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2021-07-28
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FAAMGs are great, but the real opportunities are with 'Empire Strikes Back' stocks
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But he wonders just how well all of them, as a group, can continue their terrific performance.</p>\n<p>Apple, Microsoft, Amazon, <a href=\"https://laohu8.com/S/FB\">Facebook</a> and Alphabet collectively represent just under a quarter of S&P 500 earnings and market cap. If the so-called FAAMG group keeps growing at 15% to 20% per year over the next decade, assuming the S&P 500 as a whole doesn't grow that much, it would collectively account for three-quarters of the index.</p>\n<p>\"And that seems unlikely to me. And so to me, that is kind of an interesting market question right now. If you were a betting man, would you take the other 495?\" he said in a podcast interview with Patrick O'Shaughnessy , chief executive officer of chief executive officer at O'Shaughnessy Asset Management.</p>\n<p>Kawaja likes what he calls \"Empire Strikes Back\" companies, or fallen giants that have reinvented themselves. One example he cited was General Motors, which under CEO Mary Barra is pushing electric and autonomous vehicles. \"What is more Empire Strikes Back or reinventing yourself then taking the Hummer, the most kind of loathed planet killer vehicle imaginable, and making an electric version of it?\" he asked.</p>\n<p>Another is Target, which briefly partnered with Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, but now has invested to become a retailer with fulfilment either in store or online. \"We actually are seeing Target reinvent itself and adjust to it,\" said Kawaja. Another retailer he likes with a similar proposition is Zara owner Inditex . Walt Disney <a href=\"https://laohu8.com/S/DIS\">$(DIS)$</a>, which Kawaja said he hasn't owned, is another example of a company reinventing itself.</p>\n<p>Two of the companies he's held onto the longest are Taiwan Semiconductor Manufacturing (2330.TW), the world's largest contract microchip maker, and Brazilian miner Vale (VALE3.BR).</p>\n<p>He said the insight he had with TSMC was not just about the incredibly complex making of microchips, but its ability to serve multiple customers. Brazilian iron ore product Vale is in a very different business, but like Taiwan Semiconductor has compounded at roughly 18% a year over the last two decades. The iron ore that Vale makes is of such high quality that it's a good one to blend with domestically produced, cheaper, lower quality iron ore, and he says Vale's competitive advantage is stronger than tech giants.</p>\n<p>\"I know that's heresy to say that, and Facebook has an incredible moat and I love Facebook and love the stock and management and all of that, but steel has been around since the iron age, and it works really well,\" he said.</p>\n<p><b>Alphabet and Apple diverge</b></p>\n<p>Of the tech giants, Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a> results got the biggest lift in after-hours trade as the company reported a 69% surge in Google advertising. The strong advertising performance may suggest a strong quarter for social-media giant Facebook (FB), which reports after the close.</p>\n<p>Apple shares saw a bit of pressure as Chief Financial Officer Luca Maestri said in a conference call that the company's revenue growth would slow from the 36% it achieved in the June-ending quarter due to foreign exchange rates, the semiconductor shortage and tougher comparisons with the previous year.</p>\n<p>Microsoft forecast revenue of $43.3 billion to $44.2 billion in the fiscal first quarter, which topped analysts' average expectations for sales of $42.5 billion, led by its \"Intelligent Cloud\" division.</p>\n<p>Starbucks topped earnings estimates and raised its September-ending earnings outlook but the coffee retailer also flagged rising wages and increased supply-chain costs.</p>\n<p>Rising costs will be a theme that Federal Reserve Chair Jerome Powell will address at his press conference when the central bank releases its latest monetary-policy decision. Most analysts expect little fireworks from the July decision as the central bank also assesses whether the delta strain of coronavirus cools off what's been a rapid recovery.</p>\n<p>Duolingo, the maker of language-learning and educational apps, priced its initial public offering at $102 a share late Tuesday, above its expected range.</p>\n<p>Simone Biles has withdrawn from a second competition as the gymnastics champion considers whether to compete in other Olympics events next week.</p>\n<p><b>The markets</b></p>\n<p>U.S. stock futures were steady, after the S&P 500 declined Tuesday to break a five-session winning run. The Hang Seng closed 1.5% higher, following consecutive 4%-plus losses for the index.</p>\n<p>The yield on the 10-year Treasury was 1.25%, and gold was trading right around $1,800 an ounce.</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>FAAMGs are great, but the real opportunities are with 'Empire Strikes Back' stocks</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\">\nFAAMGs are great, but the real opportunities are with 'Empire Strikes Back' stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-28 19:45 GMT+8 <a href=https://www.marketwatch.com/story/faamgs-are-great-but-the-real-opportunities-are-with-empire-strikes-back-stocks-says-capital-group-fund-manager-11627468607?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In a surprise to pretty much no one, megacap tech giants Alphabet, Apple and Microsoft each comfortably beat earnings estimates for the June-ending quarter.