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- FelixzouFelixzou
  ·2021-05-03
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  10 Key Takeaways From Warren Buffett and Charlie Munger at Berkshire Hathaway's 2021 Shareholder Meeting
  The dynamic duo was back in action and had plenty to share. The annual shareholder meeting of Berksh
  10 Key Takeaways From Warren Buffett and Charlie Munger at Berkshire Hathaway's 2021 Shareholder Meeting
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  ZipRecruiter Is Going Public This Month. What to Know.
  ZipRecruiter, the latest company to file for a direct listing, has set a date for its offering.The o
  ZipRecruiter Is Going Public This Month. What to Know.
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In normal times, thousands of investors flock to Omaha to see CEO Warren Buffett and vice-chair Charlie Munger talk about Berkshire, investing, and the business world.</p>\n<p>For the second straight year, the pandemic prevented Berkshire from holding an in-person meeting. However, by moving the event to Los Angeles, Munger was able to join Buffett on stage, making the mood of the event a lot more upbeat than Buffett's largely solo performance in 2020. Below, we'll look at some of the most memorable things Buffett and Munger talked about at the May 1 shareholder meeting.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d3797222f70411463d38787111734905\" tg-width=\"2000\" tg-height=\"1332\"><span>BERKSHIRE HATHAWAY CEO WARREN BUFFETT. IMAGE SOURCE: THE MOTLEY FOOL.</span></p>\n<p><b>1. Stock market leadership is fleeting</b></p>\n<p>Buffett believes in the power of capitalism and in the role the U.S. plays in leading the global economy forward. He pointed out that among the world's biggest companies, five of the top six are American, with only oil giant&nbsp;<b>Saudi Aramco</b>&nbsp;breaking up the list led by&nbsp;<b>Apple</b>,<b>Microsoft</b>,<b>Amazon</b>,<b>Alphabet</b>, and&nbsp;<b>Facebook</b>.</p>\n<p>Yet Buffett also warned investors not to be complacent. Pointing to the similar list from 1989, the Berkshire CEO noted that not one of the 20 top companies 32 years ago are still among the top 20 today. That includes powerhouses like&nbsp;<b>ExxonMobil</b>&nbsp;and&nbsp;<b>General Electric</b>, which have diminished greatly in importance in the intervening decades. Buffett suggested, \"Make your own guess: How many companies on [today's] list are gonna be on the list 30 years from now?\" Indeed, some could fall off a lot sooner than that.</p>\n<p><b>2. Buffett and Munger disagree on the S&amp;P 500 vs. Berkshire</b></p>\n<p>Buffett has frequently advised investors to keep things simple and invest in an&nbsp;<b>S&amp;P 500</b>&nbsp;index fund. Indeed, when he dies, Buffett will leave a fund for his spouse, and 90% of that money is set to go into such an index fund. \"I've never recommended Berkshire to anybody,\" Buffett said, as he has always wanted to avoid any appearance of giving an inside tip on the stock of the company he runs.</p>\n<p>But Munger has a different view. \"I personally prefer holding Berkshire to holding the market,\" he said, arguing that Berkshire's set of businesses and investments are in his view \"better than the average\" across the stock market.</p>\n<p><b>3. Buffett: Airlines have \"done better because we sold\"</b></p>\n<p>The move Berkshire Hathaway made to&nbsp;sell off airline stocks&nbsp;<b>Delta Air Lines</b>,<b>Southwest Airlines</b>,<b>United Airlines Holdings</b>, and&nbsp;<b>American Airlines Group</b>&nbsp;in the spring of 2020 was discussed at length during 2020's meeting, with Buffett justifying his sales by observing that \"the world changed for airlines.\" Indeed, Buffett foresaw huge industry disruptions like contracting fleet sizes and reduced capacity.</p>\n<p>What Buffett didn't foresee, though, was the massive government support that airlines got. Indeed, looking back, the Berkshire CEO believes that airlines might well not have gotten that support if he'd remained a shareholder. \"They might very well have had a very different result,\" he noted, \"if they'd had a very rich shareholder that owned 8% or 9%.\" Even now, though, Buffett wouldn't want to get back into his airline positions, pointing out that his position in&nbsp;<b>American Express</b>&nbsp;(NYSE:AXP)&nbsp;and his ownership of aerospace components specialist Precision Castparts give him plenty of exposure to the industry.