to raising rates by 50 basis points in May, joining other policymakers in saying so.</p><p>Last week, the U.S. central bank raised interest rates for the first time since 2018.</p><p>Alphabet-owned    Google said it will pause all ads containing content that exploits, dismisses or condones the ongoing Russia-Ukraine conflict. Its stock fell 1.1%.</p><p>GameStop Corp    shares jumped 14.5% after Chairman Ryan Cohen&#39;s investment company bought 100,000 shares of the videogame retailer.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 22 new 52-week highs and four new lows; the Nasdaq Composite recorded 43 new highs and 60 new lows.</p><p>Volume on U.S. exchanges was 11.69 billion shares, compared with the 14.62 billion average for the full session over the last 20 trading days.</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 St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries</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 St Drops as Oil Rally, Russia-Ukraine Conflict Fuel Worries\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-03-24 07:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> falls on lackluster current-quarter forecast</p><p>* Google to pause ads that exploit, dismiss Russia-Ukraine war</p><p>* Indexes: Dow down 1.3%, S&amp;P 500 down 1.2%, Nasdaq down 1.3%</p><p>NEW YORK, March 23 (Reuters) - All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.</p><p>Responding to Western sanctions that have hit Russia&#39;s economy hard, President Vladimir Putin said Moscow will seek payment in roubles for natural gas sales from &#34;unfriendly&#34; countries, while its forces bombed areas of the Ukrainian capital Kyiv a month into their assault.</p><p>Oil prices    rallied 5% to over $121 a barrel and natural gas futures also jumped.    While higher oil prices benefit energy shares, they are a negative for consumers and many businesses. The S&amp;P 500 energy sector    rose 1.7% and utilities    gained 0.2%, while all of the other major S&amp;P 500 sectors were lower on the day.</p><p>&#34;These geopolitical problems are sort of hanging over the market,&#34; said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.</p><p>&#34;The resurgence of oil prices is giving people pause,&#34; he said, adding, &#34;There needs to be a resolution with Russia. That&#39;s going to hold the market back.&#34;</p><p>The day&#39;s decline follows a recent string of gains as the market recovered from lows hit amid the conflict and increased worries about inflation and higher interest rates.</p><p>Among the day&#39;s biggest drags, Adobe Inc&#39;s    stock slid 9.3% after the Photoshop maker late Tuesday forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.</p><p>The Dow Jones Industrial Average    fell 448.96 points, or 1.29%, to 34,358.5, the S&amp;P 500    lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite    dropped 186.21 points, or 1.32%, to 13,922.60.</p><p>Investors continued to assess the outlook for U.S. interest rates. San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she is open to raising rates by 50 basis points in May, joining other policymakers in saying so.</p><p>Last week, the U.S. central bank raised interest rates for the first time since 2018.</p><p>Alphabet-owned    Google said it will pause all ads containing content that exploits, dismisses or condones the ongoing Russia-Ukraine conflict. Its stock fell 1.1%.</p><p>GameStop Corp    shares jumped 14.5% after Chairman Ryan Cohen&#39;s investment company bought 100,000 shares of the videogame retailer.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 22 new 52-week highs and four new lows; the Nasdaq Composite recorded 43 new highs and 60 new lows.</p><p>Volume on U.S. exchanges was 11.69 billion shares, compared with the 14.62 billion average for the full session over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","UPRO":"三倍做多标普500ETF","BK4077":"互动媒体与服务","SSO":"两倍做多标普500ETF","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4527":"明星科技股","SPXU":"三倍做空标普500ETF",".DJI":"道琼斯","OEX":"标普100","BK4574":"无人驾驶","SQQQ":"纳指三倍做空ETF","BK4561":"索罗斯持仓","BK4573":"虚拟现实","SDOW":"道指三倍做空ETF-ProShares",".SPX":"S&P 500 Index","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","BK4581":"高盛持仓","BK4504":"桥水持仓","DJX":"1/100道琼斯","QQQ":"纳指100ETF","SDS":"两倍做空标普500ETF","DXD":"道指两倍做空ETF","BK4548":"巴美列捷福持仓","BK4514":"搜索引擎","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","DDM":"道指两倍做多ETF","TQQQ":"纳指三倍做多ETF","BK4553":"喜马拉雅资本持仓","GOOG":"谷歌","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","IVV":"标普500指数ETF","SH":"标普500反向ETF","DOG":"道指反向ETF","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4525":"远程办公概念","PSQ":"纳指反向ETF","QLD":"纳指两倍做多ETF","UDOW":"道指三倍做多ETF-ProShares",".IXIC":"NASDAQ Composite","BK4538":"云计算"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2221304477","content_text":"* Adobe falls on lackluster current-quarter forecast* Google to pause ads that exploit, dismiss Russia-Ukraine war* Indexes: Dow down 1.3%, S&P 500 down 1.2%, Nasdaq down 1.3%NEW YORK, March 23 (Reuters) - All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine.Responding to Western sanctions that have hit Russia's economy hard, President Vladimir Putin said Moscow will seek payment in roubles for natural gas sales from \"unfriendly\" countries, while its forces bombed areas of the Ukrainian capital Kyiv a month into their assault.Oil prices    rallied 5% to over $121 a barrel and natural gas futures also jumped.    While higher oil prices benefit energy shares, they are a negative for consumers and many businesses. The S&P 500 energy sector    rose 1.7% and utilities    gained 0.2%, while all of the other major S&P 500 sectors were lower on the day.\"These geopolitical problems are sort of hanging over the market,\" said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.\"The resurgence of oil prices is giving people pause,\" he said, adding, \"There needs to be a resolution with Russia. That's going to hold the market back.\"The day's decline follows a recent string of gains as the market recovered from lows hit amid the conflict and increased worries about inflation and higher interest rates.Among the day's biggest drags, Adobe Inc's    stock slid 9.3% after the Photoshop maker late Tuesday forecast downbeat second-quarter revenue and profit and sees an impact on fiscal 2022 revenue due to the Russia-Ukraine crisis.The Dow Jones Industrial Average    fell 448.96 points, or 1.29%, to 34,358.5, the S&P 500    lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite    dropped 186.21 points, or 1.32%, to 13,922.60.Investors continued to assess the outlook for U.S. interest rates. San Francisco Federal Reserve Bank President Mary Daly said on Wednesday she is open to raising rates by 50 basis points in May, joining other policymakers in saying so.Last week, the U.S. central bank raised interest rates for the first time since 2018.Alphabet-owned    Google said it will pause all ads containing content that exploits, dismisses or condones the ongoing Russia-Ukraine conflict. Its stock fell 1.1%.GameStop Corp    shares jumped 14.5% after Chairman Ryan Cohen's investment company bought 100,000 shares of the videogame retailer.Declining issues outnumbered advancing ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners.The S&P 500 posted 22 new 52-week highs and four new lows; the Nasdaq Composite recorded 43 new highs and 60 new lows.Volume on U.S. exchanges was 11.69 billion shares, compared with the 14.62 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034907097,"gmtCreate":1647745936324,"gmtModify":1676534262682,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"well i like this stock personally now because of the content","listText":"well i like this stock personally now because of the content","text":"well i like this stock personally now because of the content","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034907097","repostId":"2220726035","repostType":4,"repost":{"id":"2220726035","kind":"news","pubTimestamp":1647650557,"share":"https://ttm.financial/m/news/2220726035?lang=&edition=fundamental","pubTime":"2022-03-19 08:42","market":"us","language":"en","title":"Disney: Awakening The Sleeping Giant","url":"https://stock-news.laohu8.com/highlight/detail?id=2220726035","media":"seekingalpha","summary":"SummaryDisney+ is on track to meeting its FY2024 targets and will be doubling the number of original","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Disney+ is on track to meeting its FY2024 targets and will be doubling the number of original content as well as the number of markets it&#39;s operating in.</li><li>ESPN&#39;s huge scale could bring additional huge growth opportunities in sports betting, which Disney has given the nod of approval for.</li><li>Both domestic and international parks will see strong recovery as pent-up demand for travel brings traffic back to Disney&#39;s parks along with an improvement in margins.</li><li>Based on an SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b25c502149358c089ee67660f6d4830\" tg-width=\"750\" tg-height=\"500\" width=\"100%\" height=\"auto\"/><span>hapabapa/iStock Editorial via Getty Images</span></p><p>Walt Disney (NYSE:DIS) is an attractive investment right now due to its long term growth potential as well as its likely recovery from covid impacts to its parks and attractions.</p><p><b>Investment thesis</b></p><p>The investment theses for Disney are as follows:</p><ol><li>Disney+ will be doubling the number of markets it operates in globally and doubling the amount of original content it is releasing. Furthermore, the market is under-pricing the chance of Disney+ achieving its FY2024 targets, which in my view, is becoming much more achievable with the current roadmap.</li><li>Sports could be an interesting bright spot for Disney as ESPN could leverage on its huge scale to enter sports betting, which is what many of its ESPN consumers want.</li><li>Parks segment will see a strong recovery in FY2022 due to increasing domestic and international guests at its attractions as travel resumes and heads back towards pre-COVID times.</li></ol><p>Overview</p><p>When looking at Disney, it&#39;s important to note the revenue mix of the company. There are two main segments to Disney:</p><ol><li>Disney Media &amp; Entertainment Distribution (DMED) segment which makes up 75% of revenues in 2021. This segment was formed in 2020 as part of Disney&#39;s reorganisation of its media and entertainment business and as it focuses more on the segment. This segment includes streaming services,, linear and syndicated television networks. This includes the direct-to-consumer units like Disney+, Hotstar, ESPN, Hulu</li><li>Disney Parks, Experiences &amp; Products (DPEP) segment which makes up 25% of revenues in 2021. This is Disney&#39;s most iconic travel and leisure business which includes its 6 resort destinations in the United States, Europe and Asia, as well as its cruise line.</li></ol><p>However, the revenue mix in FY2020 and FY2021, in my opinion, is more skewed towards DMED segment due to the huge impact on DPEP segment as the COVID 19 pandemic struck in 2020 and the impacts continued to linger in 2021. Of course, there is also the trend of fast growing DMED segment due to the increasing penetration of Disney&#39;s DTC streaming services like Disney+</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/85405b7865b0cfd86dacf33622d3fdb2\" tg-width=\"640\" tg-height=\"184\" width=\"100%\" height=\"auto\"/><span>Revenue mix and growth of Disney (Disney Annual Reports)</span></p><p>When looking at the operating income mix, I think it is quite clear that the DPEP segment has not just seen a decline in revenues, but also margin reduction due to the low volumes in its parks and attractions. That said, at pre-COVID levels, the DPEP segment was one of the more profitable segments at around 27% operating margins. In my opinion, it is a matter of time before Disney&#39;s DPEP segment operating margins will normalise as customers return to its parks.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cde9d56416980fbbade8ae8f921bbbd\" tg-width=\"640\" tg-height=\"233\" width=\"100%\" height=\"auto\"/><span>Disney Operating Income Mix and Growth (Disney Annual Reports)</span></p><p><b>Disney+ is well positioned for the future</b></p><p>With net adds to Disney+ subs being 11.8 million in 1QFY22, this beat on consensus shows me that the market may perhaps be underpricing the probability of Disney+ achieving its long term 2024 target of achieving 230 million to 260 million subscribers.</p><p>Furthermore, what makes me more optimistic about Disney+ is the strong slate of marquee content coming in 2QF22 and beyond.</p><p>Overall, Disney is almost doubling the amount or original content from its marquee brands in Disney+ in FY2022, with most of these titles coming online in 2HFY22, particularly between July and September. In 2QF22, Pixar will release <i>Turning Red</i> (11 March) and Marvel releases <i>Moon Knight</i> (30 March).</p><p>More highly anticipated releases in 3QF22 and after will include 2 new Star Wars series <i>Andor</i> (To be announced) and <i>Obi-Wan Kenobi</i> (25 March), new Marvel series <i>Ms. Marvel</i> (To be announced) and <i>She-Hulk</i> (To be announced), a live-action <i>Pinocchio</i>(To be announced) starring Tom Hanks, and <i>Hocus Pocus 2</i> (FY2023).</p><p>Management reiterated that they have more than 340 local original titles in various stages of development and production for their DTC platforms over the next few years. Local content offerings are also increasing in Asia, India, Europe, and LatAm in FY2022, with the majority of those titles releasing in F2H22.</p><p>In my opinion, this will be a pivotal moment for Disney+ as 4QFY22 will be the first time in Disney+ history that the company will be releasing original content throughout the quarter from all of Disney, Marvel, Star Wars, Pixar, and Nat Geo.</p><p>Although there could be some risk of subs deceleration in 2QFY22 due to the back end weighted content in the second half of the year. That said, the focus should really be on 2HFY22 as, in my opinion, there could be meaningfully much higher net adds to subscriber base, partly due to content release schedule in 2HFY22, and also the international launches happening as Disney+ expands its reach globally.</p><p>In the 1QFY22 management call, management emphasised Disney+&#39;s expansion globally. In FY2022, the company plans on bringing Disney+ to more than 50 more countries. This includes countries in Central Eastern Europe, the Middle East, and South Africa.</p><p>In total, management has plans to more than double the number of markets Disney+ is in now from 80 currently to more than 160 markets by FY2023. I would expect that the initial impact of these planned market launches will be most evident in F3Q22. As such, I am of the opinion that we will continue to see quarter over quarter improvements in Disney+ net adds from 8 million net adds in 2QFY22, to 12 million net adds in 3QFY22.</p><p><b>Sports could be a future bright spot</b></p><p>In the November 10 2021 earnings call, Bob Chapek, CEO of Disney, said that the company will expand into sports betting through ESPN. Although this may not sound like anything new, this is the first time ESPN&#39;s parent company, Disney, acknowledged that sports betting will be beneficial to the parent company and will not affect Disney&#39;s brand. This sets a clear signal that the top management in Disney is giving the go ahead to go deeper and bigger into the world of sports betting.</p><p>In fact, sports betting has been something the company has been dipping its toes into. In 2020, ESPN got into an agreement with both Caesars Entertainment and DraftKings to link to their sportsbooks from</p><p>There were talks in August 2021 about ESPN, at that time, was in discussions to potentially explore a brand licensing deal with DraftKings or Caesars Entertainment for $3 billion.</p><p>Bob Chapek mentioned that the company wants to have a greater presence in online sports betting and can leverage on ESPN&#39;s reach and scale to partner with 3rd parties in the sports betting space.