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KeithHan
KeithHan
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2021-07-21
? ? ?
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KeithHan
KeithHan
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2021-07-16
?
Microsoft rose more than 1% and continued to brush a record high
周五盘初，微软涨超1%，高见284.1美元，续刷历史新高。瑞穗上调微软目标价至310美元，维持“买入”评级。 瑞穗分析师Gregg Moskowitz发布研报，将微软目标价从285美元上调至310美
Microsoft rose more than 1% and continued to brush a record high
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KeithHan
KeithHan
·
2021-07-09
Just
Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond
7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》。
Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond
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KeithHan
KeithHan
·
2021-07-06
?
Q2 Bank Stock Financial Report Prospect: Can the two major benefits drive the stock price to take advantage of the trend?
7月6日消息，美股新一轮财报季即将拉开帷幕，打头阵的依然是投资者熟悉的银行股。在经济复苏和加息时间表提前两大利好之风推动下，银行股业绩能乘势而起吗？ （其中，高盛、摩根大通、富国银行将于7月13日美股
Q2 Bank Stock Financial Report Prospect: Can the two major benefits drive the stock price to take advantage of the trend?
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KeithHan
KeithHan
·
2021-06-28
? ? ? ?
Is it going to be eliminated by the times? The world's most bullish company loses $22.4 billion
2005年，美国有3家石化企业跻身前十强；2020年，全部出局。正解局原创 14年前左右，全球最牛的公司是埃克森美孚。 这家石油公司，2006年营业收入高居全球第一，2007年市值又高居全球第一，风头
Is it going to be eliminated by the times? The world's most bullish company loses $22.4 billion
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KeithHan
KeithHan
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2021-06-22
? ?
The daily premium fresh pricing range is 13-16 USD/ADS, and old shareholders continue to increase their weight
北京时间6月22日晚间消息，每日优鲜更新F-1招股书，计划公开发行2100万股美国存托股票（ADS），定价区间为13-16美元/ADS。 现有股东中金、腾讯、美国长线基金Davis等将持续加码，购买至
The daily premium fresh pricing range is 13-16 USD/ADS, and old shareholders continue to increase their weight
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KeithHan
KeithHan
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2021-05-20
? ? ?
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KeithHan
KeithHan
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2021-05-09
? ? ? ?
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KeithHan
KeithHan
·
2021-05-07
? ? ?
Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders
编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入
Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders
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KeithHan
KeithHan
·
2021-05-02
? ? ? ? ? ?
JD Logistics has submitted a post-hearing information set to the Hong Kong Stock Exchange in respect of the proposed spin-off
京东集团在港交所公告称，董事会欣然宣布，其接获京东物流通知，京东物流已就拟议分拆向香港联交所递交聆讯后资料集。
JD Logistics has submitted a post-hearing information set to the Hong Kong Stock Exchange in respect of the proposed spin-off
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? ? 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","text":"? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/176889236","repostId":"1139863092","repostType":4,"isVote":1,"tweetType":1,"viewCount":3834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170529561,"gmtCreate":1626443248853,"gmtModify":1703760276719,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/170529561","repostId":"1169255658","repostType":4,"repost":{"id":"1169255658","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626443031,"share":"https://ttm.financial/m/news/1169255658?lang=en_US&edition=fundamental","pubTime":"2021-07-16 21:43","market":"us","language":"zh","title":"Microsoft rose more than 1% and continued to brush a record high","url":"https://stock-news.laohu8.com/highlight/detail?id=1169255658","media":"老虎资讯综合","summary":"周五盘初，微软涨超1%，高见284.1美元，续刷历史新高。瑞穗上调微软目标价至310美元，维持“买入”评级。\n\n瑞穗分析师Gregg Moskowitz发布研报，将微软目标价从285美元上调至310美","content":"<p>At the beginning of Friday's session,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It rose by more than 1%, reaching a high of $284.1, and continued to brush a record high. Mizuho raised Microsoft price target to $310, maintaining a \"buy\" rating.</p><p><img src=\"https://static.tigerbbs.com/79aaa3b02481436918ab8585b35435c1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Mizuho analyst Gregg Moskowitz released a research report, raising Microsoft's price target from $285 to $310 and maintaining a \"buy\" rating. The economic recovery continues to consolidate and recent software channel checks are \"generally very healthy,\" Moskowitz said. Companies that go digital are still leading the way, the analyst said, but noted that many legacy and on-premise technologies \"continue to normalize.\" Additionally, the survey showed that the cybersecurity industry was \"particularly strong in the quarter.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft rose more than 1% and continued to brush a record high</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nMicrosoft rose more than 1% and continued to brush a record high\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-16 21:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At the beginning of Friday's session,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It rose by more than 1%, reaching a high of $284.1, and continued to brush a record high. Mizuho raised Microsoft price target to $310, maintaining a \"buy\" rating.</p><p><img src=\"https://static.tigerbbs.com/79aaa3b02481436918ab8585b35435c1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Mizuho analyst Gregg Moskowitz released a research report, raising Microsoft's price target from $285 to $310 and maintaining a \"buy\" rating. The economic recovery continues to consolidate and recent software channel checks are \"generally very healthy,\" Moskowitz said. Companies that go digital are still leading the way, the analyst said, but noted that many legacy and on-premise technologies \"continue to normalize.\" Additionally, the survey showed that the cybersecurity industry was \"particularly strong in the quarter.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/783e4a9d3f00e88db6623c5917a7c472","relate_stocks":{"MSFT":"微软"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169255658","content_text":"周五盘初，微软涨超1%，高见284.1美元，续刷历史新高。瑞穗上调微软目标价至310美元，维持“买入”评级。\n\n瑞穗分析师Gregg Moskowitz发布研报，将微软目标价从285美元上调至310美元，并维持“买入”评级。Moskowitz表示，经济复苏继续巩固，最近的软件渠道检查“总体上非常健康”。这位分析师表示，实现数字化的公司仍处于领先地位，但他指出，许多传统技术和本地部署(on-premise)技术“继续正常化”。此外，调查显示，网络安全行业“本季度特别强劲”。","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":3664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141343215,"gmtCreate":1625840168237,"gmtModify":1703749648260,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"Just ","listText":"Just ","text":"Just","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/141343215","repostId":"2150372686","repostType":4,"repost":{"id":"2150372686","kind":"news","pubTimestamp":1625835004,"share":"https://ttm.financial/m/news/2150372686?lang=en_US&edition=fundamental","pubTime":"2021-07-09 20:50","market":"hk","language":"zh","title":"Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond","url":"https://stock-news.laohu8.com/highlight/detail?id=2150372686","media":"银柿财经","summary":"7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》。","content":"<p>On July 9, some media reported that \"the regulatory authorities met with Xu Jiayin and asked Evergrande to resolve the debt problem as soon as possible.\" The report pointed out that \"the Financial Stability and Development Committee of the State Council of China and<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>At the meeting, the chairman of the board, Hui Ka-yin, asked him to quickly resolve the debt woes so as not to cause financial risks. \"</p><p>At the same time, according to a person familiar with the matter, about a month before this meeting with the Financial Stability Committee, the People's Bank of China and other regulatory agencies interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in time.</p><p>Silver Finance reporter called the relevant person in charge of China Evergrande about the authenticity of the report. The staff member said, \"I don't know where the source of the news is? It's not convenient to respond.\"</p><p><img src=\"https://static.tigerbbs.com/7bd9c5f6f455ab3d41aa3e821ab0cd24\" tg-width=\"840\" tg-height=\"470\"></p>","source":"lsy1610344500291","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>Chuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nChuan supervisory authorities once met Xu Jiayin, Evergrande staff: inconvenient to respond\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">银柿财经</strong><span class=\"h-time small\">2021-07-09 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On July 9, some media reported that \"the regulatory authorities met with Xu Jiayin and asked Evergrande to resolve the debt problem as soon as possible.\" The report pointed out that \"the Financial Stability and Development Committee of the State Council of China and<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>At the meeting, the chairman of the board, Hui Ka-yin, asked him to quickly resolve the debt woes so as not to cause financial risks. \"</p><p>At the same time, according to a person familiar with the matter, about a month before this meeting with the Financial Stability Committee, the People's Bank of China and other regulatory agencies interviewed Evergrande and urged it to speed up the sale of assets, reduce debts and repay debts in time.</p><p>Silver Finance reporter called the relevant person in charge of China Evergrande about the authenticity of the report. The staff member said, \"I don't know where the source of the news is? It's not convenient to respond.\"</p><p><img src=\"https://static.tigerbbs.com/7bd9c5f6f455ab3d41aa3e821ab0cd24\" tg-width=\"840\" tg-height=\"470\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070920454979d0dc51&s=b\">银柿财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11035f651c5c16f8f951521b8717a989","relate_stocks":{"03333":"中国恒大"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021070920454979d0dc51&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150372686","content_text":"7月9日，有媒体报道《监管当局约见许家印，要求恒大尽快化解债务问题》，该报道指出，“中国国务院金融稳定发展委员会与中国恒大董事局主席许家印会面时，要求其快化解债务困境，以免引发金融风险。“\n同时据一位知情人士称，在此次与金稳委会面前大约一个月，人行等监管机构曾约谈恒大，督促其加快出售资产、削减债务并及时偿还债务。\n银柿财经记者就该报道的真实性致电中国恒大相关负责人，该工作人员表示：“不知道消息的信源是哪里？不方便回应。”","news_type":1,"symbols_score_info":{"03333":0.9}},"isVote":1,"tweetType":1,"viewCount":4048,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157849269,"gmtCreate":1625578917751,"gmtModify":1703744194982,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ","listText":"? ","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157849269","repostId":"1146964848","repostType":4,"repost":{"id":"1146964848","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625572391,"share":"https://ttm.financial/m/news/1146964848?lang=en_US&edition=fundamental","pubTime":"2021-07-06 19:53","market":"us","language":"zh","title":"Q2 Bank Stock Financial Report Prospect: Can the two major benefits drive the stock price to take advantage of the trend?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146964848","media":"老虎资讯综合","summary":"7月6日消息，美股新一轮财报季即将拉开帷幕，打头阵的依然是投资者熟悉的银行股。在经济复苏和加息时间表提前两大利好之风推动下，银行股业绩能乘势而起吗？\n（其中，高盛、摩根大通、富国银行将于7月13日美股","content":"<p>On July 6th, a new round of earnings reporting season for U.S. stocks is about to kick off, and the banking stocks familiar to investors are still taking the lead. Driven by the two favorable winds of economic recovery and rate hike timetable ahead of schedule, can the performance of bank stocks take advantage of the trend?</p><p><b><i>(Among them, Goldman Sachs, JPMorgan Chase and Wells Fargo will release their earnings reports before the U.S. stock market on July 13th, Citi will release their earnings reports before the U.S. stock market on July 14th, and Morgan Stanley will release their earnings reports before the U.S. stock market on July 15th.)</i></b></p><p><b>First Quarter Results Review</b></p><p><b>Overall, the performance of large bank stocks in the first quarter was relatively bright and exceeded market expectations. The main reason lies in two aspects. First, the income of trading and investment banking has increased greatly,</b>This point except<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>In addition, the other four bank stocks are obvious.<b>Second, the release of credit loss provisions boosted profits,</b>Typical such as<a href=\"https://laohu8.com/S/C\">Citigroup</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>。</p><p><b>The best performance in the first quarter was<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>，</b>The main reason is that the investment banking and trading income we mentioned earlier have increased greatly. Among them, investment banking revenue was US$3.771 billion, a year-on-year increase of 73%; Global trading revenue was $7.58 billion, up 47% year-over-year. Among them, stock sales and trading increased by 68% year-on-year to $3.69 billion; Fixed income, foreign exchange and commodities (FICC) revenue increased 31% year-on-year to $3.89 billion.</p><p>although<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The growth rate is not as good as that of Goldman Sachs, but its performance growth is also very explosive. Like Goldman Sachs, its growth was also driven largely by investment banking and equity trading revenue. The first-quarter results showed that Morgan Stanley's revenue was $15.72 billion, a year-on-year increase of 65%. The revenue growth mainly came from three parts, of which the revenue of investment banking business was US$2.613 billion, a year-on-year increase of 128.41%; Stock trading revenue was USD 1.502 billion, a year-on-year increase of 347.02%, and wealth management business revenue was USD 6 billion, a year-on-year increase of 46.34%.</p><p>In contrast, the revenue growth rate of JPMorgan Chase and Wells Fargo can only be said to be quite satisfactory. Although Citi's revenue declined year-on-year, it also exceeded market expectations. The obvious feature of the three banks is that the performance of net profit has shocked the market,<b>The main reason is the release of credit loss provisions mentioned earlier.</b></p><p>According to the quarterly report, the revenue of JPMorgan Chase and Wells Fargo in the first quarter was $33.1 billion and $18.1 billion respectively, up 14% and 2% year-on-year respectively, while the net profits of the two companies were $14.3 billion and $4.7 billion respectively, up nearly 400% and 626% year-on-year respectively. Looking at Citibank again, Citi's revenue in the first quarter fell by 7% year-on-year to $19.3 billion, but its net profit increased by 216% year-on-year to $7.9 billion.</p><p>JPMorgan Chase's surge in net income was mainly due to the release of provision for credit losses<b>$5.2 billion,</b>accounted for 36% of net income in the quarter, compared with a $6.8 billion increase in credit loss provisions in the same period last year. Excluding the boost to the company's quarterly profit from the loan loss reserve release, the company's quarterly earnings per share would be less than $3, miss the market expectation.</p><p>Wells Fargo released about $1.6 billion in credit loss provisions, or 34% of current profits, after adding about $3.1 billion in credit loss provisions in the same period last year.</p><p>The situation is similar for Citi. Citi's first-quarter revenue decline was due to different degrees of decline in global consumer banking, institutional client business and corporate and other three divisions. Among them, the most eye-catching businesses were investment banking and stock trading revenue, both of which set records. Among them, revenue from investment banking jumped 46% to $1.97 billion, and revenue from stock trading rose 26% year-on-year to $1.48 billion. It is also the fastest-growing business within Citi year-on-year.</p><p>The 'secret weapon' of the overall decline in revenue but the substantial increase in net profit is also credit loss provision. According to the financial report, in the first quarter, Citi's credit loss provision released 3.85 billion USD, accounting for 49% of the current profit, and the new credit loss provision in the same period last year was about 4.9 billion USD.</p><p><b>What factors to watch for in the second quarter</b></p><p><b>1. Can the high growth of investment banking and trading income continue?</b></p><p>As previously analyzed, one of the reasons for the big increase in bank performance in the first quarter was the big increase in investment banking and trading income. Will this factor fall back in the second quarter?</p><p>First of all, let's look at the investment banking business. Market analysts believe that swept US stocks in the first quarter<b>SPAC</b>The wave is the main factor boosting the investment banking business. Considering the recent changes in the regulatory environment, this part of the strong performance will be difficult to continue in the second quarter.</p><p>Followed by trading income. Recently, JPMorgan Chase CEO Jamie Dimon and Morgan Stanley CEO James Gorman said that trading revenue will eventually slow down after experiencing extremely strong growth.</p><p><b>2. The inflation data exploded. Will the Fed's accelerated tightening of liquidity drive a substantial increase in the performance of bank stocks?