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JonLucky
2021-02-11
It's inevitable
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JonLucky
2021-12-31
Indeed, it appears this vehicle will have to gingerly navigate the potholes ahead to emerge on the other side successfully.
The Ride Could Get Bumpy For Lucid Motors Stock<blockquote>Lucid Motors股票的走势可能会变得坎坷</blockquote>
JonLucky
2021-12-30
It's a paradox, but Simba will solve that in the end.
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JonLucky
2021-12-30
Bullish or just bullshit. Time will tell.
Foundry for Crypto Is a Game Changer for Palantir Stock<blockquote>加密货币代工厂是Palantir股票的游戏规则改变者</blockquote>
JonLucky
2021-12-29
It's either an Albatross or a Crow
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JonLucky
2021-12-29
CurALeaf makes a deal to Cure-a-leaf
Cannabis Leader Curaleaf Makes a Major Expansion Play<blockquote>大麻领导者Curaleaf进行重大扩张</blockquote>
JonLucky
2021-12-27
The sting from a thousand ants is no less painful, nor less deadlier, than a sting from a big bad bee.
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JonLucky
2021-12-26
Not all matches are made in heaven
A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大合作伙伴关系一年后,Ocugen的处境很糟糕</blockquote>
JonLucky
2021-12-25
Why not just have them both
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JonLucky
2021-12-25
Mostly highly unlikely, but highly unlikely tiny when they occur.
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JonLucky
2021-12-25
It's a matter of time
@ngjr90:
$STI ETF(ES3.SI)$
Will it breakeven?
JonLucky
2021-12-24
Final hurrah before bringing for Christmas weekend
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JonLucky
2021-12-23
This technology is already outdated. People's interests have already shifted.
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JonLucky
2021-12-23
Pre-Christmas bounty to power up for the coming year
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JonLucky
2021-12-22
Lengthy but well argued. But I wonder what Warren Buffet would actually do.
Why Buffett Should Sell Berkshire's Apple Stake<blockquote>为什么巴菲特应该出售苹果股份</blockquote>
JonLucky
2021-12-18
A force to reckon
1 Unstoppable Stock to Buy Before 2022<blockquote>2022年之前值得购买的1只势不可挡的股票</blockquote>
JonLucky
2021-12-18
The golden quest, separating winners from losers. It's a mix of science, art and a bit of luck.
Wedbush's Dan Ives: Don't throw in the towel on tech<blockquote>韦德布什的丹·艾夫斯:不要在科技上认输</blockquote>
JonLucky
2021-12-16
It's a tricky balancing act of balancing expectations against actual conditions. Hope we all enjoy the ride in the coming months.
Fed heads for the exits despite Omicron. Who will follow?<blockquote>尽管有奥密克戎,美联储仍将退出。谁会跟随?</blockquote>
JonLucky
2021-12-15
Conflicting contradictory confusing messages. I'm worse off now than before I read this article.
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JonLucky
2021-12-14
It's impossible to know the unknown unknowns until they let themselves known.
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JonLucky
2021-12-12
All of 'em still highly unprofitable. Hmm... I'll drink to that! 🍻
US IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周:三周IPO中的物联网解决方案、葡萄酒和卫星</blockquote>
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,"htmlText":"It's inevitable ","listText":"It's inevitable ","text":"It's inevitable","images":[],"top":2,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/388338218","repostId":"2110416000","repostType":4,"isVote":1,"tweetType":1,"viewCount":3079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":692689284,"gmtCreate":1640940435257,"gmtModify":1640940436360,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Indeed, it appears this vehicle will have to gingerly navigate the potholes ahead to emerge on the other side successfully.","listText":"Indeed, it appears this vehicle will have to gingerly navigate the potholes ahead to emerge on the other side successfully.","text":"Indeed, it appears this vehicle will have to gingerly navigate the potholes ahead to emerge on the other side successfully.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692689284","repostId":"1161129852","repostType":4,"repost":{"id":"1161129852","kind":"news","pubTimestamp":1640936405,"share":"https://www.laohu8.com/m/news/1161129852?lang=zh_CN&edition=full","pubTime":"2021-12-31 15:40","market":"us","language":"en","title":"The Ride Could Get Bumpy For Lucid Motors Stock<blockquote>Lucid Motors股票的走势可能会变得坎坷</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161129852","media":"InvestorPlace","summary":"The fate of LCID stock in 2022 hinges on whether investor sentiment holds for EVs","content":"<p><div> It’s an understatement to say Lucid Group (NASDAQ:LCID) and LCID stock had a very good 2021. But will this be the case for 2022? It depends on two things happening.First, the EV maker will need to ...</p><p><blockquote><div>可以轻描淡写地说,Lucid Group(纳斯达克:LCID)和LCID股票在2021年表现非常好。但2022年会是这样吗?这取决于两件事的发生。首先,电动汽车制造商需要……</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/lcid-stock-ride-could-get-bumpy/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/lcid-stock-ride-could-get-bumpy/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Ride Could Get Bumpy For Lucid Motors Stock<blockquote>Lucid Motors股票的走势可能会变得坎坷</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Ride Could Get Bumpy For Lucid Motors Stock<blockquote>Lucid Motors股票的走势可能会变得坎坷</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-31 15:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> It’s an understatement to say Lucid Group (NASDAQ:LCID) and LCID stock had a very good 2021. But will this be the case for 2022? It depends on two things happening.First, the EV maker will need to ...</p><p><blockquote><div>可以轻描淡写地说,Lucid Group(纳斯达克:LCID)和LCID股票在2021年表现非常好。但2022年会是这样吗?这取决于两件事的发生。首先,电动汽车制造商需要……</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/lcid-stock-ride-could-get-bumpy/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/lcid-stock-ride-could-get-bumpy/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://investorplace.com/2021/12/lcid-stock-ride-could-get-bumpy/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"source_url":"https://investorplace.com/2021/12/lcid-stock-ride-could-get-bumpy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161129852","content_text":"It’s an understatement to say Lucid Group (NASDAQ:LCID) and LCID stock had a very good 2021. But will this be the case for 2022? It depends on two things happening.First, the EV maker will need to continue making progress at the same pace it’s been doing so lately. Second, and more importantly, its performance in 2022 hinges heavily on investor sentiment for vehicle electrification plays.The first factor appears likely to pan out, even if it’s unclear whether Lucid can commence mass production without facing too many hiccups and hurdles. However, the jury’s still out on the second factor.Based on how EV stocks are stabilizing, it may seem a bit alarmist to believe more deflation of the EV bubble is set to happen. Yet if the market conditions that created this bubble in the first continue to change, another round of big declines may lie ahead for Lucid, along with the higher prominent electric vehicle names like Tesla(NASDAQ:TSLA) and Rivian(NASDAQ:RIVN).If you’re bullish on the EV megatrend, you may believe LCID stock is a winner that will keep on winning. But it’s important to keep in mind how changing sentiment could affect its performance.The Latest With LCID StockSettling down after its late November/early December slide, Lucid is finishing up the year quietly. Two more positive developments ($1.75 billion convertible debt offering,inclusion in the NASDAQ-100 index) helped to counter more negative news, such as its disclosure of a Securities and Exchange Commission subpoena about the special purpose acquisition company (SPAC) deal that took it public earlier this year.With this, plus the market calming down with its omicron/Fed worries, LCID stock has found support. As of this writing, it’s trading between $35 and $40 per share. But while the stock was a big winner in 2021 (up 280%), this may not be the case in 2022.Again, concerns are not so much due to the risk that it drops the ball in the next 12 months. Based on how successful its execution has been this year, it’s hard to doubt that Lucid will meet its production goals for the next two years (20,000 vehicles in 2022, 50,000 vehicles in 2023).Yet if in the months ahead, bullishness for EV plays continues to cool down? Meeting and/or beating near-term expectations may not be enough for it to hold onto its rich valuation.Rising Rates Could Still Keep Lucid in ReverseThe market’s appetite for growth stocks played a big role in sending LCID stock to the moon this year. However, based on how sentiment is shifting, this may not continue in the months ahead.That is, market environment is more likely to become more unfavorable to growth stocks. As the Federal Reserve continues to take on a more hawkish tone, mentioning faster tapering and rate hikes for 2022, growth stocks are going to continue to lose their luster.In turn,the pivot away from riskier assets like early-stage growth stocks will carry on. Firmly in that category, EV stocks like Lucid will likely face more downward pressure. This could far outweigh company-specific positives, such as the budding automaker successfully ramping up production, or wowing Wall Street with its delivery numbers.To what extent could that affect LCID stock over the next 12 months? At this point, it’s hard to tell. We could see EV stocks experience an extended sell-off, much like what happened with internet stocks following the bursting of the dot-com bubble. As you may recall, even the dot-com winners in the making, like Amazon(NASDAQ:AMZN), saw massive drawdowns and took many years to get back to their respective high-water marks.The Bottom LineBased upon its success this year, it’s easy to be confident things will continue to work out favorably for Lucid. Yet whether that happens to LCID stock as well remains to be seen. The winds are blowing differently today than they were as recently as late November.A return to normal for Fed monetary policy may signal the end of the epic run growth stocks have gone on since the start of the coronavirus pandemic. As the market’s view on EV stocks is in the driver’s seat, what’s the takeaway?Before buying LCID stock just on your bullishness for the EV trend, take a read of the room. If it appears the cycling out of growth stocks will continue, it’s best to wait before buying it.","news_type":1,"symbols_score_info":{"LCID":0.9}},"isVote":1,"tweetType":1,"viewCount":3869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692313110,"gmtCreate":1640846090463,"gmtModify":1640846091493,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's a paradox, but Simba will solve that in the end. ","listText":"It's a paradox, but Simba will solve that in the end. ","text":"It's a paradox, but Simba will solve that in the end.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692313110","repostId":"1193773446","repostType":4,"isVote":1,"tweetType":1,"viewCount":2857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692337352,"gmtCreate":1640845199307,"gmtModify":1640845602294,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Bullish or just bullshit. Time will tell. ","listText":"Bullish or just bullshit. Time will tell. ","text":"Bullish or just bullshit. Time will tell.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692337352","repostId":"1150743331","repostType":4,"repost":{"id":"1150743331","kind":"news","pubTimestamp":1640842556,"share":"https://www.laohu8.com/m/news/1150743331?lang=zh_CN&edition=full","pubTime":"2021-12-30 13:35","market":"us","language":"en","title":"Foundry for Crypto Is a Game Changer for Palantir Stock<blockquote>加密货币代工厂是Palantir股票的游戏规则改变者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150743331","media":"InvestorPlace","summary":"Palantir(NYSE:PLTR) stock is a thoroughbred growth stock. It has an asset-light business model, soli","content":"<p><div> Palantir(NYSE:PLTR) stock is a thoroughbred growth stock. It has an asset-light business model, solid government contracts, and a staggering amount of cash.In recently reported earnings,it hit the ...</p><p><blockquote><div>Palantir(纽约证券交易所股票代码:PLTR)股票是一只纯种成长型股票。它拥有轻资产的商业模式、可靠的政府合同和数量惊人的现金。在最近公布的收益中,它达到了...</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/foundry-for-crypto-is-a-game-changer-for-pltr-stock/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/foundry-for-crypto-is-a-game-changer-for-pltr-stock/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foundry for Crypto Is a Game Changer for Palantir Stock<blockquote>加密货币代工厂是Palantir股票的游戏规则改变者</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFoundry for Crypto Is a Game Changer for Palantir Stock<blockquote>加密货币代工厂是Palantir股票的游戏规则改变者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-30 13:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Palantir(NYSE:PLTR) stock is a thoroughbred growth stock. It has an asset-light business model, solid government contracts, and a staggering amount of cash.In recently reported earnings,it hit the ...</p><p><blockquote><div>Palantir(纽约证券交易所股票代码:PLTR)股票是一只纯种成长型股票。它拥有轻资产的商业模式、可靠的政府合同和数量惊人的现金。在最近公布的收益中,它达到了...</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/foundry-for-crypto-is-a-game-changer-for-pltr-stock/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/foundry-for-crypto-is-a-game-changer-for-pltr-stock/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://investorplace.com/2021/12/foundry-for-crypto-is-a-game-changer-for-pltr-stock/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://investorplace.com/2021/12/foundry-for-crypto-is-a-game-changer-for-pltr-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150743331","content_text":"Palantir(NYSE:PLTR) stock is a thoroughbred growth stock. It has an asset-light business model, solid government contracts, and a staggering amount of cash.In recently reported earnings,it hit the ball out of the park once again. Both revenue and earnings figures beat analyst estimates. And guidance was also upbeat. Then why has PLTR stock lost a third of its value in a recent sell-off?Well, here is where it gets interesting.Investors are demanding when it comes to Palantir. They saw the potential, and they liked it. After all, that is what drove them in droves to the stock when it made its colossal debut last year. Much like every other tech IPOthese days, investors made money hand over fist.But there are a few things peeving stockholders. First, they want the commercial business to start producing the goods. Palantir has an excellent record when it comes to government contracts. But the commercial business is not as successful. Investors want diversification in the revenue mix. Hence, it is a major factor affecting investor sentiment.Potential regulatory activity is the other issue hanging over PLTR stock like a dark cloud. Due to the close association of Palantir and the defense establishment,certain members of Congress have taken issue with the big data company. In particular, the company’s contracts with the U.S. Immigration and Customs Enforcement (ICE) have come under fire.However, Palantir is a solid enterprise that is consistently expanding. For example, Palantir has developed a new service that will support compliance regulations for cryptocurrencies. Cryptocurrencies are a hot commodity with an exciting future ahead. With cryptocurrencies being so popular and institutional adoption legitimizing this new industry, it is a potential game changer. The rest of its business is also growing nicely.Palantir’s Expanding Commercial BusinessPalantir offers multiple products to companies and governments for improving information gathering, operational capabilities. Its various platforms have wide applications across industries. The U.S military and other government agencies use Palantir’s investigative analysis capabilities to solve crime in America, abroad, or anywhere where users can apply its data-driven software.The use of AI in government is widespread. With their Gotham platform, large organizations like Palantir have made it possible for them to integrate massive amounts of data into one operating system, which these powerful programs can then analyze – it allows analysts to perform due diligence on a massive amount of data at lightning speed.Palantir’sFoundry option is a simple data pipeline that brings together back-end and front-end information so you can access it with ease. This breaks down barriers to understanding. It is especially helpful for those who need help managing or analyzing large sets on their own, whether they’re in corporate America looking at customer relationships across departments or an intelligence agency trying to make sense of unforeseen threats before they happen.Palantir is expanding its Foundry offering in a big way. The company rolled out “Foundry for Builders,” an end-to-end analytics platform targeting startup companies. Palantir has added 10 more companies to its Foundry for Builders SaaS platform in October of this year – startups from all over are now using it as their go-to growth accelerator.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":3456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696704396,"gmtCreate":1640761048662,"gmtModify":1640761049676,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's either an Albatross or a Crow","listText":"It's either an Albatross or a Crow","text":"It's either an Albatross or a Crow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696704396","repostId":"2194435036","repostType":4,"isVote":1,"tweetType":1,"viewCount":3379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696702386,"gmtCreate":1640760631883,"gmtModify":1640760632938,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"CurALeaf makes a deal to Cure-a-leaf ","listText":"CurALeaf makes a deal to Cure-a-leaf ","text":"CurALeaf makes a deal to Cure-a-leaf","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696702386","repostId":"1187597556","repostType":4,"repost":{"id":"1187597556","kind":"news","pubTimestamp":1640759811,"share":"https://www.laohu8.com/m/news/1187597556?lang=zh_CN&edition=full","pubTime":"2021-12-29 14:36","market":"us","language":"en","title":"Cannabis Leader Curaleaf Makes a Major Expansion Play<blockquote>大麻领导者Curaleaf进行重大扩张</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187597556","media":"TheStreet","summary":"The largest cannabis company in the country, Curaleaf(CURLF), plans to acquire Bloom Dispensaries in","content":"<p>The largest cannabis company in the country, Curaleaf(<b>CURLF</b>), plans to acquire Bloom Dispensaries in its efforts to grow its Arizona market.</p><p><blockquote>该国最大的大麻公司Curaleaf(<b>库尔夫</b>),计划收购Bloom Dispensaries,以努力扩大其亚利桑那州市场。</blockquote></p><p> As part of an all-cash deal valued at $211 million, the Wakefield, Mass.-based Curaleaf committed to purchasing the Arizona-based marijuana dispenser and two processing facilities Phoenix and multiple dispensaries in Tucson, Peoria, and Sedona.</p><p><blockquote>作为价值2.11亿美元的全现金交易的一部分,总部位于马萨诸塞州韦克菲尔德的Curaleaf承诺购买总部位于亚利桑那州的大麻分配器和凤凰城的两个加工设施以及图森、皮奥里亚和塞多纳的多个药房。</blockquote></p><p> The deal is expected to close in January 2022 after regulator approval.</p><p><blockquote>该交易预计将在监管机构批准后于2022年1月完成。</blockquote></p><p> <b>Curaleaf Has Big Expansion Plans</b></p><p><blockquote><b>Curaleaf有重大扩张计划</b></blockquote></p><p> The move is part of Curaleaf's larger plan to expand its reach in different parts of the country and Arizona in particular — the Bloom acquisition will bring it up to 16 dispensaries in Arizona and 128 across the country.</p><p><blockquote>此举是Curaleaf扩大其在美国不同地区,特别是亚利桑那州业务范围的更大计划的一部分——收购Bloom将使其在亚利桑那州拥有16家药房,在全国拥有128家药房。</blockquote></p><p> It chose Bloom, which is expected to generate $66 million in revenue and EBITDA margins of more than 40%, for its \"attractive financial profile.\"</p><p><blockquote>它选择Bloom是因为其“有吸引力的财务状况”,预计该公司将产生6600万美元的收入和超过40%的EBITDA利润率。</blockquote></p><p> \"Bloom has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position and ability to continue gaining share in the highly attractive Arizona market,\" Curaleaf CEO Joseph Bayern said in a press statement.</p><p><blockquote>Curaleaf首席执行官约瑟夫·拜仁(Joseph Bayern)在一份新闻声明中表示:“Bloom已经建立了强大且盈利的业务,我们相信两家公司的合并将增强我们的竞争地位和继续在极具吸引力的亚利桑那州市场获得份额的能力。”</blockquote></p><p> <b>How Is Curaleaf Paying for the Deal?</b></p><p><blockquote><b>Curaleaf如何支付这笔交易?</b></blockquote></p><p> Curaleaf will initially pay out $51 million in cash at closing. For the rest, it signed promissory notes of $50 million, $50 million, and $60 million due on the first, second, and third anniversary of the close.</p><p><blockquote>Curaleaf最初将在交易结束时支付5100万美元现金。对于其余的,它签署了5000万美元、5000万美元和6000万美元的本票,分别在交割的一周年、二周年和三周年到期。</blockquote></p><p> News of the acquisition has not had an upward effect on the company's value. Curaleaf is 34.33% to $8.48 year-over-year and down 2.59% since this morning.</p><p><blockquote>收购消息并未对公司价值产生上行影响。Curaleaf同比上涨34.33%,至8.48美元,自今天上午以来下跌2.59%。</blockquote></p><p> \"In addition to bolstering our strong position in this key growth market with an attractive portfolio of retail and cultivation assets, Bloom will be immediately accretive to our adjusted EBITDA margins upon close,\" says Curaleaf Executive Chairman Boris Jordan.</p><p><blockquote>Curaleaf执行主席鲍里斯·乔丹(Boris Jordan)表示:“除了通过有吸引力的零售和种植资产组合巩固我们在这个关键增长市场的强势地位外,Bloom还将在交易结束后立即提高我们调整后的EBITDA利润率。”</blockquote></p><p></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>Cannabis Leader Curaleaf Makes a Major Expansion Play<blockquote>大麻领导者Curaleaf进行重大扩张</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCannabis Leader Curaleaf Makes a Major Expansion Play<blockquote>大麻领导者Curaleaf进行重大扩张</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-29 14:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The largest cannabis company in the country, Curaleaf(<b>CURLF</b>), plans to acquire Bloom Dispensaries in its efforts to grow its Arizona market.</p><p><blockquote>该国最大的大麻公司Curaleaf(<b>库尔夫</b>),计划收购Bloom Dispensaries,以努力扩大其亚利桑那州市场。</blockquote></p><p> As part of an all-cash deal valued at $211 million, the Wakefield, Mass.-based Curaleaf committed to purchasing the Arizona-based marijuana dispenser and two processing facilities Phoenix and multiple dispensaries in Tucson, Peoria, and Sedona.</p><p><blockquote>作为价值2.11亿美元的全现金交易的一部分,总部位于马萨诸塞州韦克菲尔德的Curaleaf承诺购买总部位于亚利桑那州的大麻分配器和凤凰城的两个加工设施以及图森、皮奥里亚和塞多纳的多个药房。</blockquote></p><p> The deal is expected to close in January 2022 after regulator approval.</p><p><blockquote>该交易预计将在监管机构批准后于2022年1月完成。</blockquote></p><p> <b>Curaleaf Has Big Expansion Plans</b></p><p><blockquote><b>Curaleaf有重大扩张计划</b></blockquote></p><p> The move is part of Curaleaf's larger plan to expand its reach in different parts of the country and Arizona in particular — the Bloom acquisition will bring it up to 16 dispensaries in Arizona and 128 across the country.</p><p><blockquote>此举是Curaleaf扩大其在美国不同地区,特别是亚利桑那州业务范围的更大计划的一部分——收购Bloom将使其在亚利桑那州拥有16家药房,在全国拥有128家药房。</blockquote></p><p> It chose Bloom, which is expected to generate $66 million in revenue and EBITDA margins of more than 40%, for its \"attractive financial profile.\"</p><p><blockquote>它选择Bloom是因为其“有吸引力的财务状况”,预计该公司将产生6600万美元的收入和超过40%的EBITDA利润率。</blockquote></p><p> \"Bloom has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position and ability to continue gaining share in the highly attractive Arizona market,\" Curaleaf CEO Joseph Bayern said in a press statement.</p><p><blockquote>Curaleaf首席执行官约瑟夫·拜仁(Joseph Bayern)在一份新闻声明中表示:“Bloom已经建立了强大且盈利的业务,我们相信两家公司的合并将增强我们的竞争地位和继续在极具吸引力的亚利桑那州市场获得份额的能力。”</blockquote></p><p> <b>How Is Curaleaf Paying for the Deal?</b></p><p><blockquote><b>Curaleaf如何支付这笔交易?</b></blockquote></p><p> Curaleaf will initially pay out $51 million in cash at closing. For the rest, it signed promissory notes of $50 million, $50 million, and $60 million due on the first, second, and third anniversary of the close.</p><p><blockquote>Curaleaf最初将在交易结束时支付5100万美元现金。对于其余的,它签署了5000万美元、5000万美元和6000万美元的本票,分别在交割的一周年、二周年和三周年到期。</blockquote></p><p> News of the acquisition has not had an upward effect on the company's value. Curaleaf is 34.33% to $8.48 year-over-year and down 2.59% since this morning.</p><p><blockquote>收购消息并未对公司价值产生上行影响。Curaleaf同比上涨34.33%,至8.48美元,自今天上午以来下跌2.59%。</blockquote></p><p> \"In addition to bolstering our strong position in this key growth market with an attractive portfolio of retail and cultivation assets, Bloom will be immediately accretive to our adjusted EBITDA margins upon close,\" says Curaleaf Executive Chairman Boris Jordan.</p><p><blockquote>Curaleaf执行主席鲍里斯·乔丹(Boris Jordan)表示:“除了通过有吸引力的零售和种植资产组合巩固我们在这个关键增长市场的强势地位外,Bloom还将在交易结束后立即提高我们调整后的EBITDA利润率。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.thestreet.com/investing/curaleaf-buys-bloom-dispensaries-for-211-million?puc=yahoo&cm_ven=YAHOO\">TheStreet</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CURLF":"Curaleaf Holdings, Inc."},"source_url":"https://www.thestreet.com/investing/curaleaf-buys-bloom-dispensaries-for-211-million?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187597556","content_text":"The largest cannabis company in the country, Curaleaf(CURLF), plans to acquire Bloom Dispensaries in its efforts to grow its Arizona market.\nAs part of an all-cash deal valued at $211 million, the Wakefield, Mass.-based Curaleaf committed to purchasing the Arizona-based marijuana dispenser and two processing facilities Phoenix and multiple dispensaries in Tucson, Peoria, and Sedona.\nThe deal is expected to close in January 2022 after regulator approval.\nCuraleaf Has Big Expansion Plans\nThe move is part of Curaleaf's larger plan to expand its reach in different parts of the country and Arizona in particular — the Bloom acquisition will bring it up to 16 dispensaries in Arizona and 128 across the country.\nIt chose Bloom, which is expected to generate $66 million in revenue and EBITDA margins of more than 40%, for its \"attractive financial profile.\"\n\"Bloom has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position and ability to continue gaining share in the highly attractive Arizona market,\" Curaleaf CEO Joseph Bayern said in a press statement.\nHow Is Curaleaf Paying for the Deal?\nCuraleaf will initially pay out $51 million in cash at closing. For the rest, it signed promissory notes of $50 million, $50 million, and $60 million due on the first, second, and third anniversary of the close.\nNews of the acquisition has not had an upward effect on the company's value. Curaleaf is 34.33% to $8.48 year-over-year and down 2.59% since this morning.\n\"In addition to bolstering our strong position in this key growth market with an attractive portfolio of retail and cultivation assets, Bloom will be immediately accretive to our adjusted EBITDA margins upon close,\" says Curaleaf Executive Chairman Boris Jordan.","news_type":1,"symbols_score_info":{"CURLF":0.9}},"isVote":1,"tweetType":1,"viewCount":3740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696012684,"gmtCreate":1640573247955,"gmtModify":1640573248985,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"The sting from a thousand ants is no less painful, nor less deadlier, than a sting from a big bad bee.","listText":"The sting from a thousand ants is no less painful, nor less deadlier, than a sting from a big bad bee.","text":"The sting from a thousand ants is no less painful, nor less deadlier, than a sting from a big bad bee.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696012684","repostId":"2194177711","repostType":4,"isVote":1,"tweetType":1,"viewCount":4054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698470795,"gmtCreate":1640515785322,"gmtModify":1640515786372,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Not all matches are made in heaven ","listText":"Not all matches are made in heaven ","text":"Not all matches are made in heaven","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698470795","repostId":"1144001147","repostType":4,"repost":{"id":"1144001147","kind":"news","pubTimestamp":1640485026,"share":"https://www.laohu8.com/m/news/1144001147?lang=zh_CN&edition=full","pubTime":"2021-12-26 10:17","market":"us","language":"en","title":"A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大合作伙伴关系一年后,Ocugen的处境很糟糕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144001147","media":"InvestorPlace","summary":"In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, t","content":"<p><div> In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, the stock has surged by over 500%. The stock’s ascent began after Dec. 21, 2020 — starting from there...</p><p><blockquote><div>去年,Ocugen(纳斯达克股票代码:OCGN)股票仍然是表现最好的股票之一。在此期间,该股已大涨超500%。