</p>\n<p><b>4. A minor mistake from Buffett</b></p>\n<p>Some have questioned why Buffett trimmed his stake in tech giant Apple. The Oracle of Omaha admitted that was probably a mistake. \"Charlie in his usual low-key way let me know it was a mistake,\" he added.</p>\n<p>But Buffett did note that because of stock repurchases from Berkshire and Apple, Berkshire shareholders still saw their proportional stake in Apple increase. Nevertheless, ordinary investors will find it nice to see that even someone of Buffett's stature can make the same sort of mistakes they make.</p>\n<p><b>5. Why Buffett doesn't like SPACs</b></p>\n<p>Special purpose acquisition companies (SPACs) were all the rage throughout much of 2020 and into the beginning of 2021. But Buffett expressed his dislike for their business model, specifically the requirement most SPACs have to find a business within two years. \"If you put a gun to my head and said you've got to buy a business in two years, I'd buy one,\" Buffett said. \"But it wouldn't be much of one.\"</p>\n<p>Moreover, Buffett reminded investors that SPAC managers typically have plenty of upside through private investments in public equity once a deal gets done, but they lack the downside. In his view, that leads to too many transactions, bidding up prices of potential acquisition candidates and making Berkshire uncompetitive as a buyer.</p>\n<p><b>6. Views on the impact of low interest rates</b></p>\n<p>Buffett and Munger both commented on the Federal Reserve's extraordinary efforts on monetary policy. Buffett explained, \"Interest rates basically are to the value of assets what gravity is to matter,\" with the implication that a future rise in rates could send asset values falling sharply. Meanwhile, the Berkshire CEO noted that the current rate environment is tough, as \"If you tell me I'm gonna have to lend money to the government at minus 2% a year, you're just telling me how I'll go broke.\"</p>\n<p>Munger was more succinct in describing the risks involved with aggressive monetary and fiscal policy. \"There's a good chance that this extreme conduct is more feasible than anybody thought,\" Munger said, \"but if you keep just doing it without any limit, it'll end in disaster.\"</p>\n<p><b>7. Munger on Bitcoin</b></p>\n<p>Responding to a shareholder questions about&nbsp;<b>Bitcoin</b>&nbsp;(CRYPTO:BTC), Buffett decided to dodge the question. His motivation: avoiding making the hundreds of thousands of viewers who own the cryptocurrency unhappy.</p>\n<p>Munger didn't hold back, however. \"I hate the Bitcoin success,\" the vice-chair said. \"The whole damn development is disgusting and contrary to the interest of civilization.\"</p>\n<p><b>8. A Buffett dig at Elon Musk</b></p>\n<p>Another shareholder question was addressed to Berkshire's insurance business head Ajit Jain, asking whether he'd write an insurance policy for&nbsp;<b>Tesla</b>'s&nbsp;(NASDAQ:TSLA)&nbsp;CEO and SpaceX founder Elon Musk for his proposed missions to Mars. Jain quickly said no.</p>\n<p>Buffett demurred, however. \"It would depend on the premium,\" the Berkshire CEO said, \"and I would probably have a somewhat different rate if Elon was on board.\"</p>\n<p><b>9. Buffett and Munger smack down Robinhood</b></p>\n<p>The popular Robinhood investing app has introduced millions of newcomers to investing. Buffett and Munger, however, were deeply critical of the brokerage company.</p>\n<p>Buffett noted that Robinhood has \"become a very significant part of the casino group that's joined the stock market in the last year and a half.\" Although there's nothing illegal or immoral about it in his eyes, the Berkshire CEO added, \"I don't think you build a society around people doing it.\"</p>\n<p>Munger went further: \"It's just god-awful that something like that would draw investment from civilized men and decent citizens. It's deeply wrong. We don't wanna make our money selling things that are bad for people.\"</p>\n<p><b>10. Berkshire's dynamic duo has learned some lessons in the past year</b></p>\n<p>Near the conclusion of the Q&amp;A period, Buffett and Munger were asked what lessons they've learned from the past year. Buffett quipped: \"My biggest lesson has been to listen more to Charlie. He's been right on some things that I've been wrong on.\"</p>\n<p>Munger answered: \"If you're not a little confused by what's going on, you don't understand it. We're in sort of uncharted territory.