</b></p><p>Among bank stocks, JPMorgan Chase, Wells Fargo and Citi account for a certain proportion of interest-related revenue, so they are relatively sensitive to interest rates. In the first quarter, the interest income of all three banks decreased. Among them, JPMorgan Chase's interest income fell by 11% year-on-year to $13 billion, accounting for 39% of the total revenue; Wells Fargo's interest income slipped 22% year over year to $8.8 billion, or 49% of total revenue. Citi's interest-related revenue in the first quarter was $7.52 billion, accounting for 40% of total revenue. The main reason for the decline in income is that the Federal Reserve has kept monetary easing and interest rates have been low for a long time.</p><p>Inflation data continued to move higher as the economy gradually recovered. Rising inflation has triggered rate hike expectations, and widening interest spreads will boost bank profitability. In the period of continuous inflation, the degree of monetary policy easing will gradually converge, and the 10-year Treasury Bond interest rate will increase. At present, in January, PPI turned from negative to positive year-on-year, the 10-year Treasury Bond interest rate continued to increase, the rate hike expectation was improved, and the possibility of subsequent bank interest spread expansion was increasing. It is expected that the profitability of banks will improve in 2021.</p><p><b>3. Is there room for release of credit loss provision?</b></p><p>Another question to be concerned about in the second quarter is, is there still room for bank credit loss provisions to be released? Let's take Citi as an example for your reference. Citi's sharp increase in credit loss provision was in the first and second quarters of 2020, including an increase of $4.9 billion in the first quarter and $5.6 billion in the second quarter, with a total increase of $10.5 billion. In the third quarter, it basically returned to normal and increased the provision for credit losses of USD 300 million.</p><p>Since the fourth quarter, with the economic recovery, banks have returned to optimism about the repayment ability of enterprises, and released credit loss provisions for two consecutive quarters (the released credit loss provisions can be understood as directly increasing the net profit of banks), of which about 1.5 billion dollars were released in the first quarter, about 3.9 billion dollars were released in the second quarter, and about 5.4 billion dollars were released in two consecutive quarters, which still has some room for release compared with the previous additional 10.5 billion dollars.</p><p>To put it another way, Citi's provision for credit losses was $21.6 billion at the end of the first quarter, accounting for 3.29% of total loans, compared with $20.4 billion at the end of the previous year, accounting for 2.84% of total loans. It can also be speculated that there is still room for adjustment of Citi's credit loss provision, but considering that the repayment ability of enterprises may be affected after the epidemic, this proportion may not necessarily recover to before the epidemic in the short term.</p><p><b>It should be noted that the provision for credit losses is just a financial game, and its short-term boost to profits does not represent an improvement in the profitability of banks.</b></p><p>In addition to the impact of fundamentals,<b>Bank stocks recently passed the minimum risk level test set by the Federal Reserve, and the Fed's temporary restrictions on paying Dividend and buying back shares also expired on June 30.</b>It is not excluded that this positive and financial performance are superimposed, which will bring a wave of market prices to bank stocks.</p><p>In the long run, the core investment logic of bank stocks is macroeconomy. As optimistic as the Federal Reserve, it expects the U.S. economy to grow by 7% this year. The Fed's Beige Book survey report in early June pointed out that from early April to late May, the U.S. national economy expanded at a moderate rate, slightly higher than the previous reporting period. Employment population growth has been relatively steady, with the strongest job growth in food services, hospitality and retail as the spread of the coronavirus continues to slow. According to data, consumer confidence in the United States rose to the highest level since the outbreak of COVID-19 more than a year ago in June. This raised expectations for strong economic growth in the second quarter.</p><p>However, the latest article of Caijing magazine pointed out that the current economic recovery in the United States is very strong, but a considerable part of the impetus comes from aggressive fiscal and monetary policies. The improvement of the epidemic situation has brought a strong rebound in consumption, but there is still a significant gap between the level before the epidemic. The sustainability of consumption growth in the United States will be tested as fiscal stimulus and business restarts finally subside, and the outlook for rate hike becomes clearer.</p><p><a href=\"https://laohu8.com/S/03329\">BOCOM International</a>Hong Hao, chief economist, said in an interview with China Business News recently,<b>The United States is weathering a double test of inflation and an economic shifting.</b>From the financial perspective, even if the Federal Reserve is still maintaining a loose policy, it is tightening marginally.<b>Whether Treasury Bond yields go up or down, it signals a risk event in the second half of the year.</b>Going up may mean that inflation is not well controlled, and going down may mean that the economic shift is much worse than everyone expected.</p><p><b>What does Bloomberg think of the performance of bank stocks in the second quarter?</b></p><p><ul><li><b>Goldman Sachs:</b>In the second quarter, Goldman Sachs had revenue of $12.044 billion, adjusted net income of $3.342 billion, and adjusted earnings per share of $9.49.</li><li><b>Morgan Stanley:</b>In the second quarter, Morgan Stanley had revenue of $14.056 billion, adjusted net income of $3.061 billion, and adjusted earnings per share of $1.64.</li><li><b>JPMorgan:</b>In the second quarter, JPMorgan had revenue of $30.014 billion, adjusted net income of $9.330 billion, and adjusted earnings per share of $3.03.</li><li><b>Wells Fargo:</b>In the second quarter, Wells Fargo had revenue of $17.807 billion, adjusted net income of $3.847 billion, and adjusted earnings per share of $0.93.</li><li><b>Citi:</b>Bloomberg's consensus expectation is that Citi's revenue in the second quarter will be $17.568 billion, adjusted net income will be $4.197 billion, and adjusted earnings per share will be $2.01.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8ea8ff3198bf54d8306edaaafd4de597\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Goldman Sachs</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da08201c088bfc76f2e125cb40688f99\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Morgan Stanley</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d75855beae9bd8dc28a09d9c146c6c79\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>JPMorgan Chase</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a42ae14bb976481d57ddde2b7adabb61\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Wells Fargo</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62f32d60cd04a0250b7605cda9ec35c2\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Citigroup</span></p><p><b>Attachment: Performance details of bank stocks in the first quarter</b></p><p><ul><li><b>Goldman Sachs:</b>Goldman's net revenue in the first quarter was $17.7 billion, a record high, an increase of 102% compared with $8.74 billion in the same period last year, far higher than the market estimate of $12.55 billion. In the first quarter, Goldman Sachs' net income for common shareholders reached $6.711 billion, or $18.60 per share, a 498% jump year over year.</li><li><b>Morgan Stanley:</b>Morgan Stanley's net income in the first quarter was $15.72 billion, up 65% year-over-year and higher than Bloomberg's estimate of $13.954 billion; Net profit was $4.12 billion, surging by 142.6% year-on-year, exceeding Bloomberg's expectation of $4.04 billion; Earnings of $2.19 per share beat market estimates of $1.68 and $1.01 a year earlier.</li><li><b>JPMorgan:</b>JPMorgan Chase's revenue of $33.12 billion in the first quarter of 2021, up 14% year-over-year, and expected to be $30.52 billion; Net profit was US$14.3 billion, up 399% year-on-year and 18% month-on-month; Earnings per share were $4.5, compared to the market estimate for earnings of $3.06 and $0.78 in the year-ago quarter.<b>Excluding the boost to the company's quarterly profit from the loan loss reserve release, the company's quarterly earnings per share would be less than $3, miss the market expectation.</b></li><li><b>Wells Fargo</b>: Wells Fargo's revenue in the first quarter of 2021 was US$18.063 billion, compared with US$17.717 billion in the same period last year, and the market expectation was US$17.524 billion; Net profit was $4.742 billion, compared with $653 million in the same period last year, far exceeding Bloomberg's expectation of $2.943 billion; Diluted earnings per share was 1 cent, which already included-$0.73/share of reserves and securities business losses established due to market and economic conditions, in addition to the impact of-$0.06/share of redemption of Class K preferred shares.</li><li><b>Citi:</b>Citi's revenue in the first quarter was $19.3 billion, down 7% year-on-year, but better than the market expectation of $18.8 billion; Net profit in the first quarter was $7.9 billion, compared with $2.5 billion in the same period last year; Earnings of $3.62 per share were up 242% year over year and better than analysts' expectations of $2.60.</li></ul></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Q2 Bank Stock Financial Report Prospect: Can the two major benefits drive the stock price to take advantage of the trend?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nQ2 Bank Stock Financial Report Prospect: Can the two major benefits drive the stock price to take advantage of the trend?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 19:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6th, a new round of earnings reporting season for U.S. stocks is about to kick off, and the banking stocks familiar to investors are still taking the lead. Driven by the two favorable winds of economic recovery and rate hike timetable ahead of schedule, can the performance of bank stocks take advantage of the trend?</p><p><b><i>(Among them, Goldman Sachs, JPMorgan Chase and Wells Fargo will release their earnings reports before the U.S. stock market on July 13th, Citi will release their earnings reports before the U.S. stock market on July 14th, and Morgan Stanley will release their earnings reports before the U.S. stock market on July 15th.)</i></b></p><p><b>First Quarter Results Review</b></p><p><b>Overall, the performance of large bank stocks in the first quarter was relatively bright and exceeded market expectations. The main reason lies in two aspects. First, the income of trading and investment banking has increased greatly,</b>This point except<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>In addition, the other four bank stocks are obvious.<b>Second, the release of credit loss provisions boosted profits,</b>Typical such as<a href=\"https://laohu8.com/S/C\">Citigroup</a>And<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>And<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>。</p><p><b>The best performance in the first quarter was<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>，</b>The main reason is that the investment banking and trading income we mentioned earlier have increased greatly. Among them, investment banking revenue was US$3.771 billion, a year-on-year increase of 73%; Global trading revenue was $7.58 billion, up 47% year-over-year. Among them, stock sales and trading increased by 68% year-on-year to $3.69 billion; Fixed income, foreign exchange and commodities (FICC) revenue increased 31% year-on-year to $3.89 billion.</p><p>although<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The growth rate is not as good as that of Goldman Sachs, but its performance growth is also very explosive. Like Goldman Sachs, its growth was also driven largely by investment banking and equity trading revenue. The first-quarter results showed that Morgan Stanley's revenue was $15.72 billion, a year-on-year increase of 65%. The revenue growth mainly came from three parts, of which the revenue of investment banking business was US$2.613 billion, a year-on-year increase of 128.41%; Stock trading revenue was USD 1.502 billion, a year-on-year increase of 347.02%, and wealth management business revenue was USD 6 billion, a year-on-year increase of 46.34%.</p><p>In contrast, the revenue growth rate of JPMorgan Chase and Wells Fargo can only be said to be quite satisfactory. Although Citi's revenue declined year-on-year, it also exceeded market expectations. The obvious feature of the three banks is that the performance of net profit has shocked the market,<b>The main reason is the release of credit loss provisions mentioned earlier.</b></p><p>According to the quarterly report, the revenue of JPMorgan Chase and Wells Fargo in the first quarter was $33.1 billion and $18.1 billion respectively, up 14% and 2% year-on-year respectively, while the net profits of the two companies were $14.3 billion and $4.7 billion respectively, up nearly 400% and 626% year-on-year respectively. Looking at Citibank again, Citi's revenue in the first quarter fell by 7% year-on-year to $19.3 billion, but its net profit increased by 216% year-on-year to $7.9 billion.</p><p>JPMorgan Chase's surge in net income was mainly due to the release of provision for credit losses<b>$5.2 billion,</b>accounted for 36% of net income in the quarter, compared with a $6.8 billion increase in credit loss provisions in the same period last year. Excluding the boost to the company's quarterly profit from the loan loss reserve release, the company's quarterly earnings per share would be less than $3, miss the market expectation.</p><p>Wells Fargo released about $1.6 billion in credit loss provisions, or 34% of current profits, after adding about $3.1 billion in credit loss provisions in the same period last year.</p><p>The situation is similar for Citi. Citi's first-quarter revenue decline was due to different degrees of decline in global consumer banking, institutional client business and corporate and other three divisions. Among them, the most eye-catching businesses were investment banking and stock trading revenue, both of which set records. Among them, revenue from investment banking jumped 46% to $1.97 billion, and revenue from stock trading rose 26% year-on-year to $1.48 billion. It is also the fastest-growing business within Citi year-on-year.</p><p>The 'secret weapon' of the overall decline in revenue but the substantial increase in net profit is also credit loss provision. According to the financial report, in the first quarter, Citi's credit loss provision released 3.85 billion USD, accounting for 49% of the current profit, and the new credit loss provision in the same period last year was about 4.9 billion USD.</p><p><b>What factors to watch for in the second quarter</b></p><p><b>1. Can the high growth of investment banking and trading income continue?</b></p><p>As previously analyzed, one of the reasons for the big increase in bank performance in the first quarter was the big increase in investment banking and trading income. Will this factor fall back in the second quarter?</p><p>First of all, let's look at the investment banking business. Market analysts believe that swept US stocks in the first quarter<b>SPAC</b>The wave is the main factor boosting the investment banking business. Considering the recent changes in the regulatory environment, this part of the strong performance will be difficult to continue in the second quarter.</p><p>Followed by trading income. Recently, JPMorgan Chase CEO Jamie Dimon and Morgan Stanley CEO James Gorman said that trading revenue will eventually slow down after experiencing extremely strong growth.</p><p><b>2. The inflation data exploded. Will the Fed's accelerated tightening of liquidity drive a substantial increase in the performance of bank stocks?</b></p><p>Among bank stocks, JPMorgan Chase, Wells Fargo and Citi account for a certain proportion of interest-related revenue, so they are relatively sensitive to interest rates. In the first quarter, the interest income of all three banks decreased. Among them, JPMorgan Chase's interest income fell by 11% year-on-year to $13 billion, accounting for 39% of the total revenue; Wells Fargo's interest income slipped 22% year over year to $8.8 billion, or 49% of total revenue. Citi's interest-related revenue in the first quarter was $7.52 billion, accounting for 40% of total revenue. The main reason for the decline in income is that the Federal Reserve has kept monetary easing and interest rates have been low for a long time.</p><p>Inflation data continued to move higher as the economy gradually recovered. Rising inflation has triggered rate hike expectations, and widening interest spreads will boost bank profitability. In the period of continuous inflation, the degree of monetary policy easing will gradually converge, and the 10-year Treasury Bond interest rate will increase. At present, in January, PPI turned from negative to positive year-on-year, the 10-year Treasury Bond interest rate continued to increase, the rate hike expectation was improved, and the possibility of subsequent bank interest spread expansion was increasing. It is expected that the profitability of banks will improve in 2021.</p><p><b>3. Is there room for release of credit loss provision?