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2021-01-23

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2021-06-11

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2021-03-27

Nice

Disney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92

2021-03-11

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2021-03-11

[呆住]

Why a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple

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20:01","market":"us","language":"en","title":"Disney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92","url":"https://stock-news.laohu8.com/highlight/detail?id=1135688585","media":"Bloomberg","summary":"With recent increases, streaming bundle price equals cable TV\nNew services such as Paramount+ and Di","content":"<ul>\n <li>With recent increases, streaming bundle price equals cable TV</li>\n <li>New services such as Paramount+ and Discovery+ vying for users</li>\n</ul>\n<p>The financial incentives that have driven millions of Americans to dump cable TV for streaming services are disappearing fast.</p>\n<p>With recent price increases at Disney+ and Netflix -- along with the debut of Paramount+ and Discovery+ -- the streaming landscape is evolving quickly. And it’s getting more expensive to assemble a top-notch streaming collection, with the cost rapidly approaching the level of a traditional cable bundle.</p>\n<p>If you put together the flagship streaming services from the biggest media and tech companies, including&nbsp;Amazon.com Inc.,AT&amp;T Inc.,Netflix Inc.&nbsp;and&nbsp;Walt Disney Co., it would now cost you $92 a month in the U.S. That’s almost as much as a typical cable-TV subscription, which S&amp;P Global Market Intelligence puts at $93.50.</p>\n<p>That doesn’t include services such as Fox Nation, which is aimed at die-hard Fox News fans, or AMC+, an outlet with movies and “The Walking Dead.” It also assumes you’re willing to pay full freight for Netflix,Comcast Corp.’s Peacock and&nbsp;ViacomCBS Inc.’s Paramount+, rather than the lower-end versions. Many consumers get Amazon’s service when they sign up for Prime shipping benefits, but the video platform on its own costs $9.</p>\n<p><img src=\"https://static.tigerbbs.com/b235b4b1c77b27eaf53b229b63a27d6e\" tg-width=\"968\" tg-height=\"673\"></p>\n<p>Of course, few viewers want so many streaming services -- and fewer still could watch all that content -- but it shows the dilemma facing TV lovers. While the market is now crowded with quality programming, consumers who cut the cable cord risk building a streaming bundle that eclipses the cost of their old pay-TV bills.</p>\n<p>That’s unlikely to drive customers back into the arms of cable-TV providers, but it may send them searching for more budget-friendly options -- like advertising-supported services. AT&amp;T&nbsp;plans&nbsp;to offer a cheaper version of HBO Max with ads in June.</p>\n<p>“People are stacking services on top of each other -- at this point, there isn’t any end in sight,” said Steve Nason, research director at Parks Associates, a market-research firm. “It was all about the bundle. Then the unbundling. Now, people are rebundling again, and it’s hitting their wallet directly.”</p>\n<p>For now, U.S. consumers seem to be reveling in the choices. A typical streaming household subscribed to about four services as of January, according to Ampere Analysis. That’s up from roughly two in 2017, the firm estimates.</p>\n<p>A Parks Associates survey of households last year found that about one-third have four or more, and fewer than a quarter have no streaming subscriptions.</p>\n<p></p>\n<p>And their bills are going up. Disney+, which amassed 100 million users within 16 months of launching, is raising its price by $1 to $8 a month on Friday. The company’s premiere streaming bundle, which includes ESPN+ and an ad-free version of Hulu, now costs $20.</p>\n<p>Netflix, meanwhile,bumped&nbsp;the price of its premium plan, which has higher-resolution video, to $18 from $16 late last year. Its standard offering increased by $1 to $14.</p>\n<p>Many of the TV industry’s most-talked-about new shows are appearing exclusively on streaming, such as Disney+’s “The Falcon and the Winter Soldier.” That makes it harder to say no.</p>\n<p>Still, a do-it-yourself bundle has some big gaps, for now at least: news and sports.</p>\n<p>Media giants are adding more sports to their streaming services, including Peacock, Paramount+, and, of course, Disney’s ESPN+. The companies’&nbsp;blockbuster deal with the NFL&nbsp;this month involved getting more telecasts online.</p>\n<p>But the chance of finding the exact game you want remains low. For that, you may need to either sign up for a live-TV service like YouTube TV or get yourself a digital antenna and go back to watching local broadcast channels.</p>","source":"lsy1584095487587","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>Disney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92</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\">\nDisney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 20:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-03-26/disney-netflix-hikes-bring-cost-of-cord-cutter-package-to-92?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With recent increases, streaming bundle price equals cable TV\nNew services such as Paramount+ and Discovery+ vying for users\n\nThe financial incentives that have driven millions of Americans to dump ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-03-26/disney-netflix-hikes-bring-cost-of-cord-cutter-package-to-92?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼","NFLX":"奈飞","AMZN":"亚马逊","AAPL":"苹果"},"source_url":"http://bloomberg.com/news/articles/2021-03-26/disney-netflix-hikes-bring-cost-of-cord-cutter-package-to-92?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135688585","content_text":"With recent increases, streaming bundle price equals cable TV\nNew services such as Paramount+ and Discovery+ vying for users\n\nThe financial incentives that have driven millions of Americans to dump cable TV for streaming services are disappearing fast.\nWith recent price increases at Disney+ and Netflix -- along with the debut of Paramount+ and Discovery+ -- the streaming landscape is evolving quickly. And it’s getting more expensive to assemble a top-notch streaming collection, with the cost rapidly approaching the level of a traditional cable bundle.\nIf you put together the flagship streaming services from the biggest media and tech companies, including Amazon.com Inc.,AT&T Inc.,Netflix Inc. and Walt Disney Co., it would now cost you $92 a month in the U.S. That’s almost as much as a typical cable-TV subscription, which S&P Global Market Intelligence puts at $93.50.\nThat doesn’t include services such as Fox Nation, which is aimed at die-hard Fox News fans, or AMC+, an outlet with movies and “The Walking Dead.” It also assumes you’re willing to pay full freight for Netflix,Comcast Corp.’s Peacock and ViacomCBS Inc.’s Paramount+, rather than the lower-end versions. Many consumers get Amazon’s service when they sign up for Prime shipping benefits, but the video platform on its own costs $9.\n\nOf course, few viewers want so many streaming services -- and fewer still could watch all that content -- but it shows the dilemma facing TV lovers. While the market is now crowded with quality programming, consumers who cut the cable cord risk building a streaming bundle that eclipses the cost of their old pay-TV bills.\nThat’s unlikely to drive customers back into the arms of cable-TV providers, but it may send them searching for more budget-friendly options -- like advertising-supported services. AT&T plans to offer a cheaper version of HBO Max with ads in June.\n“People are stacking services on top of each other -- at this point, there isn’t any end in sight,” said Steve Nason, research director at Parks Associates, a market-research firm. “It was all about the bundle. Then the unbundling. Now, people are rebundling again, and it’s hitting their wallet directly.”\nFor now, U.S. consumers seem to be reveling in the choices. A typical streaming household subscribed to about four services as of January, according to Ampere Analysis. That’s up from roughly two in 2017, the firm estimates.\nA Parks Associates survey of households last year found that about one-third have four or more, and fewer than a quarter have no streaming subscriptions.\n\nAnd their bills are going up. Disney+, which amassed 100 million users within 16 months of launching, is raising its price by $1 to $8 a month on Friday. The company’s premiere streaming bundle, which includes ESPN+ and an ad-free version of Hulu, now costs $20.\nNetflix, meanwhile,bumped the price of its premium plan, which has higher-resolution video, to $18 from $16 late last year. Its standard offering increased by $1 to $14.\nMany of the TV industry’s most-talked-about new shows are appearing exclusively on streaming, such as Disney+’s “The Falcon and the Winter Soldier.” That makes it harder to say no.\nStill, a do-it-yourself bundle has some big gaps, for now at least: news and sports.\nMedia giants are adding more sports to their streaming services, including Peacock, Paramount+, and, of course, Disney’s ESPN+. The companies’ blockbuster deal with the NFL this month involved getting more telecasts online.