Branda Maris

Somewhere between sunset and sunrise is the best time to dream...

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- Branda MarisBranda Maris
  ·2023-09-17
  Emerging Shadows Of Uncertainty Cryptocurrency Markets Keeps Painting Pictures Of Potential Resurgence As BTC And Various Coins Strive To Reclaim Former Glory Wakefield Of Recent Fluctuations Inside Crypto Community Holding Collective Breath Per Watching Signs On Markets Wide Recovery Propelling These Digital Assets To New Heights🏗️🏗️🏗️ W/App +1 438🏗️🏗️8059 🏗️ 440🏗️🏗️
  3 Red-Hot Growth Stocks Set to Surge 100%+ in One Year
  These growth stocks look poised to stage a turnaround and deliver triple-digit returns in one year. Snap them up while they're cheap!
  3 Red-Hot Growth Stocks Set to Surge 100%+ in One Year
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- Branda MarisBranda Maris
  ·2023-09-17
  $Tencent(00700)$ A Good Time To Buy...
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- Branda MarisBranda Maris
  ·2023-09-17
  $Tencent(00700)$ Any Investor Here?
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- Branda MarisBranda Maris
  ·2023-09-16
  Wealth And Success Depends On The Steps Or Actions You Take To Achieve It Investments Is A Smart Way Of Building A Safe Heaven For The Future With The Right Choice Of Investments That Has Minimum Risk And With And Expert Guidance Profit And Interest Should Be Guaranteed+ 4, 8, 7, 3, 2, 1, 0, 4, 8, 0, 4
  Berkshire Hathaway: Still Cheap At All-Time Highs
  Berkshire Hathaway recently reached an all-time high, despite market conditions putting pressure on its biggest stock holding, Apple.The stock is not as cheap as it was in the past, but it is still a decent buy compared to other equities.Berkshire Hathaway is about fairly valued going by multiples. However, the company has delivered some growth in recent years.Currently, oil prices are rising. This is a catalyst that should drive earnings growth at Berkshire for at least the current quarter, and maybe longer. Warren Buffett Paul Morigi Berkshire Hathaway recently hit an all-time high. On September 13, it reached the lofty price of $370.84–for those not keeping track, that’s equivalent to $556,260 in terms of the Class A shares!
  Berkshire Hathaway: Still Cheap At All-Time Highs
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- Branda MarisBranda Maris
  ·2023-09-16
  $NVIDIA Corp(NVDA)$ Economical Significant Society Leading Industrial Revolution Developed And Projected Leadership Reviewing Opportunities For Transistors Trucksloads Investing Holders Hopefully Participate On Legitimate Brokers As Speculative Monetary Systems.
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- Branda MarisBranda Maris
  ·2023-09-14
  $S&P 500(.SPX)$ people can bash bitcoin cryptocurrency like they did before it jumped to $63,000 and they asses mouths were dropped looking stupid and missed out on that amazing millionaire maker opportunity as people who invested in bitcoin, were laughing at you walk into the bank, so go ahead and keep bashing it because I’ll be the one laughing at you walking to the bank blahhhhha
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- Branda MarisBranda Maris
  ·2023-09-14
  Active Trader
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Snap them up while they're cheap!","content":"<html><head></head><body><ul style=\"\"><li>These growth stocks look poised to stage a turnaround and deliver triple-digit returns over the next year.</li><li><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL): The company’s existing user base is enough to drive double-digit revenue growth this decade.</li><li>Alibaba (BABA): Restructuring efforts could drive a massive recovery in this stock over the next year.</li><li>Endava (DAVA): Shares are slowly creeping higher as sales growth and margins remain stellar.</li></ul><img src=\"https://static.tigerbbs.com/e6dd5841ca15fe80a8ba00804ba191ae\" alt=\"Source: PureSolution / Shutterstock\" title=\"Source: PureSolution / Shutterstock\" tg-width=\"768\" tg-height=\"432\"/>Source: PureSolution / ShutterstockIn a volatile market, growth stocks can offer tremendous upside for investors willing to stomach some risk. While many high-flying growth names have seen sizable corrections in 2022, the long-term growth narratives for many of these companies remain intact. As the macroeconomic environment improves in 2023 and beyond, some of the most beaten-down growth stocks could stage huge comebacks and post triple-digit returns within a 12-month period.When times get tough, the first stocks investors tend to sell are those trading at lofty valuations. Growth stocks that are priced for perfection have borne the brunt of recent sell-offs, even though many of these companies continue to increase revenues and earnings at an impressive clip. However, growth trajectories and fundamentals often take a back seat to broad market sentiment in the short-run.This phenomenon has created a unique opportunity for investors looking to accumulate shares in strong growth companies at a discount. Once the economic climate stabilizes and risk appetite returns, undervalued growth stocks could quickly rebound to prior valuation levels. Traders willing to look past short-term volatility can capitalize on this disconnect between price and fundamentals.In particular, growth stocks with clear competitive advantages, leadership positions in large addressable markets, and excellent management teams seem poised for a comeback. While forecasting triple-digit returns is inherently speculative, certain companies’ fundamentals and growth runways make a compelling case. Let’s look at the following three.<h2 id=\"id_3366203113\">PayPal (PYPL)</h2><img src=\"https://static.tigerbbs.com/5ea6870df0834f18dbf86a1cf8e754be\" alt=\"Source: JHVEPhoto / Shutterstock.com\" title=\"Source: JHVEPhoto / Shutterstock.com\" tg-width=\"300\" tg-height=\"169\"/>Source: JHVEPhoto / Shutterstock.comLoading up on PayPal (NASDAQ:PYPL) stock seems more and more like a good idea. The fintech giant has plunged nearly 80% from its highs, as growth stalled due to a lack of new accounts and engagement from existing users. However, I believe the negativity is overdone, and PYPL stock offers a compelling risk/reward at current levels.PayPal boasts over 431 million active accounts and processed a whopping $1.36 trillion in payments last year. The company continues to grow revenues at a 7% clip, even without substantial user growth, demonstrating the loyalty of its existing client base. While some investors are disappointed with the stagnating user metrics, I am encouraged by PayPal’s ability to squeeze more profit out of current users. That’s not all, since analysts expect roughly 9.6% sales compounded annual sales growth from 2023-2032 and double-digit earnings per share growth over that time frame.The company has rolled out merchant services like PayPal Zettle to drive payment volume, expanded Pay with Venmo’s ubiquity, and boosted monetization with value-added services. These initiatives led to a jump in revenue last quarter, despite just a 0.5% rise in active accounts. PayPal is also aggressively cutting costs to support margins, intending to cut $900 million in expenses this year.At 13-times forward earnings after the steep sell-off, PYPL stock now trades at a substantial discount to payment peers and the broader market. Plus, the company expects 2023 share buybacks to reach $5 billion. For a high-quality fintech leader with staying power, the current valuation undoubtedly offers an attractive risk/reward at current levels.