</b></p><p>Another question to be concerned about in the second quarter is, is there still room for bank credit loss provisions to be released? Let's take Citi as an example for your reference. Citi's sharp increase in credit loss provision was in the first and second quarters of 2020, including an increase of $4.9 billion in the first quarter and $5.6 billion in the second quarter, with a total increase of $10.5 billion. In the third quarter, it basically returned to normal and increased the provision for credit losses of USD 300 million.</p><p>Since the fourth quarter, with the economic recovery, banks have returned to optimism about the repayment ability of enterprises, and released credit loss provisions for two consecutive quarters (the released credit loss provisions can be understood as directly increasing the net profit of banks), of which about 1.5 billion dollars were released in the first quarter, about 3.9 billion dollars were released in the second quarter, and about 5.4 billion dollars were released in two consecutive quarters, which still has some room for release compared with the previous additional 10.5 billion dollars.</p><p>To put it another way, Citi's provision for credit losses was $21.6 billion at the end of the first quarter, accounting for 3.29% of total loans, compared with $20.4 billion at the end of the previous year, accounting for 2.84% of total loans. It can also be speculated that there is still room for adjustment of Citi's credit loss provision, but considering that the repayment ability of enterprises may be affected after the epidemic, this proportion may not necessarily recover to before the epidemic in the short term.</p><p><b>It should be noted that the provision for credit losses is just a financial game, and its short-term boost to profits does not represent an improvement in the profitability of banks.</b></p><p>In addition to the impact of fundamentals,<b>Bank stocks recently passed the minimum risk level test set by the Federal Reserve, and the Fed's temporary restrictions on paying Dividend and buying back shares also expired on June 30.</b>It is not excluded that this positive and financial performance are superimposed, which will bring a wave of market prices to bank stocks.</p><p>In the long run, the core investment logic of bank stocks is macroeconomy. As optimistic as the Federal Reserve, it expects the U.S. economy to grow by 7% this year. The Fed's Beige Book survey report in early June pointed out that from early April to late May, the U.S. national economy expanded at a moderate rate, slightly higher than the previous reporting period. Employment population growth has been relatively steady, with the strongest job growth in food services, hospitality and retail as the spread of the coronavirus continues to slow. According to data, consumer confidence in the United States rose to the highest level since the outbreak of COVID-19 more than a year ago in June. This raised expectations for strong economic growth in the second quarter.</p><p>However, the latest article of Caijing magazine pointed out that the current economic recovery in the United States is very strong, but a considerable part of the impetus comes from aggressive fiscal and monetary policies. The improvement of the epidemic situation has brought a strong rebound in consumption, but there is still a significant gap between the level before the epidemic. The sustainability of consumption growth in the United States will be tested as fiscal stimulus and business restarts finally subside, and the outlook for rate hike becomes clearer.</p><p><a href=\"https://laohu8.com/S/03329\">BOCOM International</a>Hong Hao, chief economist, said in an interview with China Business News recently,<b>The United States is weathering a double test of inflation and an economic shifting.</b>From the financial perspective, even if the Federal Reserve is still maintaining a loose policy, it is tightening marginally.<b>Whether Treasury Bond yields go up or down, it signals a risk event in the second half of the year.</b>Going up may mean that inflation is not well controlled, and going down may mean that the economic shift is much worse than everyone expected.</p><p><b>What does Bloomberg think of the performance of bank stocks in the second quarter?</b></p><p><ul><li><b>Goldman Sachs:</b>In the second quarter, Goldman Sachs had revenue of $12.044 billion, adjusted net income of $3.342 billion, and adjusted earnings per share of $9.49.</li><li><b>Morgan Stanley:</b>In the second quarter, Morgan Stanley had revenue of $14.056 billion, adjusted net income of $3.061 billion, and adjusted earnings per share of $1.64.</li><li><b>JPMorgan:</b>In the second quarter, JPMorgan had revenue of $30.014 billion, adjusted net income of $9.330 billion, and adjusted earnings per share of $3.03.</li><li><b>Wells Fargo:</b>In the second quarter, Wells Fargo had revenue of $17.807 billion, adjusted net income of $3.847 billion, and adjusted earnings per share of $0.93.</li><li><b>Citi:</b>Bloomberg's consensus expectation is that Citi's revenue in the second quarter will be $17.568 billion, adjusted net income will be $4.197 billion, and adjusted earnings per share will be $2.01.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8ea8ff3198bf54d8306edaaafd4de597\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Goldman Sachs</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da08201c088bfc76f2e125cb40688f99\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Morgan Stanley</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d75855beae9bd8dc28a09d9c146c6c79\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>JPMorgan Chase</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a42ae14bb976481d57ddde2b7adabb61\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Wells Fargo</span></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62f32d60cd04a0250b7605cda9ec35c2\" tg-width=\"1918\" tg-height=\"702\" referrerpolicy=\"no-referrer\"><span>Citigroup</span></p><p><b>Attachment: Performance details of bank stocks in the first quarter</b></p><p><ul><li><b>Goldman Sachs:</b>Goldman's net revenue in the first quarter was $17.7 billion, a record high, an increase of 102% compared with $8.74 billion in the same period last year, far higher than the market estimate of $12.55 billion. In the first quarter, Goldman Sachs' net income for common shareholders reached $6.711 billion, or $18.60 per share, a 498% jump year over year.</li><li><b>Morgan Stanley:</b>Morgan Stanley's net income in the first quarter was $15.72 billion, up 65% year-over-year and higher than Bloomberg's estimate of $13.954 billion; Net profit was $4.12 billion, surging by 142.6% year-on-year, exceeding Bloomberg's expectation of $4.04 billion; Earnings of $2.19 per share beat market estimates of $1.68 and $1.01 a year earlier.</li><li><b>JPMorgan:</b>JPMorgan Chase's revenue of $33.12 billion in the first quarter of 2021, up 14% year-over-year, and expected to be $30.52 billion; Net profit was US$14.3 billion, up 399% year-on-year and 18% month-on-month; Earnings per share were $4.5, compared to the market estimate for earnings of $3.06 and $0.78 in the year-ago quarter.<b>Excluding the boost to the company's quarterly profit from the loan loss reserve release, the company's quarterly earnings per share would be less than $3, miss the market expectation.</b></li><li><b>Wells Fargo</b>: Wells Fargo's revenue in the first quarter of 2021 was US$18.063 billion, compared with US$17.717 billion in the same period last year, and the market expectation was US$17.524 billion; Net profit was $4.742 billion, compared with $653 million in the same period last year, far exceeding Bloomberg's expectation of $2.943 billion; Diluted earnings per share was 1 cent, which already included-$0.73/share of reserves and securities business losses established due to market and economic conditions, in addition to the impact of-$0.06/share of redemption of Class K preferred shares.</li><li><b>Citi:</b>Citi's revenue in the first quarter was $19.3 billion, down 7% year-on-year, but better than the market expectation of $18.8 billion; Net profit in the first quarter was $7.9 billion, compared with $2.5 billion in the same period last year; Earnings of $3.62 per share were up 242% year over year and better than analysts' expectations of $2.60.</li></ul></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/69af882c29a3ff047224139fe1096d17","relate_stocks":{"MS":"摩根士丹利","JPM":"摩根大通","WFC":"富国银行","GS":"高盛","C":"花旗"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146964848","content_text":"7月6日消息，美股新一轮财报季即将拉开帷幕，打头阵的依然是投资者熟悉的银行股。在经济复苏和加息时间表提前两大利好之风推动下，银行股业绩能乘势而起吗？\n（其中，高盛、摩根大通、富国银行将于7月13日美股盘前发布财报，花旗将于7月14日美股盘前发布财报，摩根士丹利将于7月15日美股盘前发布财报。）\n一季度业绩回顾\n总体来看，一季度大型银行股业绩表现均比较亮眼，且超出市场预期。主要原因在于两个方面，其一，交易和投行收入大增，这点除富国银行外，其他四家银行股都比较明显。其二，信贷损失拨备释放对利润的提振，典型的如花旗和摩根大通和富国银行 。\n一季度业绩表现最好的当属高盛，主要原因是前面我们提到过的投行和交易收入大增。其中，投行营收37.71亿美元，同比增长73%；全球交易收入75.8亿美元，同比增长47%。其中，股票销售和交易同比大增68%至36.9亿美元；而固收、外汇和大宗商品类（FICC）营收同比增长31%至38.9亿美元。\n虽然摩根士丹利增速不及高盛，但其业绩增长也呈很强的爆发性。与高盛相同的是，其业绩增长也主要由投行和股票交易收入驱动。一季度业绩显示，摩根士丹利营收157.2亿美元，同比增长65%。营收增长的主要来源于三部分，其中投行业务营收26.13亿美元，同比增长128.41%；股票交易收入15.02亿美元，同比增长347.02%，还有就是财富管理业务营收60亿美元，同比增加46.34%。\n相比之下，摩根大通和富国银行的营收增速只能说是中规中矩，虽然花旗营收同比出现下滑，但也超出了市场的预期。三家银行很明显的特征是，净利润的表现令市场大为震惊，主要原因，就是此前提到的信贷损失拨备的释放。\n一季报显示，摩根大通和富国银行一季度营收分别为331亿和181亿美元，同比分别增长14%和2%，而两家公司的净利润分别为143亿美元和47亿美元，同比分别大涨近400%和626%。再来看花旗银行，花旗一季度营收同比下滑7%至193亿美元，但净利润同比增长216%至79亿美元。\n摩根大通净利润大增的主要原因是信贷损失拨备释放了52亿美元，占当季度净利润的36%，而去年同期信贷损失拨备增加了68亿美元。如果扣除贷款损失准备金释放对公司季度利润的提振，公司季度每股盈利将低于3美元，不及市场预期。\n富国银行释放了约16亿美元的信贷损失准备，占当期利润的34%，去年同期新增约31亿美元的信贷损失准备。\n花旗的情况也类似。花旗一季度营收下滑的原因是全球消费者银行、机构客户业务和企业及其他三个部门均出现不同程度的下滑。其中，表现最亮眼的业务是投行和股票交易营收，二者均创记录。其中，投行业务收入猛增46%至19.7亿美元，股票交易收入同比增长26%至14.8亿美元。也是花旗内部同比增速最快的业务。\n营收整体下滑，净利润却实现大幅增长的‘秘密武器’也是信贷损失拨备，财报显示，一季度花旗信贷损失拨备释放了38.5亿美元，占当期利润的49%，去年同期新增信贷损失拨备约49亿美元。\n二季度哪些因素值得关注\n1、投行和交易收入高增长能否继续？\n如前分析，一季度银行业绩大增的一个原因是投行和交易收入的大增，这个因素在二季度会回落吗？\n首先来看下投行业务。市场分析认为，一季度席卷美股的SPAC浪潮是提振投行业务的主要因素，考虑到最近监管环境的变化，这部分强劲表现将很难在二季度延续。\n其次是交易收入。近日，摩根大通CEO杰米·戴蒙和摩根士丹利CEO詹姆斯·戈尔曼表示，交易收入在经历了极其强劲的增长后最终会放缓。\n2、通胀数据爆表，美联储加速收紧流动性会否带动银行股业绩大幅增长？\n银行股中，摩根大通、富国银行和花旗利息相关的营收占比达到一定规模，因此对利率也相对敏感。一季度，三家银行的利息收入都是减少的。其中，摩根大通利息收入同比下滑11%至130亿美元，占总营收的39%；富国银行利息收入同比下滑22%至88亿美元，占总营收的49%。花旗一季度利息相关的收入为75.2亿美元，占总营收的40%。收入下滑的主要原因是，美联储维持货币宽松，利率长期处于较低水平。\n随着经济逐渐恢复，通胀数据连续走高。通胀上行引发加息预期，息差扩大将会提升银行盈利能力。在通胀持续走高阶段，货币政策宽松程度将会逐渐收敛，同时十年期国债利率水平将会提高。目前1月PPI同比由负转正，十年期国债利率持续提升，加息预期有所提升，后续银行息差走扩的可能性正在增强，预计2021年银行盈利能力将会提升。\n3、信贷损失拨备是否还有释放空间？\n二季度需要关心的另一个问题是，银行信贷损失拨备是否还有释放空间？我们以花旗为例给大家做参考。花旗大幅调高信贷损失拨备是在2020年的一季度和二季度，其中，一季度增加了49亿美元，二季度增加56亿美元，共计增加105亿美元。三季度基本回归常态新增3亿美元的信贷损失拨备。\n从四季度开始，随着经济复苏，银行对企业还款能力重回乐观，连续两个季度释放信贷损失拨备（释放的信贷损失拨备可以理解为直接增加银行净利润），其中，一季度释放约15亿，二季度释放约39亿美元，连续两个季度释放约54亿美元，较此前新增的105亿美元仍有一定的释放空间。\n换一个角度看，花旗的信贷损失准备金在一季度末为 216亿美元，占贷款总额的 3.29%，上年末为 204亿美元，占贷款总额的 2.84%。也可以推测，花旗信贷损失拨备仍有调整空间，但考虑到疫情之后企业还款能力可能受到影响，短期内这一比例并不一定能恢复至疫情之前。\n需要看到的是，信贷损失拨备不过只是财务游戏，其短期对利润的提振并不能代表银行盈利能力的改观。\n除了基本面的影响，银行股近日通过了美联储设定的最低风险水平测试，美联储对其支付股息和回购股票的临时限制也在6月30日到期。不排除这一利好和财报业绩叠加，给银行股带来一波行情。\n长期看，银行股核心投资逻辑还是宏观经济。乐观如美联储，预计今年美国经济将增长7%。美联储6月初的褐皮书调查报告指出，从4月初到5月下旬，美国国民经济以温和的速度扩张，增速略高于前一个报告期。就业人口增幅相对稳定，随着新冠病毒传播继续放缓，食品服务业、酒店业和零售业的就业增长最为强劲。有数据显示，美国6月消费者信心上升至一年多前新冠肺炎疫情暴发以来的最高水平。这提高了人们对二季度经济强劲增长的预期。\n不过，《财经》杂志最新撰文指出，当前美国的经济复苏势头很强劲，但动力中相当一部分来自激进的财政货币政策。疫情改善带来一轮强烈消费反弹，但是距离疫情前的水平仍有明显差距。随着财政刺激和企业重新开工对消费的拉动最终消退，以及加息前景越来越明确化，美国消费增长的可持续性将会面临考验。\n交银国际首席经济学家洪灏近日在接受第一财经采访时表示，美国正在经受通胀和经济换挡的双重考验。从资金面看，美联储即便还在保持宽松的政策，但是边际来说是在收紧。无论国债收益率向上走还是向下走，都预示着下半年有一个风险事件。往上走可能意味着通胀没有控制好，往下走可能意味着经济换挡比大家预期要糟糕的多。\n彭博社怎么看二季度银行股业绩表现？\n\n高盛：二季度高盛营收120.44亿美元，调整后净利润33.42亿美元，调整后每股收益9.49美元。\n摩根士丹利：二季度摩根士丹利营收140.56亿美元，调整后净利润30.61亿美元，调整后每股收益1.64美元。\n摩根大通：二季度摩根大通营收300.14亿美元，调整后净利润93.30亿美元，调整后每股收益3.03美元。\n富国银行：二季度富国银行营收178.07亿美元，调整后净利润38.47亿美元，调整后每股收益0.93美元。\n花旗：彭博社一致预期，二季度花旗营收175.68亿美元，调整后净利润41.97亿美元，调整后每股收益2.01美元。\n\n高盛\n \n摩根士丹利\n摩根大通\n富国银行\n花旗\n附：一季度银行股业绩明细\n\n高盛：高盛第一季度净营收177亿美元，创历史新高，和去年同期的87.4亿美元相比，涨幅达102%，远高于市场预估的125.5亿美元。第一季度，高盛普通股股东净利润达到67.11亿美元，每股收益18.60美元，同比大增498%。\n摩根士丹利：摩根士丹利第一季度净收入157.2亿美元，同比增长65%，高于彭博社预期的139.54亿美元；净利润为41.2亿美元，同比狂增142.6%，超出彭博社预期的40.4亿美元；每股收益2.19美元，超出市场预期的1.68美元，上年同期1.01美元。\n摩根大通：摩根大通2021年第一季度营收331.2亿美元，同比增长14%，预期为305.2亿美元；净利润143亿美元，同比增长399%，环比增长18%；每股盈利4.5美元，市场预期盈利3.06美元，去年同期0.78美元。如果扣除贷款损失准备金释放对公司季度利润的提振，公司季度每股盈利将低于3美元，不及市场预期。\n富国银行：富国银行2021年一季度营收180.63亿美元，去年同期177.17亿美元，市场预期为175.24亿美元；净利润47.42亿美元，去年同期6.53亿美元，远超彭博社预期的29.43亿美元；稀释后每股收益为1美分，其中已经包含了-0.73美元/股受到市场和经济状况影响建立的准备金与证券业务亏损，此外还包括了-0.06美元/股赎回K类优先股的影响。\n花旗：花旗一季度营收193亿美元，同比下降7%，但好于市场预期的188亿美元；一季度净利润79亿美元，去年同期为25亿美元；每股收益3.62美元，同比大增242%，且好于分析师预期的2.60美元。","news_type":1,"symbols_score_info":{"JPM":0.9,"WFC":0.9,"MS":0.9,"GS":0.9,"C":0.9}},"isVote":1,"tweetType":1,"viewCount":3135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127743301,"gmtCreate":1624871175603,"gmtModify":1703846679674,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ? ? ?","listText":"? ? ? ?","text":"? ? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127743301","repostId":"2146881622","repostType":4,"repost":{"id":"2146881622","kind":"news","pubTimestamp":1624870410,"share":"https://ttm.financial/m/news/2146881622?lang=en_US&edition=fundamental","pubTime":"2021-06-28 16:53","market":"us","language":"zh","title":"Is it going to be eliminated by the times? The world's most bullish company loses $22.4 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2146881622","media":" 正解局","summary":"2005年，美国有3家石化企业跻身前十强；2020年，全部出局。正解局原创\n14年前左右，全球最牛的公司是埃克森美孚。\n这家石油公司，2006年营业收入高居全球第一，2007年市值又高居全球第一，风头","content":"<p>In 2005, three petrochemical enterprises in the United States ranked among the top ten; In 2020, all out. Positive Solution Original</p><p>Around 14 years ago, the world's best company was<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>。</p><p>This oil company, whose operating income ranked first in the world in 2006 and its market value ranked first in the world in 2007, has been in the limelight for a while.</p><p>Today, ExxonMobil's market value has shrunk in half, and its operating income in 2020 lost $22.4 billion.</p><p>What has ExxonMobil done wrong in just over a decade?</p><p>Is it really hard for petrochemical enterprises?</p><p><img src=\"https://static.tigerbbs.com/1ffefa502a3b3b7343aa17156a17e8d6\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Exxon Mobil, from a famous family.</p><p>Its predecessor was the famous Standard Oil Company founded by Rockefeller.</p><p>The largest crude oil producer in the United States has a monopoly on 95% of U.S. refining capacity, 90% of oil transportation capacity and 25% of crude oil production.</p><p>The strength of monopoly is unprecedented and unprecedented in the history of the United States.</p><p>Because it was so powerful, in 1911, the Standard Oil empire was split into about 37 regional oil companies.</p><p>Among them, the largest one is Exxon (Standard Oil of New Jersey).</p><p>The general trend of the world, if you are together for a long time, you will be divided, and if you are divided for a long time, you will be united.</p><p>In 1999, Exxon Oil (New Jersey Standard Oil) merged with Mobil Oil to form Exxon Mobil Corporation, which became the world's largest oil company again.</p><p>A Big Mac is a Big Mac. The year after the merger, ExxonMobil landed on the Fortune Global 500 list, ranking third.</p><p><img src=\"https://static.tigerbbs.com/de976cf6d27f46cb0cf233283bc0397d\" tg-width=\"435\" tg-height=\"539\" referrerpolicy=\"no-referrer\">Top 10 of the world's top 500 list in 2000</p><p>Since then, ExxonMobil has been in the top five of the World 500 list all the year round. In 2006, it ranked first in the world in one fell swoop.<img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\">Top 10 of the 2006 World's Top 500 List</p><p>2007 was also the highlight moment of ExxonMobil, with its market value ranking first in the world, reaching $525 billion at its peak.</p><p>It is such an awesome company. The 2020 financial report showed a loss of 22.44 billion US dollars, which is the first loss since the merger, and it may also be one of the most losing companies in the world.</p><p>The latest market cap is only $273.9 billion, only half of its peak.</p><p><img src=\"https://static.tigerbbs.com/93e38d7e4eaef842e365b7effdf8da04\" tg-width=\"840\" tg-height=\"470\">At $272.4 billion, ExxonMobil barely reaches the top spot<a href=\"https://laohu8.com/S/AAPL\">Apple</a>1/10 of the $2.24 trillion market cap.</p><p>In order to cope with the losses, ExxonMobil decided to lay off employees, suspend bonuses and sell assets to save itself.</p><p>ExxonMobil also plans to reduce headcount in its U.S. offices by 5% to 10% annually over the next three to five years, after announcing in 2020 that it will cut 14,000 jobs worldwide by 2022.</p><p>ExxonMobil's U.S. office lays off between 1,000 and 3,000 people a year, according to its workforce composition.</p><p>ExxonMobil has also taken measures such as suspending bonuses and stopping employee contribution matching to 401k savings plans.</p><p>In addition, ExxonMobil will sell stakes in 15 oil fields to get some blood back.<img src=\"https://static.tigerbbs.com/896a25d58495644c16903bb72d3ef94d\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\">ExxonMobil Chemical Plant in Baytown, Texas</p><p>Average employees are at risk of losing their jobs, and times are tough at the top.</p><p>It comes after ExxonMobil replaced a quarter of its board over climate and financial concerns.</p><p><img src=\"https://static.tigerbbs.com/c3e19a6be56cb21660acb2bd3624b49d\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\"></p><p>Exxon Mobil loses money, there is an element of chance.</p><p>You know, in 2019, they also made a net profit of $14.340 billion.</p><p>Huge loss in 2020, this accidental factor is the COVID-19 epidemic.