该股的上涨始于2020年12月21日之后——从那里开始……</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大合作伙伴关系一年后,Ocugen的处境很糟糕</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Year After Announcing a Big Partnership, Ocugen Is in a Sorry State<blockquote>宣布大合作伙伴关系一年后,Ocugen的处境很糟糕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-26 10:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, the stock has surged by over 500%. The stock’s ascent began after Dec. 21, 2020 — starting from there...</p><p><blockquote><div>去年,Ocugen(纳斯达克股票代码:OCGN)股票仍然是表现最好的股票之一。在此期间,该股已大涨超500%。该股的上涨始于2020年12月21日之后——从那里开始……</div></blockquote></p><p> <a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页链接</a> </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OCGN":"Ocugen"},"source_url":"https://investorplace.com/2021/12/a-year-after-its-big-partnership-with-bharat-ocgn-stock-is-in-a-sorry-state/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144001147","content_text":"In the last year, Ocugen(NASDAQ:OCGN) stock is still among the top performers. During this period, the stock has surged by over 500%. The stock’s ascent began after Dec. 21, 2020 — starting from there, the stock is up over 1,600%.\nHowever, it’s worth noting that OCGN stock was trading well below one dollar before it stitched a partnership with Bharat Biotech. The companies announced plans to begin manufacturing Covid-19 vaccines in the U.S. on Dec. 22 last year.\nBeyond the news of this partnership, there has been little to cheer for investors. OCGN stock traded at all-time highs of $18.77 in February and reached slightly lower peaks in May and November. The stock traded at $5.12 at the start of Dec. 23.\nOcugen will continue to underperform going forward. Even after the downtrend in the last few months, OCGN stock should be avoided.\nLet’s talk about the reasons to be bearish.\nFDA Approval Remains Elusive\nPfizer(NYSE:PFE) and Moderna(NASDAQ:MRNA) have been leaders in the vaccine race in the U.S. In a country where more than 70% of the population has already been vaccinated, Ocugen has yet to secure an approval from the U.S. Food and Drug Administration.\nBack in June, the biotech company’s application for emergency use authorization was rejected by the FDA. The recommendation by the FDA was to file for a biologics license application, which implies full approval.\nIn November, Ocugen announced that the FDA has “issued a clinical hold on the Company’s Investigational New Drug application (IND) to evaluate the COVID-19 vaccine candidate.” The FDA will be identifying the specific deficiencies that form a basis for the clinical hold. Once Ocugen addresses these deficiencies, there will be some progress.\nThe key point is that it’s been over a year since Ocugen announced the partnership with Bharat Biotech. The company has still been unsuccessful from an approval perspective.\nIn July, Ocugen had also initiated a rolling submission to Health Canada for the vaccine. There is no positive news on that front either.\nLet’s imagine a scenario where Ocugen receives an approval for vaccine use in Q1 2022. This is very unlikely. However, even in an optimistic case scenario, Ocugen needs to compete in a market where vaccination percentage is high. There is unlikely to be a case for strong revenue and cash flow growth.\nCan Omicron Provide a Lifeline for OCGN Stock?\nThe omicron variant has been a cause of concern for governments globally. Ocugen and partner Bharat Biotech are currently studying the effectiveness of the vaccine against the variant.\nIf the vaccine proves to be effective, can it be a game-changer for Ocugen? Most likely, no.\nFirst and foremost, Moderna has announced that its Covid-19 booster increases neutralizing antibodies 37-fold against Omicron variant.\nFurthermore, Pfizer has announced that a third dose increases the “neutralizing antibody by 25-fold compared to two doses against the Omicron variant.”\nClearly, the leading vaccine makers have an edge. Even if Ocugen announces that its vaccine is effective against the omicron variant, the stock is unlikely to trend higher.\nPeople who have already taken two shots of Moderna or Pfizer are unlikely to pursue a booster shot with Ocugen. Additionally, Ocugen is still struggling for approval.\nIt’s also worth noting that Ocugen needs to share revenue with Bharat Biotech. The visibility for healthy cash flows is therefore very unlikely.\nOCGN Stock Will Trend Lower\nOCGN stock is likely to continue trending lower in the coming months. Without an approval, the company is rapidly losing out on any revenue and cash flow potential.\nThe company is building a pipeline of drugs for various indications. However, the pipeline for various indications is still at a pre-clinical stage.\nThe stock trend will therefore be dictated by the outcome of Covid-19 vaccine approval and revenue potential. Things seem bleak on that front.\nIt also seems unlikely that Ocugen has a capability to expand the vaccine partnership with Bharat Biotech to other countries.","news_type":1,"symbols_score_info":{"OCGN":0.9}},"isVote":1,"tweetType":1,"viewCount":2751,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698222515,"gmtCreate":1640414135741,"gmtModify":1640414136773,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Why not just have them both","listText":"Why not just have them both","text":"Why not just have them both","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/698222515","repostId":"2193178191","repostType":4,"isVote":1,"tweetType":1,"viewCount":4595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698226159,"gmtCreate":1640413684199,"gmtModify":1640413685236,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Mostly highly unlikely, but highly unlikely tiny when they occur.","listText":"Mostly highly unlikely, but highly unlikely tiny when they occur.","text":"Mostly highly unlikely, but highly unlikely tiny when they occur.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/698226159","repostId":"1156159690","repostType":4,"isVote":1,"tweetType":1,"viewCount":3760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698223498,"gmtCreate":1640412940650,"gmtModify":1640412941679,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's a matter of time ","listText":"It's a matter of time ","text":"It's a matter of time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698223498","repostId":"693467733","repostType":1,"repost":{"id":693467733,"gmtCreate":1640065720060,"gmtModify":1640065720271,"author":{"id":"3582010039361860","authorId":"3582010039361860","name":"ngjr90","avatar":"https://static.tigerbbs.com/2904905ef5b1f52f808bd60775612fea","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582010039361860","idStr":"3582010039361860"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>Will it breakeven?","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>Will it breakeven?","text":"$STI ETF(ES3.SI)$Will it breakeven?","images":[{"img":"https://static.tigerbbs.com/84dd4f4e6d3b0c966cd4f91c586b353b","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693467733","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698174758,"gmtCreate":1640328856622,"gmtModify":1640329331131,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Final hurrah before bringing for Christmas weekend ","listText":"Final hurrah before bringing for Christmas weekend ","text":"Final hurrah before bringing for Christmas weekend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/698174758","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691721605,"gmtCreate":1640247388590,"gmtModify":1640247389640,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"This technology is already outdated. People's interests have already shifted. ","listText":"This technology is already outdated. People's interests have already shifted. ","text":"This technology is already outdated. People's interests have already shifted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691721605","repostId":"1147202616","repostType":4,"isVote":1,"tweetType":1,"viewCount":1308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691479103,"gmtCreate":1640233965225,"gmtModify":1640233966228,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Pre-Christmas bounty to power up for the coming year","listText":"Pre-Christmas bounty to power up for the coming year","text":"Pre-Christmas bounty to power up for the coming year","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691479103","repostId":"2193113147","repostType":4,"isVote":1,"tweetType":1,"viewCount":1312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691833665,"gmtCreate":1640161849613,"gmtModify":1640161850623,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Lengthy but well argued. But I wonder what Warren Buffet would actually do.","listText":"Lengthy but well argued. But I wonder what Warren Buffet would actually do.","text":"Lengthy but well argued. But I wonder what Warren Buffet would actually do.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/691833665","repostId":"1101145405","repostType":4,"repost":{"id":"1101145405","kind":"news","pubTimestamp":1640152602,"share":"https://www.laohu8.com/m/news/1101145405?lang=zh_CN&edition=full","pubTime":"2021-12-22 13:56","market":"us","language":"en","title":"Why Buffett Should Sell Berkshire's Apple Stake<blockquote>为什么巴菲特应该出售苹果股份</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101145405","media":"Seeking Alpha","summary":"Summary\n\nApple has been a strong buy when Berkshire made its first investment. Today, things are ver","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Apple has been a strong buy when Berkshire made its first investment. Today, things are very different - instead of cheap and out of favor, AAPL is very expensive.</li> <li>Berkshire has shown that they are willing to capitalize on low BRK valuations by buying back shares when they are undervalued.</li> <li>Selling overvalued AAPL and using the proceeds to buy undervalued BRK could generate significant shareholder value for Berkshire's investors, I believe.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c50b6ba612256ee64eedf00f7b274a61\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Paul Morigi/Getty Images Entertainment</span></p><p><blockquote><ul><li>当Berkshire进行第一笔投资时,苹果一直是一个强有力的买入对象。如今,情况大不相同——AAPL非但不便宜、失宠,反而非常昂贵。</li><li>伯克希尔已经表明,他们愿意通过在股票被低估时回购股票来利用低BRK估值。</li><li>我相信,出售被高估的AAPL并用所得收益购买被低估的BRK可以为伯克希尔的投资者创造巨大的股东价值。</li></ul><p class=\"t-img-caption\"><span>保罗·莫里吉/盖蒂图片社娱乐公司</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple's (AAPL) shares are pretty expensive, and the company is entering a period of lower growth if analysts are correct. This means that it could be an opportune time for investors to sell shares to lock in gain - this also holds true for Berkshire Hathaway (BRK.A) (BRK.B), which is a major shareholder. Berkshire could use the proceeds to ramp up its already healthy buybacks further, which would be immensely accretive at current valuations.</p><p><blockquote>苹果(AAPL)的股价相当昂贵,如果分析师是正确的,该公司正在进入增长放缓的时期。这意味着现在可能是投资者出售股票以锁定收益的好时机——对于大股东伯克希尔哈撒韦公司(BRK.A)(BRK.B)来说也是如此。伯克希尔可以利用这些收益进一步加大其本已健康的回购力度,以目前的估值来看,这将极大地增值。</blockquote></p><p> <b>Why It Could Be Opportune To Lock In Gains In Apple</b></p><p><blockquote><b>为什么现在是锁定苹果收益的好时机</b></blockquote></p><p> Last week, I wrote a longer article on Apple and why I believe that shares are currently trading above fair value. The quick recap is that Apple is trading at the highest valuation in a long period of time, no matter whether we look at its earnings multiple, its EV to EBITDA ratio, or its cash flow yield. The EV/EBITDA multiple is most telling, I believe, as it accounts for changes in debt usage and in Apple's cash position over the years:</p><p><blockquote>上周,我写了一篇关于苹果的更长文章,以及为什么我认为股票目前的交易价格高于公允价值。快速回顾一下,无论我们看其市盈率、EV与EBITDA比率还是现金流收益率,苹果的估值都处于很长一段时间以来的最高水平。我认为,EV/EBITDA倍数最能说明问题,因为它说明了多年来债务使用和苹果现金状况的变化:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8e6b5d51759ba11c78d02d04731e19a2\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At easily more than twice the historical valuation, AAPL is pretty expensive. At the same time, Apple is entering a period of slower growth, according to the analyst community, since the iPhone and iPad lines are not generating significant business growth any longer, while the Apple Car is likely still years away. The combination of an above-average valuation and a below-average growth rate, combined with weaker tailwinds from buybacks (which are less effective at the current high valuation), means that Apple could be poised for underperformance going forward, which is why I believe that locking in gains could make a lot of sense.</p><p><blockquote>苹果公司的估值很容易是历史估值的两倍多,相当昂贵。与此同时,据分析师界称,苹果正在进入增长放缓时期,因为iPhone和iPad系列不再产生显着的业务增长,而苹果汽车可能还需要数年时间。高于平均水平的估值和低于平均水平的增长率,再加上回购带来的较弱的推动力(在当前的高估值下,回购的效果较差),意味着苹果未来可能会表现不佳,这就是为什么我相信锁定收益可能很有意义。</blockquote></p><p> <b>Berkshire's Apple Investment</b></p><p><blockquote><b>Berkshire的苹果投资</b></blockquote></p><p> Berkshire Hathaway first started to buy into Apple in 2016. At that time, Apple was trading at a completely different valuation compared to today:</p><p><blockquote>Berkshire Hathaway于2016年首次开始收购苹果。当时,苹果的估值与今天完全不同:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14b39fa01fe2ec9423cdac40d8fb1684\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares traded for 10-14x net profits, and at 7-9x EBITDA - not at all comparable to the 30x net earnings multiple and 24x EBITDA multiple AAPL trades at today. In other words, Buffett has, as could be expected, identified Apple as a strong investment when it was very inexpensive - following his \"Value\" approach. Right now, however, Apple is far from a value pick and instead seems pretty pricey, especially when we account for its not very convincing near-term growth outlook - forecasted EPS growth over the next couple of years ranges from just 2%-8% (linked above).</p><p><blockquote>股价的净利润为10-14倍,EBITDA为7-9倍,与AAPL目前的30倍净利润倍数和24倍EBITDA倍数根本无法相比。换句话说,不出所料,巴菲特遵循他的“价值”方法,在苹果非常便宜的时候就将其视为一项强有力的投资。然而,目前苹果远非一个价值选择,相反似乎相当昂贵,特别是当我们考虑到其不太令人信服的近期增长前景时——未来几年的预测每股收益增长率仅为2%-8%(上面链接)。</blockquote></p><p> Per Berkshire's most recent 10-Q filing, the company held $128 billion worth of Apple stock on September 30:</p><p><blockquote>根据伯克希尔最新的10季度报告,截至9月30日,伯克希尔持有价值1280亿美元的苹果股票:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09f96108345a43e1eda784e61ff7ee2e\" tg-width=\"640\" tg-height=\"211\" width=\"100%\" height=\"auto\"><span>Source: BRK 10-Q</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:BRK 10-Q</span></p></blockquote></p><p> Apple's share price on that date was $142, from which we can infer that Berkshire held around 900 million shares of Apple at the end of the third quarter. Assuming that there were no sales and no buys since then, those same 900 million shares are worth around $154 billion at a current share price of $171 - at the recent peak of $182, the position had a value of $164 billion.</p><p><blockquote>苹果当天的股价为142美元,由此我们可以推断,伯克希尔在第三季度末持有约9亿股苹果股票。假设此后没有出售或购买,那么按照目前171美元的股价计算,这9亿股股票的价值约为1540亿美元——在最近182美元的峰值时,该头寸的价值为1640亿美元。</blockquote></p><p></p><p> What does Berkshire get out of that $154 billion investment right now? Based on Apple's dividend of $0.22 per share per quarter, Berkshire receives about $790 million a year in dividends - this sounds like quite a lot, but relative to the massive size of the investment, it's just a yield of ~0.5% - the same yield all other Apple shareholders get. On top of that, Berkshire also gets a portion of Apple's other profits, of course. Some of those are paid out via buybacks, which make for a theoretical pro-forma return of around $4.5 billion to Berkshire every year, based on Apple's trailing twelve-month buyback yield of 2.9% (per YCharts). Shareholder returns thus total a little more than $5 billion a year (Berkshire's portion), for a yield of slightly above 3% - still not too great, I believe. Of course, Apple can also generate profits that are not paid out to shareholders, but that are, instead, reinvested to grow the business, e.g. via R&D spending or capital expenditures. In recent years, however, that was not an especially large portion - with an earnings yield of just above 3%, based on estimates for the current fiscal year, and with buybacks and dividends totaling 3.4%, Apple isn't actually retaining any earnings right now.</p><p><blockquote>伯克希尔目前从1540亿美元的投资中得到了什么?根据苹果每季度每股0.22美元的股息计算,伯克希尔每年获得约7.9亿美元的股息——这听起来相当多,但相对于庞大的投资规模,收益率仅为0.5%左右——与所有其他苹果股东获得的收益相同。当然,除此之外,Berkshire还获得了苹果其他利润的一部分。其中一些是通过回购支付的,根据苹果过去12个月2.9%的回购收益率(根据YCharts),理论上每年为伯克希尔哈撒韦带来约45亿美元的预计回报。因此,股东每年的回报总额略高于50亿美元(伯克希尔的部分),收益率略高于3%——我相信仍然不算太高。当然,苹果也可以产生不支付给股东的利润,而是用于再投资以发展业务,例如通过研发支出或资本支出。然而,近年来,这并不是一个特别大的部分——根据本财年的估计,收益率略高于3%,回购和股息总计3.4%,苹果实际上并没有保留任何收益现在。</blockquote></p><p> Looking at the shareholder return picture, or alternatively using the concept of \"look-through earnings\" - Berkshire's portion of Apple's profits - gets us to a relatively similar picture: Apple's earnings per share are forecasted at $5.70 during the current year - a 900 million share position thus generates theoretical profits of $5.1 billion for Apple. In both cases, whether we focus on actual shareholder returns or on the look-through profit concept, the return picture is comparable - Berkshire gets about $5 billion a year for a $150+ billion investment.</p><p><blockquote>看看股东回报情况,或者使用“透视收益”的概念——伯克希尔哈撒韦在苹果利润中的份额——我们会得到一个相对相似的情况:苹果今年的每股收益预计为5.70美元——9亿股因此,苹果的理论利润为51亿美元。在这两种情况下,无论我们关注的是实际股东回报还是透视利润概念,回报情况都是可比的——伯克希尔每年从1500多亿美元的投资中获得约50亿美元。</blockquote></p><p> This does, I believe, not generate an adequate return on investment, especially when we consider that the value of Berkshire's Apple investment could easily drop by tens of billions of dollars if Apple's valuation ever reverted back towards historical norms. A 20x earnings multiple for Apple, which would still be above the 10-year median earnings multiple (16, per YCharts), would see shares drop to ~$115, which would result in $52 billion in equity losses for Berkshire's AAPL position relative to how the position is valued today.</p><p><blockquote>我认为,这并不能产生足够的投资回报,尤其是当我们考虑到如果苹果的估值恢复到历史正常水平,伯克希尔在苹果的投资价值很容易下降数百亿美元时。苹果的市盈率为20倍,仍高于10年市盈率中位数(根据YCharts为16倍),股价将跌至115美元左右,这将导致伯克希尔哈撒韦公司的AAPL头寸相对于伯克希尔哈撒韦公司的股权损失520亿美元。该职位今天的估值如何。</blockquote></p><p> <b>Creating More Value For Shareholders</b></p><p><blockquote><b>为股东创造更多价值</b></blockquote></p><p> If Apple is trading at a price that could justify locking in gains, this brings up an important question: What would Berkshire do with the proceeds if it were to sell its stake? I believe that there is a pretty good answer to that - they could use it to buy an excellent company trading at an inexpensive valuation. The company in question is one that management knows extremely well - it's Berkshire Hathaway.</p><p><blockquote>如果苹果的交易价格可以证明锁定收益是合理的,这就带来了一个重要的问题:如果伯克希尔出售其股份,伯克希尔会如何处理收益?我相信对此有一个很好的答案——他们可以用它来购买一家以低廉估值交易的优秀公司。这家公司是管理层非常了解的公司——伯克希尔哈撒韦公司。</blockquote></p><p> Berkshire Hathaway has been buying back its own shares at a considerable pace in recent quarters, which shows that management clearly likes the idea of buybacks, and that they deem BRK a good value at current prices - otherwise a great capital allocator, such as Warren Buffett, wouldn't spend billions on buybacks today:</p><p><blockquote>伯克希尔哈撒韦公司最近几个季度一直在以相当快的速度回购自己的股票,这表明管理层显然喜欢回购的想法,并且他们认为BRK在当前价格下具有良好的价值——否则它是一个伟大的资本配置者,例如沃伦·巴菲特,今天不会花费数十亿美元进行回购:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/698ffef8c32981fa0d60f5e7a29f6726\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Berkshire has traded in the $280 to $300 range for more than half a year, and Berkshire has continued to spend billions of dollars on buybacks in that time frame, so it seems pretty obvious that Buffett sees Berkshire as an attractive value in that range. When we consider that Berkshire's book value has most likely risen in recent months, due to equity markets climbing and due to operating profits, BRK could be an even better deal today.</p><p><blockquote>半年多来,伯克希尔哈撒韦的交易价格一直在280美元至300美元的范围内,伯克希尔哈撒韦在这段时间内继续花费数十亿美元进行回购,因此巴菲特显然认为伯克希尔哈撒韦在这一范围内具有吸引力的价值。当我们考虑到伯克希尔哈撒韦公司的账面价值近几个月来由于股市攀升和营业利润而很可能上涨时,BRK今天可能是一笔更好的交易。</blockquote></p><p> Let's look at what selling the Apple stake and using the proceeds for buybacks could do for Berkshire and its shareholders. The Apple stake is worth $154 billion, and as established earlier, Berkshire generates about $5 billion a year from that. Berkshire's operating businesses generated about $6.5 billion during the most recent quarter, or $26 billion a year (assuming no future growth). Berkshire's equity portfolio, excluding Apple, was worth $183 billion at the end of the third quarter. The S&P 500(NYSEARCA:SPY) has risen by 6% since then, so let's assume that the equity portfolio, without the Apple stake, is worth around $190 billion today (4% growth to be conservative). Let's now look at two scenarios.</p><p><blockquote>让我们看看出售苹果股份并将所得用于回购会给伯克希尔及其股东带来什么。Berkshire持有的苹果股份价值1540亿美元,正如之前所确定的,Berkshire每年从中赚取约50亿美元。伯克希尔的运营业务在最近一个季度创造了约65亿美元的收入,即每年260亿美元(假设未来没有增长)。截至第三季度末,Berkshire的股票投资组合(不包括苹果)价值1830亿美元。自那以来,标普500(NYSEARCA:SPDR标普500指数ETF)上涨了6%,因此让我们假设股票投资组合(不包括苹果股份)今天的价值约为1900亿美元(保守地增长4%)。现在让我们看两个场景。</blockquote></p><p> In the first scenario, the Apple investment is held and we also assume that other equity investments, as well as the cash position, are held. When we further assume that other equities are fairly valued, we can subtract those from Berkshire's current market capitalization to \"net them out\".</p><p><blockquote>在第一种情况下,持有苹果投资,我们还假设持有其他股权投资以及现金头寸。当我们进一步假设其他股票的估值合理时,我们可以从伯克希尔当前的市值中减去这些股票来“净额”。</blockquote></p><p></p><p> In that case, Berkshire, including its Apple stake, is valued at $311 billion today, once we adjust the $650 billion market capitalization for the $190 billion in non-Apple equities, and for the $149 billion in cash held at the end of the third quarter. Investors get $26 billion in operating earnings, and $5 billion in Apple earnings for that investment, which makes for a $31 billion total - Apple is thus, once we net out cash and non-Apple equities, trading at 10x current profits. In other words, investors get $13.70 in earnings per share from Apple in the form of operating profits and Apple earnings, and they get $150 per share in the form of cash and non-Apple equities held at Berkshire on top of that. Paying $288 for that seems like a pretty good deal, I believe.</p><p><blockquote>在这种情况下,如果我们将1900亿美元的非苹果股票和1490亿美元的现金调整为6500亿美元的市值,包括其在苹果的股份,伯克希尔今天的估值为3110亿美元。第三季度。投资者从该投资中获得260亿美元的营业收益和50亿美元的苹果收益,总计310亿美元——因此,一旦我们扣除现金和非苹果股票,苹果的交易价格是当前利润的10倍。换句话说,投资者以营业利润和苹果收益的形式从苹果获得每股13.70美元的收益,在此基础上,他们以现金和持有的非苹果股票的形式获得每股150美元。我相信,支付288美元似乎是一笔不错的交易。</blockquote></p><p> Things get way better in scenario 2, however, where Berkshire sells all of its 900 million shares in Apple and uses the proceeds to buy back $154 billion worth of BRK. This would reduce the share count by 535 million, from 2.26 billion to 1.73 billion. At $288 per share, Berkshire would then be valued at $497 billion. The company would still own $190 billion in non-Apple equities, and $149 billion in cash, but those would be distributed over a significantly lower share count of just 1.73 billion, which would lift the per-share value to $196. Berkshire would also still generate $26 billion in operating profits, but the $5 billion in Apple profits would have vanished. The $26 billion in operating profits, distributed over 1.73 billion shares, would total $15.03, however. We see that, if Berkshire were to sell all its Apple shares and use all of the proceeds to reduce its share count by 24%, its per-share value should rise dramatically. Not only would the value of its cash and non-Apple investments rise from $150 per share to $196 per share, but its operating earnings (including the look-through Apple earnings in scenario 1) would also rise from $13.70 to $15.03. If Apple were to trade at a similar operating earnings multiple of around 10 in scenario 2, its per share value would climb from $288 in scenario 1 to $346 in scenario 2 ($196 of non-Apple equities and cash, and $150 for its operating businesses), all else equal. If we assume that a 10x earnings multiple for Berkshire's operating businesses is too low, and that they should be valued at a higher multiple, the impact is even larger.</p><p><blockquote>然而,在第二种情况下,情况会好得多,伯克希尔出售其在苹果的所有9亿股股票,并用所得收益回购价值1540亿美元的BRK。这将使股票数量减少5.35亿股,从22.6亿股减少到17.3亿股。按照每股288美元,伯克希尔的估值将达到4970亿美元。该公司仍将拥有1900亿美元的非苹果股票和1490亿美元现金,但这些股票将分配给低得多的股票数量,仅为17.3亿股,这将使每股价值升至196美元。伯克希尔仍将创造260亿美元的营业利润,但苹果50亿美元的利润将化为乌有。然而,260亿美元的营业利润分配给17.3亿股,总计15.03美元。我们看到,如果伯克希尔出售所有苹果股票,并用所有收益将其股票数量减少24%,其每股价值应该会大幅上升。不仅其现金和非苹果投资的价值将从每股150美元上升到每股196美元,而且其营业收益(包括情景1中的透视苹果收益)也将从13.70美元上升到15.03美元。如果苹果在情景2中以10左右的类似营业收益倍数进行交易,其每股价值将从情景1中的288美元攀升至情景2中的346美元(非苹果股票和现金为196美元,其运营业务为150美元),其他条件相同。如果我们假设伯克希尔运营业务10倍的市盈率太低,而它们的估值应该更高,那么影响就会更大。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Apple has been a great investment for Berkshire, but that does not mean that holding shares is the best idea. When Berkshire bought into AAPL, Apple was very inexpensive and out of favor. Today, Apple is pretty expensive, which makes it a way worse investment. At the same time, Berkshire itself is pretty inexpensive today, once we account for the Apple stake, other equity positions, and the large cash pile.</p><p><blockquote>苹果对Berkshire来说是一项伟大的投资,但这并不意味着持有股票是最好的主意。当Berkshire收购AAPL时,苹果非常便宜,也不受欢迎。如今,苹果相当昂贵,这使得它成为一项更糟糕的投资。与此同时,如果我们考虑到苹果的股份、其他股票头寸和大量现金储备,伯克希尔哈撒韦公司今天的股价也相当便宜。</blockquote></p><p> Berkshire has shown that they are willing to take advantage of the low valuation BRK trades at by buying back shares at a rapid pace. Monetizing the overvalued Apple stake in order to ramp up buybacks further could create significant value for Berkshire's shareholders, and it would, at the same time, reduce risks from both a valuation perspective and since management would use the money to invest into the company it knows best - Berkshire.</p><p><blockquote>伯克希尔哈撒韦公司已经表明,他们愿意利用BRK交易的低估值,快速回购股票。将被高估的苹果股份货币化以进一步加大回购力度,可能会为伯克希尔的股东创造巨大价值,同时从估值角度以及管理层将用这笔钱投资于其最了解的公司来降低风险——伯克希尔。</blockquote></p><p> Selling/monetizing the currently overvalued Apple stake and using the proceeds to buy up undervalued Berkshire shares would thus be a good idea that should generate considerable shareholder value, I believe.</p><p><blockquote>因此,我相信,出售/货币化目前被高估的苹果股份,并用所得收益购买被低估的伯克希尔股票将是一个好主意,应该会产生可观的股东价值。</blockquote></p><p> This article was written by Jonathan Weber.</p><p><blockquote>这篇文章是乔纳森·韦伯写的。</blockquote></p><p></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>Why Buffett Should Sell Berkshire's Apple Stake<blockquote>为什么巴菲特应该出售苹果股份</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Buffett Should Sell Berkshire's Apple Stake<blockquote>为什么巴菲特应该出售苹果股份</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-22 13:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Apple has been a strong buy when Berkshire made its first investment. Today, things are very different - instead of cheap and out of favor, AAPL is very expensive.</li> <li>Berkshire has shown that they are willing to capitalize on low BRK valuations by buying back shares when they are undervalued.</li> <li>Selling overvalued AAPL and using the proceeds to buy undervalued BRK could generate significant shareholder value for Berkshire's investors, I believe.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c50b6ba612256ee64eedf00f7b274a61\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Paul Morigi/Getty Images Entertainment</span></p><p><blockquote><ul><li>当Berkshire进行第一笔投资时,苹果一直是一个强有力的买入对象。如今,情况大不相同——AAPL非但不便宜、失宠,反而非常昂贵。</li><li>伯克希尔已经表明,他们愿意通过在股票被低估时回购股票来利用低BRK估值。</li><li>我相信,出售被高估的AAPL并用所得收益购买被低估的BRK可以为伯克希尔的投资者创造巨大的股东价值。</li></ul><p class=\"t-img-caption\"><span>保罗·莫里吉/盖蒂图片社娱乐公司</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple's (AAPL) shares are pretty expensive, and the company is entering a period of lower growth if analysts are correct. This means that it could be an opportune time for investors to sell shares to lock in gain - this also holds true for Berkshire Hathaway (BRK.A) (BRK.B), which is a major shareholder. Berkshire could use the proceeds to ramp up its already healthy buybacks further, which would be immensely accretive at current valuations.</p><p><blockquote>苹果(AAPL)的股价相当昂贵,如果分析师是正确的,该公司正在进入增长放缓的时期。这意味着现在可能是投资者出售股票以锁定收益的好时机——对于大股东伯克希尔哈撒韦公司(BRK.A)(BRK.B)来说也是如此。伯克希尔可以利用这些收益进一步加大其本已健康的回购力度,以目前的估值来看,这将极大地增值。</blockquote></p><p> <b>Why It Could Be Opportune To Lock In Gains In Apple</b></p><p><blockquote><b>为什么现在是锁定苹果收益的好时机</b></blockquote></p><p> Last week, I wrote a longer article on Apple and why I believe that shares are currently trading above fair value. The quick recap is that Apple is trading at the highest valuation in a long period of time, no matter whether we look at its earnings multiple, its EV to EBITDA ratio, or its cash flow yield. The EV/EBITDA multiple is most telling, I believe, as it accounts for changes in debt usage and in Apple's cash position over the years:</p><p><blockquote>上周,我写了一篇关于苹果的更长文章,以及为什么我认为股票目前的交易价格高于公允价值。快速回顾一下,无论我们看其市盈率、EV与EBITDA比率还是现金流收益率,苹果的估值都处于很长一段时间以来的最高水平。