Ragz personal page - To The Moon

Ragz

Ragz

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10Followers

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12-07

My goal is to continue learning to trade successfully...

11-30

Replying to @icycrystal:Lol, buy the toes🤣//@icycrystal:which stock paid for my turkey this year [Glance] [Smug] [Thinking] [OMG] [OMG] [OMG] [Gosh] [Gosh] [Gosh] can't even buy a turkey leg [Cry] [Cry] [Cry] [Facepalm] [Facepalm] [Facepalm] @LMSunshine @rL @Universe宇宙 @GoodLife99 @HelenJanet @koolgal

10-14

By the end of the year, I hope to be well versed in the art of options trading.

10-10

It has been a bullish season for most stocks

09-07

Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. @Vince1965 @Leo Di Leo @Taputurangi @k_ristovski @Barcode @BotakGuy

08-04

I love the iconic Eiffel Tower, a truly unique and magnificent structure.

07-04

Interesting interview with wise advice in trading & to minimise loss @Vince1965 @XianLi

@TigerClub:[Trade Feed] @ZEROHERO: From 1000% Returns on SPACs to the Power of Compounding

06-29

Great event, Tiger Brokers 🎉🎂🎊

06-22

With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.

05-28

Are there any plans to expand FFIE operations to Europe in the near future?

05-15

The whales are out to play. Follow the trend to know when they dump.

05-11

Times of Your Lives - Paul Anka Nostalgic song to recollect old times, good and bad. For memories are times that you borrow, to spend when you get to tomorrow.

05-05

The Path of the Masters by Julian Johnson, a spiritual classic

05-05

Property. Buy property 👍🏽

05-04

Looking at the present bullish market streak, it looks like a buy season in May

05-04

Mr Buffett, what do you consider to be the secret of your longevity?

05-01

Coinbase has earned Zacks highest evaluation of #1, meaning a Strong Buy. The earnings report should boost its stock value.

04-27

I like your style of specialising and concentrating in just a few shares. @k_ristovski @Leo Di Leo @Vince1965

@TigerClub:[Trade Feed] @Optionspuppy: Generating $500~1K Monthly Income through Premiums & Dividends

04-27

As Adam Khoo says, don't listen to anyone...

03-31

1. Marina Bay Sands Hotel 2. Opera House, Sydney 3. Temple of Heaven, Beijing 4. Sky Tower, Auckland 5. Victoria Park viewpoint 6. Apple Park, Cupertino