<h2 id=\"id_2706612132\">Alibaba (BABA)</h2><img src=\"https://static.tigerbbs.com/8351aeb723eb679fbaa8f80e4b2bddd5\" alt=\"Source: zhu difeng / Shutterstock.com\" title=\"Source: zhu difeng / Shutterstock.com\" tg-width=\"300\" tg-height=\"169\"/>Source: zhu difeng / Shutterstock.comChinese tech giant Alibaba (NYSE:BABA) has been rangebound for over a year, since plunging 65% from pandemic highs. With the stock treading water around $87 per share, I believe BABA offers substantial upside for patient investors willing to look past the near-term uncertainty.Alibaba dominates China’s e-commerce industry, operating shopping platforms Taobao and Tmall that account for over half of online Chinese retail sales. Despite the challenged macro backdrop, Alibaba returned to revenue growth last quarter, with revenue increasing 14% year-over-year (6.5% converted to USD). Profitability is also improving, with operating margins expanding thanks to cost discipline.Alibaba is making big bets on cloud computing and overseas expansion to diversify its core commerce business. These initiatives will require investment in the near-term, but position the company for sustainable growth over the long haul. Alibaba Cloud is China’s leading provider and grew revenue by 4% last quarter, while the company’s International Commerce segment saw revenue jump 41%.Looking ahead, China’s economy is showing signs of recovery as COVID disruptions fade and stimulus kicks in. This should provide a natural tailwind for Alibaba’s commerce platforms. The company also just completed an internal restructuring, which I see as a positive.While risks remain around China’s regulatory and economic slowdown, much of this negativity appears to already be priced into BABA stock. The company has a rock-solid balance sheet with $75 billion in cash to endure volatility, and the company trades at just 10-times forward earrings.Moreover, Alibaba trades at just 10-times forward earnings, which makes the margin of safety quite strong for this growth stock. The consensus price target at $141.5 implies 62% upside in one year. It can easily deliver 100%-plus or more, if the broader market sentiment improves.<h2 id=\"id_3234666833\">Endava (DAVA)</h2><img src=\"https://static.tigerbbs.com/42a757a2eaa8614828c9fdbf9b3f0831\" alt=\"Source: BalkansCat / Shutterstock.com\" title=\"Source: BalkansCat / Shutterstock.com\" tg-width=\"300\" tg-height=\"169\"/>Source: BalkansCat / Shutterstock.comEndava (NYSE:DAVA) is a U.K.-based firm that helps enterprise clients across a range of verticals like Payments, TMT, and Healthcare leverage emerging technologies to accelerate their businesses.In 2023, DAVA stock has slowly turned a corner after sliding more than 70% off its highs. Shares have been creeping up as the company has sustained revenue growth above 20% despite the challenging macro environment.Unlike most bloated IT consultancies, Endava maintains stellar profitability. The company boasts adjusted EBIT margins above 21% thanks to its asset-lite operating model and selective pursuit of high-value engagements. I expect rising profitability over time as Endava expands globally and moves up the value chain into areas like AI and automation.However, DAVA stock trades at a reasonable 19-times forward earnings after the considerable drawdown. Endava possesses a strong balance sheet with minimal debt and over $245 million in cash to support growth initiatives.With top-tier clients like Worldpay, BNP Paribas (OTCMKTS:BNPQY), and Virgin Media, Endava is embedded in the digital shift across industries. As enterprises ramp technology investments, I believe Endava has a long runway for above-market growth. The consensus $69 price target for DAVA stock represents a 35% one-year upside. I expect it to stage a faster turnaround and double in one year.On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.</body></html>","source":"investorplace_stock_picks","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Red-Hot Growth Stocks Set to Surge 100%+ in One Year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Red-Hot Growth Stocks Set to Surge 100%+ in One Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-17 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/09/3-red-hot-growth-stocks-set-to-surge-100-in-one-year/>InvestorPlace</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nThese growth stocks look poised to stage a turnaround and deliver triple-digit returns over the next year.PayPal (PYPL): The company’s existing user base is enough to drive double-digit revenue growth...\n\n<a href=\"https://investorplace.com/2023/09/3-red-hot-growth-stocks-set-to-surge-100-in-one-year/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DAVA":"Endava Ltd","BK4106":"数据处理与外包服务","BK4554":"元宇宙及AR概念","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","BK4531":"中概回港概念","BK4585":"ETF&股票定投概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4534":"瑞士信贷持仓","BK4227":"交易和支付处理服务","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4558":"双十一","LU1861217088.USD":"贝莱德金融科技A2","BK4587":"ChatGPT概念","BK4575":"芯片概念","LU0084288595.USD":"法储银新兴欧洲基金RA","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","09988":"阿里巴巴-W","BK4220":"综合零售","BK4535":"淡马锡持仓","BK4524":"宅经济概念","LU0648005311.SGD":"Natixis DNCA Emerging Europe Equity RA SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","BK4527":"明星科技股","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4538":"云计算","LU1688375341.USD":"贝莱德中国灵活股票基金","BK4588":"碎股","BK4579":"人工智能","BK4526":"热门中概股","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4551":"寇图资本持仓","BK4502":"阿里概念","BABA":"阿里巴巴","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4504":"桥水持仓","PYPL":"PayPal","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4548":"巴美列捷福持仓","BK4565":"NFT概念","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC"},"source_url":"https://investorplace.com/2023/09/3-red-hot-growth-stocks-set-to-surge-100-in-one-year/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2368053876","content_text":"These growth stocks look poised to stage a turnaround and deliver triple-digit returns over the next year.PayPal (PYPL): The company’s existing user base is enough to drive