我认为,EV/EBITDA倍数最能说明问题,因为它说明了多年来债务使用和苹果现金状况的变化:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8e6b5d51759ba11c78d02d04731e19a2\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At easily more than twice the historical valuation, AAPL is pretty expensive. At the same time, Apple is entering a period of slower growth, according to the analyst community, since the iPhone and iPad lines are not generating significant business growth any longer, while the Apple Car is likely still years away. The combination of an above-average valuation and a below-average growth rate, combined with weaker tailwinds from buybacks (which are less effective at the current high valuation), means that Apple could be poised for underperformance going forward, which is why I believe that locking in gains could make a lot of sense.</p><p><blockquote>苹果公司的估值很容易是历史估值的两倍多,相当昂贵。与此同时,据分析师界称,苹果正在进入增长放缓时期,因为iPhone和iPad系列不再产生显着的业务增长,而苹果汽车可能还需要数年时间。高于平均水平的估值和低于平均水平的增长率,再加上回购带来的较弱的推动力(在当前的高估值下,回购的效果较差),意味着苹果未来可能会表现不佳,这就是为什么我相信锁定收益可能很有意义。</blockquote></p><p> <b>Berkshire's Apple Investment</b></p><p><blockquote><b>Berkshire的苹果投资</b></blockquote></p><p> Berkshire Hathaway first started to buy into Apple in 2016. At that time, Apple was trading at a completely different valuation compared to today:</p><p><blockquote>Berkshire Hathaway于2016年首次开始收购苹果。当时,苹果的估值与今天完全不同:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14b39fa01fe2ec9423cdac40d8fb1684\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares traded for 10-14x net profits, and at 7-9x EBITDA - not at all comparable to the 30x net earnings multiple and 24x EBITDA multiple AAPL trades at today. In other words, Buffett has, as could be expected, identified Apple as a strong investment when it was very inexpensive - following his \"Value\" approach. Right now, however, Apple is far from a value pick and instead seems pretty pricey, especially when we account for its not very convincing near-term growth outlook - forecasted EPS growth over the next couple of years ranges from just 2%-8% (linked above).</p><p><blockquote>股价的净利润为10-14倍,EBITDA为7-9倍,与AAPL目前的30倍净利润倍数和24倍EBITDA倍数根本无法相比。换句话说,不出所料,巴菲特遵循他的“价值”方法,在苹果非常便宜的时候就将其视为一项强有力的投资。然而,目前苹果远非一个价值选择,相反似乎相当昂贵,特别是当我们考虑到其不太令人信服的近期增长前景时——未来几年的预测每股收益增长率仅为2%-8%(上面链接)。</blockquote></p><p> Per Berkshire's most recent 10-Q filing, the company held $128 billion worth of Apple stock on September 30:</p><p><blockquote>根据伯克希尔最新的10季度报告,截至9月30日,伯克希尔持有价值1280亿美元的苹果股票:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09f96108345a43e1eda784e61ff7ee2e\" tg-width=\"640\" tg-height=\"211\" width=\"100%\" height=\"auto\"><span>Source: BRK 10-Q</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:BRK 10-Q</span></p></blockquote></p><p> Apple's share price on that date was $142, from which we can infer that Berkshire held around 900 million shares of Apple at the end of the third quarter. Assuming that there were no sales and no buys since then, those same 900 million shares are worth around $154 billion at a current share price of $171 - at the recent peak of $182, the position had a value of $164 billion.</p><p><blockquote>苹果当天的股价为142美元,由此我们可以推断,伯克希尔在第三季度末持有约9亿股苹果股票。假设此后没有出售或购买,那么按照目前171美元的股价计算,这9亿股股票的价值约为1540亿美元——在最近182美元的峰值时,该头寸的价值为1640亿美元。</blockquote></p><p></p><p> What does Berkshire get out of that $154 billion investment right now? Based on Apple's dividend of $0.22 per share per quarter, Berkshire receives about $790 million a year in dividends - this sounds like quite a lot, but relative to the massive size of the investment, it's just a yield of ~0.5% - the same yield all other Apple shareholders get. On top of that, Berkshire also gets a portion of Apple's other profits, of course. Some of those are paid out via buybacks, which make for a theoretical pro-forma return of around $4.5 billion to Berkshire every year, based on Apple's trailing twelve-month buyback yield of 2.9% (per YCharts). Shareholder returns thus total a little more than $5 billion a year (Berkshire's portion), for a yield of slightly above 3% - still not too great, I believe. Of course, Apple can also generate profits that are not paid out to shareholders, but that are, instead, reinvested to grow the business, e.g. via R&D spending or capital expenditures. In recent years, however, that was not an especially large portion - with an earnings yield of just above 3%, based on estimates for the current fiscal year, and with buybacks and dividends totaling 3.4%, Apple isn't actually retaining any earnings right now.</p><p><blockquote>伯克希尔目前从1540亿美元的投资中得到了什么?根据苹果每季度每股0.22美元的股息计算,伯克希尔每年获得约7.9亿美元的股息——这听起来相当多,但相对于庞大的投资规模,收益率仅为0.5%左右——与所有其他苹果股东获得的收益相同。当然,除此之外,Berkshire还获得了苹果其他利润的一部分。其中一些是通过回购支付的,根据苹果过去12个月2.9%的回购收益率(根据YCharts),理论上每年为伯克希尔哈撒韦带来约45亿美元的预计回报。因此,股东每年的回报总额略高于50亿美元(伯克希尔的部分),收益率略高于3%——我相信仍然不算太高。当然,苹果也可以产生不支付给股东的利润,而是用于再投资以发展业务,例如通过研发支出或资本支出。然而,近年来,这并不是一个特别大的部分——根据本财年的估计,收益率略高于3%,回购和股息总计3.4%,苹果实际上并没有保留任何收益现在。</blockquote></p><p> Looking at the shareholder return picture, or alternatively using the concept of \"look-through earnings\" - Berkshire's portion of Apple's profits - gets us to a relatively similar picture: Apple's earnings per share are forecasted at $5.70 during the current year - a 900 million share position thus generates theoretical profits of $5.1 billion for Apple. In both cases, whether we focus on actual shareholder returns or on the look-through profit concept, the return picture is comparable - Berkshire gets about $5 billion a year for a $150+ billion investment.</p><p><blockquote>看看股东回报情况,或者使用“透视收益”的概念——伯克希尔哈撒韦在苹果利润中的份额——我们会得到一个相对相似的情况:苹果今年的每股收益预计为5.70美元——9亿股因此,苹果的理论利润为51亿美元。在这两种情况下,无论我们关注的是实际股东回报还是透视利润概念,回报情况都是可比的——伯克希尔每年从1500多亿美元的投资中获得约50亿美元。</blockquote></p><p> This does, I believe, not generate an adequate return on investment, especially when we consider that the value of Berkshire's Apple investment could easily drop by tens of billions of dollars if Apple's valuation ever reverted back towards historical norms. A 20x earnings multiple for Apple, which would still be above the 10-year median earnings multiple (16, per YCharts), would see shares drop to ~$115, which would result in $52 billion in equity losses for Berkshire's AAPL position relative to how the position is valued today.</p><p><blockquote>我认为,这并不能产生足够的投资回报,尤其是当我们考虑到如果苹果的估值恢复到历史正常水平,伯克希尔在苹果的投资价值很容易下降数百亿美元时。苹果的市盈率为20倍,仍高于10年市盈率中位数(根据YCharts为16倍),股价将跌至115美元左右,这将导致伯克希尔哈撒韦公司的AAPL头寸相对于伯克希尔哈撒韦公司的股权损失520亿美元。该职位今天的估值如何。</blockquote></p><p> <b>Creating More Value For Shareholders</b></p><p><blockquote><b>为股东创造更多价值</b></blockquote></p><p> If Apple is trading at a price that could justify locking in gains, this brings up an important question: What would Berkshire do with the proceeds if it were to sell its stake? I believe that there is a pretty good answer to that - they could use it to buy an excellent company trading at an inexpensive valuation. The company in question is one that management knows extremely well - it's Berkshire Hathaway.</p><p><blockquote>如果苹果的交易价格可以证明锁定收益是合理的,这就带来了一个重要的问题:如果伯克希尔出售其股份,伯克希尔会如何处理收益?我相信对此有一个很好的答案——他们可以用它来购买一家以低廉估值交易的优秀公司。这家公司是管理层非常了解的公司——伯克希尔哈撒韦公司。</blockquote></p><p> Berkshire Hathaway has been buying back its own shares at a considerable pace in recent quarters, which shows that management clearly likes the idea of buybacks, and that they deem BRK a good value at current prices - otherwise a great capital allocator, such as Warren Buffett, wouldn't spend billions on buybacks today:</p><p><blockquote>伯克希尔哈撒韦公司最近几个季度一直在以相当快的速度回购自己的股票,这表明管理层显然喜欢回购的想法,并且他们认为BRK在当前价格下具有良好的价值——否则它是一个伟大的资本配置者,例如沃伦·巴菲特,今天不会花费数十亿美元进行回购:</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/698ffef8c32981fa0d60f5e7a29f6726\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Berkshire has traded in the $280 to $300 range for more than half a year, and Berkshire has continued to spend billions of dollars on buybacks in that time frame, so it seems pretty obvious that Buffett sees Berkshire as an attractive value in that range. When we consider that Berkshire's book value has most likely risen in recent months, due to equity markets climbing and due to operating profits, BRK could be an even better deal today.</p><p><blockquote>半年多来,伯克希尔哈撒韦的交易价格一直在280美元至300美元的范围内,伯克希尔哈撒韦在这段时间内继续花费数十亿美元进行回购,因此巴菲特显然认为伯克希尔哈撒韦在这一范围内具有吸引力的价值。当我们考虑到伯克希尔哈撒韦公司的账面价值近几个月来由于股市攀升和营业利润而很可能上涨时,BRK今天可能是一笔更好的交易。</blockquote></p><p> Let's look at what selling the Apple stake and using the proceeds for buybacks could do for Berkshire and its shareholders. The Apple stake is worth $154 billion, and as established earlier, Berkshire generates about $5 billion a year from that. Berkshire's operating businesses generated about $6.5 billion during the most recent quarter, or $26 billion a year (assuming no future growth). Berkshire's equity portfolio, excluding Apple, was worth $183 billion at the end of the third quarter. The S&P 500(NYSEARCA:SPY) has risen by 6% since then, so let's assume that the equity portfolio, without the Apple stake, is worth around $190 billion today (4% growth to be conservative). Let's now look at two scenarios.</p><p><blockquote>让我们看看出售苹果股份并将所得用于回购会给伯克希尔及其股东带来什么。Berkshire持有的苹果股份价值1540亿美元,正如之前所确定的,Berkshire每年从中赚取约50亿美元。伯克希尔的运营业务在最近一个季度创造了约65亿美元的收入,即每年260亿美元(假设未来没有增长)。截至第三季度末,Berkshire的股票投资组合(不包括苹果)价值1830亿美元。自那以来,标普500(NYSEARCA:SPDR标普500指数ETF)上涨了6%,因此让我们假设股票投资组合(不包括苹果股份)今天的价值约为1900亿美元(保守地增长4%)。现在让我们看两个场景。</blockquote></p><p> In the first scenario, the Apple investment is held and we also assume that other equity investments, as well as the cash position, are held. When we further assume that other equities are fairly valued, we can subtract those from Berkshire's current market capitalization to \"net them out\".</p><p><blockquote>在第一种情况下,持有苹果投资,我们还假设持有其他股权投资以及现金头寸。当我们进一步假设其他股票的估值合理时,我们可以从伯克希尔当前的市值中减去这些股票来“净额”。</blockquote></p><p></p><p> In that case, Berkshire, including its Apple stake, is valued at $311 billion today, once we adjust the $650 billion market capitalization for the $190 billion in non-Apple equities, and for the $149 billion in cash held at the end of the third quarter. Investors get $26 billion in operating earnings, and $5 billion in Apple earnings for that investment, which makes for a $31 billion total - Apple is thus, once we net out cash and non-Apple equities, trading at 10x current profits. In other words, investors get $13.70 in earnings per share from Apple in the form of operating profits and Apple earnings, and they get $150 per share in the form of cash and non-Apple equities held at Berkshire on top of that. Paying $288 for that seems like a pretty good deal, I believe.</p><p><blockquote>在这种情况下,如果我们将1900亿美元的非苹果股票和1490亿美元的现金调整为6500亿美元的市值,包括其在苹果的股份,伯克希尔今天的估值为3110亿美元。第三季度。投资者从该投资中获得260亿美元的营业收益和50亿美元的苹果收益,总计310亿美元——因此,一旦我们扣除现金和非苹果股票,苹果的交易价格是当前利润的10倍。换句话说,投资者以营业利润和苹果收益的形式从苹果获得每股13.70美元的收益,在此基础上,他们以现金和持有的非苹果股票的形式获得每股150美元。我相信,支付288美元似乎是一笔不错的交易。</blockquote></p><p> Things get way better in scenario 2, however, where Berkshire sells all of its 900 million shares in Apple and uses the proceeds to buy back $154 billion worth of BRK. This would reduce the share count by 535 million, from 2.26 billion to 1.73 billion. At $288 per share, Berkshire would then be valued at $497 billion. The company would still own $190 billion in non-Apple equities, and $149 billion in cash, but those would be distributed over a significantly lower share count of just 1.73 billion, which would lift the per-share value to $196. Berkshire would also still generate $26 billion in operating profits, but the $5 billion in Apple profits would have vanished. The $26 billion in operating profits, distributed over 1.73 billion shares, would total $15.03, however. We see that, if Berkshire were to sell all its Apple shares and use all of the proceeds to reduce its share count by 24%, its per-share value should rise dramatically. Not only would the value of its cash and non-Apple investments rise from $150 per share to $196 per share, but its operating earnings (including the look-through Apple earnings in scenario 1) would also rise from $13.70 to $15.03. If Apple were to trade at a similar operating earnings multiple of around 10 in scenario 2, its per share value would climb from $288 in scenario 1 to $346 in scenario 2 ($196 of non-Apple equities and cash, and $150 for its operating businesses), all else equal. If we assume that a 10x earnings multiple for Berkshire's operating businesses is too low, and that they should be valued at a higher multiple, the impact is even larger.</p><p><blockquote>然而,在第二种情况下,情况会好得多,伯克希尔出售其在苹果的所有9亿股股票,并用所得收益回购价值1540亿美元的BRK。这将使股票数量减少5.35亿股,从22.6亿股减少到17.3亿股。按照每股288美元,伯克希尔的估值将达到4970亿美元。该公司仍将拥有1900亿美元的非苹果股票和1490亿美元现金,但这些股票将分配给低得多的股票数量,仅为17.3亿股,这将使每股价值升至196美元。伯克希尔仍将创造260亿美元的营业利润,但苹果50亿美元的利润将化为乌有。然而,260亿美元的营业利润分配给17.3亿股,总计15.03美元。我们看到,如果伯克希尔出售所有苹果股票,并用所有收益将其股票数量减少24%,其每股价值应该会大幅上升。不仅其现金和非苹果投资的价值将从每股150美元上升到每股196美元,而且其营业收益(包括情景1中的透视苹果收益)也将从13.70美元上升到15.03美元。如果苹果在情景2中以10左右的类似营业收益倍数进行交易,其每股价值将从情景1中的288美元攀升至情景2中的346美元(非苹果股票和现金为196美元,其运营业务为150美元),其他条件相同。如果我们假设伯克希尔运营业务10倍的市盈率太低,而它们的估值应该更高,那么影响就会更大。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Apple has been a great investment for Berkshire, but that does not mean that holding shares is the best idea. When Berkshire bought into AAPL, Apple was very inexpensive and out of favor. Today, Apple is pretty expensive, which makes it a way worse investment. At the same time, Berkshire itself is pretty inexpensive today, once we account for the Apple stake, other equity positions, and the large cash pile.</p><p><blockquote>苹果对Berkshire来说是一项伟大的投资,但这并不意味着持有股票是最好的主意。当Berkshire收购AAPL时,苹果非常便宜,也不受欢迎。如今,苹果相当昂贵,这使得它成为一项更糟糕的投资。与此同时,如果我们考虑到苹果的股份、其他股票头寸和大量现金储备,伯克希尔哈撒韦公司今天的股价也相当便宜。</blockquote></p><p> Berkshire has shown that they are willing to take advantage of the low valuation BRK trades at by buying back shares at a rapid pace. Monetizing the overvalued Apple stake in order to ramp up buybacks further could create significant value for Berkshire's shareholders, and it would, at the same time, reduce risks from both a valuation perspective and since management would use the money to invest into the company it knows best - Berkshire.</p><p><blockquote>伯克希尔哈撒韦公司已经表明,他们愿意利用BRK交易的低估值,快速回购股票。将被高估的苹果股份货币化以进一步加大回购力度,可能会为伯克希尔的股东创造巨大价值,同时从估值角度以及管理层将用这笔钱投资于其最了解的公司来降低风险——伯克希尔。</blockquote></p><p> Selling/monetizing the currently overvalued Apple stake and using the proceeds to buy up undervalued Berkshire shares would thus be a good idea that should generate considerable shareholder value, I believe.</p><p><blockquote>因此,我相信,出售/货币化目前被高估的苹果股份,并用所得收益购买被低估的伯克希尔股票将是一个好主意,应该会产生可观的股东价值。</blockquote></p><p> This article was written by Jonathan Weber.</p><p><blockquote>这篇文章是乔纳森·韦伯写的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4476181-why-buffett-should-sell-berkshires-apple-stake\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\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","AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4476181-why-buffett-should-sell-berkshires-apple-stake","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101145405","content_text":"Summary\n\nApple has been a strong buy when Berkshire made its first investment. Today, things are very different - instead of cheap and out of favor, AAPL is very expensive.\nBerkshire has shown that they are willing to capitalize on low BRK valuations by buying back shares when they are undervalued.\nSelling overvalued AAPL and using the proceeds to buy undervalued BRK could generate significant shareholder value for Berkshire's investors, I believe.\n\nPaul Morigi/Getty Images Entertainment\nArticle Thesis\nApple's (AAPL) shares are pretty expensive, and the company is entering a period of lower growth if analysts are correct. This means that it could be an opportune time for investors to sell shares to lock in gain - this also holds true for Berkshire Hathaway (BRK.A) (BRK.B), which is a major shareholder. Berkshire could use the proceeds to ramp up its already healthy buybacks further, which would be immensely accretive at current valuations.\nWhy It Could Be Opportune To Lock In Gains In Apple\nLast week, I wrote a longer article on Apple and why I believe that shares are currently trading above fair value. The quick recap is that Apple is trading at the highest valuation in a long period of time, no matter whether we look at its earnings multiple, its EV to EBITDA ratio, or its cash flow yield. The EV/EBITDA multiple is most telling, I believe, as it accounts for changes in debt usage and in Apple's cash position over the years:\nData by YCharts\nAt easily more than twice the historical valuation, AAPL is pretty expensive. At the same time, Apple is entering a period of slower growth, according to the analyst community, since the iPhone and iPad lines are not generating significant business growth any longer, while the Apple Car is likely still years away. The combination of an above-average valuation and a below-average growth rate, combined with weaker tailwinds from buybacks (which are less effective at the current high valuation), means that Apple could be poised for underperformance going forward, which is why I believe that locking in gains could make a lot of sense.\nBerkshire's Apple Investment\nBerkshire Hathaway first started to buy into Apple in 2016. At that time, Apple was trading at a completely different valuation compared to today:\nData by YCharts\nShares traded for 10-14x net profits, and at 7-9x EBITDA - not at all comparable to the 30x net earnings multiple and 24x EBITDA multiple AAPL trades at today. In other words, Buffett has, as could be expected, identified Apple as a strong investment when it was very inexpensive - following his \"Value\" approach. Right now, however, Apple is far from a value pick and instead seems pretty pricey, especially when we account for its not very convincing near-term growth outlook - forecasted EPS growth over the next couple of years ranges from just 2%-8% (linked above).\nPer Berkshire's most recent 10-Q filing, the company held $128 billion worth of Apple stock on September 30:\nSource: BRK 10-Q\nApple's share price on that date was $142, from which we can infer that Berkshire held around 900 million shares of Apple at the end of the third quarter. Assuming that there were no sales and no buys since then, those same 900 million shares are worth around $154 billion at a current share price of $171 - at the recent peak of $182, the position had a value of $164 billion.\nWhat does Berkshire get out of that $154 billion investment right now? Based on Apple's dividend of $0.22 per share per quarter, Berkshire receives about $790 million a year in dividends - this sounds like quite a lot, but relative to the massive size of the investment, it's just a yield of ~0.5% - the same yield all other Apple shareholders get. On top of that, Berkshire also gets a portion of Apple's other profits, of course. Some of those are paid out via buybacks, which make for a theoretical pro-forma return of around $4.5 billion to Berkshire every year, based on Apple's trailing twelve-month buyback yield of 2.9% (per YCharts). Shareholder returns thus total a little more than $5 billion a year (Berkshire's portion), for a yield of slightly above 3% - still not too great, I believe. Of course, Apple can also generate profits that are not paid out to shareholders, but that are, instead, reinvested to grow the business, e.g. via R&D spending or capital expenditures. In recent years, however, that was not an especially large portion - with an earnings yield of just above 3%, based on estimates for the current fiscal year, and with buybacks and dividends totaling 3.4%, Apple isn't actually retaining any earnings right now.\nLooking at the shareholder return picture, or alternatively using the concept of \"look-through earnings\" - Berkshire's portion of Apple's profits - gets us to a relatively similar picture: Apple's earnings per share are forecasted at $5.70 during the current year - a 900 million share position thus generates theoretical profits of $5.1 billion for Apple. In both cases, whether we focus on actual shareholder returns or on the look-through profit concept, the return picture is comparable - Berkshire gets about $5 billion a year for a $150+ billion investment.\nThis does, I believe, not generate an adequate return on investment, especially when we consider that the value of Berkshire's Apple investment could easily drop by tens of billions of dollars if Apple's valuation ever reverted back towards historical norms. A 20x earnings multiple for Apple, which would still be above the 10-year median earnings multiple (16, per YCharts), would see shares drop to ~$115, which would result in $52 billion in equity losses for Berkshire's AAPL position relative to how the position is valued today.\nCreating More Value For Shareholders\nIf Apple is trading at a price that could justify locking in gains, this brings up an important question: What would Berkshire do with the proceeds if it were to sell its stake? I believe that there is a pretty good answer to that - they could use it to buy an excellent company trading at an inexpensive valuation. The company in question is one that management knows extremely well - it's Berkshire Hathaway.\nBerkshire Hathaway has been buying back its own shares at a considerable pace in recent quarters, which shows that management clearly likes the idea of buybacks, and that they deem BRK a good value at current prices - otherwise a great capital allocator, such as Warren Buffett, wouldn't spend billions on buybacks today:\nData by YCharts\nBerkshire has traded in the $280 to $300 range for more than half a year, and Berkshire has continued to spend billions of dollars on buybacks in that time frame, so it seems pretty obvious that Buffett sees Berkshire as an attractive value in that range. When we consider that Berkshire's book value has most likely risen in recent months, due to equity markets climbing and due to operating profits, BRK could be an even better deal today.\nLet's look at what selling the Apple stake and using the proceeds for buybacks could do for Berkshire and its shareholders. The Apple stake is worth $154 billion, and as established earlier, Berkshire generates about $5 billion a year from that. Berkshire's operating businesses generated about $6.5 billion during the most recent quarter, or $26 billion a year (assuming no future growth). Berkshire's equity portfolio, excluding Apple, was worth $183 billion at the end of the third quarter. The S&P 500(NYSEARCA:SPY) has risen by 6% since then, so let's assume that the equity portfolio, without the Apple stake, is worth around $190 billion today (4% growth to be conservative). Let's now look at two scenarios.\nIn the first scenario, the Apple investment is held and we also assume that other equity investments, as well as the cash position, are held. When we further assume that other equities are fairly valued, we can subtract those from Berkshire's current market capitalization to \"net them out\".\nIn that case, Berkshire, including its Apple stake, is valued at $311 billion today, once we adjust the $650 billion market capitalization for the $190 billion in non-Apple equities, and for the $149 billion in cash held at the end of the third quarter. Investors get $26 billion in operating earnings, and $5 billion in Apple earnings for that investment, which makes for a $31 billion total - Apple is thus, once we net out cash and non-Apple equities, trading at 10x current profits. In other words, investors get $13.70 in earnings per share from Apple in the form of operating profits and Apple earnings, and they get $150 per share in the form of cash and non-Apple equities held at Berkshire on top of that. Paying $288 for that seems like a pretty good deal, I believe.\nThings get way better in scenario 2, however, where Berkshire sells all of its 900 million shares in Apple and uses the proceeds to buy back $154 billion worth of BRK. This would reduce the share count by 535 million, from 2.26 billion to 1.73 billion. At $288 per share, Berkshire would then be valued at $497 billion. The company would still own $190 billion in non-Apple equities, and $149 billion in cash, but those would be distributed over a significantly lower share count of just 1.73 billion, which would lift the per-share value to $196. Berkshire would also still generate $26 billion in operating profits, but the $5 billion in Apple profits would have vanished. The $26 billion in operating profits, distributed over 1.73 billion shares, would total $15.03, however. We see that, if Berkshire were to sell all its Apple shares and use all of the proceeds to reduce its share count by 24%, its per-share value should rise dramatically. Not only would the value of its cash and non-Apple investments rise from $150 per share to $196 per share, but its operating earnings (including the look-through Apple earnings in scenario 1) would also rise from $13.70 to $15.03. If Apple were to trade at a similar operating earnings multiple of around 10 in scenario 2, its per share value would climb from $288 in scenario 1 to $346 in scenario 2 ($196 of non-Apple equities and cash, and $150 for its operating businesses), all else equal. If we assume that a 10x earnings multiple for Berkshire's operating businesses is too low, and that they should be valued at a higher multiple, the impact is even larger.\nTakeaway\nApple has been a great investment for Berkshire, but that does not mean that holding shares is the best idea. When Berkshire bought into AAPL, Apple was very inexpensive and out of favor. Today, Apple is pretty expensive, which makes it a way worse investment. At the same time, Berkshire itself is pretty inexpensive today, once we account for the Apple stake, other equity positions, and the large cash pile.\nBerkshire has shown that they are willing to take advantage of the low valuation BRK trades at by buying back shares at a rapid pace. Monetizing the overvalued Apple stake in order to ramp up buybacks further could create significant value for Berkshire's shareholders, and it would, at the same time, reduce risks from both a valuation perspective and since management would use the money to invest into the company it knows best - Berkshire.\nSelling/monetizing the currently overvalued Apple stake and using the proceeds to buy up undervalued Berkshire shares would thus be a good idea that should generate considerable shareholder value, I believe.\nThis article was written by Jonathan Weber.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"AAPL":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699219346,"gmtCreate":1639807137118,"gmtModify":1639807138119,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"A force to reckon ","listText":"A force to reckon ","text":"A force to reckon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699219346","repostId":"1122651573","repostType":4,"repost":{"id":"1122651573","kind":"news","pubTimestamp":1639800058,"share":"https://www.laohu8.com/m/news/1122651573?lang=zh_CN&edition=full","pubTime":"2021-12-18 12:00","market":"us","language":"en","title":"1 Unstoppable Stock to Buy Before 2022<blockquote>2022年之前值得购买的1只势不可挡的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122651573","media":"Motley Fool","summary":"Salesforce.com is one of the largest enterprise software companies, and it's led the customer relati","content":"<p><a href=\"https://laohu8.com/S/CRM\"><b>Salesforce.com</b></a> is one of the largest enterprise software companies, and it's led the customer relationship management (CRM) industry for eight consecutive years. As businesses continue to struggle with macroeconomic headwinds related labor shortages and supply chain disruptions, staying on good terms with customers will be crucial.</p><p><blockquote><a href=\"https://laohu8.com/S/CRM\"><b>Salesforce.com</b></a>是最大的企业软件公司之一,连续八年引领客户关系管理(CRM)行业。随着企业继续与劳动力短缺和供应链中断相关的宏观经济逆风作斗争,与客户保持良好关系至关重要。</blockquote></p><p> It also includes tools for analytics, data integration, low-code application development. So it really is this end-to-end solution. The goal is to give businesses the tools they need to attract leads, convert those leads into paying customers, and then build lasting relationships with those customers.</p><p><blockquote>它还包括用于分析、数据集成、低代码应用程序开发的工具。所以它确实是这种端到端的解决方案。目标是为企业提供吸引潜在客户所需的工具,将这些潜在客户转化为付费客户,然后与这些客户建立持久的关系。</blockquote></p><p> Additionally, Salesforce has this platform called Einstein, which is essentially an artificial intelligence layer that supercharges all of its other applications. For instance, Einstein help sales agents forecast conversion rates and prioritize the most promising leads, so it drives efficiency there. It helps commerce teams personalize the buyer experience and make relevant product recommendations on an e-commerce storefront. And I think that capacity for innovation is one of Salesforce's strongest assets.</p><p><blockquote>此外,Salesforce还有一个名为Einstein的平台,它本质上是一个人工智能层,可以增强其所有其他应用程序的能力。例如,爱因斯坦帮助销售代理预测转化率,并优先考虑最有前途的线索,因此它提高了效率。它帮助商务团队个性化买家体验,并在电子商务店面上推荐相关的产品。我认为创新能力是Salesforce最强大的资产之一。