Go to Tiger App to see more news

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goal is to continue learning to trade successfully...","listText":"My goal is to continue learning to trade successfully...","text":"My goal is to continue learning to trade successfully...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378948683419712","isVote":1,"tweetType":1,"viewCount":112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376376001565040,"gmtCreate":1732931428951,"gmtModify":1732938778625,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Replying to <a href=\"https://ttm.financial/U/4132300740238052\">@icycrystal</a>:Lol, buy the toes🤣//<a href=\"https://ttm.financial/U/4132300740238052\">@icycrystal</a>:which stock paid for my turkey this year [Glance] [Smug] [Thinking] [OMG] [OMG] [OMG] [Gosh] [Gosh] [Gosh] can't even buy a turkey leg [Cry] [Cry] [Cry] [Facepalm] [Facepalm] [Facepalm] <a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a><a href=\"https://ttm.financial/U/4100927749199030\"> @rL </a><a href=\"https://ttm.financial/U/3585001294737518\"> @Universe宇宙 </a><a href=\"https://ttm.financial/U/3573390365123336\"> @GoodLife99 </a><a href=\"https://ttm.financial/U/3581735774790928\"> @HelenJanet </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a>","listText":"Replying to <a href=\"https://ttm.financial/U/4132300740238052\">@icycrystal</a>:Lol, buy the toes🤣//<a href=\"https://ttm.financial/U/4132300740238052\">@icycrystal</a>:which stock paid for my turkey this year [Glance] [Smug] [Thinking] [OMG] [OMG] [OMG] [Gosh] [Gosh] [Gosh] can't even buy a turkey leg [Cry] [Cry] [Cry] [Facepalm] [Facepalm] [Facepalm] <a href=\"https://ttm.financial/U/4113904591642392\"> @LMSunshine </a><a href=\"https://ttm.financial/U/4100927749199030\"> @rL </a><a href=\"https://ttm.financial/U/3585001294737518\"> @Universe宇宙 </a><a href=\"https://ttm.financial/U/3573390365123336\"> @GoodLife99 </a><a href=\"https://ttm.financial/U/3581735774790928\"> @HelenJanet </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a>","text":"Replying to @icycrystal:Lol, buy the toes🤣//@icycrystal:which stock paid for my turkey this year [Glance] [Smug] [Thinking] [OMG] [OMG] [OMG] [Gosh] [Gosh] [Gosh] can't even buy a turkey leg [Cry] [Cry] [Cry] [Facepalm] [Facepalm] [Facepalm] @LMSunshine @rL @Universe宇宙 @GoodLife99 @HelenJanet @koolgal","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/376376001565040","isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4141429963588842","authorId":"4141429963588842","name":"TigerGPT","avatar":"https://community-static.tradeup.com/news/5b82af1deb17dfa8f94b4741b9ea2738","crmLevel":1,"crmLevelSwitch":0,"idStr":"4141429963588842","authorIdStr":"4141429963588842"},"content":"Haha, very interesting question! According to your description, what was your Thanksgiving stock purchase in Turkey this year? Buying stocks to buy turkeys does sound interesting. However, as an AI financial analyst, I can't provide you with specific stock names because I can't see your account information or investment goals. However, if you are interested in certain stocks, I can provide you with relevant information and advice by analyzing the fundamentals and technical aspects of the stocks. If you have any specific investment questions, feel free to ask! Remember that investing is risky, please invest with caution.","text":"Haha, very interesting question! According to your description, what was your Thanksgiving stock purchase in Turkey this year? Buying stocks to buy turkeys does sound interesting. However, as an AI financial analyst, I can't provide you with specific stock names because I can't see your account information or investment goals. However, if you are interested in certain stocks, I can provide you with relevant information and advice by analyzing the fundamentals and technical aspects of the stocks. If you have any specific investment questions, feel free to ask! Remember that investing is risky, please invest with caution.","html":"Haha, very interesting question! According to your description, what was your Thanksgiving stock purchase in Turkey this year? Buying stocks to buy turkeys does sound interesting. However, as an AI financial analyst, I can't provide you with specific stock names because I can't see your account information or investment goals. However, if you are interested in certain stocks, I can provide you with relevant information and advice by analyzing the fundamentals and technical aspects of the stocks. If you have any specific investment questions, feel free to ask! Remember that investing is risky, please invest with caution."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359750094070032,"gmtCreate":1728837605135,"gmtModify":1728837609085,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"By the end of the year, I hope to be well versed in the art of options trading.","listText":"By the end of the year, I hope to be well versed in the art of options trading.","text":"By the end of the year, I hope to be well versed in the art of options trading.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359750094070032","isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358340676714856,"gmtCreate":1728522301191,"gmtModify":1728522304937,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"It has been a bullish season for most stocks","listText":"It has been a bullish season for most stocks","text":"It has been a bullish season for most stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358340676714856","isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346591911518336,"gmtCreate":1725646592559,"gmtModify":1725646597569,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. <a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a><a href=\"https://ttm.financial/U/4112139361872422\"> @Leo Di Leo </a><a href=\"https://ttm.financial/U/4145363458410462\"> @Taputurangi </a><a href=\"https://ttm.financial/U/4112018890778272\"> @k_ristovski </a><a href=\"https://ttm.financial/U/4171900329979952\"> @Barcode </a><a href=\"https://ttm.financial/U/3557831813182222\"> @BotakGuy </a>","listText":"Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. <a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a><a href=\"https://ttm.financial/U/4112139361872422\"> @Leo Di Leo </a><a href=\"https://ttm.financial/U/4145363458410462\"> @Taputurangi </a><a href=\"https://ttm.financial/U/4112018890778272\"> @k_ristovski </a><a href=\"https://ttm.financial/U/4171900329979952\"> @Barcode </a><a href=\"https://ttm.financial/U/3557831813182222\"> @BotakGuy </a>","text":"Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. @Vince1965 @Leo Di Leo @Taputurangi @k_ristovski @Barcode @BotakGuy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":1,"link":"https://ttm.financial/post/346591911518336","isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4171900329979952","authorId":"4171900329979952","name":"Barcode","avatar":"https://community-static.tradeup.com/news/6688d8fb4c2a255e3b901e79755e56df","crmLevel":1,"crmLevelSwitch":0,"idStr":"4171900329979952","authorIdStr":"4171900329979952"},"content":"@Ragz Ragz, your “Ragamuffin” vibe is spot-on! I love it❣️You may feel like you’re rocking rags, but freedom and style are your real assets. Guess what? Some of the richest billionaires out there are following your lead! It’s not about flashy designer suits anymore~it’s about efficiency, focus, and keeping things simple. Take Steve Jobs and his black turtleneck, jeans, and sneakers were practically as iconic as the $Apple(AAPL)$ iPhone! 🍎🍏 He understood that simplicity equals focus, and focus builds empires. Mark Zuckerberg $Meta Platforms, Inc.(META)$ ? Same playbook: grey T-shirt and jeans, daily. Why? Less time picking clothes, more time scaling Meta to billions. And let’s not forget Warren Buffett $Berkshire Hathaway(BRK.A)$ , dressing like your everyday neighbour on a weekend yard sale hunt~while managing billions. Talk about efficiency over fashion! Here’s the kicker: you really can’t judge a book~or a billionaire~by their cover! Minimalist living, decision-making efficiency, and cutting out distractions are key ingredients to their success. When you’re not stressing over the wardrobe, you’re laser-focused on making that serious cash flow. Success doesn’t always wear a suit~it can look like your favourite T-shirt and jeans. Ragz, you’re already ahead of the curve! Happy trading ahead. Cheers, BC 🍀","text":"@Ragz Ragz, your “Ragamuffin” vibe is spot-on! I love it❣️You may feel like you’re rocking rags, but freedom and style are your real assets. Guess what? Some of the richest billionaires out there are following your lead! It’s not about flashy designer suits anymore~it’s about efficiency, focus, and keeping things simple. Take Steve Jobs and his black turtleneck, jeans, and sneakers were practically as iconic as the $Apple(AAPL)$ iPhone! 🍎🍏 He understood that simplicity equals focus, and focus builds empires. Mark Zuckerberg $Meta Platforms, Inc.(META)$ ? Same playbook: grey T-shirt and jeans, daily. Why? Less time picking clothes, more time scaling Meta to billions. And let’s not forget Warren Buffett $Berkshire Hathaway(BRK.A)$ , dressing like your everyday neighbour on a weekend yard sale hunt~while managing billions. Talk about efficiency over fashion! Here’s the kicker: you really can’t judge a book~or a billionaire~by their cover! Minimalist living, decision-making efficiency, and cutting out distractions are key ingredients to their success. When you’re not stressing over the wardrobe, you’re laser-focused on making that serious cash flow. Success doesn’t always wear a suit~it can look like your favourite T-shirt and jeans. Ragz, you’re already ahead of the curve! Happy trading ahead. Cheers, BC 🍀","html":"@Ragz Ragz, your “Ragamuffin” vibe is spot-on! I love it❣️You may feel like you’re rocking rags, but freedom and style are your real assets. Guess what? Some of the richest billionaires out there are following your lead! It’s not about flashy designer suits anymore~it’s about efficiency, focus, and keeping things simple. Take Steve Jobs and his black turtleneck, jeans, and sneakers were practically as iconic as the $Apple(AAPL)$ iPhone! 🍎🍏 He understood that simplicity equals focus, and focus builds empires. Mark Zuckerberg $Meta Platforms, Inc.(META)$ ? Same playbook: grey T-shirt and jeans, daily. Why? Less time picking clothes, more time scaling Meta to billions. And let’s not forget Warren Buffett $Berkshire Hathaway(BRK.A)$ , dressing like your everyday neighbour on a weekend yard sale hunt~while managing billions. Talk about efficiency over fashion! Here’s the kicker: you really can’t judge a book~or a billionaire~by their cover! Minimalist living, decision-making efficiency, and cutting out distractions are key ingredients to their success. When you’re not stressing over the wardrobe, you’re laser-focused on making that serious cash flow. Success doesn’t always wear a suit~it can look like your favourite T-shirt and jeans. Ragz, you’re already ahead of the curve! Happy trading ahead. Cheers, BC 🍀"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":334512125186184,"gmtCreate":1722701297081,"gmtModify":1722701301029,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"I love the iconic Eiffel Tower, a truly unique and magnificent structure.","listText":"I love the iconic Eiffel Tower, a truly unique and magnificent structure.","text":"I love the iconic Eiffel Tower, a truly unique and magnificent structure.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/334512125186184","isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323706760626296,"gmtCreate":1720055449652,"gmtModify":1720055453464,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Interesting interview with wise advice in trading &amp; to minimise loss <a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a><a href=\"https://ttm.financial/U/3479274726989542\"> @XianLi </a>","listText":"Interesting interview with wise advice in trading &amp; to minimise loss <a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a><a href=\"https://ttm.financial/U/3479274726989542\"> @XianLi </a>","text":"Interesting interview with wise advice in trading & to minimise loss @Vince1965 @XianLi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323706760626296","repostId":"323118701363440","repostType":1,"repost":{"id":323118701363440,"gmtCreate":1719910734680,"gmtModify":1719926402132,"author":{"id":"3527667671414981","authorId":"3527667671414981","name":"TigerClub","avatar":"https://static.tigerbbs.com/c0f6fba0673df1de1c5c31bb2b4f6d4e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667671414981","authorIdStr":"3527667671414981"},"themes":[],"title":"[Trade Feed] @ZEROHERO: From 1000% Returns on SPACs to the Power of Compounding","htmlText":"<a href=\"https://ttm.financial/U/3566532164444643\">@ZEROHERO</a> is a skilled investor and trader with a strong background in art education and remarkable financial market acumen. His adaptable strategies have yielded significant returns, especially in SPACs, options trading and day trading. ZEROHERO's insights into market dynamics help him profit steadily even in volatile conditions.Whether you're new to investing or a seasoned trader, ZEROHERO's experience can elevate your trading skills. Follow his steps to learn how to start small, build big dreams, and uncover the true value of trading. Join us in witnessing and participating in ZEROHERO's journey towards wealth growth and personal development.Want to know his real-time trading?","listText":"<a href=\"https://ttm.financial/U/3566532164444643\">@ZEROHERO</a> is a skilled investor and trader with a strong background in art education and remarkable financial market acumen. His adaptable strategies have yielded significant returns, especially in SPACs, options trading and day trading. ZEROHERO's insights into market dynamics help him profit steadily even in volatile conditions.Whether you're new to investing or a seasoned trader, ZEROHERO's experience can elevate your trading skills. Follow his steps to learn how to start small, build big dreams, and uncover the true value of trading. Join us in witnessing and participating in ZEROHERO's journey towards wealth growth and personal development.Want to know his real-time trading?","text":"@ZEROHERO is a skilled investor and trader with a strong background in art education and remarkable financial market acumen. His adaptable strategies have yielded significant returns, especially in SPACs, options trading and day trading. ZEROHERO's insights into market dynamics help him profit steadily even in volatile conditions.Whether you're new to investing or a seasoned trader, ZEROHERO's experience can elevate your trading skills. Follow his steps to learn how to start small, build big dreams, and uncover the true value of trading. Join us in witnessing and participating in ZEROHERO's journey towards wealth growth and personal development.Want to know his real-time trading?","images":[{"img":"https://community-static.tradeup.com/news/7be90bcab8bc32601b1058de613d3030","width":"1080","height":"1080"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323118701363440","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":9,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321882120499392,"gmtCreate":1719614868755,"gmtModify":1719614873224,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Great event, Tiger Brokers 🎉🎂🎊","listText":"Great event, Tiger Brokers 🎉🎂🎊","text":"Great event, Tiger Brokers 🎉🎂🎊","images":[{"img":"https://community-static.tradeup.com/news/d2b692181284cc5d7a845029a99960b5"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321882120499392","isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":319397733658848,"gmtCreate":1719007166917,"gmtModify":1719007170916,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.","listText":"With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.","text":"With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319397733658848","isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":310744111648808,"gmtCreate":1716870818917,"gmtModify":1716870822920,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Are there any plans to expand FFIE operations to Europe in the near future?","listText":"Are there any plans to expand FFIE operations to Europe in the near future?","text":"Are there any plans to expand FFIE operations to Europe in the near future?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/310744111648808","isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":305848310202432,"gmtCreate":1715705250462,"gmtModify":1715705254280,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"The whales are out to play.&nbsp; Follow the trend to&nbsp;know when they dump.&nbsp;","listText":"The whales are out to play.&nbsp; Follow the trend to&nbsp;know when they dump.&nbsp;","text":"The whales are out to play. Follow the trend to know when they dump.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/305848310202432","isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":304517707546928,"gmtCreate":1715379644168,"gmtModify":1715379648746,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Times of Your Lives - Paul Anka Nostalgic song to recollect old times, good and bad. For memories are times that you borrow, to spend when you get to tomorrow.","listText":"Times of Your Lives - Paul Anka Nostalgic song to recollect old times, good and bad. For memories are times that you borrow, to spend when you get to tomorrow.","text":"Times of Your Lives - Paul Anka Nostalgic song to recollect old times, good and bad. For memories are times that you borrow, to spend when you get to tomorrow.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/304517707546928","isVote":1,"tweetType":1,"viewCount":405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":302478175481888,"gmtCreate":1714863232385,"gmtModify":1714863236972,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"The Path of the Masters by Julian Johnson, a spiritual classic","listText":"The Path of the Masters by Julian Johnson, a spiritual classic","text":"The Path of the Masters by Julian Johnson, a spiritual classic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/302478175481888","isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":302460827250848,"gmtCreate":1714862399068,"gmtModify":1714862403097,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Property. Buy property 👍🏽","listText":"Property. Buy property 👍🏽","text":"Property. Buy property 👍🏽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/302460827250848","isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":302093457051808,"gmtCreate":1714772709078,"gmtModify":1714772712709,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Looking at the present bullish market streak, it looks like&nbsp;a buy season in May","listText":"Looking at the present bullish market streak, it looks like&nbsp;a buy season in May","text":"Looking at the present bullish market streak, it looks like a buy season in May","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":2,"link":"https://ttm.financial/post/302093457051808","isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":302092549767264,"gmtCreate":1714772484155,"gmtModify":1714772487894,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Mr Buffett, what do you consider to be the secret of your longevity?","listText":"Mr Buffett, what do you consider to be the secret of your longevity?","text":"Mr Buffett, what do you consider to be the secret of your longevity?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/302092549767264","isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":301037313175584,"gmtCreate":1714511459361,"gmtModify":1714511649280,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Coinbase has earned Zacks highest evaluation of #1, meaning a Strong Buy. The earnings report should boost its stock value.","listText":"Coinbase has earned Zacks highest evaluation of #1, meaning a Strong Buy. The earnings report should boost its stock value.","text":"Coinbase has earned Zacks highest evaluation of #1, meaning a Strong Buy. The earnings report should boost its stock value.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/301037313175584","isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":299658940645400,"gmtCreate":1714178339973,"gmtModify":1714178343751,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"I like your style of specialising and concentrating in just a few shares. <a href=\"https://ttm.financial/U/4112018890778272\"> @k_ristovski </a><a href=\"https://ttm.financial/U/4112139361872422\"> @Leo Di Leo </a><a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a>","listText":"I like your style of specialising and concentrating in just a few shares. <a href=\"https://ttm.financial/U/4112018890778272\"> @k_ristovski </a><a href=\"https://ttm.financial/U/4112139361872422\"> @Leo Di Leo </a><a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a>","text":"I like your style of specialising and concentrating in just a few shares. @k_ristovski @Leo Di Leo @Vince1965","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/299658940645400","repostId":"299426115092480","repostType":1,"repost":{"id":299426115092480,"gmtCreate":1714107835444,"gmtModify":1714114802174,"author":{"id":"3527667671414981","authorId":"3527667671414981","name":"TigerClub","avatar":"https://static.tigerbbs.com/c0f6fba0673df1de1c5c31bb2b4f6d4e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667671414981","authorIdStr":"3527667671414981"},"themes":[],"title":"[Trade Feed] @Optionspuppy: Generating $500~1K Monthly Income through Premiums & Dividends","htmlText":"<a href=\"https://ttm.financial/U/4089501973615070\">@Optionspuppy</a> has long been a Star Contributor in the Tiger Community, consistently providing valuable content. In trading, he primarily focuses on <a href=\"https://ttm.financial/S/QQQM\">$Invesco NASDAQ 100 ETF(QQQM)$</a> , <a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a> , <a href=\"https://ttm.financial/S/MFC\">$Manulife(MFC)$</a> , <a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> , and <a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> , and often utilizes the strangle option strategy for dividend stocks to generate income.He exercises caution in position management by keeping half of his available cash in Tiger vault to safeguard against market crashes. Currently, he has achieved a year-t","listText":"<a href=\"https://ttm.financial/U/4089501973615070\">@Optionspuppy</a> has long been a Star Contributor in the Tiger Community, consistently providing valuable content. In trading, he primarily focuses on <a href=\"https://ttm.financial/S/QQQM\">$Invesco NASDAQ 100 ETF(QQQM)$</a> , <a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a> , <a href=\"https://ttm.financial/S/MFC\">$Manulife(MFC)$</a> , <a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> , and <a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> , and often utilizes the strangle option strategy for dividend stocks to generate income.He exercises caution in position management by keeping half of his available cash in Tiger vault to safeguard against market crashes. Currently, he has achieved a year-t","text":"@Optionspuppy has long been a Star Contributor in the Tiger Community, consistently providing valuable content. In trading, he primarily focuses on $Invesco NASDAQ 100 ETF(QQQM)$ , $Palantir Technologies Inc.(PLTR)$ , $Manulife(MFC)$ , $Alphabet(GOOG)$ , and $Apple(AAPL)$ , and often utilizes the strangle option strategy for dividend stocks to generate income.He exercises caution in position management by keeping half of his available cash in Tiger vault to safeguard against market crashes. Currently, he has achieved a year-t","images":[{"img":"https://community-static.tradeup.com/news/8040b9cc7850ea745c3a2b2ad8ce5c0f","width":"1080","height":"1080"},{"img":"https://community-static.tradeup.com/news/b76a921f0e6ac025eda3f5c79a6be33c","width":"794","height":"1280"},{"img":"https://community-static.tradeup.com/news/3e5a73ebf27b97bab8fcf17cf094ac6f","width":"854","height":"1280"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/299426115092480","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":299613001900120,"gmtCreate":1714167125523,"gmtModify":1714167130666,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"As Adam Khoo says, don't listen to anyone...","listText":"As Adam Khoo says, don't listen to anyone...","text":"As Adam Khoo says, don't listen to anyone...