</p><p>In my opinion, this could help Disney create brand new revenue streams and bring growth to ESPN, especially as ESPN advertising revenues were flat in the 4th quarter of 2021 when compared to the same quarter a year before. However, its streaming service EPSN+ grew subscribers by 66% over the year and almost 90% of the most watched broadcasts on Disney&#39;s owned TV networks were sports events. Thus, I think that to leverage on this strength that Disney has would make lots of sense not just for ESPN, but for Disney as a whole.</p><p>In addition, the move to sports betting would also attract and retain a younger audience and keep the momentum growing for ESPN. Furthermore, it is noted by Chapel that the consumer wants to have sports betting and to meet the needs of the ESPN customers, Disney needs to move into sports betting or risk missing a great opportunity or even being irrelevant in the future.</p><p><b>Recovery of parks will bring huge revenue and operating income upside</b></p><p>In 1QFY22, the Parks segment saw a material beat in revenues and operating incomes which in my view is a sign that we could be seeing structurally stronger growth rates in revenue as well as operating margins normalisation as international parks and domestic parks fully open and as travel returns to pre-pandemic levels.</p><p>Although there were lower attendance than 2019, Parks revenue and operating income matched pre-pandemic levels due to the higher yield benefits with per cap spending up more than 40% compared to 1QFY19.</p><p>Furthermore, based on the latest results, trends in attendance at Disney&#39;s domestic parks have continued to increase as Walt Disney World and Disneyland 1QFY22 attendance was up double digits compared to that of 4QFY21. This was likely also reflecting the seasonality effects of the holiday season.</p><p>Moving forward, although there is likely to be continued impact from COVID in the form of volatility, Disney&#39;s domestic parks will likely see continued strong demand from domestic guests while international parks will likely see a surge in demand in the latter half of the year. This is due to the increased closures like that of Hong Kong Disneyland currently being temporarily closed.</p><p>For my longer term forecasts, I believe that we could see per caps spending sustain above pre-COVID levels and thus this will drive higher margins for the segment. Driven by huge volume and customer growth both from domestic and international guests, the recovery in Disney&#39;s Parks segment will be significant in FY2022.</p><p><b>Valuation</b></p><p>Based on above points mentioned, I developed a financial model for Disney to come up with a valuation using sum of the parts (SOTP) valuation of the different segments. Due to the currently unprofitable nature of DTC, this was forecasted using longer term DCF model for the DTC segment.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/592ec77a3e6703ec77a973ea2f37ec2d\" tg-width=\"640\" tg-height=\"267\" width=\"100%\" height=\"auto\"/><span>SOTP Valuation of Disney (Author generated model)</span></p><p>Based on the SOTP valuation, I derived a target price of $197, and there is a 43% upside potential for Disney based on current price levels.</p><p>Looking to relative valuation, when comparing Disney with Netflix (NFLX), one of Disney&#39;s competitors in the streaming services market, the forward P/E ratios of both companies are somewhat similar at about 31x to 32x 1 year forward P/E.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bba2de777172d857327f65f1635488c\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>However, as highlighted in earlier sections, Disney&#39;s growth is likely to be higher than that of Netflix due to the higher growth from DPEP segment as travel recovers, and also from DMED segment as Disney+ content releases bring in record numbers of net adds and subscribers. As can be seen below, although Disney&#39;s revenues plunged in 2020, its starting to show faster growth in 2021 as it continues to recover from the COVID situation.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b539d4941a78dc5366d8a9b95abaa13\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p><b>Risks</b></p><p><b>Competition</b></p><p>We are seeing increased competition in the streaming space. Although Disney has a strong franchise of brands in Disney+, competitors like Netflix, Apple TV (AAPL) and Amazon Prime Video (AMZN) could significantly increase content and marketing trend, competing for the same eyeballs for streaming services and thereby restricting Disney&#39;s subscriber and margin growth.</p><p><b>COVID related risks</b></p><p>As Disney&#39;s traditional travel and leisure Parks business is very susceptible to global travel and tourism trends, any increase in COVID related measures in any geographies that Disney&#39;s parks are operating in could result in slower than expected recovery.</p><p><b>Conclusion</b></p><p>All in all, there is a good risk reward investment opportunity for Disney at the current levels. With Parks segment set to see margin improvement to above pre-COVID levels as well as see traffic return, this will bring about a huge growth in revenues and profits from the profitable parks business. Furthermore, Disney continues to execute well in its streaming business, with 2HFY22 being a very exciting time for Disney+ as it rolls out to more markets and as it releases much more original marquee content that could reach a wide range of audiences. Based on SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels, which is an attractive investment opportunity in my view.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney: Awakening The Sleeping Giant</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\">\nDisney: Awakening The Sleeping Giant\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-19 08:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4496356-disney-attractive-investment-long-term-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDisney+ is on track to meeting its FY2024 targets and will be doubling the number of original content as well as the number of markets it's operating in.ESPN's huge scale could bring additional...</p>\n\n<a href=\"https://seekingalpha.com/article/4496356-disney-attractive-investment-long-term-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4108":"电影和娱乐","DIS":"迪士尼","BK4561":"索罗斯持仓","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4551":"寇图资本持仓","BK4524":"宅经济概念"},"source_url":"https://seekingalpha.com/article/4496356-disney-attractive-investment-long-term-growth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2220726035","content_text":"SummaryDisney+ is on track to meeting its FY2024 targets and will be doubling the number of original content as well as the number of markets it's operating in.ESPN's huge scale could bring additional huge growth opportunities in sports betting, which Disney has given the nod of approval for.Both domestic and international parks will see strong recovery as pent-up demand for travel brings traffic back to Disney's parks along with an improvement in margins.Based on an SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels.hapabapa/iStock Editorial via Getty ImagesWalt Disney (NYSE:DIS) is an attractive investment right now due to its long term growth potential as well as its likely recovery from covid impacts to its parks and attractions.Investment thesisThe investment theses for Disney are as follows:Disney+ will be doubling the number of markets it operates in globally and doubling the amount of original content it is releasing. Furthermore, the market is under-pricing the chance of Disney+ achieving its FY2024 targets, which in my view, is becoming much more achievable with the current roadmap.Sports could be an interesting bright spot for Disney as ESPN could leverage on its huge scale to enter sports betting, which is what many of its ESPN consumers want.Parks segment will see a strong recovery in FY2022 due to increasing domestic and international guests at its attractions as travel resumes and heads back towards pre-COVID times.OverviewWhen looking at Disney, it's important to note the revenue mix of the company. There are two main segments to Disney:Disney Media & Entertainment Distribution (DMED) segment which makes up 75% of revenues in 2021. This segment was formed in 2020 as part of Disney's reorganisation of its media and entertainment business and as it focuses more on the segment. This segment includes streaming services,, linear and syndicated television networks. This includes the direct-to-consumer units like Disney+, Hotstar, ESPN, HuluDisney Parks, Experiences & Products (DPEP) segment which makes up 25% of revenues in 2021. This is Disney's most iconic travel and leisure business which includes its 6 resort destinations in the United States, Europe and Asia, as well as its cruise line.However, the revenue mix in FY2020 and FY2021, in my opinion, is more skewed towards DMED segment due to the huge impact on DPEP segment as the COVID 19 pandemic struck in 2020 and the impacts continued to linger in 2021. Of course, there is also the trend of fast growing DMED segment due to the increasing penetration of Disney's DTC streaming services like Disney+Revenue mix and growth of Disney (Disney Annual Reports)When looking at the operating income mix, I think it is quite clear that the DPEP segment has not just seen a decline in revenues, but also margin reduction due to the low volumes in its parks and attractions. That said, at pre-COVID levels, the DPEP segment was one of the more profitable segments at around 27% operating margins. In my opinion, it is a matter of time before Disney's DPEP segment operating margins will normalise as customers return to its parks.Disney Operating Income Mix and Growth (Disney Annual Reports)Disney+ is well positioned for the futureWith net adds to Disney+ subs being 11.8 million in 1QFY22, this beat on consensus shows me that the market may perhaps be underpricing the probability of Disney+ achieving its long term 2024 target of achieving 230 million to 260 million subscribers.Furthermore, what makes me more optimistic about Disney+ is the strong slate of marquee content coming in 2QF22 and beyond.Overall, Disney is almost doubling the amount or original content from its marquee brands in Disney+ in FY2022, with most of these titles coming online in 2HFY22, particularly between July and September. In 2QF22, Pixar will release Turning Red (11 March) and Marvel releases Moon Knight (30 March).More highly anticipated releases in 3QF22 and after will include 2 new Star Wars series Andor (To be announced) and Obi-Wan Kenobi (25 March), new Marvel series Ms. Marvel (To be announced) and She-Hulk (To be announced), a live-action Pinocchio(To be announced) starring Tom Hanks, and Hocus Pocus 2 (FY2023).Management reiterated that they have more than 340 local original titles in various stages of development and production for their DTC platforms over the next few years. Local content offerings are also increasing in Asia, India, Europe, and LatAm in FY2022, with the majority of those titles releasing in F2H22.In my opinion, this will be a pivotal moment for Disney+ as 4QFY22 will be the first time in Disney+ history that the company will be releasing original content throughout the quarter from all of Disney, Marvel, Star Wars, Pixar, and Nat Geo.Although there could be some risk of subs deceleration in 2QFY22 due to the back end weighted content in the second half of the year. That said, the focus should really be on 2HFY22 as, in my opinion, there could be meaningfully much higher net adds to subscriber base, partly due to content release schedule in 2HFY22, and also the international launches happening as Disney+ expands its reach globally.In the 1QFY22 management call, management emphasised Disney+'s expansion globally. In FY2022, the company plans on bringing Disney+ to more than 50 more countries. This includes countries in Central Eastern Europe, the Middle East, and South Africa.In total, management has plans to more than double the number of markets Disney+ is in now from 80 currently to more than 160 markets by FY2023. I would expect that the initial impact of these planned market launches will be most evident in F3Q22. As such, I am of the opinion that we will continue to see quarter over quarter improvements in Disney+ net adds from 8 million net adds in 2QFY22, to 12 million net adds in 3QFY22.Sports could be a future bright spotIn the November 10 2021 earnings call, Bob Chapek, CEO of Disney, said that the company will expand into sports betting through ESPN. Although this may not sound like anything new, this is the first time ESPN's parent company, Disney, acknowledged that sports betting will be beneficial to the parent company and will not affect Disney's brand. This sets a clear signal that the top management in Disney is giving the go ahead to go deeper and bigger into the world of sports betting.In fact, sports betting has been something the company has been dipping its toes into. In 2020, ESPN got into an agreement with both Caesars Entertainment and DraftKings to link to their sportsbooks fromThere were talks in August 2021 about ESPN, at that time, was in discussions to potentially explore a brand licensing deal with DraftKings or Caesars Entertainment for $3 billion.Bob Chapek mentioned that the company wants to have a greater presence in online sports betting and can leverage on ESPN's reach and scale to partner with 3rd parties in the sports betting space.In my opinion, this could help Disney create brand new revenue streams and bring growth to ESPN, especially as ESPN advertising revenues were flat in the 4th quarter of 2021 when compared to the same quarter a year before. However, its streaming service EPSN+ grew subscribers by 66% over the year and almost 90% of the most watched broadcasts on Disney's owned TV networks were sports events. Thus, I think that to leverage on this strength that Disney has would make lots of sense not just for ESPN, but for Disney as a whole.In addition, the move to sports betting would also attract and retain a younger audience and keep the momentum growing for ESPN. Furthermore, it is noted by Chapel that the consumer wants to have sports betting and to meet the needs of the ESPN customers, Disney needs to move into sports betting or risk missing a great opportunity or even being irrelevant in the future.Recovery of parks will bring huge revenue and operating income upsideIn 1QFY22, the Parks segment saw a material beat in revenues and operating incomes which in my view is a sign that we could be seeing structurally stronger growth rates in revenue as well as operating margins normalisation as international parks and domestic parks fully open and as travel returns to pre-pandemic levels.Although there were lower attendance than 2019, Parks revenue and operating income matched pre-pandemic levels due to the higher yield benefits with per cap spending up more than 40% compared to 1QFY19.Furthermore, based on the latest results, trends in attendance at Disney's domestic parks have continued to increase as Walt Disney World and Disneyland 1QFY22 attendance was up double digits compared to that of 4QFY21. This was likely also reflecting the seasonality effects of the holiday season.Moving forward, although there is likely to be continued impact from COVID in the form of volatility, Disney's domestic parks will likely see continued strong demand from domestic guests while international parks will likely see a surge in demand in the latter half of the year. This is due to the increased closures like that of Hong Kong Disneyland currently being temporarily closed.For my longer term forecasts, I believe that we could see per caps spending sustain above pre-COVID levels and thus this will drive higher margins for the segment. Driven by huge volume and customer growth both from domestic and international guests, the recovery in Disney's Parks segment will be significant in FY2022.ValuationBased on above points mentioned, I developed a financial model for Disney to come up with a valuation using sum of the parts (SOTP) valuation of the different segments. Due to the currently unprofitable nature of DTC, this was forecasted using longer term DCF model for the DTC segment.SOTP Valuation of Disney (Author generated model)Based on the SOTP valuation, I