</blockquote></p><p> They were a pioneer in modern CRM. They were one of the first companies to deliver software from the cloud. They jumped on artificial intelligence quickly. Their platform even supports blockchain technology. They continue to stay at the cutting edge of these technologies. I think that's important. I mentioned in an earlier question, the CEO, Marc Benioff, he founded the company back in 1999. This would be a company where if Marc Benioff suddenly left, I would be concerned about Salesforce. If you were watching<i>Beat and Raise</i>show in the previous hour, the company actually named Bret Taylor a co-CEO. He will be working alongside Marc Benioff, and I think that's a great succession plan. Brian Withers and I were talking about that. It's good to see the company planning for the future.</p><p><blockquote>他们是现代客户关系管理的先驱。他们是首批从云中交付软件的公司之一。他们很快就跳上了人工智能。他们的平台甚至支持区块链技术。他们继续保持在这些技术的前沿。我觉得这很重要。我在之前的问题中提到过,首席执行官马克·贝尼奥夫(Marc Benioff)早在1999年就创立了这家公司。如果马克·贝尼奥夫突然离开,我会担心Salesforce。如果你在看<i>击败并加注</i>在前一个小时的节目中,该公司实际上任命布雷特·泰勒为联合首席执行官。他将和马克·贝尼奥夫一起工作,我认为这是一个伟大的继任计划。布莱恩·威瑟斯和我正在谈论这个。很高兴看到公司对未来的规划。</blockquote></p><p> One of the reasons I really like Salesforce, and I think they could do well during the holiday season, is that their software is relevant across virtually every industry. Building those customer relationships is important no matter of what you're selling or what industry you're in. Maintaining a strong relationship with your customers is important. I think -- given the current macroeconomic headwinds with supply chain difficulties, and labor shortages, and inflation, all of those things that may be headwinds for consumers -- I think maintaining those relationships is even more important than it normally is. And Salesforce is the clear leader here. The company has 19.5% market share in the CRM space. That is more than the next four competitors combined. Just a real dominant company.</p><p><blockquote>我真正喜欢Salesforce的原因之一,我认为他们可以在假期做得很好,是他们的软件几乎与每个行业都相关。无论你卖什么或者你在哪个行业,建立这些客户关系都很重要。与客户保持牢固的关系非常重要。我认为——考虑到当前供应链困难、劳动力短缺和通货膨胀等宏观经济逆风,所有这些可能对消费者来说都是逆风——我认为维持这些关系比平时更加重要。Salesforce显然是这方面的领导者。该公司在CRM领域拥有19.5%的市场份额。这比接下来四个竞争对手的总和还要多。只是一家真正占主导地位的公司。</blockquote></p><p> I mentioned they have that innovative, founder-led management team. This is another company with a strong workplace culture. If you look at Glassdoor, 89% of employees would recommend the company to a friend, 96% approve of the CEO, Marc Benioff. I think that speaks very highly of the type of workplace environment they've created.</p><p><blockquote>我提到他们有一个创新的、由创始人领导的管理团队。这是另一家拥有浓厚职场文化的公司。如果你看看Glassdoor,89%的员工会向朋友推荐该公司,96%的员工认可首席执行官马克·贝尼奥夫(Marc Benioff)。我认为这高度评价了他们创造的工作环境。</blockquote></p><p> The financial performance is consistently impressive. Over the past year -- this is through the second quarter, this does not include the results that Salesforce just released two hours ago --. but through the second quarter, the company's revenue was $23.5 billion, up 21%. They generated $5.5 billion in free cash flow; that was up 57%.</p><p><blockquote>财务业绩一直令人印象深刻。过去一年(截至第二季度),这还不包括Salesforce两小时前刚刚发布的业绩。但截至第二季度,该公司营收为235亿美元,增长21%。他们产生了55亿美元的自由现金流;上涨了57%。</blockquote></p><p> Just to cap all that, Salesforce is, in terms of enterprise software companies, it is the fastest-growing enterprise software company in history. It was the first to reach $5 billion in annualized revenue. It was the first to reach $10 billion. It recently became the first to reach $20 billion, and Benioff has said the company will reach $50 billion, I believe, by 2026. If that happens on that timeline, it will also be the first company to achieve that milestone. It will be the fastest company to achieve that milestone. An enormous company, but I still think there's plenty of potential here for shareholders, and I certainly think the holiday season could be a short-term catalyst.</p><p><blockquote>最重要的是,就企业软件公司而言,Salesforce是历史上发展最快的企业软件公司。它是第一个年化收入达到50亿美元的公司。是第一个达到100亿美元的。它最近成为第一家达到200亿美元的公司,贝尼奥夫表示,我相信该公司到2026年将达到500亿美元。如果这发生在这个时间表上,它也将是第一家实现这一里程碑的公司。它将是最快实现这一里程碑的公司。这是一家庞大的公司,但我仍然认为股东有很大的潜力,而且我当然认为假期可能是一个短期催化剂。</blockquote></p><p></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>1 Unstoppable Stock to Buy Before 2022<blockquote>2022年之前值得购买的1只势不可挡的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n1 Unstoppable Stock to Buy Before 2022<blockquote>2022年之前值得购买的1只势不可挡的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-18 12:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/CRM\"><b>Salesforce.com</b></a> is one of the largest enterprise software companies, and it's led the customer relationship management (CRM) industry for eight consecutive years. As businesses continue to struggle with macroeconomic headwinds related labor shortages and supply chain disruptions, staying on good terms with customers will be crucial.</p><p><blockquote><a href=\"https://laohu8.com/S/CRM\"><b>Salesforce.com</b></a>是最大的企业软件公司之一,连续八年引领客户关系管理(CRM)行业。随着企业继续与劳动力短缺和供应链中断相关的宏观经济逆风作斗争,与客户保持良好关系至关重要。</blockquote></p><p> It also includes tools for analytics, data integration, low-code application development. So it really is this end-to-end solution. The goal is to give businesses the tools they need to attract leads, convert those leads into paying customers, and then build lasting relationships with those customers.</p><p><blockquote>它还包括用于分析、数据集成、低代码应用程序开发的工具。所以它确实是这种端到端的解决方案。目标是为企业提供吸引潜在客户所需的工具,将这些潜在客户转化为付费客户,然后与这些客户建立持久的关系。</blockquote></p><p> Additionally, Salesforce has this platform called Einstein, which is essentially an artificial intelligence layer that supercharges all of its other applications. For instance, Einstein help sales agents forecast conversion rates and prioritize the most promising leads, so it drives efficiency there. It helps commerce teams personalize the buyer experience and make relevant product recommendations on an e-commerce storefront. And I think that capacity for innovation is one of Salesforce's strongest assets.</p><p><blockquote>此外,Salesforce还有一个名为Einstein的平台,它本质上是一个人工智能层,可以增强其所有其他应用程序的能力。例如,爱因斯坦帮助销售代理预测转化率,并优先考虑最有前途的线索,因此它提高了效率。它帮助商务团队个性化买家体验,并在电子商务店面上推荐相关的产品。我认为创新能力是Salesforce最强大的资产之一。</blockquote></p><p> They were a pioneer in modern CRM. They were one of the first companies to deliver software from the cloud. They jumped on artificial intelligence quickly. Their platform even supports blockchain technology. They continue to stay at the cutting edge of these technologies. I think that's important. I mentioned in an earlier question, the CEO, Marc Benioff, he founded the company back in 1999. This would be a company where if Marc Benioff suddenly left, I would be concerned about Salesforce. If you were watching<i>Beat and Raise</i>show in the previous hour, the company actually named Bret Taylor a co-CEO. He will be working alongside Marc Benioff, and I think that's a great succession plan. Brian Withers and I were talking about that. It's good to see the company planning for the future.</p><p><blockquote>他们是现代客户关系管理的先驱。他们是首批从云中交付软件的公司之一。他们很快就跳上了人工智能。他们的平台甚至支持区块链技术。他们继续保持在这些技术的前沿。我觉得这很重要。我在之前的问题中提到过,首席执行官马克·贝尼奥夫(Marc Benioff)早在1999年就创立了这家公司。如果马克·贝尼奥夫突然离开,我会担心Salesforce。如果你在看<i>击败并加注</i>在前一个小时的节目中,该公司实际上任命布雷特·泰勒为联合首席执行官。他将和马克·贝尼奥夫一起工作,我认为这是一个伟大的继任计划。布莱恩·威瑟斯和我正在谈论这个。很高兴看到公司对未来的规划。</blockquote></p><p> One of the reasons I really like Salesforce, and I think they could do well during the holiday season, is that their software is relevant across virtually every industry. Building those customer relationships is important no matter of what you're selling or what industry you're in. Maintaining a strong relationship with your customers is important. I think -- given the current macroeconomic headwinds with supply chain difficulties, and labor shortages, and inflation, all of those things that may be headwinds for consumers -- I think maintaining those relationships is even more important than it normally is. And Salesforce is the clear leader here. The company has 19.5% market share in the CRM space. That is more than the next four competitors combined. Just a real dominant company.</p><p><blockquote>我真正喜欢Salesforce的原因之一,我认为他们可以在假期做得很好,是他们的软件几乎与每个行业都相关。无论你卖什么或者你在哪个行业,建立这些客户关系都很重要。与客户保持牢固的关系非常重要。我认为——考虑到当前供应链困难、劳动力短缺和通货膨胀等宏观经济逆风,所有这些可能对消费者来说都是逆风——我认为维持这些关系比平时更加重要。Salesforce显然是这方面的领导者。该公司在CRM领域拥有19.5%的市场份额。这比接下来四个竞争对手的总和还要多。只是一家真正占主导地位的公司。</blockquote></p><p> I mentioned they have that innovative, founder-led management team. This is another company with a strong workplace culture. If you look at Glassdoor, 89% of employees would recommend the company to a friend, 96% approve of the CEO, Marc Benioff. I think that speaks very highly of the type of workplace environment they've created.</p><p><blockquote>我提到他们有一个创新的、由创始人领导的管理团队。这是另一家拥有浓厚职场文化的公司。如果你看看Glassdoor,89%的员工会向朋友推荐该公司,96%的员工认可首席执行官马克·贝尼奥夫(Marc Benioff)。我认为这高度评价了他们创造的工作环境。</blockquote></p><p> The financial performance is consistently impressive. Over the past year -- this is through the second quarter, this does not include the results that Salesforce just released two hours ago --. but through the second quarter, the company's revenue was $23.5 billion, up 21%. They generated $5.5 billion in free cash flow; that was up 57%.</p><p><blockquote>财务业绩一直令人印象深刻。过去一年(截至第二季度),这还不包括Salesforce两小时前刚刚发布的业绩。但截至第二季度,该公司营收为235亿美元,增长21%。他们产生了55亿美元的自由现金流;上涨了57%。</blockquote></p><p> Just to cap all that, Salesforce is, in terms of enterprise software companies, it is the fastest-growing enterprise software company in history. It was the first to reach $5 billion in annualized revenue. It was the first to reach $10 billion. It recently became the first to reach $20 billion, and Benioff has said the company will reach $50 billion, I believe, by 2026. If that happens on that timeline, it will also be the first company to achieve that milestone. It will be the fastest company to achieve that milestone. An enormous company, but I still think there's plenty of potential here for shareholders, and I certainly think the holiday season could be a short-term catalyst.</p><p><blockquote>最重要的是,就企业软件公司而言,Salesforce是历史上发展最快的企业软件公司。它是第一个年化收入达到50亿美元的公司。是第一个达到100亿美元的。它最近成为第一家达到200亿美元的公司,贝尼奥夫表示,我相信该公司到2026年将达到500亿美元。如果这发生在这个时间表上,它也将是第一家实现这一里程碑的公司。它将是最快实现这一里程碑的公司。这是一家庞大的公司,但我仍然认为股东有很大的潜力,而且我当然认为假期可能是一个短期催化剂。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.fool.com/investing/2021/12/17/1-unstoppable-stock-to-buy-before-2022/\">Motley Fool</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://www.fool.com/investing/2021/12/17/1-unstoppable-stock-to-buy-before-2022/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122651573","content_text":"Salesforce.com is one of the largest enterprise software companies, and it's led the customer relationship management (CRM) industry for eight consecutive years. As businesses continue to struggle with macroeconomic headwinds related labor shortages and supply chain disruptions, staying on good terms with customers will be crucial.\nIt also includes tools for analytics, data integration, low-code application development. So it really is this end-to-end solution. The goal is to give businesses the tools they need to attract leads, convert those leads into paying customers, and then build lasting relationships with those customers.\nAdditionally, Salesforce has this platform called Einstein, which is essentially an artificial intelligence layer that supercharges all of its other applications. For instance, Einstein help sales agents forecast conversion rates and prioritize the most promising leads, so it drives efficiency there. It helps commerce teams personalize the buyer experience and make relevant product recommendations on an e-commerce storefront. And I think that capacity for innovation is one of Salesforce's strongest assets.\nThey were a pioneer in modern CRM. They were one of the first companies to deliver software from the cloud. They jumped on artificial intelligence quickly. Their platform even supports blockchain technology. They continue to stay at the cutting edge of these technologies. I think that's important. I mentioned in an earlier question, the CEO, Marc Benioff, he founded the company back in 1999. This would be a company where if Marc Benioff suddenly left, I would be concerned about Salesforce. If you were watchingBeat and Raiseshow in the previous hour, the company actually named Bret Taylor a co-CEO. He will be working alongside Marc Benioff, and I think that's a great succession plan. Brian Withers and I were talking about that. It's good to see the company planning for the future.\nOne of the reasons I really like Salesforce, and I think they could do well during the holiday season, is that their software is relevant across virtually every industry. Building those customer relationships is important no matter of what you're selling or what industry you're in. Maintaining a strong relationship with your customers is important. I think -- given the current macroeconomic headwinds with supply chain difficulties, and labor shortages, and inflation, all of those things that may be headwinds for consumers -- I think maintaining those relationships is even more important than it normally is. And Salesforce is the clear leader here. The company has 19.5% market share in the CRM space. That is more than the next four competitors combined. Just a real dominant company.\nI mentioned they have that innovative, founder-led management team. This is another company with a strong workplace culture. If you look at Glassdoor, 89% of employees would recommend the company to a friend, 96% approve of the CEO, Marc Benioff. I think that speaks very highly of the type of workplace environment they've created.\nThe financial performance is consistently impressive. Over the past year -- this is through the second quarter, this does not include the results that Salesforce just released two hours ago --. but through the second quarter, the company's revenue was $23.5 billion, up 21%. They generated $5.5 billion in free cash flow; that was up 57%.\nJust to cap all that, Salesforce is, in terms of enterprise software companies, it is the fastest-growing enterprise software company in history. It was the first to reach $5 billion in annualized revenue. It was the first to reach $10 billion. It recently became the first to reach $20 billion, and Benioff has said the company will reach $50 billion, I believe, by 2026. If that happens on that timeline, it will also be the first company to achieve that milestone. It will be the fastest company to achieve that milestone. An enormous company, but I still think there's plenty of potential here for shareholders, and I certainly think the holiday season could be a short-term catalyst.","news_type":1,"symbols_score_info":{"CRM":0.9}},"isVote":1,"tweetType":1,"viewCount":1121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699210100,"gmtCreate":1639806733653,"gmtModify":1639806734628,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"The golden quest, separating winners from losers. It's a mix of science, art and a bit of luck. ","listText":"The golden quest, separating winners from losers. It's a mix of science, art and a bit of luck. ","text":"The golden quest, separating winners from losers. It's a mix of science, art and a bit of luck.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699210100","repostId":"1161245886","repostType":4,"repost":{"id":"1161245886","kind":"news","pubTimestamp":1639806035,"share":"https://www.laohu8.com/m/news/1161245886?lang=zh_CN&edition=full","pubTime":"2021-12-18 13:40","market":"us","language":"en","title":"Wedbush's Dan Ives: Don't throw in the towel on tech<blockquote>韦德布什的丹·艾夫斯:不要在科技上认输</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161245886","media":"Seeking Alpha","summary":"Wedbush Securities managing director Dan Ives advised investors to stick with technology stocks despite the potential valuation crunch that could happen as the Federal Reserve raises interest rates.\"This is not the time to throw in the white towel on tech,\" he told CNBC on Friday.Calling the current era \"a fourth industrial revolution,\" Ives backed such stocks as $CyberArk Software $, $Palo Alto Networks $, $Zscaler $, $NVIDIA $ and $Apple $.\"This is an opportunity, not the start of a downtrend ","content":"<p>Wedbush Securities managing director Dan Ives advised investors to stick with technology stocks despite the potential valuation crunch that could happen as the Federal Reserve raises interest rates.</p><p><blockquote>Wedbush Securities董事总经理Dan Ives建议投资者坚持持有科技股,尽管美联储加息可能会导致估值紧缩。</blockquote></p><p> \"This is not the time to throw in the white towel on tech,\" he told CNBC on Friday.</p><p><blockquote>“现在不是向科技认输的时候,”他周五对CNBC表示。</blockquote></p><p> Calling the current era \"a fourth industrial revolution,\" Ives backed such stocks as <a href=\"https://laohu8.com/S/CYBR\">CyberArk Software </a>, <a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks </a>, <a href=\"https://laohu8.com/S/ZS\">Zscaler </a>, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA </a> and <a href=\"https://laohu8.com/S/AAPL\">Apple </a>.</p><p><blockquote>艾夫斯将当前时代称为“第四次工业革命”,他支持以下股票:<a href=\"https://laohu8.com/S/CYBR\">赛博方舟软件</a>,<a href=\"https://laohu8.com/S/PANW\">帕洛阿尔托网络</a>,<a href=\"https://laohu8.com/S/ZS\">Zscaler</a>,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>.</blockquote></p><p> \"This is an opportunity, not the start of a downtrend for tech,\" he said.</p><p><blockquote>“这是一个机会,而不是科技股下跌趋势的开始,”他说。</blockquote></p><p> Ives argued that a large number of tech names will see significant growth in coming years thanks to heavy spending on technologies like cybersecurity, 5G and further moves into the cloud.</p><p><blockquote>艾夫斯认为,由于在网络安全、5G等技术上的大量支出以及进一步向云的转移,大量科技公司将在未来几年实现显着增长。</blockquote></p><p> He estimated that this \"digital transformation\" would fuel another $2T in spending over the next six to seven years.</p><p><blockquote>他估计,这种“数字化转型”将在未来六到七年内推动另外2T美元的支出。</blockquote></p><p> That said, Ives warned investors that they had to be selective with their portfolios, as some stocks will lose momentum once the massive pandemic-related stimulus comes to an end.</p><p><blockquote>尽管如此,艾夫斯警告投资者,他们必须有选择性地选择投资组合,因为一旦与大流行相关的大规模刺激措施结束,一些股票将失去动力。</blockquote></p><p> \"You have to separate the winners from the losers and the long-term winners versus the ones that benefited from the pandemic,\" he said.</p><p><blockquote>他说:“你必须区分赢家和输家,区分长期赢家和从大流行中受益的人。”</blockquote></p><p> Rather, Ives suggested investors \"double down on their winners.\"</p><p><blockquote>相反,艾夫斯建议投资者“加倍押注赢家”。</blockquote></p><p> Looking at some of the stocks mentioned by Ives, NVDA has done by far the best in 2021, more than doubling over the course of the year. ZS and PANW have both risen nearly 50%. AAPL lags behind its smaller rivals, although it has rallied about 30% for 2021.</p><p><blockquote>从艾夫斯提到的一些股票来看,NVDA在2021年的表现是迄今为止最好的,一年中上涨了一倍多。ZS和PANW均上涨近50%。尽管苹果公司2021年股价上涨了约30%,但仍落后于规模较小的竞争对手。</blockquote></p><p> The main laggard in the group is CYBR, which is basically flat on the year:</p><p><blockquote>集团内主要落后者为CYBR,同比基本持平:</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25aa45389fe8b89d41006f304e02894e\" tg-width=\"1201\" tg-height=\"405\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></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>Wedbush's Dan Ives: Don't throw in the towel on tech<blockquote>韦德布什的丹·艾夫斯:不要在科技上认输</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWedbush's Dan Ives: Don't throw in the towel on tech<blockquote>韦德布什的丹·艾夫斯:不要在科技上认输</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-18 13:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wedbush Securities managing director Dan Ives advised investors to stick with technology stocks despite the potential valuation crunch that could happen as the Federal Reserve raises interest rates.</p><p><blockquote>Wedbush Securities董事总经理Dan Ives建议投资者坚持持有科技股,尽管美联储加息可能会导致估值紧缩。</blockquote></p><p> \"This is not the time to throw in the white towel on tech,\" he told CNBC on Friday.</p><p><blockquote>“现在不是向科技认输的时候,”他周五对CNBC表示。</blockquote></p><p> Calling the current era \"a fourth industrial revolution,\" Ives backed such stocks as <a href=\"https://laohu8.com/S/CYBR\">CyberArk Software </a>, <a href=\"https://laohu8.com/S/PANW\">Palo Alto Networks </a>, <a href=\"https://laohu8.com/S/ZS\">Zscaler </a>, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA </a> and <a href=\"https://laohu8.com/S/AAPL\">Apple </a>.</p><p><blockquote>艾夫斯将当前时代称为“第四次工业革命”,他支持以下股票:<a href=\"https://laohu8.com/S/CYBR\">赛博方舟软件</a>,<a href=\"https://laohu8.com/S/PANW\">帕洛阿尔托网络</a>,<a href=\"https://laohu8.com/S/ZS\">Zscaler</a>,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>.</blockquote></p><p> \"This is an opportunity, not the start of a downtrend for tech,\" he said.</p><p><blockquote>“这是一个机会,而不是科技股下跌趋势的开始,”他说。</blockquote></p><p> Ives argued that a large number of tech names will see significant growth in coming years thanks to heavy spending on technologies like cybersecurity, 5G and further moves into the cloud.</p><p><blockquote>艾夫斯认为,由于在网络安全、5G等技术上的大量支出以及进一步向云的转移,大量科技公司将在未来几年实现显着增长。</blockquote></p><p> He estimated that this \"digital transformation\" would fuel another $2T in spending over the next six to seven years.</p><p><blockquote>他估计,这种“数字化转型”将在未来六到七年内推动另外2T美元的支出。</blockquote></p><p> That said, Ives warned investors that they had to be selective with their portfolios, as some stocks will lose momentum once the massive pandemic-related stimulus comes to an end.</p><p><blockquote>尽管如此,艾夫斯警告投资者,他们必须有选择性地选择投资组合,因为一旦与大流行相关的大规模刺激措施结束,一些股票将失去动力。</blockquote></p><p> \"You have to separate the winners from the losers and the long-term winners versus the ones that benefited from the pandemic,\" he said.</p><p><blockquote>他说:“你必须区分赢家和输家,区分长期赢家和从大流行中受益的人。”</blockquote></p><p> Rather, Ives suggested investors \"double down on their winners.\"</p><p><blockquote>相反,艾夫斯建议投资者“加倍押注赢家”。</blockquote></p><p> Looking at some of the stocks mentioned by Ives, NVDA has done by far the best in 2021, more than doubling over the course of the year. ZS and PANW have both risen nearly 50%. AAPL lags behind its smaller rivals, although it has rallied about 30% for 2021.</p><p><blockquote>从艾夫斯提到的一些股票来看,NVDA在2021年的表现是迄今为止最好的,一年中上涨了一倍多。ZS和PANW均上涨近50%。尽管苹果公司2021年股价上涨了约30%,但仍落后于规模较小的竞争对手。</blockquote></p><p> The main laggard in the group is CYBR, which is basically flat on the year:</p><p><blockquote>集团内主要落后者为CYBR,同比基本持平:</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25aa45389fe8b89d41006f304e02894e\" tg-width=\"1201\" tg-height=\"405\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/news/3781354-dont-throw-in-the-towel-on-tech-wedbushs-dan-ives\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PANW":"Palo Alto Networks","ZS":"Zscaler Inc.","CYBR":"Cyber-Ark Software","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/news/3781354-dont-throw-in-the-towel-on-tech-wedbushs-dan-ives","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161245886","content_text":"Wedbush Securities managing director Dan Ives advised investors to stick with technology stocks despite the potential valuation crunch that could happen as the Federal Reserve raises interest rates.\n\"This is not the time to throw in the white towel on tech,\" he told CNBC on Friday.\nCalling the current era \"a fourth industrial revolution,\" Ives backed such stocks as CyberArk Software , Palo Alto Networks , Zscaler , NVIDIA and Apple .\n\"This is an opportunity, not the start of a downtrend for tech,\" he said.\nIves argued that a large number of tech names will see significant growth in coming years thanks to heavy spending on technologies like cybersecurity, 5G and further moves into the cloud.\nHe estimated that this \"digital transformation\" would fuel another $2T in spending over the next six to seven years.\nThat said, Ives warned investors that they had to be selective with their portfolios, as some stocks will lose momentum once the massive pandemic-related stimulus comes to an end.\n\"You have to separate the winners from the losers and the long-term winners versus the ones that benefited from the pandemic,\" he said.\nRather, Ives suggested investors \"double down on their winners.\"\nLooking at some of the stocks mentioned by Ives, NVDA has done by far the best in 2021, more than doubling over the course of the year. ZS and PANW have both risen nearly 50%. AAPL lags behind its smaller rivals, although it has rallied about 30% for 2021.\nThe main laggard in the group is CYBR, which is basically flat on the year:","news_type":1,"symbols_score_info":{"ZS":0.9,"CYBR":0.9,"NVDA":0.9,"PANW":0.9}},"isVote":1,"tweetType":1,"viewCount":1051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690326873,"gmtCreate":1639638958787,"gmtModify":1639639521787,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's a tricky balancing act of balancing expectations against actual conditions. Hope we all enjoy the ride in the coming months. ","listText":"It's a tricky balancing act of balancing expectations against actual conditions. Hope we all enjoy the ride in the coming months. ","text":"It's a tricky balancing act of balancing expectations against actual conditions. Hope we all enjoy the ride in the coming months.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690326873","repostId":"1143095001","repostType":4,"repost":{"id":"1143095001","kind":"news","pubTimestamp":1639635187,"share":"https://www.laohu8.com/m/news/1143095001?lang=zh_CN&edition=full","pubTime":"2021-12-16 14:13","market":"us","language":"en","title":"Fed heads for the exits despite Omicron. Who will follow?<blockquote>尽管有奥密克戎,美联储仍将退出。谁会跟随?</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143095001","media":"Reuters","summary":"(Reuters) - The U.S. Federal Reserve didn't beat around the bush on Wednesday when it signaled that ","content":"<p>(Reuters) - The U.S. Federal Reserve didn't beat around the bush on Wednesday when it signaled that raging inflation is its biggest risk and not the potential economic damage from the fast-spreading Omicron variant.</p><p><blockquote>(路透社)-美联储周三没有拐弯抹角,暗示通胀加剧是其最大风险,而不是快速蔓延的奥密克戎变种造成的潜在经济损害。</blockquote></p><p> The Fed doubled the pace at which it will reduce its bond purchases, while new forecasts from policymakers signaled as many as three interest rate increases next year. Chair Jerome Powell then waxed enthusiastically about the strength of the U.S. job market.</p><p><blockquote>美联储将减少债券购买的速度提高了一倍,而政策制定者的新预测表明明年将加息多达三次。主席杰罗姆·鲍威尔随后对美国就业市场的强劲表现充满热情。</blockquote></p><p> \"The economy no longer needs increasing amounts of policy support,\" Powell told a news conference. \"In my view, we are making rapid progress toward maximum employment.\"</p><p><blockquote>鲍威尔在新闻发布会上表示:“经济不再需要越来越多的政策支持。”“在我看来,我们正在朝着最大限度就业的方向取得快速进展。”</blockquote></p><p> Whether any of the Fed's peers are ready to follow its lead, however, will become clear in the next 24 hours with a rapid-fire succession of meetings by the Bank of England, European Central Bank and the Bank of Japan.</p><p><blockquote>然而,随着英国央行、欧洲央行和日本央行连续召开会议,美联储是否准备好效仿美联储的做法将在未来24小时内变得明朗。</blockquote></p><p> Of the three, however, only the BoE is likely to take more than a baby step in trimming the monumental support provided to its economy through the pandemic. That could set the stage for a choppy 2022 with a Fed determined to end its asset purchases as fast as possible and kick off interest rates soon after, while others will be more hesitant to shift so decisively in that direction.</p><p><blockquote>然而,在这三个国家中,只有英国央行可能会在削减疫情为其经济提供的巨大支持方面迈出不止一小步。这可能会为动荡的2022年奠定基础,美联储决心尽快结束资产购买,并在不久后启动利率,而其他国家将更加犹豫是否要如此果断地朝这个方向转变。</blockquote></p><p> The BoE could become the first of the major central banks to raise interest rates at Thursday's policy meeting, but the United Kingdom is also where friction between Omicron and way-over-target inflation is playing out most vividly.</p><p><blockquote>英国央行可能成为第一个在周四的政策会议上加息的主要央行,但英国也是奥密克戎与远超目标通胀之间摩擦最明显的地方。</blockquote></p><p> UK daily coronavirus infections are now at their highest since the earliest days of the pandemic, forcing Prime Minister Boris Johnson this week to join with opposition lawmakers in imposing new restrictions.</p><p><blockquote>英国每日冠状病毒感染人数目前处于大流行初期以来的最高水平,迫使首相鲍里斯·约翰逊本周与反对派议员一起实施新的限制。</blockquote></p><p> On the other hand, shocking data on Wednesday showed consumer price inflation at a decade-high rate and bets in financial markets on a December rate hike jumped to 60% from about a third.</p><p><blockquote>另一方面,周三令人震惊的数据显示,消费者价格通胀率达到十年来的最高水平,金融市场对12月加息的押注从约三分之一跃升至60%。</blockquote></p><p> \"There is now the real risk of inflation becoming entrenched – especially considering the signs of second-round effects in terms of rising wages, supported by a strong labour market – but this is balanced against the threat to the economic recovery from the new Omicron variant,\" said Ellie Henderson, an economist at bank Investec.</p><p><blockquote>“现在确实存在通胀根深蒂固的风险——特别是考虑到在强劲的劳动力市场的支持下,工资上涨出现了第二轮影响的迹象——但这与新奥密克戎对经济复苏的威胁是平衡的。”天达银行经济学家Ellie Henderson表示。</blockquote></p><p> Investors and economists are not expecting anything nearly as bold this week from either the ECB or BOJ.</p><p><blockquote>投资者和经济学家预计欧洲央行或日本央行本周不会做出如此大胆的举动。