\" Yet Buffett added that no matter how crazy things have been, \"Stranger things are going to happen in the future.\" That's redoubled Buffett's commitment to ensure that Berkshire will stand the test of time for the long haul.</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>10 Key Takeaways From Warren Buffett and Charlie Munger at Berkshire Hathaway's 2021 Shareholder Meeting</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10 Key Takeaways From Warren Buffett and Charlie Munger at Berkshire Hathaway's 2021 Shareholder Meeting\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-03 10:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/01/10-key-takeaways-from-warren-buffett-and-charlie-m/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The dynamic duo was back in action and had plenty to share.\nThe annual shareholder meeting of Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) has become easily the most popular formal corporate gathering ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/01/10-key-takeaways-from-warren-buffett-and-charlie-m/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.fool.com/investing/2021/05/01/10-key-takeaways-from-warren-buffett-and-charlie-m/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144421419","content_text":"The dynamic duo was back in action and had plenty to share.\nThe annual shareholder meeting of Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) has become easily the most popular formal corporate gathering in the world. In normal times, thousands of investors flock to Omaha to see CEO Warren Buffett and vice-chair Charlie Munger talk about Berkshire, investing, and the business world.\nFor the second straight year, the pandemic prevented Berkshire from holding an in-person meeting. However, by moving the event to Los Angeles, Munger was able to join Buffett on stage, making the mood of the event a lot more upbeat than Buffett's largely solo performance in 2020. Below, we'll look at some of the most memorable things Buffett and Munger talked about at the May 1 shareholder meeting.\nBERKSHIRE HATHAWAY CEO WARREN BUFFETT. IMAGE SOURCE: THE MOTLEY FOOL.\n1. Stock market leadership is fleeting\nBuffett believes in the power of capitalism and in the role the U.S. plays in leading the global economy forward. He pointed out that among the world's biggest companies, five of the top six are American, with only oil giant Saudi Aramco breaking up the list led by Apple,Microsoft,Amazon,Alphabet, and Facebook.\nYet Buffett also warned investors not to be complacent. Pointing to the similar list from 1989, the Berkshire CEO noted that not one of the 20 top companies 32 years ago are still among the top 20 today. That includes powerhouses like ExxonMobil and General Electric, which have diminished greatly in importance in the intervening decades. Buffett suggested, \"Make your own guess: How many companies on [today's] list are gonna be on the list 30 years from now?\" Indeed, some could fall off a lot sooner than that.\n2. Buffett and Munger disagree on the S&P 500 vs. Berkshire\nBuffett has frequently advised investors to keep things simple and invest in an S&P 500 index fund. Indeed, when he dies, Buffett will leave a fund for his spouse, and 90% of that money is set to go into such an index fund. \"I've never recommended Berkshire to anybody,\" Buffett said, as he has always wanted to avoid any appearance of giving an inside tip on the stock of the company he runs.\nBut Munger has a different view. \"I personally prefer holding Berkshire to holding the market,\" he said, arguing that Berkshire's set of businesses and investments are in his view \"better than the average\" across the stock market.\n3. Buffett: Airlines have \"done better because we sold\"\nThe move Berkshire Hathaway made to sell off airline stocks Delta Air Lines,Southwest Airlines,United Airlines Holdings, and American Airlines Group in the spring of 2020 was discussed at length during 2020's meeting, with Buffett justifying his sales by observing that \"the world changed for airlines.\" Indeed, Buffett foresaw huge industry disruptions like contracting fleet sizes and reduced capacity.\nWhat Buffett didn't foresee, though, was the massive government support that airlines got. Indeed, looking back, the Berkshire CEO believes that airlines might well not have gotten that support if he'd remained a shareholder. \"They might very well have had a very different result,\" he noted, \"if they'd had a very rich shareholder that owned 8% or 9%.