</p><p>Affected by the epidemic, the demand for oil has declined, and the international oil price has also plummeted. For details, see the article \"Sending 84 giant ships to bargain for oil, China becomes the biggest winner of the\" oil war \"?\"</p><p><img src=\"https://static.tigerbbs.com/e36c5ed02f7d9f7a3b6803cee6cead1d\" tg-width=\"660\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p><p>Crude oil price trend chart in recent years</p><p>With sales falling and prices falling, ExxonMobil's revenue was naturally greatly affected.</p><p>You see, as the epidemic was gradually controlled, the international oil price began to rise, and Exxon Mobil's revenue began to \"come back to life\" again.</p><p>The company's fiscal first quarter of 2021 showed net income attributable to ordinary shareholders of $2.730 billion.</p><p>If we go back to 2019 before the pandemic, it will be found that ExxonMobil's net income is also down compared to 2018.</p><p>Together with its declining market value, Exxon Mobil's recession is the general trend.</p><p>Therefore, there must be intrinsic factors behind Exxon's recession.</p><p>One, investment failure.</p><p>Energy companies like petrochemicals are in the business of buying and selling energy.</p><p>If you want to develop well, you have to rely on the annexation and expansion of production by the ancestor Rockefeller.</p><p>ExxonMobil has indeed inherited this very well. In the early days, the two companies merged and rose to the top of the world's largest oil company.</p><p>In the subsequent operation, ExxonMobil has continuously purchased high-quality upstream oil and gas assets, playing the wishful thinking of \"buying low and selling high\".</p><p>However, sometimes heaven's calculation is not as good as man.</p><p>In 2009, taking advantage of the international financial crisis, ExxonMobil spent $41 billion to acquire XTO Energy Company of the United States, and won fracturing technology and precious natural gas fields.</p><p>Originally, I expected to rely on natural gas to rise and make a fortune. Who would have imagined that it was copied on the top of the mountain.</p><p>As commodity prices fell in the years since, ExxonMobil Investments fell into the red, eventually withdrawing most of its investments.</p><p>Between 2009 and 2019, ExxonMobil spent $261 billion in capital expenditures, according to investment bank Evercore ISI.</p><p>Not only did oil and gas production not expand much, but it increased the debt by $45 billion.</p><p><img src=\"https://static.tigerbbs.com/a59dc22a96ff6d5e35155840a6e88e07\" tg-width=\"554\" tg-height=\"738\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1ee1f70017b5261ef909bca6227bfdfa\" tg-width=\"601\" tg-height=\"800\" referrerpolicy=\"no-referrer\"></p><p>ExxonMobil's Investments vs. Debt</p><p>Second, strategic mistakes.</p><p>ExxonMobil is very radical in investing in oil and gas resources, and very conservative in new energy.</p><p>Like other American oil companies, Exxon Mobil also believes that the demand for oil and gas energy will not decrease in the short term, and it is foolish to switch to new energy sources.</p><p>ExxonMobil is indeed stubborn. On the one hand, it looks down on new energy, and on the other hand, it invests $1 billion every year in the research of \"carbon capture and storage technology\".</p><p><img src=\"https://static.tigerbbs.com/7b9047c394c310e89c3534276bbb39c4\" tg-width=\"660\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p>Schematic diagram of \"Carbon Capture and Storage Technology\"</p><p>This technology, in simple terms, is to collect carbon dioxide produced by industrial life activities and store it in various ways to avoid its emission into the atmosphere.</p><p>ExxonMobil's little thought is that since the reason for not allowing oil to be used is for fear of carbon emissions, I simply capture and store the carbon so that I can let oil be used.</p><p>The ideal is plump, the reality is skinny.</p><p>This technology has been researched for forty or fifty years, and there has been little substantial progress.</p><p>ExxonMobil presumably \"ordered the wrong tech tree\".</p><p>The butt determines the head, it is really bad.</p><p><img src=\"https://static.tigerbbs.com/e76a5235faa31191b4c32e86aa9e1632\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\"></p><p>Does ExxonMobil's recession mean that petrochemical enterprises are having a hard time?</p><p>American petrochemical companies, to be precise, are having a hard time.</p><p>Let's first look at the 2006 Fortune 500, with ExxonMobil ranking first in the world.</p><p>Another noteworthy situation is that in the top ten, Royal Dutch Shell,<a href=\"https://laohu8.com/S/BP\">BP</a>Company,<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Company, United States<a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>The companies are all petrochemical enterprises.</p><p>That is to say, in 2006, among the ten largest companies in the world, petrochemical enterprises accounted for five.</p><p><img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p><p>Top 10 of the 2006 World's Top 500 List</p><p>Looking at the 2020 list again, among the top ten, petrochemical enterprises still occupy 5 seats.</p><p><img src=\"https://static.tigerbbs.com/1c6271323e9fc6dd54a697ead7c24fc9\" tg-width=\"593\" tg-height=\"735\" referrerpolicy=\"no-referrer\"></p><p>Top 10 of the 2020 World's Top 500 List</p><p>However, American enterprises have changed a lot.</p><p>In 2005, three petrochemical enterprises in the United States ranked among the top ten; In 2020, all out.</p><p>The collective decline of petrochemical enterprises in the United States can be analyzed in another article.</p><p>The conservation of American petrochemical enterprises may be one of the reasons.</p><p>Unlike sticking to the oil and gas field, European petrochemical enterprises have taken the lead.</p><p>BP has announced that it will increase its investment in low-emission businesses 10-fold to $5 billion a year over the next 10 years, while reducing oil and gas production by 40%.</p><p><a href=\"https://laohu8.com/S/SNP\">Sinopec</a>、<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>Also in transition.</p><p>Recently,<a href=\"https://laohu8.com/S/600028\">Sinopec Corp</a>A plan was announced to deploy 5,000 charging and swapping stations, 1,000 hydrogen refueling stations or oil-hydrogen joint construction stations, and 7,000 distributed photovoltaic power generation stations by 2025.</p><p><img src=\"https://static.tigerbbs.com/b7dc7c42418bdd914f31fab0e6a0e600\" tg-width=\"500\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></p><p>Battery swap station in Sinopec gas station</p><p><a href=\"https://laohu8.com/S/601857\">PetroChina</a>It has also explored the \"oil + electricity\" transformation in many provinces and cities across the country, put into operation comprehensive energy supply service stations, and combined gas stations and charging piles into one to provide services for new energy vehicle owners.</p><p>This inward strategic transformation requires courage and is also an important measure to hedge the risks of the traditional petrochemical industry.</p><p>Low-carbon emission reduction has become the general trend of the times, and the global energy system is undergoing profound changes.</p><p>Ignoring or even resisting this trend will eventually be abandoned by the times. Disclaimer: The content of this article only represents the views of the author of the submitted article, and does not represent the position of Muddy Water. Please indicate the name of the contributor and attach the source of this article (Muddy Waters).<b>Muddy Waters reserves the right to investigate the corresponding responsibilities for those who fail to reprint according to the norms</b></p>","source":"lsy1568269639741","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>Is it going to be eliminated by the times? The world's most bullish company loses $22.4 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\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\">\nIs it going to be eliminated by the times? The world's most bullish company loses $22.4 billion\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 正解局</strong><span class=\"h-time small\">2021-06-28 16:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2005, three petrochemical enterprises in the United States ranked among the top ten; In 2020, all out. Positive Solution Original</p><p>Around 14 years ago, the world's best company was<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>。</p><p>This oil company, whose operating income ranked first in the world in 2006 and its market value ranked first in the world in 2007, has been in the limelight for a while.</p><p>Today, ExxonMobil's market value has shrunk in half, and its operating income in 2020 lost $22.4 billion.</p><p>What has ExxonMobil done wrong in just over a decade?</p><p>Is it really hard for petrochemical enterprises?</p><p><img src=\"https://static.tigerbbs.com/1ffefa502a3b3b7343aa17156a17e8d6\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Exxon Mobil, from a famous family.</p><p>Its predecessor was the famous Standard Oil Company founded by Rockefeller.</p><p>The largest crude oil producer in the United States has a monopoly on 95% of U.S. refining capacity, 90% of oil transportation capacity and 25% of crude oil production.</p><p>The strength of monopoly is unprecedented and unprecedented in the history of the United States.</p><p>Because it was so powerful, in 1911, the Standard Oil empire was split into about 37 regional oil companies.</p><p>Among them, the largest one is Exxon (Standard Oil of New Jersey).</p><p>The general trend of the world, if you are together for a long time, you will be divided, and if you are divided for a long time, you will be united.</p><p>In 1999, Exxon Oil (New Jersey Standard Oil) merged with Mobil Oil to form Exxon Mobil Corporation, which became the world's largest oil company again.</p><p>A Big Mac is a Big Mac. The year after the merger, ExxonMobil landed on the Fortune Global 500 list, ranking third.</p><p><img src=\"https://static.tigerbbs.com/de976cf6d27f46cb0cf233283bc0397d\" tg-width=\"435\" tg-height=\"539\" referrerpolicy=\"no-referrer\">Top 10 of the world's top 500 list in 2000</p><p>Since then, ExxonMobil has been in the top five of the World 500 list all the year round. In 2006, it ranked first in the world in one fell swoop.<img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\">Top 10 of the 2006 World's Top 500 List</p><p>2007 was also the highlight moment of ExxonMobil, with its market value ranking first in the world, reaching $525 billion at its peak.</p><p>It is such an awesome company. The 2020 financial report showed a loss of 22.44 billion US dollars, which is the first loss since the merger, and it may also be one of the most losing companies in the world.</p><p>The latest market cap is only $273.9 billion, only half of its peak.</p><p><img src=\"https://static.tigerbbs.com/93e38d7e4eaef842e365b7effdf8da04\" tg-width=\"840\" tg-height=\"470\">At $272.4 billion, ExxonMobil barely reaches the top spot<a href=\"https://laohu8.com/S/AAPL\">Apple</a>1/10 of the $2.24 trillion market cap.</p><p>In order to cope with the losses, ExxonMobil decided to lay off employees, suspend bonuses and sell assets to save itself.</p><p>ExxonMobil also plans to reduce headcount in its U.S. offices by 5% to 10% annually over the next three to five years, after announcing in 2020 that it will cut 14,000 jobs worldwide by 2022.</p><p>ExxonMobil's U.S. office lays off between 1,000 and 3,000 people a year, according to its workforce composition.</p><p>ExxonMobil has also taken measures such as suspending bonuses and stopping employee contribution matching to 401k savings plans.</p><p>In addition, ExxonMobil will sell stakes in 15 oil fields to get some blood back.<img src=\"https://static.tigerbbs.com/896a25d58495644c16903bb72d3ef94d\" tg-width=\"554\" tg-height=\"370\" referrerpolicy=\"no-referrer\">ExxonMobil Chemical Plant in Baytown, Texas</p><p>Average employees are at risk of losing their jobs, and times are tough at the top.</p><p>It comes after ExxonMobil replaced a quarter of its board over climate and financial concerns.</p><p><img src=\"https://static.tigerbbs.com/c3e19a6be56cb21660acb2bd3624b49d\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\"></p><p>Exxon Mobil loses money, there is an element of chance.</p><p>You know, in 2019, they also made a net profit of $14.340 billion.</p><p>Huge loss in 2020, this accidental factor is the COVID-19 epidemic.</p><p>Affected by the epidemic, the demand for oil has declined, and the international oil price has also plummeted. For details, see the article \"Sending 84 giant ships to bargain for oil, China becomes the biggest winner of the\" oil war \"?\"</p><p><img src=\"https://static.tigerbbs.com/e36c5ed02f7d9f7a3b6803cee6cead1d\" tg-width=\"660\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p><p>Crude oil price trend chart in recent years</p><p>With sales falling and prices falling, ExxonMobil's revenue was naturally greatly affected.</p><p>You see, as the epidemic was gradually controlled, the international oil price began to rise, and Exxon Mobil's revenue began to \"come back to life\" again.</p><p>The company's fiscal first quarter of 2021 showed net income attributable to ordinary shareholders of $2.730 billion.</p><p>If we go back to 2019 before the pandemic, it will be found that ExxonMobil's net income is also down compared to 2018.</p><p>Together with its declining market value, Exxon Mobil's recession is the general trend.</p><p>Therefore, there must be intrinsic factors behind Exxon's recession.</p><p>One, investment failure.</p><p>Energy companies like petrochemicals are in the business of buying and selling energy.</p><p>If you want to develop well, you have to rely on the annexation and expansion of production by the ancestor Rockefeller.</p><p>ExxonMobil has indeed inherited this very well. In the early days, the two companies merged and rose to the top of the world's largest oil company.</p><p>In the subsequent operation, ExxonMobil has continuously purchased high-quality upstream oil and gas assets, playing the wishful thinking of \"buying low and selling high\".</p><p>However, sometimes heaven's calculation is not as good as man.</p><p>In 2009, taking advantage of the international financial crisis, ExxonMobil spent $41 billion to acquire XTO Energy Company of the United States, and won fracturing technology and precious natural gas fields.</p><p>Originally, I expected to rely on natural gas to rise and make a fortune. Who would have imagined that it was copied on the top of the mountain.</p><p>As commodity prices fell in the years since, ExxonMobil Investments fell into the red, eventually withdrawing most of its investments.</p><p>Between 2009 and 2019, ExxonMobil spent $261 billion in capital expenditures, according to investment bank Evercore ISI.</p><p>Not only did oil and gas production not expand much, but it increased the debt by $45 billion.</p><p><img src=\"https://static.tigerbbs.com/a59dc22a96ff6d5e35155840a6e88e07\" tg-width=\"554\" tg-height=\"738\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1ee1f70017b5261ef909bca6227bfdfa\" tg-width=\"601\" tg-height=\"800\" referrerpolicy=\"no-referrer\"></p><p>ExxonMobil's Investments vs. Debt</p><p>Second, strategic mistakes.</p><p>ExxonMobil is very radical in investing in oil and gas resources, and very conservative in new energy.</p><p>Like other American oil companies, Exxon Mobil also believes that the demand for oil and gas energy will not decrease in the short term, and it is foolish to switch to new energy sources.</p><p>ExxonMobil is indeed stubborn. On the one hand, it looks down on new energy, and on the other hand, it invests $1 billion every year in the research of \"carbon capture and storage technology\".</p><p><img src=\"https://static.tigerbbs.com/7b9047c394c310e89c3534276bbb39c4\" tg-width=\"660\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p>Schematic diagram of \"Carbon Capture and Storage Technology\"</p><p>This technology, in simple terms, is to collect carbon dioxide produced by industrial life activities and store it in various ways to avoid its emission into the atmosphere.</p><p>ExxonMobil's little thought is that since the reason for not allowing oil to be used is for fear of carbon emissions, I simply capture and store the carbon so that I can let oil be used.</p><p>The ideal is plump, the reality is skinny.</p><p>This technology has been researched for forty or fifty years, and there has been little substantial progress.</p><p>ExxonMobil presumably \"ordered the wrong tech tree\".</p><p>The butt determines the head, it is really bad.</p><p><img src=\"https://static.tigerbbs.com/e76a5235faa31191b4c32e86aa9e1632\" tg-width=\"660\" tg-height=\"176\" referrerpolicy=\"no-referrer\"></p><p>Does ExxonMobil's recession mean that petrochemical enterprises are having a hard time?</p><p>American petrochemical companies, to be precise, are having a hard time.</p><p>Let's first look at the 2006 Fortune 500, with ExxonMobil ranking first in the world.</p><p>Another noteworthy situation is that in the top ten, Royal Dutch Shell,<a href=\"https://laohu8.com/S/BP\">BP</a>Company,<a href=\"https://laohu8.com/S/CVX\">Chevron</a>Company, United States<a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>The companies are all petrochemical enterprises.</p><p>That is to say, in 2006, among the ten largest companies in the world, petrochemical enterprises accounted for five.