derived a target price of $197, and there is a 43% upside potential for Disney based on current price levels.Looking to relative valuation, when comparing Disney with Netflix (NFLX), one of Disney's competitors in the streaming services market, the forward P/E ratios of both companies are somewhat similar at about 31x to 32x 1 year forward P/E.Data by YChartsHowever, as highlighted in earlier sections, Disney's growth is likely to be higher than that of Netflix due to the higher growth from DPEP segment as travel recovers, and also from DMED segment as Disney+ content releases bring in record numbers of net adds and subscribers. As can be seen below, although Disney's revenues plunged in 2020, its starting to show faster growth in 2021 as it continues to recover from the COVID situation.Data by YChartsRisksCompetitionWe are seeing increased competition in the streaming space. Although Disney has a strong franchise of brands in Disney+, competitors like Netflix, Apple TV (AAPL) and Amazon Prime Video (AMZN) could significantly increase content and marketing trend, competing for the same eyeballs for streaming services and thereby restricting Disney's subscriber and margin growth.COVID related risksAs Disney's traditional travel and leisure Parks business is very susceptible to global travel and tourism trends, any increase in COVID related measures in any geographies that Disney's parks are operating in could result in slower than expected recovery.ConclusionAll in all, there is a good risk reward investment opportunity for Disney at the current levels. With Parks segment set to see margin improvement to above pre-COVID levels as well as see traffic return, this will bring about a huge growth in revenues and profits from the profitable parks business. Furthermore, Disney continues to execute well in its streaming business, with 2HFY22 being a very exciting time for Disney+ as it rolls out to more markets and as it releases much more original marquee content that could reach a wide range of audiences. Based on SOTP valuation, my target price for Disney is $197, implying 43% upside from current levels, which is an attractive investment opportunity in my view.","news_type":1},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9092893214,"gmtCreate":1644575151076,"gmtModify":1676533942555,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"true","listText":"true","text":"true","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092893214","repostId":"2210765594","repostType":4,"repost":{"id":"2210765594","kind":"highlight","pubTimestamp":1644573013,"share":"https://ttm.financial/m/news/2210765594?lang=&edition=fundamental","pubTime":"2022-02-11 17:50","market":"us","language":"en","title":"Should You Really Be Investing in the Stock Market Right Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2210765594","media":"Motley Fool","summary":"Consistency wins over time.","content":"<html><head></head><body><p>In January 2022, the stock market experienced one of its worst months in years. The <b>S&amp;P 500</b> -- an index that tracks the largest 500 U.S. companies -- declined more than 5%, making it its worst month since the COVID-19 pandemic began in March 2020. The Nasdaq Composite -- an index that includes all stocks listed on the Nasdaq stock exchange -- saw roughly a 9% decline.</p><p>The negative market activity has left some wondering if they should be investing right now. Simply answered: Yes.</p><h2>Think of market dips as discounts</h2><p>One of the only things certain in stock investing is volatility. It has historically been true, and there&#39;s no reason to believe it&#39;ll change in the future. If you&#39;re investing for the future and believe in the long-term potential of the companies you&#39;re investing in, the short-term price movements shouldn&#39;t concern you too much. If anything, you can view these downturns as discounts.</p><p>If you were willing to invest in a company or fund at $200 per share and the price drops to $180, you shouldn&#39;t be discouraged; you should consider this as a chance to lower your cost basis and get a bigger share if you so choose. If you buy 10 shares of a company at $200 per share, your cost basis is $200 per share. If the price drops to $180 and you buy 10 more, your cost basis is now $190 per share. That means if the price rises to $200 again, you&#39;ll have $200 in unrealized gains.</p><h2>Focus on your long-term goals</h2><p>One of the main reasons to invest is to make sure you&#39;re financially comfortable and able to live how you wish to in retirement. You likely won&#39;t be able to accomplish this if you&#39;re sporadically investing whenever you feel like the market is &#34;good.&#34; Instead, you&#39;ll want to be making consistent investments over time, regardless of the market conditions at the time.</p><p>If you have a 401(k) plan, short of you stopping contributions totally, they&#39;ll continue to go into your account. If the market is bad, contributions still happen; if the market is good, contributions still happen. No matter the market conditions, you&#39;ll continue to invest -- that&#39;s how dollar-cost averaging works, and it&#39;s a strategy you should strongly consider.</p><p>There are two primary ways to get paid from a stock: an increase in the share price and dividend payouts. The first one is the obvious way, but many people underestimate the power of dividends.</p><p>Take <b>AT&amp;T</b>, for example. On Jan. 4, 2021, AT&amp;T&#39;s stock closed at $29.44, and on Jan. 3, 2022, it closed at $25.43. Although the price decreased by $4.01 during that span, you earned $2.08 in dividends per share if you were a shareholder. Obviously, the $2.08 gained is less than the $4.01 lost, but if you&#39;re a long-term investor, you should be less concerned with the current stock price than the income you earned just by holding the stock.</p><h2>Believe in time</h2><p>If you&#39;re investing in blue chip companies -- which are well-established companies with a history of being great investments even in bear markets -- you can have faith that their business should weather whatever storm the market is going through.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Should You Really Be Investing in the Stock Market Right Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShould You Really Be Investing in the Stock Market Right Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-11 17:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/02/10/should-you-really-be-investing-in-the-stock-market/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In January 2022, the stock market experienced one of its worst months in years. The S&P 500 -- an index that tracks the largest 500 U.S. companies -- declined more than 5%, making it its worst month ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/02/10/should-you-really-be-investing-in-the-stock-market/\">Web Link</a>\n\n</div>\n\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":"https://www.fool.com/investing/2022/02/10/should-you-really-be-investing-in-the-stock-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2210765594","content_text":"In January 2022, the stock market experienced one of its worst months in years. The S&P 500 -- an index that tracks the largest 500 U.S. companies -- declined more than 5%, making it its worst month since the COVID-19 pandemic began in March 2020. The Nasdaq Composite -- an index that includes all stocks listed on the Nasdaq stock exchange -- saw roughly a 9% decline.The negative market activity has left some wondering if they should be investing right now. Simply answered: Yes.Think of market dips as discountsOne of the only things certain in stock investing is volatility. It has historically been true, and there's no reason to believe it'll change in the future. If you're investing for the future and believe in the long-term potential of the companies you're investing in, the short-term price movements shouldn't concern you too much. If anything, you can view these downturns as discounts.If you were willing to invest in a company or fund at $200 per share and the price drops to $180, you shouldn't be discouraged; you should consider this as a chance to lower your cost basis and get a bigger share if you so choose. If you buy 10 shares of a company at $200 per share, your cost basis is $200 per share. If the price drops to $180 and you buy 10 more, your cost basis is now $190 per share. That means if the price rises to $200 again, you'll have $200 in unrealized gains.Focus on your long-term goalsOne of the main reasons to invest is to make sure you're financially comfortable and able to live how you wish to in retirement. You likely won't be able to accomplish this if you're sporadically investing whenever you feel like the market is \"good.\" Instead, you'll want to be making consistent investments over time, regardless of the market conditions at the time.If you have a 401(k) plan, short of you stopping contributions totally, they'll continue to go into your account. If the market is bad, contributions still happen; if the market is good, contributions still happen. No matter the market conditions, you'll continue to invest -- that's how dollar-cost averaging works, and it's a strategy you should strongly consider.There are two primary ways to get paid from a stock: an increase in the share price and dividend payouts. The first one is the obvious way, but many people underestimate the power of dividends.Take AT&T, for example. On Jan. 4, 2021, AT&T's stock closed at $29.44, and on Jan. 3, 2022, it closed at $25.43. Although the price decreased by $4.01 during that span, you earned $2.08 in dividends per share if you were a shareholder. Obviously, the $2.08 gained is less than the $4.01 lost, but if you're a long-term investor, you should be less concerned with the current stock price than the income you earned just by holding the stock.Believe in timeIf you're investing in blue chip companies -- which are well-established companies with a history of being great investments even in bear markets -- you can have faith that their business should weather whatever storm the market is going through.","news_type":1},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9092899586,"gmtCreate":1644574978843,"gmtModify":1676533942523,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092899586","repostId":"2210548028","repostType":4,"repost":{"id":"2210548028","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1644570454,"share":"https://ttm.financial/m/news/2210548028?lang=&edition=fundamental","pubTime":"2022-02-11 17:07","market":"us","language":"en","title":"5 Stocks To Watch For February 11, 2022","url":"https://stock-news.laohu8.com/highlight/detail?id=2210548028","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:","content":"<html><head></head><body><p>Some of the stocks that may grab investor focus today are:</p><ul><li>Wall Street expects <b> The Goodyear Tire &amp; Rubber Company </b> (NASDAQ:GT) to report quarterly earnings at $0.32 per share on revenue of $4.96 billion before the opening bell. Goodyear Tire shares rose 2.9% to $22.37 in after-hours trading.</li><li><b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a> Group, Inc. </b> (NASDAQ:EXPE) reported better-than-expected earnings for its fourth quarter on Thursday. Expedia shares surged 5.3% to $208.01 in the after-hours trading session.</li><li>Analysts are expecting <b> Under Armour, Inc. </b> (NYSE:UAA) to have earned $0.07 per share on revenue of $1.47 billion for the latest quarter. The company will release earnings before the markets open. Under Armour shares gained 3.7% to $20.75 in after-hours trading.</li></ul><ul><li><b><a href=\"https://laohu8.com/S/ILMN\">Illumina</a>, Inc.</b> (NASDAQ:ILMN) reported better-than-expected results for its fourth quarter. The company, however, said it sees FY22 adjusted EPS of $4 to $4.20 per share, versus analysts’ estimates of $4.20. Illumina shares fell 0.9% to $355.00 in the after-hours trading session.</li><li>Analysts expect <b> Genpact Limited </b> (NYSE:G) to report quarterly earnings at $0.46 per share on revenue of $911.92 million before the opening bell. Genpact shares dropped 2.8% to close at $48.35 on Thursday.</li></ul></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Stocks To Watch For February 11, 2022</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\">\n5 Stocks To Watch For February 11, 2022\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-02-11 17:07</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Some of the stocks that may grab investor focus today are:</p><ul><li>Wall Street expects <b> The Goodyear Tire &amp; Rubber Company </b> (NASDAQ:GT) to report quarterly earnings at $0.32 per share on revenue of $4.96 billion before the opening bell. Goodyear Tire shares rose 2.9% to $22.37 in after-hours trading.</li><li><b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a> Group, Inc. </b> (NASDAQ:EXPE) reported better-than-expected earnings for its fourth quarter on Thursday. Expedia shares surged 5.3% to $208.01 in the after-hours trading session.</li><li>Analysts are expecting <b> Under Armour, Inc. </b> (NYSE:UAA) to have earned $0.07 per share on revenue of $1.47 billion for the latest quarter. The company will release earnings before the markets open. Under Armour shares gained 3.7% to $20.75 in after-hours trading.</li></ul><ul><li><b><a href=\"https://laohu8.com/S/ILMN\">Illumina</a>, Inc.</b> (NASDAQ:ILMN) reported better-than-expected results for its fourth quarter. The company, however, said it sees FY22 adjusted EPS of $4 to $4.20 per share, versus analysts’ estimates of $4.20. Illumina shares fell 0.9% to $355.00 in the after-hours trading session.</li><li>Analysts expect <b> Genpact Limited </b> (NYSE:G) to report quarterly earnings at $0.46 per share on revenue of $911.92 million before the opening bell. Genpact shares dropped 2.8% to close at $48.35 on Thursday.</li></ul></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4202":"服装、服饰与奢侈品","BK4535":"淡马锡持仓","ILMN":"Illumina","BK4121":"生命科学工具和服务","EXPE":"Expedia","G":"简伯特","UAA":"安德玛公司A类股","BK4534":"瑞士信贷持仓","BK4523":"印度概念","BK4119":"轮胎与橡胶","GT":"固特异轮胎橡胶公司","BK4142":"酒店、度假村与豪华游轮"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2210548028","content_text":"Some of the stocks that may grab investor focus today are:Wall Street expects  The Goodyear Tire & Rubber Company  (NASDAQ:GT) to report quarterly earnings at $0.32 per share on revenue of $4.96 billion before the opening bell. Goodyear Tire shares rose 2.9% to $22.37 in after-hours trading.Expedia Group, Inc.  (NASDAQ:EXPE) reported better-than-expected earnings for its fourth quarter on Thursday. Expedia shares surged 5.3% to $208.01 in the after-hours trading session.Analysts are expecting  Under Armour, Inc.  (NYSE:UAA) to have earned $0.07 per share on revenue of $1.47 billion for the latest quarter. The company will release earnings before the markets open. Under Armour shares gained 3.7% to $20.75 in after-hours trading.Illumina, Inc. (NASDAQ:ILMN) reported better-than-expected results for its fourth quarter. The company, however, said it sees FY22 adjusted EPS of $4 to $4.20 per share, versus analysts’ estimates of $4.20. Illumina shares fell 0.9% to $355.00 in the after-hours trading session.Analysts expect  Genpact Limited  (NYSE:G) to report quarterly earnings at $0.46 per share on revenue of $911.92 million before the opening bell. Genpact shares dropped 2.8% to close at $48.35 on Thursday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037642330,"gmtCreate":1648100351500,"gmtModify":1676534304391,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"aapl up","listText":"aapl up","text":"aapl up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037642330","repostId":"1175764211","repostType":4,"isVote":1,"tweetType":1,"viewCount":905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039914041,"gmtCreate":1645881881723,"gmtModify":1676534072205,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"love the line on being a business picker and not a stock picker","listText":"love the line on being a business picker and not a stock picker","text":"love the line on being a business picker and not a stock picker","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039914041","repostId":"1125580913","repostType":2,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095641257,"gmtCreate":1644908734295,"gmtModify":1676533974665,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"anything can be&nbsp;overvalued depending on who u ask :)&nbsp;","listText":"anything can be&nbsp;overvalued depending on who u ask :)&nbsp;","text":"anything can be overvalued depending on who u ask :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095641257","repostId":"1167965219","repostType":2,"repost":{"id":"1167965219","kind":"news","pubTimestamp":1644891156,"share":"https://ttm.financial/m/news/1167965219?lang=&edition=fundamental","pubTime":"2022-02-15 10:12","market":"us","language":"en","title":"Nvidia's Shares Face A Steep Drop Following Results","url":"https://stock-news.laohu8.com/highlight/detail?id=1167965219","media":"Seeking Alpha","summary":"SummaryNvidia's stock is still very overvalued, trading at a steep price-to-sales multiple.It will t","content":"<html><head></head><body><p>Summary</p><ul><li>Nvidia&#39;s stock is still very overvalued, trading at a steep price-to-sales multiple.