\nBut the chance of finding the exact game you want remains low. For that, you may need to either sign up for a live-TV service like YouTube TV or get yourself a digital antenna and go back to watching local broadcast channels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321805672,"gmtCreate":1615419384896,"gmtModify":1703488731825,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"[惊讶]&nbsp;","listText":"[惊讶]&nbsp;","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321805672","repostId":"2118067563","repostType":4,"repost":{"id":"2118067563","kind":"news","pubTimestamp":1615376646,"share":"https://www.laohu8.com/m/news/2118067563?lang=&edition=full","pubTime":"2021-03-10 19:44","market":"us","language":"en","title":"3 Top Stocks Cathie Wood Bought for ARK Invest During Last Week's Tech Sell-Off","url":"https://stock-news.laohu8.com/highlight/detail?id=2118067563","media":"Motley Fool","summary":"Given her impressive results last year, investors are taking notice.","content":"<p>Given her impressive results last year, investors are taking notice.</p>\n<p>Last year was a breakout for Cathie Wood. The founder of ARK Investment Management stunned the investing world when her five flagship exchange-traded funds (ETFs) beat the broader market by a wide margin, with each returning more than 100% over the course of 2020. These results made Wood something of a rock star among investors, as she has focused on a wide range of emerging technologies to fuel those impressive results. Now, whenever Cathie Wood talks, investors listen.</p>\n<p>Over the past several weeks, however, Wall Street has increasingly rotated out of technology stocks. The tech-heavy<b>NASDAQ</b>, after climbing more than 9% during the first six weeks of this year, has taken it on the chin, giving back all of its gains for the year in less than three weeks.</p>\n<p>Let's take a look at the stocks Cathie Wood was buying hand over fist last week as technology stocks were awash in red ink.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f06f9873c14a4b4f45fdd0d4ec63eaa\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<p><b><a href=\"https://laohu8.com/S/Z\">Zillow</a></b></p>\n<p><b>ARK Fintech</b>'s (NYSEMKT:ARKF) goal is to find stocks at the cutting edge of financial technology (fintech). Digital real estate company<b>Zillow Group</b> (NASDAQ:Z) (NASDAQ:ZG) was among Wood's big purchases late last week, making it more than 4.6% of the fund's total holdings of just over $4 billion.</p>\n<p>The trend toward technology-enabled real estate transactions accelerated into high gear last year, pushing Zillow's stock price up 183%. The company also generated solid financial results. Revenue grew 22% for the year, and Zillow cut its losses by nearly half. Even more importantly, the company swung to profitability in each of the last two quarters.</p>\n<p>In the recent rotation out of technology stocks, investors sold off good stocks with the bad, causing Zillow to lose more than 32% of its value. Since this decline isn't related to any company-specific news, this represented a rare opportunity that Wood pounced on, before investors realized the error of their ways.</p>\n<p><b>Tesla</b></p>\n<p>There's no question that<b>Tesla</b> (NASDAQ:TSLA) was among 2020's biggest winners, gaining more than 743% for the year. The company has also been a perennial favorite for Wood, and the<b>ARK Next Generation Internet</b> (NYSEMKT:ARKW) ETF added a large swath of shares last week, making it the fund's top holding, at nearly 10% of the $6.93 billion in assets under management.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2399e9778892e73dd2731a6b53217414\" tg-width=\"700\" tg-height=\"483\"><span>Image source: Getty Images.</span></p>\n<p>Tesla has been leading the electric vehicle revolution, hitting several notable milestones last year. The company was profitable during each quarter, marking six successive quarters of profitability. The electric vehicle maker also joined the&nbsp;<b>S&amp;P 500 Index</b> and came extremely close to achieving its ambitious goal of delivering 500,000 vehicles last year -- coming in at 499,550. The idea of hitting that benchmark was almost unthinkable just a year ago.</p>\n<p>The stock's lofty valuation may have played a part in its recent downfall, losing nearly <a href=\"https://laohu8.com/S/AONE\">one</a>-third of its value since the beginning of this year. Nothing has changed in the long-term investing thesis, however, sending Wood back to the well for another tranche.</p>\n<p><b>Teladoc Health</b></p>\n<p>The goal of the&nbsp;<b>ARK Innovation</b> (NYSEMKT:ARKK) EFT is to focus on companies introducing \"disruptive innovation,\" providing products and services that change the way the world works.<b>Teladoc Health</b>'s (NYSE:TDOC) ability to increase access to healthcare, while simultaneously lowering its cost, made it a natural fit. The telehealth leader is the fund's fourth-largest holding at 5.7% of the roughly $21.3 billion in assets under management.</p>\n<p>Telehealth was quickly attracting converts, but the pandemic pushed adoption into high gear. Teladoc's total revenue grew 98% year over year in 2020, while total visits climbed 206%. Losses also accelerated as the company raced to capture market share. The massive opportunity sent the stock up 138% last year.</p>\n<p>Teladoc also made a groundbreaking acquisition in 2020, bringing Livongo Health and its chronic health management system into the fold. The app-based system helps patients deal with chronic conditions, improving their quality of life, while also lowering healthcare costs.</p>\n<p>With the current rotation out of \"pandemic-related\" stocks and into those regarded as recovery plays, investors have abandoned Teladoc, sending its shares down nearly 36% since it reached new highs in early February. Its long-term potential hasn't changed, however, and Wood saw a rare opportunity to pick up Teladoc shares on the cheap.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c8303978b5cb796b31026791a5bbe70a\" tg-width=\"720\" tg-height=\"519\"><span>Data by YCharts</span></p>\n<p><b>Should you follow her lead?</b></p>\n<p>Given the impressive returns the ARK Invest ETFs generated last year, should investors follow the example set by Cathie Wood? The answer to that question will very much depend on your personal investing situation. Wood has shown a propensity to invest in high-risk/high-reward stocks that have somewhat frothy valuations but are also extremely volatile.</p>\n<p>If you're looking for evidence, note that each of these flagship ETFs was up between 20% and 30% in mid-February before getting caught up in the tech-related slump that followed. Each has now tumbled from 19% to 24% off their recent highs (as of Friday).</p>\n<p>If you have the stomach for the extreme volatility that will certainly follow and are comfortable adding a little risk to your portfolio for the potential of outsized gains, then following Cathie Wood might just be for you.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Top Stocks Cathie Wood Bought for ARK Invest During Last Week's Tech Sell-Off</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\">\n3 Top Stocks Cathie Wood Bought for ARK Invest During Last Week's Tech Sell-Off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-10 19:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/10/3-top-stocks-cathie-wood-bought-for-ark-invest-dur/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Given her impressive results last year, investors are taking notice.\nLast year was a breakout for Cathie Wood. The founder of ARK Investment Management stunned the investing world when her five ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/10/3-top-stocks-cathie-wood-bought-for-ark-invest-dur/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","Z":"Zillow","TDOC":"Teladoc Health Inc.","TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/03/10/3-top-stocks-cathie-wood-bought-for-ark-invest-dur/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118067563","content_text":"Given her impressive results last year, investors are taking notice.\nLast year was a breakout for Cathie Wood. The founder of ARK Investment Management stunned the investing world when her five flagship exchange-traded funds (ETFs) beat the broader market by a wide margin, with each returning more than 100% over the course of 2020. These results made Wood something of a rock star among investors, as she has focused on a wide range of emerging technologies to fuel those impressive results. Now, whenever Cathie Wood talks, investors listen.\nOver the past several weeks, however, Wall Street has increasingly rotated out of technology stocks. The tech-heavyNASDAQ, after climbing more than 9% during the first six weeks of this year, has taken it on the chin, giving back all of its gains for the year in less than three weeks.\nLet's take a look at the stocks Cathie Wood was buying hand over fist last week as technology stocks were awash in red ink.\nImage source: Getty Images.\nZillow\nARK Fintech's (NYSEMKT:ARKF) goal is to find stocks at the cutting edge of financial technology (fintech). Digital real estate companyZillow Group (NASDAQ:Z) (NASDAQ:ZG) was among Wood's big purchases late last week, making it more than 4.6% of the fund's total holdings of just over $4 billion.