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/299613001900120","isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":290185584935160,"gmtCreate":1711852735440,"gmtModify":1711852741301,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"1. Marina Bay Sands Hotel 2. Opera House, Sydney 3. Temple of Heaven, Beijing 4. Sky Tower, Auckland 5. Victoria Park viewpoint 6. Apple Park, Cupertino","listText":"1. Marina Bay Sands Hotel 2. Opera House, Sydney 3. Temple of Heaven, Beijing 4. Sky Tower, Auckland 5. Victoria Park viewpoint 6. Apple Park, Cupertino","text":"1. Marina Bay Sands Hotel 2. Opera House, Sydney 3. Temple of Heaven, Beijing 4. Sky Tower, Auckland 5. Victoria Park viewpoint 6. Apple Park, Cupertino","images":[{"img":"https://community-static.tradeup.com/news/7eb5384cc7d72d3f7829d297b2fc6067"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/290185584935160","isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":9056961550,"gmtCreate":1654922931570,"gmtModify":1676535535607,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Time to take a break//<a href=\"https://laohu8.com/U/3572923586954779\">@LimLS</a>:Looks like the previous talk of inflation had peaked is no longer valid. Chances of 0.5 hike in Sept will be high. In fact, if a 0.75 hike is being propose for June, I will not be surprised. But let's hope this will not happen for 15th June FOMC. Because if this really happens, the market will fall even further. Fed is now stuck in a tough position. They cannot slow down in their hike/QT to take care of the falling market. They cannot increase too fast because this might cause the economy to suffer due to rising rates. Most likely Fed will persist on hike as they have already warned about incoming \"pain\" and they also have the trust issue. They cannot flip flop on their hike decision else people will no longer","listText":"Time to take a break//<a href=\"https://laohu8.com/U/3572923586954779\">@LimLS</a>:Looks like the previous talk of inflation had peaked is no longer valid. Chances of 0.5 hike in Sept will be high. In fact, if a 0.75 hike is being propose for June, I will not be surprised. But let's hope this will not happen for 15th June FOMC. Because if this really happens, the market will fall even further. Fed is now stuck in a tough position. They cannot slow down in their hike/QT to take care of the falling market. They cannot increase too fast because this might cause the economy to suffer due to rising rates. Most likely Fed will persist on hike as they have already warned about incoming \"pain\" and they also have the trust issue. They cannot flip flop on their hike decision else people will no longer","text":"Time to take a break//@LimLS:Looks like the previous talk of inflation had peaked is no longer valid. Chances of 0.5 hike in Sept will be high. In fact, if a 0.75 hike is being propose for June, I will not be surprised. But let's hope this will not happen for 15th June FOMC. Because if this really happens, the market will fall even further. Fed is now stuck in a tough position. They cannot slow down in their hike/QT to take care of the falling market. They cannot increase too fast because this might cause the economy to suffer due to rising rates. Most likely Fed will persist on hike as they have already warned about incoming \"pain\" and they also have the trust issue. They cannot flip flop on their hike decision else people will no longer","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":24,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9056961550","repostId":"1108712122","repostType":4,"repost":{"id":"1108712122","kind":"news","pubTimestamp":1654902743,"share":"https://ttm.financial/m/news/1108712122?lang=&edition=fundamental","pubTime":"2022-06-11 07:12","market":"us","language":"en","title":"Wall Street Suffers Biggest Weekly Loss Since January After Hot CPI Data","url":"https://stock-news.laohu8.com/highlight/detail?id=1108712122","media":"StreetInsider","summary":"U.S. stocks posted their biggest weekly percentage declines since January and ended sharply lower on","content":"<html><head></head><body><p>U.S. stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday as a steeper-than-expected rise in U.S. consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve.</p><p>Tech and growth stocks, whose valuations rely more heavily on future cash flows, led the decline. Microsoft Corp, Amazon.com Inc and Apple Inc drove losses in the S&amp;P 500.</p><p>Following the inflation report, two-year Treasury yields, which are highly sensitive to rate hikes, spiked to 3.057%, the highest since June 2008. Benchmark 10-year yields reached 3.178%, the highest since May 9.</p><p>The U.S. Labor Department&#39;s report showed the consumer price index (CPI) increased 1.0% last month after gaining 0.3% in April. Economists polled by Reuters had forecast the monthly CPI picking up 0.7%.</p><p>Year-on-year, CPI surged 8.6%, its biggest gain since 1981 and following an 8.3% jump in May.</p><p>Stocks have been volatile this year, and recent selling has largely been tied to worries over inflation, rising interest rates and the likelihood of a recession.</p><p>&#34;Today&#39;s report should extinguish any pretense that a &#39;pause&#39; in rate hikes will likely be appropriate by the end of summer, as the Fed is clearly still behind the eight ball on bringing inflation under control,&#34; said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.</p><p>The Dow Jones Industrial Average fell 880 points, or 2.73%, to 31,392.79; the S&amp;P 500 lost 116.96 points, or 2.91%, to 3,900.86; and the Nasdaq Composite dropped 414.20 points, or 3.52%, to 11,340.02.</p><p>The major indexes registered their biggest weekly percentage drops since the week ended Jan. 21, with the Dow down 4.58%, the S&amp;P 500 down 5.06% and the Nasdaq down 5.60% for the week.</p><p>The S&amp;P 500 is now down 18.2% for the year so far.</p><p>On Friday, the S&amp;P 500 growth index took a 3.7% hit, while the value index fell 2.2%.</p><p>The inflation report was published ahead of an anticipated second 50 basis points rate hike from the Fed on Wednesday. A further half-percentage-point is priced in for July, with a strong chance of a similar move in September.</p><p>One worry is that an aggressive push higher on rates by the Fed could send the economy into recession.</p><p>Among the day&#39;s losers, Netflix Inc slid 5.1% after Goldman downgraded the streaming video giant&#39;s stock to &#34;sell&#34; from &#34;neutral&#34; due to a possibly weaker macro environment.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 5.70-to-1 ratio; on Nasdaq, a 4.05-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted one new 52-week high and 44 new lows; the Nasdaq Composite recorded 17 new highs and 326 new lows.</p><p>Volume on U.S. exchanges was 12.62 billion shares, compared with the 11.88 billion average for the full session over the last 20 trading days.</p></body></html>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Suffers Biggest Weekly Loss Since January After Hot CPI Data</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\">\nWall Street Suffers Biggest Weekly Loss Since January After Hot CPI Data\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-11 07:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/ETFs/Wall+Street+suffers+biggest+weekly+loss+since+January+after+hot+CPI+data/20199959.html><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday as a steeper-than-expected rise in U.S. consumer prices in May fueled fears of more ...</p>\n\n<a href=\"https://www.streetinsider.com/ETFs/Wall+Street+suffers+biggest+weekly+loss+since+January+after+hot+CPI+data/20199959.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.streetinsider.com/ETFs/Wall+Street+suffers+biggest+weekly+loss+since+January+after+hot+CPI+data/20199959.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108712122","content_text":"U.S. stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday as a steeper-than-expected rise in U.S. consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve.Tech and growth stocks, whose valuations rely more heavily on future cash flows, led the decline. Microsoft Corp, Amazon.com Inc and Apple Inc drove losses in the S&P 500.Following the inflation report, two-year Treasury yields, which are highly sensitive to rate hikes, spiked to 3.057%, the highest since June 2008. Benchmark 10-year yields reached 3.178%, the highest since May 9.The U.S. Labor Department's report showed the consumer price index (CPI) increased 1.0% last month after gaining 0.3% in April. Economists polled by Reuters had forecast the monthly CPI picking up 0.7%.Year-on-year, CPI surged 8.6%, its biggest gain since 1981 and following an 8.3% jump in May.Stocks have been volatile this year, and recent selling has largely been tied to worries over inflation, rising interest rates and the likelihood of a recession.\"Today's report should extinguish any pretense that a 'pause' in rate hikes will likely be appropriate by the end of summer, as the Fed is clearly still behind the eight ball on bringing inflation under control,\" said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.The Dow Jones Industrial Average fell 880 points, or 2.73%, to 31,392.79; the S&P 500 lost 116.96 points, or 2.91%, to 3,900.86; and the Nasdaq Composite dropped 414.20 points, or 3.52%, to 11,340.02.The major indexes registered their biggest weekly percentage drops since the week ended Jan. 21, with the Dow down 4.58%, the S&P 500 down 5.06% and the Nasdaq down 5.60% for the week.The S&P 500 is now down 18.2% for the year so far.On Friday, the S&P 500 growth index took a 3.7% hit, while the value index fell 2.2%.The inflation report was published ahead of an anticipated second 50 basis points rate hike from the Fed on Wednesday. A further half-percentage-point is priced in for July, with a strong chance of a similar move in September.One worry is that an aggressive push higher on rates by the Fed could send the economy into recession.Among the day's losers, Netflix Inc slid 5.1% after Goldman downgraded the streaming video giant's stock to \"sell\" from \"neutral\" due to a possibly weaker macro environment.Declining issues outnumbered advancing ones on the NYSE by a 5.70-to-1 ratio; on Nasdaq, a 4.05-to-1 ratio favored decliners.The S&P 500 posted one new 52-week high and 44 new lows; the Nasdaq Composite recorded 17 new highs and 326 new lows.Volume on U.S. exchanges was 12.62 billion shares, compared with the 11.88 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586655119950414","authorId":"3586655119950414","name":"Doge2theMoon","avatar":"https://static.tigerbbs.com/cd1b564f8bed71eac62bc987f04bbce0","crmLevel":2,"crmLevelSwitch":1,"idStr":"3586655119950414","authorIdStr":"3586655119950414"},"content":"The Fed can solve inflation. It is the cost that we all have to bear. Demand destruction.","text":"The Fed can solve inflation. It is the cost that we all have to bear. Demand destruction.","html":"The Fed can solve inflation. It is the cost that we all have to bear. Demand destruction."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346591911518336,"gmtCreate":1725646592559,"gmtModify":1725646597569,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. <a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a><a href=\"https://ttm.financial/U/4112139361872422\"> @Leo Di Leo </a><a href=\"https://ttm.financial/U/4145363458410462\"> @Taputurangi </a><a href=\"https://ttm.financial/U/4112018890778272\"> @k_ristovski </a><a href=\"https://ttm.financial/U/4171900329979952\"> @Barcode </a><a href=\"https://ttm.financial/U/3557831813182222\"> @BotakGuy </a>","listText":"Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. <a href=\"https://ttm.financial/U/3579739630554436\"> @Vince1965 </a><a href=\"https://ttm.financial/U/4112139361872422\"> @Leo Di Leo </a><a href=\"https://ttm.financial/U/4145363458410462\"> @Taputurangi </a><a href=\"https://ttm.financial/U/4112018890778272\"> @k_ristovski </a><a href=\"https://ttm.financial/U/4171900329979952\"> @Barcode </a><a href=\"https://ttm.financial/U/3557831813182222\"> @BotakGuy </a>","text":"Ragz is my shortened form of the word Ragamuffin, a person who may be dressed in rags but has freedom, ragga-styled. @Vince1965 @Leo Di Leo @Taputurangi @k_ristovski @Barcode @BotakGuy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":1,"link":"https://ttm.financial/post/346591911518336","isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4171900329979952","authorId":"4171900329979952","name":"Barcode","avatar":"https://community-static.tradeup.com/news/6688d8fb4c2a255e3b901e79755e56df","crmLevel":1,"crmLevelSwitch":0,"idStr":"4171900329979952","authorIdStr":"4171900329979952"},"content":"@Ragz Ragz, your “Ragamuffin” vibe is spot-on! I love it❣️You may feel like you’re rocking rags, but freedom and style are your real assets. Guess what? Some of the richest billionaires out there are following your lead! It’s not about flashy designer suits anymore~it’s about efficiency, focus, and keeping things simple. Take Steve Jobs and his black turtleneck, jeans, and sneakers were practically as iconic as the $Apple(AAPL)$ iPhone! 🍎🍏 He understood that simplicity equals focus, and focus builds empires. Mark Zuckerberg $Meta Platforms, Inc.(META)$ ? Same playbook: grey T-shirt and jeans, daily. Why? Less time picking clothes, more time scaling Meta to billions. And let’s not forget Warren Buffett $Berkshire Hathaway(BRK.A)$ , dressing like your everyday neighbour on a weekend yard sale hunt~while managing billions. Talk about efficiency over fashion! Here’s the kicker: you really can’t judge a book~or a billionaire~by their cover! Minimalist living, decision-making efficiency, and cutting out distractions are key ingredients to their success. When you’re not stressing over the wardrobe, you’re laser-focused on making that serious cash flow. Success doesn’t always wear a suit~it can look like your favourite T-shirt and jeans. Ragz, you’re already ahead of the curve! Happy trading ahead. Cheers, BC 🍀","text":"@Ragz Ragz, your “Ragamuffin” vibe is spot-on! I love it❣️You may feel like you’re rocking rags, but freedom and style are your real assets. Guess what? Some of the richest billionaires out there are following your lead! It’s not about flashy designer suits anymore~it’s about efficiency, focus, and keeping things simple. Take Steve Jobs and his black turtleneck, jeans, and sneakers were practically as iconic as the $Apple(AAPL)$ iPhone! 🍎🍏 He understood that simplicity equals focus, and focus builds empires. Mark Zuckerberg $Meta Platforms, Inc.(META)$ ? Same playbook: grey T-shirt and jeans, daily. Why? Less time picking clothes, more time scaling Meta to billions. And let’s not forget Warren Buffett $Berkshire Hathaway(BRK.A)$ , dressing like your everyday neighbour on a weekend yard sale hunt~while managing billions. Talk about efficiency over fashion! Here’s the kicker: you really can’t judge a book~or a billionaire~by their cover! Minimalist living, decision-making efficiency, and cutting out distractions are key ingredients to their success. When you’re not stressing over the wardrobe, you’re laser-focused on making that serious cash flow. Success doesn’t always wear a suit~it can look like your favourite T-shirt and jeans. Ragz, you’re already ahead of the curve! Happy trading ahead. Cheers, BC 🍀","html":"@Ragz Ragz, your “Ragamuffin” vibe is spot-on! I love it❣️You may feel like you’re rocking rags, but freedom and style are your real assets. Guess what? Some of the richest billionaires out there are following your lead! It’s not about flashy designer suits anymore~it’s about efficiency, focus, and keeping things simple. Take Steve Jobs and his black turtleneck, jeans, and sneakers were practically as iconic as the $Apple(AAPL)$ iPhone! 🍎🍏 He understood that simplicity equals focus, and focus builds empires. Mark Zuckerberg $Meta Platforms, Inc.(META)$ ? Same playbook: grey T-shirt and jeans, daily. Why? Less time picking clothes, more time scaling Meta to billions. And let’s not forget Warren Buffett $Berkshire Hathaway(BRK.A)$ , dressing like your everyday neighbour on a weekend yard sale hunt~while managing billions. Talk about efficiency over fashion! Here’s the kicker: you really can’t judge a book~or a billionaire~by their cover! Minimalist living, decision-making efficiency, and cutting out distractions are key ingredients to their success. When you’re not stressing over the wardrobe, you’re laser-focused on making that serious cash flow. Success doesn’t always wear a suit~it can look like your favourite T-shirt and jeans. Ragz, you’re already ahead of the curve! Happy trading ahead. Cheers, BC 🍀"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":252553022402680,"gmtCreate":1702669150386,"gmtModify":1702669153586,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v> As long as Tesla continues to invest in innovative products and keep improving their designs, the value of the company will keep increasing. Keep the faith!&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v> As long as Tesla continues to invest in innovative products and keep improving their designs, the value of the company will keep increasing. Keep the faith!&nbsp;","text":"$Tesla Motors(TSLA)$ As long as Tesla continues to invest in innovative products and keep improving their designs, the value of the company will keep increasing. Keep the faith!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":23,"commentSize":0,"repostSize":5,"link":"https://ttm.financial/post/252553022402680","isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957270491,"gmtCreate":1677336592313,"gmtModify":1677336595086,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Great article.","listText":"Great article.","text":"Great article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":39,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957270491","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://ttm.financial/m/news/1117520516?lang=&edition=fundamental","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915365062,"gmtCreate":1664962346956,"gmtModify":1676537536301,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/INTC\">$Intel(INTC)$</a><v-v data-views=\"1\"></v-v>timeBullishBullishtimeBullish Is it the&nbsp;time to buy in? The chart seems to be turning around and trending upwards. Has the bottom being reached? Probably it may&nbsp;just turn out to be a technical rebound and may fall further, but it seems to be a good time to earn some money&nbsp;out of the volatility. The stock price will need a close watch to get some profit, even then it is already considered undervalued and can hold for the long run.&nbsp;","listText":"<a href=\"https://ttm.financial/S/INTC\">$Intel(INTC)$</a><v-v data-views=\"1\"></v-v>timeBullishBullishtimeBullish Is it the&nbsp;time to buy in? The chart seems to be turning around and trending upwards. Has the bottom being reached? Probably it may&nbsp;just turn out to be a technical rebound and may fall further, but it seems to be a good time to earn some money&nbsp;out of the volatility. The stock price will need a close watch to get some profit, even then it is already considered undervalued and can hold for the long run.&nbsp;","text":"$Intel(INTC)$timeBullishBullishtimeBullish Is it the time to buy in? The chart seems to be turning around and trending upwards. Has the bottom being reached? Probably it may just turn out to be a technical rebound and may fall further, but it seems to be a good time to earn some money out of the volatility. The stock price will need a close watch to get some profit, even then it is already considered undervalued and can hold for the long run.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/9915365062","isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":319397733658848,"gmtCreate":1719007166917,"gmtModify":1719007170916,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.","listText":"With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.","text":"With EVs gradually replacing petrol vehicles, oil prices will decrease. It sounds prudent to sell if oil prices reach $95.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319397733658848","isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9021537988,"gmtCreate":1653084871944,"gmtModify":1676535218945,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>Every time I buy, it dips[Mybad]&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>Every time I buy, it dips[Mybad]&nbsp;","text":"$Tesla Motors(TSLA)$Every time I buy, it dips[Mybad]","images":[{"img":"https://community-static.tradeup.com/news/9e959117b41fe8cd2aa2cf9096e41101","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9021537988","isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586239565205948","authorId":"3586239565205948","name":"小可爱0958","avatar":"https://community-static.tradeup.com/news/0b23a224c6451f227f187f04e04dffa9","crmLevel":6,"crmLevelSwitch":1,"idStr":"3586239565205948","authorIdStr":"3586239565205948"},"content":"Better than me I'm 973 [in tears] [in tears]","text":"Better than me I'm 973 [in tears] [in tears]","html":"Better than me I'm 973 [in tears] [in tears]"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":302093457051808,"gmtCreate":1714772709078,"gmtModify":1714772712709,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Looking at the present bullish market streak, it looks like&nbsp;a buy season in May","listText":"Looking at the present bullish market streak, it looks like&nbsp;a buy season in May","text":"Looking at the present bullish market streak, it looks like a buy season in May","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":2,"link":"https://ttm.financial/post/302093457051808","isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024047050,"gmtCreate":1653784888170,"gmtModify":1676535339953,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CRM\">$Salesforce.com(CRM)$</a>&nbsp;seems a good stock to consider&nbsp;","listText":"<a href=\"https://ttm.financial/S/CRM\">$Salesforce.com(CRM)$</a>&nbsp;seems a good stock to consider&nbsp;","text":"$Salesforce.com(CRM)$ seems a good stock to consider","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024047050","repostId":"1150561243","repostType":4,"repost":{"id":"1150561243","kind":"news","pubTimestamp":1653782159,"share":"https://ttm.financial/m/news/1150561243?lang=&edition=fundamental","pubTime":"2022-05-29 07:55","market":"us","language":"en","title":"7 Growth Stocks to Buy Before They Make a Big Comeback","url":"https://stock-news.laohu8.com/highlight/detail?id=1150561243","media":"InvestorPlace","summary":"Although growth stocks have faced significant setbacks, these seven robust shares should rebound in ","content":"<html><head></head><body><p>Although growth stocks have faced significant setbacks, these seven robust shares should rebound in the coming months.</p><ul><li><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>: Investors are looking forward to the stock split on July 15.</li><li><a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a>: Given its robust balance sheet and revenue generations, AMAT stock has the potential for a strong comeback.</li><li><a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a>: A new investment venture could provide long-term revenue growth and technological innovation</li><li><a href=\"https://laohu8.com/S/FTXL\">First Trust Nasdaq Semiconductor ETF</a>: The fund invests in leading semiconductor companies that will continue play a prominent role in technological developments.</li><li><a href=\"https://laohu8.com/S/SPGP\">Invesco S&amp;P 500 GARP ETF</a>: This ETF invests in equities that have been identified as high growth with attractive valuation levels.</li><li><a href=\"https://laohu8.com/S/LULU\">Lululemon</a>: The apparel retailer’s newly outlined 5-year growth plan intends to double revenue by 2026.</li><li><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>: Recently announced software development platform could provide a new source of revenue from a rapidly growing industry.</li></ul><p>Growth stocks faced significant challenges in the second quarter of 2022. Investors have hit the ‘sell’ button as profits could face serious headwinds while the Federal Reserve increases rates.</p><p>Effects ofinterest rate hikeson the marketsare further compounded by ever-rising inflation and signs of a looming recession.As a result,theS&amp;P 500 Growth Indexhas fallenmore than 28% since the beginning of the year.Moreover, the <b>Vanguard S&amp;P 500 Growth ETF</b> (<b>VOOG</b>) has dropped27.8% over the same period.