</blockquote></p><p> The ECB is expected to be among the last to tighten policy, and the current unusually vibrant debate is focused on whether to dial back an exceptionally generous stimulus scheme just a notch. The caution is easy to understand. The bank has undershot its inflation target for most of the past decade, so it would rather move too late than too early, fearing that a misguided policy tweak could unravel years of work.</p><p><blockquote>预计欧洲央行将是最后收紧政策的国家之一,当前异常激烈的辩论集中在是否将异常慷慨的刺激计划缩减一个档次。谨慎很容易理解。在过去十年的大部分时间里,央行都没有达到通胀目标,因此它宁愿行动太晚也不愿行动太早,担心错误的政策调整可能会毁掉多年的工作。</blockquote></p><p> The euro zone's recovery is also trailing others. The bloc is just getting back to its pre-pandemic size and the job market could take another two years to recover. Debt levels are also at record highs, particularly in the bloc's south, so any big retreat could widen the spread between German and Italian debt, raising questions about the sustainability of these debt levels.</p><p><blockquote>欧元区的复苏也落后于其他国家。欧盟刚刚恢复到大流行前的规模,就业市场可能还需要两年时间才能复苏。债务水平也处于历史高位,特别是在欧盟南部,因此任何大幅回落都可能扩大德国和意大利债务之间的利差,引发人们对这些债务水平可持续性的质疑。</blockquote></p><p> Given that the risk of moving too quick appears to far outweigh the risk of moving too slow, the ECB is likely to take only the smallest step towards removing extraordinary stimulus this week and will signal copious support, including thorough record low rates, at least through next year.</p><p><blockquote>鉴于行动过快的风险似乎远远超过行动过慢的风险,欧洲央行本周可能只会在取消非常规刺激措施方面迈出最小的一步,并将发出大量支持信号,包括彻底的创纪录低利率,至少到明年。</blockquote></p><p> In Japan, the consumer-level inflation that is tearing through other parts of the globe remains largely absent. As such, only a marginal reduction in corporate asset purchases is under discussion at Friday's BOJ meeting.</p><p><blockquote>在日本,席卷全球其他地区的消费者层面的通胀基本上仍然不存在。因此,周五的日本央行会议仅讨论了小幅减少企业资产购买。</blockquote></p><p> Even if the others are not hard on the Fed's heels, Powell and the Fed appear to have set the agenda for a tumultuous 2022 as central bankers chart their ways to the exits, albeit at dramatically different paces.</p><p><blockquote>即使其他人没有紧随美联储之后,鲍威尔和美联储似乎已经为动荡的2022年制定了议程,各国央行行长们正在规划退出的道路,尽管步伐截然不同。</blockquote></p><p> \"You saw it in his congressional remarks that were more about tightening sooner than it was about worrying about the health of the global economy,\" said Vincent Reinhart, chief economist for Dreyfuss & Mellon. The Fed and other central banks are \"conveying a sense that they are heading for the exits. Modern central banking is much about managing expectations and they do not want to be seen as behind the curve.\"</p><p><blockquote>Dreyfuss&Mellon首席经济学家文森特·莱因哈特(Vincent Reinhart)表示:“你可以从他的国会讲话中看到,他更多的是关于尽快收紧政策,而不是担心全球经济的健康状况。”美联储和其他央行正在“传达一种他们正在走向退出的感觉。现代央行在很大程度上是管理预期,他们不希望被视为落后于形势。”</blockquote></p><p></p>","source":"lsy1612507957220","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>Fed heads for the exits despite Omicron. Who will follow?<blockquote>尽管有奥密克戎,美联储仍将退出。谁会跟随?</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed heads for the exits despite Omicron. Who will follow?<blockquote>尽管有奥密克戎,美联储仍将退出。谁会跟随?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-16 14:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The U.S. Federal Reserve didn't beat around the bush on Wednesday when it signaled that raging inflation is its biggest risk and not the potential economic damage from the fast-spreading Omicron variant.</p><p><blockquote>(路透社)-美联储周三没有拐弯抹角,暗示通胀加剧是其最大风险,而不是快速蔓延的奥密克戎变种造成的潜在经济损害。</blockquote></p><p> The Fed doubled the pace at which it will reduce its bond purchases, while new forecasts from policymakers signaled as many as three interest rate increases next year. Chair Jerome Powell then waxed enthusiastically about the strength of the U.S. job market.</p><p><blockquote>美联储将减少债券购买的速度提高了一倍,而政策制定者的新预测表明明年将加息多达三次。主席杰罗姆·鲍威尔随后对美国就业市场的强劲表现充满热情。</blockquote></p><p> \"The economy no longer needs increasing amounts of policy support,\" Powell told a news conference. \"In my view, we are making rapid progress toward maximum employment.\"</p><p><blockquote>鲍威尔在新闻发布会上表示:“经济不再需要越来越多的政策支持。”“在我看来,我们正在朝着最大限度就业的方向取得快速进展。”</blockquote></p><p> Whether any of the Fed's peers are ready to follow its lead, however, will become clear in the next 24 hours with a rapid-fire succession of meetings by the Bank of England, European Central Bank and the Bank of Japan.</p><p><blockquote>然而,随着英国央行、欧洲央行和日本央行连续召开会议,美联储是否准备好效仿美联储的做法将在未来24小时内变得明朗。</blockquote></p><p> Of the three, however, only the BoE is likely to take more than a baby step in trimming the monumental support provided to its economy through the pandemic. That could set the stage for a choppy 2022 with a Fed determined to end its asset purchases as fast as possible and kick off interest rates soon after, while others will be more hesitant to shift so decisively in that direction.</p><p><blockquote>然而,在这三个国家中,只有英国央行可能会在削减疫情为其经济提供的巨大支持方面迈出不止一小步。这可能会为动荡的2022年奠定基础,美联储决心尽快结束资产购买,并在不久后启动利率,而其他国家将更加犹豫是否要如此果断地朝这个方向转变。</blockquote></p><p> The BoE could become the first of the major central banks to raise interest rates at Thursday's policy meeting, but the United Kingdom is also where friction between Omicron and way-over-target inflation is playing out most vividly.</p><p><blockquote>英国央行可能成为第一个在周四的政策会议上加息的主要央行,但英国也是奥密克戎与远超目标通胀之间摩擦最明显的地方。</blockquote></p><p> UK daily coronavirus infections are now at their highest since the earliest days of the pandemic, forcing Prime Minister Boris Johnson this week to join with opposition lawmakers in imposing new restrictions.</p><p><blockquote>英国每日冠状病毒感染人数目前处于大流行初期以来的最高水平,迫使首相鲍里斯·约翰逊本周与反对派议员一起实施新的限制。</blockquote></p><p> On the other hand, shocking data on Wednesday showed consumer price inflation at a decade-high rate and bets in financial markets on a December rate hike jumped to 60% from about a third.</p><p><blockquote>另一方面,周三令人震惊的数据显示,消费者价格通胀率达到十年来的最高水平,金融市场对12月加息的押注从约三分之一跃升至60%。</blockquote></p><p> \"There is now the real risk of inflation becoming entrenched – especially considering the signs of second-round effects in terms of rising wages, supported by a strong labour market – but this is balanced against the threat to the economic recovery from the new Omicron variant,\" said Ellie Henderson, an economist at bank Investec.</p><p><blockquote>“现在确实存在通胀根深蒂固的风险——特别是考虑到在强劲的劳动力市场的支持下,工资上涨出现了第二轮影响的迹象——但这与新奥密克戎对经济复苏的威胁是平衡的。”天达银行经济学家Ellie Henderson表示。</blockquote></p><p> Investors and economists are not expecting anything nearly as bold this week from either the ECB or BOJ.</p><p><blockquote>投资者和经济学家预计欧洲央行或日本央行本周不会做出如此大胆的举动。</blockquote></p><p> The ECB is expected to be among the last to tighten policy, and the current unusually vibrant debate is focused on whether to dial back an exceptionally generous stimulus scheme just a notch. The caution is easy to understand. The bank has undershot its inflation target for most of the past decade, so it would rather move too late than too early, fearing that a misguided policy tweak could unravel years of work.</p><p><blockquote>预计欧洲央行将是最后收紧政策的国家之一,当前异常激烈的辩论集中在是否将异常慷慨的刺激计划缩减一个档次。谨慎很容易理解。在过去十年的大部分时间里,央行都没有达到通胀目标,因此它宁愿行动太晚也不愿行动太早,担心错误的政策调整可能会毁掉多年的工作。</blockquote></p><p> The euro zone's recovery is also trailing others. The bloc is just getting back to its pre-pandemic size and the job market could take another two years to recover. Debt levels are also at record highs, particularly in the bloc's south, so any big retreat could widen the spread between German and Italian debt, raising questions about the sustainability of these debt levels.</p><p><blockquote>欧元区的复苏也落后于其他国家。欧盟刚刚恢复到大流行前的规模,就业市场可能还需要两年时间才能复苏。债务水平也处于历史高位,特别是在欧盟南部,因此任何大幅回落都可能扩大德国和意大利债务之间的利差,引发人们对这些债务水平可持续性的质疑。</blockquote></p><p> Given that the risk of moving too quick appears to far outweigh the risk of moving too slow, the ECB is likely to take only the smallest step towards removing extraordinary stimulus this week and will signal copious support, including thorough record low rates, at least through next year.</p><p><blockquote>鉴于行动过快的风险似乎远远超过行动过慢的风险,欧洲央行本周可能只会在取消非常规刺激措施方面迈出最小的一步,并将发出大量支持信号,包括彻底的创纪录低利率,至少到明年。</blockquote></p><p> In Japan, the consumer-level inflation that is tearing through other parts of the globe remains largely absent. As such, only a marginal reduction in corporate asset purchases is under discussion at Friday's BOJ meeting.</p><p><blockquote>在日本,席卷全球其他地区的消费者层面的通胀基本上仍然不存在。因此,周五的日本央行会议仅讨论了小幅减少企业资产购买。</blockquote></p><p> Even if the others are not hard on the Fed's heels, Powell and the Fed appear to have set the agenda for a tumultuous 2022 as central bankers chart their ways to the exits, albeit at dramatically different paces.</p><p><blockquote>即使其他人没有紧随美联储之后,鲍威尔和美联储似乎已经为动荡的2022年制定了议程,各国央行行长们正在规划退出的道路,尽管步伐截然不同。</blockquote></p><p> \"You saw it in his congressional remarks that were more about tightening sooner than it was about worrying about the health of the global economy,\" said Vincent Reinhart, chief economist for Dreyfuss & Mellon. The Fed and other central banks are \"conveying a sense that they are heading for the exits. Modern central banking is much about managing expectations and they do not want to be seen as behind the curve.\"</p><p><blockquote>Dreyfuss&Mellon首席经济学家文森特·莱因哈特(Vincent Reinhart)表示:“你可以从他的国会讲话中看到,他更多的是关于尽快收紧政策,而不是担心全球经济的健康状况。”美联储和其他央行正在“传达一种他们正在走向退出的感觉。现代央行在很大程度上是管理预期,他们不希望被视为落后于形势。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://finance.yahoo.com/news/fed-heads-exits-despite-omicron-060632193.html\">Reuters</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/fed-heads-exits-despite-omicron-060632193.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143095001","content_text":"(Reuters) - The U.S. Federal Reserve didn't beat around the bush on Wednesday when it signaled that raging inflation is its biggest risk and not the potential economic damage from the fast-spreading Omicron variant.\nThe Fed doubled the pace at which it will reduce its bond purchases, while new forecasts from policymakers signaled as many as three interest rate increases next year. Chair Jerome Powell then waxed enthusiastically about the strength of the U.S. job market.\n\"The economy no longer needs increasing amounts of policy support,\" Powell told a news conference. \"In my view, we are making rapid progress toward maximum employment.\"\nWhether any of the Fed's peers are ready to follow its lead, however, will become clear in the next 24 hours with a rapid-fire succession of meetings by the Bank of England, European Central Bank and the Bank of Japan.\nOf the three, however, only the BoE is likely to take more than a baby step in trimming the monumental support provided to its economy through the pandemic. That could set the stage for a choppy 2022 with a Fed determined to end its asset purchases as fast as possible and kick off interest rates soon after, while others will be more hesitant to shift so decisively in that direction.\nThe BoE could become the first of the major central banks to raise interest rates at Thursday's policy meeting, but the United Kingdom is also where friction between Omicron and way-over-target inflation is playing out most vividly.\nUK daily coronavirus infections are now at their highest since the earliest days of the pandemic, forcing Prime Minister Boris Johnson this week to join with opposition lawmakers in imposing new restrictions.\nOn the other hand, shocking data on Wednesday showed consumer price inflation at a decade-high rate and bets in financial markets on a December rate hike jumped to 60% from about a third.\n\"There is now the real risk of inflation becoming entrenched – especially considering the signs of second-round effects in terms of rising wages, supported by a strong labour market – but this is balanced against the threat to the economic recovery from the new Omicron variant,\" said Ellie Henderson, an economist at bank Investec.\nInvestors and economists are not expecting anything nearly as bold this week from either the ECB or BOJ.\nThe ECB is expected to be among the last to tighten policy, and the current unusually vibrant debate is focused on whether to dial back an exceptionally generous stimulus scheme just a notch. The caution is easy to understand. The bank has undershot its inflation target for most of the past decade, so it would rather move too late than too early, fearing that a misguided policy tweak could unravel years of work.\nThe euro zone's recovery is also trailing others. The bloc is just getting back to its pre-pandemic size and the job market could take another two years to recover. Debt levels are also at record highs, particularly in the bloc's south, so any big retreat could widen the spread between German and Italian debt, raising questions about the sustainability of these debt levels.\nGiven that the risk of moving too quick appears to far outweigh the risk of moving too slow, the ECB is likely to take only the smallest step towards removing extraordinary stimulus this week and will signal copious support, including thorough record low rates, at least through next year.\nIn Japan, the consumer-level inflation that is tearing through other parts of the globe remains largely absent. As such, only a marginal reduction in corporate asset purchases is under discussion at Friday's BOJ meeting.\nEven if the others are not hard on the Fed's heels, Powell and the Fed appear to have set the agenda for a tumultuous 2022 as central bankers chart their ways to the exits, albeit at dramatically different paces.\n\"You saw it in his congressional remarks that were more about tightening sooner than it was about worrying about the health of the global economy,\" said Vincent Reinhart, chief economist for Dreyfuss & Mellon. The Fed and other central banks are \"conveying a sense that they are heading for the exits. Modern central banking is much about managing expectations and they do not want to be seen as behind the curve.\"","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607541313,"gmtCreate":1639570381232,"gmtModify":1639571035897,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Conflicting contradictory confusing messages. I'm worse off now than before I read this article. ","listText":"Conflicting contradictory confusing messages. I'm worse off now than before I read this article. ","text":"Conflicting contradictory confusing messages. I'm worse off now than before I read this article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/607541313","repostId":"2191674549","repostType":4,"isVote":1,"tweetType":1,"viewCount":1333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604772192,"gmtCreate":1639450935826,"gmtModify":1639451585121,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's impossible to know the unknown unknowns until they let themselves known.","listText":"It's impossible to know the unknown unknowns until they let themselves known.","text":"It's impossible to know the unknown unknowns until they let themselves known.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/604772192","repostId":"1174096078","repostType":4,"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604024411,"gmtCreate":1639286179590,"gmtModify":1639286180538,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"All of 'em still highly unprofitable. Hmm... I'll drink to that! 🍻 ","listText":"All of 'em still highly unprofitable. Hmm... I'll drink to that! 🍻 ","text":"All of 'em still highly unprofitable. Hmm... I'll drink to that! 🍻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604024411","repostId":"1103250344","repostType":2,"repost":{"id":"1103250344","kind":"news","pubTimestamp":1639280672,"share":"https://www.laohu8.com/m/news/1103250344?lang=zh_CN&edition=full","pubTime":"2021-12-12 11:44","market":"hk","language":"en","title":"US IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周:三周IPO中的物联网解决方案、葡萄酒和卫星</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103250344","media":"renaissancecap...","summary":"The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to r","content":"<p>The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to raise $789 million.</p><p><blockquote>预计未来一周IPO市场将保持相对平静,三起IPO计划筹集7.89亿美元。</blockquote></p><p> IoT solutions developer<b>Samsara</b>(IOT) plans to raise $753 million at an $11.6 billion market cap. This \"internet-of-things\" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22.</p><p><blockquote>物联网解决方案开发人员<b>轮回</b>(IOT)计划以116亿美元的市值筹集7.53亿美元。这家“物联网”公司提供了一个基于云的平台,将企业的资产与物理运营连接起来,提高了运营效率以及资产和员工的生产力。Samsara增长迅速,但利润极低,在2022财年第9个月,ARR超过10万美元的客户实现了两位数增长。</blockquote></p><p> Wine brand<b>Fresh Vine Wine</b>(VINE) plans to raise $21 million at a $116 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico.</p><p><blockquote>葡萄酒品牌<b>鲜藤酒</b>(VINE)计划以1.16亿美元的市值筹集2100万美元。这家名人创立的公司生产低碳水化合物、低热量的优质葡萄酒。Fresh Vine通过批发、零售和DTC渠道销售其葡萄酒,并能够在所有50个州和波多黎各进行批发分销。</blockquote></p><p> Micro-cap satellite developer<b>Sidus Space</b>(SIDU) plans to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21.</p><p><blockquote>微型卫星开发商<b>Sidus空间</b>(SIDU)计划以8100万美元的市值筹集1500万美元。这家公司提供设计、制造、发射和数据收集等商业卫星服务。迄今为止,Sidus Space已产生与太空相关的制造收入,但2021年9月毛利率为负,严重无利可图。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ead80e54642569e2b7b368c8d50dc265\" tg-width=\"1409\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周:三周IPO中的物联网解决方案、葡萄酒和卫星</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周:三周IPO中的物联网解决方案、葡萄酒和卫星</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-12-12 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to raise $789 million.</p><p><blockquote>预计未来一周IPO市场将保持相对平静,三起IPO计划筹集7.89亿美元。</blockquote></p><p> IoT solutions developer<b>Samsara</b>(IOT) plans to raise $753 million at an $11.6 billion market cap. This \"internet-of-things\" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22.</p><p><blockquote>物联网解决方案开发人员<b>轮回</b>(IOT)计划以116亿美元的市值筹集7.53亿美元。这家“物联网”公司提供了一个基于云的平台,将企业的资产与物理运营连接起来,提高了运营效率以及资产和员工的生产力。Samsara增长迅速,但利润极低,在2022财年第9个月,ARR超过10万美元的客户实现了两位数增长。</blockquote></p><p> Wine brand<b>Fresh Vine Wine</b>(VINE) plans to raise $21 million at a $116 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico.</p><p><blockquote>葡萄酒品牌<b>鲜藤酒</b>(VINE)计划以1.16亿美元的市值筹集2100万美元。这家名人创立的公司生产低碳水化合物、低热量的优质葡萄酒。Fresh Vine通过批发、零售和DTC渠道销售其葡萄酒,并能够在所有50个州和波多黎各进行批发分销。</blockquote></p><p> Micro-cap satellite developer<b>Sidus Space</b>(SIDU) plans to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21.</p><p><blockquote>微型卫星开发商<b>Sidus空间</b>(SIDU)计划以8100万美元的市值筹集1500万美元。这家公司提供设计、制造、发射和数据收集等商业卫星服务。迄今为止,Sidus Space已产生与太空相关的制造收入,但2021年9月毛利率为负,严重无利可图。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ead80e54642569e2b7b368c8d50dc265\" tg-width=\"1409\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.renaissancecapital.com/IPO-Center/News/89474/US-IPO-Week-Ahead-IoT-solutions-wine-and-satellites-in-a-3-IPO-week\">renaissancecap...</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","IOT":"Samsara, Inc.","SIDU":"Sidus Space Inc.",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/89474/US-IPO-Week-Ahead-IoT-solutions-wine-and-satellites-in-a-3-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103250344","content_text":"The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to raise $789 million.\nIoT solutions developerSamsara(IOT) plans to raise $753 million at an $11.6 billion market cap. This \"internet-of-things\" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22.\nWine brandFresh Vine Wine(VINE) plans to raise $21 million at a $116 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico.\nMicro-cap satellite developerSidus Space(SIDU) plans to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21.","news_type":1,"symbols_score_info":{".IXIC":0,".SPX":0,".DJI":0,"SIDU":0,"IOT":0,"VINE":0}},"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":607541313,"gmtCreate":1639570381232,"gmtModify":1639571035897,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Conflicting contradictory confusing messages. I'm worse off now than before I read this article. ","listText":"Conflicting contradictory confusing messages. I'm worse off now than before I read this article. ","text":"Conflicting contradictory confusing messages. I'm worse off now than before I read this article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/607541313","repostId":"2191674549","repostType":4,"isVote":1,"tweetType":1,"viewCount":1333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":388338218,"gmtCreate":1613019801734,"gmtModify":1703768446608,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's inevitable ","listText":"It's inevitable ","text":"It's inevitable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/388338218","repostId":"2110416000","repostType":4,"isVote":1,"tweetType":1,"viewCount":3079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340262227,"gmtCreate":1617418860269,"gmtModify":1634521040165,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"If we all have crystal ball to see the future, where's the fun in that?","listText":"If we all have crystal ball to see the future, where's the fun in that?","text":"If we all have crystal ball to see the future, where's the fun in that?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/340262227","repostId":"1191998262","repostType":4,"repost":{"id":"1191998262","kind":"news","pubTimestamp":1617366158,"share":"https://www.laohu8.com/m/news/1191998262?lang=zh_CN&edition=full","pubTime":"2021-04-02 20:22","market":"us","language":"en","title":"How Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大?</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191998262","media":"Motley Fool","summary":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-b","content":"<p> You may not like the answer. For the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmark<b>S&P 500</b>(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.</p><p><blockquote>你可能不喜欢这个答案。在过去的一年里,投资者享受了有史以来最大的反弹之一。基准后<b>标普500</b>由于围绕冠状病毒大流行的前所未有的不确定性,(SNPINDEX:^GSPC)在短短几周内就损失了三分之一的价值,但随后反弹至较低点上涨了75%左右。你可以正确地说,耐心得到了回报。</blockquote></p><p> But there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.</p><p><blockquote>但投资者——尤其是长期投资者——敏锐地意识到了另一个现实:股市崩盘或调整的倾向。现在情况可能看起来很好,但下一次大幅暴跌总是在等待。</blockquote></p><p> It begs the question: How likely is astock market crash? Let's take a closer look.</p><p><blockquote>这就引出了一个问题:股市崩盘的可能性有多大?让我们仔细看看。</blockquote></p><p> <b>Double-digit declines occur every 1.87 years, on average</b></p><p><blockquote><b>平均每1.87年出现两位数的下降</b></blockquote></p><p> To begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.</p><p><blockquote>首先,股市调整(即至少下跌10%)在标普500中很常见。根据市场分析公司Yardeni Research的数据,自1950年初以来,标普500已经出现了38次回调。这意味着基准指数平均每1.87年下降两位数。由于距离市场触及熊市底部已经一年多了,平均水平肯定不会受到投资者的青睐。</blockquote></p><p> However, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.</p><p><blockquote>然而,平均值不过如此...平均值。市场并不遵循平均水平,即使有些人根据历史上发生的事情进行投资。</blockquote></p><p> We could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.</p><p><blockquote>我们可能会进入一个类似于1991年到1996年的时期,那里的修正为零。或者我们可以延续2010年初以来的主题,平均每19个月就会出现一次修正。</blockquote></p><p> <b>Corrections have been an historical given within three years of a bear market bottom</b></p><p><blockquote><b>在熊市触底后的三年内,调整是历史性的</b></blockquote></p><p> Another interesting piece of evidence to examine is the frequency by which the S&P 500 corrects after hitting a bear-market bottom.</p><p><blockquote>另一个值得研究的有趣证据是标普500在触及熊市底部后修正的频率。</blockquote></p><p> Since the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).</p><p><blockquote>自1960年初(为了简单起见,我随意选择了一年)以来,这个广受关注的指数已经经历了九次熊市,包括冠状病毒崩盘。在从之前八次熊市低点反弹的过程中,100%的情况下,三年内至少有一次两位数的百分比下跌。在过去八次熊市底部之后的三年内,总共发生了13次调整(即每次底部之后都有一次或两次)。</blockquote></p><p> Put another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.</p><p><blockquote>换句话说,从熊市底部反弹很少是直线走高。然而,自2020年3月23日以来,上涨、上涨和离开几乎一直是投资者的主题。历史表明,未来两年内股市很有可能走低。</blockquote></p><p> <b>Crashes frequently occur when this valuation metric is hit</b></p><p><blockquote><b>当达到这个估值指标时,经常会发生崩溃</b></blockquote></p><p> But the most damning bit of evidence might just be the S&P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.</p><p><blockquote>但最确凿的证据可能是标普500的席勒市盈率(P/E)。这是一个估值指标,考察过去10年经通胀调整后的平均收益。你可能也知道它是周期性调整市盈率,或CAPE。</blockquote></p><p> As of the close of business on March 30, the S&P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.</p><p><blockquote>截至3月30日收盘,标普500的席勒市盈率达到35.61。这是150年来平均水平16.8的两倍多。以持续的牛市走势为参数,这是其历史上第二高的读数。</blockquote></p><p> To some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.</p><p><blockquote>在某种程度上,现在的股票估值应该高于历史水平是有道理的。这是因为利率接近历史低点,而且互联网接入有效地打破了华尔街和主街之间的障碍,这些障碍在过去可能会阻碍市盈率倍数。</blockquote></p><p> However, previous instances of the S&P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.</p><p><blockquote>然而,此前标普500席勒市盈率突破并维持在30水平的情况并没有得到很好的结局。在之前四次席勒市盈率超过并保持在30以上的情况下,基准指数下跌了20%至89%。尽管如今不太可能出现大萧条期间经历的89%的暴跌,但从历史上看,当估值延长时,就有可能出现大幅下跌,就像现在一样。</blockquote></p><p> <b>Keep that cash handy in the event that opportunity knocks</b></p><p><blockquote><b>将现金放在手边,以防机会来袭</b></blockquote></p><p> To circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.</p><p><blockquote>回到手头的最初问题,数据非常清楚地表明,股市崩盘或调整的可能性已经大大增加。不可能准确预测崩盘何时可能发生,下跌将持续多长时间,或者下跌幅度有多大。但数据强烈表明下行趋势即将到来。</blockquote></p><p> While this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.</p><p><blockquote>虽然这对一些投资者来说可能是一个令人失望的发现,但事实并非如此。崩盘和调整是投资周期的正常部分。更重要的是,它们为投资者提供了以折扣价购买伟大公司的机会。想想去年三月你可能会因为没有购买而自责的所有伟大公司。</blockquote></p><p></p><p> The reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&P 500 been negative.</p><p><blockquote>对崩溃和修正感到兴奋的原因也可以在数据中找到。你看,自1950年初以来的38次标普500调整中,每一次最终都被牛市反弹抛到了后视镜中。此外,在过去的一个世纪里,标普500的20年滚动总回报率(包括股息)从未为负。</blockquote></p><p> If you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.</p><p><blockquote>如果您在调整期间需要进一步鼓励买入,请记住,标普500 38次两位数下跌中有24次是在104个或更短的日历日(3.5个月或更短)内触底的。崩溃和修正有时可能很剧烈,但往往会很快解决。这是你在机会来临时准备好现金的提示。</blockquote></p><p></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>How Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大?</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Likely Is a Stock Market Crash?<blockquote>股市崩盘的可能性有多大?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-02 20:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p> You may not like the answer. For the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmark<b>S&P 500</b>(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.</p><p><blockquote>你可能不喜欢这个答案。在过去的一年里,投资者享受了有史以来最大的反弹之一。基准后<b>标普500</b>由于围绕冠状病毒大流行的前所未有的不确定性,(SNPINDEX:^GSPC)在短短几周内就损失了三分之一的价值,但随后反弹至较低点上涨了75%左右。你可以正确地说,耐心得到了回报。</blockquote></p><p> But there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.</p><p><blockquote>但投资者——尤其是长期投资者——敏锐地意识到了另一个现实:股市崩盘或调整的倾向。现在情况可能看起来很好,但下一次大幅暴跌总是在等待。</blockquote></p><p> It begs the question: How likely is astock market crash? Let's take a closer look.</p><p><blockquote>这就引出了一个问题:股市崩盘的可能性有多大?让我们仔细看看。</blockquote></p><p> <b>Double-digit declines occur every 1.87 years, on average</b></p><p><blockquote><b>平均每1.87年出现两位数的下降</b></blockquote></p><p> To begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.</p><p><blockquote>首先,股市调整(即至少下跌10%)在标普500中很常见。根据市场分析公司Yardeni Research的数据,自1950年初以来,标普500已经出现了38次回调。这意味着基准指数平均每1.87年下降两位数。由于距离市场触及熊市底部已经一年多了,平均水平肯定不会受到投资者的青睐。</blockquote></p><p> However, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.</p><p><blockquote>然而,平均值不过如此...平均值。市场并不遵循平均水平,即使有些人根据历史上发生的事情进行投资。</blockquote></p><p> We could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.</p><p><blockquote>我们可能会进入一个类似于1991年到1996年的时期,那里的修正为零。或者我们可以延续2010年初以来的主题,平均每19个月就会出现一次修正。</blockquote></p><p> <b>Corrections have been an historical given within three years of a bear market bottom</b></p><p><blockquote><b>在熊市触底后的三年内,调整是历史性的</b></blockquote></p><p> Another interesting piece of evidence to examine is the frequency by which the S&P 500 corrects after hitting a bear-market bottom.</p><p><blockquote>另一个值得研究的有趣证据是标普500在触及熊市底部后修正的频率。</blockquote></p><p> Since the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).</p><p><blockquote>自1960年初(为了简单起见,我随意选择了一年)以来,这个广受关注的指数已经经历了九次熊市,包括冠状病毒崩盘。在从之前八次熊市低点反弹的过程中,100%的情况下,三年内至少有一次两位数的百分比下跌。在过去八次熊市底部之后的三年内,总共发生了13次调整(即每次底部之后都有一次或两次)。</blockquote></p><p> Put another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.</p><p><blockquote>换句话说,从熊市底部反弹很少是直线走高。然而,自2020年3月23日以来,上涨、上涨和离开几乎一直是投资者的主题。历史表明,未来两年内股市很有可能走低。</blockquote></p><p> <b>Crashes frequently occur when this valuation metric is hit</b></p><p><blockquote><b>当达到这个估值指标时,经常会发生崩溃</b></blockquote></p><p> But the most damning bit of evidence might just be the S&P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.</p><p><blockquote>但最确凿的证据可能是标普500的席勒市盈率(P/E)。这是一个估值指标,考察过去10年经通胀调整后的平均收益。你可能也知道它是周期性调整市盈率,或CAPE。</blockquote></p><p> As of the close of business on March 30, the S&P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.</p><p><blockquote>截至3月30日收盘,标普500的席勒市盈率达到35.61。这是150年来平均水平16.8的两倍多。以持续的牛市走势为参数,这是其历史上第二高的读数。</blockquote></p><p> To some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.</p><p><blockquote>在某种程度上,现在的股票估值应该高于历史水平是有道理的。这是因为利率接近历史低点,而且互联网接入有效地打破了华尔街和主街之间的障碍,这些障碍在过去可能会阻碍市盈率倍数。</blockquote></p><p> However, previous instances of the S&P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.</p><p><blockquote>然而,此前标普500席勒市盈率突破并维持在30水平的情况并没有得到很好的结局。在之前四次席勒市盈率超过并保持在30以上的情况下,基准指数下跌了20%至89%。尽管如今不太可能出现大萧条期间经历的89%的暴跌,但从历史上看,当估值延长时,就有可能出现大幅下跌,就像现在一样。</blockquote></p><p> <b>Keep that cash handy in the event that opportunity knocks</b></p><p><blockquote><b>将现金放在手边,以防机会来袭</b></blockquote></p><p> To circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.