</p><p><img src=\"https://static.tigerbbs.com/a05d48e79c0f57ea523f43697f69fdfa\" tg-width=\"660\" tg-height=\"665\" referrerpolicy=\"no-referrer\"></p><p>Top 10 of the 2006 World's Top 500 List</p><p>Looking at the 2020 list again, among the top ten, petrochemical enterprises still occupy 5 seats.</p><p><img src=\"https://static.tigerbbs.com/1c6271323e9fc6dd54a697ead7c24fc9\" tg-width=\"593\" tg-height=\"735\" referrerpolicy=\"no-referrer\"></p><p>Top 10 of the 2020 World's Top 500 List</p><p>However, American enterprises have changed a lot.</p><p>In 2005, three petrochemical enterprises in the United States ranked among the top ten; In 2020, all out.</p><p>The collective decline of petrochemical enterprises in the United States can be analyzed in another article.</p><p>The conservation of American petrochemical enterprises may be one of the reasons.</p><p>Unlike sticking to the oil and gas field, European petrochemical enterprises have taken the lead.</p><p>BP has announced that it will increase its investment in low-emission businesses 10-fold to $5 billion a year over the next 10 years, while reducing oil and gas production by 40%.</p><p><a href=\"https://laohu8.com/S/SNP\">Sinopec</a>、<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>Also in transition.</p><p>Recently,<a href=\"https://laohu8.com/S/600028\">Sinopec Corp</a>A plan was announced to deploy 5,000 charging and swapping stations, 1,000 hydrogen refueling stations or oil-hydrogen joint construction stations, and 7,000 distributed photovoltaic power generation stations by 2025.</p><p><img src=\"https://static.tigerbbs.com/b7dc7c42418bdd914f31fab0e6a0e600\" tg-width=\"500\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></p><p>Battery swap station in Sinopec gas station</p><p><a href=\"https://laohu8.com/S/601857\">PetroChina</a>It has also explored the \"oil + electricity\" transformation in many provinces and cities across the country, put into operation comprehensive energy supply service stations, and combined gas stations and charging piles into one to provide services for new energy vehicle owners.</p><p>This inward strategic transformation requires courage and is also an important measure to hedge the risks of the traditional petrochemical industry.</p><p>Low-carbon emission reduction has become the general trend of the times, and the global energy system is undergoing profound changes.</p><p>Ignoring or even resisting this trend will eventually be abandoned by the times. Disclaimer: The content of this article only represents the views of the author of the submitted article, and does not represent the position of Muddy Water. Please indicate the name of the contributor and attach the source of this article (Muddy Waters).<b>Muddy Waters reserves the right to investigate the corresponding responsibilities for those who fail to reprint according to the norms</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7-k9ecgcKloqfvP1ovs-4w\"> 正解局</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/896a25d58495644c16903bb72d3ef94d","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://mp.weixin.qq.com/s/7-k9ecgcKloqfvP1ovs-4w","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146881622","content_text":"2005年，美国有3家石化企业跻身前十强；2020年，全部出局。正解局原创\n14年前左右，全球最牛的公司是埃克森美孚。\n这家石油公司，2006年营业收入高居全球第一，2007年市值又高居全球第一，风头一时无两。\n今天，埃克森美孚市值缩水一半，2020年营业收入更是亏损了224亿美元。\n短短十多年，埃克森美孚做错了什么？\n石化企业，日子真的不好过了吗？\n埃克森美孚，出身名门。\n其前身，便是洛克菲勒创办的大名鼎鼎的标准石油公司。\n这家美国最大的原油生产商，垄断了美国95%的炼油能力、90%的输油能力、25%的原油产量。\n垄断力度之大，在美国历史上，前无古人，亦后无来者。\n因为实在过于强大，1911年，标准石油帝国被拆分为约37家地区性石油公司。\n其中，最大的那一家，便是埃克森（新泽西标准石油）。\n天下大势，合久必分，分久必合。\n1999年，埃克森石油（新泽西标准石油）与美孚石油合并为埃克森美孚公司，摇身一变，又成为了世界第一大石油公司。\n巨无霸就是巨无霸。合并的第二年，埃克森美孚登上了财富世界500强榜单，位列第三名。\n2000年世界500强排行榜前十\n此后，埃克森美孚便常年在世界500榜单前5强。2006年，更是一举跃居世界第一。2006年世界500强排行榜前十\n2007年也是埃克森美孚的高光时刻，市值稳居全球第一，峰值时期曾达到5250亿美元。\n就是这么一家牛逼的公司，2020年的财报显示，亏损224.40亿美元，这是合并以来首次亏损，可能也是全球亏损最多的公司之一。\n最新的市值，也只有2739亿美元，仅为巅峰时期的一半。\n而到如今，埃克森美孚的市值仅为2724亿美元，勉强达到榜首苹果的2.24万亿美元市值的1/10。\n为了应对亏损，埃克森美孚决定裁员、暂停发奖金、卖资产以自救。\n自2020年宣布到2022年在全球裁员14000人之后，埃克森美孚还计划在未来三到五年内，将其美国办事处的员工人数每年减少5%至10%。\n按照埃克森美孚的员工构成，美国办事处每年要裁掉1000到3000人。\n埃克森美孚还采取暂停发放奖金、停止员工对401k储蓄计划的贡献匹配等措施。\n此外，埃克森美孚将出售15个油田的股份，回点血。位于得克萨斯州贝敦的埃克森美孚化工厂\n普通员工面临失业风险，高层的日子也不好过。\n此前，因气候和财务问题，埃克森美孚更换了四分之一的董事会成员。\n\n埃克森美孚亏损，有偶然因素。\n要知道，2019年，他们还赚了143.40亿美元的净利润。\n2020年巨亏，这个偶然因素就是新冠疫情。\n受疫情影响，石油需求下降，国际油价也大跌，具体可看正解局《派84艘巨轮抄底石油，中国成为“石油大战”最大赢家？》这篇文章。\n\n近几年的原油价格走势图\n销量下降，价格又降低，埃克森美孚的营收自然大受影响。\n你看，随着疫情逐步被控制，国际油价开始上升，埃克森美孚的营收，又开始“起死回生”。\n公司2021财年第一财季显示，归属于普通股东净利润为27.30亿美元。\n如果我们回到疫情之前的2019年，会发现，与2018年相比，埃克森美孚的净利润也是下降的。\n再联系其一路下跌的市值，埃克森美孚衰退，已是大势。\n因此，埃克森美孚的衰退背后，肯定有着内在因素。\n其一，投资失败。\n像石化这样的能源企业，做的就是买卖能源的生意。\n要想发展得好，就要靠祖师爷洛克菲勒兼并、扩产那一套。\n埃克森美孚确实很好地继承了这一点，早期便是两家合并，一举登顶全球最大石油企业。\n在此后的经营中，埃克森美孚不断购买优质上游油气资产，打的是“低买高卖”的如意算盘。\n然而，有时候人算不如天算。\n2009年，趁着国际金融危机，埃克森美孚豪掷410亿美元收购美国XTO能源公司，拿下压裂技术和珍贵的天然气田。\n本来期望靠天然气大涨，狠赚一把。谁承想，抄在了山顶。\n随着此后几年大宗商品价格的下跌，埃克森美孚投资陷入亏损，最终撤销了大部分投资。\n投资银行Evercore ISI的数据显示，2009年至2019年期间，埃克森美孚的资本支出为2610亿美元。\n不仅油气产量没扩大多少，反而增加了450亿美元的债务。\n\n埃克森美孚的投资与债务\n其二，战略失误。\n埃克森美孚在投资油气资源上，非常激进，在新能源上，又很保守。\n如其他美国石油企业一样，埃克森美孚也认为，短期内，油气能源需求不会减少，转向新能源是愚蠢。\n埃克森美孚确实比较顽固，一方面看不上新能源，另一方面每年投资10亿美元在“碳捕获与封存技术”研究上。\n\n“碳捕获与封存技术”示意图\n这项技术，简单来说，就是将工业生活活动所产生的二氧化碳收集起来，并用各种方法储存，以避免其排放到大气中。\n埃克森美孚的小心思是，既然不让用石油的原因是怕碳排放，那我索性把碳捕捉并封存起来，这样就可以让用石油了。\n理想很丰满，现实很骨感。\n这项技术研究了四五十年，也没什么实质性的进展。\n埃克森美孚大概是“点错了科技树”。\n屁股决定脑袋，实在要不得。\n\n埃克森美孚的衰退，是不是意味着石化企业，日子不好过了？\n准确地说，是美国石化企业，日子不好过了。\n还是先看2006年世界500强，埃克森美孚位居世界第一。\n另一个值得注意的情况是，前十强中，荷兰皇家壳牌石油公司、英国石油公司、雪佛龙公司、美国康菲石油公司都是石化企业。\n也就是说，2006年全球最大的十家公司，石化企业独占5家。\n\n2006年世界500强排行榜前十\n再看2020年榜单，前十强中，石化企业依然占据5席。\n\n2020年世界500强排行榜前十\n只是，美国企业变化比较大。\n2005年，美国有3家石化企业跻身前十强；2020年，全部出局。\n美国石化企业的集体性衰退，可以另写一篇文章分析。\n美国石化企业的保守，可能是原因之一。\n与固守油气领域不同，欧洲石化企业已先行一步。\n英国石油公司宣布，未来10年将把低排放业务的投资增加10倍，达到每年50亿美元，同时将油气产量缩减40%。\n中石化、中石油也在转型。\n最近，中国石化对外宣布了一项规划，到2025年将布局5000座充换电站，1000座加氢站或油氢合建站，以及7000座分布式光伏发电站点。\n\n中石化加油站内换电站\n中国石油也在全国多个省市探索“油＋电”转型，投运综合供能服务站，将加油站与充电桩合二为一，为新能源车主提供服务。\n这种刀刃向内的战略转型，需要勇气，也是对冲传统石化行业风险的重要举措。\n低碳减排已成时代大势，全球能源体系正发生深刻变化。\n无视乃至抵制这种趋势，终将为时代所抛弃。声明：本文内容仅代表该投稿文章作者观点，不代表浑水号立场。转载请注明投稿人姓名并附上本文出处（浑水号）。未按照规范转载者，浑水号保留追究相应责任的权利","news_type":1,"symbols_score_info":{"XOM":0.9}},"isVote":1,"tweetType":1,"viewCount":4554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129230303,"gmtCreate":1624373200102,"gmtModify":1703834841795,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ? 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","text":"? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129230303","repostId":"1142464181","repostType":4,"repost":{"id":"1142464181","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624372497,"share":"https://ttm.financial/m/news/1142464181?lang=en_US&edition=fundamental","pubTime":"2021-06-22 22:34","market":"us","language":"zh","title":"The daily premium fresh pricing range is 13-16 USD/ADS, and old shareholders continue to increase their weight","url":"https://stock-news.laohu8.com/highlight/detail?id=1142464181","media":"老虎资讯综合","summary":"北京时间6月22日晚间消息，每日优鲜更新F-1招股书，计划公开发行2100万股美国存托股票（ADS），定价区间为13-16美元/ADS。\n现有股东中金、腾讯、美国长线基金Davis等将持续加码，购买至","content":"<p>On the evening of June 22nd, Beijing time,<a href=\"https://laohu8.com/S/MF\">Daily Excellent Fresh</a>Updated F-1 prospectus with planned public offering of 21 million American Depositary Shares (ADS) in a pricing range of $13-16/ADS.</p><p>Existing shareholders CICC,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Davis, a long-term fund in the United States, will continue to overweight and buy ADS worth up to $90 million.</p><p>According to the prospectus, the net revenue of Daily Youxian from 2018 to 2020 was about 3.546.7 billion yuan, 6.001.4 billion yuan and 6.130.4 billion yuan respectively. Daily Fresh had a net revenue of RMB1,689.8 million for the three months ended March 31, 2020 and RMB1,530.2 million for the three months ended March 31, 2021.</p><p>The prospectus also shows that the gross profit of Daily Youxian was 304 million yuan in 2018, increased by 71.3% to 520.9 million yuan in 2019, and increased by 128.5% to 1.1904 billion yuan in 2020. The gross profit of Daily Fresh was RMB510.8 million for the three months ended March 31, 2020, compared with RMB189 million for the same period in 2021.</p><p>From 2018 to 2020, the net loss of daily premium fresh was RMB2,231.6 million, RMB2,909.4 million and RMB1,649.2 million, respectively. Daily Fresh recorded a net loss of RMB194.7 million for the quarter ended March 31, 2020, compared with a loss of RMB610.3 million for the same period in 2021. In 2018, 2019 and 2020, the adjusted net loss (non-GAAP standard) of Daily Fresh was RMB2,215.9 million, RMB2,777 million and RMB1,589.7 million, respectively. Daily Fresh recorded an adjusted net loss of 175.8 million yuan for the quarter ended March 31, 2020, compared to a loss of 598.4 million yuan for the same period in 2021.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The daily premium fresh pricing range is 13-16 USD/ADS, and old shareholders continue to increase their weight</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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe daily premium fresh pricing range is 13-16 USD/ADS, and old shareholders continue to increase their weight\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-22 22:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On the evening of June 22nd, Beijing time,<a href=\"https://laohu8.com/S/MF\">Daily Excellent Fresh</a>Updated F-1 prospectus with planned public offering of 21 million American Depositary Shares (ADS) in a pricing range of $13-16/ADS.</p><p>Existing shareholders CICC,<a href=\"https://laohu8.com/S/00700\">Tencent</a>Davis, a long-term fund in the United States, will continue to overweight and buy ADS worth up to $90 million.</p><p>According to the prospectus, the net revenue of Daily Youxian from 2018 to 2020 was about 3.546.7 billion yuan, 6.001.4 billion yuan and 6.130.4 billion yuan respectively. Daily Fresh had a net revenue of RMB1,689.8 million for the three months ended March 31, 2020 and RMB1,530.2 million for the three months ended March 31, 2021.</p><p>The prospectus also shows that the gross profit of Daily Youxian was 304 million yuan in 2018, increased by 71.3% to 520.9 million yuan in 2019, and increased by 128.5% to 1.1904 billion yuan in 2020. The gross profit of Daily Fresh was RMB510.8 million for the three months ended March 31, 2020, compared with RMB189 million for the same period in 2021.</p><p>From 2018 to 2020, the net loss of daily premium fresh was RMB2,231.6 million, RMB2,909.4 million and RMB1,649.2 million, respectively. Daily Fresh recorded a net loss of RMB194.7 million for the quarter ended March 31, 2020, compared with a loss of RMB610.3 million for the same period in 2021. In 2018, 2019 and 2020, the adjusted net loss (non-GAAP standard) of Daily Fresh was RMB2,215.9 million, RMB2,777 million and RMB1,589.7 million, respectively. Daily Fresh recorded an adjusted net loss of 175.8 million yuan for the quarter ended March 31, 2020, compared to a loss of 598.4 million yuan for the same period in 2021.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1bc6d948584260429c150c1dd44a898f","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142464181","content_text":"北京时间6月22日晚间消息，每日优鲜更新F-1招股书，计划公开发行2100万股美国存托股票（ADS），定价区间为13-16美元/ADS。\n现有股东中金、腾讯、美国长线基金Davis等将持续加码，购买至多价值9000万美元的ADS。\n招股书显示，每日优鲜2018年-2020年的净营收分别约为35.467亿元， 60.014亿元，61.304亿元。截止2020年3月31日的三个月，每日优鲜的净营收为16.898亿元，截止2021年3月31日的三个月，净营收为15.302亿元。\n招股书还显示，每日优鲜的毛利润在2018年为3.04亿元，2019年增长71.3%了至5.209亿元，2020年再增长128.5%，达到11.904亿元。截止2020年3月31日的三个月，每日优鲜的毛利为5.108亿元，2021年的同期为1.89亿元。\n2018年至2020年，每日优鲜净亏损分别为22.316亿元，29.094亿元、16.492亿元。截止2020年3月31日的一个季度，每日优鲜净亏损1.947亿元，2021年同期亏损6.103亿元。2018年、2019年和2020年，每日优鲜的调整后净亏损（非GAAP标准）分别为22.159亿元、27.77亿元、15.897亿元。截止2020年3月31日的一个季度，每日优鲜调整后净亏损为1.758亿元，2021年同期亏损5.984亿元。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130843291,"gmtCreate":1621525940013,"gmtModify":1704359163227,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ? ? ","listText":"? ? ? ","text":"? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130843291","repostId":"1188576028","repostType":4,"isVote":1,"tweetType":1,"viewCount":4441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190942789,"gmtCreate":1620575882641,"gmtModify":1704345112391,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ? ? ? ","listText":"? ? ? ? ","text":"? ? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/190942789","repostId":"1164615477","repostType":4,"isVote":1,"tweetType":1,"viewCount":3726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104277450,"gmtCreate":1620396167170,"gmtModify":1704343105758,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ? ? ","listText":"? ? ? ","text":"? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/104277450","repostId":"2133050027","repostType":4,"repost":{"id":"2133050027","kind":"news","pubTimestamp":1620395795,"share":"https://ttm.financial/m/news/2133050027?lang=en_US&edition=fundamental","pubTime":"2021-05-07 21:56","market":"us","language":"zh","title":"Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders","url":"https://stock-news.laohu8.com/highlight/detail?id=2133050027","media":"36氪","summary":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入","content":"<p>Editor's note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, the most researched is Buffett's letter to shareholders. Besides, Amazon is a great Internet retail enterprise, and its leader Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letter to shareholders over the past 23 years, condenses the essence of the letter and shares it with Jun. This article was translated from Medium by Sumit Grrg under the original title \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\", I hope it inspires you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after receiving the 2019 IAF Award for Industrial Excellence on October 22, 2019 in Washington, D.C. Pictures : MANDEL NGAN/AFP/Getty Images</p><p>In the early 90s, few people had ever heard of the Internet. Jeff Bezos happens to be one of those who has heard the concept of the internet.</p><p>Bezos saw that the Internet was growing at a rate of 2,300 percent a year, and he decided he wanted to come up with a business idea to ride the wave. He made a list of products for sale online and soon locked in on books.</p><p>Bezos originally named his online bookstore Cadabra. But after just three months, he changed the name to Amazon, after the largest river on the planet and, naturally, the choice of the most people on the planet. While the company lives up to its name to this day, it has come a long way to get to where it is today. In the early days of his business, it took Bezos more than 50 meetings to raise $1 million from investors, and the most common question at these meetings was, \"What is the Internet?\"</p><p>Today, Amazon has a market capitalization of nearly $1.7 trillion. Jeff Bezos, who was recently overtaken by Elon Musk, has topped the list of the world's richest people for three consecutive years.</p><p>But for Bezos, the title of \"the world's richest man\" isn't that valuable, as he prefers to be called an inventor or an entrepreneur. He was right. The outgoing Amazon CEO is one of the best entrepreneurs in the world. Jeff Bezos has forever changed the way we shop, changing (and disrupting) multiple industries.</p><p>Over the past few years, I've read over and over every Bezos open letter to Amazon shareholders over those 23 years. These letters, in addition to providing us with a brief history of Amazon, also give us an insight into the people behind the massive internet business.</p><p>Here is a summary of the key takeaways from these letters.</p><p><b>1997: Pursuing long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon found a unique opportunity and began to offer customers a much larger selection of books than physical stores, \"and in a bookstore that is open 24 hours a day, 365 days a year, in a useful, easy-to-search and easy-to-browse format.\"</p><p>Amazon went public in 1997, and soon after Bezos wrote his first letter to shareholders, a letter that truly reflects his now-famous Day-1 mentality — a widely adopted principle in the startup world to always maintain the initial frenzy and passion for the business, as it did in the beginning days.</p><p>\"The network was, and still is, the world's wait.\"</p><p>Bezos aims for the long term, and he makes decisions and weighs trade-offs differently than most other business leaders:</p><p>Ongoing attention to customers.</p><p>Prioritize growth (scale), long-term market leadership and long-term profitability over short-term profitability. Amazon is looking to cement its market leadership amid a host of large entrants and stiff competition from the likes of book-selling giant Barnes & Noble.</p><p>Hire and retain talent, and the compensation structure emphasizes stock options rather than cash. Using \"interest-bound risk-sharing\" makes them think and act like masters.</p><p>Like a true visionary, Bezos was prescient from the start: \"Today, e-commerce saves customers money and time. Tomorrow, with personalization, it will accelerate the whole process of discovery.\"</p><p><b>1998: 3 Criteria to Consider When Recruiting</b></p><p>According to Bezos, setting high barriers when hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is the person you can learn from.</p><p>2. Will this person increase the average efficiency level of the team? The bar has to get higher and higher.</p><p>3. How likely is this person to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Good Enough Today, But It Could Get Better</b></p><p>\"The current online shopping experience is the worst. Now it's enough to attract 17 million users, but it's going to get better.\" With an eye on long-term success and business dominance, Bezos is determined to build a culture at Amazon that never settles.