double-digit revenue growth this decade.Alibaba (BABA): Restructuring efforts could drive a massive recovery in this stock over the next year.Endava (DAVA): Shares are slowly creeping higher as sales growth and margins remain stellar.Source: PureSolution / ShutterstockIn a volatile market, growth stocks can offer tremendous upside for investors willing to stomach some risk. While many high-flying growth names have seen sizable corrections in 2022, the long-term growth narratives for many of these companies remain intact. As the macroeconomic environment improves in 2023 and beyond, some of the most beaten-down growth stocks could stage huge comebacks and post triple-digit returns within a 12-month period.When times get tough, the first stocks investors tend to sell are those trading at lofty valuations. Growth stocks that are priced for perfection have borne the brunt of recent sell-offs, even though many of these companies continue to increase revenues and earnings at an impressive clip. However, growth trajectories and fundamentals often take a back seat to broad market sentiment in the short-run.This phenomenon has created a unique opportunity for investors looking to accumulate shares in strong growth companies at a discount. Once the economic climate stabilizes and risk appetite returns, undervalued growth stocks could quickly rebound to prior valuation levels. Traders willing to look past short-term volatility can capitalize on this disconnect between price and fundamentals.In particular, growth stocks with clear competitive advantages, leadership positions in large addressable markets, and excellent management teams seem poised for a comeback. While forecasting triple-digit returns is inherently speculative, certain companies’ fundamentals and growth runways make a compelling case. Let’s look at the following three.PayPal (PYPL)Source: JHVEPhoto / Shutterstock.comLoading up on PayPal (NASDAQ:PYPL) stock seems more and more like a good idea. The fintech giant has plunged nearly 80% from its highs, as growth stalled due to a lack of new accounts and engagement from existing users. However, I believe the negativity is overdone, and PYPL stock offers a compelling risk/reward at current levels.PayPal boasts over 431 million active accounts and processed a whopping $1.36 trillion in payments last year. The company continues to grow revenues at a 7% clip, even without substantial user growth, demonstrating the loyalty of its existing client base. While some investors are disappointed with the stagnating user metrics, I am encouraged by PayPal’s ability to squeeze more profit out of current users. That’s not all, since analysts expect roughly 9.6% sales compounded annual sales growth from 2023-2032 and double-digit earnings per share growth over that time frame.The company has rolled out merchant services like PayPal Zettle to drive payment volume, expanded Pay with Venmo’s ubiquity, and boosted monetization with value-added services. These initiatives led to a jump in revenue last quarter, despite just a 0.5% rise in active accounts. PayPal is also aggressively cutting costs to support margins, intending to cut $900 million in expenses this year.At 13-times forward earnings after the steep sell-off, PYPL stock now trades at a substantial discount to payment peers and the broader market. Plus, the company expects 2023 share buybacks to reach $5 billion. For a high-quality fintech leader with staying power, the current valuation undoubtedly offers an attractive risk/reward at current levels.Alibaba (BABA)Source: zhu difeng / Shutterstock.comChinese tech giant Alibaba (NYSE:BABA) has been rangebound for over a year, since plunging 65% from pandemic highs. With the stock treading water around $87 per share, I believe BABA offers substantial upside for patient investors willing to look past the near-term uncertainty.Alibaba dominates China’s e-commerce industry, operating shopping platforms Taobao and Tmall that account for over half of online Chinese retail sales. Despite the challenged macro backdrop, Alibaba returned to revenue growth last quarter, with revenue increasing 14% year-over-year (6.5% converted to USD). Profitability is also improving, with operating margins expanding thanks to cost discipline.Alibaba is making big bets on cloud computing and overseas expansion to diversify its core commerce business. These initiatives will require investment in the near-term, but position the company for sustainable growth over the long haul. Alibaba Cloud is China’s leading provider and grew revenue by 4% last quarter, while the company’s International Commerce segment saw revenue jump 41%.Looking ahead, China’s economy is showing signs of recovery as COVID disruptions fade and stimulus kicks in. This should provide a natural tailwind for Alibaba’s commerce platforms. The company also just completed an internal restructuring, which I see as a positive.While risks remain around China’s regulatory and economic slowdown, much of this negativity appears to already be priced into BABA stock. The company has a rock-solid balance sheet with $75 billion in cash to endure volatility, and the company trades at just 10-times forward earrings.Moreover, Alibaba trades at just 10-times forward earnings, which makes the margin of safety quite strong for this growth stock. The consensus price target at $141.5 implies 62% upside in one year. It can easily deliver 100%-plus or more, if the broader market sentiment improves.Endava (DAVA)Source: BalkansCat / Shutterstock.comEndava (NYSE:DAVA) is a U.K.-based firm that helps enterprise clients across a range of verticals like Payments, TMT, and Healthcare leverage emerging technologies to accelerate their businesses.In 2023, DAVA stock has slowly turned a corner after sliding more than 70% off its highs. Shares have been creeping up as the company has sustained revenue growth above 20% despite the challenging macro environment.Unlike most bloated IT consultancies, Endava maintains stellar profitability. The company boasts adjusted EBIT margins above 21% thanks to its asset-lite operating model and selective pursuit of high-value engagements. I expect rising profitability over time as Endava expands globally and moves up the value chain into areas like AI and automation.However, DAVA stock trades at a reasonable 19-times forward earnings after the considerable drawdown. Endava possesses a strong balance sheet with minimal debt and over $245 million in cash to support growth initiatives.With top-tier clients like Worldpay, BNP Paribas (OTCMKTS:BNPQY), and Virgin Media, Endava is embedded in the digital shift across industries. As enterprises ramp technology investments, I believe Endava has a long runway for above-market growth. The consensus $69 price target for DAVA stock represents a 35% one-year upside. I expect it to stage a faster turnaround and double in one year.On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.","news_type":1},"isVote":1,"tweetType":1,"viewCount":123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":220733713260632,"gmtCreate":1694911463676,"gmtModify":1694911466630,"author":{"id":"4157784084640262","authorId":"4157784084640262","name":"Branda Maris","avatar":"https://community-static.tradeup.com/news/b734db10ec8e2cc10af9939a76922097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4157784084640262","authorIdStr":"4157784084640262"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00700\">$Tencent(00700)$&nbsp;</a>A Good Time To Buy...