\" Even now, though, Buffett wouldn't want to get back into his airline positions, pointing out that his position in American Express (NYSE:AXP) and his ownership of aerospace components specialist Precision Castparts give him plenty of exposure to the industry.\n4. A minor mistake from Buffett\nSome have questioned why Buffett trimmed his stake in tech giant Apple. The Oracle of Omaha admitted that was probably a mistake. \"Charlie in his usual low-key way let me know it was a mistake,\" he added.\nBut Buffett did note that because of stock repurchases from Berkshire and Apple, Berkshire shareholders still saw their proportional stake in Apple increase. Nevertheless, ordinary investors will find it nice to see that even someone of Buffett's stature can make the same sort of mistakes they make.\n5. Why Buffett doesn't like SPACs\nSpecial purpose acquisition companies (SPACs) were all the rage throughout much of 2020 and into the beginning of 2021. But Buffett expressed his dislike for their business model, specifically the requirement most SPACs have to find a business within two years. \"If you put a gun to my head and said you've got to buy a business in two years, I'd buy one,\" Buffett said. \"But it wouldn't be much of one.\"\nMoreover, Buffett reminded investors that SPAC managers typically have plenty of upside through private investments in public equity once a deal gets done, but they lack the downside. In his view, that leads to too many transactions, bidding up prices of potential acquisition candidates and making Berkshire uncompetitive as a buyer.\n6. Views on the impact of low interest rates\nBuffett and Munger both commented on the Federal Reserve's extraordinary efforts on monetary policy. Buffett explained, \"Interest rates basically are to the value of assets what gravity is to matter,\" with the implication that a future rise in rates could send asset values falling sharply. Meanwhile, the Berkshire CEO noted that the current rate environment is tough, as \"If you tell me I'm gonna have to lend money to the government at minus 2% a year, you're just telling me how I'll go broke.\"\nMunger was more succinct in describing the risks involved with aggressive monetary and fiscal policy. \"There's a good chance that this extreme conduct is more feasible than anybody thought,\" Munger said, \"but if you keep just doing it without any limit, it'll end in disaster.\"\n7. Munger on Bitcoin\nResponding to a shareholder questions about Bitcoin (CRYPTO:BTC), Buffett decided to dodge the question. His motivation: avoiding making the hundreds of thousands of viewers who own the cryptocurrency unhappy.\nMunger didn't hold back, however. \"I hate the Bitcoin success,\" the vice-chair said. \"The whole damn development is disgusting and contrary to the interest of civilization.\"\n8. A Buffett dig at Elon Musk\nAnother shareholder question was addressed to Berkshire's insurance business head Ajit Jain, asking whether he'd write an insurance policy for Tesla's (NASDAQ:TSLA) CEO and SpaceX founder Elon Musk for his proposed missions to Mars. Jain quickly said no.\nBuffett demurred, however. \"It would depend on the premium,\" the Berkshire CEO said, \"and I would probably have a somewhat different rate if Elon was on board.\"\n9. Buffett and Munger smack down Robinhood\nThe popular Robinhood investing app has introduced millions of newcomers to investing. Buffett and Munger, however, were deeply critical of the brokerage company.\nBuffett noted that Robinhood has \"become a very significant part of the casino group that's joined the stock market in the last year and a half.\" Although there's nothing illegal or immoral about it in his eyes, the Berkshire CEO added, \"I don't think you build a society around people doing it.\"\nMunger went further: \"It's just god-awful that something like that would draw investment from civilized men and decent citizens. It's deeply wrong. We don't wanna make our money selling things that are bad for people.\"\n10. Berkshire's dynamic duo has learned some lessons in the past year\nNear the conclusion of the Q&A period, Buffett and Munger were asked what lessons they've learned from the past year. Buffett quipped: \"My biggest lesson has been to listen more to Charlie. He's been right on some things that I've been wrong on.\"\nMunger answered: \"If you're not a little confused by what's going on, you don't understand it. We're in sort of uncharted territory.