\nThe trend toward technology-enabled real estate transactions accelerated into high gear last year, pushing Zillow's stock price up 183%. The company also generated solid financial results. Revenue grew 22% for the year, and Zillow cut its losses by nearly half. Even more importantly, the company swung to profitability in each of the last two quarters.\nIn the recent rotation out of technology stocks, investors sold off good stocks with the bad, causing Zillow to lose more than 32% of its value. Since this decline isn't related to any company-specific news, this represented a rare opportunity that Wood pounced on, before investors realized the error of their ways.\nTesla\nThere's no question thatTesla (NASDAQ:TSLA) was among 2020's biggest winners, gaining more than 743% for the year. The company has also been a perennial favorite for Wood, and theARK Next Generation Internet (NYSEMKT:ARKW) ETF added a large swath of shares last week, making it the fund's top holding, at nearly 10% of the $6.93 billion in assets under management.\nImage source: Getty Images.\nTesla has been leading the electric vehicle revolution, hitting several notable milestones last year. The company was profitable during each quarter, marking six successive quarters of profitability. The electric vehicle maker also joined the S&P 500 Index and came extremely close to achieving its ambitious goal of delivering 500,000 vehicles last year -- coming in at 499,550. The idea of hitting that benchmark was almost unthinkable just a year ago.\nThe stock's lofty valuation may have played a part in its recent downfall, losing nearly one-third of its value since the beginning of this year. Nothing has changed in the long-term investing thesis, however, sending Wood back to the well for another tranche.\nTeladoc Health\nThe goal of the ARK Innovation (NYSEMKT:ARKK) EFT is to focus on companies introducing \"disruptive innovation,\" providing products and services that change the way the world works.Teladoc Health's (NYSE:TDOC) ability to increase access to healthcare, while simultaneously lowering its cost, made it a natural fit. The telehealth leader is the fund's fourth-largest holding at 5.7% of the roughly $21.3 billion in assets under management.\nTelehealth was quickly attracting converts, but the pandemic pushed adoption into high gear. Teladoc's total revenue grew 98% year over year in 2020, while total visits climbed 206%. Losses also accelerated as the company raced to capture market share. The massive opportunity sent the stock up 138% last year.\nTeladoc also made a groundbreaking acquisition in 2020, bringing Livongo Health and its chronic health management system into the fold. The app-based system helps patients deal with chronic conditions, improving their quality of life, while also lowering healthcare costs.\nWith the current rotation out of \"pandemic-related\" stocks and into those regarded as recovery plays, investors have abandoned Teladoc, sending its shares down nearly 36% since it reached new highs in early February. Its long-term potential hasn't changed, however, and Wood saw a rare opportunity to pick up Teladoc shares on the cheap.\nData by YCharts\nShould you follow her lead?\nGiven the impressive returns the ARK Invest ETFs generated last year, should investors follow the example set by Cathie Wood? The answer to that question will very much depend on your personal investing situation. Wood has shown a propensity to invest in high-risk/high-reward stocks that have somewhat frothy valuations but are also extremely volatile.\nIf you're looking for evidence, note that each of these flagship ETFs was up between 20% and 30% in mid-February before getting caught up in the tech-related slump that followed. Each has now tumbled from 19% to 24% off their recent highs (as of Friday).\nIf you have the stomach for the extreme volatility that will certainly follow and are comfortable adding a little risk to your portfolio for the potential of outsized gains, then following Cathie Wood might just be for you.","news_type":1},"isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":321802192,"gmtCreate":1615419317516,"gmtModify":1703488730103,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321802192","repostId":"1176251994","repostType":4,"repost":{"id":"1176251994","kind":"news","pubTimestamp":1615385060,"share":"https://www.laohu8.com/m/news/1176251994?lang=&edition=full","pubTime":"2021-03-10 22:04","market":"us","language":"en","title":"Why a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=1176251994","media":"Barrons","summary":"Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of the","content":"<p>Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s part of what makes them unique.</p>\n<p>“We are fundamental analysts who are guided by charts,” says Thomas O’Halloran, 66, partner and portfolio manager.</p>\n<p>Fundamental analysts sometimes deride technical analysis, saying the study of stock price and volume movement is too short term to be useful for long-term holdings. But O’Halloran says the three-person management team—which includes Vernon Bice, portfolio manager, and Matthew DeCicco, partner and director of equities—integrates several price-momentum measurements to gauge rising and falling price trends into their fundamental research. This combination gives them the confidence to hold large positions in as many of the big growth-stock winners as possible.</p>\n<p>Supplementing traditional analysis with chart trends seems to be working. Growth Leaders (ticker: LGLAX) hasbeaten its benchmark index, Russell 1000 Growth, and at least 94% of its category peers on a one-, three-, and five-year basis. The fund, which turns 10 years old in June, has a below-average expense ratio of 0.9%.</p>\n<p>Southampton, N.Y.–based O’Halloran started at Lord Abbett in 2001 as a technology analyst on the small-cap growth team, following more than a decade at investment bank Dillon, Read and a five-year law career. He has been with Growth Leaders since its 2011 inception. Bice is the fund’s main technical-analysis guru.</p>\n<p>Growth Leaders looks for innovative companies benefiting from technological disruption, particularly in the consumer discretionary, communication services, technology, and healthcare sectors.</p>\n<p>In addition to technical analysis, the fund’s investment process includes evaluating a firm’s potential and operating momentum. To assess potential, the team looks for profitable businesses that can scale, or that have annuity-like revenues. They also seek market-leading companies with strong management, and consider the health and size of the company’s particular market. When assessing operating momentum, O’Halloran and team review earnings, zeroing in on revenue growth, which they consider the most important measurement for innovative growth companies.</p>\n<p>Though Growth Leaders isn’t considered a sustainable fund, the group also evaluates a firm’s environmental impact and how it treats its employees and business partners. “We’ve seen the market tell us that we need to start factoring it in,” O’Halloran says, noting that companies conscious of these issues are carrying higher valuations.</p>\n<p>Another way the fund stands out is how all three managers have small-cap backgrounds, which they use to diversify holdings. The fund does have a little wiggle room to add smaller names, as they believe smaller-cap companies will be stock market winners for a few years.</p>\n<p>One example of a smaller-cap, sustainable business isDocuSign(DOCU), the leadingcloud-software signature provider, which the fund bought in September 2019, O’Halloran says. Digital signatures can eliminate paper forms. “That has very positive environmental benefits, which we think will provide a long-tailed growth opportunity,” he adds.</p>\n<p>To help select stocks and sectors, O’Halloran uses a psychological theory, Abraham Maslow’s Hierarchy of Needs, which says that people are motivated by five categories of needs, including safety, self-esteem, and self-actualization. Innovative companies often go to sectors where people spend money on their needs, he says.</p>\n<p>A firm tapping into one of those needs, and withsignificant growth potential, isAlign Technology(ALGN). The company makes clear teeth aligners, which are much more visually subtle than metal braces. Clear aligners only have a 15% penetration in the worldwide orthodontic market, and O’Halloran believes these will eventually replace all metal braces.</p>\n<p>“Straight teeth are a big deal,” he says. “They have a powerful impact on self-esteem, which allows for self-actualization.”</p>\n<p>Growth Leaders has owned the stock off and on in the past decade, but most recently bought it again in October 2020, after strong sales growth pushed the stock price above its three-year high.</p>\n<p>Digital money should continue to become popular, and O’Halloran considersSquare(SQ) to be the most creative large-cap fintech company. “Its Cash App has been ahuge innovationthat will allow it to take chunks of market share from banks,” he says. Growth Leaders first bought Square in January 2020 and increased its position in March and again later in 2020.</p>\n<p>O’Halloran estimates that his investment style falls out of favor about 10% to 15% of the time, but when it does, the drops can be dramatic. 2016 was a tough year, for instance, as value stocks outperformed growth. But O’Halloran says problems started in the last quarter of 2015 when the team waited too long to sell growth holdings, and then they missed out when growth stocks rebounded.