&nbsp;","listText":"<a href=\"https://ttm.financial/S/00700\">$Tencent(00700)$&nbsp;</a>A Good Time To Buy...&nbsp;","text":"$Tencent(00700)$ A Good Time To Buy...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/220733713260632","isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":220732080185456,"gmtCreate":1694911065395,"gmtModify":1694911068994,"author":{"id":"4157784084640262","authorId":"4157784084640262","name":"Branda Maris","avatar":"https://community-static.tradeup.com/news/b734db10ec8e2cc10af9939a76922097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4157784084640262","authorIdStr":"4157784084640262"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00700\">$Tencent(00700)$&nbsp;</a>Any Investor Here?&nbsp;","listText":"<a href=\"https://ttm.financial/S/00700\">$Tencent(00700)$&nbsp;</a>Any Investor Here?&nbsp;","text":"$Tencent(00700)$ Any Investor Here?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/220732080185456","isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":220525926178880,"gmtCreate":1694860586135,"gmtModify":1694861941144,"author":{"id":"4157784084640262","authorId":"4157784084640262","name":"Branda Maris","avatar":"https://community-static.tradeup.com/news/b734db10ec8e2cc10af9939a76922097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4157784084640262","authorIdStr":"4157784084640262"},"themes":[],"htmlText":"Wealth And Success Depends On The Steps Or Actions You Take To Achieve It Investments Is A Smart Way Of Building A Safe Heaven For The Future With The Right Choice Of Investments That Has Minimum Risk And With And Expert Guidance Profit And Interest Should Be Guaranteed+ 4, 8, 7, 3, 2, 1, 0, 4, 8, 0, 4","listText":"Wealth And Success Depends On The Steps Or Actions You Take To Achieve It Investments Is A Smart Way Of Building A Safe Heaven For The Future With The Right Choice Of Investments That Has Minimum Risk And With And Expert Guidance Profit And Interest Should Be Guaranteed+ 4, 8, 7, 3, 2, 1, 0, 4, 8, 0, 4","text":"Wealth And Success Depends On The Steps Or Actions You Take To Achieve It Investments Is A Smart Way Of Building A Safe Heaven For The Future With The Right Choice Of Investments That Has Minimum Risk And With And Expert Guidance Profit And Interest Should Be Guaranteed+ 4, 8, 7, 3, 2, 1, 0, 4, 8, 0, 4","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/220525926178880","repostId":"2367678912","repostType":2,"repost":{"id":"2367678912","pubTimestamp":1694849675,"share":"https://ttm.financial/m/news/2367678912?lang=&edition=fundamental","pubTime":"2023-09-16 15:34","market":"us","language":"en","title":"Berkshire Hathaway: Still Cheap At All-Time Highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2367678912","media":"seekingalpha","summary":"Berkshire Hathaway recently reached an all-time high, despite market conditions putting pressure on its biggest stock holding, Apple.The stock is not as cheap as it was in the past, but it is still a decent buy compared to other equities.Berkshire Hathaway is about fairly valued going by multiples. However, the company has delivered some growth in recent years.Currently, oil prices are rising. This is a catalyst that should drive earnings growth at Berkshire for at least the current quarter, and maybe longer. Warren Buffett Paul Morigi Berkshire Hathaway recently hit an all-time high. On September 13, it reached the lofty price of $370.84–for those not keeping track, that’s equivalent to $556,260 in terms of the Class A shares!","content":"<html><body><ul><li>Berkshire Hathaway recently reached an all-time high, despite market conditions putting pressure on its biggest stock holding, Apple.</li><li>The stock is not as cheap as it was in the past, but it is still a decent buy compared to other equities.</li><li>Berkshire Hathaway is about fairly valued going by multiples. However, the company has delivered some growth in recent years.</li><li>Currently, oil prices are rising. This is a catalyst that should drive earnings growth at Berkshire for at least the current quarter, and maybe longer.</li></ul><figure><picture> <img height=\"2000px\" loading=\"lazy\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg?io=getty-c-w240 240w\" width=\"3000px\"/> </picture><figcaption>Warren Buffett Paul Morigi</figcaption></figure> Berkshire Hathaway (NYSE:BRK.B) recently hit an all-time high. On September 13, it reached the lofty price of $370.84–for those not keeping track, that’s equivalent to $556,260 in terms of the Class A shares! Certainly, you would expect a legendary investor like Warren Buffett to hit new highs every now and then. But the market conditions under which Berkshire Hathaway hit its recent all-time high were unusual. Apple (AAPL) was under pressure when the high was achieved, and crude oil prices were raising the spectre of further Fed rate hikes. Granted, Berkshire is heavily invested in oil stocks, so it should benefit from rising oil prices more than most companies do, but higher interest rates should theoretically reduce the present value of Berkshire assets like Apple stock (the company’s single largest investment). At today’s prices, Berkshire Hathaway stock is not as cheap as the “value” names the company itself likes to buy. As I will show in the ensuing paragraphs, the stock is a little pricey compared to itself in the recent past–although not compared to the markets as a whole. Nevertheless, Berkshire Hathaway stock is still a decent buy today, compared to what’s out there in the world of equities. Certainly, investors could do well buying treasuries, as Berkshire is doing. However, investors who went all-in on treasuries would probably miss out on the opportunities present in individual stocks, which Berkshire has historically been able to capitalize on, even in times when the markets as a whole were richly valued. So, Berkshire may, over a very long period of time, prove to be a better investment than treasury bills–which are among the safest and highest yielding high-quality assets one can buy today. When I last covered Berkshire Hathaway, I wrote that the stock’s then-recent Q2 earnings results argued for buying it. Since then, the stock has risen 3.8%, and outperformed the S&amp;P 500. My thesis for buying Berkshire a few months ago was vindicated, but the stock is more expensive now. So, it’s worth asking whether BRK.B is still worth buying today. In the ensuing paragraphs I explain why I not only still like Berkshire, but in fact like it more than I did when I last wrote about it, so much so that I’m upgrading my rating to ‘strong buy.’ <h2>Berkshire’s Multiples</h2> Berkshire is basically fairly valued if you value it using multiples. In the ensuing paragraphs, I will build up Berkshire’s multiples from scratch using the company’s financial statements, then calculate the stock’s multiples based on that. In past articles I’ve mainly been content to rely on multiples from Seeking Alpha Quant, but because Berkshire Hathaway is structured a little differently from other companies, I will calculate EPS and EBIT per share by hand, just so there is no confusion as to what really constitutes these metrics. Below you will see the financial statements used to come up with my figures: <figure contenteditable=\"false\"><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2023/9/15/saupload_xsjqhwUwzt-KQvsJvaj2uPjvd9FrgKcVgpIQn-enaBAKlGkc5UB_dKUImrhgfwPmht5zS8HuSN3zm64Ro4uUEU87buV4PWIFwgUSIgkaa33eD2nSILaIpVbxC12-n5HJnDrtQTDFdYk5-CTFR5yNNTc_thumb1.png\"/><figcaption>Berkshire 1H 2023 earnings (Berkshire Hathaway)</figcaption></figure><figure contenteditable=\"false\"><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2023/9/15/saupload_2GE0zMTyQ9QUdpfDEwICbG0S1WHzxQAI7R9tDg7ZxNZiRdwhhJh5GurlbvxeqFTDod-BR8l7T5LnWCXki-LQkyR_adkvIBc0Ll1v6-M9-aJdn8p3YCLDrjJuVRpAsCGioCT9sgbEvV0-MMjotIZq0ys_thumb1.png\"/><figcaption>Berkshire Q3 2022 earnings (Berkshire Hathaway)</figcaption></figure><figure contenteditable=\"false\"><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2023/9/15/saupload_OEJXM5j81SekYZhvtaWGBMcf3RLjPYp1nc1AfWIrJ8CeVuEUsuKmxI4b6-ItN_rnEvOJJFl0RUnNDD_Nn1JkO2Mo69RL7e_wFo5CEwysv1mpOWkn5SvhN5RjfCb0sMrKJ2U8r1Gbhc2_D2lWxitVwL0_thumb1.png\"/><figcaption>Berkshire Q4 2022 earnings (Berkshire Hathaway)</figcaption></figure> Adding up the first half 2023 earnings along with the third and fourth quarter 2022 earnings, we get the following per share revenue/earnings figures: <table> <colgroup> <col/> <col/> <col/> <col/> <col/> </colgroup> <tr> <td> </td> <td>First half 2023</td> <td>Q4 2022</td> <td>Q3 2022</td> <td>Trailing 12 month (“TTM”)</td> </tr> <tr> <td>Net income</td> <td>$71.4B</td> <td>$18.1B</td> <td>$-2.7B</td> <td>$86.9B</td> </tr> <tr> <td>EBIT</td> <td>$18.1B</td> <td>$6.7B</td> <td>$7.7B</td> <td>$32.5B</td> </tr> <tr> <td>Shares outstanding</td> <td>2.174B</td> <td>2.195B</td> <td>2.2B</td> <td>2.174B</td> </tr> <tr> <td>EPS</td> <td>$32.77</td> <td>$8.27</td> <td>$-1.22</td> <td>$41.04</td> </tr> <tr> <td>EBIT per share</td> <td>$8.32</td> <td>$3.05</td> <td>$3.5</td> <td>$14.87</td> </tr> </table> <button><svg viewbox=\"0 0 16 16\" xmlns=\"http://www.w3.org/2000/svg\"><path clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\" fill-rule=\"evenodd\"></path></svg>Click to enlarge</button> Berkshire Hathaway Class B shares closed at $367.86 on Friday. Using this price, we get the following multiples (P/E and price/EBIT calculated by the author, price/sales and price/book from Seeking Alpha Quant): <ul> <li>P/E: 8.96.</li> <li>Price/EBIT: 24.73.</li> <li>Price/sales: 2.46.</li> <li>Price/book: 1.32.</li> </ul> Now, using the P/E ratio, we’d conclude that Berkshire Hathaway stock is currently extremely cheap. However, Warren Buffett and Charlie Munger have repeatedly advised investors not to use GAAP earnings when valuing Berkshire stock, because their large stock portfolio causes huge non-cash swings in earnings. Instead, they say to use EBIT in place of earnings, and going by the “price/EBIT” ratio, Berkshire is actually a little bit pricey right now, trading at 24.73 times operating earnings. According to YCharts, the S&amp;P 500 is currently at a 23.76 P/E ratio according to YCharts. So, if we assume that EBIT for Berkshire is equivalent to net income for a company that does not own securities, then Berkshire is more expensive than the S&amp;P 500. However, there are two points worth keeping in mind here: <ul> <li>The S&amp;P 500’s valuation is influenced by some very cheap banks and energy companies. Most U.S. megacaps are tech stocks and those typically trade at around 30 times earnings.</li> <li>Berkshire is well below the S&amp;P 500’s price/book ratio.</li> </ul> So, Berkshire is cheap compared to other mega-caps based on earnings, and very cheap compared to the markets based on assets. On the whole, this is a relatively modestly valued stock. It’s not as cheap as some banks and energy companies, but it’s definitely cheaper than big tech. In fact, if you take GAAP earnings as the best measure of earnings, then Berkshire is cheap, period, but again, management doesn’t consider that the best metric for evaluating its own stock. So, I’ll go with 24.73 as the “P/E” ratio, and say that Berkshire is modestly valued but not outright cheap. Discounted cash flows point in a somewhat different direction. According to Seeking Alpha Quant, Berkshire has $17,795 in free cash flow per A share, which translates to $11.87 in free cash flow per B share. If you assume no growth and discount that at the 10 year treasury yield (4%) you get only a $297 price target, which suggests that BRK.B stock right now is overvalued. Warren Buffett himself is a fan of using discounted cash flows to value stocks, so this point is worth keeping in mind. As we’ll see in the next section, though, there is reason to think that Berkshire will in fact grow. <h2>Growth</h2> If you’re used to looking at Berkshire Hathaway as a value stock, you might not think that it is going to deliver much growth. However, it has delivered a moderate amount of growth in recent years. According to Seeking Alpha Quant, the company’s five year CAGR growth rates in revenue, earnings, and book value are: <ul> <li>Revenue: 6.81%.</li> <li>GAAP net income: 12.8%.</li> <li>Normalized net income: 33%.</li> <li>Tangible book value: 11.3%.