\" Yet Buffett added that no matter how crazy things have been, \"Stranger things are going to happen in the future.\" That's redoubled Buffett's commitment to ensure that Berkshire will stand the test of time for the long haul.","news_type":1},"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108887241,"gmtCreate":1620011092183,"gmtModify":1704337338947,"author":{"id":"3582941324211287","authorId":"3582941324211287","name":"Felixzou","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582941324211287","authorIdStr":"3582941324211287"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108887241","repostId":"1146017349","repostType":4,"repost":{"id":"1146017349","kind":"news","pubTimestamp":1621843320,"share":"https://ttm.financial/m/news/1146017349?lang=&edition=fundamental","pubTime":"2021-05-24 16:02","market":"us","language":"en","title":"ZipRecruiter Is Going Public This Month. What to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1146017349","media":"Barrons","summary":"ZipRecruiter, the latest company to file for a direct listing, has set a date for its offering.The o","content":"<p>ZipRecruiter, the latest company to file for a direct listing, has set a date for its offering.</p><p>The online employment marketplace said it would make its debut on the New York Stock Exchange “on or about May 26, 2021,” a prospectus said. It will trade under the symbol ZIP.</p><p>ZipRecruiter itself is not selling shares with the offering and will not receive proceeds from the direct listing. Instead, its shareholders will offer up to 86,598,896 shares of Class A common stock for resale, according to the document.</p><p>ZipRecruiter will be the third company this year to use a direct listing to go public:Coinbase(ticker: COIN), a cryptocurrency exchange, used the method&nbsp;to list its shares in April on the Nasdaq, after the gaming platform&nbsp;Roblox(RBLX) did so for its March&nbsp;debut on the NYSE. (Squarespace, a website design company,has also filed to go public&nbsp;via a direct listing on the NYSE, but has yet to set a trading date.)</p><p>Companies mainly use direct listings because they’re cheaper than traditional IPOs and allow shareholders to sell their stock to the public without intermediaries. In a traditional IPO, a company sells shares and uses an investment bank or banks to underwrite the deals. But in a direct listing, a bank or banks typically work as financial advisors for the company going public.</p><p>ZipRecruiter has lined up six investment banks—Goldman Sachs(GS),JPMorgan Chase(JPM), Barclays Capital,Evercore Group(EVR), William Blair and Raymond James—to advise on the upcoming offering. However, only Goldman and&nbsp;JPMorgan Chase&nbsp;will consult with a&nbsp;designated market maker to set ZipRecruiter’s opening price.</p><p>Direct listings typically do not include lockups, which prevent shareholders from selling for a certain period of time. ZipRecruiter stockholders, similarly, will be able to selltheir shares as soon as the company lists later this month.</p><p>In a traditional IPO, a company will have a roadshow where the management team&nbsp;makes presentations to institutional investors&nbsp;to create interest in the stock. Direct listings have replaced the roadshow with the investor day, when investors typically learn about a company going public via a webcast meeting. ZipRecruiter is&nbsp;hosting its investor day&nbsp;on May 10.</p><p>Founded in 2010, ZipRecruiter is an employment marketplace for people looking for work and businesses seeking employees. More than 2.8 million businesses have used ZipRecruiter to find an employee while&nbsp;110 million jobseekers have sought employment on the site, the filing said. The company became profitable in 2020, reporting $86 million in income from $6.3 million in losses in 2019. Revenue droppednearly 3% to $418 million in 2020, the prospectus said.</p><p>ZipRecruiter has raised $219 million in funding, according to&nbsp;Crunchbase. This includes&nbsp;a $156 million round in 2018&nbsp;co-led by Wellington Management Company and Institutional Venture Partners, or IVP. IVP owns the biggest chunk of ZipRecruiter’s voting power—21.1%.</p><p>Several shareholders have registered their class A common stock, which they may or may not sell via the direct listing, the prospectus said. IVP has registered about 22.7 million Class A shares, while Wellington is offering roughly 1.9 million shares. ZipRecruiter CEO Ian Siegel has put up 10.5 million Class A shares.