</p><p>After adding discounted music to its online retail offering in 1998, Amazon made a series of major moves in 1999, which included the introduction of zShops (now known as Marketplace), a trading platform that supported third-party sellers, and a \"one-click\" payment solution that revolutionized the way e-commerce checkout was done.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Whoops.\"</p><p>Although Amazon was one of the few internet companies to survive the dot-com bust, its stock price plunged to $6 from $116 at the peak of the dot-com bubble.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine, and in the long run, it is a weighing machine.\"</p><p>And Amazon, as Bezos put it in his letter to shareholders, is a \"company that wants to be weighed in\".</p><p>In a separate letter, he added: \"We don't celebrate a 10% share price increase the way we celebrate a great customer experience. A 10% share price increase doesn't make us 10% more intelligent, and conversely, we aren't 10% foolish when the share price falls. We want to be weighed in, and we've been trying to build a heavier company.\"</p><p><b>2001: Eliminating mistakes at the root</b></p><p>Bezos has introduced features like Look Inside the Book, a free program that allows authors and publishers to promote their books. Bezos highlighted Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve the convenience and experience of our customers also happens to be a huge driver of variable cost productivity: eliminating mistakes and missteps at the root.\" Because when you implement an eradication plan, you're not solving just one customer's problem, but you're solving it for every single customer. \"Eliminating the root causes of mistakes saves us money and saves customers customer time,\" Bezos said.</p><p><b>2002: What is good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales, in turn, drive higher profits, which is best for shareholders.</p><p><b>2003: Long-term investment, be the real master</b></p><p>\"I know a couple who rented out their house and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I guess it was a stop-gap measure and admittedly these tenants were terrible but no owner would be so short-sighted. Owners and tenants are different. And long-term thinking is both a necessary condition and a result of a true master.</p><p>\"Again, a lot of investors are actually short-term tenants who convert their portfolios very quickly and really just rent the shares they hold temporarily,\" Bezos added, again noting that his business rationale is to remain optimistic about the long-term vision.</p><p>In 2003, the seeds of cloud computing business Amazon Web Services (AWS) began to be planted at an executive retreat at Bezos's home. The business was originally invented to help Amazon solve its own problems, but it quickly became clear that every company wanted it. Today, AWS has dominated the public cloud market and become the company's biggest source of profit. A few years later, when commenting on the success of AWS, Bezos talked about this business miracle in his mind: \"We haven't encountered competitors with similar views for seven years. As a pioneer, if you are lucky, you can probably get a two-year lead. But it's incredible that no one can get a seven-year lead.\"</p><p><b>2004: Cash is King</b></p><p>\"Cash flow best explains a company's long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.\"</p><p>Free cash flow is why Amazon keeps going from strength to strength despite low margins, year after year. For ease of understanding, here's an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is a bit like profit, except that it doesn't assume that Amazon has to pay everything in the same time frame as it sells things. And because of the mechanics of Amazon's payment cycle, companies tend to receive money for selling things long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment after payment to suppliers, while Amazon pays suppliers on average 18 days after payment is received. \"</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos proposes two kinds of decisions that businesses must confront on a regular basis:</p><p>1. Decisions based on mathematics: Decisions that can be made with data, where \"there is a correct answer or a wrong answer, a better answer or a worse answer, and mathematics will tell us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"Although data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is little historical data to guide us, and forward-looking experiments are either impossible, unrealistic or no different from making decisions.\"</p><p>Bezos argues that \"any institution that is reluctant to endure controversy must limit its decision-making to the first type. But doing so will not only limit controversy, but also significantly limit innovation and long-term value creation.\" He advises businesses to \"combine their strong culture of quantification and analysis with a willingness to make bold decisions.\"</p><p>It is precisely because of the theme of boldness that 2005 is also the year of Amazon Prime. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free shipping buffet\". By 2018, Amazon will be the second largest paid membership program, behind Netflix. And Amazon Prime remains one of Amazon's most valuable and brand-recognized assets right now.</p><p><b>2006: Sowing the seeds for new business</b></p><p>Bezos recommends carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>What scale it can grow to.</p><p>Is the service in this market not in place yet?</p><p>Do you have the necessary ability to bring strong customer-facing differentiation to the market.</p><p>Bezos used the above factors to explain why Amazon has so far refused to open brick-and-mortar stores.</p><p>He said: \"The potential size of the brick-and-mortar store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the brick-and-mortar world is a cautious and age-old industry, and the services are already so well-established that we don't have any new ideas to build a brick-and-mortar store that customers feel better differentiated.\"</p><p>He added: \"When you see us moving into new areas of business, that's because we believe the above tests have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first brick-and-mortar bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>(Whole Foods), moving into grocery retail and opening Amazon Go convenience stores without cashiers.</p><p><b>2007: \"Preachers\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said: \"We set a long-term vision from the beginning: no matter which language, as long as it is a published book, users can read it in 60 seconds. We started by setting ourselves obviously very bold goals to improve physical books. This goal is not easily chosen. Nothing that exists in roughly the same form and has resisted change for 500 years can be easily improved.\"</p><p>As an inventor, Bezos says, you are either a mercenary or a preacher. The mercenaries were thinking about how to sell them. Missionaries love their own products, their own customers, and manage to make excellent service. But paradoxically, he says, \"it's often the missionaries who make more money.\" Products like Kindle can only be created by a pure enthusiasm and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope the Kindle and later products will take a few years to gradually extend the amount of time we can concentrate on reading, a buffer against the recent tendency to read bits and pieces of information. I know I sound like a preacher, and I can assure you I mean it from the heart. This is not my own idea. We have a large group of people in our company who also have this idea. I am very happy about that, because the commitment of the missionary helps us build better products. \"</p><p>But Bezos is also quick to admit that innovation won't wait for anyone. So, if you don't execute well enough or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the Company</b></p><p>\"Seek immediate gratification, or make promises that are out of reach, and chances are you'll find a bunch of people ahead of you,\" Bezos wrote. Long-term thinking, in turn, says:</p><p>Use our existing capabilities.</p><p>Allows us to do something new that we couldn't think about before.</p><p>The failures and iterations required to support the invention.</p><p>Frees us to explore unknown spaces.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to customers and innovate for them</b></p><p>Bezos defines Amazon's basic policy as: \"Start with customers and step back. Listen to customers, but don't just listen to customers, but invent for them.\"</p><p>Although his letter does not mention the now-obvious and infamous retort, \"If you can't beat them, buy each other.\" Zappos, an early footwear e-commerce giant, is an example. After finding it difficult to catch up with the former, Amazon directly acquired it.</p><p><b>2010: Inventing a New Approach</b></p><p>Inventions are essential tools for developing and improving all aspects of the customer experience. \"Although many of our systems are based on the latest achievements in computer science research, this is often not enough: our architects and engineers have to conduct further research in directions that have not yet been explored academically, and we face many problems that have not been solved in textbooks, so we are happy to invent new ways,\" Bezos wrote.</p><p>Enterprise Milestone: In July 2010, Amazon announced that three years after the launch of the Kindle, e-books had outsold physical books.</p><p><b>2011: The most radical inventions are those that \"make others pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace and Kindle Direct Publishing. \"When platforms are self-service, even unlikely ideas are tried, and a lot of them do work, and society is the beneficiary of this diversity.</p><p><b>2012: Prioritizing customers, not catching up with competitors</b></p><p>According to Bezos, one of the advantages of focusing on customer orientation is that \"it contributes to some type of initiative. When we are at our best, we don't have to wait for external pressure. Before we are forced to do it, we are pushed internally to improve our services, add benefits and features. We are reducing prices and adding value to our customers before we are forced to. We invented it before we had to. \"</p><p>He added: \"What motivates these investments is customer orientation rather than response to competition. We believe that this approach has earned more trust from customers and driven rapid improvements in customer experience – importantly – even in those areas where we have become leaders.\"</p><p><b>2013: Separation payments</b></p><p>Amazon pays employees a separation fee once a year. Although, the title of this offer is \"Please do not accept this invitation\". \"Our goal is to encourage people to take a moment to think about what they really want. In the long run, if an employee barely stays in the company, it's not only bad for himself, it's just as bad for the company.\"</p><p>In 2013, Bezos acquired \"for $250 million in cash from the Graham family<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, take action</b></p><p>According to Bezos, \"fantastic commercial products\" have at least four characteristics:</p><p>1. Customers love it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It may last for decades.</p><p>In 2014, Amazon introduced Fire TV and launched the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon unveiled its first and final smartphone, the Fire. The phone proved to be a huge failure, and Bezos spoke about the importance of failure.</p><p>\"If there's a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you'll still be wrong,\" Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added: \"We want to be a big company that is also inventing machines. We want to match the extraordinary customer service capabilities given by scale with the usual<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The combination of speed of action, flexibility and risk acceptance mentality. \"</p><p>Amazon also acquired video game streaming site Twitch this year. And Echo smart speakers are also rolled out all over the board just before the holiday season.</p><p><b>2016: Always Day One</b></p><p>\"Next day companies are stagnant and will immediately be followed by irrelevance, followed by a painful recession and then death,\" Bezos said. How can you avoid stepping into the next day? You can ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or do they serve you? Are you the master of the process, or is the process your master?</p><p>Are the world trends in your favor?</p><p>Are you satisfied only with the quality of decisions, or are you also focused on the speed of decisions?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you are wrong? Some decisions are irreversible and have to be made slowly and deliberately. But most decisions are reversible, and it's easy to make route corrections. It is important to determine which is which and not use a \"one size fits all\" approach.</p><p>2. After you have 70% of the information you wish to obtain, you should be able to make most decisions. If you have to wait until you have 90% mastery, you are slow. If you are good at route correction, the cost of making mistakes is less than slow decision-making.</p><p>3. Dare to advise and obey the overall situation. Bezos explained, \"If you are very sure about a particular direction, even if there is no consensus, it is helpful that you bring it up:\" I know everyone disagrees with this, but are you willing to bet with me? Disagree but obey? At this point, no one is sure they know the answer, and you may get everyone's agreement soon. \"</p><p>4. \"Sometimes teams have different goals and fundamentally different perspectives. They are not aligned, and no amount of discussion, no amount of meetings can solve this serious misalignment,\" Bezos wrote. Therefore, it is best to detect the misalignment problem early and pay attention to it immediately.</p><p><b>2017: Yesterday's \"wow\" quickly became today's \"ordinary\"</b></p><p>No matter how much customer requirements and expectations continue to rise, Amazon is always more or less ahead of the curve. Why is it? According to Bezos, the reason lies in their high standards.</p><p>Bezos believes that setting high standards is teachable, infectious, and domain-relevant, meaning you have to learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must know how difficult it will be to achieve your goals, or how much effort it will take.</p><p>According to Bezos, recognition and scope are the two most important principles of high-standard delivery.</p><p>Leaders relentlessly set high standards, which even many would consider ridiculously high. – Amazon Leadership Principles</p><p>PPT, for example, is nothing here at Amazon. Instead, their employees here have to write six pages of narrative structured memos and tell them. According to Bezos,</p><p>Good memos are written over and over again.</p><p>Also share with colleagues who are being asked to improve their work.</p><p>Set aside a few days and then re-edit with a new line of thought.</p><p>Bezos said: \"Poor memos are often not written by authors who fail to recognize what high standards are like, but false expectations of scope: They mistakenly think that a high-standard six-page memo can be written in a day or two or even a few hours, but it can actually take a week or more! They want to make a perfect handstand in just two weeks, and we didn't teach them well.\"</p><p>\"The point is that just teaching them the scope can improve the outcome – letting them know that a good memo can take a week or more,\" he said.</p><p>In 2017, Amazon acquired Whole Foods.</p><p><b>2018: The road to success is by no means smooth</b></p><p>Doing a business is sometimes like this, you know where to go, and you can get there very efficiently. However, those extremely large \"nonlinear\" discoveries may require you to take detours, relying on the guidance of intuition or curiosity. In order to find a way out, it is worth getting a little messy and a little stray.</p><p>\"Extra-large 'nonlinear' discoveries require detours.\"</p><p>In 2013, if you went to a customer and said to him, \"Do you want to have a black cylinder in the kitchen, about the size of a Pringles, that you can talk to and ask questions while also turning on the lights and playing music for you?\" I promise they'll look at you weirdly and say, \"No, thank you.\" No customer wants an Echo, \"Bezos explained.</p><p>\"It was definitely a detour that we took,\" he said.</p><p><b>2019: It's still day one</b></p><p>The letter from Bezos was written in April 2020, just as the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic as well as meeting growing demand, as consumers now rely more than ever on Amazon's services to get items delivered to their doors.</p><p>Bezos ends with a quote from Theodor Seuss Geisel, who says, \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this case, still maintain the day one mentality.\"</p>","source":"36k","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>Here's What I Learned After Reading 23 Years of Bezos Letter to Shareholders</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nHere's What I Learned After Reading 23 Years of Bezos Letter to Shareholders\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-05-07 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Editor's note: A company's letter to shareholders often reflects the values and philosophies of the company and its leaders. Of all the letters to shareholders, the most researched is Buffett's letter to shareholders. Besides, Amazon is a great Internet retail enterprise, and its leader Bezos's letter to shareholders is also worth studying in depth. This article reviews Bezos's letter to shareholders over the past 23 years, condenses the essence of the letter and shares it with Jun. This article was translated from Medium by Sumit Grrg under the original title \"Read 23 Years Worth of Jeff Bezos' Amazon Shareholder Letters — Here's What I Learned\", I hope it inspires you.