</p><p>It is also possible to compare theS&amp;P 500 Growth IndexandS&amp;P 500 Indexindices over various time spans. Then, we note that volatility of returns in growth shares is higher as growth stocks typically have betas (β) of well over 1.</p><p>Most of our readers would know that beta shows stock’s volatility relative to the broader market, such as the S&amp;P 500 Index whose beta is accepted as 1. For instance if a stock’s beta is 1.30, it is assumed to be 30% more volatile the S&amp;P 500.</p><p>Although current declines in share prices aresignificant in percentage terms, these headwinds are likely transitory. History shows us that bear markets come to an end and robust shares end up making new highs. When a new bull leg begins, growth stocks could potentially outperform theoverallmarket.</p><p>With that information, here are the seven best growth stocks to buy in June:</p><p><a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a> (GOOGL, GOOG)<img src=\"https://static.tigerbbs.com/9f5f5c46c1809eb2738f15e11711ea07\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: IgorGolovniov / Shutterstock.com</p><p><b>52-week range:</b>$2,109.76 – $2,174.98</p><p>Our first growth stock is the cloud services giant <b>Alphabet</b>, the parent company of Google and YouTube.  Alphabet has numerous subsidiaries in different sectors.</p><p>The tech giant announced first-quarter results on April 26. Revenue was $68.01 billion, up 23% year-over-year (YOY) growth. Diluted earnings per share (EPS) was $24.62. Free cash flow (FCF) for the period resulted in $15.32 billion.</p><p>Management expressed its intention to keep investing in growth opportunities worldwide.The board also approved to re-purchase $70 billion of stock.</p><p>Now, many investors look forward to the upcoming 20-for-1 stock split that should take place on July 15. If today’s price holds, GOOGL should at the time trade around $100.</p><p>Like many of its peers, GOOGL stock has been caught in the tech swoon and is down by 25% year-to-date (YTD). It recently hit a 52-week low.</p><p>The stock is trading at 19.3 times forward earnings and 5.45 times sales. For now, the 12 month priceforecaststands at $3,200. However, after July 15, the price will change to reflect the stock split.</p><p><a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a><img src=\"https://static.tigerbbs.com/459356abc4bf8a4158403f81d8e608b7\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: michelmond / Shutterstock.com</p><p><b>52-week range:</b>$101.33 – $167.06</p><p><a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> is known for its tools used in chip manufacturing. Like many other semiconductor names, it has been benefiting from recent technological developments and digitalization efforts worldwide.</p><p>AMAT releasedQ2results on May 19. Revenue was $6.25 billion, up 12% YOY. Adjusted EPS was $1.85, up 13%. Cash from operations stood at $2.66 billion of cash, while $2.02 billion was returned to shareholders through stock repurchase and dividends.</p><p>Management highlighted that Applied Materials has been able to deliver results despite significant supply chain challenges. In addition, the manufacturer is likely to benefit from increased spending in wafer fab equipment.</p><p>However, AMAT shares have lost over a third of their value this year and just hit a 52-week low. Meanwhile, the current price supports a dividend yield of 0.92%.</p><p>This stock is changing hands at 13.12 time forward earnings and 4.02 times sales. Finally, the 12 month priceforecastfor AMAT is $140.</p><p><a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a><img src=\"https://static.tigerbbs.com/d4cab18b0d8457c8bbf961104a80ab55\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Northfoto / Shutterstock.com</p><p><b>52-week range:</b>$1,230.91 – $1,958.55</p><p>Our next stock pick for today is the restaurant chain <b>Chipotle Mexican Grill</b>(NYSE:CMG). The popular Tex-Mex chain has around 3,000 restaurants stateside.</p><p>In late April, Chipotle reportedQ1metrics. Revenue increased 16% YOY to $2 billion. Adjusted diluted EPS came in at $5.70, up from $5.36 in the previous year. Cash and equivalents stood at $646.7 million.</p><p>Management recentlyannouncedthe formation ofCultivate Next, a venture fund for investing in companies that strategically align with Chipotle’s mission. Investments in innovations can possibly lead to reduced costs and improved efficiency in Chipotle’s own restaurants.</p><p>CMG stock has lost almost 23% YTD and is flirting with 52-week lows. Shares are trading at39.53times forward earnings and4.7times sales. The12-month medianpriceforecast isat$1900.</p><p><a href=\"https://laohu8.com/S/FTXL\">First Trust Nasdaq Semiconductor ETF</a><img src=\"https://static.tigerbbs.com/56447832a6e96e7551c0a82dbfed7b34\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: shutterstock.com/bangoland</p><p><b>52-week range:</b> $56.80 – $83.10</p><p><b>Expense ratio:</b> 0.60% per year</p><p>Our next discussion centers around an exchange-traded fund (ETF), namely the <a href=\"https://laohu8.com/S/FTXL\">First Trust Nasdaq Semiconductor ETF</a>, which provides exposure to U.S. chip stocks.The fund started trading in September 2016.</p><p>FTXL tracks the Nasdaq US Smart Semiconductor Index and currently has 30 holdings. With regards to sub-sectors, we see Semiconductors (78.78%) and Production Technology Equipment (21.22%).</p><p>Meanwhile, the top 10 stocks in the portfolio account for close to 55% of $94 million in net assets. <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>, <a href=\"https://laohu8.com/S/INTC\">Intel</a>; <a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>, <a href=\"https://laohu8.com/S/MU\">Micron Technology</a> are among the most prominent holdings.</p><p>FTXL is down roughly 30% this year, trading near 52-week lows. Trailing price-to-earnings (P/E) and price-to-book (P/B) ratios are 18.01x and 4.04x, respectively.</p><p>Despite the recent declines in prices of chip shares, the outlook for the global semiconductor industry remains healthy. Therefore, many of the names in a fund like FTXL should start to recover in the near future.</p><p><a href=\"https://laohu8.com/S/SPGP\">Invesco S&amp;P 500 GARP ETF</a><img src=\"https://static.tigerbbs.com/1b6e05358cd1981ab5a5d52bf7ebad26\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Eviart / Shutterstock.com</p><p><b>52-week range:</b> $80.44 – $97.90</p><p><b>Expense ratio:</b> 0.36% per year</p><p>Our secondfund,the <a href=\"https://laohu8.com/S/SPGP\">Invesco S&amp;P 500 GARP ETF</a>, invests in securities that the fund managers have determined to be high growth names with attractive valuation levels.The fund, which started trading in June 2011, is rebalanced and reconstituted semi-annually.</p><p>SPGP currently has 77 holdings. Health care shares lead at 31.15%. Then come information technology (18.96%) and financials (19%).</p><p>The top 10 stocks in the portfolio account for almost a fifth of net assets of $829.9 million.Among them are the biotech name <a href=\"https://laohu8.com/S/VRTX\">Vertex Pharmaceuticals</a>; insurance providers <a href=\"https://laohu8.com/S/CI\">Cigna</a> and <a href=\"https://laohu8.com/S/PGR\">Progressive</a>; and automated cybersecurity solutions company <a href=\"https://laohu8.com/S/FTNT\">Fortinet</a>.</p><p>SPGP has declined more than 12% YTD. As a result, the fund is trading at 15.84 times trailing earnings and 3.71 times book value. If you are looking for above-average growth businesses that are reasonably priced, SPGP deserves to be on your radar screen.</p><p><a href=\"https://laohu8.com/S/LULU\">Lululemon</a><img src=\"https://static.tigerbbs.com/6d033bbc33ff6e77bdeb0ae8a3cb4a5c\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: lentamart / Shutterstock</p><p><b>52-week range:</b>$251.51 – $485.83</p><p><a href=\"https://laohu8.com/S/LULU\">Lululemon</a>, our next growth stock, is a Canadian athletic apparel and fitness equipment group known for high-end yoga pants. Its reach has expanded toover 570 stores across 17 countries.</p><p>In late March, Lululemon announcedQ4 FY21earnings. Revenue was $2.1 billion, representing a 23% increase YOY. Adjusted dilutedEPSincreased from $2.58 in Q4 FY20 to $3.37.</p><p>Recently, management has provideddetailson a new 5-year growth plan, which calls for doubling annual revenue to $12.5 billion by 2026. The focus will be on growingthemen’s apparelsegmentto increase current revenue and also quadrupling international revenuewithinfive years.</p><p>LULU stockhas dropped 28% YTDto trade at 52-week lows. Forward P/E and P/S numbers are29and5.68, respectively. The 12-month medianpriceforecast stands at$435.</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a><img src=\"https://static.tigerbbs.com/0dcf93b50bcf2e1a1530f0a5cca22c06\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Bjorn Bakstad / Shutterstock.com</p><p><b>52-week range:</b>$154.55 – $311.75</p><p><a href=\"https://laohu8.com/S/CRM\">Salesforce</a>, a member of the <b>Dow Jones Industrial Average (DJIA)</b>, istheleading provider of customer relationship management (CRM) software. More than 150,000 companies around the world rely on the Salesforce platform.</p><p>In early March, the CRM company reportedQ4 FY21financials. Revenue increased 26% YOY to $7.3 billion. Diluted EPS was 84 cents. Cash and equivalents totaled $5.5 billion.</p><p>Salesforce recentlyannouncedthe release of the Anypoint Code Builder, an integrated development environment (IDE). This new IDE, released by Salesforce subsidiary MuleSoft, is a platform designed to improve efficiency and lower development times for new software.</p><p>CRM stockhas declined 36% YTDand has hit 52-week lows. Shares are trading at33.67times forward earnings and5.78times sales. At present, the12-month medianpriceforecastisat$354.</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>7 Growth Stocks to Buy Before They Make a Big Comeback</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\">\n7 Growth Stocks to Buy Before They Make a Big Comeback\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-29 07:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/7-growth-stocks-to-buy-before-they-make-a-big-comeback/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Although growth stocks have faced significant setbacks, these seven robust shares should rebound in the coming months.Alphabet: Investors are looking forward to the stock split on July 15.Applied ...</p>\n\n<a href=\"https://investorplace.com/2022/05/7-growth-stocks-to-buy-before-they-make-a-big-comeback/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPGP":"Invesco S&P 500 GARP ETF","FTXL":"First Trust Nasdaq Semiconductor ETF"},"source_url":"https://investorplace.com/2022/05/7-growth-stocks-to-buy-before-they-make-a-big-comeback/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150561243","content_text":"Although growth stocks have faced significant setbacks, these seven robust shares should rebound in the coming months.Alphabet: Investors are looking forward to the stock split on July 15.Applied Materials: Given its robust balance sheet and revenue generations, AMAT stock has the potential for a strong comeback.Chipotle Mexican Grill: A new investment venture could provide long-term revenue growth and technological innovationFirst Trust Nasdaq Semiconductor ETF: The fund invests in leading semiconductor companies that will continue play a prominent role in technological developments.Invesco S&P 500 GARP ETF: This ETF invests in equities that have been identified as high growth with attractive valuation levels.Lululemon: The apparel retailer’s newly outlined 5-year growth plan intends to double revenue by 2026.Salesforce: Recently announced software development platform could provide a new source of revenue from a rapidly growing industry.Growth stocks faced significant challenges in the second quarter of 2022. Investors have hit the ‘sell’ button as profits could face serious headwinds while the Federal Reserve increases rates.Effects ofinterest rate hikeson the marketsare further compounded by ever-rising inflation and signs of a looming recession.As a result,theS&P 500 Growth Indexhas fallenmore than 28% since the beginning of the year.Moreover, the Vanguard S&P 500 Growth ETF (VOOG) has dropped27.8% over the same period.It is also possible to compare theS&P 500 Growth IndexandS&P 500 Indexindices over various time spans. Then, we note that volatility of returns in growth shares is higher as growth stocks typically have betas (β) of well over 1.Most of our readers would know that beta shows stock’s volatility relative to the broader market, such as the S&P 500 Index whose beta is accepted as 1. For instance if a stock’s beta is 1.30, it is assumed to be 30% more volatile the S&P 500.Although current declines in share prices aresignificant in percentage terms, these headwinds are likely transitory. History shows us that bear markets come to an end and robust shares end up making new highs. When a new bull leg begins, growth stocks could potentially outperform theoverallmarket.With that information, here are the seven best growth stocks to buy in June:Alphabet (GOOGL, GOOG)Source: IgorGolovniov / Shutterstock.com52-week range:$2,109.76 – $2,174.98Our first growth stock is the cloud services giant Alphabet, the parent company of Google and YouTube.  Alphabet has numerous subsidiaries in different sectors.The tech giant announced first-quarter results on April 26. Revenue was $68.01 billion, up 23% year-over-year (YOY) growth. Diluted earnings per share (EPS) was $24.62. Free cash flow (FCF) for the period resulted in $15.32 billion.Management expressed its intention to keep investing in growth opportunities worldwide.The board also approved to re-purchase $70 billion of stock.Now, many investors look forward to the upcoming 20-for-1 stock split that should take place on July 15. If today’s price holds, GOOGL should at the time trade around $100.Like many of its peers, GOOGL stock has been caught in the tech swoon and is down by 25% year-to-date (YTD). It recently hit a 52-week low.The stock is trading at 19.3 times forward earnings and 5.45 times sales. For now, the 12 month priceforecaststands at $3,200. However, after July 15, the price will change to reflect the stock split.Applied MaterialsSource: michelmond / Shutterstock.com52-week range:$101.33 – $167.06Applied Materials is known for its tools used in chip manufacturing. Like many other semiconductor names, it has been benefiting from recent technological developments and digitalization efforts worldwide.AMAT releasedQ2results on May 19. Revenue was $6.25 billion, up 12% YOY. Adjusted EPS was $1.85, up 13%. Cash from operations stood at $2.66 billion of cash, while $2.02 billion was returned to shareholders through stock repurchase and dividends.Management highlighted that Applied Materials has been able to deliver results despite significant supply chain challenges. In addition, the manufacturer is likely to benefit from increased spending in wafer fab equipment.However, AMAT shares have lost over a third of their value this year and just hit a 52-week low. Meanwhile, the current price supports a dividend yield of 0.92%.This stock is changing hands at 13.12 time forward earnings and 4.02 times sales. Finally, the 12 month priceforecastfor AMAT is $140.Chipotle Mexican GrillSource: Northfoto / Shutterstock.com52-week range:$1,230.91 – $1,958.55Our next stock pick for today is the restaurant chain Chipotle Mexican Grill(NYSE:CMG). The popular Tex-Mex chain has around 3,000 restaurants stateside.In late April, Chipotle reportedQ1metrics. Revenue increased 16% YOY to $2 billion. Adjusted diluted EPS came in at $5.70, up from $5.36 in the previous year. Cash and equivalents stood at $646.7 million.Management recentlyannouncedthe formation ofCultivate Next, a venture fund for investing in companies that strategically align with Chipotle’s mission. Investments in innovations can possibly lead to reduced costs and improved efficiency in Chipotle’s own restaurants.CMG stock has lost almost 23% YTD and is flirting with 52-week lows. Shares are trading at39.53times forward earnings and4.7times sales. The12-month medianpriceforecast isat$1900.First Trust Nasdaq Semiconductor ETFSource: shutterstock.com/bangoland52-week range: $56.80 – $83.10Expense ratio: 0.60% per yearOur next discussion centers around an exchange-traded fund (ETF), namely the First Trust Nasdaq Semiconductor ETF, which provides exposure to U.S. chip stocks.The fund started trading in September 2016.FTXL tracks the Nasdaq US Smart Semiconductor Index and currently has 30 holdings. With regards to sub-sectors, we see Semiconductors (78.78%) and Production Technology Equipment (21.22%).Meanwhile, the top 10 stocks in the portfolio account for close to 55% of $94 million in net assets. Broadcom, Intel; Texas Instruments, Micron Technology are among the most prominent holdings.FTXL is down roughly 30% this year, trading near 52-week lows. Trailing price-to-earnings (P/E) and price-to-book (P/B) ratios are 18.01x and 4.04x, respectively.Despite the recent declines in prices of chip shares, the outlook for the global semiconductor industry remains healthy. Therefore, many of the names in a fund like FTXL should start to recover in the near future.Invesco S&P 500 GARP ETFSource: Eviart / Shutterstock.com52-week range: $80.44 – $97.90Expense ratio: 0.36% per yearOur secondfund,the Invesco S&P 500 GARP ETF, invests in securities that the fund managers have determined to be high growth names with attractive valuation levels.The fund, which started trading in June 2011, is rebalanced and reconstituted semi-annually.SPGP currently has 77 holdings. Health care shares lead at 31.15%. Then come information technology (18.96%) and financials (19%).The top 10 stocks in the portfolio account for almost a fifth of net assets of $829.9 million.Among them are the biotech name Vertex Pharmaceuticals; insurance providers Cigna and Progressive; and automated cybersecurity solutions company Fortinet.SPGP has declined more than 12% YTD. As a result, the fund is trading at 15.84 times trailing earnings and 3.71 times book value. If you are looking for above-average growth businesses that are reasonably priced, SPGP deserves to be on your radar screen.LululemonSource: lentamart / Shutterstock52-week range:$251.51 – $485.83Lululemon, our next growth stock, is a Canadian athletic apparel and fitness equipment group known for high-end yoga pants. Its reach has expanded toover 570 stores across 17 countries.In late March, Lululemon announcedQ4 FY21earnings. Revenue was $2.1 billion, representing a 23% increase YOY. Adjusted dilutedEPSincreased from $2.58 in Q4 FY20 to $3.37.Recently, management has provideddetailson a new 5-year growth plan, which calls for doubling annual revenue to $12.5 billion by 2026. The focus will be on growingthemen’s apparelsegmentto increase current revenue and also quadrupling international revenuewithinfive years.LULU stockhas dropped 28% YTDto trade at 52-week lows. Forward P/E and P/S numbers are29and5.68, respectively. The 12-month medianpriceforecast stands at$435.SalesforceSource: Bjorn Bakstad / Shutterstock.com52-week range:$154.55 – $311.75Salesforce, a member of the Dow Jones Industrial Average (DJIA), istheleading provider of customer relationship management (CRM) software. More than 150,000 companies around the world rely on the Salesforce platform.In early March, the CRM company reportedQ4 FY21financials. Revenue increased 26% YOY to $7.3 billion. Diluted EPS was 84 cents. Cash and equivalents totaled $5.5 billion.Salesforce recentlyannouncedthe release of the Anypoint Code Builder, an integrated development environment (IDE). This new IDE, released by Salesforce subsidiary MuleSoft, is a platform designed to improve efficiency and lower development times for new software.CRM stockhas declined 36% YTDand has hit 52-week lows. Shares are trading at33.67times forward earnings and5.78times sales. At present, the12-month medianpriceforecastisat$354.","news_type":1},"isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4092376851552610","authorId":"4092376851552610","name":"Tall Guy","avatar":"https://community-static.tradeup.com/news/5e11acf97134ffdcfb93cea9aabffca0","crmLevel":3,"crmLevelSwitch":0,"idStr":"4092376851552610","authorIdStr":"4092376851552610"},"content":"u reckon it's a gd buy?","text":"u reckon it's a gd buy?","html":"u reckon it's a gd buy?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9928406718,"gmtCreate":1671333397934,"gmtModify":1676538525597,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Pessimistic&nbsp;","listText":"Pessimistic&nbsp;","text":"Pessimistic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9928406718","repostId":"2292831501","repostType":2,"repost":{"id":"2292831501","kind":"highlight","pubTimestamp":1671321913,"share":"https://ttm.financial/m/news/2292831501?lang=&edition=fundamental","pubTime":"2022-12-18 08:05","market":"us","language":"en","title":"Will Tesla Ever Be a Trillion-Dollar Stock Again?","url":"https://stock-news.laohu8.com/highlight/detail?id=2292831501","media":"Motley Fool","summary":"The electric car maker has a long road ahead to make it back to that elite club.","content":"<html><head></head><body><p>It wasn&#39;t all that long ago that <b>Tesla</b> had a trillion-dollar valuation. As recently as April, it was part of a tiny but exclusive club of companies that had broken through the threshold. Today that club has just three members: <b>Apple</b>, <b>Microsoft</b>, and <b>Alphabet</b>.</p><p>Since then, Tesla&#39;s stock has fallen hard, losing nearly 60% of its value, and some are actively rooting for it to fail.</p><p>While Tesla has its fans who seemingly wear rose-colored glasses about any of its flaws, the critics don green eyeshades tinted a few shades too dark that blind them to the EV maker&#39;s enduring potential.</p><p>Somewhere between those extremes lies the truth about Tesla, so let&#39;s see if there is any hope the premier EV stock can be a $1 trillion company again.</p><h2>First off the line</h2><p>There&#39;s no doubt Elon Musk and Tesla brought electric vehicles into the mainstream. While there were other EVs before Tesla (they&#39;ve actually existed for almost 200 years), it was the Roadster that changed the auto industry due to the range of its battery, speed, acceleration, and price that made it comparable to gas-powered cars.</p><p>That first-mover status boosted Tesla to the forefront of the electric car industry, a place it remains in with a 64% market share, as of the end of the third quarter. While that&#39;s down from the 75% it held back in the first quarter, it&#39;s also a natural consequence of so many competitors entering the market.</p><p>The Model Y and Model 3 have sold a combined 347,000 vehicles so far this year, far ahead of <b>Ford</b>&#39;s No. 2 Mustang Mach-E at 28,000. In fact, Tesla owns four of the top six slots (<b>General Motors&#39;</b> Chevy Bolt is fourth with 22,000 vehicles sold).</p><p>However, <b>Bank of America</b> recently issued a report indicating its analysts expect both Ford and GM to surpass Tesla&#39;s market share, which is forecast to fall to just 11% in North America by 2025.</p><p>Tesla is currently the big fish in a small pond. In just a few years time, however, EVs will equal 10% of the entire auto market and the two big automakers&#39; EVs are cheaper than Tesla&#39;s and appeal to a different car buyer.</p><h2>Built on a shaky foundation</h2><p>Despite the expected growth in demand for EVs, Tesla and other manufacturers have a number of hurdles they&#39;re going to need to surmount that could make achieving their goals feasible.</p><p>First, demand is propped up by tax credits, and should they go away; sales could falter. The so-called Inflation Reduction Act passed in August created a new array of incentives for the next few years, but it may not be fiscally responsible to keep them going indefinitely.</p><p>Second, the electric grid will be severely stressed from all the electric cars plugging in to charge and will need to be overhauled. That may not be feasible or cheap to accomplish as it will result in large costs for generating, transmitting, and storing power. Even as California was announcing a ban on fossil fuel-powered vehicles by 2035 this past summer, it was also asking EV owners not to charge their cars to help conserve energy.</p><p>Third, EV makers face soaring costs for finite resources, particularly for the batteries needed to power their vehicles. Lithium, for example, a key component of EV batteries, currently costs around $80,000 a tonne, or 1,000% more than it did two years ago.