</li><li>It will take a beat and raise a quarter of significance to boost the share price.</li><li>An options trader is betting shares trade sub $230 between now and the middle of March.</li></ul><p>Nvidia (NVDA) will report results on Wednesday after the close of trading. Analysts currently estimate that the company&#39;s fiscal fourth quarter 2022 earnings rose by 57.7% to $1.22 per share and are potentially as high as $1.25. Meanwhile, revenue is estimated to have grown 48.3% to $7.4 billion and could be as high as $7.6 billion. Gross margins are estimated at 67% and could be as high as 68%. Nvidia regularly beats estimates, so a beat is not surprising. The company will probably need to beat the high end of the range to move the stock up.</p><p>Nvidia is also a company that guides above street estimates. Currently, revenue is estimated at $7.28 billion and is seen as high as $7.6 billion. Gross margins are estimated at 67% and as high as 68.3%. A miss on estimates, whether it be on results or guidance, would be a devastating blow to the stock. Like the results themselves, guidance may need to exceed the high end of the range to satisfy investors mood given how expensive this stock is versus its historical trends to get shares moving higher again.</p><p>Nvidia Is Overvalued on Historical Basis</p><p>From 2017 until the end of 2019, Nvidia typically averaged a one-year forward price to sales multiple of nine, which peaked around 12-13 times sales. However, since the pandemic, the average has risen to 12, and the stock is now trading at 19 times 1-yr forward sales. At this point, the shares are trading at nearly double their pre-COVID historical average.</p><p><img src=\"https://static.tigerbbs.com/2637f9011e57c72553aeda7d80565659\" tg-width=\"640\" tg-height=\"476\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Datastream/ Mott Capital</p><p>Today Nvidia&#39;s revenue growth rate is not expected to be any faster than in 2018 and 2019, when it traded for between 10 and 12 times sales estimates. The question remains whether Nvidia&#39;s deal for ARM was the reason why Nvidia shares have seen so much multiple expansion, and if so, how much did the expectation of an ARM deal act as a growth accelerant, helping to push the multiple up. Because an ARM deal would have added to revenue projections in the future, ultimately making the revenue growth rate higher, even if for just a year.</p><p><img src=\"https://static.tigerbbs.com/f76db14d83cadb4ea28249e708a1023b\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Datastream/ Mott Capital</p><p>If Nvidia fell back to its historic multiple, it would significantly drop the stock and greatly reduce the market cap. The market cap would drop to $386.1 billion, assuming a price to sales multiple of 12.2, a decline of about 35% from its current market cap of $598.7 billion. If it were to return to the historical average, not including the COVID bubble, the valuation would drop by 52.5% to $284.4 billion, using a multiple of 9. Yes, multiple expansion can significantly over-inflate a stock&#39;s value. Multiple compression would have nothing to do with future growth path either.</p><p>It&#39;s also possible to consider that Nvidia&#39;s future today is not all that different from where it stood in 2019 when the company was seeing data center sales ramp up along with solid gaming sales, and yes, even crypto-mining. Although all of this may seem like a new idea to some newer investors, and maybe they think they discovered something no one else did, they haven&#39;t. All of this growth potential was present as far back as 2018. One thing that may have changed is that the growth expectation of 2019 that was supposed to have occurred 3 to 5 years down the road got pulled forward. It could be one reason why Nvidia was eager to buy ARM, to help offset the organic sales slowdown from the pull forward of growth while taking advantage of its elevated stock price as currency.</p><p>Betting NVDA Shares Trade Below $230</p><p>It could even be why a trader is betting that Nvidia&#39;s stock falls in the weeks following the results. There has been a significant increase in the open interest of the March 18 $250 calls and puts. On February 14, the open interest for the calls increased by around 7,800 contracts, while the puts saw their open interest rise by more than 7,100 contracts. The data shows a bearish put favored spread was created with the trader buying the puts for around $20 while selling the calls for between $17 and $19.50 per contract. The trader expects the stock to stay below $230 by the middle of March to earn a profit. The further the stock falls below $230, the greater the profit. Meanwhile, the calls would expire at $0 since the shares stayed below $250.</p><p>Technical Weakness</p><p>The technical chart suggests this is highly possible, as the stock is trending lower in a channel. There is support at $230, but once that level breaks, the next support level doesn&#39;t come until $207, a region that has already been tested one time just over the last month. Additionally, the relative strength is trending lower, suggesting momentum in this stock is very bearish and not oversold.</p><p><img src=\"https://static.tigerbbs.com/89fbe13ef40ade52549cce694e281ee1\" tg-width=\"640\" tg-height=\"423\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>TradingView</p><p>Look, this isn&#39;t to say that Nvidia is a lousy company or has no growth prospects. It has a very positive future, but this stock is currently highly overvalued and has seen a tremendous amount of multiple expansion. While this company can undoubtedly continue to grow and even beat and raise forecasts, it may not deliver fast enough growth to satisfy the multiple the market has awarded it with because the macro backdrop is going from a period of multiple expansion to multiple contraction as interest rates rise. If this company reports a stellar quarter and gives better than expected guidance and the shares still drop, it will be a big tell about the multiple being too high.</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>Nvidia's Shares Face A Steep Drop Following Results</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\">\nNvidia's Shares Face A Steep Drop Following Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-15 10:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4486815-nvidias-shares-may-faces-a-steep-drop-following-results><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryNvidia's stock is still very overvalued, trading at a steep price-to-sales multiple.It will take a beat and raise a quarter of significance to boost the share price.An options trader is betting...</p>\n\n<a href=\"https://seekingalpha.com/article/4486815-nvidias-shares-may-faces-a-steep-drop-following-results\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4486815-nvidias-shares-may-faces-a-steep-drop-following-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167965219","content_text":"SummaryNvidia's stock is still very overvalued, trading at a steep price-to-sales multiple.It will take a beat and raise a quarter of significance to boost the share price.An options trader is betting shares trade sub $230 between now and the middle of March.Nvidia (NVDA) will report results on Wednesday after the close of trading. Analysts currently estimate that the company's fiscal fourth quarter 2022 earnings rose by 57.7% to $1.22 per share and are potentially as high as $1.25. Meanwhile, revenue is estimated to have grown 48.3% to $7.4 billion and could be as high as $7.6 billion. Gross margins are estimated at 67% and could be as high as 68%. Nvidia regularly beats estimates, so a beat is not surprising. The company will probably need to beat the high end of the range to move the stock up.Nvidia is also a company that guides above street estimates. Currently, revenue is estimated at $7.28 billion and is seen as high as $7.6 billion. Gross margins are estimated at 67% and as high as 68.3%. A miss on estimates, whether it be on results or guidance, would be a devastating blow to the stock. Like the results themselves, guidance may need to exceed the high end of the range to satisfy investors mood given how expensive this stock is versus its historical trends to get shares moving higher again.Nvidia Is Overvalued on Historical BasisFrom 2017 until the end of 2019, Nvidia typically averaged a one-year forward price to sales multiple of nine, which peaked around 12-13 times sales. However, since the pandemic, the average has risen to 12, and the stock is now trading at 19 times 1-yr forward sales. At this point, the shares are trading at nearly double their pre-COVID historical average.Datastream/ Mott CapitalToday Nvidia's revenue growth rate is not expected to be any faster than in 2018 and 2019, when it traded for between 10 and 12 times sales estimates. The question remains whether Nvidia's deal for ARM was the reason why Nvidia shares have seen so much multiple expansion, and if so, how much did the expectation of an ARM deal act as a growth accelerant, helping to push the multiple up. Because an ARM deal would have added to revenue projections in the future, ultimately making the revenue growth rate higher, even if for just a year.Datastream/ Mott CapitalIf Nvidia fell back to its historic multiple, it would significantly drop the stock and greatly reduce the market cap. The market cap would drop to $386.1 billion, assuming a price to sales multiple of 12.2, a decline of about 35% from its current market cap of $598.7 billion. If it were to return to the historical average, not including the COVID bubble, the valuation would drop by 52.5% to $284.4 billion, using a multiple of 9. Yes, multiple expansion can significantly over-inflate a stock's value. Multiple compression would have nothing to do with future growth path either.It's also possible to consider that Nvidia's future today is not all that different from where it stood in 2019 when the company was seeing data center sales ramp up along with solid gaming sales, and yes, even crypto-mining. Although all of this may seem like a new idea to some newer investors, and maybe they think they discovered something no one else did, they haven't. All of this growth potential was present as far back as 2018. One thing that may have changed is that the growth expectation of 2019 that was supposed to have occurred 3 to 5 years down the road got pulled forward. It could be one reason why Nvidia was eager to buy ARM, to help offset the organic sales slowdown from the pull forward of growth while taking advantage of its elevated stock price as currency.Betting NVDA Shares Trade Below $230It could even be why a trader is betting that Nvidia's stock falls in the weeks following the results. There has been a significant increase in the open interest of the March 18 $250 calls and puts. On February 14, the open interest for the calls increased by around 7,800 contracts, while the puts saw their open interest rise by more than 7,100 contracts. The data shows a bearish put favored spread was created with the trader buying the puts for around $20 while selling the calls for between $17 and $19.50 per contract. The trader expects the stock to stay below $230 by the middle of March to earn a profit. The further the stock falls below $230, the greater the profit. Meanwhile, the calls would expire at $0 since the shares stayed below $250.Technical WeaknessThe technical chart suggests this is highly possible, as the stock is trending lower in a channel. There is support at $230, but once that level breaks, the next support level doesn't come until $207, a region that has already been tested one time just over the last month. Additionally, the relative strength is trending lower, suggesting momentum in this stock is very bearish and not oversold.TradingViewLook, this isn't to say that Nvidia is a lousy company or has no growth prospects. It has a very positive future, but this stock is currently highly overvalued and has seen a tremendous amount of multiple expansion. While this company can undoubtedly continue to grow and even beat and raise forecasts, it may not deliver fast enough growth to satisfy the multiple the market has awarded it with because the macro backdrop is going from a period of multiple expansion to multiple contraction as interest rates rise. If this company reports a stellar quarter and gives better than expected guidance and the shares still drop, it will be a big tell about the multiple being too high.","news_type":1},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038384778,"gmtCreate":1646744602176,"gmtModify":1676534157169,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038384778","repostId":"1172062259","repostType":4,"repost":{"id":"1172062259","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646739438,"share":"https://ttm.financial/m/news/1172062259?lang=&edition=fundamental","pubTime":"2022-03-08 19:37","market":"us","language":"en","title":"Mandiant Slipped 3% as Google Announces Intent to Acquire It for $5.4 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1172062259","media":"Tiger Newspress","summary":"Mandiant slipped 3% as Google announces intent to acquire it.Google said on Tuesday it would acquire","content":"<html><head></head><body><p>Mandiant slipped 3% as Google announces intent to acquire it.</p><p>Google said on Tuesday it would acquire cybersecurity firm Mandiant in a deal valued at about $5.4 billion, as demand for its cloud business skyrockets.<img src=\"https://static.tigerbbs.com/3b32675fb9a3bb5590db3d7716b30ff2\" tg-width=\"1160\" tg-height=\"922\" referrerpolicy=\"no-referrer\"/></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>Mandiant Slipped 3% as Google Announces Intent to Acquire It for $5.4 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMandiant Slipped 3% as Google Announces Intent to Acquire It for $5.4 billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-03-08 19:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Mandiant slipped 3% as Google announces intent to acquire it.</p><p>Google said on Tuesday it would acquire cybersecurity firm Mandiant in a deal valued at about $5.4 billion, as demand for its cloud business skyrockets.<img src=\"https://static.tigerbbs.com/3b32675fb9a3bb5590db3d7716b30ff2\" tg-width=\"1160\" tg-height=\"922\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","MNDT":"Mandiant"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172062259","content_text":"Mandiant slipped 3% as Google announces intent to acquire it.Google said on Tuesday it would acquire cybersecurity firm Mandiant in a deal valued at about $5.4 billion, as demand for its cloud business skyrockets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095961817,"gmtCreate":1644802287548,"gmtModify":1676533963067,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"lowering my target price all across","listText":"lowering my target price all across","text":"lowering my target price all across","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095961817","repostId":"2211209385","repostType":4,"repost":{"id":"2211209385","kind":"news","pubTimestamp":1644793624,"share":"https://ttm.financial/m/news/2211209385?lang=&edition=fundamental","pubTime":"2022-02-14 07:07","market":"us","language":"en","title":"Russia-Ukraine Tensions, Retail Sales, Walmart Earnings: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2211209385","media":"Yahoo Finance","summary":"Choppiness in U.S. stocks is expected to persist this week as investors grapple with the prospect of","content":"<html><head></head><body><p>Choppiness in U.S. stocks is expected to persist this week as investors grapple with the prospect of swifter monetary tightening and escalating geopolitical tensions between Russia and Ukraine. And a new read on retail sales will be released Wednesday giving investors more insights into consumer spending.