GMJ
2021-04-06
Interesting insights
Here's why investors should be looking at old tech stalwarts right now, says this money manager
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And in step with what we’ve seen this year, technology is set to lead the way south.</p>\n<p>The Bahnsen Group’s chief investment officer, David Bahnsen, believes markets are midway through a tech pullback, not headed for a “sudden and shocking 30%, 40%, 50% drop, but that we get to a point, empirically and demonstratively so, that requires repricing.”</p>\n<p>In our <b>call of the day</b>, Bahnsen tells MarketWatch that investors could be blind to valuation risks for certain high-profile stocks, as price/earnings ratios haven’t corrected to anything “normal or reasonable.”</p>\n<p>He pulls up a bit of history as guide to what can happen.</p>\n<p>Microsoft took 16 years to make new highs and Cisco isn’t even close to its all-time high set in 1999. “Intel is basically right around where it was in 1999, and yet all three companies crushed it for the last 20 years, grew earnings double digit per year for 20 years,” he said. “If the stock prices didn’t move, that can only happen for one reason. The stocks were too damned high.”</p>\n<p>The message for the stocks that investors love now — the popular FAANG (Facebook,Apple,Amazon,Netflix,Alphabet-owned Google) names and companies like Tesla — is that they can keep growing and succeeding and be profitable, yet valuations can be normalized and stock prices can “go nowhere for a long time,” Bahnsen warned.</p>\n<p><img src=\"https://static.tigerbbs.com/8237adc53f38c8cba4e9b984805808fd\" tg-width=\"900\" tg-height=\"487\"></p>\n<p>One solution: Look at old tech stalwarts like IBM,Cisco and Intel.</p>\n<p>“They are literally stable cash flow generators that have call options on their future,” he said. “They have new and exciting technologies that are not in the Netflix and Facebook camp and certainly not the Tesla and Snowflake camp of things, yet none of those companies can do any of what they do without the processors of Intel, the chips, the servers, the mainframe, the hardware.”</p>\n<p>“The technology infrastructure that we require is still dependent on Cisco, Intel and IBM,” he said, adding that patient investors waiting for these stocks to slowly pay out are still getting decent dividends from them.</p>\n<p>Bahnsen is also big on the pent-up COVID-19 demand theme, and believes consumer staples are the most undervalued of the market. He owns Procter & Gamble ,Kimberly-Clark and Pepsi,three names that haven’t made new highs yet continue to grow both top and bottom lines, he said.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's why investors should be looking at old tech stalwarts right now, says this money manager</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why investors should be looking at old tech stalwarts right now, says this money manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-06 19:43 GMT+8 <a href=https://www.marketwatch.com/story/heres-why-investors-should-be-looking-at-old-tech-stalwarts-right-now-says-this-money-manager-11617707447?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Enthusiasm over bullish jobs data appears to have faded a bit, with stock futures slipping and investors hunting for the next catalyst to send this market higher. And in step with what we’ve seen this...</p>\n\n<a href=\"https://www.marketwatch.com/story/heres-why-investors-should-be-looking-at-old-tech-stalwarts-right-now-says-this-money-manager-11617707447?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","NFLX":"奈飞",".DJI":"道琼斯","AAPL":"苹果",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","AMZN":"亚马逊"},"source_url":"https://www.marketwatch.com/story/heres-why-investors-should-be-looking-at-old-tech-stalwarts-right-now-says-this-money-manager-11617707447?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2125879172","content_text":"Enthusiasm over bullish jobs data appears to have faded a bit, with stock futures slipping and investors hunting for the next catalyst to send this market higher. And in step with what we’ve seen this year, technology is set to lead the way south.\nThe Bahnsen Group’s chief investment officer, David Bahnsen, believes markets are midway through a tech pullback, not headed for a “sudden and shocking 30%, 40%, 50% drop, but that we get to a point, empirically and demonstratively so, that requires repricing.”\nIn our call of the day, Bahnsen tells MarketWatch that investors could be blind to valuation risks for certain high-profile stocks, as price/earnings ratios haven’t corrected to anything “normal or reasonable.”\nHe pulls up a bit of history as guide to what can happen.\nMicrosoft took 16 years to make new highs and Cisco isn’t even close to its all-time high set in 1999. “Intel is basically right around where it was in 1999, and yet all three companies crushed it for the last 20 years, grew earnings double digit per year for 20 years,” he said. “If the stock prices didn’t move, that can only happen for one reason. The stocks were too damned high.”\nThe message for the stocks that investors love now — the popular FAANG (Facebook,Apple,Amazon,Netflix,Alphabet-owned Google) names and companies like Tesla — is that they can keep growing and succeeding and be profitable, yet valuations can be normalized and stock prices can “go nowhere for a long time,” Bahnsen warned.\n\nOne solution: Look at old tech stalwarts like IBM,Cisco and Intel.\n“They are literally stable cash flow generators that have call options on their future,” he said. “They have new and exciting technologies that are not in the Netflix and Facebook camp and certainly not the Tesla and Snowflake camp of things, yet none of those companies can do any of what they do without the processors of Intel, the chips, the servers, the mainframe, the hardware.”\n“The technology infrastructure that we require is still dependent on Cisco, Intel and IBM,” he said, adding that patient investors waiting for these stocks to slowly pay out are still getting decent dividends from them.\nBahnsen is also big on the pent-up COVID-19 demand theme, and believes consumer staples are the most undervalued of the market. He owns Procter & Gamble ,Kimberly-Clark and Pepsi,three names that haven’t made new highs yet continue to grow both top and bottom lines, he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":344,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":19,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/343658423"}
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