</p><p>EVs also require substantial amounts of graphite, cobalt, rare earth metals, and nickel, and the total global production of these metals cannot match demand for them.</p><h2>A long road ahead</h2><p>While there is a search happening for alternatives to using different materials to power EVs and to upgrading and overhauling the electric grid, car manufacturers may face difficulty in seeing the growth they forecast.</p><p>Tesla itself is having a tough time selling cars in China. Although sales in November were up 90% year over year, it was a result of cutting prices and providing greater incentives to buyers. The 100,000 vehicles sold was also half of what Chinese rival BYD sold. Competition in Europe will be fierce, too.</p><p>Musk has also been selling Tesla stock, selling 19.5 million shares in November and another 20 million or so in December, likely to help finance his acquisition of Twitter.</p><p>Over the long haul, though, Tesla doesn&#39;t seem like it&#39;s going to run off the road and still has plenty of opportunity for growth. Yet it would require a near tripling in value for its stock to hit a $1 trillion valuation. It seems plausible, but investors may need the patience to wait for a number of years for that to happen.</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>Will Tesla Ever Be a Trillion-Dollar Stock Again?</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\">\nWill Tesla Ever Be a Trillion-Dollar Stock Again?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-18 08:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/12/17/will-tesla-ever-be-a-trillion-dollar-stock-again/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It wasn't all that long ago that Tesla had a trillion-dollar valuation. As recently as April, it was part of a tiny but exclusive club of companies that had broken through the threshold. Today that ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/12/17/will-tesla-ever-be-a-trillion-dollar-stock-again/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2022/12/17/will-tesla-ever-be-a-trillion-dollar-stock-again/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2292831501","content_text":"It wasn't all that long ago that Tesla had a trillion-dollar valuation. As recently as April, it was part of a tiny but exclusive club of companies that had broken through the threshold. Today that club has just three members: Apple, Microsoft, and Alphabet.Since then, Tesla's stock has fallen hard, losing nearly 60% of its value, and some are actively rooting for it to fail.While Tesla has its fans who seemingly wear rose-colored glasses about any of its flaws, the critics don green eyeshades tinted a few shades too dark that blind them to the EV maker's enduring potential.Somewhere between those extremes lies the truth about Tesla, so let's see if there is any hope the premier EV stock can be a $1 trillion company again.First off the lineThere's no doubt Elon Musk and Tesla brought electric vehicles into the mainstream. While there were other EVs before Tesla (they've actually existed for almost 200 years), it was the Roadster that changed the auto industry due to the range of its battery, speed, acceleration, and price that made it comparable to gas-powered cars.That first-mover status boosted Tesla to the forefront of the electric car industry, a place it remains in with a 64% market share, as of the end of the third quarter. While that's down from the 75% it held back in the first quarter, it's also a natural consequence of so many competitors entering the market.The Model Y and Model 3 have sold a combined 347,000 vehicles so far this year, far ahead of Ford's No. 2 Mustang Mach-E at 28,000. In fact, Tesla owns four of the top six slots (General Motors' Chevy Bolt is fourth with 22,000 vehicles sold).However, Bank of America recently issued a report indicating its analysts expect both Ford and GM to surpass Tesla's market share, which is forecast to fall to just 11% in North America by 2025.Tesla is currently the big fish in a small pond. In just a few years time, however, EVs will equal 10% of the entire auto market and the two big automakers' EVs are cheaper than Tesla's and appeal to a different car buyer.Built on a shaky foundationDespite the expected growth in demand for EVs, Tesla and other manufacturers have a number of hurdles they're going to need to surmount that could make achieving their goals feasible.First, demand is propped up by tax credits, and should they go away; sales could falter. The so-called Inflation Reduction Act passed in August created a new array of incentives for the next few years, but it may not be fiscally responsible to keep them going indefinitely.Second, the electric grid will be severely stressed from all the electric cars plugging in to charge and will need to be overhauled. That may not be feasible or cheap to accomplish as it will result in large costs for generating, transmitting, and storing power. Even as California was announcing a ban on fossil fuel-powered vehicles by 2035 this past summer, it was also asking EV owners not to charge their cars to help conserve energy.Third, EV makers face soaring costs for finite resources, particularly for the batteries needed to power their vehicles. Lithium, for example, a key component of EV batteries, currently costs around $80,000 a tonne, or 1,000% more than it did two years ago.EVs also require substantial amounts of graphite, cobalt, rare earth metals, and nickel, and the total global production of these metals cannot match demand for them.A long road aheadWhile there is a search happening for alternatives to using different materials to power EVs and to upgrading and overhauling the electric grid, car manufacturers may face difficulty in seeing the growth they forecast.Tesla itself is having a tough time selling cars in China. Although sales in November were up 90% year over year, it was a result of cutting prices and providing greater incentives to buyers. The 100,000 vehicles sold was also half of what Chinese rival BYD sold. Competition in Europe will be fierce, too.Musk has also been selling Tesla stock, selling 19.5 million shares in November and another 20 million or so in December, likely to help finance his acquisition of Twitter.Over the long haul, though, Tesla doesn't seem like it's going to run off the road and still has plenty of opportunity for growth. Yet it would require a near tripling in value for its stock to hit a $1 trillion valuation. It seems plausible, but investors may need the patience to wait for a number of years for that to happen.","news_type":1},"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987368283,"gmtCreate":1667826444043,"gmtModify":1676537969734,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Rallying up","listText":"Rallying up","text":"Rallying up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9987368283","repostId":"1156767289","repostType":4,"repost":{"id":"1156767289","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":1667825314,"share":"https://ttm.financial/m/news/1156767289?lang=&edition=fundamental","pubTime":"2022-11-07 20:48","market":"other","language":"en","title":"Pre-Bell｜Dow Futures Jumped Over 150 Points; This Trump Stock Surged Over 20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1156767289","media":"Tiger Newspress","summary":"U.S. stock futures rose Monday as a packed week kicked off, with congressional midterm elections and","content":"<html><head></head><body><p>U.S. stock futures rose Monday as a packed week kicked off, with congressional midterm elections and key inflation data on deck over the next few days.</p><p><b>Market Snapshot</b></p><p>At 7:45 a.m. ET, Dow e-minis were up 165 points, or 0.51%, S&amp;P 500 e-minis were up 18.25 points, or 0.48%, and Nasdaq 100 e-minis were up 49 points, or 0.45%.</p><p><img src=\"https://static.tigerbbs.com/3be0bfa36c8499daa59344f201fdfb11\" tg-width=\"261\" tg-height=\"137\" width=\"100%\" height=\"auto\"/></p><p><b>Pre-Market Movers</b></p><p><b><a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a></b> – The drugmaker’s shares slid 3.4% in the premarket despite reporting better-than-expected quarterly profit and revenue. Results were down sharply from a year ago, with both profit and revenue off more than 40% from 2021′s third quarter.</p><p><b><a href=\"https://laohu8.com/S/BRK.B\">Berkshire Hathaway</a></b> – Berkshire Hathaway gained 1.5% in premarket trading after Warren Buffett’s firm reported better-than-expected earnings, with revenue also topping Street forecasts. Berkshire reported an overall loss, however, as a falling stock market ate into the value of its investment portfolio.</p><p><b><a href=\"https://laohu8.com/S/META\">Meta Platforms, Inc.</a></b> – Meta added 2.6% in the premarket after The Wall Street Journal reported that the Facebook parent was preparing to announce large-scale layoffs this week.</p><p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a></b> – Apple shares slid 1.8% in the premarket after it said Covid-19 restrictions are hindering iPhone production at the Foxconn factory in China. That factory is the world’s biggest iPhone production site.</p><p><b><a href=\"https://laohu8.com/S/AUY\">Yamana</a></b> – Yamana Gold lost 2.7% in the premarket after Gold Fields(GFI) said it would not change the terms of its takeover deal with Yamana. Agnico Eagle Mines(AEM) and Pan American Silver(PAAS) submitted a rival offer Friday, but Gold Fields maintains that its bid is superior.</p><p><b><a href=\"https://laohu8.com/S/OUST\">Ouster Inc.</a></b> – The maker of lidar sensors will combine with rivalVelodyne(VLDR) in a merger of equals, with Ouster and Velodyne shareholders each owning 50% of the combined company. Ouster jumped 5.1% in premarket action while Velodyne rallied 5.6%.</p><p><b><a href=\"https://laohu8.com/S/RYAAY\">Ryanair Holdings PLC</a></b> – The airline’s stock gained 6.2% in premarket trading after it reported the largest-ever profit for the first half of the year.</p><p><b><a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a></b> – The delivery service’s shares were upgraded to “outperform” from “perform” at Oppenheimer, which pointed to improving margins at U.S. restaurants among other factors. DoorDash gained 2.7% in premarket trading.</p><p><b><a href=\"https://laohu8.com/S/OKTA\">Okta Inc.</a></b> – The maker of identity management software jumped 3.9% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” It called the stock’s current valuation “too compelling to ignore.”</p><p><b><a href=\"https://laohu8.com/S/DWAC\">Digital World Acquisition Corp</a> </b>– It rose 20.48% in premarket trading. Trump is planning to announce his candidacy for the upcoming 2024 presidential election on Nov. 14, according to Axios, which spoke to sources familiar with the situation.</p><p><b>Market News</b></p><p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a></b> on Sunday said it expects even lower iPhone 14 Pro and iPhone Pro Max shipments than it previously anticipated as COVID-19 restrictions temporarily impact an assembly facility in Zhengzhou, China.</p><p><b><a href=\"https://laohu8.com/S/BRK.B\">Berkshire Hathaway</a></b> on Saturday posted a third-quarter loss, the net loss was $2.69 billion, operating profit rose 20% to $7.76 billion, it also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.</p><p><b><a href=\"https://laohu8.com/S/META\">Meta Platforms, Inc.</a></b> is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.</p><p><b><a href=\"https://laohu8.com/S/XOM\">Exxon Mobil</a></b> will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill.</p><p><b><a href=\"https://laohu8.com/S/TWTR\">Twitter</a></b>, after laying off roughly half the company on Friday following Elon Musk’s $44 billion acquisition, is now reaching out to dozens of employees who lost their jobs and asking them to return.</p><p>A unit of <b><a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a></b> is nearing a deal to combine with a big owner of medical practices and urgent-care centers in a transaction worth roughly $9 billion including debt, according to people familiar with the matter, the latest in a string of acquisitions by big consumer-focused companies aiming to delve deeper into medical care.</p><p><b><a href=\"https://laohu8.com/S/PM\">Philip Morris</a></b> said on Monday it was going ahead with its $16 billion plan to buy Swedish Match despite winning acceptance from owners with no more than 82.59% of shares in the Swedish peer.</p><p>The chief executive of China&#39;s <b><a href=\"https://laohu8.com/S/BILI\">Bilibili Inc.</a></b> has taken over direct supervision of the company&#39;s gaming department, according to an internal email, as the Alibaba-backed company looks to boost revenue growth.</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>Pre-Bell｜Dow Futures Jumped Over 150 Points; This Trump Stock Surged Over 20%</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\">\nPre-Bell｜Dow Futures Jumped Over 150 Points; This Trump Stock Surged Over 20%\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\">2022-11-07 20:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stock futures rose Monday as a packed week kicked off, with congressional midterm elections and key inflation data on deck over the next few days.</p><p><b>Market Snapshot</b></p><p>At 7:45 a.m. ET, Dow e-minis were up 165 points, or 0.51%, S&amp;P 500 e-minis were up 18.25 points, or 0.48%, and Nasdaq 100 e-minis were up 49 points, or 0.45%.</p><p><img src=\"https://static.tigerbbs.com/3be0bfa36c8499daa59344f201fdfb11\" tg-width=\"261\" tg-height=\"137\" width=\"100%\" height=\"auto\"/></p><p><b>Pre-Market Movers</b></p><p><b><a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a></b> – The drugmaker’s shares slid 3.4% in the premarket despite reporting better-than-expected quarterly profit and revenue. Results were down sharply from a year ago, with both profit and revenue off more than 40% from 2021′s third quarter.</p><p><b><a href=\"https://laohu8.com/S/BRK.B\">Berkshire Hathaway</a></b> – Berkshire Hathaway gained 1.5% in premarket trading after Warren Buffett’s firm reported better-than-expected earnings, with revenue also topping Street forecasts. Berkshire reported an overall loss, however, as a falling stock market ate into the value of its investment portfolio.</p><p><b><a href=\"https://laohu8.com/S/META\">Meta Platforms, Inc.</a></b> – Meta added 2.6% in the premarket after The Wall Street Journal reported that the Facebook parent was preparing to announce large-scale layoffs this week.</p><p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a></b> – Apple shares slid 1.8% in the premarket after it said Covid-19 restrictions are hindering iPhone production at the Foxconn factory in China. That factory is the world’s biggest iPhone production site.</p><p><b><a href=\"https://laohu8.com/S/AUY\">Yamana</a></b> – Yamana Gold lost 2.7% in the premarket after Gold Fields(GFI) said it would not change the terms of its takeover deal with Yamana. Agnico Eagle Mines(AEM) and Pan American Silver(PAAS) submitted a rival offer Friday, but Gold Fields maintains that its bid is superior.</p><p><b><a href=\"https://laohu8.com/S/OUST\">Ouster Inc.</a></b> – The maker of lidar sensors will combine with rivalVelodyne(VLDR) in a merger of equals, with Ouster and Velodyne shareholders each owning 50% of the combined company. Ouster jumped 5.1% in premarket action while Velodyne rallied 5.6%.</p><p><b><a href=\"https://laohu8.com/S/RYAAY\">Ryanair Holdings PLC</a></b> – The airline’s stock gained 6.2% in premarket trading after it reported the largest-ever profit for the first half of the year.</p><p><b><a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a></b> – The delivery service’s shares were upgraded to “outperform” from “perform” at Oppenheimer, which pointed to improving margins at U.S. restaurants among other factors. DoorDash gained 2.7% in premarket trading.</p><p><b><a href=\"https://laohu8.com/S/OKTA\">Okta Inc.</a></b> – The maker of identity management software jumped 3.9% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” It called the stock’s current valuation “too compelling to ignore.”</p><p><b><a href=\"https://laohu8.com/S/DWAC\">Digital World Acquisition Corp</a> </b>– It rose 20.48% in premarket trading. Trump is planning to announce his candidacy for the upcoming 2024 presidential election on Nov. 14, according to Axios, which spoke to sources familiar with the situation.</p><p><b>Market News</b></p><p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a></b> on Sunday said it expects even lower iPhone 14 Pro and iPhone Pro Max shipments than it previously anticipated as COVID-19 restrictions temporarily impact an assembly facility in Zhengzhou, China.</p><p><b><a href=\"https://laohu8.com/S/BRK.B\">Berkshire Hathaway</a></b> on Saturday posted a third-quarter loss, the net loss was $2.69 billion, operating profit rose 20% to $7.76 billion, it also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.</p><p><b><a href=\"https://laohu8.com/S/META\">Meta Platforms, Inc.</a></b> is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.</p><p><b><a href=\"https://laohu8.com/S/XOM\">Exxon Mobil</a></b> will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill.</p><p><b><a href=\"https://laohu8.com/S/TWTR\">Twitter</a></b>, after laying off roughly half the company on Friday following Elon Musk’s $44 billion acquisition, is now reaching out to dozens of employees who lost their jobs and asking them to return.</p><p>A unit of <b><a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a></b> is nearing a deal to combine with a big owner of medical practices and urgent-care centers in a transaction worth roughly $9 billion including debt, according to people familiar with the matter, the latest in a string of acquisitions by big consumer-focused companies aiming to delve deeper into medical care.</p><p><b><a href=\"https://laohu8.com/S/PM\">Philip Morris</a></b> said on Monday it was going ahead with its $16 billion plan to buy Swedish Match despite winning acceptance from owners with no more than 82.59% of shares in the Swedish peer.</p><p>The chief executive of China&#39;s <b><a href=\"https://laohu8.com/S/BILI\">Bilibili Inc.</a></b> has taken over direct supervision of the company&#39;s gaming department, according to an internal email, as the Alibaba-backed company looks to boost revenue growth.</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":"1156767289","content_text":"U.S. stock futures rose Monday as a packed week kicked off, with congressional midterm elections and key inflation data on deck over the next few days.Market SnapshotAt 7:45 a.m. ET, Dow e-minis were up 165 points, or 0.51%, S&P 500 e-minis were up 18.25 points, or 0.48%, and Nasdaq 100 e-minis were up 49 points, or 0.45%.Pre-Market MoversBioNTech SE – The drugmaker’s shares slid 3.4% in the premarket despite reporting better-than-expected quarterly profit and revenue. Results were down sharply from a year ago, with both profit and revenue off more than 40% from 2021′s third quarter.Berkshire Hathaway – Berkshire Hathaway gained 1.5% in premarket trading after Warren Buffett’s firm reported better-than-expected earnings, with revenue also topping Street forecasts. Berkshire reported an overall loss, however, as a falling stock market ate into the value of its investment portfolio.Meta Platforms, Inc. – Meta added 2.6% in the premarket after The Wall Street Journal reported that the Facebook parent was preparing to announce large-scale layoffs this week.Apple – Apple shares slid 1.8% in the premarket after it said Covid-19 restrictions are hindering iPhone production at the Foxconn factory in China. That factory is the world’s biggest iPhone production site.Yamana – Yamana Gold lost 2.7% in the premarket after Gold Fields(GFI) said it would not change the terms of its takeover deal with Yamana. Agnico Eagle Mines(AEM) and Pan American Silver(PAAS) submitted a rival offer Friday, but Gold Fields maintains that its bid is superior.Ouster Inc. – The maker of lidar sensors will combine with rivalVelodyne(VLDR) in a merger of equals, with Ouster and Velodyne shareholders each owning 50% of the combined company. Ouster jumped 5.1% in premarket action while Velodyne rallied 5.6%.Ryanair Holdings PLC – The airline’s stock gained 6.2% in premarket trading after it reported the largest-ever profit for the first half of the year.DoorDash, Inc. – The delivery service’s shares were upgraded to “outperform” from “perform” at Oppenheimer, which pointed to improving margins at U.S. restaurants among other factors. DoorDash gained 2.7% in premarket trading.Okta Inc. – The maker of identity management software jumped 3.9% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” It called the stock’s current valuation “too compelling to ignore.”Digital World Acquisition Corp – It rose 20.48% in premarket trading. Trump is planning to announce his candidacy for the upcoming 2024 presidential election on Nov. 14, according to Axios, which spoke to sources familiar with the situation.Market NewsApple on Sunday said it expects even lower iPhone 14 Pro and iPhone Pro Max shipments than it previously anticipated as COVID-19 restrictions temporarily impact an assembly facility in Zhengzhou, China.Berkshire Hathaway on Saturday posted a third-quarter loss, the net loss was $2.69 billion, operating profit rose 20% to $7.76 billion, it also repurchased $1.05 billion of its own stock in the quarter, and has repurchased $5.25 billion this year.Meta Platforms, Inc. is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.Exxon Mobil will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill.Twitter, after laying off roughly half the company on Friday following Elon Musk’s $44 billion acquisition, is now reaching out to dozens of employees who lost their jobs and asking them to return.A unit of Walgreens Boots Alliance is nearing a deal to combine with a big owner of medical practices and urgent-care centers in a transaction worth roughly $9 billion including debt, according to people familiar with the matter, the latest in a string of acquisitions by big consumer-focused companies aiming to delve deeper into medical care.Philip Morris said on Monday it was going ahead with its $16 billion plan to buy Swedish Match despite winning acceptance from owners with no more than 82.59% of shares in the Swedish peer.The chief executive of China's Bilibili Inc. has taken over direct supervision of the company's gaming department, according to an internal email, as the Alibaba-backed company looks to boost revenue growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9917950542,"gmtCreate":1665415897386,"gmtModify":1676537602875,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$</a><v-v data-views=\"1\"></v-v>Bullish timeBullish time to rise?&nbsp;","listText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$</a><v-v data-views=\"1\"></v-v>Bullish timeBullish time to rise?&nbsp;","text":"$Sea Ltd(SE)$Bullish timeBullish time to rise?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":1,"link":"https://ttm.financial/post/9917950542","isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9072708813,"gmtCreate":1658100956432,"gmtModify":1676536103880,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Good stocks, but has the bottom been reached?&nbsp;","listText":"Good stocks, but has the bottom been reached?&nbsp;","text":"Good stocks, but has the bottom been reached?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072708813","repostId":"2251341847","repostType":4,"repost":{"id":"2251341847","kind":"highlight","pubTimestamp":1658023335,"share":"https://ttm.financial/m/news/2251341847?lang=&edition=fundamental","pubTime":"2022-07-17 10:02","market":"us","language":"en","title":"3 Butchered Tech Stocks to Buy and Hold","url":"https://stock-news.laohu8.com/highlight/detail?id=2251341847","media":"InvestorPlace","summary":"These three butchered tech stocks to buy offer huge upside for investors that can wisely look past t","content":"<html><head></head><body><ul><li>These three butchered tech stocks to buy offer huge upside for investors that can wisely look past threats of a recession.</li><li><b>ARK Innovation <a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF|ETF</a></b> (<b><u>ARKK</u></b>) offers deeply discounted, high-growth tech stock opportunities.</li><li><b>Unity Software</b> (<b><u>U</u></b>) is a market leader in gaming with positive cash flow. It&#39;s also poised to get even bigger.</li><li><b>Shopify</b> (<b><u>SHOP</u></b>) is a cash flush e-commerce giant that can be shopped at an extreme historical discount.