</p><p>Concerns over military action by the Kremlin have created a new headwind for investors, particularly after the White House warned on Friday that a possible invasion of Ukraine by Russia could come within days. The statement dealt a fresh blow to markets.</p><p>“The Russia-Ukraine tensions have hovered over already shaky investor sentiment,” Comerica Wealth Management Chief Investment Officer John Lynch said in a note. “Investors have been counting on a diplomatic resolution, but recent developments indicate this may be wishful thinking and therefore, not fully priced into the markets.”</p><p>The geopolitical tensions add to the uncertainty around central bank policy that has dominated market sentiment in recent months. Friday’s warning by the Biden administration weighed on stocks and sent oil prices soaring to a seven-year high.</p><p>“By pushing energy prices even higher, a Russian invasion would likely exacerbate inflation and redouble pressure on the Fed to raise interest rates,” Comerica Bank Chief Economist Bill Adams said in a note. “From the Fed’s perspective, the inflationary effects of a Russian invasion and higher energy prices would likely outweigh the shock’s negative implications for global growth.”</p><p>The Fed is already under pressure to act on the fastest increase in prices in 40 years. Wall Street was rattled last week by a highly-anticipated fresh print on the Labor Department’s Consumer Price Index (CPI), which notched a steeper-than-expected 7.5% increase over the year ended January to mark the largest annual jump since 1982. The surge heightened calls for the Federal Reserve to intervene more aggressively than anticipated to rein in soaring price levels, even raising the possibility of an emergency hike before the bank’s next policy meeting in March.</p><p>“As the inflation fire burns even hotter, the Federal Reserve will have to bring an even bigger firehose to put it out,” FWDBONDS Chief Economist Chris Rupkey said in a note.</p><p>Worries over above-estimated inflation have raised questions about whether or not the central bank might deliver on a 50 basis point move in mid-March. The Fed has not executed a “double” rate increase in a single policy decision since May 2000.</p><p>Fed watchers including Goldman Sachs and Deutsche Bank had ramped up their calls on how many times policymakers will increase rates. Goldman now sees the Federal Reserve hiking short-term borrowing costs seven times this year rather than the five it had expected earlier, while Deutsche Bank projects a 50 basis point rate hike in March and five more 25 basis point increases in the year.</p><p>CME Group&#39;s FedWatch tool showed investors were pricing in a 99% chance Fed policymakers will raise rates by 50 basis points in March as of Friday, a jump of 24% from the probability reflected two days earlier.</p><p>Some experts say the projections are greatly exaggerated.</p><p>“Even with elevated levels of inflation, we expect the Federal Reserve to tighten less than the market expects in 2022,” Treasury Partners Chief Investment Officer Richard Saperstein said in a note.</p><p>“We do not expect the Federal Reserve to announce rate hikes at every meeting and such extreme tightening scenarios suggest that we’re currently witnessing peak Fed mania,” he wrote, adding a moderate tightening process through a combination of rate hikes and the implementation of quantitative tightening starting this summer were likely.</p><p>On the geopolitical front, LPL Financial’s Ryan Detrick also appeared to temper the notion that a move by Russia into Ukraine would crash the stock market, pointing out that, historically, the great majority of geopolitical events going back to World War II did not put much of a dent in equities and losses were typically recovered quickly.</p><p><img src=\"https://static.tigerbbs.com/874e40dd031fe2fadf0415f24e036dcc\" tg-width=\"5500\" tg-height=\"3667\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>U.S. President Joe Biden holds virtual talks with Russia&#39;s President Vladimir Putin amid Western fears that Moscow plans to attack Ukraine, as Secretary of State Antony Blinken listens with other officials during a secure video call from the Situation Room at the White House in Washington, U.S., December 7, 2021. The White House/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY TPX IMAGES OF THE DAYHandout . / reuters</p><p>“You can’t minimize what today’s news could mean on that part of the world and the people impacted, but from an investment point of view we need to remember that major geopolitical events historically haven’t moved stocks much,” Detrick said.</p><p>As an example, Detrick cited <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the best six-month runs in U.S. stocks ever following the assassination of President John F. Kennedy in November 1963.</p><p>“The truth is a solid economy can make up for a lot of sins,” Detrick added.</p><p><img src=\"https://static.tigerbbs.com/4e7861525c30cb94872b9893fdecc17e\" tg-width=\"1631\" tg-height=\"1130\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The great majority of geopolitical events going back to World War II didn’t put much of a dent in stocks, with any losses made up quite quickly, according to Ryan Detrick, hief Market Strategist for LPL Financial.LPL Financial,</p><h2><b>Retail sales</b></h2><p>Consensus economists are expecting to see retail sales, released by the U.S. Census Bureau, rise by 2% in January compared to December&#39;s decrease of 1.9%, but sales excluding autos, gasoline, building materials and food services is expected to rise at a softer 0.8%, according to Bloomberg data. This would compare to December&#39;s decline of 2.3%.</p><p>&#34;The mom [month-over-month] gain in retail ex auto was negatively impacted by restaurants and gas spending, which were down 1.7% and 3.8% mom, respectively. As a result, the core control group, which nets out auto, gas, building and restaurants showed a strong 1.9% mom gain,&#34; said BofA Securities in a research note last week. &#34;Keep in mind that the Census retail sales report does not capture services spending other than restaurants spending so the impact on Census Bureau data from the Omicron distortions will be fairly muted.&#34;</p><p>Although earnings season is slowly winding down, another docket of corporate results remains underway for investors to weigh against monetary and geopolitical conditions this week.</p><p>Retail giant Walmart (WMT) will report fiscal fourth quarter 2021 earnings Thursday before the bell which will provide a fresh look into supply-chain issues as well as consumer spending. Walmart is expected to report adjusted earnings of $1.50 per share on revenue of $151.51 billion for the quarter, according to Bloomberg consensus. U.S. same-store sales is expected to increase 6.1%, ahead of guidance of 5%, for the holiday shopping quarter, according to Bloomberg.</p><p>&#34;We believe WMT&#39;s core business remained strong in F4Q following a strong F3Q (US comps were +9.2%, with transactions +5.7%), and given strong inventory positioning (supported by more favorable port access, long-term container shipping agreements and chartered vessel capacity) that likely supported share gains vs. smaller competitors this holiday.&#34; said BofA Securities in a research note on Feb. 10.</p><p>Other big-name companies to report earnings through Friday include ViacomCBS (VIAC), Airbnb (ABNB), Cisco Systems (CSCO), and Roku (ROKU).</p><p>On Capitol Hill, the fate of Federal Reserve Chairman Jerome Powell and a lineup of central bank nominees including Fed governor and vice chair pick Lael Brainard will be in focus as the Senate Banking Committee readies to hold a series of confirmation votes this week.</p><h2><b>Economic calendar</b></h2><ul><li><p><b>Monday:</b> <i>No notable reports scheduled for release</i></p></li><li><p><b>Tuesday:</b> Producer Price Index (PPI) final demand, month-over-month, January (0.5% expected, 0.2% in December, upwardly revised to 0.3%); PPI excluding food and energy, month-over-month, January (0.4% expected, 0.5% in December); PPI excluding food, energy, and trade, month-over-month, January (0.4% expected, 0.4% in December, downwardly revised to 0.3%); PPI year-over-year, January (9.0% expected, 9.7% in December); PPI, year-over-year, January (7.8% expected, 8.3% in December); PPI excluding food and energy, year-over-year, January (6.3% expected, 6.9% in December); PPI excluding food, energy, and trade, year-over-year, January (6.3% expected, 6.9% in December); Empire Manufacturing, February (11.0 expected, -0.7 during prior month); Net Long-Term TIC Outflows, December ($137.4 billion during prior month); Total Net TIC Outflows, December ($223.9 billion during prior month)</p></li><li><p><b>Wednesday:</b> MBA Mortgage Applications, week ended Feb. 11 (-8.1% during prior week); Retail Sales Advance, month-over-month, January (2.0% expected, -1.9% in December); Retail Sales excluding autos, month-over-month, January (0.8% expected, -2.3% in December); Retail Sales excluding autos and gas, month-over-month, January (1.0% expected, -2.5% in December); Import Price Index, month-over-month, January (1.3% expected, -0.2% in December); Import Price Index excluding petroleum, month-over-month, January (0.4% expected, 0.3% in December); Import Price Endex, year-over-year, January (9.8% expected, 10.4% in December); Export Price Index, month-over-month, January (1.3% expected, -1.8% in December); Export Price Index, year-over-year, January (14.7% in December); Industrial Production, month-over-month, January (0.4% expected, -0.1% in December); Capacity Utilization, January (76.8% expected, 76.5% in December); Manufacturing (SIC) Production, January (0.3% expected, -0.3% in December); Business Inventories, December (2.1% expected,1.3% in November); NAHB Housing Market Index, February (83 expected, 83 in January); FOMC Meeting Minutes, January 26</p></li><li><p><b>Thursday:</b> Building permits, January (1.750 million expected, 1.873 million in December, upwardly revised to 1.885 million); Building permits, month-over-month, January (-7.2% expected, 9.1% in December, upwardly revised to 9.8%); Housing starts, January (1.700 million expected, 1.702 million in December); Housing starts, month-over-month, January (-0.1% expected, 1.4% in December); Initial jobless claims, week ended Feb. 12 (220,000 expected, 223,000 during prior week); Continuing claims, week ended Feb. 5 (1.621 million during prior week); Philadelphia Fed Business Outlook Index, February (20.0 expected, 23.2 in January)</p></li><li><p><b>Friday: </b>Existing Home Sales, January (6.10 million expected, 6.18 million in December); Existing Home Sales, month-over-month, January (-1.3% expected, -4.6% in December); Leading Index, January (0.2% expected, 0.8% in December)</p></li></ul><h2><b>Earnings calendar</b></h2><p><b>Monday</b></p><p>Before market open: TreeHouse Foods (THS), <a href=\"https://laohu8.com/S/WEBR\">Weber Inc.</a> (WEBR)</p><p>After market close: $Vornado Realty Trust(VNO-N)$ (VNO), Avis Budget Group (CAR), Arista Networks (ANET), Advance Auto Parts (AAP)</p><p><b>Tuesday</b></p><p>Before market open: Marriott International (MAR)</p><p>After market close: ViacomCBS (VIAC), Wynn Resorts (WYNN), Airbnb (ABNB), Akamai Technologies (AKAM), Roblox (RBLX), Denny’s (DENN), La-Z-Boy (LZB), Wyndham Hotels &amp; Resorts Inc. (WH), ZoomInfo Technologies (ZI)</p><p><b>Wednesday</b></p><p>Before market open: Kraft Heinz (KHC), Hilton Worldwide (HLT), Analog Devices (ADI), Shopify (SHOP)</p><p>After market close: Cisco Systems (CSCO), Nvidia (NVDA), TripAdvisor (TRIP), AIG (AIG), DoorDash (DASH), Hyatt Hotels (H), Cheesecake Factory (CAKE), Marathon Oil (MRO), Energy Transfer (ET)</p><p><b>Thursday</b></p><p>Before market open: Nestlé (NSRGY) Walmart (WMT), US Foods (USFD), Palantir Technologies (PLTR), <a href=\"https://laohu8.com/S/AN\">AutoNation</a> (AN)</p><p>After market close: Shake Shack (SHAK), Roku (ROKU), Dropbox (DBX),Tanger Factory Outlet Centers (SKT)</p><p><b>Friday</b></p><p>Before market open: Deere (DE), DraftKings (DKNG), Bloomin’ Brands (BLMN), Allianz (ALIZY)</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Russia-Ukraine Tensions, Retail Sales, Walmart Earnings: What to Know This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRussia-Ukraine Tensions, Retail Sales, Walmart Earnings: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-14 07:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/double-rate-increases-russias-invasion-of-ukraine-what-to-know-this-week-200245001.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Choppiness in U.S. stocks is expected to persist this week as investors grapple with the prospect of swifter monetary tightening and escalating geopolitical tensions between Russia and Ukraine. And a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/double-rate-increases-russias-invasion-of-ukraine-what-to-know-this-week-200245001.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛","SPY.AU":"SPDR® S&P 500® ETF Trust","XLF":"金融ETF"},"source_url":"https://finance.yahoo.com/news/double-rate-increases-russias-invasion-of-ukraine-what-to-know-this-week-200245001.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2211209385","content_text":"Choppiness in U.S. stocks is expected to persist this week as investors grapple with the prospect of swifter monetary tightening and escalating geopolitical tensions between Russia and Ukraine. And a new read on retail sales will be released Wednesday giving investors more insights into consumer spending.Concerns over military action by the Kremlin have created a new headwind for investors, particularly after the White House warned on Friday that a possible invasion of Ukraine by Russia could come within days. The statement dealt a fresh blow to markets.“The Russia-Ukraine tensions have hovered over already shaky investor sentiment,” Comerica Wealth Management Chief Investment Officer John Lynch said in a note. “Investors have been counting on a diplomatic resolution, but recent developments indicate this may be wishful thinking and therefore, not fully priced into the markets.”The geopolitical tensions add to the uncertainty around central bank policy that has dominated market sentiment in recent months. Friday’s warning by the Biden administration weighed on stocks and sent oil prices soaring to a seven-year high.“By pushing energy prices even higher, a Russian invasion would likely exacerbate inflation and redouble pressure on the Fed to raise interest rates,” Comerica Bank Chief Economist Bill Adams said in a note. “From the Fed’s perspective, the inflationary effects of a Russian invasion and higher energy prices would likely outweigh the shock’s negative implications for global growth.”The Fed is already under pressure to act on the fastest increase in prices in 40 years. Wall Street was rattled last week by a highly-anticipated fresh print on the Labor Department’s Consumer Price Index (CPI), which notched a steeper-than-expected 7.5% increase over the year ended January to mark the largest annual jump since 1982. The surge heightened calls for the Federal Reserve to intervene more aggressively than anticipated to rein in soaring price levels, even raising the possibility of an emergency hike before the bank’s next policy meeting in March.