</p>\n<p>To rectify the situation, the fund added more analysts, allowing DeCicco to become a full-time portfolio manager. Bice also took a more disciplined approach toward which technical signals to use, to eliminate short-term market “noise,” O’Halloran says.</p>\n<p>Currently, 40% of the portfolio is in technology, slightly less than the Russell 1000 Growth’s 45% weighting. The fund trimmed its position in some tech giants when concerns aboutpotential stricter government regulationsdented their stocks. The regulatory risks are real, but O’Hallaron isn’t giving up on theApples (AAPL) andMicrosofts (MSFT) of the world—the fund’s No. 1 and No. 3 holdings, respectively. These are great companies with annuity-like revenues, he says.</p>\n<p>In a market selloff, these quality companies may provide a ballast to portfolios, he says: “If we had a bear market, which wouldn’t surprise me at all, then I think we would (want to) own more of them.”</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple</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\">\nWhy a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign","ALGN":"艾利科技","AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176251994","content_text":"Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s part of what makes them unique.\n“We are fundamental analysts who are guided by charts,” says Thomas O’Halloran, 66, partner and portfolio manager.\nFundamental analysts sometimes deride technical analysis, saying the study of stock price and volume movement is too short term to be useful for long-term holdings. But O’Halloran says the three-person management team—which includes Vernon Bice, portfolio manager, and Matthew DeCicco, partner and director of equities—integrates several price-momentum measurements to gauge rising and falling price trends into their fundamental research. This combination gives them the confidence to hold large positions in as many of the big growth-stock winners as possible.\nSupplementing traditional analysis with chart trends seems to be working. Growth Leaders (ticker: LGLAX) hasbeaten its benchmark index, Russell 1000 Growth, and at least 94% of its category peers on a one-, three-, and five-year basis. The fund, which turns 10 years old in June, has a below-average expense ratio of 0.9%.\nSouthampton, N.Y.–based O’Halloran started at Lord Abbett in 2001 as a technology analyst on the small-cap growth team, following more than a decade at investment bank Dillon, Read and a five-year law career. He has been with Growth Leaders since its 2011 inception. Bice is the fund’s main technical-analysis guru.\nGrowth Leaders looks for innovative companies benefiting from technological disruption, particularly in the consumer discretionary, communication services, technology, and healthcare sectors.\nIn addition to technical analysis, the fund’s investment process includes evaluating a firm’s potential and operating momentum. To assess potential, the team looks for profitable businesses that can scale, or that have annuity-like revenues. They also seek market-leading companies with strong management, and consider the health and size of the company’s particular market. When assessing operating momentum, O’Halloran and team review earnings, zeroing in on revenue growth, which they consider the most important measurement for innovative growth companies.\nThough Growth Leaders isn’t considered a sustainable fund, the group also evaluates a firm’s environmental impact and how it treats its employees and business partners. “We’ve seen the market tell us that we need to start factoring it in,” O’Halloran says, noting that companies conscious of these issues are carrying higher valuations.\nAnother way the fund stands out is how all three managers have small-cap backgrounds, which they use to diversify holdings. The fund does have a little wiggle room to add smaller names, as they believe smaller-cap companies will be stock market winners for a few years.\nOne example of a smaller-cap, sustainable business isDocuSign(DOCU), the leadingcloud-software signature provider, which the fund bought in September 2019, O’Halloran says. Digital signatures can eliminate paper forms. “That has very positive environmental benefits, which we think will provide a long-tailed growth opportunity,” he adds.\nTo help select stocks and sectors, O’Halloran uses a psychological theory, Abraham Maslow’s Hierarchy of Needs, which says that people are motivated by five categories of needs, including safety, self-esteem, and self-actualization. Innovative companies often go to sectors where people spend money on their needs, he says.\nA firm tapping into one of those needs, and withsignificant growth potential, isAlign Technology(ALGN). The company makes clear teeth aligners, which are much more visually subtle than metal braces. Clear aligners only have a 15% penetration in the worldwide orthodontic market, and O’Halloran believes these will eventually replace all metal braces.\n“Straight teeth are a big deal,” he says. “They have a powerful impact on self-esteem, which allows for self-actualization.”\nGrowth Leaders has owned the stock off and on in the past decade, but most recently bought it again in October 2020, after strong sales growth pushed the stock price above its three-year high.\nDigital money should continue to become popular, and O’Halloran considersSquare(SQ) to be the most creative large-cap fintech company. “Its Cash App has been ahuge innovationthat will allow it to take chunks of market share from banks,” he says. Growth Leaders first bought Square in January 2020 and increased its position in March and again later in 2020.\nO’Halloran estimates that his investment style falls out of favor about 10% to 15% of the time, but when it does, the drops can be dramatic. 2016 was a tough year, for instance, as value stocks outperformed growth. But O’Halloran says problems started in the last quarter of 2015 when the team waited too long to sell growth holdings, and then they missed out when growth stocks rebounded.\nTo rectify the situation, the fund added more analysts, allowing DeCicco to become a full-time portfolio manager. Bice also took a more disciplined approach toward which technical signals to use, to eliminate short-term market “noise,” O’Halloran says.\nCurrently, 40% of the portfolio is in technology, slightly less than the Russell 1000 Growth’s 45% weighting. The fund trimmed its position in some tech giants when concerns aboutpotential stricter government regulationsdented their stocks. The regulatory risks are real, but O’Hallaron isn’t giving up on theApples (AAPL) andMicrosofts (MSFT) of the world—the fund’s No. 1 and No. 3 holdings, respectively. These are great companies with annuity-like revenues, he says.\nIn a market selloff, these quality companies may provide a ballast to portfolios, he says: “If we had a bear market, which wouldn’t surprise me at all, then I think we would (want to) own more of them.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319088932,"gmtCreate":1611413693426,"gmtModify":1703750419842,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/319088932","repostId":"1106179554","repostType":4,"repost":{"id":"1106179554","kind":"news","pubTimestamp":1611309447,"share":"https://www.laohu8.com/m/news/1106179554?lang=&edition=full","pubTime":"2021-01-22 17:57","market":"us","language":"en","title":"Apple Could Show Dramatic Fall In iPhone 12 Margins","url":"https://stock-news.laohu8.com/highlight/detail?id=1106179554","media":"seekingalpha","summary":"Summary\n\nThe bill of materials for the latest iPhones has increased significantly due to 5G feature ","content":"<p><b>Summary</b></p>\n<ul>\n <li>The bill of materials for the latest iPhones has increased significantly due to 5G feature and a better screen.</li>\n</ul>\n<ul>\n <li>Even if there is growth in unit iPhone sales within this cycle, the overall margins for the iPhone segment would be negatively impacted by higher bill of materials.</li>\n</ul>\n<ul>\n <li>Apple needs to show its capacity for EPS growth in order to sustain the current bullish momentum in the stock.</li>\n</ul>\n<ul>\n <li>A significant drop in iPhones margin can bring down the overall operating margin and could also lead to a drop in EPS hurting the stock sentiment.</li>\n</ul>\n<p>Apple(NASDAQ:AAPL)will face margin pressures due to the higher production cost of new iPhones. The iPhone bill of material or BoM has increased massively due to the 5G feature and better screens. This would end up hurting the margins. The buyback pacewill also fallas the company reaches a neutral cash position. Together, these two factors can negatively impact EPS in the next few quarters.</p>\n<p>According to Counterpoint Research,the bill of materialsfor iPhone 12 is 21% higher than iPhone 11. A shift from LCD to OLED ended by costing $23 more. 5G modem and RF system led to an increase in the cost by $34. Both these items are intrinsic to the iPhone 12’s attraction but the margins on iPhone 12 will be much lower than iPhone 11 due to these features. The iPhone segment still contributes over 50% of the revenue to Apple and a big drop in margins in this segment will have a negative impact on the overall margins and EPS over the next few quarters. Investors should closely look at the margin trajectory reported by the company over the next few quarters.