</p><p><img src=\"https://static.tigerbbs.com/02c1e7f37ab0059568a615de8884c1b1\" tg-width=\"550\" tg-height=\"380\" referrerpolicy=\"no-referrer\">Jeff Bezos speaks after receiving the 2019 IAF Award for Industrial Excellence on October 22, 2019 in Washington, D.C. Pictures : MANDEL NGAN/AFP/Getty Images</p><p>In the early 90s, few people had ever heard of the Internet. Jeff Bezos happens to be one of those who has heard the concept of the internet.</p><p>Bezos saw that the Internet was growing at a rate of 2,300 percent a year, and he decided he wanted to come up with a business idea to ride the wave. He made a list of products for sale online and soon locked in on books.</p><p>Bezos originally named his online bookstore Cadabra. But after just three months, he changed the name to Amazon, after the largest river on the planet and, naturally, the choice of the most people on the planet. While the company lives up to its name to this day, it has come a long way to get to where it is today. In the early days of his business, it took Bezos more than 50 meetings to raise $1 million from investors, and the most common question at these meetings was, \"What is the Internet?\"</p><p>Today, Amazon has a market capitalization of nearly $1.7 trillion. Jeff Bezos, who was recently overtaken by Elon Musk, has topped the list of the world's richest people for three consecutive years.</p><p>But for Bezos, the title of \"the world's richest man\" isn't that valuable, as he prefers to be called an inventor or an entrepreneur. He was right. The outgoing Amazon CEO is one of the best entrepreneurs in the world. Jeff Bezos has forever changed the way we shop, changing (and disrupting) multiple industries.</p><p>Over the past few years, I've read over and over every Bezos open letter to Amazon shareholders over those 23 years. These letters, in addition to providing us with a brief history of Amazon, also give us an insight into the people behind the massive internet business.</p><p>Here is a summary of the key takeaways from these letters.</p><p><b>1997: Pursuing long-term leadership, not short-term profitability</b></p><p>By selling books online, Amazon found a unique opportunity and began to offer customers a much larger selection of books than physical stores, \"and in a bookstore that is open 24 hours a day, 365 days a year, in a useful, easy-to-search and easy-to-browse format.\"</p><p>Amazon went public in 1997, and soon after Bezos wrote his first letter to shareholders, a letter that truly reflects his now-famous Day-1 mentality — a widely adopted principle in the startup world to always maintain the initial frenzy and passion for the business, as it did in the beginning days.</p><p>\"The network was, and still is, the world's wait.\"</p><p>Bezos aims for the long term, and he makes decisions and weighs trade-offs differently than most other business leaders:</p><p>Ongoing attention to customers.</p><p>Prioritize growth (scale), long-term market leadership and long-term profitability over short-term profitability. Amazon is looking to cement its market leadership amid a host of large entrants and stiff competition from the likes of book-selling giant Barnes & Noble.</p><p>Hire and retain talent, and the compensation structure emphasizes stock options rather than cash. Using \"interest-bound risk-sharing\" makes them think and act like masters.</p><p>Like a true visionary, Bezos was prescient from the start: \"Today, e-commerce saves customers money and time. Tomorrow, with personalization, it will accelerate the whole process of discovery.\"</p><p><b>1998: 3 Criteria to Consider When Recruiting</b></p><p>According to Bezos, setting high barriers when hiring is the most important factor in Amazon's success. At the hiring meeting, he suggested that managers consider the following three questions:</p><p>1. Would you admire this person? The person you admire is the person you can learn from.</p><p>2. Will this person increase the average efficiency level of the team? The bar has to get higher and higher.</p><p>3. How likely is this person to become a superstar? Most people have unique skills that can enrich the work environment for everyone else.</p><p><b>1999: Good Enough Today, But It Could Get Better</b></p><p>\"The current online shopping experience is the worst. Now it's enough to attract 17 million users, but it's going to get better.\" With an eye on long-term success and business dominance, Bezos is determined to build a culture at Amazon that never settles.</p><p>After adding discounted music to its online retail offering in 1998, Amazon made a series of major moves in 1999, which included the introduction of zShops (now known as Marketplace), a trading platform that supported third-party sellers, and a \"one-click\" payment solution that revolutionized the way e-commerce checkout was done.</p><p><b>2000: A company that wants to be a heavyweight</b></p><p>Bezos's letter this year begins with one word: \"Whoops.\"</p><p>Although Amazon was one of the few internet companies to survive the dot-com bust, its stock price plunged to $6 from $116 at the peak of the dot-com bubble.</p><p>To explain the turmoil caused by the stock market crash, Bezos borrowed the words of investor Benjamin Graham, who once said, \"In the short term, the stock market is a voting machine, and in the long run, it is a weighing machine.\"</p><p>And Amazon, as Bezos put it in his letter to shareholders, is a \"company that wants to be weighed in\".</p><p>In a separate letter, he added: \"We don't celebrate a 10% share price increase the way we celebrate a great customer experience. A 10% share price increase doesn't make us 10% more intelligent, and conversely, we aren't 10% foolish when the share price falls. We want to be weighed in, and we've been trying to build a heavier company.\"</p><p><b>2001: Eliminating mistakes at the root</b></p><p>Bezos has introduced features like Look Inside the Book, a free program that allows authors and publishers to promote their books. Bezos highlighted Amazon's efforts to always improve the customer experience while encouraging merchants and small businesses to thrive in its ecosystem.</p><p>Bezos added, \"One of the most important things we do to improve the convenience and experience of our customers also happens to be a huge driver of variable cost productivity: eliminating mistakes and missteps at the root.\" Because when you implement an eradication plan, you're not solving just one customer's problem, but you're solving it for every single customer. \"Eliminating the root causes of mistakes saves us money and saves customers customer time,\" Bezos said.</p><p><b>2002: What is good for customers is good for shareholders</b></p><p>For example, Bezos insists on constantly lowering prices to beat competitors and win customers. In the long run, increased sales, in turn, drive higher profits, which is best for shareholders.</p><p><b>2003: Long-term investment, be the real master</b></p><p>\"I know a couple who rented out their house and the family who moved in nailed the Christmas tree to the hardwood floor instead of using a tree stand. I guess it was a stop-gap measure and admittedly these tenants were terrible but no owner would be so short-sighted. Owners and tenants are different. And long-term thinking is both a necessary condition and a result of a true master.</p><p>\"Again, a lot of investors are actually short-term tenants who convert their portfolios very quickly and really just rent the shares they hold temporarily,\" Bezos added, again noting that his business rationale is to remain optimistic about the long-term vision.</p><p>In 2003, the seeds of cloud computing business Amazon Web Services (AWS) began to be planted at an executive retreat at Bezos's home. The business was originally invented to help Amazon solve its own problems, but it quickly became clear that every company wanted it. Today, AWS has dominated the public cloud market and become the company's biggest source of profit. A few years later, when commenting on the success of AWS, Bezos talked about this business miracle in his mind: \"We haven't encountered competitors with similar views for seven years. As a pioneer, if you are lucky, you can probably get a two-year lead. But it's incredible that no one can get a seven-year lead.\"</p><p><b>2004: Cash is King</b></p><p>\"Cash flow best explains a company's long-term stock price. Amazon has a cash-generating operating cycle because it turns around quickly and can collect payments from customers before paying suppliers.\"</p><p>Free cash flow is why Amazon keeps going from strength to strength despite low margins, year after year. For ease of understanding, here's an excerpt from Vox explaining how \"small profits\" compound over time:</p><p>\"Free cash flow is a bit like profit, except that it doesn't assume that Amazon has to pay everything in the same time frame as it sells things. And because of the mechanics of Amazon's payment cycle, companies tend to receive money for selling things long before they have to pay for them. For example,<a href=\"https://laohu8.com/S/WMT\">Walmart</a>It takes an average of three days to receive payment after payment to suppliers, while Amazon pays suppliers on average 18 days after payment is received. \"</p><p><b>2005: Dare to make bold decisions</b></p><p>Bezos proposes two kinds of decisions that businesses must confront on a regular basis:</p><p>1. Decisions based on mathematics: Decisions that can be made with data, where \"there is a correct answer or a wrong answer, a better answer or a worse answer, and mathematics will tell us which is which. These decisions still require us to make some assumptions and judgments, but the heaviest work is done by mathematics.\"</p><p>2. Judgment-based decision-making: \"Although data, analysis, and mathematics all play a role, the main factor in these decisions is judgment. In this case, there is little historical data to guide us, and forward-looking experiments are either impossible, unrealistic or no different from making decisions.\"</p><p>Bezos argues that \"any institution that is reluctant to endure controversy must limit its decision-making to the first type. But doing so will not only limit controversy, but also significantly limit innovation and long-term value creation.\" He advises businesses to \"combine their strong culture of quantification and analysis with a willingness to make bold decisions.\"</p><p>It is precisely because of the theme of boldness that 2005 is also the year of Amazon Prime. It all started with the idea of a junior software engineer at Amazon to offer customers a \"fast, free shipping buffet\". By 2018, Amazon will be the second largest paid membership program, behind Netflix. And Amazon Prime remains one of Amazon's most valuable and brand-recognized assets right now.</p><p><b>2006: Sowing the seeds for new business</b></p><p>Bezos recommends carefully evaluating this checklist before investing in a new business:</p><p>Whether the new opportunity can generate the expected return on capital.</p><p>What scale it can grow to.</p><p>Is the service in this market not in place yet?</p><p>Do you have the necessary ability to bring strong customer-facing differentiation to the market.</p><p>Bezos used the above factors to explain why Amazon has so far refused to open brick-and-mortar stores.</p><p>He said: \"The potential size of the brick-and-mortar store network is exciting. However, we don't know how to achieve low capital and high returns. Retail in the brick-and-mortar world is a cautious and age-old industry, and the services are already so well-established that we don't have any new ideas to build a brick-and-mortar store that customers feel better differentiated.\"</p><p>He added: \"When you see us moving into new areas of business, that's because we believe the above tests have passed.\"</p><p>It wasn't until 2015 that Amazon opened its first brick-and-mortar bookstore. Then it will acquire<a href=\"https://laohu8.com/S/WFM\">Whole Foods Market</a>(Whole Foods), moving into grocery retail and opening Amazon Go convenience stores without cashiers.</p><p><b>2007: \"Preachers\" can make better products</b></p><p>On November 19, 2007, Amazon introduced the Kindle e-reader to the world, redefining the way we consume books.</p><p>Bezos said: \"We set a long-term vision from the beginning: no matter which language, as long as it is a published book, users can read it in 60 seconds. We started by setting ourselves obviously very bold goals to improve physical books. This goal is not easily chosen. Nothing that exists in roughly the same form and has resisted change for 500 years can be easily improved.\"</p><p>As an inventor, Bezos says, you are either a mercenary or a preacher. The mercenaries were thinking about how to sell them. Missionaries love their own products, their own customers, and manage to make excellent service. But paradoxically, he says, \"it's often the missionaries who make more money.\" Products like Kindle can only be created by a pure enthusiasm and true belief.</p><p>\"The Kindle is designed for long periods of reading. We hope the Kindle and later products will take a few years to gradually extend the amount of time we can concentrate on reading, a buffer against the recent tendency to read bits and pieces of information. I know I sound like a preacher, and I can assure you I mean it from the heart. This is not my own idea. We have a large group of people in our company who also have this idea. I am very happy about that, because the commitment of the missionary helps us build better products. \"</p><p>But Bezos is also quick to admit that innovation won't wait for anyone. So, if you don't execute well enough or fast enough, others will seize the opportunity.</p><p><b>2008: Safeguarding the long-term interests of the Company</b></p><p>\"Seek immediate gratification, or make promises that are out of reach, and chances are you'll find a bunch of people ahead of you,\" Bezos wrote. Long-term thinking, in turn, says:</p><p>Use our existing capabilities.</p><p>Allows us to do something new that we couldn't think about before.</p><p>The failures and iterations required to support the invention.</p><p>Frees us to explore unknown spaces.</p><p>This year, Amazon acquired Audible, which is now the leader in the audiobook market.</p><p><b>2009: Listen to customers and innovate for them</b></p><p>Bezos defines Amazon's basic policy as: \"Start with customers and step back. Listen to customers, but don't just listen to customers, but invent for them.\"</p><p>Although his letter does not mention the now-obvious and infamous retort, \"If you can't beat them, buy each other.\" Zappos, an early footwear e-commerce giant, is an example. After finding it difficult to catch up with the former, Amazon directly acquired it.</p><p><b>2010: Inventing a New Approach</b></p><p>Inventions are essential tools for developing and improving all aspects of the customer experience. \"Although many of our systems are based on the latest achievements in computer science research, this is often not enough: our architects and engineers have to conduct further research in directions that have not yet been explored academically, and we face many problems that have not been solved in textbooks, so we are happy to invent new ways,\" Bezos wrote.</p><p>Enterprise Milestone: In July 2010, Amazon announced that three years after the launch of the Kindle, e-books had outsold physical books.</p><p><b>2011: The most radical inventions are those that \"make others pursue their dreams.\"</b></p><p>\"Even well-meaning gatekeepers can hinder innovation,\" Bezos said, emphasizing the self-service nature of various Amazon platforms, including Amazon Web Services, Marketplace and Kindle Direct Publishing. \"When platforms are self-service, even unlikely ideas are tried, and a lot of them do work, and society is the beneficiary of this diversity.</p><p><b>2012: Prioritizing customers, not catching up with competitors</b></p><p>According to Bezos, one of the advantages of focusing on customer orientation is that \"it contributes to some type of initiative. When we are at our best, we don't have to wait for external pressure. Before we are forced to do it, we are pushed internally to improve our services, add benefits and features. We are reducing prices and adding value to our customers before we are forced to. We invented it before we had to. \"</p><p>He added: \"What motivates these investments is customer orientation rather than response to competition. We believe that this approach has earned more trust from customers and driven rapid improvements in customer experience – importantly – even in those areas where we have become leaders.\"</p><p><b>2013: Separation payments</b></p><p>Amazon pays employees a separation fee once a year. Although, the title of this offer is \"Please do not accept this invitation\". \"Our goal is to encourage people to take a moment to think about what they really want. In the long run, if an employee barely stays in the company, it's not only bad for himself, it's just as bad for the company.