</p>","source":"lsy1601382232898","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>ZipRecruiter Is Going Public This Month. What to Know.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZipRecruiter Is Going Public This Month. What to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 16:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/ziprecruiter-direct-listing-what-to-know-51619903652?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ZipRecruiter, the latest company to file for a direct listing, has set a date for its offering.The online employment marketplace said it would make its debut on the New York Stock Exchange “on or ...</p>\n\n<a href=\"https://www.barrons.com/articles/ziprecruiter-direct-listing-what-to-know-51619903652?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZIP":"ZipRecruiter Inc."},"source_url":"https://www.barrons.com/articles/ziprecruiter-direct-listing-what-to-know-51619903652?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146017349","content_text":"ZipRecruiter, the latest company to file for a direct listing, has set a date for its offering.The online employment marketplace said it would make its debut on the New York Stock Exchange “on or about May 26, 2021,” a prospectus said. It will trade under the symbol ZIP.ZipRecruiter itself is not selling shares with the offering and will not receive proceeds from the direct listing. Instead, its shareholders will offer up to 86,598,896 shares of Class A common stock for resale, according to the document.ZipRecruiter will be the third company this year to use a direct listing to go public:Coinbase(ticker: COIN), a cryptocurrency exchange, used the method to list its shares in April on the Nasdaq, after the gaming platform Roblox(RBLX) did so for its March debut on the NYSE. (Squarespace, a website design company,has also filed to go public via a direct listing on the NYSE, but has yet to set a trading date.)Companies mainly use direct listings because they’re cheaper than traditional IPOs and allow shareholders to sell their stock to the public without intermediaries. In a traditional IPO, a company sells shares and uses an investment bank or banks to underwrite the deals. But in a direct listing, a bank or banks typically work as financial advisors for the company going public.ZipRecruiter has lined up six investment banks—Goldman Sachs(GS),JPMorgan Chase(JPM), Barclays Capital,Evercore Group(EVR), William Blair and Raymond James—to advise on the upcoming offering. However, only Goldman and JPMorgan Chase will consult with a designated market maker to set ZipRecruiter’s opening price.Direct listings typically do not include lockups, which prevent shareholders from selling for a certain period of time. ZipRecruiter stockholders, similarly, will be able to selltheir shares as soon as the company lists later this month.In a traditional IPO, a company will have a roadshow where the management team makes presentations to institutional investors to create interest in the stock. Direct listings have replaced the roadshow with the investor day, when investors typically learn about a company going public via a webcast meeting. ZipRecruiter is hosting its investor day on May 10.Founded in 2010, ZipRecruiter is an employment marketplace for people looking for work and businesses seeking employees. More than 2.8 million businesses have used ZipRecruiter to find an employee while 110 million jobseekers have sought employment on the site, the filing said. The company became profitable in 2020, reporting $86 million in income from $6.3 million in losses in 2019. Revenue droppednearly 3% to $418 million in 2020, the prospectus said.ZipRecruiter has raised $219 million in funding, according to Crunchbase. This includes a $156 million round in 2018 co-led by Wellington Management Company and Institutional Venture Partners, or IVP. IVP owns the biggest chunk of ZipRecruiter’s voting power—21.1%.Several shareholders have registered their class A common stock, which they may or may not sell via the direct listing, the prospectus said. IVP has registered about 22.7 million Class A shares, while Wellington is offering roughly 1.9 million shares. ZipRecruiter CEO Ian Siegel has put up 10.5 million Class A shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":53,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}