“As the inflation fire burns even hotter, the Federal Reserve will have to bring an even bigger firehose to put it out,” FWDBONDS Chief Economist Chris Rupkey said in a note.Worries over above-estimated inflation have raised questions about whether or not the central bank might deliver on a 50 basis point move in mid-March. The Fed has not executed a “double” rate increase in a single policy decision since May 2000.Fed watchers including Goldman Sachs and Deutsche Bank had ramped up their calls on how many times policymakers will increase rates. Goldman now sees the Federal Reserve hiking short-term borrowing costs seven times this year rather than the five it had expected earlier, while Deutsche Bank projects a 50 basis point rate hike in March and five more 25 basis point increases in the year.CME Group's FedWatch tool showed investors were pricing in a 99% chance Fed policymakers will raise rates by 50 basis points in March as of Friday, a jump of 24% from the probability reflected two days earlier.Some experts say the projections are greatly exaggerated.“Even with elevated levels of inflation, we expect the Federal Reserve to tighten less than the market expects in 2022,” Treasury Partners Chief Investment Officer Richard Saperstein said in a note.“We do not expect the Federal Reserve to announce rate hikes at every meeting and such extreme tightening scenarios suggest that we’re currently witnessing peak Fed mania,” he wrote, adding a moderate tightening process through a combination of rate hikes and the implementation of quantitative tightening starting this summer were likely.On the geopolitical front, LPL Financial’s Ryan Detrick also appeared to temper the notion that a move by Russia into Ukraine would crash the stock market, pointing out that, historically, the great majority of geopolitical events going back to World War II did not put much of a dent in equities and losses were typically recovered quickly.U.S. President Joe Biden holds virtual talks with Russia's President Vladimir Putin amid Western fears that Moscow plans to attack Ukraine, as Secretary of State Antony Blinken listens with other officials during a secure video call from the Situation Room at the White House in Washington, U.S., December 7, 2021. The White House/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY TPX IMAGES OF THE DAYHandout . / reuters“You can’t minimize what today’s news could mean on that part of the world and the people impacted, but from an investment point of view we need to remember that major geopolitical events historically haven’t moved stocks much,” Detrick said.As an example, Detrick cited one of the best six-month runs in U.S. stocks ever following the assassination of President John F. Kennedy in November 1963.“The truth is a solid economy can make up for a lot of sins,” Detrick added.The great majority of geopolitical events going back to World War II didn’t put much of a dent in stocks, with any losses made up quite quickly, according to Ryan Detrick, hief Market Strategist for LPL Financial.LPL Financial,Retail salesConsensus economists are expecting to see retail sales, released by the U.S. Census Bureau, rise by 2% in January compared to December's decrease of 1.9%, but sales excluding autos, gasoline, building materials and food services is expected to rise at a softer 0.8%, according to Bloomberg data. This would compare to December's decline of 2.3%.\"The mom [month-over-month] gain in retail ex auto was negatively impacted by restaurants and gas spending, which were down 1.7% and 3.8% mom, respectively. As a result, the core control group, which nets out auto, gas, building and restaurants showed a strong 1.9% mom gain,\" said BofA Securities in a research note last week. \"Keep in mind that the Census retail sales report does not capture services spending other than restaurants spending so the impact on Census Bureau data from the Omicron distortions will be fairly muted.\"Although earnings season is slowly winding down, another docket of corporate results remains underway for investors to weigh against monetary and geopolitical conditions this week.Retail giant Walmart (WMT) will report fiscal fourth quarter 2021 earnings Thursday before the bell which will provide a fresh look into supply-chain issues as well as consumer spending. Walmart is expected to report adjusted earnings of $1.50 per share on revenue of $151.51 billion for the quarter, according to Bloomberg consensus. U.S. same-store sales is expected to increase 6.1%, ahead of guidance of 5%, for the holiday shopping quarter, according to Bloomberg.\"We believe WMT's core business remained strong in F4Q following a strong F3Q (US comps were +9.2%, with transactions +5.7%), and given strong inventory positioning (supported by more favorable port access, long-term container shipping agreements and chartered vessel capacity) that likely supported share gains vs. smaller competitors this holiday.\" said BofA Securities in a research note on Feb. 10.Other big-name companies to report earnings through Friday include ViacomCBS (VIAC), Airbnb (ABNB), Cisco Systems (CSCO), and Roku (ROKU).On Capitol Hill, the fate of Federal Reserve Chairman Jerome Powell and a lineup of central bank nominees including Fed governor and vice chair pick Lael Brainard will be in focus as the Senate Banking Committee readies to hold a series of confirmation votes this week.Economic calendarMonday: No notable reports scheduled for releaseTuesday: Producer Price Index (PPI) final demand, month-over-month, January (0.5% expected, 0.2% in December, upwardly revised to 0.3%); PPI excluding food and energy, month-over-month, January (0.4% expected, 0.5% in December); PPI excluding food, energy, and trade, month-over-month, January (0.4% expected, 0.4% in December, downwardly revised to 0.3%); PPI year-over-year, January (9.0% expected, 9.7% in December); PPI, year-over-year, January (7.8% expected, 8.3% in December); PPI excluding food and energy, year-over-year, January (6.3% expected, 6.9% in December); PPI excluding food, energy, and trade, year-over-year, January (6.3% expected, 6.9% in December); Empire Manufacturing, February (11.0 expected, -0.7 during prior month); Net Long-Term TIC Outflows, December ($137.4 billion during prior month); Total Net TIC Outflows, December ($223.9 billion during prior month)Wednesday: MBA Mortgage Applications, week ended Feb. 11 (-8.1% during prior week); Retail Sales Advance, month-over-month, January (2.0% expected, -1.9% in December); Retail Sales excluding autos, month-over-month, January (0.8% expected, -2.3% in December); Retail Sales excluding autos and gas, month-over-month, January (1.0% expected, -2.5% in December); Import Price Index, month-over-month, January (1.3% expected, -0.2% in December); Import Price Index excluding petroleum, month-over-month, January (0.4% expected, 0.3% in December); Import Price Endex, year-over-year, January (9.8% expected, 10.4% in December); Export Price Index, month-over-month, January (1.3% expected, -1.8% in December); Export Price Index, year-over-year, January (14.7% in December); Industrial Production, month-over-month, January (0.4% expected, -0.1% in December); Capacity Utilization, January (76.8% expected, 76.5% in December); Manufacturing (SIC) Production, January (0.3% expected, -0.3% in December); Business Inventories, December (2.1% expected,1.3% in November); NAHB Housing Market Index, February (83 expected, 83 in January); FOMC Meeting Minutes, January 26Thursday: Building permits, January (1.750 million expected, 1.873 million in December, upwardly revised to 1.885 million); Building permits, month-over-month, January (-7.2% expected, 9.1% in December, upwardly revised to 9.8%); Housing starts, January (1.700 million expected, 1.702 million in December); Housing starts, month-over-month, January (-0.1% expected, 1.4% in December); Initial jobless claims, week ended Feb. 12 (220,000 expected, 223,000 during prior week); Continuing claims, week ended Feb. 5 (1.621 million during prior week); Philadelphia Fed Business Outlook Index, February (20.0 expected, 23.2 in January)Friday: Existing Home Sales, January (6.10 million expected, 6.18 million in December); Existing Home Sales, month-over-month, January (-1.3% expected, -4.6% in December); Leading Index, January (0.2% expected, 0.8% in December)Earnings calendarMondayBefore market open: TreeHouse Foods (THS), Weber Inc. (WEBR)After market close: $Vornado Realty Trust(VNO-N)$ (VNO), Avis Budget Group (CAR), Arista Networks (ANET), Advance Auto Parts (AAP)TuesdayBefore market open: Marriott International (MAR)After market close: ViacomCBS (VIAC), Wynn Resorts (WYNN), Airbnb (ABNB), Akamai Technologies (AKAM), Roblox (RBLX), Denny’s (DENN), La-Z-Boy (LZB), Wyndham Hotels & Resorts Inc. (WH), ZoomInfo Technologies (ZI)WednesdayBefore market open: Kraft Heinz (KHC), Hilton Worldwide (HLT), Analog Devices (ADI), Shopify (SHOP)After market close: Cisco Systems (CSCO), Nvidia (NVDA), TripAdvisor (TRIP), AIG (AIG), DoorDash (DASH), Hyatt Hotels (H), Cheesecake Factory (CAKE), Marathon Oil (MRO), Energy Transfer (ET)ThursdayBefore market open: Nestlé (NSRGY) Walmart (WMT), US Foods (USFD), Palantir Technologies (PLTR), AutoNation (AN)After market close: Shake Shack (SHAK), Roku (ROKU), Dropbox (DBX),Tanger Factory Outlet Centers (SKT)FridayBefore market open: Deere (DE), DraftKings (DKNG), Bloomin’ Brands (BLMN), Allianz (ALIZY)","news_type":1},"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011111600,"gmtCreate":1648827008975,"gmtModify":1676534406515,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"buying the dip","listText":"buying the dip","text":"buying the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011111600","repostId":"1106532742","repostType":2,"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032760804,"gmtCreate":1647444210582,"gmtModify":1676534230945,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032760804","repostId":"2219276104","repostType":4,"repost":{"id":"2219276104","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1647439200,"share":"https://ttm.financial/m/news/2219276104?lang=&edition=fundamental","pubTime":"2022-03-16 22:00","market":"us","language":"en","title":"The Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat","url":"https://stock-news.laohu8.com/highlight/detail?id=2219276104","media":"Dow Jones","summary":"How the metaphors we use to explain markets can steer investors into dumb decisions.When the stock m","content":"<html><head></head><body><p>How the metaphors we use to explain markets can steer investors into dumb decisions.</p><p>When the stock market plunges, we all go to Disney World -- or Six Flags. Buckle up for this roller coaster, the commentators tell us. Keep your hands, arms and assets inside the vehicle at all times.</p><p>The theme-park thrill ride is our most tired metaphor for market volatility. When the VIX  spiked this year, roller coasters showed up everywhere on financial media in both words and images: on the cover of The Economist, on all the major financial networks and newspapers and, too often for my taste, on MarketWatch.</p><p>The language and imagery we use to talk about markets matters. In <a href=\"https://laohu8.com/S/AONE.U\">one</a> of my first columns after becoming editor of this site in 2014, I said we were banning photos of traders on the floor of the New York Stock Exchange because these &#34;human emoji&#34; no longer reflected the modern reality of a market divorced from the physical space of Wall Street.</p><p>I shouldn&#39;t have stopped there. So in this, my final column for MarketWatch, I think it&#39;s time to retire the roller coaster as an illustration of volatility, because the metaphor is a mediocre visual joke that&#39;s unfair to both amusement parks and markets.</p><p>We lean on the rides to convey turbulence, because the hills, twists and inversions seem like stock charts drawn in real life, and the rides, like markets, induce anxiety, adrenaline, and enough G forces to empty your pockets or make you lose your lunch. So what&#39;s wrong with these images? To explore this question, I reached out to two uniquely qualified experts on the subject: 1. A professor of business and psychology who has studied how market metaphors impact the decisions investors make. And 2. A roller-coaster designer.</p><p>But first, it&#39;s important to consider how metaphors influence our thoughts and behaviors. In &#34;Metaphors We Live By,&#34; a seminal work by the philosophers George Lakoff and Mark Johnson, they make the case that &#34;the way we think, what we experience, and what we do every day is very much a matter of metaphor.&#34; What does this have to do with roller coasters? Well, as Lakoff and Johnson say, &#34;the major metaphor in our culture is HAPPY IS UP.&#34;</p><p>When we feel good, we say we are up, we strive to climb the corporate ladder, we want to get a raise. Happy is definitely up on a market chart, unless you&#39;re a short seller. Up is more. Up is richer. Up is one step closer to joining the Great Resignation and jetting off to the Almafi coast. But the most happy moments on a roller coaster, as someone who loves roller coasters, are not the ups, but the most horrific, violent stretches of a market chart: the steep drops and wild turns.</p><p>&#34;The ups and downs in the emotions don&#39;t correlate with the ups and downs in distance above the floor,&#34; said Brendan Walker, a London-based &#34;thrill engineer&#34; with two decades of roller-coaster design experience. &#34;The points of sudden change are the most exciting moments, made to be scary as hell or fun and exhilarating.&#34;</p><p>The metaphor does work in one sense: Inching up the lift hill is a moment of building anticipation and nerves, Walker said. Like investors wondering if they should bail out before the bottom falls out, nervous riders whisper to themselves over and over again as the train lurches upward: &#34;Is this the top yet?&#34; Most of life is more like waiting in line for the ride than actually riding it, of course.</p><p>But remember, roller coasters, unlike volatile markets, are a form of entertainment, with each of the 90-120 seconds choreographed to neurotransmit a cocktail of maximal pleasure and excitement. &#34;They seem to be very risky, but this is one of the most risk-averse industries around,&#34; said Walker, whose current venture, Studio Go Go, specializes in enhancing older rides with the addition of virtual reality. &#34;A new ride costs $25 million and needs to appeal to 95% of visitors.&#34; They are designed to be a safe way to experience the feeling of risk, said Walker. &#34;This is not skydiving or skiing black runs off-piste.&#34;</p><p>Theme-park rides sometimes end badly -- I once watched helplessly as my nephew was thrown from a carnival ride, thankfully sustaining only &#34;minor injuries&#34; -- but, for the most part, we can be fairly certain that we end up right back where we started, unscathed, maybe smiling, maybe muttering &#34;never again,&#34; but no poorer for the journey.</p><p>Markets can be far more hazardous -- and so can market metaphors. Roller-coaster images may provide false comfort to investors, said Michael Morris, a business professor and psychologist at Columbia University. &#34;It&#39;s a bit like the bubble metaphor, which suggests that once it has popped it is a safe time to invest, the danger is over.&#34;</p><p>In a 2007 paper, &#34;Metaphors and the Market,&#34; Morris and his co-authors studied the impact a range of metaphors used by financial media had on investor decision making, focusing on two types: &#34;agent&#34; metaphors, which suggest the market is an animal spirit that climbs, claws, charges, or flies vs. that &#34;object&#34; metaphors, passive victims of gravity, as in &#34;the  Dow fell off a cliff.&#34; Presumably dead cats bounce into and out of the latter category.</p><p>&#34;Humans detect the features of things that are self-propelled and the things that defy gravity and we treat them very differently,&#34; Morris told me. In experiments they found that agent metaphors made investors more confident that the current trends were likely to continue. Media commentary causes investors to take uptrends as meaningful signals and downtrends as something that can be ignored, the paper argues.