</li> </ul> Truth be told, Berkshire’s growth has been pretty decent! If you go back to the discounted cash flow exercise I did in the previous section and include a 10% growth assumption for just five years, with no growth assumed after that, then the price target rises to $372, which provides a little bit of upside to today’s prices. So, even if Berkshire’s growth slows down slightly, the stock may still have a bit of room to run. The above is the main reason why I like Berkshire stock even more than I did the last time I wrote about it, even though it's now technically more expensive. If we assume that Berkshire grows, it's worth the investment, and today, with oil prices rising, we know that the company's Occidental Petroleum (OXY) and Chevron (CVX) investments are likely to report higher earnings. So, there is a catalyst currently underway that should provide the growth that investors need. Similarly, there are long term factors that argue for Berkshire being able to achieve long term growth, such as the management team. Warren Buffett is one of the best investors of all time, with a 20% CAGR track record over six decades. Ted Weschler did over 30% CAGR over three decades in his Roth IRA. Ajit Jain built Berkshire Hathaway Specialty Insurance from the ground up--making it the only business in Berkshire History that was founded by Berkshire instead of acquired. Finally, Greg Abel holds $105 million of his own wealth in BRK.B, making him a manager with skin in the game. All these managers are great individually, to have several of them at one company is on a whole other level of excellence. Another Berkshire advantage when it comes to growth is its reputation for doing good deals. Business owners often want to sell to Berkshire, because they believe that Buffett will keep the business instead of raiding it for various parts. This fact has enabled Berkshire to score many lucrative deals over the years, such as BNSF, which the company bought for a tiny fraction of what it's worth today. <h2>Risks and Challenges</h2> As we’ve seen, Berkshire Hathaway is a stock with a roughly “average” valuation, good historical growth, and an excellent management team. The stock looks like a pretty good buy today if we assume that Buffett and his team can keep executing over the next few years. Nevertheless, there are several risks and challenges for investors to keep an eye on, including: <ul> <li>Rising interest rates. Berkshire Hathaway requires growth in order to be worth the investment using a discounted cash flow based valuation. If you assume no growth, the stock is not worth the investment, even if you use the treasury yield with no risk premium as the discount rate. The higher the treasury yield goes, the more growth Berkshire stock needs in order to be worth it. So, investors will want to keep a close eye on Berkshire’s earnings in the months and years ahead. If the company’s growth falters then its stock may decline in value. Ditto if long term treasury yields rise.</li> <li>Regulatory risk. A big part of Berkshire’s business is insurance, which is a highly regulated industry. So far, insurance regulations have not harmed the company. However, it’s possible to imagine future regulations that could. Berkshire used to own whole banks just like it currently owns whole insurance companies. It was forced to sell them off when the 1970 amendments to the Bank Holding Company Act were enacted, placing restrictions on what bank holding companies could own. Were similar rules to come to “insurance holding companies” like Berkshire, then BRK.B stock would lose its engine for generating float. That would likely impede performance over the long run.</li> </ul> The risks and challenges above are very real. When buying a stock at an all-time high, you always need to consider the possibility it will mean revert. The risk factors above could serve as catalyst for that to happen. For this reason, you may wish to use a stop loss order on BRK.B, give the position a small weighting, or even use protective puts. Any one of these strategies would help minimize your downside risk. Personally, I'm using the \"small weighting\" strategy--Berkshire is only about 3% of my portfolio. <div></div> Nevertheless, Berkshire Hathaway stock is cheap enough that I believe it has considerable long term upside. The company is very profitable and is growing at an admirable pace for a firm of its size. I’m content to own BRK.B stock for the time being.</body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway: Still Cheap At All-Time Highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway: Still Cheap At All-Time Highs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-16 15:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4635548-berkshire-hathaway-still-cheap-at-all-time-highs>seekingalpha</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nBerkshire Hathaway recently reached an all-time high, despite market conditions putting pressure on its biggest stock holding, Apple.The stock is not as cheap as it was in the past, but it is still a ...\n\n<a href=\"https://seekingalpha.com/article/4635548-berkshire-hathaway-still-cheap-at-all-time-highs\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/184769358/image_184769358.jpg","relate_stocks":{"SH":"标普500反向ETF","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","AAPL":"苹果","BK4559":"巴菲特持仓","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","OEX":"标普100","BK4512":"苹果概念",".SPX":"S&P 500 Index","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4550":"红杉资本持仓","LU0056508442.USD":"贝莱德世界科技基金A2","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","OXY":"西方石油","SPY":"标普500ETF","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","BK4176":"多领域控股","BK4201":"综合性石油与天然气企业","BK4515":"5G概念","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","SDS":"两倍做空标普500ETF","BRK.B":"伯克希尔B","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0971096721.USD":"富达环球金融服务 A","BRK.A":"伯克希尔","BK4570":"地缘局势概念股","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1 Acc SGD-H","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4571":"数字音乐概念","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","CVX":"雪佛龙","BK4566":"资本集团","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","UPRO":"三倍做多标普500ETF"},"source_url":"https://seekingalpha.com/article/4635548-berkshire-hathaway-still-cheap-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2367678912","content_text":"Berkshire Hathaway recently reached an all-time high, despite market conditions putting pressure on its biggest stock holding, Apple.The stock is not as cheap as it was in the past, but it is still a decent buy compared to other equities.Berkshire Hathaway is about fairly valued going by multiples. However, the company has delivered some growth in recent years.Currently, oil prices are rising. This is a catalyst that should drive earnings growth at Berkshire for at least the current quarter, and maybe longer. Warren Buffett Paul Morigi Berkshire Hathaway (NYSE:BRK.B) recently hit an all-time high. On September 13, it reached the lofty price of $370.84–for those not keeping track, that’s equivalent to $556,260 in terms of the Class A shares! Certainly, you would expect a legendary investor like Warren Buffett to hit new highs every now and then. But the market conditions under which Berkshire Hathaway hit its recent all-time high were unusual. Apple (AAPL) was under pressure when the high was achieved, and crude oil prices were raising the spectre of further Fed rate hikes. Granted, Berkshire is heavily invested in oil stocks, so it should benefit from rising oil prices more than most companies do, but higher interest rates should theoretically reduce the present value of Berkshire assets like Apple stock (the company’s single