</p>\n<p><b>Importance of Bill of Materials</b></p>\n<p>The flagship iPhones are not only expensive to buy, but they are also expensive to build. The bill of materials for iPhones has always been quite high due to higher-end components. The BoM does not count the R&amp;D expense and marketing costs that Apple has to bear.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5eb120e231572c55de63b9fd8f40ce5\" tg-width=\"822\" tg-height=\"404\"><span>Figure 1: Features in iPhone 12 which led to cost increase and savings over iPhone 11. Source. Counterpoint Research</span></p>\n<p>We can clearly see three big red bars in the above chart. They show the reasons for BoM increase in iPhone 12 compared to iPhone 11. The display system, RF components for 5G, and better A14 bionic chip led to a massive BoM increase in iPhone 12. After counting all the cost increases and savings, the BoM of the iPhone 12 increased by $72.5 according to this research note. This is a massive jump of 21% in BoM for iPhone 12 compared to iPhone 11.</p>\n<p><b>Impact on Margins</b></p>\n<p>Apple has moved to a major revision once in three years. After iPhone X made a significant change in design in 2017, Apple was looking forward to a big change in 2020. This has been brought about by 5G features which are available on all flagship iPhones. However, this feature along with OLED screen has led to a big jump in BoM and the retail price increase has not kept up with the BoM growth. Compared to iPhone 11 which had a retail price of $699 with contract, iPhone 12 has a retail price of $799 with contract. This is a price growth of 14.2% which is lower than the growth in BoM.</p>\n<p>In addition to BoM, Apple’s R&amp;D expense has been increasing which is due to higher design costs for the latest chips. Theincreasing competition with other tech giantsis also forcing Apple to invest heavily in R&amp;D compared to a decade back.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95bcae5f57407febfd836a95f97026bd\" tg-width=\"1073\" tg-height=\"551\"><span>Figure 2: Apple's R&amp;D to Revenue expense has increased continuously over the past few years, squeezing the margins.</span></p>\n<p>This trend will have a significant negative impact on the operating margin for Apple. The company’s operating margin has been declining for the past 20 quarters. With the recent jump in valuation multiple, a big drop in margins and EPS can bring about a correction in the stock.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5600e70d2db88a215f8932bbbf00fb8\" tg-width=\"1077\" tg-height=\"551\"><span>Figure 3: Price growth in Apple stock has mostly been on the back of higher PE valuation instead of fundamental metrics like EPS.</span></p>\n<p>We can see in the above chart that Apple’s operating margin has been declining over the past three years. The growth in EPS has mostly been supported by a fall in outstanding shares due to massive buybacks. The net cash position of Apple is down to $79 billion. If the company continues to run a buyback program of $20 billion per quarter, the net cash position will fall rapidly in the near term.</p>\n<p>At the same time, Apple’s PE ratio has increased by over 120% compared to three years ago. Currently, Apple’s PE ratio is over 40 which is the highest level it had been since the Great Recession.</p>\n<p>iPhone 12 Pricing and Impact on Unit ShipmentsApple has increased the price of iPhone 12 to $799 with a contract. This is a 14.2% increase from iPhone 11 pricing. On the other hand, the BoM has increased by 21%. Apple has also increased its research expenses for building its own chips. Hence, we should ideally have seen a higher jump in retail price compared to BoM in order to maintain the margins. However, the inverse has happened where BoM has increased at a faster pace compared to the retail price. One of the reasons could be the more aggressive pricing by competitors like Google's Pixel.</p>\n<p>Apple does not provide unit shipment figures and so we have to depend on third-party estimates.According to estimatesby Cinda Securities, the unit shipments for recent iPhones will be in the range of 230 million to 240 million. If this is true, it will be higher than iPhone 6 unit shipments of 222.4 million. According toanother model created by Cowen, iPhone shipments for 2020 stood at 193 million, down by 3% year-on-year while shipments for the calendar year 2021 will be 215 million.</p>\n<p>With the latest pricing, Apple should certainly get a tailwind in terms of higher unit sales. However, the margins on each iPhone could dip significantly because of the rapid jump in BoM. Hence, even a 5-7% jump in unit shipments in 2021 will not be able to make up for the decline in margins due to higher BoM.</p>\n<p><b>Can We See a Correction in the Stock?</b></p>\n<p>This is a trillion-dollar question in front of investors and Wall Street. Will Apple move to a market cap of $3 trillion as predicted byanalysts like Gene Munsteror will we see a correction to $1 trillion. Most of the price growth in Apple stock in 2020 was supported by a PE jump. This is unlike other tech majors like Amazon (AMZN) and Facebook (FB) who have shown a bull run in the stock price but have also delivered good growth in fundamental metrics of revenue and EPS.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f8fe5668a43f7874f4c2a823628a46bd\" tg-width=\"1077\" tg-height=\"559\"><span>Fig: Comparison of Price change, PE ratio, EPS, and revenue between Apple, Amazon, and Facebook in 2020. Apple's stock growth was supported by only a higher PE ratio while Amazon and FB reported trailing twelve-month EPS growth of 48% and 36% respectively.</span></p>\n<p>It is highly unlikely that Apple’s current valuation will be supported even if the EPS starts to fall. We should also see the pandemic being brought under control in the next few months as vaccination levels increase. Apple will not be able to gain a big tailwind due to buybacks as it is nearing the neutral cash position and with the current market cap the buybacks will not have a significant impact on the outstanding shares.</p>\n<p>Given this situation, the massive jump in iPhone BoM becomes very important. A significant negative dip in iPhone margins will pull down the overall margins and EPS for the company. This will certainly hurt the sentiments around Apple stock and make it difficult for the company to sustain the current valuation levels.</p>\n<p><b>Investor Takeaway</b></p>\n<p>The latest iPhone cycle has seen a big jump in the bill of materials. New features like 5G, better chips, and expensive screens have increased the BoM of iPhones by 21% compared to iPhone 11. This increase in bill of materials will be a major headwind for Apple’s margins in the next few quarters. Even if the company is able to improve its unit shipments and revenue, we could see a dip in margins and even EPS.</p>\n<p>Apple stock is trading at over 40 times its PE ratio, which is the highest valuation multiple it has seen in over a decade. Any negative EPS or margin numbers could reduce the bullish sentiment towards the stock and push the stock into correction territory. Investors need to weigh this aspect carefully before jumping into the stock at the current valuation level.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Could Show Dramatic Fall In iPhone 12 Margins</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\">\nApple Could Show Dramatic Fall In iPhone 12 Margins\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-22 17:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4400322-apple-show-dramatic-fall-in-iphone-12-margins><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe bill of materials for the latest iPhones has increased significantly due to 5G feature and a better screen.\n\n\nEven if there is growth in unit iPhone sales within this cycle, the overall ...</p>\n\n<a href=\"https://seekingalpha.com/article/4400322-apple-show-dramatic-fall-in-iphone-12-margins\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4400322-apple-show-dramatic-fall-in-iphone-12-margins","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1106179554","content_text":"Summary\n\nThe bill of materials for the latest iPhones has increased significantly due to 5G feature and a better screen.\n\n\nEven if there is growth in unit iPhone sales within this cycle, the overall margins for the iPhone segment would be negatively impacted by higher bill of materials.\n\n\nApple needs to show its capacity for EPS growth in order to sustain the current bullish momentum in the stock.\n\n\nA significant drop in iPhones margin can bring down the overall operating margin and could also lead to a drop in EPS hurting the stock sentiment.\n\nApple(NASDAQ:AAPL)will face margin pressures due to the higher production cost of new iPhones. The iPhone bill of material or BoM has increased massively due to the 5G feature and better screens. This would end up hurting the margins. The buyback pacewill also fallas the company reaches a neutral cash position. Together, these two factors can negatively impact EPS in the next few quarters.