</p><p>Even the market chart itself can mislead investors this way. The lines on a chart suggest continued trajectories, Morris said. Investors fared better after being shown tables of data as opposed to a chart, he said. Allusions to roller coasters might have a similar effect, his research found, since they have &#34;unsteady but regular trajectories. And they may imply that the past regularity portends future regularity.&#34;</p><p>Behavioral economist Richard Thaler has joked that investors would be better off watching ESPN than a business network, and maybe he has a point. Financial journalists have a responsibility to think critically about the language and imagery used to explain the market. We should be up front about how little we know, and we should banish all the bears and B.S. We can do better.</p><p>Morris told me that his metaphor research was conducted well before the rise of social media, and these days the major financial networks and sites may be the least of investors&#39; problems. &#34;If you want to be a contrarian thinker, the last thing you want is ignorant people shouting in your ear,&#34; he said.</p><p>Investing is not for the faint of heart. But unlike markets, every roller coaster must come to an end. Writing for and editing MarketWatch has been one the great thrills of my life. Thanks for reading and riding along with me.</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>The Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Stock Market Is Not a Roller Coaster, a Bull, a Bear or a Dead Cat\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-03-16 22:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>How the metaphors we use to explain markets can steer investors into dumb decisions.</p><p>When the stock market plunges, we all go to Disney World -- or Six Flags. Buckle up for this roller coaster, the commentators tell us. Keep your hands, arms and assets inside the vehicle at all times.</p><p>The theme-park thrill ride is our most tired metaphor for market volatility. When the VIX  spiked this year, roller coasters showed up everywhere on financial media in both words and images: on the cover of The Economist, on all the major financial networks and newspapers and, too often for my taste, on MarketWatch.</p><p>The language and imagery we use to talk about markets matters. In <a href=\"https://laohu8.com/S/AONE.U\">one</a> of my first columns after becoming editor of this site in 2014, I said we were banning photos of traders on the floor of the New York Stock Exchange because these &#34;human emoji&#34; no longer reflected the modern reality of a market divorced from the physical space of Wall Street.</p><p>I shouldn&#39;t have stopped there. So in this, my final column for MarketWatch, I think it&#39;s time to retire the roller coaster as an illustration of volatility, because the metaphor is a mediocre visual joke that&#39;s unfair to both amusement parks and markets.</p><p>We lean on the rides to convey turbulence, because the hills, twists and inversions seem like stock charts drawn in real life, and the rides, like markets, induce anxiety, adrenaline, and enough G forces to empty your pockets or make you lose your lunch. So what&#39;s wrong with these images? To explore this question, I reached out to two uniquely qualified experts on the subject: 1. A professor of business and psychology who has studied how market metaphors impact the decisions investors make. And 2. A roller-coaster designer.</p><p>But first, it&#39;s important to consider how metaphors influence our thoughts and behaviors. In &#34;Metaphors We Live By,&#34; a seminal work by the philosophers George Lakoff and Mark Johnson, they make the case that &#34;the way we think, what we experience, and what we do every day is very much a matter of metaphor.&#34; What does this have to do with roller coasters? Well, as Lakoff and Johnson say, &#34;the major metaphor in our culture is HAPPY IS UP.&#34;</p><p>When we feel good, we say we are up, we strive to climb the corporate ladder, we want to get a raise. Happy is definitely up on a market chart, unless you&#39;re a short seller. Up is more. Up is richer. Up is one step closer to joining the Great Resignation and jetting off to the Almafi coast. But the most happy moments on a roller coaster, as someone who loves roller coasters, are not the ups, but the most horrific, violent stretches of a market chart: the steep drops and wild turns.</p><p>&#34;The ups and downs in the emotions don&#39;t correlate with the ups and downs in distance above the floor,&#34; said Brendan Walker, a London-based &#34;thrill engineer&#34; with two decades of roller-coaster design experience. &#34;The points of sudden change are the most exciting moments, made to be scary as hell or fun and exhilarating.&#34;</p><p>The metaphor does work in one sense: Inching up the lift hill is a moment of building anticipation and nerves, Walker said. Like investors wondering if they should bail out before the bottom falls out, nervous riders whisper to themselves over and over again as the train lurches upward: &#34;Is this the top yet?&#34; Most of life is more like waiting in line for the ride than actually riding it, of course.</p><p>But remember, roller coasters, unlike volatile markets, are a form of entertainment, with each of the 90-120 seconds choreographed to neurotransmit a cocktail of maximal pleasure and excitement. &#34;They seem to be very risky, but this is one of the most risk-averse industries around,&#34; said Walker, whose current venture, Studio Go Go, specializes in enhancing older rides with the addition of virtual reality. &#34;A new ride costs $25 million and needs to appeal to 95% of visitors.&#34; They are designed to be a safe way to experience the feeling of risk, said Walker. &#34;This is not skydiving or skiing black runs off-piste.&#34;</p><p>Theme-park rides sometimes end badly -- I once watched helplessly as my nephew was thrown from a carnival ride, thankfully sustaining only &#34;minor injuries&#34; -- but, for the most part, we can be fairly certain that we end up right back where we started, unscathed, maybe smiling, maybe muttering &#34;never again,&#34; but no poorer for the journey.</p><p>Markets can be far more hazardous -- and so can market metaphors. Roller-coaster images may provide false comfort to investors, said Michael Morris, a business professor and psychologist at Columbia University. &#34;It&#39;s a bit like the bubble metaphor, which suggests that once it has popped it is a safe time to invest, the danger is over.&#34;</p><p>In a 2007 paper, &#34;Metaphors and the Market,&#34; Morris and his co-authors studied the impact a range of metaphors used by financial media had on investor decision making, focusing on two types: &#34;agent&#34; metaphors, which suggest the market is an animal spirit that climbs, claws, charges, or flies vs. that &#34;object&#34; metaphors, passive victims of gravity, as in &#34;the  Dow fell off a cliff.&#34; Presumably dead cats bounce into and out of the latter category.</p><p>&#34;Humans detect the features of things that are self-propelled and the things that defy gravity and we treat them very differently,&#34; Morris told me. In experiments they found that agent metaphors made investors more confident that the current trends were likely to continue. Media commentary causes investors to take uptrends as meaningful signals and downtrends as something that can be ignored, the paper argues.</p><p>Even the market chart itself can mislead investors this way. The lines on a chart suggest continued trajectories, Morris said. Investors fared better after being shown tables of data as opposed to a chart, he said. Allusions to roller coasters might have a similar effect, his research found, since they have &#34;unsteady but regular trajectories. And they may imply that the past regularity portends future regularity.&#34;</p><p>Behavioral economist Richard Thaler has joked that investors would be better off watching ESPN than a business network, and maybe he has a point. Financial journalists have a responsibility to think critically about the language and imagery used to explain the market. We should be up front about how little we know, and we should banish all the bears and B.S. We can do better.</p><p>Morris told me that his metaphor research was conducted well before the rise of social media, and these days the major financial networks and sites may be the least of investors&#39; problems. &#34;If you want to be a contrarian thinker, the last thing you want is ignorant people shouting in your ear,&#34; he said.</p><p>Investing is not for the faint of heart. But unlike markets, every roller coaster must come to an end. Writing for and editing MarketWatch has been one the great thrills of my life. Thanks for reading and riding along with me.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2219276104","content_text":"How the metaphors we use to explain markets can steer investors into dumb decisions.When the stock market plunges, we all go to Disney World -- or Six Flags. Buckle up for this roller coaster, the commentators tell us. Keep your hands, arms and assets inside the vehicle at all times.The theme-park thrill ride is our most tired metaphor for market volatility. When the VIX  spiked this year, roller coasters showed up everywhere on financial media in both words and images: on the cover of The Economist, on all the major financial networks and newspapers and, too often for my taste, on MarketWatch.The language and imagery we use to talk about markets matters. In one of my first columns after becoming editor of this site in 2014, I said we were banning photos of traders on the floor of the New York Stock Exchange because these \"human emoji\" no longer reflected the modern reality of a market divorced from the physical space of Wall Street.I shouldn't have stopped there. So in this, my final column for MarketWatch, I think it's time to retire the roller coaster as an illustration of volatility, because the metaphor is a mediocre visual joke that's unfair to both amusement parks and markets.We lean on the rides to convey turbulence, because the hills, twists and inversions seem like stock charts drawn in real life, and the rides, like markets, induce anxiety, adrenaline, and enough G forces to empty your pockets or make you lose your lunch. So what's wrong with these images? To explore this question, I reached out to two uniquely qualified experts on the subject: 1. A professor of business and psychology who has studied how market metaphors impact the decisions investors make. And 2. A roller-coaster designer.But first, it's important to consider how metaphors influence our thoughts and behaviors. In \"Metaphors We Live By,\" a seminal work by the philosophers George Lakoff and Mark Johnson, they make the case that \"the way we think, what we experience, and what we do every day is very much a matter of metaphor.\" What does this have to do with roller coasters? Well, as Lakoff and Johnson say, \"the major metaphor in our culture is HAPPY IS UP.\"When we feel good, we say we are up, we strive to climb the corporate ladder, we want to get a raise. Happy is definitely up on a market chart, unless you're a short seller. Up is more. Up is richer. Up is one step closer to joining the Great Resignation and jetting off to the Almafi coast. But the most happy moments on a roller coaster, as someone who loves roller coasters, are not the ups, but the most horrific, violent stretches of a market chart: the steep drops and wild turns.\"The ups and downs in the emotions don't correlate with the ups and downs in distance above the floor,\" said Brendan Walker, a London-based \"thrill engineer\" with two decades of roller-coaster design experience. \"The points of sudden change are the most exciting moments, made to be scary as hell or fun and exhilarating.\"The metaphor does work in one sense: Inching up the lift hill is a moment of building anticipation and nerves, Walker said. Like investors wondering if they should bail out before the bottom falls out, nervous riders whisper to themselves over and over again as the train lurches upward: \"Is this the top yet?\" Most of life is more like waiting in line for the ride than actually riding it, of course.But remember, roller coasters, unlike volatile markets, are a form of entertainment, with each of the 90-120 seconds choreographed to neurotransmit a cocktail of maximal pleasure and excitement. \"They seem to be very risky, but this is one of the most risk-averse industries around,\" said Walker, whose current venture, Studio Go Go, specializes in enhancing older rides with the addition of virtual reality. \"A new ride costs $25 million and needs to appeal to 95% of visitors.\" They are designed to be a safe way to experience the feeling of risk, said Walker. \"This is not skydiving or skiing black runs off-piste.\"Theme-park rides sometimes end badly -- I once watched helplessly as my nephew was thrown from a carnival ride, thankfully sustaining only \"minor injuries\" -- but, for the most part, we can be fairly certain that we end up right back where we started, unscathed, maybe smiling, maybe muttering \"never again,\" but no poorer for the journey.Markets can be far more hazardous -- and so can market metaphors. Roller-coaster images may provide false comfort to investors, said Michael Morris, a business professor and psychologist at Columbia University. \"It's a bit like the bubble metaphor, which suggests that once it has popped it is a safe time to invest, the danger is over.\"In a 2007 paper, \"Metaphors and the Market,\" Morris and his co-authors studied the impact a range of metaphors used by financial media had on investor decision making, focusing on two types: \"agent\" metaphors, which suggest the market is an animal spirit that climbs, claws, charges, or flies vs. that \"object\" metaphors, passive victims of gravity, as in \"the  Dow fell off a cliff.\" Presumably dead cats bounce into and out of the latter category.\"Humans detect the features of things that are self-propelled and the things that defy gravity and we treat them very differently,\" Morris told me. In experiments they found that agent metaphors made investors more confident that the current trends were likely to continue. Media commentary causes investors to take uptrends as meaningful signals and downtrends as something that can be ignored, the paper argues.Even the market chart itself can mislead investors this way. The lines on a chart suggest continued trajectories, Morris said. Investors fared better after being shown tables of data as opposed to a chart, he said. Allusions to roller coasters might have a similar effect, his research found, since they have \"unsteady but regular trajectories. And they may imply that the past regularity portends future regularity.\"Behavioral economist Richard Thaler has joked that investors would be better off watching ESPN than a business network, and maybe he has a point. Financial journalists have a responsibility to think critically about the language and imagery used to explain the market. We should be up front about how little we know, and we should banish all the bears and B.S. We can do better.Morris told me that his metaphor research was conducted well before the rise of social media, and these days the major financial networks and sites may be the least of investors' problems. \"If you want to be a contrarian thinker, the last thing you want is ignorant people shouting in your ear,\" he said.Investing is not for the faint of heart. But unlike markets, every roller coaster must come to an end. Writing for and editing MarketWatch has been one the great thrills of my life. Thanks for reading and riding along with me.","news_type":1},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095755505,"gmtCreate":1645005019130,"gmtModify":1676533985432,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"luckily i sold at 71, might go back in now that prices are low&nbsp;[Cool]&nbsp;","listText":"luckily i sold at 71, might go back in now that prices are low&nbsp;[Cool]&nbsp;","text":"luckily i sold at 71, might go back in now that prices are low [Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095755505","repostId":"1119544130","repostType":4,"repost":{"id":"1119544130","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645002059,"share":"https://ttm.financial/m/news/1119544130?lang=&edition=fundamental","pubTime":"2022-02-16 17:00","market":"us","language":"en","title":"Roblox Shares Fell More Than 15% in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1119544130","media":"Tiger Newspress","summary":"Roblox shares fell more than 15% in premarket trading.Roblox Corp.reported bookings that missed anal","content":"<html><head></head><body><p>Roblox shares fell more than 15% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/b2c2409d657aaa5c5ec8a451473fc124\" tg-width=\"728\" tg-height=\"596\" width=\"100%\" height=\"auto\"/></p><p>Roblox Corp.reported bookings that missed analysts’ estimates in the fourth quarter, reflecting a retreat from the pandemic-inspired boost over the last two years as Chief Executive Officer David Baszucki urged investors to “take the long view” on the game platform company.