largest investment). At today’s prices, Berkshire Hathaway stock is not as cheap as the “value” names the company itself likes to buy. As I will show in the ensuing paragraphs, the stock is a little pricey compared to itself in the recent past–although not compared to the markets as a whole. Nevertheless, Berkshire Hathaway stock is still a decent buy today, compared to what’s out there in the world of equities. Certainly, investors could do well buying treasuries, as Berkshire is doing. However, investors who went all-in on treasuries would probably miss out on the opportunities present in individual stocks, which Berkshire has historically been able to capitalize on, even in times when the markets as a whole were richly valued. So, Berkshire may, over a very long period of time, prove to be a better investment than treasury bills–which are among the safest and highest yielding high-quality assets one can buy today. When I last covered Berkshire Hathaway, I wrote that the stock’s then-recent Q2 earnings results argued for buying it. Since then, the stock has risen 3.8%, and outperformed the S&P 500. My thesis for buying Berkshire a few months ago was vindicated, but the stock is more expensive now. So, it’s worth asking whether BRK.B is still worth buying today. In the ensuing paragraphs I explain why I not only still like Berkshire, but in fact like it more than I did when I last wrote about it, so much so that I’m upgrading my rating to ‘strong buy.’ Berkshire’s Multiples Berkshire is basically fairly valued if you value it using multiples. In the ensuing paragraphs, I will build up Berkshire’s multiples from scratch using the company’s financial statements, then calculate the stock’s multiples based on that. In past articles I’ve mainly been content to rely on multiples from Seeking Alpha Quant, but because Berkshire Hathaway is structured a little differently from other companies, I will calculate EPS and EBIT per share by hand, just so there is no confusion as to what really constitutes these metrics. Below you will see the financial statements used to come up with my figures: Berkshire 1H 2023 earnings (Berkshire Hathaway)Berkshire Q3 2022 earnings (Berkshire Hathaway)Berkshire Q4 2022 earnings (Berkshire Hathaway) Adding up the first half 2023 earnings along with the third and fourth quarter 2022 earnings, we get the following per share revenue/earnings figures: First half 2023 Q4 2022 Q3 2022 Trailing 12 month (“TTM”) Net income $71.4B $18.1B $-2.7B $86.9B EBIT $18.1B $6.7B $7.7B $32.5B Shares outstanding 2.174B 2.195B 2.2B 2.174B EPS $32.77 $8.27 $-1.22 $41.04 EBIT per share $8.32 $3.05 $3.5 $14.87 Click to enlarge Berkshire Hathaway Class B shares closed at $367.86 on Friday. Using this price, we get the following multiples (P/E and price/EBIT calculated by the author, price/sales and price/book from Seeking Alpha Quant): P/E: 8.96. Price/EBIT: 24.73. Price/sales: 2.46. Price/book: 1.32. Now, using the P/E ratio, we’d conclude that Berkshire Hathaway stock is currently extremely cheap. However, Warren Buffett and Charlie Munger have repeatedly advised investors not to use GAAP earnings when valuing Berkshire stock, because their large stock portfolio causes huge non-cash swings in earnings. Instead, they say to use EBIT in place of earnings, and going by the “price/EBIT” ratio, Berkshire is actually a little bit pricey right now, trading at 24.73 times operating earnings. According to YCharts, the S&P 500 is currently at a 23.76 P/E ratio according to YCharts. So, if we assume that EBIT for Berkshire is equivalent to net income for a company that does not own securities, then Berkshire is more expensive than the S&P 500. However, there are two points worth keeping in mind here: The S&P 500’s valuation is influenced by some very cheap banks and energy companies. Most U.S. megacaps are tech stocks and those typically trade at around 30 times earnings. Berkshire is well below the S&P 500’s price/book ratio. So, Berkshire is cheap compared to other mega-caps based on earnings, and very cheap compared to the markets based on assets. On the whole, this is a relatively modestly valued stock. It’s not as cheap as some banks and energy companies, but it’s definitely cheaper than big tech. In fact, if you take GAAP earnings as the best measure of earnings, then Berkshire is cheap, period, but again, management doesn’t consider that the best metric for evaluating its own stock. So, I’ll go with 24.73 as the “P/E” ratio, and say that Berkshire is modestly valued but not outright cheap. Discounted cash flows point in a somewhat different direction. According to Seeking Alpha Quant, Berkshire has $17,795 in free cash flow per A share, which translates to $11.87 in free cash flow per B share. If you assume no growth and discount that at the 10 year treasury yield (4%) you get only a $297 price target, which suggests that BRK.B stock right now is overvalued. Warren Buffett himself is a fan of using discounted cash flows to value stocks, so this point is worth keeping in mind. As we’ll see in the next section, though, there is reason to think that Berkshire will in fact grow. Growth If you’re used to looking at Berkshire Hathaway as a value stock, you might not think that it is going to deliver much growth. However, it has delivered a moderate amount of growth in recent years. According to Seeking Alpha Quant, the company’s five year CAGR growth rates in revenue, earnings, and book value are: Revenue: 6.81%. GAAP net income: 12.8%. Normalized net income: 33%. Tangible book value: 11.3%. Truth be told, Berkshire’s growth has been pretty decent! If you go back to the discounted cash flow exercise I did in the previous section and include a 10% growth assumption for just five years, with no growth assumed after that, then the price target rises to $372, which provides a little bit of upside to today’s prices. So, even if Berkshire’s growth slows down slightly, the stock may still have a bit of room to run. The above is the main reason why I like Berkshire stock even more than I did the last time I wrote about it, even though it's now technically more expensive. If we assume that Berkshire grows, it's worth the investment, and today, with oil prices rising, we know that the company's Occidental Petroleum (OXY) and Chevron (CVX) investments are likely to report higher earnings. So, there is a catalyst currently underway that should provide the growth that investors need. Similarly, there are long term factors that argue for Berkshire being able to achieve long term growth, such as the management team. Warren Buffett is one of the best investors of all time, with a 20% CAGR track record over six decades. Ted Weschler did over 30% CAGR over three decades in his Roth IRA. Ajit Jain built Berkshire Hathaway Specialty Insurance from the ground up--making it the only business in Berkshire History that was founded by Berkshire