\nAccording to Counterpoint Research,the bill of materialsfor iPhone 12 is 21% higher than iPhone 11. A shift from LCD to OLED ended by costing $23 more. 5G modem and RF system led to an increase in the cost by $34. Both these items are intrinsic to the iPhone 12’s attraction but the margins on iPhone 12 will be much lower than iPhone 11 due to these features. The iPhone segment still contributes over 50% of the revenue to Apple and a big drop in margins in this segment will have a negative impact on the overall margins and EPS over the next few quarters. Investors should closely look at the margin trajectory reported by the company over the next few quarters.\nImportance of Bill of Materials\nThe flagship iPhones are not only expensive to buy, but they are also expensive to build. The bill of materials for iPhones has always been quite high due to higher-end components. The BoM does not count the R&D expense and marketing costs that Apple has to bear.\nFigure 1: Features in iPhone 12 which led to cost increase and savings over iPhone 11. Source. Counterpoint Research\nWe can clearly see three big red bars in the above chart. They show the reasons for BoM increase in iPhone 12 compared to iPhone 11. The display system, RF components for 5G, and better A14 bionic chip led to a massive BoM increase in iPhone 12. After counting all the cost increases and savings, the BoM of the iPhone 12 increased by $72.5 according to this research note. This is a massive jump of 21% in BoM for iPhone 12 compared to iPhone 11.\nImpact on Margins\nApple has moved to a major revision once in three years. After iPhone X made a significant change in design in 2017, Apple was looking forward to a big change in 2020. This has been brought about by 5G features which are available on all flagship iPhones. However, this feature along with OLED screen has led to a big jump in BoM and the retail price increase has not kept up with the BoM growth. Compared to iPhone 11 which had a retail price of $699 with contract, iPhone 12 has a retail price of $799 with contract. This is a price growth of 14.2% which is lower than the growth in BoM.\nIn addition to BoM, Apple’s R&D expense has been increasing which is due to higher design costs for the latest chips. Theincreasing competition with other tech giantsis also forcing Apple to invest heavily in R&D compared to a decade back.\nFigure 2: Apple's R&D to Revenue expense has increased continuously over the past few years, squeezing the margins.\nThis trend will have a significant negative impact on the operating margin for Apple. The company’s operating margin has been declining for the past 20 quarters. With the recent jump in valuation multiple, a big drop in margins and EPS can bring about a correction in the stock.\nFigure 3: Price growth in Apple stock has mostly been on the back of higher PE valuation instead of fundamental metrics like EPS.\nWe can see in the above chart that Apple’s operating margin has been declining over the past three years. The growth in EPS has mostly been supported by a fall in outstanding shares due to massive buybacks. The net cash position of Apple is down to $79 billion. If the company continues to run a buyback program of $20 billion per quarter, the net cash position will fall rapidly in the near term.\nAt the same time, Apple’s PE ratio has increased by over 120% compared to three years ago. Currently, Apple’s PE ratio is over 40 which is the highest level it had been since the Great Recession.\niPhone 12 Pricing and Impact on Unit ShipmentsApple has increased the price of iPhone 12 to $799 with a contract. This is a 14.2% increase from iPhone 11 pricing. On the other hand, the BoM has increased by 21%. Apple has also increased its research expenses for building its own chips. Hence, we should ideally have seen a higher jump in retail price compared to BoM in order to maintain the margins. However, the inverse has happened where BoM has increased at a faster pace compared to the retail price. One of the reasons could be the more aggressive pricing by competitors like Google's Pixel.\nApple does not provide unit shipment figures and so we have to depend on third-party estimates.According to estimatesby Cinda Securities, the unit shipments for recent iPhones will be in the range of 230 million to 240 million. If this is true, it will be higher than iPhone 6 unit shipments of 222.4 million. According toanother model created by Cowen, iPhone shipments for 2020 stood at 193 million, down by 3% year-on-year while shipments for the calendar year 2021 will be 215 million.\nWith the latest pricing, Apple should certainly get a tailwind in terms of higher unit sales. However, the margins on each iPhone could dip significantly because of the rapid jump in BoM. Hence, even a 5-7% jump in unit shipments in 2021 will not be able to make up for the decline in margins due to higher BoM.\nCan We See a Correction in the Stock?\nThis is a trillion-dollar question in front of investors and Wall Street. Will Apple move to a market cap of $3 trillion as predicted byanalysts like Gene Munsteror will we see a correction to $1 trillion. Most of the price growth in Apple stock in 2020 was supported by a PE jump. This is unlike other tech majors like Amazon (AMZN) and Facebook (FB) who have shown a bull run in the stock price but have also delivered good growth in fundamental metrics of revenue and EPS.\nFig: Comparison of Price change, PE ratio, EPS, and revenue between Apple, Amazon, and Facebook in 2020. Apple's stock growth was supported by only a higher PE ratio while Amazon and FB reported trailing twelve-month EPS growth of 48% and 36% respectively.\nIt is highly unlikely that Apple’s current valuation will be supported even if the EPS starts to fall. We should also see the pandemic being brought under control in the next few months as vaccination levels increase. Apple will not be able to gain a big tailwind due to buybacks as it is nearing the neutral cash position and with the current market cap the buybacks will not have a significant impact on the outstanding shares.\nGiven this situation, the massive jump in iPhone BoM becomes very important. A significant negative dip in iPhone margins will pull down the overall margins and EPS for the company. This will certainly hurt the sentiments around Apple stock and make it difficult for the company to sustain the current valuation levels.\nInvestor Takeaway\nThe latest iPhone cycle has seen a big jump in the bill of materials. New features like 5G, better chips, and expensive screens have increased the BoM of iPhones by 21% compared to iPhone 11. This increase in bill of materials will be a major headwind for Apple’s margins in the next few quarters. Even if the company is able to improve its unit shipments and revenue, we could see a dip in margins and even EPS.\nApple stock is trading at over 40 times its PE ratio, which is the highest valuation multiple it has seen in over a decade. Any negative EPS or margin numbers could reduce the bullish sentiment towards the stock and push the stock into correction territory. Investors need to weigh this aspect carefully before jumping into the stock at the current valuation level.","news_type":1},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":319088932,"gmtCreate":1611413693426,"gmtModify":1703750419842,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/319088932","repostId":"1106179554","repostType":4,"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":188939812,"gmtCreate":1623418953736,"gmtModify":1634033469727,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188939812","repostId":"1195128984","repostType":4,"isVote":1,"tweetType":1,"viewCount":183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356469971,"gmtCreate":1616807517093,"gmtModify":1634523911596,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356469971","repostId":"1135688585","repostType":4,"repost":{"id":"1135688585","kind":"news","pubTimestamp":1616760078,"share":"https://www.laohu8.com/m/news/1135688585?lang=&edition=full","pubTime":"2021-03-26 20:01","market":"us","language":"en","title":"Disney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92","url":"https://stock-news.laohu8.com/highlight/detail?id=1135688585","media":"Bloomberg","summary":"With recent increases, streaming bundle price equals cable TV\nNew services such as Paramount+ and Di","content":"<ul>\n <li>With recent increases, streaming bundle price equals cable TV</li>\n <li>New services such as Paramount+ and Discovery+ vying for users</li>\n</ul>\n<p>The financial incentives that have driven millions of Americans to dump cable TV for streaming services are disappearing fast.</p>\n<p>With recent price increases at Disney+ and Netflix -- along with the debut of Paramount+ and Discovery+ -- the streaming landscape is evolving quickly. And it’s getting more expensive to assemble a top-notch streaming collection, with the cost rapidly approaching the level of a traditional cable bundle.</p>\n<p>If you put together the flagship streaming services from the biggest media and tech companies, including&nbsp;Amazon.com Inc.,AT&amp;T Inc.,Netflix Inc.&nbsp;and&nbsp;Walt Disney Co., it would now cost you $92 a month in the U.S. That’s almost as much as a typical cable-TV subscription, which S&amp;P Global Market Intelligence puts at $93.50.</p>\n<p>That doesn’t include services such as Fox Nation, which is aimed at die-hard Fox News fans, or AMC+, an outlet with movies and “The Walking Dead.” It also assumes you’re willing to pay full freight for Netflix,Comcast Corp.’s Peacock and&nbsp;ViacomCBS Inc.’s Paramount+, rather than the lower-end versions. Many consumers get Amazon’s service when they sign up for Prime shipping benefits, but the video platform on its own costs $9.