</p><p><blockquote>回到手头的最初问题,数据非常清楚地表明,股市崩盘或调整的可能性已经大大增加。不可能准确预测崩盘何时可能发生,下跌将持续多长时间,或者下跌幅度有多大。但数据强烈表明下行趋势即将到来。</blockquote></p><p> While this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.</p><p><blockquote>虽然这对一些投资者来说可能是一个令人失望的发现,但事实并非如此。崩盘和调整是投资周期的正常部分。更重要的是,它们为投资者提供了以折扣价购买伟大公司的机会。想想去年三月你可能会因为没有购买而自责的所有伟大公司。</blockquote></p><p></p><p> The reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&P 500 been negative.</p><p><blockquote>对崩溃和修正感到兴奋的原因也可以在数据中找到。你看,自1950年初以来的38次标普500调整中,每一次最终都被牛市反弹抛到了后视镜中。此外,在过去的一个世纪里,标普500的20年滚动总回报率(包括股息)从未为负。</blockquote></p><p> If you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.</p><p><blockquote>如果您在调整期间需要进一步鼓励买入,请记住,标普500 38次两位数下跌中有24次是在104个或更短的日历日(3.5个月或更短)内触底的。崩溃和修正有时可能很剧烈,但往往会很快解决。这是你在机会来临时准备好现金的提示。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/\">Motley Fool</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/2021/04/02/how-likely-is-a-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191998262","content_text":"You may not like the answer.\n\nFor the past year, investors have enjoyed one of the greatest bounce-back rallies of all time. After the benchmarkS&P 500(SNPINDEX:^GSPC)lost a third of its value in mere weeks due to unprecedented uncertainties surrounding the coronavirus pandemic, it bounced back to gain in the neighborhood of 75% off its lows. You could rightly say that patience has paid off.\nBut there's another reality that investors -- especially long-term investors -- are keenly aware of: the propensity of the stock market to crash or correct. Things might look great now, but the next big nosedive is always waiting in the wings.\nIt begs the question: How likely is astock market crash? Let's take a closer look.\nDouble-digit declines occur every 1.87 years, on average\nTo begin with the basics, stock market corrections (i.e., declines of at least 10%) are quite common in the S&P 500. According to data from market analytics firm Yardeni Research, there have been 38 corrections in the S&P 500 since the beginning of 1950. This works out to an average double-digit decline in the benchmark indexevery 1.87 years. Since it's now been more than a year since the market hit its bear-market bottom, the averages are certainly not in investors' favor.\nHowever, averages are nothing more than that... averages. The market doesn't adhere to averages, even if some folks base their investments off of what's happened historically.\nWe could enter a period similar to 1991 through 1996 where there were zero corrections. Or we could continue the theme since the beginning of 2010, where corrections occur, on average, every 19 months.\nCorrections have been an historical given within three years of a bear market bottom\nAnother interesting piece of evidence to examine is the frequency by which the S&P 500 corrects after hitting a bear-market bottom.\nSince the beginning of 1960 (an arbitrary year I chose for the sake of simplicity), the widely followed index has navigated its way through nine bear markets, including the coronavirus crash. In rebounding from each of the previous eight bear market lows, there was at least one double-digit percentage decline within three years100% of the time. In aggregate, 13 corrections have occurred within three years following the last eight bear market bottoms (i.e., either one or two following each bottom).\nPut another way, rebounding from a bear-market bottom is rarely a straight-line move higher. Yet up, up, and away has pretty much been the theme for investors since March 23, 2020. History would suggest that there's a very good chance of a move lower in equities within the next two years.\nCrashes frequently occur when this valuation metric is hit\nBut the most damning bit of evidence might just be the S&P 500's Shiller price-to-earnings (P/E) ratio. This is a valuation metric that examines the average inflation-adjusted earnings from the previous 10 years. You might also know it as the cyclically adjusted P/E ratio, or CAPE.\nAs of the close of business on March 30, the S&P 500's Shiller P/E ratio hit 35.61. That's well over double its 150-year average of 16.8. Using continuous bull market moves as a parameter, it's the second-highest reading in its history.\nTo some extent, itmakes sensethat equity valuations should be higher now than they've been historically. That's because interest rates are near an all-time low and access to the internet has effectively broken down barriers between Wall Street and Main Street that may have, in the past, kept P/E multiples at bay.\nHowever, previous instances of the S&P 500's Shiller P/E ratio crossing above and sustaining the 30 levelhaven't ended well. In the prior four instances where the Shiller P/E surpassed and held above 30, the benchmark index tumbled anywhere from 20% to as much as 89%. Although an 89% plunge, which was experienced during the Great Depression, is very unlikely these days, a big drop has historically been in the cards when valuations get extended, as they are now.\nKeep that cash handy in the event that opportunity knocks\nTo circle back to the original question at hand, the data is pretty clear that the likelihood of a stock market crash or correction has grown considerably. It's impossible to precisely predict when a crash might occur, how long the decline will last, or how steep the drop could be. But the data strongly suggests that downside is in the offing.\nWhile this might be a disappointing revelation to some investors, it shouldn't be. Crashes and corrections are a normal part of the investing cycle. More importantly, theyprovide an opportunityfor investors to buy into great companies at a discount. Just think about all the great companies you're probably kicking yourself over for not buying last March.\nThe reason to be excited about crashes and corrections is also found in the data. You see, of those 38 previous corrections in the S&P 500 since the beginning of 1950, each and every one has eventually been put into the rearview mirror by a bull market rally. Plus,at no point over the past centuryhave rolling 20-year total returns (including dividends) for the S&P 500 been negative.\nIf you need further encouragement to buy during a correction, keep in mind that 24 of the 38 double-digit declines in the S&P 500 havefound their bottom in 104 or fewer calendar days(3.5 months or less). Crashes and corrections may be steep at times but tend to resolve quickly. That's your cue to have cash at the ready in the event that opportunity knocks.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":867155019,"gmtCreate":1633229748443,"gmtModify":1633229749785,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"This is quite interesting. Sound advice too.","listText":"This is quite interesting. Sound advice too.","text":"This is quite interesting. Sound advice too.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/867155019","repostId":"2172643049","repostType":4,"isVote":1,"tweetType":1,"viewCount":545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868694736,"gmtCreate":1632636246125,"gmtModify":1632647707496,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Isn't that we're supposed to do regardless?! Whether or not market analysts agree on anything, we still have to do our own \"due diligence\" before making any significant decisions. ","listText":"Isn't that we're supposed to do regardless?! Whether or not market analysts agree on anything, we still have to do our own \"due diligence\" before making any significant decisions. ","text":"Isn't that we're supposed to do regardless?! Whether or not market analysts agree on anything, we still have to do our own \"due diligence\" before making any significant decisions.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/868694736","repostId":"1175726457","repostType":4,"repost":{"id":"1175726457","kind":"news","pubTimestamp":1632626757,"share":"https://www.laohu8.com/m/news/1175726457?lang=zh_CN&edition=full","pubTime":"2021-09-26 11:25","market":"hk","language":"en","title":"Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点:市场分析师对于股市下一步走势无法达成一致。因此,在买卖之前请仔细检查数据</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175726457","media":"Market Watch","summary":"It’s an urgent question, since the Citigroup Economic Surprise Index (CESI) has been negative for tw","content":"<p>It’s an urgent question, since the <a href=\"https://laohu8.com/S/C\">Citigroup</a> Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.</p><p><blockquote>这是一个紧迫的问题,因为<a href=\"https://laohu8.com/S/C\">花旗集团</a>经济意外指数(CESI)在连续一年多上涨后,已经连续两个月为负。CESI衡量最新经济消息偏离华尔街共识的程度。因此,过去两个月CESI数据持续为负,这意味着总体而言,经济消息比预期的要糟糕。</blockquote></p><p> Is it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?</p><p><blockquote>近期美国经济新闻发布明显逊于预期,对股票投资者来说是好消息还是坏消息?</blockquote></p><p> The latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. <a href=\"https://laohu8.com/S/JE\">Just</a> 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.</p><p><blockquote>花旗集团经济意外指数(CESI)的最新读数为负29.2。<a href=\"https://laohu8.com/S/JE\">刚刚</a>10天前,这个数字甚至更低,为负61.7。过去18年的平均值为4.6。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd20c01571a824c8113089a65b814bb3\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> There is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.</p><p><blockquote>我监督的顾问们对这些最新读数的含义没有达成共识。一些人认为这是好消息,反向理论认为,差于预期的消息构成了美国牛市可以攀登的“担忧之墙”。其他人则认为,你不能粉饰比预期更糟糕的经济消息。</blockquote></p><p> To help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and <a href=\"https://laohu8.com/S/AONE.U\">one</a> year. I came up with nothing that met traditional standards of statistical significance.</p><p><blockquote>为了帮助解决他们的分歧,我分析了2003年以来的每日CESI数据。具体来说,我测量了它与标普500 SPX的相关性,在随后的一个月、一个季度、六个月内+0.15%的回报率,以及<a href=\"https://laohu8.com/S/AONE.U\">一</a>年。我没有发现任何符合传统统计意义标准的东西。</blockquote></p><p> A summary of what I found is plotted in the chart below. Notice that the S&P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.</p><p><blockquote>我的发现总结如下图所示。请注意,无论CESI是正还是负、趋势上升还是下降,标普500的平均回报几乎是相同的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65016b28c482526ac92a5d6035ba9ed9\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> These findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”</p><p><blockquote>这些发现并不是对CESI本身的批评。花旗集团创建该指数是为了作为外汇交易者的有用工具。花旗集团表示,CESI“是独特专有设计的完美例子,对讨论它的人几乎没有影响……它不应该用于股票价格。”</blockquote></p><p> There’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.</p><p><blockquote>这里还有一个更广泛的教训需要我们学习:我们需要让我们的直觉接受经验现实的检验。当我们的预感看起来如此明显正确时,这一点尤其重要——就像经济消息是好于预期还是差于预期的情况一样。股市历史充满了必然会发生但却没有发生的预期。</blockquote></p><p> It can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.</p><p><blockquote>在庞大的数据库中翻阅一个模式是否真的存在可能是一件乏味的事情。但努力是值得的。虽然统计上的严谨并不能保证你会战胜市场,但如果你在统计上草率和不一致,你肯定会输给市场。</blockquote></p><p></p>","source":"lsy1616996754749","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>Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点:市场分析师对于股市下一步走势无法达成一致。因此,在买卖之前请仔细检查数据</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点:市场分析师对于股市下一步走势无法达成一致。因此,在买卖之前请仔细检查数据</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Watch</strong><span class=\"h-time small\">2021-09-26 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s an urgent question, since the <a href=\"https://laohu8.com/S/C\">Citigroup</a> Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.</p><p><blockquote>这是一个紧迫的问题,因为<a href=\"https://laohu8.com/S/C\">花旗集团</a>经济意外指数(CESI)在连续一年多上涨后,已经连续两个月为负。CESI衡量最新经济消息偏离华尔街共识的程度。因此,过去两个月CESI数据持续为负,这意味着总体而言,经济消息比预期的要糟糕。</blockquote></p><p> Is it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?</p><p><blockquote>近期美国经济新闻发布明显逊于预期,对股票投资者来说是好消息还是坏消息?</blockquote></p><p> The latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. <a href=\"https://laohu8.com/S/JE\">Just</a> 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.</p><p><blockquote>花旗集团经济意外指数(CESI)的最新读数为负29.2。<a href=\"https://laohu8.com/S/JE\">刚刚</a>10天前,这个数字甚至更低,为负61.7。过去18年的平均值为4.6。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd20c01571a824c8113089a65b814bb3\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> There is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.</p><p><blockquote>我监督的顾问们对这些最新读数的含义没有达成共识。一些人认为这是好消息,反向理论认为,差于预期的消息构成了美国牛市可以攀登的“担忧之墙”。其他人则认为,你不能粉饰比预期更糟糕的经济消息。</blockquote></p><p> To help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and <a href=\"https://laohu8.com/S/AONE.U\">one</a> year. I came up with nothing that met traditional standards of statistical significance.</p><p><blockquote>为了帮助解决他们的分歧,我分析了2003年以来的每日CESI数据。具体来说,我测量了它与标普500 SPX的相关性,在随后的一个月、一个季度、六个月内+0.15%的回报率,以及<a href=\"https://laohu8.com/S/AONE.U\">一</a>年。我没有发现任何符合传统统计意义标准的东西。</blockquote></p><p> A summary of what I found is plotted in the chart below. Notice that the S&P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.</p><p><blockquote>我的发现总结如下图所示。请注意,无论CESI是正还是负、趋势上升还是下降,标普500的平均回报几乎是相同的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65016b28c482526ac92a5d6035ba9ed9\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> These findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”</p><p><blockquote>这些发现并不是对CESI本身的批评。花旗集团创建该指数是为了作为外汇交易者的有用工具。花旗集团表示,CESI“是独特专有设计的完美例子,对讨论它的人几乎没有影响……它不应该用于股票价格。”</blockquote></p><p> There’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.</p><p><blockquote>这里还有一个更广泛的教训需要我们学习:我们需要让我们的直觉接受经验现实的检验。当我们的预感看起来如此明显正确时,这一点尤其重要——就像经济消息是好于预期还是差于预期的情况一样。股市历史充满了必然会发生但却没有发生的预期。</blockquote></p><p> It can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.</p><p><blockquote>在庞大的数据库中翻阅一个模式是否真的存在可能是一件乏味的事情。但努力是值得的。虽然统计上的严谨并不能保证你会战胜市场,但如果你在统计上草率和不一致,你肯定会输给市场。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.marketwatch.com/story/market-analysts-cant-agree-on-where-stocks-are-going-next-so-double-check-the-data-before-you-buy-or-sell-11632447577?mod=home-page\">Market Watch</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/market-analysts-cant-agree-on-where-stocks-are-going-next-so-double-check-the-data-before-you-buy-or-sell-11632447577?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175726457","content_text":"It’s an urgent question, since the Citigroup Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.\nIs it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?\nThe latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. Just 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.\n\nThere is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.\nTo help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and one year. I came up with nothing that met traditional standards of statistical significance.\nA summary of what I found is plotted in the chart below. Notice that the S&P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.\n\nThese findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”\nThere’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.\nIt can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859240748,"gmtCreate":1634703759097,"gmtModify":1634703760444,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"This is a saga that is just beginning to unfold. We can expect more plot twists and turns along the way. ","listText":"This is a saga that is just beginning to unfold. We can expect more plot twists and turns along the way. ","text":"This is a saga that is just beginning to unfold. We can expect more plot twists and turns along the way.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/859240748","repostId":"1123194504","repostType":4,"repost":{"id":"1123194504","kind":"news","pubTimestamp":1634699967,"share":"https://www.laohu8.com/m/news/1123194504?lang=zh_CN&edition=full","pubTime":"2021-10-20 11:19","market":"us","language":"en","title":"What actually happened during GameStop mania?<blockquote>游戏驿站狂热期间到底发生了什么?</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123194504","media":"CNN Business","summary":"London (CNN Business) - In late January, there was one question on the minds of investors: How did a","content":"<p><b>London (CNN Business) - </b>In late January, there was one question on the minds of investors: How did a struggling mall-based video game retailer became Wall Street's hottest stock, seemingly overnight?</p><p><blockquote><b>伦敦(CNN商业)——</b>一月底,投资者心中有一个问题:一家陷入困境的购物中心视频游戏零售商如何在一夜之间成为华尔街最热门的股票?</blockquote></p><p> Now, after months of research, the industry's top regulator has answers — and its findings could pave the way for major reforms to how financial markets function as amateur traders remain a powerful force.</p><p><blockquote>现在,经过数月的研究,该行业的最高监管机构已经找到了答案——其研究结果可能为金融市场如何运作的重大改革铺平道路,因为业余交易者仍然是一股强大的力量。</blockquote></p><p> What's happening: The US Securities and Exchange Commission just released a44-page reportexaminingGameStop(GME)mania, the early 2021 phenomenon in which the company's shares, plugged by enthusiasts on social media, rocketed about 2,700% in a matter of weeks.</p><p><blockquote>正在发生的事情:美国证券交易委员会刚刚发布了一份长达44页的报告,审查GameStop(GME)狂热,这是2021年初的一种现象,该公司的股价在社交媒体上受到爱好者的炒作,在几周内飙升了约2,700%。</blockquote></p><p> Other companies, including movie theater chain AMC Entertainment(AMC), electronics company Koss(KOSS) and clothing chain Express(EXPR), also logged astronomical gains as online hype reached a fever pitch.</p><p><blockquote>随着网络炒作达到白热化,连锁影院AMC院线(AMC)、电子公司科斯(KOSS)和服装连锁店Express(EXPR)等其他公司也录得天文数字的涨幅。</blockquote></p><p> The report is full of interesting findings about the so-called \"meme stock\" craze. Here are some of the highlights.</p><p><blockquote>该报告充满了关于所谓“模因股票”热潮的有趣发现。以下是一些亮点。</blockquote></p><p> It really was wild.The SEC found that the number of unique accounts trading GameStop on a given day rose to nearly 900,000 by Jan. 27, up from fewer than 10,000 at the beginning of the month.</p><p><blockquote>真的很疯狂。SEC发现,截至1月27日,某一天交易游戏驿站的独立账户数量从本月初的不到10,000个增至近90万个。</blockquote></p><p> And the volume of stock changing hands was massive. Between Jan. 13 and Jan. 29, an average of 100 million GameStop shares were traded per day, up 1,400% from the 2020 average.</p><p><blockquote>股票易手量巨大。1月13日至1月29日期间,游戏驿站股票平均每天交易量为1亿股,较2020年平均水平增长1,400%。</blockquote></p><p> The action wasn't just limited to GameStop. More than 100 stocks \"experienced large price moves or increased trading volume that significantly exceeded broader market movements,\" the SEC said.</p><p><blockquote>这一行动不仅限于游戏驿站。SEC表示,100多只股票“经历了大幅价格波动或交易量增加,大大超过了大盘波动”。</blockquote></p><p> Some theories were off. One reason GameStop generated so much attention was because it fit a compelling David versus Goliath narrative, in which a band of renegade traders coordinating on platforms like Reddit successfully took on big hedge funds that had placed bets against GameStop. When the company's share price rose dramatically, those hedge funds allegedly had to buy stock in the company to cover their positions, triggering even bigger gains.</p><p><blockquote>有些理论被搁置。游戏驿站引起如此多关注的原因之一是,它符合引人注目的大卫与歌利亚的叙事,其中一群叛逆的交易员在Reddit等平台上协调,成功地对抗了做空游戏驿站的大型对冲基金。据称,当该公司股价大幅上涨时,这些对冲基金不得不购买该公司的股票来补仓,从而引发更大的涨幅。</blockquote></p><p> That did happen. But the SEC found that \"such buying was a small fraction of overall buy volume,\" and that it was \"positive sentiment, not the buying-to-cover, that sustained the weeks-long price appreciation of GameStop stock.\"</p><p><blockquote>确实发生了。但美国证券交易委员会发现,“此类购买仅占总体购买量的一小部分”,并且“积极情绪,而不是买入对冲,维持了游戏驿站股票长达数周的价格上涨。”</blockquote></p><p> Robinhood is under the microscope. The SEC thinks regulators should take a closer look at how popular trading apps function. That could put pressure on the company, which went public in July.</p><p><blockquote>罗宾汉在显微镜下。美国证券交易委员会认为监管机构应该仔细研究流行交易应用程序的运作方式。这可能会给该公司带来压力,该公司于7月上市。</blockquote></p><p> \"Consideration should be given to whether game-like features and celebratory animations that are likely intended to create positive feedback from trading lead investors to trade more than they would otherwise,\" the report said.</p><p><blockquote>报告称:“应该考虑可能旨在从交易中创造积极反馈的类似游戏的功能和庆祝动画是否会导致投资者进行比其他方式更多的交易。”</blockquote></p><p> The SEC also said the practice at the center of Robinhood's business model, known as \"payment for order flow,\" could compel the company to find \"novel ways to increase customer trading.\"</p><p><blockquote>SEC还表示,Robinhood商业模式的核心做法,即“订单流支付”,可能会迫使该公司寻找“增加客户交易的新方法”。</blockquote></p><p> When an investor places an order to buy a stock on its app, Robinhood routes the order to a market maker like Citadel Securities, which then handles execution — and pays Robinhood for that privilege. SEC Chair Gary Gensler has previously indicated he's skeptical of payment for order flow.</p><p><blockquote>当投资者在其应用程序上下单购买股票时,Robinhood会将订单发送给Citadel Securities等做市商,然后由该做市商处理执行,并向Robinhood支付该特权费用。SEC主席加里·詹斯勒(Gary Gensler)此前曾表示,他对订单流的支付持怀疑态度。</blockquote></p><p> Big picture: The report didn't include specific policy recommendations. But it could help Gensler's SEC eventually make changes to how markets function.</p><p><blockquote>大图:该报告没有包括具体的政策建议。但它可以帮助Gensler的SEC最终改变市场的运作方式。</blockquote></p><p> \"January's events gave us an opportunity to consider how we can further our efforts to make the equity markets as fair, orderly and efficient as possible,\" Gensler, who was nominated by President Joe Biden, said in a statement Monday.</p><p><blockquote>由总统乔·拜登提名的詹斯勒周一在一份声明中表示:“一月份的事件让我们有机会考虑如何进一步努力,使股市尽可能公平、有序和高效。”</blockquote></p><p> But SEC Commissioners Hester Peirce and Elad Roisman, who are Republican appointees, said in a separate statement that the report went too far.</p><p><blockquote>但共和党任命的SEC委员赫斯特·皮尔斯和埃拉德·罗斯曼在另一份声明中表示,该报告走得太远了。</blockquote></p><p> \"In the wake of an anomalous market event, it can be tempting to identify a convenient scapegoat and leverage the event to pursue regulatory actions without regard to the factual record,\" they said, adding that the report, \"finds no causal connection between the meme stock volatility\" and a practice such as payment for order flow \"that has drawn recent popular attention.\"</p><p><blockquote>他们表示:“在异常市场事件发生后,人们很容易找到一个方便的替罪羊,并利用该事件采取监管行动,而不考虑事实记录。”他们补充说,该报告“没有发现两者之间存在因果关系”。模因股票波动”和“为订单流付费”等做法“最近引起了广泛关注”。</blockquote></p><p></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>What actually happened during GameStop mania?<blockquote>游戏驿站狂热期间到底发生了什么?</blockquote></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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat actually happened during GameStop mania?<blockquote>游戏驿站狂热期间到底发生了什么?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-10-20 11:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>London (CNN Business) - </b>In late January, there was one question on the minds of investors: How did a struggling mall-based video game retailer became Wall Street's hottest stock, seemingly overnight?</p><p><blockquote><b>伦敦(CNN商业)——</b>一月底,投资者心中有一个问题:一家陷入困境的购物中心视频游戏零售商如何在一夜之间成为华尔街最热门的股票?</blockquote></p><p> Now, after months of research, the industry's top regulator has answers — and its findings could pave the way for major reforms to how financial markets function as amateur traders remain a powerful force.</p><p><blockquote>现在,经过数月的研究,该行业的最高监管机构已经找到了答案——其研究结果可能为金融市场如何运作的重大改革铺平道路,因为业余交易者仍然是一股强大的力量。</blockquote></p><p> What's happening: The US Securities and Exchange Commission just released a44-page reportexaminingGameStop(GME)mania, the early 2021 phenomenon in which the company's shares, plugged by enthusiasts on social media, rocketed about 2,700% in a matter of weeks.</p><p><blockquote>正在发生的事情:美国证券交易委员会刚刚发布了一份长达44页的报告,审查GameStop(GME)狂热,这是2021年初的一种现象,该公司的股价在社交媒体上受到爱好者的炒作,在几周内飙升了约2,700%。</blockquote></p><p> Other companies, including movie theater chain AMC Entertainment(AMC), electronics company Koss(KOSS) and clothing chain Express(EXPR), also logged astronomical gains as online hype reached a fever pitch.</p><p><blockquote>随着网络炒作达到白热化,连锁影院AMC院线(AMC)、电子公司科斯(KOSS)和服装连锁店Express(EXPR)等其他公司也录得天文数字的涨幅。</blockquote></p><p> The report is full of interesting findings about the so-called \"meme stock\" craze. Here are some of the highlights.</p><p><blockquote>该报告充满了关于所谓“模因股票”热潮的有趣发现。以下是一些亮点。</blockquote></p><p> It really was wild.The SEC found that the number of unique accounts trading GameStop on a given day rose to nearly 900,000 by Jan. 27, up from fewer than 10,000 at the beginning of the month.</p><p><blockquote>真的很疯狂。SEC发现,截至1月27日,某一天交易游戏驿站的独立账户数量从本月初的不到10,000个增至近90万个。</blockquote></p><p> And the volume of stock changing hands was massive. Between Jan. 13 and Jan. 29, an average of 100 million GameStop shares were traded per day, up 1,400% from the 2020 average.</p><p><blockquote>股票易手量巨大。1月13日至1月29日期间,游戏驿站股票平均每天交易量为1亿股,较2020年平均水平增长1,400%。</blockquote></p><p> The action wasn't just limited to GameStop. More than 100 stocks \"experienced large price moves or increased trading volume that significantly exceeded broader market movements,\" the SEC said.</p><p><blockquote>这一行动不仅限于游戏驿站。SEC表示,100多只股票“经历了大幅价格波动或交易量增加,大大超过了大盘波动”。</blockquote></p><p> Some theories were off. One reason GameStop generated so much attention was because it fit a compelling David versus Goliath narrative, in which a band of renegade traders coordinating on platforms like Reddit successfully took on big hedge funds that had placed bets against GameStop. When the company's share price rose dramatically, those hedge funds allegedly had to buy stock in the company to cover their positions, triggering even bigger gains.</p><p><blockquote>有些理论被搁置。游戏驿站引起如此多关注的原因之一是,它符合引人注目的大卫与歌利亚的叙事,其中一群叛逆的交易员在Reddit等平台上协调,成功地对抗了做空游戏驿站的大型对冲基金。据称,当该公司股价大幅上涨时,这些对冲基金不得不购买该公司的股票来补仓,从而引发更大的涨幅。</blockquote></p><p> That did happen. But the SEC found that \"such buying was a small fraction of overall buy volume,\" and that it was \"positive sentiment, not the buying-to-cover, that sustained the weeks-long price appreciation of GameStop stock.\"</p><p><blockquote>确实发生了。但美国证券交易委员会发现,“此类购买仅占总体购买量的一小部分”,并且“积极情绪,而不是买入对冲,维持了游戏驿站股票长达数周的价格上涨。”</blockquote></p><p> Robinhood is under the microscope. The SEC thinks regulators should take a closer look at how popular trading apps function. That could put pressure on the company, which went public in July.</p><p><blockquote>罗宾汉在显微镜下。美国证券交易委员会认为监管机构应该仔细研究流行交易应用程序的运作方式。这可能会给该公司带来压力,该公司于7月上市。</blockquote></p><p> \"Consideration should be given to whether game-like features and celebratory animations that are likely intended to create positive feedback from trading lead investors to trade more than they would otherwise,\" the report said.</p><p><blockquote>报告称:“应该考虑可能旨在从交易中创造积极反馈的类似游戏的功能和庆祝动画是否会导致投资者进行比其他方式更多的交易。”</blockquote></p><p> The SEC also said the practice at the center of Robinhood's business model, known as \"payment for order flow,\" could compel the company to find \"novel ways to increase customer trading.\"</p><p><blockquote>SEC还表示,Robinhood商业模式的核心做法,即“订单流支付”,可能会迫使该公司寻找“增加客户交易的新方法”。</blockquote></p><p> When an investor places an order to buy a stock on its app, Robinhood routes the order to a market maker like Citadel Securities, which then handles execution — and pays Robinhood for that privilege. SEC Chair Gary Gensler has previously indicated he's skeptical of payment for order flow.</p><p><blockquote>当投资者在其应用程序上下单购买股票时,Robinhood会将订单发送给Citadel Securities等做市商,然后由该做市商处理执行,并向Robinhood支付该特权费用。SEC主席加里·詹斯勒(Gary Gensler)此前曾表示,他对订单流的支付持怀疑态度。</blockquote></p><p> Big picture: The report didn't include specific policy recommendations. But it could help Gensler's SEC eventually make changes to how markets function.</p><p><blockquote>大图:该报告没有包括具体的政策建议。但它可以帮助Gensler的SEC最终改变市场的运作方式。</blockquote></p><p> \"January's events gave us an opportunity to consider how we can further our efforts to make the equity markets as fair, orderly and efficient as possible,\" Gensler, who was nominated by President Joe Biden, said in a statement Monday.</p><p><blockquote>由总统乔·拜登提名的詹斯勒周一在一份声明中表示:“一月份的事件让我们有机会考虑如何进一步努力,使股市尽可能公平、有序和高效。”</blockquote></p><p> But SEC Commissioners Hester Peirce and Elad Roisman, who are Republican appointees, said in a separate statement that the report went too far.</p><p><blockquote>但共和党任命的SEC委员赫斯特·皮尔斯和埃拉德·罗斯曼在另一份声明中表示,该报告走得太远了。</blockquote></p><p> \"In the wake of an anomalous market event, it can be tempting to identify a convenient scapegoat and leverage the event to pursue regulatory actions without regard to the factual record,\" they said, adding that the report, \"finds no causal connection between the meme stock volatility\" and a practice such as payment for order flow \"that has drawn recent popular attention.\"</p><p><blockquote>他们表示:“在异常市场事件发生后,人们很容易找到一个方便的替罪羊,并利用该事件采取监管行动,而不考虑事实记录。”他们补充说,该报告“没有发现两者之间存在因果关系”。模因股票波动”和“为订单流付费”等做法“最近引起了广泛关注”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://edition.cnn.com/2021/10/19/investing/premarket-stocks-trading/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://edition.cnn.com/2021/10/19/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123194504","content_text":"London (CNN Business) - In late January, there was one question on the minds of investors: How did a struggling mall-based video game retailer became Wall Street's hottest stock, seemingly overnight?\nNow, after months of research, the industry's top regulator has answers — and its findings could pave the way for major reforms to how financial markets function as amateur traders remain a powerful force.