\nCarl Kawaja, a fund manager at asset ...</p>\n\n<a href=\"https://www.marketwatch.com/story/faamgs-are-great-but-the-real-opportunities-are-with-empire-strikes-back-stocks-says-capital-group-fund-manager-11627468607?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":{},"source_url":"https://www.marketwatch.com/story/faamgs-are-great-but-the-real-opportunities-are-with-empire-strikes-back-stocks-says-capital-group-fund-manager-11627468607?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154248923","content_text":"In a surprise to pretty much no one, megacap tech giants Alphabet, Apple and Microsoft each comfortably beat earnings estimates for the June-ending quarter.\nCarl Kawaja, a fund manager at asset management giant Capital Group and the chairman of Capital Research and Management, doesn't have issues with any of these tech giants. But he wonders just how well all of them, as a group, can continue their terrific performance.\nApple, Microsoft, Amazon, Facebook and Alphabet collectively represent just under a quarter of S&P 500 earnings and market cap. If the so-called FAAMG group keeps growing at 15% to 20% per year over the next decade, assuming the S&P 500 as a whole doesn't grow that much, it would collectively account for three-quarters of the index.\n\"And that seems unlikely to me. And so to me, that is kind of an interesting market question right now. If you were a betting man, would you take the other 495?\" he said in a podcast interview with Patrick O'Shaughnessy , chief executive officer of chief executive officer at O'Shaughnessy Asset Management.\nKawaja likes what he calls \"Empire Strikes Back\" companies, or fallen giants that have reinvented themselves. One example he cited was General Motors, which under CEO Mary Barra is pushing electric and autonomous vehicles. \"What is more Empire Strikes Back or reinventing yourself then taking the Hummer, the most kind of loathed planet killer vehicle imaginable, and making an electric version of it?\" he asked.\nAnother is Target, which briefly partnered with Amazon $(AMZN)$, but now has invested to become a retailer with fulfilment either in store or online. \"We actually are seeing Target reinvent itself and adjust to it,\" said Kawaja. Another retailer he likes with a similar proposition is Zara owner Inditex . Walt Disney $(DIS)$, which Kawaja said he hasn't owned, is another example of a company reinventing itself.\nTwo of the companies he's held onto the longest are Taiwan Semiconductor Manufacturing (2330.TW), the world's largest contract microchip maker, and Brazilian miner Vale (VALE3.BR).\nHe said the insight he had with TSMC was not just about the incredibly complex making of microchips, but its ability to serve multiple customers. Brazilian iron ore product Vale is in a very different business, but like Taiwan Semiconductor has compounded at roughly 18% a year over the last two decades. The iron ore that Vale makes is of such high quality that it's a good one to blend with domestically produced, cheaper, lower quality iron ore, and he says Vale's competitive advantage is stronger than tech giants.\n\"I know that's heresy to say that, and Facebook has an incredible moat and I love Facebook and love the stock and management and all of that, but steel has been around since the iron age, and it works really well,\" he said.\nAlphabet and Apple diverge\nOf the tech giants, Alphabet $(GOOGL)$ results got the biggest lift in after-hours trade as the company reported a 69% surge in Google advertising. The strong advertising performance may suggest a strong quarter for social-media giant Facebook (FB), which reports after the close.\nApple shares saw a bit of pressure as Chief Financial Officer Luca Maestri said in a conference call that the company's revenue growth would slow from the 36% it achieved in the June-ending quarter due to foreign exchange rates, the semiconductor shortage and tougher comparisons with the previous year.\nMicrosoft forecast revenue of $43.3 billion to $44.2 billion in the fiscal first quarter, which topped analysts' average expectations for sales of $42.5 billion, led by its \"Intelligent Cloud\" division.\nStarbucks topped earnings estimates and raised its September-ending earnings outlook but the coffee retailer also flagged rising wages and increased supply-chain costs.\nRising costs will be a theme that Federal Reserve Chair Jerome Powell will address at his press conference when the central bank releases its latest monetary-policy decision. Most analysts expect little fireworks from the July decision as the central bank also assesses whether the delta strain of coronavirus cools off what's been a rapid recovery.\nDuolingo, the maker of language-learning and educational apps, priced its initial public offering at $102 a share late Tuesday, above its expected range.\nSimone Biles has withdrawn from a second competition as the gymnastics champion considers whether to compete in other Olympics events next week.\nThe markets\nU.S. stock futures were steady, after the S&P 500 declined Tuesday to break a five-session winning run. The Hang Seng closed 1.5% higher, following consecutive 4%-plus losses for the index.\nThe yield on the 10-year Treasury was 1.25%, and gold was trading right around $1,800 an ounce.","news_type":1},"isVote":1,"tweetType":1,"viewCount":485,"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":14,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/801026527"}
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