</p>\n<p><img src=\"https://static.tigerbbs.com/b235b4b1c77b27eaf53b229b63a27d6e\" tg-width=\"968\" tg-height=\"673\"></p>\n<p>Of course, few viewers want so many streaming services -- and fewer still could watch all that content -- but it shows the dilemma facing TV lovers. While the market is now crowded with quality programming, consumers who cut the cable cord risk building a streaming bundle that eclipses the cost of their old pay-TV bills.</p>\n<p>That’s unlikely to drive customers back into the arms of cable-TV providers, but it may send them searching for more budget-friendly options -- like advertising-supported services. AT&amp;T&nbsp;plans&nbsp;to offer a cheaper version of HBO Max with ads in June.</p>\n<p>“People are stacking services on top of each other -- at this point, there isn’t any end in sight,” said Steve Nason, research director at Parks Associates, a market-research firm. “It was all about the bundle. Then the unbundling. Now, people are rebundling again, and it’s hitting their wallet directly.”</p>\n<p>For now, U.S. consumers seem to be reveling in the choices. A typical streaming household subscribed to about four services as of January, according to Ampere Analysis. That’s up from roughly two in 2017, the firm estimates.</p>\n<p>A Parks Associates survey of households last year found that about one-third have four or more, and fewer than a quarter have no streaming subscriptions.</p>\n<p></p>\n<p>And their bills are going up. Disney+, which amassed 100 million users within 16 months of launching, is raising its price by $1 to $8 a month on Friday. The company’s premiere streaming bundle, which includes ESPN+ and an ad-free version of Hulu, now costs $20.</p>\n<p>Netflix, meanwhile,bumped&nbsp;the price of its premium plan, which has higher-resolution video, to $18 from $16 late last year. Its standard offering increased by $1 to $14.</p>\n<p>Many of the TV industry’s most-talked-about new shows are appearing exclusively on streaming, such as Disney+’s “The Falcon and the Winter Soldier.” That makes it harder to say no.</p>\n<p>Still, a do-it-yourself bundle has some big gaps, for now at least: news and sports.</p>\n<p>Media giants are adding more sports to their streaming services, including Peacock, Paramount+, and, of course, Disney’s ESPN+. The companies’&nbsp;blockbuster deal with the NFL&nbsp;this month involved getting more telecasts online.</p>\n<p>But the chance of finding the exact game you want remains low. For that, you may need to either sign up for a live-TV service like YouTube TV or get yourself a digital antenna and go back to watching local broadcast channels.</p>","source":"lsy1584095487587","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>Disney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92</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\">\nDisney+, Netflix Hikes Bring Cost of Cord-Cutter Package to $92\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-26 20:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-03-26/disney-netflix-hikes-bring-cost-of-cord-cutter-package-to-92?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With recent increases, streaming bundle price equals cable TV\nNew services such as Paramount+ and Discovery+ vying for users\n\nThe financial incentives that have driven millions of Americans to dump ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-03-26/disney-netflix-hikes-bring-cost-of-cord-cutter-package-to-92?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼","NFLX":"奈飞","AMZN":"亚马逊","AAPL":"苹果"},"source_url":"http://bloomberg.com/news/articles/2021-03-26/disney-netflix-hikes-bring-cost-of-cord-cutter-package-to-92?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135688585","content_text":"With recent increases, streaming bundle price equals cable TV\nNew services such as Paramount+ and Discovery+ vying for users\n\nThe financial incentives that have driven millions of Americans to dump cable TV for streaming services are disappearing fast.\nWith recent price increases at Disney+ and Netflix -- along with the debut of Paramount+ and Discovery+ -- the streaming landscape is evolving quickly. And it’s getting more expensive to assemble a top-notch streaming collection, with the cost rapidly approaching the level of a traditional cable bundle.\nIf you put together the flagship streaming services from the biggest media and tech companies, including Amazon.com Inc.,AT&T Inc.,Netflix Inc. and Walt Disney Co., it would now cost you $92 a month in the U.S. That’s almost as much as a typical cable-TV subscription, which S&P Global Market Intelligence puts at $93.50.\nThat doesn’t include services such as Fox Nation, which is aimed at die-hard Fox News fans, or AMC+, an outlet with movies and “The Walking Dead.” It also assumes you’re willing to pay full freight for Netflix,Comcast Corp.’s Peacock and ViacomCBS Inc.’s Paramount+, rather than the lower-end versions. Many consumers get Amazon’s service when they sign up for Prime shipping benefits, but the video platform on its own costs $9.\n\nOf course, few viewers want so many streaming services -- and fewer still could watch all that content -- but it shows the dilemma facing TV lovers. While the market is now crowded with quality programming, consumers who cut the cable cord risk building a streaming bundle that eclipses the cost of their old pay-TV bills.\nThat’s unlikely to drive customers back into the arms of cable-TV providers, but it may send them searching for more budget-friendly options -- like advertising-supported services. AT&T plans to offer a cheaper version of HBO Max with ads in June.\n“People are stacking services on top of each other -- at this point, there isn’t any end in sight,” said Steve Nason, research director at Parks Associates, a market-research firm. “It was all about the bundle. Then the unbundling. Now, people are rebundling again, and it’s hitting their wallet directly.”\nFor now, U.S. consumers seem to be reveling in the choices. A typical streaming household subscribed to about four services as of January, according to Ampere Analysis. That’s up from roughly two in 2017, the firm estimates.\nA Parks Associates survey of households last year found that about one-third have four or more, and fewer than a quarter have no streaming subscriptions.\n\nAnd their bills are going up. Disney+, which amassed 100 million users within 16 months of launching, is raising its price by $1 to $8 a month on Friday. The company’s premiere streaming bundle, which includes ESPN+ and an ad-free version of Hulu, now costs $20.\nNetflix, meanwhile,bumped the price of its premium plan, which has higher-resolution video, to $18 from $16 late last year. Its standard offering increased by $1 to $14.\nMany of the TV industry’s most-talked-about new shows are appearing exclusively on streaming, such as Disney+’s “The Falcon and the Winter Soldier.” That makes it harder to say no.\nStill, a do-it-yourself bundle has some big gaps, for now at least: news and sports.\nMedia giants are adding more sports to their streaming services, including Peacock, Paramount+, and, of course, Disney’s ESPN+. The companies’ blockbuster deal with the NFL this month involved getting more telecasts online.\nBut the chance of finding the exact game you want remains low. For that, you may need to either sign up for a live-TV service like YouTube TV or get yourself a digital antenna and go back to watching local broadcast channels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321805672,"gmtCreate":1615419384896,"gmtModify":1703488731825,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"[惊讶]&nbsp;","listText":"[惊讶]&nbsp;","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321805672","repostId":"2118067563","repostType":4,"isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":321802192,"gmtCreate":1615419317516,"gmtModify":1703488730103,"author":{"id":"3563098470976246","authorId":"3563098470976246","name":"teest","avatar":"https://static.tigerbbs.com/2536c4ab98a5677e34669482a66595ce","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563098470976246","authorIdStr":"3563098470976246"},"themes":[],"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321802192","repostId":"1176251994","repostType":4,"repost":{"id":"1176251994","kind":"news","pubTimestamp":1615385060,"share":"https://www.laohu8.com/m/news/1176251994?lang=&edition=full","pubTime":"2021-03-10 22:04","market":"us","language":"en","title":"Why a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=1176251994","media":"Barrons","summary":"Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of the","content":"<p>Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s part of what makes them unique.</p>\n<p>“We are fundamental analysts who are guided by charts,” says Thomas O’Halloran, 66, partner and portfolio manager.</p>\n<p>Fundamental analysts sometimes deride technical analysis, saying the study of stock price and volume movement is too short term to be useful for long-term holdings. But O’Halloran says the three-person management team—which includes Vernon Bice, portfolio manager, and Matthew DeCicco, partner and director of equities—integrates several price-momentum measurements to gauge rising and falling price trends into their fundamental research. This combination gives them the confidence to hold large positions in as many of the big growth-stock winners as possible.