</li></ul><p><img src=\"https://static.tigerbbs.com/1ea3418a33602b1076105d7d86ee89c0\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Peshkova / Shutterstock</p><p>Government data continues to dole out bearish sound bites for financial pundits in need of gripping stories to weaken investor confidence. But other evidence suggests it’s time to shop for bargains on Wall Street. Right now there’s no better spot than in three butchered tech stocks to buy and hold for the long haul.</p><p>This week’s pair of monthly readings on the state of prices indicate that red hot inflation in 2022 hasn’t cooled down yet. The back-to-back reports came in higher-than-forecast and good for all sorts of “worst since” pronouncements from the media.</p><p>To be sure, it all sounds horrible. And at this rate, investors can brace themselves for at least a 75 basis point rate hike by the Federal Reserve, as well as headlines reading “Recession” by month’s end when the Q2 GDP data is announced.</p><p>The good news is that as a forward-looking pricing mechanism, the worst is likely baked into this year’s bear market led by all those sickly looking technology companies. Both Norman Fosback’s Recession Buy Indicator and a contested, but sneaky confirmed market rally hint at better days ahead. And that stands to be especially true for investors purchasing the following three butchered tech stocks to buy and hold today.</p><table border=\"1\"><tbody><tr><td><b>Ticker</b></td><td><b>Company</b></td><td><b>Recent Price</b></td></tr><tr><td><b><u>ARKK</u></b></td><td><a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a></td><td>$43.34</td></tr><tr><td><b><u>U</u></b></td><td>Unity Software</td><td>$32.86</td></tr><tr><td><b><u>SHOP</u></b></td><td>Shopify</td><td>$30.98</td></tr></tbody></table><h2>Ark Innovation ETF (ARKK)</h2><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/956110fbcf48e6468f4b4cf4072409f4\" tg-width=\"1005\" tg-height=\"487\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: Charts by TradingView</p><p>If you have more than just a passing interest in the stock market, chances are you know about <b>ARK Innovation ETF</b> (NYSEARCA:<b><u>ARKK</u></b>). The exchange-traded fund is part of fund manager Ark Invest’s notorious high-octane growth and actively managed portfolios include names like <b>Tesla</b> (NASDAQ:<b><u>TSLA</u></b>), <b><a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video</b> (NASDAQ:<b><u>ZM</u></b>) and <b>Grayscale Bitcoin Trust</b> (OTCMKTS:<b><u>GBTC</u></b>).</p><p>The tech stock to buy and hold made a name for itself as it rocketed higher in 2020 only to crater lower as a decided bearish shift in sentiment toward higher multiple stocks was exacerbated by inflation and the conflict in Ukraine.</p><p>But while the round turn in fortunes has turned the fund’s brash and outspoken CEO Cathie Wood into the market’s meme stock queen and many would like to completely forget about ARKK, I’m upbeat that Ark’s expert insights and aggressive investing style will make a comeback in a big way.</p><p>There’s a bit of sneaky price action to start that process today. Within the broader market’s somewhat shakier confirmed rally, ARKK is actually showing signs of a healthier uptrend emerging off its bear market low.</p><p>This past week, a slightly stronger higher high pattern was formed in this tech stock, which compares favorably to the larger-cap, tech-heavy <b>Nasdaq</b>. Combined with ARKK’s much deeper Covid-19 bear market, some climatic volume and a neutralized stochastics, the opportunity to purchase deeply discounted growth stock leadership beckons.</p><h2>Unity Software (U)</h2><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/c25b3f1939df92a706c935d19432d046\" tg-width=\"998\" tg-height=\"491\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: Charts by TradingView</p><p><b>Unity Software</b> (NYSE:<b><u>U</u></b>) is a top software applications outfit that operates an interactive real-time content platform. Unity is best known within the gaming market with a roughly 60% to 70% market share of the mobile gaming market due to the platform’s ease of use, features and functionalities for content developers.</p><p>And if that success is any indication, moves into e-commerce and the metaverse, as well as architecture, design and engineering should continue to bolster the company’s positive free cash flow, and help put U stock on a path toward long-term profitability. All of this should result in a smart return for investors.</p><p>With a correction of about 85% since November, Unity’s “smallish,” large-cap valuation of just $13.40 billion and shares consolidating tightly near all-time-lows over the past several weeks with bullish indications from volume and stochastics, this battered tech stock to buy and hold is an even more attractive purchase today.</p><h2>Shopify (SHOP)</h2><p><img src=\"https://static.tigerbbs.com/d89746888da2d9510b64a9f031eaecd5\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/e4d03afd7c692552f9916717fe674d11\" tg-width=\"1000\" tg-height=\"492\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: Charts by TradingView</p><p><b>Shopify’s</b> (NYSE:<b><u>SHOP</u></b>) shares have been victimized by inflation, interest rate hikes, at-risk consumers and supply chain bottlenecks. Year-to-date, SHOP has shed 77%. Since last November’s split-adjusted peak of $176.29, it has lost nearly 83% of its value.</p><p>Despite the obvious bearish commitment from investors, Shopify not only commands a $38.5 billion valuation, but SHOP also remains the market’s undisputed leader in this e-commerce space. Ultimately, this tech stock isn’t some fly-by-night, one-trick pony operation.</p><p>Right now, shares can be shopped at their Covid-19 low. Investors can tap into this low all while the company enjoys a historically cheap sales multiple, solid free cashflow and a strong secular trend for digital-based retail growth, despite the pending “Recession!” headlines.</p></body></html>","source":"investorplace","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Butchered Tech Stocks to Buy and Hold</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Butchered Tech Stocks to Buy and Hold\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-17 10:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/07/3-butchered-tech-stocks-to-buy-and-hold/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These three butchered tech stocks to buy offer huge upside for investors that can wisely look past threats of a recession.ARK Innovation Pacer Swan SOS Fund of Funds ETF|ETF (ARKK) offers deeply ...</p>\n\n<a href=\"https://investorplace.com/2022/07/3-butchered-tech-stocks-to-buy-and-hold/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4548":"巴美列捷福持仓","TSLA":"特斯拉","BK4528":"SaaS概念","BK4023":"应用软件","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4534":"瑞士信贷持仓","BK4555":"新能源车","BK4099":"汽车制造商","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4525":"远程办公概念","BK4566":"资本集团","U":"Unity Software Inc.","BK4524":"宅经济概念","ZM":"Zoom","BK4535":"淡马锡持仓","BK4527":"明星科技股","BK4116":"互联网服务与基础架构","BK4550":"红杉资本持仓","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4544":"ARK ETF合集","GBTC":"Grayscale Bitcoin Trust","ARKG":"ARK Genomic Revolution ETF","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","ARKK":"ARK Innovation ETF","SHOP":"Shopify Inc","BK4511":"特斯拉概念"},"source_url":"https://investorplace.com/2022/07/3-butchered-tech-stocks-to-buy-and-hold/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2251341847","content_text":"These three butchered tech stocks to buy offer huge upside for investors that can wisely look past threats of a recession.ARK Innovation Pacer Swan SOS Fund of Funds ETF|ETF (ARKK) offers deeply discounted, high-growth tech stock opportunities.Unity Software (U) is a market leader in gaming with positive cash flow. It's also poised to get even bigger.Shopify (SHOP) is a cash flush e-commerce giant that can be shopped at an extreme historical discount.Source: Peshkova / ShutterstockGovernment data continues to dole out bearish sound bites for financial pundits in need of gripping stories to weaken investor confidence. But other evidence suggests it’s time to shop for bargains on Wall Street. Right now there’s no better spot than in three butchered tech stocks to buy and hold for the long haul.This week’s pair of monthly readings on the state of prices indicate that red hot inflation in 2022 hasn’t cooled down yet. The back-to-back reports came in higher-than-forecast and good for all sorts of “worst since” pronouncements from the media.To be sure, it all sounds horrible. And at this rate, investors can brace themselves for at least a 75 basis point rate hike by the Federal Reserve, as well as headlines reading “Recession” by month’s end when the Q2 GDP data is announced.The good news is that as a forward-looking pricing mechanism, the worst is likely baked into this year’s bear market led by all those sickly looking technology companies. Both Norman Fosback’s Recession Buy Indicator and a contested, but sneaky confirmed market rally hint at better days ahead. And that stands to be especially true for investors purchasing the following three butchered tech stocks to buy and hold today.TickerCompanyRecent PriceARKKARK Innovation ETF$43.34UUnity Software$32.86SHOPShopify$30.98Ark Innovation ETF (ARKK)Source: Charts by TradingViewIf you have more than just a passing interest in the stock market, chances are you know about ARK Innovation ETF (NYSEARCA:ARKK). The exchange-traded fund is part of fund manager Ark Invest’s notorious high-octane growth and actively managed portfolios include names like Tesla (NASDAQ:TSLA), Zoom Video (NASDAQ:ZM) and Grayscale Bitcoin Trust (OTCMKTS:GBTC).The tech stock to buy and hold made a name for itself as it rocketed higher in 2020 only to crater lower as a decided bearish shift in sentiment toward higher multiple stocks was exacerbated by inflation and the conflict in Ukraine.But while the round turn in fortunes has turned the fund’s brash and outspoken CEO Cathie Wood into the market’s meme stock queen and many would like to completely forget about ARKK, I’m upbeat that Ark’s expert insights and aggressive investing style will make a comeback in a big way.There’s a bit of sneaky price action to start that process today. Within the broader market’s somewhat shakier confirmed rally, ARKK is actually showing signs of a healthier uptrend emerging off its bear market low.This past week, a slightly stronger higher high pattern was formed in this tech stock, which compares favorably to the larger-cap, tech-heavy Nasdaq. Combined with ARKK’s much deeper Covid-19 bear market, some climatic volume and a neutralized stochastics, the opportunity to purchase deeply discounted growth stock leadership beckons.Unity Software (U)Source: Charts by TradingViewUnity Software (NYSE:U) is a top software applications outfit that operates an interactive real-time content platform. Unity is best known within the gaming market with a roughly 60% to 70% market share of the mobile gaming market due to the platform’s ease of use, features and functionalities for content developers.And if that success is any indication, moves into e-commerce and the metaverse, as well as architecture, design and engineering should continue to bolster the company’s positive free cash flow, and help put U stock on a path toward long-term profitability. All of this should result in a smart return for investors.With a correction of about 85% since November, Unity’s “smallish,” large-cap valuation of just $13.40 billion and shares consolidating tightly near all-time-lows over the past several weeks with bullish indications from volume and stochastics, this battered tech stock to buy and hold is an even more attractive purchase today.Shopify (SHOP)Source: Charts by TradingViewShopify’s (NYSE:SHOP) shares have been victimized by inflation, interest rate hikes, at-risk consumers and supply chain bottlenecks. Year-to-date, SHOP has shed 77%. Since last November’s split-adjusted peak of $176.29, it has lost nearly 83% of its value.Despite the obvious bearish commitment from investors, Shopify not only commands a $38.5 billion valuation, but SHOP also remains the market’s undisputed leader in this e-commerce space. Ultimately, this tech stock isn’t some fly-by-night, one-trick pony operation.Right now, shares can be shopped at their Covid-19 low. Investors can tap into this low all while the company enjoys a historically cheap sales multiple, solid free cashflow and a strong secular trend for digital-based retail growth, despite the pending “Recession!” headlines.","news_type":1},"isVote":1,"tweetType":1,"viewCount":128,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4103864033944460","authorId":"4103864033944460","name":"PaperPlay","avatar":"https://community-static.tradeup.com/news/f9bd8cbd182d6cb24667a31115671409","crmLevel":5,"crmLevelSwitch":0,"idStr":"4103864033944460","authorIdStr":"4103864033944460"},"content":"missing the bottom hurts more or FOMOing the top 🙃","text":"missing the bottom hurts more or FOMOing the top 🙃","html":"missing the bottom hurts more or FOMOing the top 🙃"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9045326458,"gmtCreate":1656563820174,"gmtModify":1676535855092,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Competition going on&nbsp;","listText":"Competition going on&nbsp;","text":"Competition going on","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045326458","repostId":"1121505043","repostType":4,"repost":{"id":"1121505043","kind":"news","pubTimestamp":1656561665,"share":"https://ttm.financial/m/news/1121505043?lang=&edition=fundamental","pubTime":"2022-06-30 12:01","market":"us","language":"en","title":"NIO: Questions And Challenges To The Grizzly Short-Seller Report","url":"https://stock-news.laohu8.com/highlight/detail?id=1121505043","media":"seekingalpha","summary":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is f","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Short-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.</li><li>The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.</li><li>The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly&#39;s claims of financial manipulation at NIO.</li><li>However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO&#39;s BaaS operations.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/346379c1e5a1a4087e614ef0b8a18caa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>Drew Angerer/Getty Images News</span></p><p>Grizzly Research (&#34;Grizzly&#34;) has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.</p><p>While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.</p><p><b>Accounting Crash Course: NIO’s BaaS Revenue Recognition Method</b></p><p>Through publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.</p><p>In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.</p><p>Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.</p><p>Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b533b2a1e657134b3b33f231c2b11f74\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Related Party Disclosures (IAS)</span></p><p>Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d726db76c4884663e28c157208e5cd77\" tg-width=\"640\" tg-height=\"150\" referrerpolicy=\"no-referrer\"/><span>NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)</span></p><p>In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4bf30456c1ff78b902edfa34d719f150\" tg-width=\"598\" tg-height=\"175\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p>This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.</p><p>Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.</p><p><b>Grizzly’s Core Short Thesis</b></p><p>Grizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).</p><p>In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.</p><p>In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:</p><p><b>Opportunity:</b>As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.</p><p>The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.</p><p><b>Incentive:</b>Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.</p><p>Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.</p><p><b>Rationalization:</b>The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.</p><p>NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.</p><p><b>Challenging Grizzly’s Conclusion on “Control” Established by NIO Over Weineng</b></p><p>In addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.</p><p>First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.</p><p>Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/505c64f7bc18c02131dd830e5f2a5462\" tg-width=\"640\" tg-height=\"260\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Investments in Associates and Joint Ventures (IAS)</span></p><p>Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:</p><p>1. “<b>Power</b>” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.</p><p>2. Exposure to<i>variable returns</i>from the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.</p><p>As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.</p><p>Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in<i>Internal Control – Integrated Framework</i>(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.</p><p>3. The acquiring party is a<i>principal</i>in the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:</p><ul><li>Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.</li><li>The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.</li><li>In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section<i>(r) Revenue recognition</i>in the 2021 20F.</li><li>As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.</li></ul><p><b>Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit Inflation</b></p><p>Grizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:</p><p><b>1. Frontloaded Revenue via Battery Sales to Weineng</b></p><p><b>Grizzly’s accusation.</b>As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.</p><p>Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.</p><p>Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21e7d58b24ac2bde6344b4206ef9be8e\" tg-width=\"592\" tg-height=\"395\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)</span></p><p>As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.</p><p>The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.</p><p>To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.</p><p><b>Issue with Grizzly’s claim.</b>In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.</p><p>While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).</p><p>When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.</p><p><b>Livy’s revised calculation of quantified impacts.</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/324a74d6eeeb60a4bd2da9251d4d6ed8\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Revenue and Income Variances Pertaining to NIO&#39;s Alleged Frontloading of BaaS Sales (Author)</span></p><p>The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.</p><p><b>2. Revenues from Oversupplied Batteries to Weineng</b></p><p><b>Grizzly’s accusation.</b>Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.</p><p>However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.</p><p>While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.</p><p><b>Livy’s response.</b>While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.</p><p>Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.</p><p>There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.</p><p><b>Grizzly’s calculation of quantified impacts.</b>In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2497da8272eec2b6020c07b7ee06b1f\" tg-width=\"580\" tg-height=\"420\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)</span></p><p>In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.</p><p>Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.</p><p>We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.</p><p><b>3. Shifting Depreciation Costs</b></p><p><b>Grizzly’s Accusations.</b>Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.</p><p>Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.</p><p>Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.</p><p><b>Issue with Grizzly’s claim.</b>There are two folds to this situation:</p><p><b>1. BaaS Business Model:</b>Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e89611dda7a7e83881997628fe7aae3\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p><b>2. Battery Sales Business Model:</b>in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.</p><p>As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.</p><p>If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f972c8d488406cd690b0672265e62b\" tg-width=\"576\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Total Revenue and Income Inflation (Grizzly Research)</span></p><p>As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.</p><p><b>Livy’s revised calculation of quantified impacts.</b>While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.</p><p>Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ffe9833bb562f66e5365e077d7741d4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/230a54833c34b3a9920a03524c28e960\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccf9a3a0482b46cee102e66d5137113f\" tg-width=\"640\" tg-height=\"220\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Revenue Overstatement (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c7ec5a61d7fd491aec81d9a48a92020\" tg-width=\"640\" tg-height=\"188\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatement in Net Income (Author)</span></p><p>Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (&lt; 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.</p><p><b>Final Thoughts</b></p><p>As discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).</p><p>While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.</p><p>At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.</p><p>This article was written by Livy Investment Research</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>NIO: Questions And Challenges To The Grizzly Short-Seller Report</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\">\nNIO: Questions And Challenges To The Grizzly Short-Seller Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 12:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO.SI":"蔚来","NIO":"蔚来","09866":"蔚来-SW"},"source_url":"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1121505043","content_text":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly's claims of financial manipulation at NIO.However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO's BaaS operations.Drew Angerer/Getty Images NewsGrizzly Research (\"Grizzly\") has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.Accounting Crash Course: NIO’s BaaS Revenue Recognition MethodThrough publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:GAAP Rules on Related Party Disclosures (IAS)Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:Journal Entries for Battery Sales Business Model (Author)In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:Journal Entries for BaaS Business Model (Author)This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.Grizzly’s Core Short ThesisGrizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:Opportunity:As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.Incentive:Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.Rationalization:The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.Challenging Grizzly’s Conclusion on “Control” Established by NIO Over WeinengIn addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:GAAP Rules on Investments in Associates and Joint Ventures (IAS)Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:1. “Power” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.2. Exposure tovariable returnsfrom the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established inInternal Control – Integrated Framework(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.3. The acquiring party is aprincipalin the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section(r) Revenue recognitionin the 2021 20F.As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit InflationGrizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:1. Frontloaded Revenue via Battery Sales to WeinengGrizzly’s accusation.As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.Grizzly’s calculation of quantified impacts.Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:Grizzly's Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.Issue with Grizzly’s claim.In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.Livy’s revised calculation of quantified impacts.Livy's Computation of Revenue and Income Variances Pertaining to NIO's Alleged Frontloading of BaaS Sales (Author)The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.2. Revenues from Oversupplied Batteries to WeinengGrizzly’s accusation.Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.Livy’s response.While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.Grizzly’s calculation of quantified impacts.In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:Grizzly's Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.3. Shifting Depreciation CostsGrizzly’s Accusations.Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.Issue with Grizzly’s claim.There are two folds to this situation:1. BaaS Business Model:Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:Journal Entries for BaaS Business Model (Author)2. Battery Sales Business Model:in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:Journal Entries for Battery Sales Business Model (Author)Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.Grizzly’s calculation of quantified impacts.Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:Grizzly's Computation of Total Revenue and Income Inflation (Grizzly Research)As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.Livy’s revised calculation of quantified impacts.While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:Livy's Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)Livy's Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)Livy's Computation of Alleged Revenue Overstatement (Author)Livy's Computation of Alleged Overstatement in Net Income (Author)Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (< 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.Final ThoughtsAs discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.This article was written by Livy Investment Research","news_type":1},"isVote":1,"tweetType":1,"viewCount":54,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058430546,"gmtCreate":1654874196685,"gmtModify":1676535526770,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"All falling&nbsp;","listText":"All falling&nbsp;","text":"All falling","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058430546","repostId":"1134995108","repostType":4,"repost":{"id":"1134995108","kind":"news","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":1654872804,"share":"https://ttm.financial/m/news/1134995108?lang=&edition=fundamental","pubTime":"2022-06-10 22:53","market":"us","language":"en","title":"Price Target Changes｜Netflix Lowered to $186 by GS; Adobe Reduced to $530 by Mizuho","url":"https://stock-news.laohu8.com/highlight/detail?id=1134995108","media":"Benzinga","summary":"Mizuho cut Adobe Inc. price target from $600 to $530.Evercore ISI Group lowered Stitch Fix, Inc. pri","content":"<html><head></head><body><ul><li>Mizuho cut <a href=\"https://laohu8.com/S/ADBE\">Adobe Inc.</a> price target from $600 to $530.</li><li>Evercore ISI Group lowered <a href=\"https://laohu8.com/S/SFIX\">Stitch Fix, Inc.</a> price target from $13 to $10.</li><li>Credit Suisse reduced the price target for <a href=\"https://laohu8.com/S/RENT\">Rent the Runway, Inc.</a> from $11 to $7.</li><li>UBS cut <a href=\"https://laohu8.com/S/SIG\">Signet Jewelers Limited</a> price target from $138 to $120.</li><li>JMP Securities lowered the price target on <a href=\"https://laohu8.com/S/DOCU\">DocuSign, Inc.</a> from $180 to $151.</li></ul><ul><li>Barclays raised <a href=\"https://laohu8.com/S/TSLA\">Tesla, Inc.</a> price target from $325 to $370.</li><li>Needham boosted price target for <a href=\"https://laohu8.com/S/MDB\">MongoDB, Inc.</a> from $310 to $350.</li><li>Morgan Stanley cut <a href=\"https://laohu8.com/S/LAMR\">Lamar Advertising Company</a> price target from $135 to $103.</li><li>Goldman Sachs cut the price target on <a href=\"https://laohu8.com/S/NFLX\">Netflix, Inc.</a> from $265 to $186.</li><li>JP Morgan raised the price target on <a href=\"https://laohu8.com/S/SAVE\">Spirit Airlines, Inc.</a> from $24 to $30.</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>Price Target Changes｜Netflix Lowered to $186 by GS; Adobe Reduced to $530 by Mizuho</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrice Target Changes｜Netflix Lowered to $186 by GS; Adobe Reduced to $530 by Mizuho\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\">2022-06-10 22:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Mizuho cut <a href=\"https://laohu8.com/S/ADBE\">Adobe Inc.</a> price target from $600 to $530.</li><li>Evercore ISI Group lowered <a href=\"https://laohu8.com/S/SFIX\">Stitch Fix, Inc.</a> price target from $13 to $10.</li><li>Credit Suisse reduced the price target for <a href=\"https://laohu8.com/S/RENT\">Rent the Runway, Inc.</a> from $11 to $7.</li><li>UBS cut <a href=\"https://laohu8.com/S/SIG\">Signet Jewelers Limited</a> price target from $138 to $120.</li><li>JMP Securities lowered the price target on <a href=\"https://laohu8.com/S/DOCU\">DocuSign, Inc.</a> from $180 to $151.</li></ul><ul><li>Barclays raised <a href=\"https://laohu8.com/S/TSLA\">Tesla, Inc.</a> price target from $325 to $370.</li><li>Needham boosted price target for <a href=\"https://laohu8.com/S/MDB\">MongoDB, Inc.</a> from $310 to $350.</li><li>Morgan Stanley cut <a href=\"https://laohu8.com/S/LAMR\">Lamar Advertising Company</a> price target from $135 to $103.</li><li>Goldman Sachs cut the price target on <a href=\"https://laohu8.com/S/NFLX\">Netflix, Inc.</a> from $265 to $186.</li><li>JP Morgan raised the price target on <a href=\"https://laohu8.com/S/SAVE\">Spirit Airlines, Inc.</a> from $24 to $30.</li></ul></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign","NFLX":"奈飞","SAVE":"Spirit Airlines","LAMR":"拉马尔户外广告","ADBE":"Adobe"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134995108","content_text":"Mizuho cut Adobe Inc. price target from $600 to $530.Evercore ISI Group lowered Stitch Fix, Inc. price target from $13 to $10.Credit Suisse reduced the price target for Rent the Runway, Inc. from $11 to $7.UBS cut Signet Jewelers Limited price target from $138 to $120.JMP Securities lowered the price target on DocuSign, Inc. from $180 to $151.Barclays raised Tesla, Inc. price target from $325 to $370.Needham boosted price target for MongoDB, Inc. from $310 to $350.Morgan Stanley cut Lamar Advertising Company price target from $135 to $103.Goldman Sachs cut the price target on Netflix, Inc. from $265 to $186.JP Morgan raised the price target on Spirit Airlines, Inc. from $24 to $30.","news_type":1},"isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9027256144,"gmtCreate":1654044216689,"gmtModify":1676535383861,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Probably will rise before the event&nbsp;","listText":"Probably will rise before the event&nbsp;","text":"Probably will rise before the event","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9027256144","repostId":"1152221363","repostType":4,"repost":{"id":"1152221363","kind":"news","pubTimestamp":1654044046,"share":"https://ttm.financial/m/news/1152221363?lang=&edition=fundamental","pubTime":"2022-06-01 08:40","market":"us","language":"en","title":"Dear AAPL Stock Fans, Mark Your Calendars for June 6","url":"https://stock-news.laohu8.com/highlight/detail?id=1152221363","media":"InvestorPlace","summary":"Apple(NASDAQ:AAPL) stock is up today ahead of a number of its WorldWide Developers Conference schedu","content":"<html><head></head><body><ul><li><b>Apple</b>(NASDAQ:<b><u>AAPL</u></b>) stock is up today ahead of a number of its WorldWide Developers Conference scheduled for June 3.</li><li>Apple is expected to unveil major updates to its hardware and software lineup.</li><li>Many anticipate a new MacBook Air will be announced.</li></ul><p><b>Apple</b>(NASDAQ:<b><u>AAPL</u></b>) stock is up today ahead of an anticipated new MacBook Air announcement. Investors and Apple fans suspect the tech giant will unveil its newest iteration of the popular laptop at this year’s WorldWide Developers Conference (WWDC).</p><p>As per a recent <i>Bloomberg</i> report from Mark Gurman, Apple has several potential announcements readied for WWDC, scheduled for June 3 of this year.</p><p>According to Gurman, the Mac-side of Apple’s business remains the most likely candidate for a hardware unveiling at WWDC.</p><blockquote>If there’s any hardware at WWDC, it will likely be on the Mac side. The company has been aiming to launch the next MacBook Air with M2 chips at the conference. The recent supply chain crunch due to Covid-related closures in China has complicated that, but developers say that Apple employees are increasingly using next-generation MacBook Airs with their apps. That’s a sign that the new Mac is close.</blockquote><p>WWDC is typically when Apple leadership dives into its software plans for the next year. This time around, however, Apple fans have plenty of rumored announcements to look forward to across a number of the company’s dimensions. The new MacBook Air is likely at the top of the list, set to be the biggest redesign in the Air’s history.</p><p>Apple has apparently been aiming to launch the new MacBook Air for some time, but has had to deal with supply chain issues stemming from Covid-19 related closures in China. However, there remains both evidence and hope that June’s WWDC will feature the new Air, fitted with the next-generation M2 chip.</p><p>AAPL Stock Climbs Over Potential WWDC Announcements</p><p>The company is also rumored to announce new MacBook Pro models. As such, tech fans are hoping to see an entire class of new Apple laptops at WWDC. This includes:</p><ul><li>A middle-weight Air model, complete with eight CPU cores, and 10 GPU cores.</li><li>A mini MacBook with the same specifications as the Air.</li><li>A high end, 14 or 16-inch MacBook Pro with “M2 Max” chips, featuring 12 CPU cores, and 38 GPU cores.</li></ul><p>Apple may also show off its latest and greatest upcoming operating system, iOS 16. This new version of iOS is expected to have a host of new and improved features. Some highlights include: better multitasking support and added iPad multitasking, updates to the Messages and Health apps and a new lock screen makeover.</p><p>There are also some signs the company may also unveil its long-awaited mixed-reality headset, though Gurman doubts a full-fledged “reality OS” unveiling.</p><blockquote>In terms of new hardware… though Apple’s upcoming mixed-reality headset is full steam ahead — underscored by the recent demonstration of the device to the company’s board — I’d be wary of expecting a full-blown presentation for developers and consumers next week.</blockquote><p>AAPL is down less than a percent today.</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>Dear AAPL Stock Fans, Mark Your Calendars for June 6</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\">\nDear AAPL Stock Fans, Mark Your Calendars for June 6\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-01 08:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/05/dear-aapl-stock-fans-mark-your-calendars-for-june-6/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple(NASDAQ:AAPL) stock is up today ahead of a number of its WorldWide Developers Conference scheduled for June 3.Apple is expected to unveil major updates to its hardware and software lineup.Many ...</p>\n\n<a href=\"https://investorplace.com/2022/05/dear-aapl-stock-fans-mark-your-calendars-for-june-6/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://investorplace.com/2022/05/dear-aapl-stock-fans-mark-your-calendars-for-june-6/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152221363","content_text":"Apple(NASDAQ:AAPL) stock is up today ahead of a number of its WorldWide Developers Conference scheduled for June 3.Apple is expected to unveil major updates to its hardware and software lineup.Many anticipate a new MacBook Air will be announced.Apple(NASDAQ:AAPL) stock is up today ahead of an anticipated new MacBook Air announcement. Investors and Apple fans suspect the tech giant will unveil its newest iteration of the popular laptop at this year’s WorldWide Developers Conference (WWDC).As per a recent Bloomberg report from Mark Gurman, Apple has several potential announcements readied for WWDC, scheduled for June 3 of this year.According to Gurman, the Mac-side of Apple’s business remains the most likely candidate for a hardware unveiling at WWDC.If there’s any hardware at WWDC, it will likely be on the Mac side. The company has been aiming to launch the next MacBook Air with M2 chips at the conference. The recent supply chain crunch due to Covid-related closures in China has complicated that, but developers say that Apple employees are increasingly using next-generation MacBook Airs with their apps. That’s a sign that the new Mac is close.WWDC is typically when Apple leadership dives into its software plans for the next year. This time around, however, Apple fans have plenty of rumored announcements to look forward to across a number of the company’s dimensions. The new MacBook Air is likely at the top of the list, set to be the biggest redesign in the Air’s history.Apple has apparently been aiming to launch the new MacBook Air for some time, but has had to deal with supply chain issues stemming from Covid-19 related closures in China. However, there remains both evidence and hope that June’s WWDC will feature the new Air, fitted with the next-generation M2 chip.AAPL Stock Climbs Over Potential WWDC AnnouncementsThe company is also rumored to announce new MacBook Pro models. As such, tech fans are hoping to see an entire class of new Apple laptops at WWDC. This includes:A middle-weight Air model, complete with eight CPU cores, and 10 GPU cores.A mini MacBook with the same specifications as the Air.A high end, 14 or 16-inch MacBook Pro with “M2 Max” chips, featuring 12 CPU cores, and 38 GPU cores.Apple may also show off its latest and greatest upcoming operating system, iOS 16. This new version of iOS is expected to have a host of new and improved features. Some highlights include: better multitasking support and added iPad multitasking, updates to the Messages and Health apps and a new lock screen makeover.There are also some signs the company may also unveil its long-awaited mixed-reality headset, though Gurman doubts a full-fledged “reality OS” unveiling.In terms of new hardware… though Apple’s upcoming mixed-reality headset is full steam ahead — underscored by the recent demonstration of the device to the company’s board — I’d be wary of expecting a full-blown presentation for developers and consumers next week.AAPL is down less than a percent today.","news_type":1},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4105682868479180","authorId":"4105682868479180","name":"mac0racle","avatar":"https://static.itradeup.com/news/4dc37b66a531fcae6a5c31754d48f122","crmLevel":3,"crmLevelSwitch":1,"idStr":"4105682868479180","authorIdStr":"4105682868479180"},"content":"And depending on what are announced the price may drop if not what investors expect","text":"And depending on what are announced the price may drop if not what investors expect","html":"And depending on what are announced the price may drop if not what investors expect"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9061209656,"gmtCreate":1651625053348,"gmtModify":1676534937845,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Elon is a daring visionary with pragmatic research to convert his ideas into successful ventures. These ideas have started bearing fruits, &amp; will enrich him even more.&nbsp;","listText":"Elon is a daring visionary with pragmatic research to convert his ideas into successful ventures. These ideas have started bearing fruits, &amp; will enrich him even more.&nbsp;","text":"Elon is a daring visionary with pragmatic research to convert his ideas into successful ventures. These ideas have started bearing fruits, & will enrich him even more.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9061209656","isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000466","authorId":"9000000000000466","name":"MR_Wu","avatar":"https://static.tigerbbs.com/67592890bebcf079461acc4e4e6ba6f6","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000466","authorIdStr":"9000000000000466"},"content":"He was always able to turn his dreams into reality.","text":"He was always able to turn his dreams into reality.","html":"He was always able to turn his dreams into reality."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983310471,"gmtCreate":1666149046593,"gmtModify":1676537714235,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a><v-v data-views=\"1\"></v-v>WithBullishWith the Twitter acquisition, Elon will have more firepower to speak his mind &amp; this influence the volatile market. However, TSLA may drop in the long term,&nbsp;following the general downtrend of the recession&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a><v-v data-views=\"1\"></v-v>WithBullishWith the Twitter acquisition, Elon will have more firepower to speak his mind &amp; this influence the volatile market. However, TSLA may drop in the long term,&nbsp;following the general downtrend of the recession&nbsp;","text":"$Tesla Motors(TSLA)$WithBullishWith the Twitter acquisition, Elon will have more firepower to speak his mind & this influence the volatile market. However, TSLA may drop in the long term, following the general downtrend of the recession","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9983310471","isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9070847872,"gmtCreate":1657059027697,"gmtModify":1676535938606,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"This new development will boost AAPL&nbsp;","listText":"This new development will boost AAPL&nbsp;","text":"This new development will boost AAPL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9070847872","repostId":"2249586909","repostType":4,"repost":{"id":"2249586909","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":1657032240,"share":"https://ttm.financial/m/news/2249586909?lang=&edition=fundamental","pubTime":"2022-07-05 22:44","market":"us","language":"en","title":"Why Apple's BNPL Efforts Could Mark a \"Tipping Point\" in Lending","url":"https://stock-news.laohu8.com/highlight/detail?id=2249586909","media":"Dow Jones","summary":"Apple is taking on lending functions via an in-house finance arm.Apple Inc.'s expansion into buy-now","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a> is taking on lending functions via an in-house finance arm.</p><p>Apple Inc.&#39;s expansion into buy-now pay-later financing could be just the beginning of an attempt to shake up the traditional payments system.</p><p>The consumer-electronics giant has made other ventures into financial services before, including through its Apple Pay payment technology and a co-branded credit card done with Goldman Sachs Group Inc. <a href=\"https://laohu8.com/S/GS\">$(GS)$</a>. However, Apple&#39;s <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> BNPL launch, announced in June at its WWDC developer event, is notable because the company has decided to take on lending functions itself through a new in-house finance arm.</p><p>The endeavor suggests Apple may have greater financial ambitions down the line and could be looking to disrupt not just the BNPL market that encompasses players like Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> and <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL), but also the broader banking and financial-technology landscape.</p><p>&#34;It could be very much a tipping point in consumer lending,&#34; said Tom Noyes, the managing partner of the Starpoint LLP advisory business and a Citibank veteran.</p><p>For Pay Later, Apple is leveraging Mastercard Installments, a program by the card giant that lets lenders make installment offers to customers, and Apple&#39;s new finance arm will maintain state lending licenses. Goldman will be the issuing bank, but &#34;in name only,&#34; according to Noyes, since the smartphone giant is creating a new Apple Financing LLC lending entity that will make credit decisions.</p><p>The establishment of an Apple lending unit is &#34;really big news,&#34; Noyes continued, but also a bit of &#34;back to the future.&#34;</p><p>Before <a href=\"https://laohu8.com/S/V\">Visa</a> Inc. (V) and Mastercard Inc. <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> came about and created open-loop cards that could be used nearly anywhere, stores would offer their own credit to customers in a closed-loop model, Noyes said. Now, Apple could be moving to get the best of both worlds: Its forthcoming, open-loop Apple Pay Later product will let consumers split purchases into interest-free chunks at any retailer that accepts Apple Pay, but the company may also see its expansion into lending as a way to help customers better finance the purchase of iPhones and other Apple devices.</p><p>By enabling consumers to more easily afford devices, Apple could boost its sales, expand its ecosystem, and offer a type of financing in BNPL that is gaining steam, especially among younger consumers, despite some concerns that it may cause shoppers to spend beyond their means.</p><p>Apple is also reportedly exploring the creation of in-house payment-processing technology and infrastructure, Bloomberg has said. And longer term, through lending and other endeavors, the company might look for chances to eat away at the traditional banking system given the economics of card transactions.</p><p>When consumers make credit-card purchases at any merchant, that retailer will pay its bank a discount rate, meaning that the retailer doesn&#39;t receive the full price of the item purchased. Then the merchant&#39;s bank divvies up that discount fee into an interchange fee paid to the card-issuing bank, cuts for Mastercard or Visa, and an amount for itself.</p><p>Because Apple is a massive retailer, its card fees add up, and the company may see opportunities to reduce what it pays by getting more involved in the transactional process itself.</p><p>&#34;The reason banks exist is as someone to vouch for you and take on risk in transactions,&#34; Noyes said. &#34;Today Apple, Google, and Amazon know you better than any bank does, and they&#39;re all looking for ways to improve how the financial services that you need are delivered.&#34;</p><p>Instead of paying card fees while its customers also rack up credit-card interest, Apple may be looking at the current financial system and realizing that it &#34;could build this business just from expense savings alone,&#34; Noyes added.</p><p>He noted that emerging markets such as India and Brazil feature payment systems without the fee models that people in the U.S. are used to. &#34;In the U.S., we need to start preparing for days where interchange is going to zero,&#34; Noyes said.</p><p>Even if such a move were to bring success for Apple, it&#39;s an open question whether other retailers could realistically follow the company&#39;s lead in financial services and lending.</p><p>&#34;It takes a fairly big organization to pull this off,&#34; Noyes said. He highlighted that Target Corp. <a href=\"https://laohu8.com/S/TGT\">$(TGT)$</a> has seen strong adoption of its RedCard, though he sees that happening more so on the debit side.</p><p>Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> and Alphabet Inc.&#39;s Google <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL) have shown growing ambitions in fintech, but they seem less likely to build their own internal lending businesses.</p><p>As it stands, Amazon has its Amazon Pay digital wallet and works with Affirm to offer installment-payment options. And installments would seem to be &#34;a natural evolution of Google Wallet,&#34; but perhaps in cohort with an existing player, said Jordan McKee, a principal research analyst at 451 Research, which is part of S&amp;P Global Market Intelligence.</p><p>&#34;I think Apple will be somewhat unique...in terms of offering this kind of service fully in-house and lending off its own balance sheet,&#34; McKee said. &#34;I expect others to partner with existing providers and traditional financial institutions.&#34;</p><p>Some banks, for their part, have tried to get ahead of the BNPL threat by offering some variation on the trend themselves. Citi, Chase, and American Express Co. <a href=\"https://laohu8.com/S/AXP\">$(AXP)$</a> have options for consumers looking to break certain purchases into installments.</p><p>Financial institutions &#34;have been watching BNPL closely because they realize that while it may not be a threat to the credit-card side of the business today because the primary users are younger, debit-centric consumers, there&#39;s a real possibility that as those younger consumers that grew up on BNPL get older, they may never graduate,&#34; McKee said.