instead of acquired. Finally, Greg Abel holds $105 million of his own wealth in BRK.B, making him a manager with skin in the game. All these managers are great individually, to have several of them at one company is on a whole other level of excellence. Another Berkshire advantage when it comes to growth is its reputation for doing good deals. Business owners often want to sell to Berkshire, because they believe that Buffett will keep the business instead of raiding it for various parts. This fact has enabled Berkshire to score many lucrative deals over the years, such as BNSF, which the company bought for a tiny fraction of what it's worth today. Risks and Challenges As we’ve seen, Berkshire Hathaway is a stock with a roughly “average” valuation, good historical growth, and an excellent management team. The stock looks like a pretty good buy today if we assume that Buffett and his team can keep executing over the next few years. Nevertheless, there are several risks and challenges for investors to keep an eye on, including: Rising interest rates. Berkshire Hathaway requires growth in order to be worth the investment using a discounted cash flow based valuation. If you assume no growth, the stock is not worth the investment, even if you use the treasury yield with no risk premium as the discount rate. The higher the treasury yield goes, the more growth Berkshire stock needs in order to be worth it. So, investors will want to keep a close eye on Berkshire’s earnings in the months and years ahead. If the company’s growth falters then its stock may decline in value. Ditto if long term treasury yields rise. Regulatory risk. A big part of Berkshire’s business is insurance, which is a highly regulated industry. So far, insurance regulations have not harmed the company. However, it’s possible to imagine future regulations that could. Berkshire used to own whole banks just like it currently owns whole insurance companies. It was forced to sell them off when the 1970 amendments to the Bank Holding Company Act were enacted, placing restrictions on what bank holding companies could own. Were similar rules to come to “insurance holding companies” like Berkshire, then BRK.B stock would lose its engine for generating float. That would likely impede performance over the long run. The risks and challenges above are very real. When buying a stock at an all-time high, you always need to consider the possibility it will mean revert. The risk factors above could serve as catalyst for that to happen. For this reason, you may wish to use a stop loss order on BRK.B, give the position a small weighting, or even use protective puts. Any one of these strategies would help minimize your downside risk. Personally, I'm using the \"small weighting\" strategy--Berkshire is only about 3% of my portfolio. Nevertheless, Berkshire Hathaway stock is cheap enough that I believe it has considerable long term upside. The company is very profitable and is growing at an admirable pace for a firm of its size. I’m content to own BRK.B stock for the time being.","news_type":1},"isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":220275499511920,"gmtCreate":1694799595505,"gmtModify":1694813848000,"author":{"id":"4157784084640262","authorId":"4157784084640262","name":"Branda Maris","avatar":"https://community-static.tradeup.com/news/b734db10ec8e2cc10af9939a76922097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4157784084640262","authorIdStr":"4157784084640262"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>Economical Significant Society Leading Industrial Revolution Developed And Projected Leadership Reviewing Opportunities For Transistors Trucksloads Investing Holders Hopefully Participate On Legitimate Brokers As Speculative Monetary Systems.&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>Economical Significant Society Leading Industrial Revolution Developed And Projected Leadership Reviewing Opportunities For Transistors Trucksloads Investing Holders Hopefully Participate On Legitimate Brokers As Speculative Monetary Systems.&nbsp;","text":"$NVIDIA Corp(NVDA)$ Economical Significant Society Leading Industrial Revolution Developed And Projected Leadership Reviewing Opportunities For Transistors Trucksloads Investing Holders Hopefully Participate On Legitimate Brokers As Speculative Monetary Systems.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/220275499511920","isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":219788153499744,"gmtCreate":1694689417575,"gmtModify":1694691032519,"author":{"id":"4157784084640262","authorId":"4157784084640262","name":"Branda Maris","avatar":"https://community-static.tradeup.com/news/b734db10ec8e2cc10af9939a76922097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4157784084640262","authorIdStr":"4157784084640262"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$&nbsp;</a>people can bash bitcoin cryptocurrency like they did before it jumped to $63,000 and they asses mouths were dropped looking stupid and missed out on that amazing millionaire maker opportunity as people who invested in bitcoin, were laughing at you walk into the bank, so go ahead and keep bashing it because I’ll be the one laughing at you walking to the bank blahhhhha&nbsp;","listText":"<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$&nbsp;</a>people can bash bitcoin cryptocurrency like they did before it jumped to $63,000 and they asses mouths were dropped looking stupid and missed out on that amazing millionaire maker opportunity as people who invested in bitcoin, were laughing at you walk into the bank, so go ahead and keep bashing it because I’ll be the one laughing at you walking to the bank blahhhhha&nbsp;","text":"$S&P 500(.SPX)$ people can bash bitcoin cryptocurrency like they did before it jumped to $63,000 and they asses mouths were dropped looking stupid and missed out on that amazing millionaire maker opportunity as people who invested in bitcoin, were laughing at you walk into the bank, so go ahead and keep bashing it because I’ll be the one laughing at you walking to the bank blahhhhha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/219788153499744","isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":219800639316104,"gmtCreate":1694681659123,"gmtModify":1694684164303,"author":{"id":"4157784084640262","authorId":"4157784084640262","name":"Branda Maris","avatar":"https://community-static.tradeup.com/news/b734db10ec8e2cc10af9939a76922097","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4157784084640262","authorIdStr":"4157784084640262"},"themes":[],"htmlText":"Active Trader&nbsp;","listText":"Active Trader&nbsp;","text":"Active Trader","images":[{"img":"https://community-static.tradeup.com/news/df426a4fa2c75b903b10c63fc77b27ec","width":"840","height":"2383"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/219800639316104","isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}