</p><p>Bookings, which include revenue and deferred revenue and other adjustments, rose 20% from a year earlier to $770.1 million, the company said in a statement on Tuesday. Analysts were estimating $786.2 million, according to data compiled by Bloomberg.</p><p>Average daily active users increased 33% to 49.5 million, slightly less than the 50.5 million analysts were expecting. Much of that growth comes from countries in Asia, Latin America and Europe. And, in a shift, more than half of Roblox’s user base is now over age 13.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Roblox Shares Fell More Than 15% in Premarket Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRoblox Shares Fell More Than 15% in Premarket Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-16 17:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Roblox shares fell more than 15% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/b2c2409d657aaa5c5ec8a451473fc124\" tg-width=\"728\" tg-height=\"596\" width=\"100%\" height=\"auto\"/></p><p>Roblox Corp.reported bookings that missed analysts’ estimates in the fourth quarter, reflecting a retreat from the pandemic-inspired boost over the last two years as Chief Executive Officer David Baszucki urged investors to “take the long view” on the game platform company.</p><p>Bookings, which include revenue and deferred revenue and other adjustments, rose 20% from a year earlier to $770.1 million, the company said in a statement on Tuesday. Analysts were estimating $786.2 million, according to data compiled by Bloomberg.</p><p>Average daily active users increased 33% to 49.5 million, slightly less than the 50.5 million analysts were expecting. Much of that growth comes from countries in Asia, Latin America and Europe. And, in a shift, more than half of Roblox’s user base is now over age 13.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119544130","content_text":"Roblox shares fell more than 15% in premarket trading.Roblox Corp.reported bookings that missed analysts’ estimates in the fourth quarter, reflecting a retreat from the pandemic-inspired boost over the last two years as Chief Executive Officer David Baszucki urged investors to “take the long view” on the game platform company.Bookings, which include revenue and deferred revenue and other adjustments, rose 20% from a year earlier to $770.1 million, the company said in a statement on Tuesday. Analysts were estimating $786.2 million, according to data compiled by Bloomberg.Average daily active users increased 33% to 49.5 million, slightly less than the 50.5 million analysts were expecting. Much of that growth comes from countries in Asia, Latin America and Europe. And, in a shift, more than half of Roblox’s user base is now over age 13.","news_type":1},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095946842,"gmtCreate":1644809813848,"gmtModify":1676533963927,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"good stock to hold or buy now. expect it to hit 100 in near future","listText":"good stock to hold or buy now. expect it to hit 100 in near future","text":"good stock to hold or buy now. expect it to hit 100 in near future","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095946842","repostId":"1153888860","repostType":2,"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013686286,"gmtCreate":1648720085324,"gmtModify":1676534385656,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"tsla will go up when u tink it goes down, this stock doesnt make sense","listText":"tsla will go up when u tink it goes down, this stock doesnt make sense","text":"tsla will go up when u tink it goes down, this stock doesnt make sense","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013686286","repostId":"2223359679","repostType":2,"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032769042,"gmtCreate":1647444299142,"gmtModify":1676534230953,"author":{"id":"4107589213975220","authorId":"4107589213975220","name":"tlinh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4107589213975220","authorIdStr":"4107589213975220"},"themes":[],"htmlText":"dont reli care for the markets here, this is good news regardless","listText":"dont reli care for the markets here, this is good news regardless","text":"dont reli care for the markets here, this is good news regardless","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032769042","repostId":"1189260494","repostType":4,"repost":{"id":"1189260494","kind":"news","pubTimestamp":1647441827,"share":"https://ttm.financial/m/news/1189260494?lang=&edition=fundamental","pubTime":"2022-03-16 22:43","market":"us","language":"en","title":"Ukraine and Russia Draw up Neutrality Plan to End War","url":"https://stock-news.laohu8.com/highlight/detail?id=1189260494","media":"Financial Times","summary":"Ukraine and Russia have made significant progress on a tentative 15-point peace plan including a cea","content":"<html><head></head><body><p>Ukraine and Russia have made significant progress on a tentative 15-point peace plan including a ceasefire and Russian withdrawal if Kyiv declares neutrality and accepts limits on its armed forces, according to three people involved in the talks.</p><p>The proposed deal, which Ukrainian and Russian negotiators discussed in full for the first time on Monday, would involve Kyiv renouncing its ambitions to join Nato and promising not to host foreign military bases or weaponry in exchange for protection from allies such as the US, UK and Turkey, the people said.</p><p>The nature of western guarantees for Ukrainian security — and their acceptability to Moscow — could yet prove to be a big obstacle to any deal, as could the status of Ukrainian territories seized by Russia and its proxies in 2014. A 1994 agreement underpinning Ukrainian security failed to prevent Russian aggression against its neighbour.</p><p>Although Moscow and Kyiv both said on Wednesday that they had made progress on the terms of a deal, Ukrainian officials remain sceptical Russian President Vladimir Putin is fully committed to peace and worry that Moscow could be buying time to regroup its forces and resume its offensive.</p><p>Mykhailo Podolyak, a senior adviser to Ukrainian President Volodymyr Zelensky, told the Financial Times that any deal would involve “the troops of the Russian Federation in any case leaving the territory of Ukraine” captured since the invasion began on February 24 — namely southern regions along the Azov and Black Seas, as well as territory to the east and north of Kyiv.</p><p>Ukraine would maintain its armed forces but would be obliged to stay outside military alliances such as Nato and refrain from hosting foreign military bases on its territory.</p><p>Putin’s press secretary Dmitry Peskov told reporters on Wednesday that neutrality for Ukraine based on the status of Austria or Sweden was a possibility.</p><p>“This option is really being discussed now, and is one that can be considered neutral,” said Peskov.</p><p>Sergei Lavrov, Russia’s foreign minister, said that “absolutely specific wordings” were “close to being agreed” in the negotiations.</p><p>Despite the progress in peace talks, Ukrainian cities came under heavy shelling for a third consecutive night while Kyiv said it was launching a counter-offensive against Russian invaders.</p><p>In a virtual address to members of Congress on Wednesday, Zelensky pleaded for the US to enforce a no-fly zone or provide fighter jets or other means to fend off Russia’s attack on his country, and impose harsher economic sanctions on Moscow.</p><p>In a dramatic appeal, Zelensky said Ukraine needed America’s support after Russia had launched a “brutal offensive against our values”. He called on Americans to remember the attacks on Pearl Harbor and of September 2001 and showed a searing video of the missile attacks and shelling destroying Ukrainian cities.</p><p>Though Ukraine’s constitution commits it to seeking membership of Nato, Zelensky and his aides have increasingly played down Ukraine’s chances of joining the transatlantic military alliance, a prospect that Russia sees as a provocation.</p><p>“There is no effective system of European security now, which would be moderated by Nato. As soon as a serious war began in Europe, Nato quickly stepped aside,” Podolyak said.</p><p>“We propose a ‘Ukrainian model of security guarantees,’ which implies the immediate and legally verified participation of a number of guarantor countries in the conflict on the side of Ukraine, if someone again encroaches on its territorial integrity,” he added.</p><p>Ukraine, Podolyak added, would as part of any deal “definitely retain its own army”. He also played down the significance of a ban on foreign bases in Ukraine, saying that was already precluded by Ukrainian law.</p><p>Two of the people said the putative deal also included provisions on enshrining rights for the Russian language in Ukraine, where it is widely spoken though Ukrainian is the only official language. Russia has framed its invasion as an attempt to protect Russian speakers in Ukraine from what it claims is “genocide” by “neo-Nazis”.</p><p>Podolyak said “humanitarian issues, including language issues, are discussed only through the prism of Ukraine’s exclusive interests”.</p><p>The biggest sticking point remains Russia’s demand that Ukraine recognise its 2014 annexation of Crimea and the independence of two separatist statelets in the eastern Donbas border region.</p><p>Ukraine has so far refused but is willing to compartmentalise the issue, Podolyak said.</p><p>“Disputed and conflict territories [are] in a separate case. So far, we are talking about a guaranteed withdrawal from the territories that have been occupied since the start of the military operation on February 24,” when Russia’s invasion began, he said.</p><p></p></body></html>","source":"lsy1580170736413","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>Ukraine and Russia Draw up Neutrality Plan to End War</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\">\nUkraine and Russia Draw up Neutrality Plan to End War\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-16 22:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/7b341e46-d375-4817-be67-802b7fa77ef1><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ukraine and Russia have made significant progress on a tentative 15-point peace plan including a ceasefire and Russian withdrawal if Kyiv declares neutrality and accepts limits on its armed forces, ...</p>\n\n<a href=\"https://www.ft.com/content/7b341e46-d375-4817-be67-802b7fa77ef1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.ft.com/content/7b341e46-d375-4817-be67-802b7fa77ef1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189260494","content_text":"Ukraine and Russia have made significant progress on a tentative 15-point peace plan including a ceasefire and Russian withdrawal if Kyiv declares neutrality and accepts limits on its armed forces, according to three people involved in the talks.The proposed deal, which Ukrainian and Russian negotiators discussed in full for the first time on Monday, would involve Kyiv renouncing its ambitions to join Nato and promising not to host foreign military bases or weaponry in exchange for protection from allies such as the US, UK and Turkey, the people said.The nature of western guarantees for Ukrainian security — and their acceptability to Moscow — could yet prove to be a big obstacle to any deal, as could the status of Ukrainian territories seized by Russia and its proxies in 2014. A 1994 agreement underpinning Ukrainian security failed to prevent Russian aggression against its neighbour.Although Moscow and Kyiv both said on Wednesday that they had made progress on the terms of a deal, Ukrainian officials remain sceptical Russian President Vladimir Putin is fully committed to peace and worry that Moscow could be buying time to regroup its forces and resume its offensive.Mykhailo Podolyak, a senior adviser to Ukrainian President Volodymyr Zelensky, told the Financial Times that any deal would involve “the troops of the Russian Federation in any case leaving the territory of Ukraine” captured since the invasion began on February 24 — namely southern regions along the Azov and Black Seas, as well as territory to the east and north of Kyiv.Ukraine would maintain its armed forces but would be obliged to stay outside military alliances such as Nato and refrain from hosting foreign military bases on its territory.Putin’s press secretary Dmitry Peskov told reporters on Wednesday that neutrality for Ukraine based on the status of Austria or Sweden was a possibility.“This option is really being discussed now, and is one that can be considered neutral,” said Peskov.Sergei Lavrov, Russia’s foreign minister, said that “absolutely specific wordings” were “close to being agreed” in the negotiations.Despite the progress in peace talks, Ukrainian cities came under heavy shelling for a third consecutive night while Kyiv said it was launching a counter-offensive against Russian invaders.In a virtual address to members of Congress on Wednesday, Zelensky pleaded for the US to enforce a no-fly zone or provide fighter jets or other means to fend off Russia’s attack on his country, and impose harsher economic sanctions on Moscow.In a dramatic appeal, Zelensky said Ukraine needed America’s support after Russia had launched a “brutal offensive against our values”. He called on Americans to remember the attacks on Pearl Harbor and of September 2001 and showed a searing video of the missile attacks and shelling destroying Ukrainian cities.Though Ukraine’s constitution commits it to seeking membership of Nato, Zelensky and his aides have increasingly played down Ukraine’s chances of joining the transatlantic military alliance, a prospect that Russia sees as a provocation.“There is no effective system of European security now, which would be moderated by Nato. As soon as a serious war began in Europe, Nato quickly stepped aside,” Podolyak said.“We propose a ‘Ukrainian model of security guarantees,’ which implies the immediate and legally verified participation of a number of guarantor countries in the conflict on the side of Ukraine, if someone again encroaches on its territorial integrity,” he added.Ukraine, Podolyak added, would as part of any deal “definitely retain its own army”. He also played down the significance of a ban on foreign bases in Ukraine, saying that was already precluded by Ukrainian law.Two of the people said the putative deal also included provisions on enshrining rights for the Russian language in Ukraine, where it is widely spoken though Ukrainian is the only official language. Russia has framed its invasion as an attempt to protect Russian speakers in Ukraine from what it claims is “genocide” by “neo-Nazis”.Podolyak said “humanitarian issues, including language issues, are discussed only through the prism of Ukraine’s exclusive interests”.The biggest sticking point remains Russia’s demand that Ukraine recognise its 2014 annexation of Crimea and the independence of two separatist statelets in the eastern Donbas border region.Ukraine has so far refused but is willing to compartmentalise the issue, Podolyak said.“Disputed and conflict territories [are] in a separate case. So far, we are talking about a guaranteed withdrawal from the territories that have been occupied since the start of the military operation on February 24,” when Russia’s invasion began, he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}