</p><p>A younger consumer whose first credit experience is Apple Pay Later might ultimately move to an Apple Card rather than a credit card from Citi or <a href=\"https://laohu8.com/S/BACXL\">Bank of America Corp.</a> <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a>, he offered.</p><p>McKee is also focused on the broader implications for the BNPL market, which has fallen upon challenging times amid rising interest rates, growing credit risk, and shrinking margins. Affirm, which offers both interest-free and interest-bearing installment products, has seen its shares drop nearly 80% so far this year.</p><p>While Affirm, privately held Klarna, <a href=\"https://laohu8.com/S/SQ2.AU\">Block Inc</a>.&#39;s (SQ) Afterpay, and PayPal are among the big names in the industry, there are a host of smaller players as well. For <a href=\"https://laohu8.com/S/SQ\">Block</a> and PayPal, BNPL is just one part of the overall business, and Affirm and Klarna have expanded into adjacent areas like content discovery and bank-like products featuring debit cards.</p><p>&#34;The BNPL provider that only does BNPL is getting squeezed,&#34; McKee said. There&#39;s a &#34;ramping need for consolidation&#34; or a move into adjacent areas in hopes that a more diversified business &#34;could fend off newcomers into the space like Apple.&#34;</p><p>BNPL services make money in various ways. The typical interest-free offering is merchant funded, meaning that retailers will give BNPL companies some cut of the transaction value in exchange for making consumers more willing to go through with a purchase. Interest-bearing BNPL options are more similar to traditional loans in that consumers are ponying up for the right to pay over time.</p><p>Apple itself doesn&#39;t charge fees to merchants for Apple Pay Later. A Mastercard spokesperson said that &#34;fees related to the program are value-based, and shared by lenders, acquirers, and the network.&#34;</p><p>Apple&#39;s interest-free BNPL offering thus comes at an interesting time for the industry, because merchant fees have been coming down amid growing competition, making it so traditional providers have to find new revenue streams, according to Francisco Alvarez-Evangelista, an advisor at Aite-Novarica Group.</p><p>His research indicates that consumers generally prefer interest-free offerings. But BNPL companies increasingly may be motivated to do more interest-bearing loans for economic reasons.</p><p>Unlike established players, Apple isn&#39;t necessarily looking to make Pay Later a big revenue driver. More likely, the company sees opportunities within lending to reinforce the stickiness of its business and keep consumers locked into the ecosystem, Alvarez-Evangelista said.</p><p>&#34;A big player like Apple can come in and disrupt the space and say, we know competitors are shifting toward interest-bearing, but let&#39;s take a step back and go toward interest-free,&#34; he said.</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>Why Apple's BNPL Efforts Could Mark a \"Tipping Point\" in Lending</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 Apple's BNPL Efforts Could Mark a \"Tipping Point\" in Lending\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\">2022-07-05 22:44</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a> is taking on lending functions via an in-house finance arm.</p><p>Apple Inc.&#39;s expansion into buy-now pay-later financing could be just the beginning of an attempt to shake up the traditional payments system.</p><p>The consumer-electronics giant has made other ventures into financial services before, including through its Apple Pay payment technology and a co-branded credit card done with Goldman Sachs Group Inc. <a href=\"https://laohu8.com/S/GS\">$(GS)$</a>. However, Apple&#39;s <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> BNPL launch, announced in June at its WWDC developer event, is notable because the company has decided to take on lending functions itself through a new in-house finance arm.</p><p>The endeavor suggests Apple may have greater financial ambitions down the line and could be looking to disrupt not just the BNPL market that encompasses players like Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> and <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL), but also the broader banking and financial-technology landscape.</p><p>&#34;It could be very much a tipping point in consumer lending,&#34; said Tom Noyes, the managing partner of the Starpoint LLP advisory business and a Citibank veteran.</p><p>For Pay Later, Apple is leveraging Mastercard Installments, a program by the card giant that lets lenders make installment offers to customers, and Apple&#39;s new finance arm will maintain state lending licenses. Goldman will be the issuing bank, but &#34;in name only,&#34; according to Noyes, since the smartphone giant is creating a new Apple Financing LLC lending entity that will make credit decisions.</p><p>The establishment of an Apple lending unit is &#34;really big news,&#34; Noyes continued, but also a bit of &#34;back to the future.&#34;</p><p>Before <a href=\"https://laohu8.com/S/V\">Visa</a> Inc. (V) and Mastercard Inc. <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> came about and created open-loop cards that could be used nearly anywhere, stores would offer their own credit to customers in a closed-loop model, Noyes said. Now, Apple could be moving to get the best of both worlds: Its forthcoming, open-loop Apple Pay Later product will let consumers split purchases into interest-free chunks at any retailer that accepts Apple Pay, but the company may also see its expansion into lending as a way to help customers better finance the purchase of iPhones and other Apple devices.</p><p>By enabling consumers to more easily afford devices, Apple could boost its sales, expand its ecosystem, and offer a type of financing in BNPL that is gaining steam, especially among younger consumers, despite some concerns that it may cause shoppers to spend beyond their means.</p><p>Apple is also reportedly exploring the creation of in-house payment-processing technology and infrastructure, Bloomberg has said. And longer term, through lending and other endeavors, the company might look for chances to eat away at the traditional banking system given the economics of card transactions.</p><p>When consumers make credit-card purchases at any merchant, that retailer will pay its bank a discount rate, meaning that the retailer doesn&#39;t receive the full price of the item purchased. Then the merchant&#39;s bank divvies up that discount fee into an interchange fee paid to the card-issuing bank, cuts for Mastercard or Visa, and an amount for itself.</p><p>Because Apple is a massive retailer, its card fees add up, and the company may see opportunities to reduce what it pays by getting more involved in the transactional process itself.</p><p>&#34;The reason banks exist is as someone to vouch for you and take on risk in transactions,&#34; Noyes said. &#34;Today Apple, Google, and Amazon know you better than any bank does, and they&#39;re all looking for ways to improve how the financial services that you need are delivered.&#34;</p><p>Instead of paying card fees while its customers also rack up credit-card interest, Apple may be looking at the current financial system and realizing that it &#34;could build this business just from expense savings alone,&#34; Noyes added.</p><p>He noted that emerging markets such as India and Brazil feature payment systems without the fee models that people in the U.S. are used to. &#34;In the U.S., we need to start preparing for days where interchange is going to zero,&#34; Noyes said.</p><p>Even if such a move were to bring success for Apple, it&#39;s an open question whether other retailers could realistically follow the company&#39;s lead in financial services and lending.</p><p>&#34;It takes a fairly big organization to pull this off,&#34; Noyes said. He highlighted that Target Corp. <a href=\"https://laohu8.com/S/TGT\">$(TGT)$</a> has seen strong adoption of its RedCard, though he sees that happening more so on the debit side.</p><p>Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> and Alphabet Inc.&#39;s Google <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>(GOOGL) have shown growing ambitions in fintech, but they seem less likely to build their own internal lending businesses.</p><p>As it stands, Amazon has its Amazon Pay digital wallet and works with Affirm to offer installment-payment options. And installments would seem to be &#34;a natural evolution of Google Wallet,&#34; but perhaps in cohort with an existing player, said Jordan McKee, a principal research analyst at 451 Research, which is part of S&amp;P Global Market Intelligence.</p><p>&#34;I think Apple will be somewhat unique...in terms of offering this kind of service fully in-house and lending off its own balance sheet,&#34; McKee said. &#34;I expect others to partner with existing providers and traditional financial institutions.&#34;</p><p>Some banks, for their part, have tried to get ahead of the BNPL threat by offering some variation on the trend themselves. Citi, Chase, and American Express Co. <a href=\"https://laohu8.com/S/AXP\">$(AXP)$</a> have options for consumers looking to break certain purchases into installments.</p><p>Financial institutions &#34;have been watching BNPL closely because they realize that while it may not be a threat to the credit-card side of the business today because the primary users are younger, debit-centric consumers, there&#39;s a real possibility that as those younger consumers that grew up on BNPL get older, they may never graduate,&#34; McKee said.</p><p>A younger consumer whose first credit experience is Apple Pay Later might ultimately move to an Apple Card rather than a credit card from Citi or <a href=\"https://laohu8.com/S/BACXL\">Bank of America Corp.</a> <a href=\"https://laohu8.com/S/BAC\">$(BAC)$</a>, he offered.</p><p>McKee is also focused on the broader implications for the BNPL market, which has fallen upon challenging times amid rising interest rates, growing credit risk, and shrinking margins. Affirm, which offers both interest-free and interest-bearing installment products, has seen its shares drop nearly 80% so far this year.</p><p>While Affirm, privately held Klarna, <a href=\"https://laohu8.com/S/SQ2.AU\">Block Inc</a>.&#39;s (SQ) Afterpay, and PayPal are among the big names in the industry, there are a host of smaller players as well. For <a href=\"https://laohu8.com/S/SQ\">Block</a> and PayPal, BNPL is just one part of the overall business, and Affirm and Klarna have expanded into adjacent areas like content discovery and bank-like products featuring debit cards.</p><p>&#34;The BNPL provider that only does BNPL is getting squeezed,&#34; McKee said. There&#39;s a &#34;ramping need for consolidation&#34; or a move into adjacent areas in hopes that a more diversified business &#34;could fend off newcomers into the space like Apple.&#34;</p><p>BNPL services make money in various ways. The typical interest-free offering is merchant funded, meaning that retailers will give BNPL companies some cut of the transaction value in exchange for making consumers more willing to go through with a purchase. Interest-bearing BNPL options are more similar to traditional loans in that consumers are ponying up for the right to pay over time.</p><p>Apple itself doesn&#39;t charge fees to merchants for Apple Pay Later. A Mastercard spokesperson said that &#34;fees related to the program are value-based, and shared by lenders, acquirers, and the network.&#34;</p><p>Apple&#39;s interest-free BNPL offering thus comes at an interesting time for the industry, because merchant fees have been coming down amid growing competition, making it so traditional providers have to find new revenue streams, according to Francisco Alvarez-Evangelista, an advisor at Aite-Novarica Group.</p><p>His research indicates that consumers generally prefer interest-free offerings. But BNPL companies increasingly may be motivated to do more interest-bearing loans for economic reasons.</p><p>Unlike established players, Apple isn&#39;t necessarily looking to make Pay Later a big revenue driver. More likely, the company sees opportunities within lending to reinforce the stickiness of its business and keep consumers locked into the ecosystem, Alvarez-Evangelista said.</p><p>&#34;A big player like Apple can come in and disrupt the space and say, we know competitors are shifting toward interest-bearing, but let&#39;s take a step back and go toward interest-free,&#34; he said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal","BK4170":"电脑硬件、储存设备及电脑周边","GS":"高盛","AAPL":"苹果","BK4554":"元宇宙及AR概念","BK4515":"5G概念","BK4532":"文艺复兴科技持仓","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","AFRM":"Affirm Holdings, Inc.","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4575":"芯片概念","AMZN":"亚马逊","BK4559":"巴菲特持仓","GOOG":"谷歌","BK4501":"段永平概念","BK4527":"明星科技股","BK4550":"红杉资本持仓","BK4579":"人工智能","MA":"万事达","GOOGL":"谷歌A","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","BK4512":"苹果概念"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2249586909","content_text":"Apple is taking on lending functions via an in-house finance arm.Apple Inc.'s expansion into buy-now pay-later financing could be just the beginning of an attempt to shake up the traditional payments system.The consumer-electronics giant has made other ventures into financial services before, including through its Apple Pay payment technology and a co-branded credit card done with Goldman Sachs Group Inc. $(GS)$. However, Apple's $(AAPL)$ BNPL launch, announced in June at its WWDC developer event, is notable because the company has decided to take on lending functions itself through a new in-house finance arm.The endeavor suggests Apple may have greater financial ambitions down the line and could be looking to disrupt not just the BNPL market that encompasses players like Affirm Holdings Inc. $(AFRM)$ and PayPal Holdings Inc. (PYPL), but also the broader banking and financial-technology landscape.\"It could be very much a tipping point in consumer lending,\" said Tom Noyes, the managing partner of the Starpoint LLP advisory business and a Citibank veteran.For Pay Later, Apple is leveraging Mastercard Installments, a program by the card giant that lets lenders make installment offers to customers, and Apple's new finance arm will maintain state lending licenses. Goldman will be the issuing bank, but \"in name only,\" according to Noyes, since the smartphone giant is creating a new Apple Financing LLC lending entity that will make credit decisions.The establishment of an Apple lending unit is \"really big news,\" Noyes continued, but also a bit of \"back to the future.\"Before Visa Inc. (V) and Mastercard Inc. $(MA)$ came about and created open-loop cards that could be used nearly anywhere, stores would offer their own credit to customers in a closed-loop model, Noyes said. Now, Apple could be moving to get the best of both worlds: Its forthcoming, open-loop Apple Pay Later product will let consumers split purchases into interest-free chunks at any retailer that accepts Apple Pay, but the company may also see its expansion into lending as a way to help customers better finance the purchase of iPhones and other Apple devices.By enabling consumers to more easily afford devices, Apple could boost its sales, expand its ecosystem, and offer a type of financing in BNPL that is gaining steam, especially among younger consumers, despite some concerns that it may cause shoppers to spend beyond their means.Apple is also reportedly exploring the creation of in-house payment-processing technology and infrastructure, Bloomberg has said. And longer term, through lending and other endeavors, the company might look for chances to eat away at the traditional banking system given the economics of card transactions.When consumers make credit-card purchases at any merchant, that retailer will pay its bank a discount rate, meaning that the retailer doesn't receive the full price of the item purchased. Then the merchant's bank divvies up that discount fee into an interchange fee paid to the card-issuing bank, cuts for Mastercard or Visa, and an amount for itself.Because Apple is a massive retailer, its card fees add up, and the company may see opportunities to reduce what it pays by getting more involved in the transactional process itself.\"The reason banks exist is as someone to vouch for you and take on risk in transactions,\" Noyes said. \"Today Apple, Google, and Amazon know you better than any bank does, and they're all looking for ways to improve how the financial services that you need are delivered.\"Instead of paying card fees while its customers also rack up credit-card interest, Apple may be looking at the current financial system and realizing that it \"could build this business just from expense savings alone,\" Noyes added.He noted that emerging markets such as India and Brazil feature payment systems without the fee models that people in the U.S. are used to. \"In the U.S., we need to start preparing for days where interchange is going to zero,\" Noyes said.Even if such a move were to bring success for Apple, it's an open question whether other retailers could realistically follow the company's lead in financial services and lending.\"It takes a fairly big organization to pull this off,\" Noyes said. He highlighted that Target Corp. $(TGT)$ has seen strong adoption of its RedCard, though he sees that happening more so on the debit side.Amazon.com Inc. $(AMZN)$ and Alphabet Inc.'s Google $(GOOGL)$(GOOGL) have shown growing ambitions in fintech, but they seem less likely to build their own internal lending businesses.As it stands, Amazon has its Amazon Pay digital wallet and works with Affirm to offer installment-payment options. And installments would seem to be \"a natural evolution of Google Wallet,\" but perhaps in cohort with an existing player, said Jordan McKee, a principal research analyst at 451 Research, which is part of S&P Global Market Intelligence.\"I think Apple will be somewhat unique...in terms of offering this kind of service fully in-house and lending off its own balance sheet,\" McKee said. \"I expect others to partner with existing providers and traditional financial institutions.\"Some banks, for their part, have tried to get ahead of the BNPL threat by offering some variation on the trend themselves. Citi, Chase, and American Express Co. $(AXP)$ have options for consumers looking to break certain purchases into installments.Financial institutions \"have been watching BNPL closely because they realize that while it may not be a threat to the credit-card side of the business today because the primary users are younger, debit-centric consumers, there's a real possibility that as those younger consumers that grew up on BNPL get older, they may never graduate,\" McKee said.A younger consumer whose first credit experience is Apple Pay Later might ultimately move to an Apple Card rather than a credit card from Citi or Bank of America Corp. $(BAC)$, he offered.McKee is also focused on the broader implications for the BNPL market, which has fallen upon challenging times amid rising interest rates, growing credit risk, and shrinking margins. Affirm, which offers both interest-free and interest-bearing installment products, has seen its shares drop nearly 80% so far this year.While Affirm, privately held Klarna, Block Inc.'s (SQ) Afterpay, and PayPal are among the big names in the industry, there are a host of smaller players as well. For Block and PayPal, BNPL is just one part of the overall business, and Affirm and Klarna have expanded into adjacent areas like content discovery and bank-like products featuring debit cards.\"The BNPL provider that only does BNPL is getting squeezed,\" McKee said. There's a \"ramping need for consolidation\" or a move into adjacent areas in hopes that a more diversified business \"could fend off newcomers into the space like Apple.\"BNPL services make money in various ways. The typical interest-free offering is merchant funded, meaning that retailers will give BNPL companies some cut of the transaction value in exchange for making consumers more willing to go through with a purchase. Interest-bearing BNPL options are more similar to traditional loans in that consumers are ponying up for the right to pay over time.Apple itself doesn't charge fees to merchants for Apple Pay Later. A Mastercard spokesperson said that \"fees related to the program are value-based, and shared by lenders, acquirers, and the network.\"Apple's interest-free BNPL offering thus comes at an interesting time for the industry, because merchant fees have been coming down amid growing competition, making it so traditional providers have to find new revenue streams, according to Francisco Alvarez-Evangelista, an advisor at Aite-Novarica Group.His research indicates that consumers generally prefer interest-free offerings. But BNPL companies increasingly may be motivated to do more interest-bearing loans for economic reasons.Unlike established players, Apple isn't necessarily looking to make Pay Later a big revenue driver. More likely, the company sees opportunities within lending to reinforce the stickiness of its business and keep consumers locked into the ecosystem, Alvarez-Evangelista said.\"A big player like Apple can come in and disrupt the space and say, we know competitors are shifting toward interest-bearing, but let's take a step back and go toward interest-free,\" he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":83,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963060234,"gmtCreate":1668555474528,"gmtModify":1676538074095,"author":{"id":"4114498221568562","authorId":"4114498221568562","name":"Ragz","avatar":"https://community-static.tradeup.com/news/b4ff9d535326b2e5c1e196c2eaee90d6","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4114498221568562","authorIdStr":"4114498221568562"},"themes":[],"htmlText":"Digitisation&nbsp;","listText":"Digitisation&nbsp;","text":"Digitisation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9963060234","repostId":"2283970692","repostType":2,"repost":{"id":"2283970692","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":1668555088,"share":"https://ttm.financial/m/news/2283970692?lang=&edition=fundamental","pubTime":"2022-11-16 07:31","market":"us","language":"en","title":"Banking Giants and New York Fed Start 12-Week Digital Dollar Pilot","url":"https://stock-news.laohu8.com/highlight/detail?id=2283970692","media":"Reuters","summary":"(Reuters) - Global banking giants are starting a 12-week digital dollar pilot with the Federal Reser","content":"<html><head></head><body><p>(Reuters) - Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.</p><p>Citigroup Inc, HSBC Holdings Plc, Mastercard Inc and Wells Fargo &amp; Co are among the financial companies participating in the experiment alongside the New York Fed&#39;s innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.</p><p>The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.</p><p>Earlier this month, Michelle Neal, head of the New York Fed&#39;s market&#39;s group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.</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>Banking Giants and New York Fed Start 12-Week Digital Dollar Pilot</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\">\nBanking Giants and New York Fed Start 12-Week Digital Dollar Pilot\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\">2022-11-16 07:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.</p><p>Citigroup Inc, HSBC Holdings Plc, Mastercard Inc and Wells Fargo &amp; Co are among the financial companies participating in the experiment alongside the New York Fed&#39;s innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.</p><p>The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.</p><p>Earlier this month, Michelle Neal, head of the New York Fed&#39;s market&#39;s group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗","WFC":"富国银行"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2283970692","content_text":"(Reuters) - Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.Citigroup Inc, HSBC Holdings Plc, Mastercard Inc and Wells Fargo & Co are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.Earlier this month, Michelle Neal, head of the New York Fed's market's group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}