\"</p><p>In 2013, Bezos acquired \"for $250 million in cash from the Graham family<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>(The Washington Post).</p><p><b>2014: When you find a dream business opportunity, take action</b></p><p>According to Bezos, \"fantastic commercial products\" have at least four characteristics:</p><p>1. Customers love it.</p><p>2. It can grow to be very powerful.</p><p>3. It has a high rate of return.</p><p>4. It may last for decades.</p><p>In 2014, Amazon introduced Fire TV and launched the first Echo smart speaker for users to choose from.</p><p><b>2015: Big winners pay for numerous experiments</b></p><p>This year, Amazon unveiled its first and final smartphone, the Fire. The phone proved to be a huge failure, and Bezos spoke about the importance of failure.</p><p>\"If there's a 10% chance of getting a 100x return, you should bet every time, which is usually right. But nine times out of ten you'll still be wrong,\" Bezos wrote.</p><p>With entrepreneurial enthusiasm, he added: \"We want to be a big company that is also inventing machines. We want to match the extraordinary customer service capabilities given by scale with the usual<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>The combination of speed of action, flexibility and risk acceptance mentality. \"</p><p>Amazon also acquired video game streaming site Twitch this year. And Echo smart speakers are also rolled out all over the board just before the holiday season.</p><p><b>2016: Always Day One</b></p><p>\"Next day companies are stagnant and will immediately be followed by irrelevance, followed by a painful recession and then death,\" Bezos said. How can you avoid stepping into the next day? You can ask yourself these simple questions:</p><p>Will you satisfy your customers?</p><p>Are you a victim of agencies, or do they serve you? Are you the master of the process, or is the process your master?</p><p>Are the world trends in your favor?</p><p>Are you satisfied only with the quality of decisions, or are you also focused on the speed of decisions?</p><p>Bezos details how to make high-quality, high-speed decisions:</p><p>1. What if you are wrong? Some decisions are irreversible and have to be made slowly and deliberately. But most decisions are reversible, and it's easy to make route corrections. It is important to determine which is which and not use a \"one size fits all\" approach.</p><p>2. After you have 70% of the information you wish to obtain, you should be able to make most decisions. If you have to wait until you have 90% mastery, you are slow. If you are good at route correction, the cost of making mistakes is less than slow decision-making.</p><p>3. Dare to advise and obey the overall situation. Bezos explained, \"If you are very sure about a particular direction, even if there is no consensus, it is helpful that you bring it up:\" I know everyone disagrees with this, but are you willing to bet with me? Disagree but obey? At this point, no one is sure they know the answer, and you may get everyone's agreement soon. \"</p><p>4. \"Sometimes teams have different goals and fundamentally different perspectives. They are not aligned, and no amount of discussion, no amount of meetings can solve this serious misalignment,\" Bezos wrote. Therefore, it is best to detect the misalignment problem early and pay attention to it immediately.</p><p><b>2017: Yesterday's \"wow\" quickly became today's \"ordinary\"</b></p><p>No matter how much customer requirements and expectations continue to rise, Amazon is always more or less ahead of the curve. Why is it? According to Bezos, the reason lies in their high standards.</p><p>Bezos believes that setting high standards is teachable, infectious, and domain-relevant, meaning you have to learn high standards separately in each area of interest. To achieve high standards:</p><p>1. You must know what is good.</p><p>2. Your expectations must be realistic, and you must know how difficult it will be to achieve your goals, or how much effort it will take.</p><p>According to Bezos, recognition and scope are the two most important principles of high-standard delivery.</p><p>Leaders relentlessly set high standards, which even many would consider ridiculously high. – Amazon Leadership Principles</p><p>PPT, for example, is nothing here at Amazon. Instead, their employees here have to write six pages of narrative structured memos and tell them. According to Bezos,</p><p>Good memos are written over and over again.</p><p>Also share with colleagues who are being asked to improve their work.</p><p>Set aside a few days and then re-edit with a new line of thought.</p><p>Bezos said: \"Poor memos are often not written by authors who fail to recognize what high standards are like, but false expectations of scope: They mistakenly think that a high-standard six-page memo can be written in a day or two or even a few hours, but it can actually take a week or more! They want to make a perfect handstand in just two weeks, and we didn't teach them well.\"</p><p>\"The point is that just teaching them the scope can improve the outcome – letting them know that a good memo can take a week or more,\" he said.</p><p>In 2017, Amazon acquired Whole Foods.</p><p><b>2018: The road to success is by no means smooth</b></p><p>Doing a business is sometimes like this, you know where to go, and you can get there very efficiently. However, those extremely large \"nonlinear\" discoveries may require you to take detours, relying on the guidance of intuition or curiosity. In order to find a way out, it is worth getting a little messy and a little stray.</p><p>\"Extra-large 'nonlinear' discoveries require detours.\"</p><p>In 2013, if you went to a customer and said to him, \"Do you want to have a black cylinder in the kitchen, about the size of a Pringles, that you can talk to and ask questions while also turning on the lights and playing music for you?\" I promise they'll look at you weirdly and say, \"No, thank you.\" No customer wants an Echo, \"Bezos explained.</p><p>\"It was definitely a detour that we took,\" he said.</p><p><b>2019: It's still day one</b></p><p>The letter from Bezos was written in April 2020, just as the world was being hit hard by the pandemic. Bezos explained Amazon's role in fighting the pandemic as well as meeting growing demand, as consumers now rely more than ever on Amazon's services to get items delivered to their doors.</p><p>Bezos ends with a quote from Theodor Seuss Geisel, who says, \"When something bad happens, you have three choices: you can let it define you, let it destroy you, or let it make you stronger.\"</p><p>Bezos reiterated, \"Even in this case, still maintain the day one mentality.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9666a5b83e36990bd4e534d3ea5b2003","relate_stocks":{"AMZN":"亚马逊","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://tech.sina.cn/i/gj/2021-05-07/detail-ikmyaawc3966834.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2133050027","content_text":"编者按：一家企业的致股东的信往往能反映这个企业及领导者的价值观和理念。在所有致股东的信中，研究最多的是巴菲特致股东的信。除此之外，亚马逊作为一个伟大的互联网零售企业，其领导者贝索斯致股东的信也值得深入研究。本文回顾了23年来贝索斯致股东的信，浓缩了信中的精华部分，与君分享。本文译自Medium，作者Sumit Grrg，原标题为\" Read 23 Years Worth of Jeff Bezos’ Amazon Shareholder Letters — Here’s What I Learned\"，希望对您有所启发。\n2019年10月22日，杰夫·贝索斯在华盛顿特区接受2019年国际宇航联合会卓越工业奖后发表讲话。图片:MANDEL NGAN/AFP/Getty Images\n在90年代初期，很少有人听说过互联网。杰夫·贝索斯(Jeff Bezos)恰好是听过互联网概念的人之一。\n贝索斯看到，互联网以每年2300%的速度增长，他决定要想出一个商业创意来驾驭这股浪潮。他列了一个网上销售产品的清单，很快就锁定了书籍。\n贝索斯最初将他的网上书店命名为Cadabra。但仅仅过了三个月，他就把名字改成了亚马逊（Amazon），以地球上最大的河流命名，自然也是地球上最多人的选择。虽然这家公司到今天也算名副其实，但它走了很长一段路才走到今天。在创业初期，贝索斯开了50多次会才从投资者那里筹集到100万美元，在这些会议中，最常见的问题是，“什么是互联网？”\n如今，亚马逊的市值接近1.7万亿美元。最近刚刚被埃隆·马斯克(Elon Musk)超越的杰夫·贝索斯，连续三年蝉联全球富豪榜榜首。\n但对于贝索斯来说，“世界首富”的头衔并没有那么有价值，因为他更喜欢被称为发明家或企业家。他是对的。这位即将卸任的亚马逊首席执行官是世界上最优秀的企业家之一。杰夫·贝索斯永远地改变了我们的购物方式，改变(并颠覆)了多个行业。\n在过去的几年里，我反复阅读了这23年来贝索斯的每一封致亚马逊股东公开信。这些信件除了为我们提供了亚马逊的简史之外，还让我们深入了解了这家庞大互联网企业背后的幕后操盘者。\n以下是这些信件中的关键要点总结。\n1997年：追求长期的领导力，而不是短期的获利能力\n通过在网上卖书，亚马逊发现了一个独特的机会，并开始为顾客提供比实体店多得多的图书选择，“而且是在一年365天一天24小时不打烊的书店里面，用一种有用的，易于搜索且易于浏览的格式呈现给顾客。”\n亚马逊于1997年上市，不久之后贝索斯就写了他的第一封致股东信，这封信真实地反映了他现在著名的第一天心态(Day-1心态)——这是一个被创业界广泛采用的原则，即要像一开始的日子那样，始终对企业保持最初的狂热和激情。\n“网络曾经是，现在仍然是，全世界的等待。”\n贝索斯的目标是长远，他在做决定和权衡取舍时的方式与其他大多数商业领袖不同：\n对客户的持续关注。\n优先考虑增长(规模)、长期市场领导地位和长期盈利能力，而不是短期盈利能力。亚马逊希望在众多大型进入者以及来自图书销售巨头Barnes & Noble等公司的激烈竞争中巩固其市场领导地位。\n雇佣并留住人才，薪酬结构偏重股票期权而不是现金，用“利益绑定风险共担”来让他们就必须像主人翁一样去思考与行动。\n就像一个真正的梦想家，贝索斯从一开始就有先见之明：“今天，电子商务为顾客节省了金钱和时间。明天，通过个性化，它将加速发现的整个过程。”\n1998：招聘时要考虑的3条标准\n贝索斯表示，在招聘时设置高门槛是亚马逊成功的最重要因素。在招聘会议上，他建议经理们考虑以下三个问题:\n1. 你会欣赏这个人吗？你敬佩的人是你可以向他学习的人。\n2. 这个人会提高团队的平均效率水平吗？门槛必须越来越高。\n3. 这个人在多大程度上有可能成为超级明星？大多数人都具备可以为其他所有人充实工作环境的独特的技能。\n1999年：今天已经足够好了，但它还可以变得更好\n“目前的网上购物体验是最糟糕的。现在它已经足够吸引1700万用户了，但它还会变得更好。”贝索斯着眼于长期的成功和商业统治地位，他决心在亚马逊建立一种永不安定的文化。\n在1998年将打折音乐加入其在线零售产品之后，亚马逊在1999年采取了一系列重大举措，其中包括引入支持第三方卖家的交易平台zShops（也就是现在的Marketplace），以及彻底改变了电子商务结帐方式的“一键式”付款解决方案。\n2000年：一家想要作为重量级的公司\n贝索斯今年的信以一个词开头：“哎呦。”\n尽管亚马逊是在互联网泡沫破灭后幸存下来的少数几家互联网公司之一，但其股价却从互联网泡沫顶峰时的116美元暴跌至6美元。\n为了解释股市崩盘带来的动荡，贝索斯借用了投资者本杰明·格雷厄姆(Benjamin Graham)的话，格雷厄姆曾说：“短期内，股市是一台投票机，从长远来看，它是一台称量机。”\n而亚马逊，正如贝索斯在给股东的信中所说，是一家“希望被称重的公司”。\n在另一封信中，他补充道：“我们不会像庆祝卓越的客户体验那样庆祝股价上涨10%。股价上涨10%不能让我们的智慧提高10％，反之，当股价下跌时，我们也不会愚蠢10%。我们想要被称重，我们一直在努力打造一个更重的公司。”\n2001年：从根源上消除错误\n贝索斯推出了“看书”(Look Inside the Book)等功能，这是一个免费程序，允许作者和出版商推广他们的书籍。贝索斯强调了亚马逊的努力，即永远改善客户体验，同时鼓励商家和小企业在其生态系统中蓬勃发展。\n贝索斯补充说：“我们为提高顾客的便利性和体验所做的最重要的事情之一，恰好也是可变成本生产率的巨大驱动力：从根本上消除错误和失误。”因为当你实施根除计划时，你解决的不只是一个客户的问题，而且也在为每一位客户解决问题。贝索斯说：“消除错误的根源可为我们节省金钱，并为客户节省客户时间。”\n2002年：对客户有利的，就是对股东有利的\n例如贝索斯坚持不断降低价格，以击败竞争对手，赢得顾客。从长远来看，销售额的增加反过来又会推动利润的增长，这对股东来说是最好的。\n2003年：长期投资，做真正的主人\n“我认识一对夫妇，他们把房子租了出去，搬进来的那一家人把圣诞树钉在了硬木地板上，而不是用树架。我想这是权宜之计，诚然，这些房客非常糟糕，但没有哪个业主会如此目光短浅。业主和租户是不同的。而长期思维既是真正主人的必要条件，也是其结果。\n贝索斯补充道：“同样，许多投资者实际上都是短期租户，他们的投资组合转换得非常之快，实际上只是租用他们暂时持有的股票。”贝索斯再次指出，他的商业理由是保持对长期愿景的乐观。\n2003年，在贝索斯家里举行的一次高管务虚会上，云计算业务Amazon Web Services（AWS）的种子开始种下。这项业务一开始是为了帮助亚马逊解决自己的问题而发明的，但情况很快变得很明显，每一家公司都想要它。现如今，AWS已经统治了公有云市场，成为该公司最大的利润来源。几年后，在点评AWS的成功时，贝索斯谈到了这个自己心目当中的商业奇迹：“整整七年我们都没有遇到有相似看法的竞争对手。作为先驱，如果幸运的话，你大概能获得两年的领先优势。但没有人能够获得长达7年的领先优势，这简直令人难以置信。”\n2004年：现金为王\n“现金流最能解释一家公司的长期股价。亚马逊有一个现金产生的运营周期，因为它周转迅速，在付款给供应商之前就能从客户那里收取款项。”\n自由现金流是亚马逊在低利润的情况下不断壮大的原因，年复一年。为了便于理解，以下是Vox的一段摘录，解释了“微利”是如何随着时间的推移而产生复利效应的：\n“自由现金流跟利润有点像，只是它不假定亚马逊必须在卖东西的同一时间范围内支付一切费用。而且由于亚马逊的付款周期的机制，公司往往在必须支付卖出的东西的费用之前很久就能收到卖出东西的钱。比方说，沃尔玛在向供应商付款后平均要用三天时间才能收到货款，而亚马逊在收到货款平均18天后才向供应商付款。”\n2005年：敢于做出大胆决定\n贝索斯提出了两种企业必须经常面对的决策：\n1. 基于数学的决策：可以用数据做出的决策，其中“有一个正确答案或错误答案，一个更好的答案或一个更坏的答案，数学会告诉我们哪个是哪个。这些决定仍然需要我们做出一些假设和判断，但最繁重的工作是由数学完成的。”\n2. 基于判断的决策：“虽然数据、分析和数学都起着作用，但这些决定的主要因素是判断。这种情况下几乎没有历史数据可以指导我们，而前瞻性的试验要么不可能，要么不切实际或者跟要做决定无异。”\n贝索斯认为，“任何不愿忍受争议的机构都必须把自己的决策限制在第一种类型。但这样做不仅会限制争议，还会显著限制创新和长期价值创造。”他建议企业“将其强大的量化和分析文化与大胆决策的意愿结合起来。”\n正是因为秉承了大胆这个主题，2005年也是Amazon Prime诞生之年。这一切都始于亚马逊的一名初级软件工程师提出的想法，为客户提供“快速、免费送货的自助餐”。到2018年时，亚马逊将成为第二大的付费会员计划，仅次于Netflix。而且Amazon Prime仍然是亚马逊目前最有价值，品牌知名度最高的资产之一。\n2006年：为新业务播下种子\n贝索斯建议，在对新业务进行投资之前，请先仔细评估一下这份检查清单：\n新的机会是否可以产生预期的资本回报。\n它可以发展到多大的规模。\n这个市场现在是不是服务还不到位。\n你是不是具备必要的能力把强大的面向客户的差异化引入到市场。\n贝索斯利用上述因素解释了为什么亚马逊到目前为止拒绝开设实体店。\n他说：“实体店网络的潜在规模令人兴奋。然而，我们不知道如何做到低资本和高回报。实体世界的零售是一个谨慎而古老的行业，服务已经非常完善，我们没有任何新想法来建立一个实体的商店，让客户感受到更好的差异化。”\n他补充道：“当你看到我们进入新的业务领域时，那是因为我们相信上述测试已经通过了。”\n直到2015年，亚马逊才开设自己的第一家实体书店。然后它将收购全食超市（Whole Foods），进军食品杂货零售领域，并开设没有收银员的Amazon Go便利店。\n2007年：“传教士”能制造出更好的产品\n2007年11月19日，亚马逊向世界推出了Kindle电子阅读器，重新定义了我们消费书籍的方式。\n贝索斯说：“我们从一开始就设定了长期愿景：无论哪种语言，只要是出版过的书，用户都能在60秒中读到。我们从给自己设定显然十分大胆的目标开始，去改进实体书。这个目标不是轻易选择出来的。任何以大致相同的形式存在，并且抵触改变已经有500年时间的事物，都不可能轻易就得到改善的。”\n贝索斯说，作为一个发明家，你要么是一个雇佣军，要么是一个传教士。雇佣军就想着怎么把东西卖掉。传教士却热爱自己的产品，自己的客户，并设法做出优质的服务。他说，但自相矛盾的是，“赚更多钱的往往是传教士。” 类似Kindle这样的产品唯有凭借着一股纯粹热情，自己真正相信，才能打造得出。\n“Kindle是专为长时间阅读而设计的。我们希望Kindle和其之后的产品能用几年的时间，逐渐地延长我们能专心阅读的时间，对最近盛行的阅读零碎信息的倾向有所缓冲。我知道我的语气像个传教士，我可以向您保证我是发自内心的。这并不是我一个人的想法，我们公司有一大帮人也有这想法。对此我很高兴，因为传教士的那种执着精神能帮助我们打造出更好的产品”\n不过贝索斯也很快承认，创新不会等待任何人。所以，如果你执行得不够好不够快的话，别人就会抓住机会。\n2008年：维护公司的长远利益\n贝索斯写道：“寻求即时的满足，或做出遥不可及的承诺，很可能你会发现已经有一帮人在前面了。”反过来，长期思维则：\n发挥我们现有的能力。\n允许我们做一些之前无法思考的新事情。\n支持发明所需的失败和迭代。\n解放我们去探索未知的空间。\n今年，亚马逊收购了Audible，后者现在是有声读物市场的领导者。\n2009年：倾听客户的心声，同时替他们去创新\n贝索斯对亚马逊的基本方针的定义是：“从客户开始，向后退。倾听顾客的意见，但不要只听顾客的意见，还要替他们去发明。”\n尽管他在信中并没有提到那句现在已显而易见，而且臭名昭著的反驳，“如果你没法打败它们，那就收购对方。”早期鞋类电商巨头Zappos就是例子。发现自己很难赶上前者之后，亚马逊直接就把它给收购了。\n2010年：发明新方法\n发明是发展和改善客户体验各个方面的基本工具。“虽然我们的许多系统都是基于计算机科学研究的最新成果，但这往往还不够：我们的构架师和工程师不得不在学术上还没探讨的方向进行进一步研究，我们面对很多问题在教科书上还没有给出解决方案，所以我们很高兴去发明新办法，”贝索斯写道。\n企业里程碑：2010年7月，亚马逊宣布，Kindle推出三年来，电子书的销量已经超过了实体书。\n2011年：最激进的发明是那些“能让别人追求自己梦想”的发明\n贝索斯说道：“就算是善意的看门人也会阻碍创新。”他强调了包括Amazon Web Services，Marketplace以及Kindle Direct Publishing在内的各种Amazon平台的自服务性。“当平台是自服务时，哪怕是不大可能的想法也会有人尝试，而且其中的很多想法确实是行得通的，而社会就是这种多样性的受益者。\n2012年：优先考虑客户，而不是追赶竞争对手\n贝索斯认为，聚焦于客户导向的优势之一是“这有助于某种类型的主动性。当我们处在最佳状态时，我们就不必等待外部施加压力。在我们被迫去做之前，内部就已经推动我们要改善服务，增加好处和功能了。我们在被迫之前就已经替客户降低价格和增加价值了。在不得不这样做之前我们就先发明了。”\n他补充道：“激励这些投资的是以顾客为导向而不是对竞争的反应。我们认为，这种做法赢得了客户更多的信任，并推动了客户体验的快速改善——重要的是——甚至在那些我们已经成为领导者的领域也是如此。”\n2013年：离职金\n亚马逊每年向员工支付一次离职费用。尽管，这个offer的标题是“请不要接受这个邀请”。“我们的目标是鼓励人们花点时间想想自己真正想要的是什么。从长期来看，如果员工勉强留在公司，不仅对他自己不好，对公司同样不利。”\n2013年，贝索斯以2.5亿美元现金从格雷厄姆家族手中收购了《华盛顿邮报》(The Washington Post)。\n2014年：当你找到一个梦幻的商机时，行动起来\n贝索斯认为，“梦幻般的商业产品”至少有四个特点：\n1. 客户喜欢它。\n2. 它可以发展到非常强大。\n3. 它的回报率很高。\n4. 有可能持续几十年。\n2014年，亚马逊推出了Fire TV，并推出了首款Echo智能音箱供用户选择。\n2015年：大赢家为众多实验买单\n今年，亚马逊推出了第一款也是最后一款智能手机Fire。这款手机被证明是一个巨大的失败，贝索斯谈到了失败的重要性。\n“如果有10%的机会获得100倍的回报，你应该每次都下注，这通常是对的。但十有八九你还是会错。”贝索斯写道。\n带着企业家的热情，他补充道：“我们希望成为一家同时也是发明机器的大公司。我们希望将规模所赋予的非凡客户服务能力，与通常创业公司才有的行动速度、灵活性和风险接受心态结合起来。”\n亚马逊今年还收购了视频游戏流媒体网站Twitch。而Echo智能音箱也正好赶在假日季之前全线铺开。\n2016：永远是第一天\n贝索斯说:“‘第二天’的公司是停滞的，会紧接着变得无关紧要，随后是痛苦的衰退，然后就是死亡。”怎么才能避免步入第二天？可以自问一下这几个简单的问题：\n你会让顾客满意吗？\n你是代理的牺牲品，还是它们为你服务？你是流程的主人，还是流程是你的主人？\n世界潮流对你有利吗？\n你只满足于决策的质量，还是也关注决策的速度？\n贝索斯详述了如何做出高质量、高速度的决策：\n1.如果你错了怎么办？有些决定是不可逆的，得慢慢地，深思熟虑地做决定。但是大多数的决策都是可逆的，是很容易做路线修正的。重要的是要确定哪个是哪个，而不要用“一刀切”的方法。\n2.在掌握了你希望获得的信息的70%之后，应该就可以做出大多数的决定了。如果你非要等到掌握了90％，那你就慢了。如果你擅长路线修正，那犯错的代价会比决策慢要小。\n3.敢于谏言，服从大局。贝索斯解释说：“如果你对特定方向十分确信，就算没有共识，你提出来也是有帮助的：“我知道大家都不同意这一点，但你们愿意跟我打赌吗？不同意但是服从？” 到了这个时候，没人敢肯定自己知道答案，这时候你可能很快就能得到大家的同意。”\n4. “有时候团队有不同的目标和根本不同的观点。他们不一致，再多的讨论、再多的会议也无法解决这种严重的错位。,”贝索斯写道。因此，最好及早发现错位问题，并立即重视起来。\n2017：昨天的“哇”很快变成了今天的“平凡”\n不管客户要求和期望再怎么的不断提高，亚马逊总能多多少少赶在前头。为什么呢？按照贝索斯的说法，原因在于他们的高标准。\n贝索斯认为，设定高标准是可传授的，会感染的，而且是领域相关的，这意味着你必须在每个感兴趣的领域分别去学习高标准。要想达到高标准：\n1. 你必须知道什么是好的。\n2. 你的期望必须具有现实性，对实现目标的难度，或者需要付出多少努力要心中有数。\n根据贝索斯的说法，识别和范围是高标准交付的两个最重要的原则。\n领导者不懈制定高标准，甚至很多人会认为这些标准高得离谱。——亚马逊领导力原则\n比方说，PPT在亚马逊这里根本就不算什么。相反，他们这里的员工得写6页纸叙述性结构化的备忘录，还得讲出来。根据贝索斯的说法，\n好的备忘录要一遍又一遍地写。\n还要与被要求改进工作的同事分享。\n留出几天时间，然后以新的思路重新编辑。\n贝索斯说：“备忘录写得不好往往不是作者认识不到高标准是什么样的，而是对范围有着错误的期望：他们错误地认为一两天甚至几个小时就能写出高标准的六页纸备忘录，但其实这可能要花费一周或更长时间！他们想在短短两周内就做出完美倒立，而我们没有教好他们。”\n他说：“关键是，只需要把范围教给他们就可以改善结果了——让他们知道，一份好的备忘录可能需要一周或更长时间。”\n2017年，亚马逊收购了全食超市。\n2018年：通往成功的道路绝不是一帆风顺\n做企业有时候是这样的，你知道要去哪里，而且也可以很高效地去到那里。但是，那些特大的“非线性”的发现，却可能需要你走走弯路，要靠直觉或好奇心的引导，为了找到出路，有点乱有点跑偏也是值得的。\n“特大的‘非线性’发现需要走走弯路。”\n2013年，如果你去找一位顾客，对他说：“你想不想在厨房里放一个黑色圆筒，大小和品客薯片(Pringles)差不多，你可以一边跟它聊天，一边问问题，同时还能帮你打开灯，播放音乐？”我保证他们会奇怪地看着你然后说，“不，谢谢。”没有顾客想要Echo，”贝索斯解释说。\n“这绝对是我们走的弯路，”他说。\n2019年：现在仍是第一天\n贝索斯的这封信写于2020年4月，当时全球正遭受疫情的严重打击。贝索斯解释了亚马逊在抗击疫情以及满足日益增长的需求方面的作用，因为现在消费者比以往任何时候都更依赖亚马逊的服务，将商品送货上门。\n贝索斯以西奥多·苏斯·盖泽尔(Theodor Seuss Geisel)的一句话作为结尾，他说：“当不好的事情发生时，你有三种选择：你可以让它定义你，让它摧毁你，或者让它使你变得更强。”\n贝索斯重申，“即使在这种情况下，仍然要保持第一天心态。”","news_type":1,"symbols_score_info":{"QNETCN":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108065967,"gmtCreate":1619963009459,"gmtModify":1704336812873,"author":{"id":"3573373078542650","authorId":"3573373078542650","name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573373078542650","idStr":"3573373078542650"},"themes":[],"htmlText":"? ? ? ? ? ? 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","text":"? ? ? ? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/108065967","repostId":"1117138743","repostType":4,"repost":{"id":"1117138743","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1619953637,"share":"https://ttm.financial/m/news/1117138743?lang=en_US&edition=fundamental","pubTime":"2021-05-02 19:07","market":"us","language":"zh","title":"JD Logistics has submitted a post-hearing information set to the Hong Kong Stock Exchange in respect of the proposed spin-off","url":"https://stock-news.laohu8.com/highlight/detail?id=1117138743","media":"老虎资讯综合","summary":"京东集团在港交所公告称，董事会欣然宣布，其接获京东物流通知，京东物流已就拟议分拆向香港联交所递交聆讯后资料集。","content":"<p><a href=\"https://laohu8.com/S/JD\">Jingdong</a>The Group announced on the Hong Kong Stock Exchange that the Board is pleased to announce that it has received notice from JD Logistics that JD Logistics has submitted a post-hearing information set to the Hong Kong Stock Exchange on the proposed spin-off.</p><p><img src=\"https://static.tigerbbs.com/74128ba8dc013999c7633603bacff800\" tg-width=\"1080\" tg-height=\"1920\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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: 12.5px; color: #7E829C; margin: 0;}\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\">\nJD Logistics has submitted a post-hearing information set to the Hong Kong Stock Exchange in respect of the proposed spin-off\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-02 19:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/JD\">Jingdong</a>The Group announced on the Hong Kong Stock Exchange that the Board is pleased to announce that it has received notice from JD Logistics that JD Logistics has submitted a post-hearing information set to the Hong Kong Stock Exchange on the proposed spin-off.</p><p><img src=\"https://static.tigerbbs.com/74128ba8dc013999c7633603bacff800\" tg-width=\"1080\" tg-height=\"1920\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/25e108e80ab0d5329f36d3b166f67111","relate_stocks":{"09618":"京东集团-SW","JD":"京东","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117138743","content_text":"京东集团在港交所公告称，董事会欣然宣布，其接获京东物流通知，京东物流已就拟议分拆向香港联交所递交聆讯后资料集。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"09618":0.9,"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":3346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}