\nWhat's happening: The US Securities and Exchange Commission just released a44-page reportexaminingGameStop(GME)mania, the early 2021 phenomenon in which the company's shares, plugged by enthusiasts on social media, rocketed about 2,700% in a matter of weeks.\nOther companies, including movie theater chain AMC Entertainment(AMC), electronics company Koss(KOSS) and clothing chain Express(EXPR), also logged astronomical gains as online hype reached a fever pitch.\nThe report is full of interesting findings about the so-called \"meme stock\" craze. Here are some of the highlights.\nIt really was wild.The SEC found that the number of unique accounts trading GameStop on a given day rose to nearly 900,000 by Jan. 27, up from fewer than 10,000 at the beginning of the month.\nAnd the volume of stock changing hands was massive. Between Jan. 13 and Jan. 29, an average of 100 million GameStop shares were traded per day, up 1,400% from the 2020 average.\nThe action wasn't just limited to GameStop. More than 100 stocks \"experienced large price moves or increased trading volume that significantly exceeded broader market movements,\" the SEC said.\nSome theories were off. One reason GameStop generated so much attention was because it fit a compelling David versus Goliath narrative, in which a band of renegade traders coordinating on platforms like Reddit successfully took on big hedge funds that had placed bets against GameStop. When the company's share price rose dramatically, those hedge funds allegedly had to buy stock in the company to cover their positions, triggering even bigger gains.\nThat did happen. But the SEC found that \"such buying was a small fraction of overall buy volume,\" and that it was \"positive sentiment, not the buying-to-cover, that sustained the weeks-long price appreciation of GameStop stock.\"\nRobinhood is under the microscope. The SEC thinks regulators should take a closer look at how popular trading apps function. That could put pressure on the company, which went public in July.\n\"Consideration should be given to whether game-like features and celebratory animations that are likely intended to create positive feedback from trading lead investors to trade more than they would otherwise,\" the report said.\nThe SEC also said the practice at the center of Robinhood's business model, known as \"payment for order flow,\" could compel the company to find \"novel ways to increase customer trading.\"\nWhen an investor places an order to buy a stock on its app, Robinhood routes the order to a market maker like Citadel Securities, which then handles execution — and pays Robinhood for that privilege. SEC Chair Gary Gensler has previously indicated he's skeptical of payment for order flow.\nBig picture: The report didn't include specific policy recommendations. But it could help Gensler's SEC eventually make changes to how markets function.\n\"January's events gave us an opportunity to consider how we can further our efforts to make the equity markets as fair, orderly and efficient as possible,\" Gensler, who was nominated by President Joe Biden, said in a statement Monday.\nBut SEC Commissioners Hester Peirce and Elad Roisman, who are Republican appointees, said in a separate statement that the report went too far.\n\"In the wake of an anomalous market event, it can be tempting to identify a convenient scapegoat and leverage the event to pursue regulatory actions without regard to the factual record,\" they said, adding that the report, \"finds no causal connection between the meme stock volatility\" and a practice such as payment for order flow \"that has drawn recent popular attention.\"","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":110818587,"gmtCreate":1622437596249,"gmtModify":1634101461951,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Predictions are just opinions until proven otherwise. Buy time and only time alone will tell.","listText":"Predictions are just opinions until proven otherwise. Buy time and only time alone will tell.","text":"Predictions are just opinions until proven otherwise. Buy time and only time alone will tell.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/110818587","repostId":"2139487733","repostType":4,"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346862816,"gmtCreate":1618022050635,"gmtModify":1634295186514,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Taken a nap too long","listText":"Taken a nap too long","text":"Taken a nap too long","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/346862816","repostId":"1142324412","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347788792,"gmtCreate":1618531134716,"gmtModify":1634292333506,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Every position is justifiable, until time proves it to be right or wrong. ","listText":"Every position is justifiable, until time proves it to be right or wrong. ","text":"Every position is justifiable, until time proves it to be right or wrong.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/347788792","repostId":"1181372898","repostType":4,"isVote":1,"tweetType":1,"viewCount":690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388330743,"gmtCreate":1613019418882,"gmtModify":1703768441630,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EXPR\">$Express,(EXPR)$</a>When are you going to express appreciation? 🥺😅","listText":"<a href=\"https://laohu8.com/S/EXPR\">$Express,(EXPR)$</a>When are you going to express appreciation? 🥺😅","text":"$Express,(EXPR)$When are you going to express appreciation? 🥺😅","images":[{"img":"https://static.tigerbbs.com/5e22c38f3c9b7d366191dc278a22cddc","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/388330743","isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":821548499,"gmtCreate":1633765402634,"gmtModify":1633765403863,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"And the gobbling giants continue to gobble all that caught their interests. World dominion through acquisition. Whether one believes this is good or bad, is a matter of perspective. ","listText":"And the gobbling giants continue to gobble all that caught their interests. World dominion through acquisition. Whether one believes this is good or bad, is a matter of perspective. ","text":"And the gobbling giants continue to gobble all that caught their interests. World dominion through acquisition. Whether one believes this is good or bad, is a matter of perspective.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/821548499","repostId":"2174892254","repostType":4,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124263378,"gmtCreate":1624767405694,"gmtModify":1633948847658,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's just a matter of timing and perspectives. What's bad for some is actually opportunities for others.","listText":"It's just a matter of timing and perspectives. What's bad for some is actually opportunities for others.","text":"It's just a matter of timing and perspectives. What's bad for some is actually opportunities for others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124263378","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185198951,"gmtCreate":1623635797773,"gmtModify":1634030884432,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Hmmm... this may be a good case for \"put your money where your mouth is.\"","listText":"Hmmm... this may be a good case for \"put your money where your mouth is.\"","text":"Hmmm... this may be a good case for \"put your money where your mouth is.\"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/185198951","repostId":"1122505915","repostType":4,"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":848247966,"gmtCreate":1636006963426,"gmtModify":1636007203954,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"They've done a good job of prepping the market before their anticipated announcement so the boat remained steady. We'll have to look elsewhere for anything that may rock the boat later.","listText":"They've done a good job of prepping the market before their anticipated announcement so the boat remained steady. We'll have to look elsewhere for anything that may rock the boat later.","text":"They've done a good job of prepping the market before their anticipated announcement so the boat remained steady. We'll have to look elsewhere for anything that may rock the boat later.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/848247966","repostId":"2180636457","repostType":4,"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829622034,"gmtCreate":1633502255307,"gmtModify":1633502256453,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Whether it crashes down or it soars up high, either way will be an opportunity to grab for some and missed opportunities for others.","listText":"Whether it crashes down or it soars up high, either way will be an opportunity to grab for some and missed opportunities for others.","text":"Whether it crashes down or it soars up high, either way will be an opportunity to grab for some and missed opportunities for others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/829622034","repostId":"1103782575","repostType":4,"repost":{"id":"1103782575","kind":"news","pubTimestamp":1633486462,"share":"https://www.laohu8.com/m/news/1103782575?lang=zh_CN&edition=full","pubTime":"2021-10-06 10:14","market":"us","language":"en","title":"Don't worry (too much) about an October market crash<blockquote>不要(过于)担心十月市场崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103782575","media":"CNN Business","summary":"New York (CNN Business) - October has often been a spooky month on Wall Street. Stocks famously cras","content":"<p><b>New York (CNN Business) - </b>October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.</p><p><blockquote><b>纽约(CNN商业)——</b>十月在华尔街通常是一个阴森的月份。股市在1929年10月、1987年以及最近的2008年暴跌。</blockquote></p><p> But the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up in October.</p><p><blockquote>但万圣节前夕,市场并不总是一个可怕的地方。事实上,股市通常会在十月份上涨。</blockquote></p><p> According to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&P 500 since 1950 and the 4th best over the past 10 and 20 years.</p><p><blockquote>根据LPL Financial首席市场策略师Ryan Detrick的数据,10月份几乎处于中间位置:它是标普500自1950年以来第7个最佳月份,也是过去10年和20年中第4个最佳月份。</blockquote></p><p> \"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"</p><p><blockquote>德特里克在上周的一份报告中表示:“十月份因一些壮观的车祸而闻名,许多人预计今年会再次发生糟糕的事情。”“但事实是这个月只是被误解了,因为从历史上看,它大约是一个普通的月份。”</blockquote></p><p> And it could be better than average this October, because there are no potentially game-changing election results coming in November.</p><p><blockquote>今年10月的情况可能会好于平均水平,因为11月没有可能改变游戏规则的选举结果。</blockquote></p><p> Since 1999, the S&P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.</p><p><blockquote>自1999年以来,标普500在奇数年10月上涨3.6%,在偶数年10月下跌1.1%,与美国大选时间表相对应。</blockquote></p><p> \"It turns out stocks don't like politics much,\" Detrick said.</p><p><blockquote>“事实证明,股票不太喜欢政治,”德特里克说。</blockquote></p><p> <b>Many risks remain but outlook still promising for stocks</b></p><p><blockquote><b>许多风险依然存在,但股市前景仍然乐观</b></blockquote></p><p> Of course DC headlines could still roil the market this year, albeit not because of an election.</p><p><blockquote>当然,今年DC的头条新闻仍可能扰乱市场,尽管不是因为选举。</blockquote></p><p> The debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.</p><p><blockquote>债务上限争论尚未解决,国会仍未通过总统乔·拜登的基础设施和社会支出计划。与此同时,拜登还必须很快决定是提名杰罗姆·鲍威尔连任美联储主席,还是选择其他人。</blockquote></p><p> \"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier & Associates, said in a report last week.</p><p><blockquote>Navellier&Associates董事长路易斯·纳维利尔(Louis Navellier)在上周的一份报告中表示:“第四季度——就像体育赛事或百老汇戏剧的结局一样——是戏剧所在。”</blockquote></p><p> That said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.</p><p><blockquote>尽管如此,纳维利尔希望市场和整体经济通常的季节性顺风能够提振今年的股市。</blockquote></p><p> Stocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.</p><p><blockquote>股市往往不仅在10月份强劲上涨,而且在第四季度剩余时间也是如此。消费者支出在假日购物季激增,企业通常希望在年度预算用完之前增加投资。</blockquote></p><p> With that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.</p><p><blockquote>考虑到这一点,一些策略师认为,在展望第四季度和2022年的收益时,投资者将继续关注积极的一面。</blockquote></p><p> Yes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.</p><p><blockquote>是的,对新冠肺炎、美联储政策、通货膨胀、全球航运延误和许多其他经济警告信号的担忧仍然存在。</blockquote></p><p> But although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.</p><p><blockquote>不过,尽管这可能会在10月份和第四季度剩余时间造成比往常更大的波动,但很少有人预计这些挑战会导致另一场衰退。所以股票阻力最小的路径仍然是向上。</blockquote></p><p> \"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"</p><p><blockquote>Silvercrest Asset Management董事总经理罗伯特·蒂特(Robert Teeter)在周一的一份报告中表示:“几乎所有这些问题都显示出解决的切实迹象,并且不会对股票估值造成任何长期损害。”</blockquote></p><p></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>Don't worry (too much) about an October market crash<blockquote>不要(过于)担心十月市场崩盘</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDon't worry (too much) about an October market crash<blockquote>不要(过于)担心十月市场崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-10-06 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business) - </b>October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.</p><p><blockquote><b>纽约(CNN商业)——</b>十月在华尔街通常是一个阴森的月份。股市在1929年10月、1987年以及最近的2008年暴跌。</blockquote></p><p> But the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up in October.</p><p><blockquote>但万圣节前夕,市场并不总是一个可怕的地方。事实上,股市通常会在十月份上涨。</blockquote></p><p> According to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&P 500 since 1950 and the 4th best over the past 10 and 20 years.</p><p><blockquote>根据LPL Financial首席市场策略师Ryan Detrick的数据,10月份几乎处于中间位置:它是标普500自1950年以来第7个最佳月份,也是过去10年和20年中第4个最佳月份。</blockquote></p><p> \"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"</p><p><blockquote>德特里克在上周的一份报告中表示:“十月份因一些壮观的车祸而闻名,许多人预计今年会再次发生糟糕的事情。”“但事实是这个月只是被误解了,因为从历史上看,它大约是一个普通的月份。”</blockquote></p><p> And it could be better than average this October, because there are no potentially game-changing election results coming in November.</p><p><blockquote>今年10月的情况可能会好于平均水平,因为11月没有可能改变游戏规则的选举结果。</blockquote></p><p> Since 1999, the S&P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.</p><p><blockquote>自1999年以来,标普500在奇数年10月上涨3.6%,在偶数年10月下跌1.1%,与美国大选时间表相对应。</blockquote></p><p> \"It turns out stocks don't like politics much,\" Detrick said.</p><p><blockquote>“事实证明,股票不太喜欢政治,”德特里克说。</blockquote></p><p> <b>Many risks remain but outlook still promising for stocks</b></p><p><blockquote><b>许多风险依然存在,但股市前景仍然乐观</b></blockquote></p><p> Of course DC headlines could still roil the market this year, albeit not because of an election.</p><p><blockquote>当然,今年DC的头条新闻仍可能扰乱市场,尽管不是因为选举。</blockquote></p><p> The debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.</p><p><blockquote>债务上限争论尚未解决,国会仍未通过总统乔·拜登的基础设施和社会支出计划。与此同时,拜登还必须很快决定是提名杰罗姆·鲍威尔连任美联储主席,还是选择其他人。</blockquote></p><p> \"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier & Associates, said in a report last week.</p><p><blockquote>Navellier&Associates董事长路易斯·纳维利尔(Louis Navellier)在上周的一份报告中表示:“第四季度——就像体育赛事或百老汇戏剧的结局一样——是戏剧所在。”</blockquote></p><p> That said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.</p><p><blockquote>尽管如此,纳维利尔希望市场和整体经济通常的季节性顺风能够提振今年的股市。</blockquote></p><p> Stocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.</p><p><blockquote>股市往往不仅在10月份强劲上涨,而且在第四季度剩余时间也是如此。消费者支出在假日购物季激增,企业通常希望在年度预算用完之前增加投资。</blockquote></p><p> With that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.</p><p><blockquote>考虑到这一点,一些策略师认为,在展望第四季度和2022年的收益时,投资者将继续关注积极的一面。</blockquote></p><p> Yes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.</p><p><blockquote>是的,对新冠肺炎、美联储政策、通货膨胀、全球航运延误和许多其他经济警告信号的担忧仍然存在。</blockquote></p><p> But although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.</p><p><blockquote>不过,尽管这可能会在10月份和第四季度剩余时间造成比往常更大的波动,但很少有人预计这些挑战会导致另一场衰退。所以股票阻力最小的路径仍然是向上。</blockquote></p><p> \"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"</p><p><blockquote>Silvercrest Asset Management董事总经理罗伯特·蒂特(Robert Teeter)在周一的一份报告中表示:“几乎所有这些问题都显示出解决的切实迹象,并且不会对股票估值造成任何长期损害。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://edition.cnn.com/2021/10/05/investing/october-stocks/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://edition.cnn.com/2021/10/05/investing/october-stocks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103782575","content_text":"New York (CNN Business) - October has often been a spooky month on Wall Street. Stocks famously crashed in October 1929, 1987 and, most recently, 2008.\nBut the marketisn't always a terrifying place to be just before Halloween. In fact,stocks typically go up in October.\nAccording to data from Ryan Detrick, chief market strategist at LPL Financial, October is just about in the middle of the pack: It has been the 7th best month for the S&P 500 since 1950 and the 4th best over the past 10 and 20 years.\n\"October is known for some spectacular crashes and many expect bad things to happen again this year,\" Detrick said in a report last week. \"But the truth is this month is simply misunderstood, as historically it is about an average month.\"\nAnd it could be better than average this October, because there are no potentially game-changing election results coming in November.\nSince 1999, the S&P 500 has gained 3.6% in odd-year Octobers and fallen 1.1% in even-numbered ones, corresponding to the US election schedule.\n\"It turns out stocks don't like politics much,\" Detrick said.\nMany risks remain but outlook still promising for stocks\nOf course DC headlines could still roil the market this year, albeit not because of an election.\nThe debt ceiling debate has yet to be resolved, and Congress still hasn't passed President Joe Biden's infrastructure and social spending plans. Meanwhile Biden also must soon decide whether he wants to nominate Jerome Powell for a second term as Fed chairman or pick someone else.\n\"The fourth quarter — like the conclusion of sporting events or Broadway plays — is where the drama lies,\" Louis Navellier, chairman of Navellier & Associates, said in a report last week.\nThat said, Navellier is hopeful the usual seasonal tailwinds for the markets and the broader economy will lift stocks this year.\nStocks tend to enjoy not just solid gains in October, but also for the remainder of the fourth quarter. Consumer spending surges during the holiday shopping season and businesses often look to boost investments before annual budgets run out.\nWith that in mind, some strategists think that investors will continue to focus on the positive when looking ahead to earnings for Q4 and 2022.\nYes, worries remain about Covid-19, Fed policy, inflation, global shipping delays and numerous other economic warning signs.\nBut although this could create more volatility than usual in October and the rest of the fourth quarter, few expect that these challenges will lead to another recession. So the path of least resistance for stocks is still upward.\n\"Virtually all of these problems are showing tangible signs toward resolution,\" Robert Teeter, managing director at Silvercrest Asset Management, said in a report Monday, \"and should not inflict any long-term damage to stock valuations.\"","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":811399350,"gmtCreate":1630287837970,"gmtModify":1704957827585,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"A very astute business move.","listText":"A very astute business move.","text":"A very astute business move.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811399350","repostId":"1137514360","repostType":4,"repost":{"id":"1137514360","kind":"news","pubTimestamp":1630287425,"share":"https://www.laohu8.com/m/news/1137514360?lang=zh_CN&edition=full","pubTime":"2021-08-30 09:37","market":"us","language":"en","title":"Tesla files to sell electricity in Texas<blockquote>特斯拉申请在德克萨斯出售电力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137514360","media":"cnn","summary":"New York $Tesla Motors$ wants to do more than sell you an electric car. It wants to start selling electricity itself — at least to some people in Texas.It has filed with the Texas Public Utility Commission to generate electricity and sell it directly to the public. Details about its exact plans are not included in the application, and Tesla did not respond to a request for comment. But the company said in its filing it plans to sell electricity directly to consumers, with a focus on those who al","content":"<p>New York (CNN Business)<a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> wants to do more than sell you an electric car. It wants to start selling electricity itself — at least to some people in Texas.</p><p><blockquote>纽约(CNN商业)<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>想做的不仅仅是卖给你一辆电动汽车。它希望开始自己出售电力——至少向德克萨斯州的一些人出售电力。</blockquote></p><p> It has filed with the Texas Public Utility Commission to generate electricity and sell it directly to the public. Details about its exact plans are not included in the application, and Tesla did not respond to a request for comment. But the company said in its filing it plans to sell electricity directly to consumers, with a focus on those who already own Tesla cars.</p><p><blockquote>它已向德克萨斯州公用事业委员会申请发电并直接出售给公众。申请中没有包含有关其具体计划的细节,特斯拉也没有回应置评请求。但该公司在文件中表示,计划直接向消费者出售电力,重点是那些已经拥有特斯拉汽车的人。</blockquote></p><p> The filing was first reported by Texas Monthly.</p><p><blockquote>《德克萨斯月刊》首先报道了这份文件。</blockquote></p><p> The company best known for being the largest electric vehicle company in the world also has a solar energy unit. Most of that business is focused on installing solar panels on homes or other buildings, which are then linked to batteries, which Tesla has branded as Powerwalls, used to store excess power captured during the day to provide power at night.</p><p><blockquote>这家以世界上最大的电动汽车公司而闻名的公司也有一个太阳能部门。该业务的大部分重点是在家庭或其他建筑物上安装太阳能电池板,然后将其连接到电池上,特斯拉将其称为Powerwalls,用于存储白天捕获的多余电力,以便在夜间供电。</blockquote></p><p> But Tesla has a very low-profile business known as \"Megapack\" that builds very large batteries used to store utility-scale amounts of electricity. It built the first of those massive batteries in Hornsdale, Australia, in 2017, and has since expanded the product to other locations.</p><p><blockquote>但特斯拉有一项名为“Megapack”的非常低调的业务,该业务生产非常大的电池,用于存储公用事业规模的电力。该公司于2017年在澳大利亚霍恩斯代尔制造了第一个大型电池,此后将该产品扩展到其他地点。</blockquote></p><p> \"Battery storage is transforming the global electric grid and is an increasingly important element of the world's transition to sustainable energy,\" it said in a 2019 blog post. \"To match global demand for massive battery storage projects like Hornsdale, Tesla designed and engineered a new battery product specifically for utility-scale projects.\"</p><p><blockquote>该公司在2019年的一篇博客文章中表示:“电池存储正在改变全球电网,并且是世界向可持续能源转型中越来越重要的元素。”“为了满足全球对霍恩斯代尔等大型电池存储项目的需求,特斯拉专门为公用事业规模项目设计和制造了一种新型电池产品。”</blockquote></p><p> It's a growing business. Tesla has said it is investing more of its available cash in its Megapack. Utilities have reported plans to install over 10,000 megawatts of additional large-scale battery power capacity from 2021 through 2023 from all manner of battery suppliers, according to the US Energy Information Administration. That's up from only 1,650 megawatts of large-scale capacity in place at the end of last year.</p><p><blockquote>这是一个不断增长的行业。特斯拉表示,它正在将更多可用现金投资于其Megapack。据美国能源情报署称,公用事业公司已报告计划从2021年到2023年从各种电池供应商那里额外安装超过10,000兆瓦的大型电池发电容量。这高于去年年底仅有1,650兆瓦的大规模产能。</blockquote></p><p> Bloomberg reported earlier this year that Gambit Energy Storage LLC, a Tesla subsidiary, is quietly building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 40 miles south of Houston. A battery that size could power about 20,000 homes on a hot summer day.</p><p><blockquote>彭博社今年早些时候报道称,特斯拉旗下的Gambit Energy Storage LLC正在休斯敦以南约40英里的德克萨斯安格尔顿镇悄悄建设一个超过100兆瓦的储能项目。在炎热的夏天,这种尺寸的电池可以为大约20,000个家庭供电。</blockquote></p><p> But, so far, Tesla has sold Megapacks only to other companies and Tesla has not tried to sell directly to consumers. That would change, according to its filing.</p><p><blockquote>但是,到目前为止,特斯拉只向其他公司销售Megapacks,特斯拉还没有尝试直接向消费者销售。根据其文件,这种情况将会改变。</blockquote></p><p> Despite its long association with oil and natural gas, Texas has the third most EVs in the country, behind only California and Florida, according to recent statistics from Electrek. Texas also generates a significant portion of electrical power through solar and wind power, sources of power that need to have storage of electricity since they are not constantly available. Texas generates by far the greatest amount of electricity from wind power of any state and is second only to California for the amount of electricity coming from to solar power, according to the EIA.</p><p><blockquote>根据Electrek最近的统计数据,尽管德克萨斯州与石油和天然气有着长期的联系,但其电动汽车数量在全国排名第三,仅次于加利福尼亚州和佛罗里达州。德克萨斯州还通过太阳能和风能产生很大一部分电力,这些电力来源需要储存电力,因为它们并不总是可用。根据美国能源情报署的数据,德克萨斯州是迄今为止风力发电量最大的州,太阳能发电量仅次于加利福尼亚州。</blockquote></p><p> But its electrical grid suffered a massive failure due to a winter storm in February. Part of the problem was that Texas is the only state in the continental United States not tied into the national grid, which would allow it to tap into other states' electricity supplies at times of crisis. Some electric companies have filed for bankruptcy since then.</p><p><blockquote>但由于二月份的冬季风暴,其电网遭受了大规模故障。部分问题在于,德克萨斯州是美国大陆唯一一个没有接入国家电网的州,这将使其能够在危机时期利用其他州的电力供应。此后,一些电力公司申请破产。</blockquote></p><p> CEO Elon Musk made reference to the need for more electrical storage if utilities in Texas are to avoid the problems of this past winter.</p><p><blockquote>首席执行官埃隆·马斯克提到,如果德克萨斯州的公用事业公司要避免去年冬天的问题,就需要更多的电力存储。</blockquote></p><p> \"In Texas, there was a peak power demand, and ... because the grid lacks the ability to buffer the power, they have to shut down power. There's no power storage,\" he said in a call with investors in April. He did not mention Megapack on that call, but suggested that the greater adoption of solar panels on homes and Tesla's Powerwalls would help to provide that buffer needed for the grid in Texas and elsewhere.</p><p><blockquote>“在得州,出现了电力需求高峰,而且……因为电网缺乏缓冲电力的能力,他们不得不关闭电力。没有电力存储,”他在4月份与投资者举行的看涨期权上表示。他没有在看涨期权上提到Megapack,但表示在家庭和特斯拉Powerwalls上更多地采用太阳能电池板将有助于为德克萨斯和其他地方的电网提供所需的缓冲。</blockquote></p><p> This is the latest move by Tesla and Musk to focus more attention on Texas. Tesla is already building its second US car factory outside of Austin, and Musk formally moved his residence to Texas, he disclosed in December. Last year during a fight over Covid-19 public health restrictions that Musk opposed, he threatened he would move Tesla's headquarters to Texas, but he never followed through on that threat.</p><p><blockquote>这是特斯拉和马斯克将更多注意力集中在得州的最新举措。马斯克去年12月透露,特斯拉已经在奥斯丁以外的地方建造了第二家美国汽车工厂,马斯克正式将住所迁至德克萨斯。去年,在一场反对Covid-19公共卫生限制的斗争中,马斯克威胁要将特斯拉总部迁至德克萨斯,但他从未兑现这一威胁。</blockquote></p><p> In addition his rocket company SpaceX also has a strong presence in South Texas, include a sprawling manufacturing facility, launch and landing pads, where the company is building and testing early versions of Starship, its gargantuan rocket that Musk hopes will one day be used to carry people to the moon and Mars.</p><p><blockquote>此外,他的火箭公司SpaceX在德克萨斯州南部也拥有强大的影响力,包括一个庞大的制造设施、发射台和着陆场,该公司正在那里建造和测试Starship的早期版本,马斯克希望有一天能够使用它将人们运送到月球和火星。</blockquote></p><p></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>Tesla files to sell electricity in Texas<blockquote>特斯拉申请在德克萨斯出售电力</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla files to sell electricity in Texas<blockquote>特斯拉申请在德克萨斯出售电力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-08-30 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)<a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> wants to do more than sell you an electric car. It wants to start selling electricity itself — at least to some people in Texas.</p><p><blockquote>纽约(CNN商业)<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>想做的不仅仅是卖给你一辆电动汽车。它希望开始自己出售电力——至少向德克萨斯州的一些人出售电力。</blockquote></p><p> It has filed with the Texas Public Utility Commission to generate electricity and sell it directly to the public. Details about its exact plans are not included in the application, and Tesla did not respond to a request for comment. But the company said in its filing it plans to sell electricity directly to consumers, with a focus on those who already own Tesla cars.</p><p><blockquote>它已向德克萨斯州公用事业委员会申请发电并直接出售给公众。申请中没有包含有关其具体计划的细节,特斯拉也没有回应置评请求。但该公司在文件中表示,计划直接向消费者出售电力,重点是那些已经拥有特斯拉汽车的人。</blockquote></p><p> The filing was first reported by Texas Monthly.</p><p><blockquote>《德克萨斯月刊》首先报道了这份文件。</blockquote></p><p> The company best known for being the largest electric vehicle company in the world also has a solar energy unit. Most of that business is focused on installing solar panels on homes or other buildings, which are then linked to batteries, which Tesla has branded as Powerwalls, used to store excess power captured during the day to provide power at night.</p><p><blockquote>这家以世界上最大的电动汽车公司而闻名的公司也有一个太阳能部门。该业务的大部分重点是在家庭或其他建筑物上安装太阳能电池板,然后将其连接到电池上,特斯拉将其称为Powerwalls,用于存储白天捕获的多余电力,以便在夜间供电。</blockquote></p><p> But Tesla has a very low-profile business known as \"Megapack\" that builds very large batteries used to store utility-scale amounts of electricity. It built the first of those massive batteries in Hornsdale, Australia, in 2017, and has since expanded the product to other locations.</p><p><blockquote>但特斯拉有一项名为“Megapack”的非常低调的业务,该业务生产非常大的电池,用于存储公用事业规模的电力。该公司于2017年在澳大利亚霍恩斯代尔制造了第一个大型电池,此后将该产品扩展到其他地点。</blockquote></p><p> \"Battery storage is transforming the global electric grid and is an increasingly important element of the world's transition to sustainable energy,\" it said in a 2019 blog post. \"To match global demand for massive battery storage projects like Hornsdale, Tesla designed and engineered a new battery product specifically for utility-scale projects.\"</p><p><blockquote>该公司在2019年的一篇博客文章中表示:“电池存储正在改变全球电网,并且是世界向可持续能源转型中越来越重要的元素。”“为了满足全球对霍恩斯代尔等大型电池存储项目的需求,特斯拉专门为公用事业规模项目设计和制造了一种新型电池产品。”</blockquote></p><p> It's a growing business. Tesla has said it is investing more of its available cash in its Megapack. Utilities have reported plans to install over 10,000 megawatts of additional large-scale battery power capacity from 2021 through 2023 from all manner of battery suppliers, according to the US Energy Information Administration. That's up from only 1,650 megawatts of large-scale capacity in place at the end of last year.</p><p><blockquote>这是一个不断增长的行业。特斯拉表示,它正在将更多可用现金投资于其Megapack。据美国能源情报署称,公用事业公司已报告计划从2021年到2023年从各种电池供应商那里额外安装超过10,000兆瓦的大型电池发电容量。这高于去年年底仅有1,650兆瓦的大规模产能。</blockquote></p><p> Bloomberg reported earlier this year that Gambit Energy Storage LLC, a Tesla subsidiary, is quietly building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 40 miles south of Houston. A battery that size could power about 20,000 homes on a hot summer day.</p><p><blockquote>彭博社今年早些时候报道称,特斯拉旗下的Gambit Energy Storage LLC正在休斯敦以南约40英里的德克萨斯安格尔顿镇悄悄建设一个超过100兆瓦的储能项目。在炎热的夏天,这种尺寸的电池可以为大约20,000个家庭供电。</blockquote></p><p> But, so far, Tesla has sold Megapacks only to other companies and Tesla has not tried to sell directly to consumers. That would change, according to its filing.</p><p><blockquote>但是,到目前为止,特斯拉只向其他公司销售Megapacks,特斯拉还没有尝试直接向消费者销售。根据其文件,这种情况将会改变。</blockquote></p><p> Despite its long association with oil and natural gas, Texas has the third most EVs in the country, behind only California and Florida, according to recent statistics from Electrek. Texas also generates a significant portion of electrical power through solar and wind power, sources of power that need to have storage of electricity since they are not constantly available. Texas generates by far the greatest amount of electricity from wind power of any state and is second only to California for the amount of electricity coming from to solar power, according to the EIA.</p><p><blockquote>根据Electrek最近的统计数据,尽管德克萨斯州与石油和天然气有着长期的联系,但其电动汽车数量在全国排名第三,仅次于加利福尼亚州和佛罗里达州。德克萨斯州还通过太阳能和风能产生很大一部分电力,这些电力来源需要储存电力,因为它们并不总是可用。根据美国能源情报署的数据,德克萨斯州是迄今为止风力发电量最大的州,太阳能发电量仅次于加利福尼亚州。</blockquote></p><p> But its electrical grid suffered a massive failure due to a winter storm in February. Part of the problem was that Texas is the only state in the continental United States not tied into the national grid, which would allow it to tap into other states' electricity supplies at times of crisis. Some electric companies have filed for bankruptcy since then.</p><p><blockquote>但由于二月份的冬季风暴,其电网遭受了大规模故障。部分问题在于,德克萨斯州是美国大陆唯一一个没有接入国家电网的州,这将使其能够在危机时期利用其他州的电力供应。此后,一些电力公司申请破产。</blockquote></p><p> CEO Elon Musk made reference to the need for more electrical storage if utilities in Texas are to avoid the problems of this past winter.</p><p><blockquote>首席执行官埃隆·马斯克提到,如果德克萨斯州的公用事业公司要避免去年冬天的问题,就需要更多的电力存储。</blockquote></p><p> \"In Texas, there was a peak power demand, and ... because the grid lacks the ability to buffer the power, they have to shut down power. There's no power storage,\" he said in a call with investors in April. He did not mention Megapack on that call, but suggested that the greater adoption of solar panels on homes and Tesla's Powerwalls would help to provide that buffer needed for the grid in Texas and elsewhere.</p><p><blockquote>“在得州,出现了电力需求高峰,而且……因为电网缺乏缓冲电力的能力,他们不得不关闭电力。没有电力存储,”他在4月份与投资者举行的看涨期权上表示。他没有在看涨期权上提到Megapack,但表示在家庭和特斯拉Powerwalls上更多地采用太阳能电池板将有助于为德克萨斯和其他地方的电网提供所需的缓冲。</blockquote></p><p> This is the latest move by Tesla and Musk to focus more attention on Texas. Tesla is already building its second US car factory outside of Austin, and Musk formally moved his residence to Texas, he disclosed in December. Last year during a fight over Covid-19 public health restrictions that Musk opposed, he threatened he would move Tesla's headquarters to Texas, but he never followed through on that threat.</p><p><blockquote>这是特斯拉和马斯克将更多注意力集中在得州的最新举措。马斯克去年12月透露,特斯拉已经在奥斯丁以外的地方建造了第二家美国汽车工厂,马斯克正式将住所迁至德克萨斯。去年,在一场反对Covid-19公共卫生限制的斗争中,马斯克威胁要将特斯拉总部迁至德克萨斯,但他从未兑现这一威胁。</blockquote></p><p> In addition his rocket company SpaceX also has a strong presence in South Texas, include a sprawling manufacturing facility, launch and landing pads, where the company is building and testing early versions of Starship, its gargantuan rocket that Musk hopes will one day be used to carry people to the moon and Mars.</p><p><blockquote>此外,他的火箭公司SpaceX在德克萨斯州南部也拥有强大的影响力,包括一个庞大的制造设施、发射台和着陆场,该公司正在那里建造和测试Starship的早期版本,马斯克希望有一天能够使用它将人们运送到月球和火星。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://edition.cnn.com/2021/08/27/business/tesla-electricity/index.html\">cnn</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/08/27/business/tesla-electricity/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137514360","content_text":"New York (CNN Business)Tesla Motors wants to do more than sell you an electric car. It wants to start selling electricity itself — at least to some people in Texas.\nIt has filed with the Texas Public Utility Commission to generate electricity and sell it directly to the public. Details about its exact plans are not included in the application, and Tesla did not respond to a request for comment. But the company said in its filing it plans to sell electricity directly to consumers, with a focus on those who already own Tesla cars.\nThe filing was first reported by Texas Monthly.\nThe company best known for being the largest electric vehicle company in the world also has a solar energy unit. Most of that business is focused on installing solar panels on homes or other buildings, which are then linked to batteries, which Tesla has branded as Powerwalls, used to store excess power captured during the day to provide power at night.\nBut Tesla has a very low-profile business known as \"Megapack\" that builds very large batteries used to store utility-scale amounts of electricity. It built the first of those massive batteries in Hornsdale, Australia, in 2017, and has since expanded the product to other locations.\n\"Battery storage is transforming the global electric grid and is an increasingly important element of the world's transition to sustainable energy,\" it said in a 2019 blog post. \"To match global demand for massive battery storage projects like Hornsdale, Tesla designed and engineered a new battery product specifically for utility-scale projects.\"\nIt's a growing business. Tesla has said it is investing more of its available cash in its Megapack. Utilities have reported plans to install over 10,000 megawatts of additional large-scale battery power capacity from 2021 through 2023 from all manner of battery suppliers, according to the US Energy Information Administration. That's up from only 1,650 megawatts of large-scale capacity in place at the end of last year.\nBloomberg reported earlier this year that Gambit Energy Storage LLC, a Tesla subsidiary, is quietly building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 40 miles south of Houston. A battery that size could power about 20,000 homes on a hot summer day.\nBut, so far, Tesla has sold Megapacks only to other companies and Tesla has not tried to sell directly to consumers. That would change, according to its filing.\nDespite its long association with oil and natural gas, Texas has the third most EVs in the country, behind only California and Florida, according to recent statistics from Electrek. Texas also generates a significant portion of electrical power through solar and wind power, sources of power that need to have storage of electricity since they are not constantly available. Texas generates by far the greatest amount of electricity from wind power of any state and is second only to California for the amount of electricity coming from to solar power, according to the EIA.\nBut its electrical grid suffered a massive failure due to a winter storm in February. Part of the problem was that Texas is the only state in the continental United States not tied into the national grid, which would allow it to tap into other states' electricity supplies at times of crisis. Some electric companies have filed for bankruptcy since then.\nCEO Elon Musk made reference to the need for more electrical storage if utilities in Texas are to avoid the problems of this past winter.\n\"In Texas, there was a peak power demand, and ... because the grid lacks the ability to buffer the power, they have to shut down power. There's no power storage,\" he said in a call with investors in April. He did not mention Megapack on that call, but suggested that the greater adoption of solar panels on homes and Tesla's Powerwalls would help to provide that buffer needed for the grid in Texas and elsewhere.\nThis is the latest move by Tesla and Musk to focus more attention on Texas. Tesla is already building its second US car factory outside of Austin, and Musk formally moved his residence to Texas, he disclosed in December. Last year during a fight over Covid-19 public health restrictions that Musk opposed, he threatened he would move Tesla's headquarters to Texas, but he never followed through on that threat.\nIn addition his rocket company SpaceX also has a strong presence in South Texas, include a sprawling manufacturing facility, launch and landing pads, where the company is building and testing early versions of Starship, its gargantuan rocket that Musk hopes will one day be used to carry people to the moon and Mars.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830119425,"gmtCreate":1629026901367,"gmtModify":1631892706162,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Why not just spread bets on them all? We're not supposed to put all our eggs in a basket. ","listText":"Why not just spread bets on them all? We're not supposed to put all our eggs in a basket. ","text":"Why not just spread bets on them all? We're not supposed to put all our eggs in a basket.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830119425","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达:哪个是最好的芯片股?</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li> <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li> <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.</li> <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明,AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美,甚至优于某些英特尔芯片,并使AMD获得了服务器CPU市场份额。</li><li>即便如此,英特尔仍是处理器市场的领导者,在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD,并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔(INTC)曾经是微芯片行业的巨人罗德斯岛,是摩尔定律力量的纪念碑。然而,该公司在10纳米工艺上遇到了麻烦,最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门,该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额,并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长,而且该公司似乎正在获得动力:管理层目前预计全年收入增长60%,高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而,AMD也与英伟达公司(NVDA)竞争,后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场,尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠,特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商,INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此,英特尔和AMD在PC和服务器市场处于双头垄断地位,因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构,因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样,游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近,AMD在x86芯片供应商方面还远远落后于INTC。然而,AMD与台积电(NYSE:TSM)合作,使用该制造商的7纳米工艺,在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计,这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.</p><p><blockquote>截至第一季度末,AMD占据x86台式机市场19.30%的份额,同比增长70个基点。第二季度,AMD占据了服务器市场8%的份额,高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.</p><p><blockquote>尽管遭遇了这些挫折,但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位,并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算,并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场,主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平,但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而,有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备,随着智能手机取代个人电脑,这可能会导致持续的阻力。另一方面,应该承认,INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争,以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年,INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而,由于三个因素,发生了翻天覆地的转变:在创新设计的推动下,AMD将有竞争力的产品推向市场,AMD转向台积电生产,英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样,AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样,由于为x86架构设计的PC和服务器软件占主导地位,AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的,因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面,AMD与NVIDIA大致相当,而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而,NVIDIA以80%以上的市场份额主导着独立GPU领域,AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的(稍后会详细介绍);因此,投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力,但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而,EPYC系列已经获得了更广泛的认可,随着米兰处理器的推出,该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率,因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底,AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训,因此客户不愿意转向竞争对手的供应商。因此,如果Xilinx交易成功,AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台(尤其是游戏机)独立GPU领域的领导者。英特尔从英伟达获得知识产权许可,将GPU集成到其PC芯片组中,这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP,从2016年的Pascal架构开始,通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中,NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作,以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位,该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在,手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是,有1300万开发人员使用ARM设备。从背景来看,NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是,据报道,中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来,我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异,因此当我发现比率存在较大差异时,我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意,Seeking Alpha提供了三到五年的PEG,嘉信理财只是将其指标列为PEG比率,而雅虎!财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表,很明显NVDA是最被高估的。还值得注意的是,当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表,AMD的PEG是三家公司中最好的。我还注意到,各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低,但考虑到其他因素,我对AMD的整体评价较高。换句话说,这不是最便宜的估值,而是最好的估值,因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元,比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元,比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元,较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道,自NVDA公布季度收益而INTC和AMD最近公布季度收益以来,已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明,这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD,但在某些情况下,英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA,有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表,概述每家公司的盈利能力;然而,只要说每一个都是高利润就足够了,三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较,但AMD不支付股息,而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金,上季度末为59.6亿美元。如果ARM收购获得批准,该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务,从而降低了利息成本。截至最近一个季度末,AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末,该公司持有近248.6亿美元现金,长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性,我对这三家公司的评级相同。</blockquote></p><p> <b>R&D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而,在半导体行业,这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年,英特尔在研发上投入了超过135亿美元,NVDA花费了近28.3亿美元,AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势,而且这种劣势被放大了,因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是,英特尔的部分研发资金流向了其代工业务。尽管如此,它是这里明显的赢家,AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.</p><p><blockquote>我应该补充一点,NVDA正在蚕食AMD在独立GPU市场的份额,我相信这种趋势将继续下去,部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话:最好的芯片股是哪只?</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案,很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益,NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心,这可能对INTC来说是一个阻力,对NVDA来说是一个积极的因素。然而,这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its planned foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是,就其产品质量而言,AMD现在已经在PC市场上与INTC持平。此外,AMD正在服务器市场获得市场份额,我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面,AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位,这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器,但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长,收入增长了124%。尽管这些业务的总收入只有13亿美元,与英特尔185亿美元的总收入相比只是一小部分,但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是,请注意标题指的是“芯片库存”。因此,技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点,由于目前的估值和增长预期,我必须将英伟达评级为持有。请注意,我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力,并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务,但我现在相信它的复苏将在很长一段时间内展开,并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是,这些指标得到了我的看法的支持,即随着英特尔努力复苏,AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面,我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></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>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达:哪个是最好的芯片股?</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达:哪个是最好的芯片股?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li> <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li> <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.</li> <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明,AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美,甚至优于某些英特尔芯片,并使AMD获得了服务器CPU市场份额。</li><li>即便如此,英特尔仍是处理器市场的领导者,在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD,并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔(INTC)曾经是微芯片行业的巨人罗德斯岛,是摩尔定律力量的纪念碑。然而,该公司在10纳米工艺上遇到了麻烦,最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门,该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额,并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长,而且该公司似乎正在获得动力:管理层目前预计全年收入增长60%,高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而,AMD也与英伟达公司(NVDA)竞争,后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场,尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠,特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商,INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此,英特尔和AMD在PC和服务器市场处于双头垄断地位,因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构,因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样,游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近,AMD在x86芯片供应商方面还远远落后于INTC。然而,AMD与台积电(NYSE:TSM)合作,使用该制造商的7纳米工艺,在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计,这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.</p><p><blockquote>截至第一季度末,AMD占据x86台式机市场19.30%的份额,同比增长70个基点。第二季度,AMD占据了服务器市场8%的份额,高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.</p><p><blockquote>尽管遭遇了这些挫折,但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位,并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算,并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场,主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平,但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而,有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备,随着智能手机取代个人电脑,这可能会导致持续的阻力。另一方面,应该承认,INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争,以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年,INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而,由于三个因素,发生了翻天覆地的转变:在创新设计的推动下,AMD将有竞争力的产品推向市场,AMD转向台积电生产,英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样,AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样,由于为x86架构设计的PC和服务器软件占主导地位,AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的,因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面,AMD与NVIDIA大致相当,而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而,NVIDIA以80%以上的市场份额主导着独立GPU领域,AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的(稍后会详细介绍);因此,投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力,但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而,EPYC系列已经获得了更广泛的认可,随着米兰处理器的推出,该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率,因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底,AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训,因此客户不愿意转向竞争对手的供应商。因此,如果Xilinx交易成功,AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台(尤其是游戏机)独立GPU领域的领导者。英特尔从英伟达获得知识产权许可,将GPU集成到其PC芯片组中,这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP,从2016年的Pascal架构开始,通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中,NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作,以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位,该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在,手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是,有1300万开发人员使用ARM设备。从背景来看,NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是,据报道,中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来,我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异,因此当我发现比率存在较大差异时,我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意,Seeking Alpha提供了三到五年的PEG,嘉信理财只是将其指标列为PEG比率,而雅虎!财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表,很明显NVDA是最被高估的。还值得注意的是,当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表,AMD的PEG是三家公司中最好的。我还注意到,各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低,但考虑到其他因素,我对AMD的整体评价较高。换句话说,这不是最便宜的估值,而是最好的估值,因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元,比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元,比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元,较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道,自NVDA公布季度收益而INTC和AMD最近公布季度收益以来,已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明,这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD,但在某些情况下,英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA,有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表,概述每家公司的盈利能力;然而,只要说每一个都是高利润就足够了,三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较,但AMD不支付股息,而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金,上季度末为59.6亿美元。如果ARM收购获得批准,该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务,从而降低了利息成本。截至最近一个季度末,AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末,该公司持有近248.6亿美元现金,长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性,我对这三家公司的评级相同。</blockquote></p><p> <b>R&D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而,在半导体行业,这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年,英特尔在研发上投入了超过135亿美元,NVDA花费了近28.3亿美元,AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势,而且这种劣势被放大了,因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是,英特尔的部分研发资金流向了其代工业务。尽管如此,它是这里明显的赢家,AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.</p><p><blockquote>我应该补充一点,NVDA正在蚕食AMD在独立GPU市场的份额,我相信这种趋势将继续下去,部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话:最好的芯片股是哪只?</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案,很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益,NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心,这可能对INTC来说是一个阻力,对NVDA来说是一个积极的因素。然而,这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its planned foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是,就其产品质量而言,AMD现在已经在PC市场上与INTC持平。此外,AMD正在服务器市场获得市场份额,我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面,AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位,这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器,但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长,收入增长了124%。尽管这些业务的总收入只有13亿美元,与英特尔185亿美元的总收入相比只是一小部分,但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是,请注意标题指的是“芯片库存”。因此,技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点,由于目前的估值和增长预期,我必须将英伟达评级为持有。请注意,我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力,并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务,但我现在相信它的复苏将在很长一段时间内展开,并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是,这些指标得到了我的看法的支持,即随着英特尔努力复苏,AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面,我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"INTC":"英特尔","NVDA":"英伟达","AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"INTC":0.9,"AMD":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128360520,"gmtCreate":1624502149160,"gmtModify":1634005175221,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Push and pull. That's healthy compared to unregulated wild wild west way.","listText":"Push and pull. That's healthy compared to unregulated wild wild west way.","text":"Push and pull. That's healthy compared to unregulated wild wild west way.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/128360520","repostId":"1165360625","repostType":4,"repost":{"id":"1165360625","kind":"news","pubTimestamp":1624500936,"share":"https://www.laohu8.com/m/news/1165360625?lang=zh_CN&edition=full","pubTime":"2021-06-24 10:15","market":"us","language":"en","title":"SEC Delays Another Bitcoin ETF Decision. This Time It's Valkyrie<blockquote>SEC推迟了另一项比特币ETF决定。这次是瓦尔基里</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165360625","media":"Benzinga","summary":"The United States Securities and Exchange Commission (SEC) delayed its decision on yet another Bitco","content":"<p><div> The United States Securities and Exchange Commission (SEC) delayed its decision on yet another Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) proposal. What Happened: According to documents released...</p><p><blockquote><div>美国证券交易委员会(SEC)推迟了对另一项比特币(CRYPTO:BTC)交易所交易基金(ETF)提案的决定。事情经过:根据公布的文件...</div></blockquote></p><p> <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/06/21681107/sec-delays-another-bitcoin-etf-decision-this-time-its-valkyrie\">网页链接</a> </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/06/21681107/sec-delays-another-bitcoin-etf-decision-this-time-its-valkyrie\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>SEC Delays Another Bitcoin ETF Decision. This Time It's Valkyrie<blockquote>SEC推迟了另一项比特币ETF决定。这次是瓦尔基里</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Delays Another Bitcoin ETF Decision. This Time It's Valkyrie<blockquote>SEC推迟了另一项比特币ETF决定。这次是瓦尔基里</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-06-24 10:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) delayed its decision on yet another Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) proposal. What Happened: According to documents released...</p><p><blockquote><div>美国证券交易委员会(SEC)推迟了对另一项比特币(CRYPTO:BTC)交易所交易基金(ETF)提案的决定。事情经过:根据公布的文件...</div></blockquote></p><p> <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/06/21681107/sec-delays-another-bitcoin-etf-decision-this-time-its-valkyrie\">网页链接</a> </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/06/21681107/sec-delays-another-bitcoin-etf-decision-this-time-its-valkyrie\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/06/21681107/sec-delays-another-bitcoin-etf-decision-this-time-its-valkyrie\">Benzinga</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/06/21681107/sec-delays-another-bitcoin-etf-decision-this-time-its-valkyrie","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165360625","content_text":"The United States Securities and Exchange Commission (SEC) delayed its decision on yet another Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) proposal.\nWhat Happened: According to documents released by the SEC on Tuesday, the regulator decided to postpone its decision on the proposal filed by Texas-based family investment fund Valkyrie Digital Assets to list its Bitcoin ETF on the New York Stock Exchange.\nThe commission noted that it had received comments on the fund and decided to extend the review period for the ETF by 45 days, rescheduling the decision for Aug. 10.\nThe SEC also recentlydecidedto delay its decision to approve Van Eck's Bitcoin ETF, requesting comment from interested parties on how this decision could impact the markets.\nThe firm's CEO, Jan Van Eck, urged the regulator to approve it since “the only alternative investors have is a closed-end fund that trades it at a 40% premium or 20% discount,\" and investors are eager to invest in Bitcoin.\nPrice Action:According to CoinMarketCapdata, Bitcoin's price increased by 18.5% from its 24-hour low of $28,993 to $34,357 before settling at $33,055 as of press time.\nWhile up on the day, its price is still nearly 46% down from May's all-time high of $63,503.","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322399455,"gmtCreate":1615771668177,"gmtModify":1703492699373,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"Asia is going to give US a run for its money ","listText":"Asia is going to give US a run for its money ","text":"Asia is going to give US a run for its money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/322399455","repostId":"2119999509","repostType":4,"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":604772192,"gmtCreate":1639450935826,"gmtModify":1639451585121,"author":{"id":"3573703375513385","authorId":"3573703375513385","name":"JonLucky","avatar":"https://static.tigerbbs.com/15afb66e92e4e4d6d1a8e9b7854e9d5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573703375513385","idStr":"3573703375513385"},"themes":[],"htmlText":"It's impossible to know the unknown unknowns until they let themselves known.","listText":"It's impossible to know the unknown unknowns until they let themselves known.","text":"It's impossible to know the unknown unknowns until they let themselves known.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/604772192","repostId":"1174096078","repostType":4,"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}