</p>\n<p>Supplementing traditional analysis with chart trends seems to be working. Growth Leaders (ticker: LGLAX) hasbeaten its benchmark index, Russell 1000 Growth, and at least 94% of its category peers on a one-, three-, and five-year basis. The fund, which turns 10 years old in June, has a below-average expense ratio of 0.9%.</p>\n<p>Southampton, N.Y.–based O’Halloran started at Lord Abbett in 2001 as a technology analyst on the small-cap growth team, following more than a decade at investment bank Dillon, Read and a five-year law career. He has been with Growth Leaders since its 2011 inception. Bice is the fund’s main technical-analysis guru.</p>\n<p>Growth Leaders looks for innovative companies benefiting from technological disruption, particularly in the consumer discretionary, communication services, technology, and healthcare sectors.</p>\n<p>In addition to technical analysis, the fund’s investment process includes evaluating a firm’s potential and operating momentum. To assess potential, the team looks for profitable businesses that can scale, or that have annuity-like revenues. They also seek market-leading companies with strong management, and consider the health and size of the company’s particular market. When assessing operating momentum, O’Halloran and team review earnings, zeroing in on revenue growth, which they consider the most important measurement for innovative growth companies.</p>\n<p>Though Growth Leaders isn’t considered a sustainable fund, the group also evaluates a firm’s environmental impact and how it treats its employees and business partners. “We’ve seen the market tell us that we need to start factoring it in,” O’Halloran says, noting that companies conscious of these issues are carrying higher valuations.</p>\n<p>Another way the fund stands out is how all three managers have small-cap backgrounds, which they use to diversify holdings. The fund does have a little wiggle room to add smaller names, as they believe smaller-cap companies will be stock market winners for a few years.</p>\n<p>One example of a smaller-cap, sustainable business isDocuSign(DOCU), the leadingcloud-software signature provider, which the fund bought in September 2019, O’Halloran says. Digital signatures can eliminate paper forms. “That has very positive environmental benefits, which we think will provide a long-tailed growth opportunity,” he adds.</p>\n<p>To help select stocks and sectors, O’Halloran uses a psychological theory, Abraham Maslow’s Hierarchy of Needs, which says that people are motivated by five categories of needs, including safety, self-esteem, and self-actualization. Innovative companies often go to sectors where people spend money on their needs, he says.</p>\n<p>A firm tapping into one of those needs, and withsignificant growth potential, isAlign Technology(ALGN). The company makes clear teeth aligners, which are much more visually subtle than metal braces. Clear aligners only have a 15% penetration in the worldwide orthodontic market, and O’Halloran believes these will eventually replace all metal braces.</p>\n<p>“Straight teeth are a big deal,” he says. “They have a powerful impact on self-esteem, which allows for self-actualization.”</p>\n<p>Growth Leaders has owned the stock off and on in the past decade, but most recently bought it again in October 2020, after strong sales growth pushed the stock price above its three-year high.</p>\n<p>Digital money should continue to become popular, and O’Halloran considersSquare(SQ) to be the most creative large-cap fintech company. “Its Cash App has been ahuge innovationthat will allow it to take chunks of market share from banks,” he says. Growth Leaders first bought Square in January 2020 and increased its position in March and again later in 2020.</p>\n<p>O’Halloran estimates that his investment style falls out of favor about 10% to 15% of the time, but when it does, the drops can be dramatic. 2016 was a tough year, for instance, as value stocks outperformed growth. But O’Halloran says problems started in the last quarter of 2015 when the team waited too long to sell growth holdings, and then they missed out when growth stocks rebounded.</p>\n<p>To rectify the situation, the fund added more analysts, allowing DeCicco to become a full-time portfolio manager. Bice also took a more disciplined approach toward which technical signals to use, to eliminate short-term market “noise,” O’Halloran says.</p>\n<p>Currently, 40% of the portfolio is in technology, slightly less than the Russell 1000 Growth’s 45% weighting. The fund trimmed its position in some tech giants when concerns aboutpotential stricter government regulationsdented their stocks. The regulatory risks are real, but O’Hallaron isn’t giving up on theApples (AAPL) andMicrosofts (MSFT) of the world—the fund’s No. 1 and No. 3 holdings, respectively. These are great companies with annuity-like revenues, he says.</p>\n<p>In a market selloff, these quality companies may provide a ballast to portfolios, he says: “If we had a bear market, which wouldn’t surprise me at all, then I think we would (want to) own more of them.”</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple</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\">\nWhy a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign","ALGN":"艾利科技","AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176251994","content_text":"Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s part of what makes them unique.\n“We are fundamental analysts who are guided by charts,” says Thomas O’Halloran, 66, partner and portfolio manager.\nFundamental analysts sometimes deride technical analysis, saying the study of stock price and volume movement is too short term to be useful for long-term holdings. But O’Halloran says the three-person management team—which includes Vernon Bice, portfolio manager, and Matthew DeCicco, partner and director of equities—integrates several price-momentum measurements to gauge rising and falling price trends into their fundamental research. This combination gives them the confidence to hold large positions in as many of the big growth-stock winners as possible.\nSupplementing traditional analysis with chart trends seems to be working. Growth Leaders (ticker: LGLAX) hasbeaten its benchmark index, Russell 1000 Growth, and at least 94% of its category peers on a one-, three-, and five-year basis. The fund, which turns 10 years old in June, has a below-average expense ratio of 0.9%.\nSouthampton, N.Y.–based O’Halloran started at Lord Abbett in 2001 as a technology analyst on the small-cap growth team, following more than a decade at investment bank Dillon, Read and a five-year law career. He has been with Growth Leaders since its 2011 inception. Bice is the fund’s main technical-analysis guru.\nGrowth Leaders looks for innovative companies benefiting from technological disruption, particularly in the consumer discretionary, communication services, technology, and healthcare sectors.\nIn addition to technical analysis, the fund’s investment process includes evaluating a firm’s potential and operating momentum. To assess potential, the team looks for profitable businesses that can scale, or that have annuity-like revenues. They also seek market-leading companies with strong management, and consider the health and size of the company’s particular market. When assessing operating momentum, O’Halloran and team review earnings, zeroing in on revenue growth, which they consider the most important measurement for innovative growth companies.\nThough Growth Leaders isn’t considered a sustainable fund, the group also evaluates a firm’s environmental impact and how it treats its employees and business partners. “We’ve seen the market tell us that we need to start factoring it in,” O’Halloran says, noting that companies conscious of these issues are carrying higher valuations.\nAnother way the fund stands out is how all three managers have small-cap backgrounds, which they use to diversify holdings. The fund does have a little wiggle room to add smaller names, as they believe smaller-cap companies will be stock market winners for a few years.\nOne example of a smaller-cap, sustainable business isDocuSign(DOCU), the leadingcloud-software signature provider, which the fund bought in September 2019, O’Halloran says. Digital signatures can eliminate paper forms. “That has very positive environmental benefits, which we think will provide a long-tailed growth opportunity,” he adds.\nTo help select stocks and sectors, O’Halloran uses a psychological theory, Abraham Maslow’s Hierarchy of Needs, which says that people are motivated by five categories of needs, including safety, self-esteem, and self-actualization. Innovative companies often go to sectors where people spend money on their needs, he says.\nA firm tapping into one of those needs, and withsignificant growth potential, isAlign Technology(ALGN). The company makes clear teeth aligners, which are much more visually subtle than metal braces. Clear aligners only have a 15% penetration in the worldwide orthodontic market, and O’Halloran believes these will eventually replace all metal braces.\n“Straight teeth are a big deal,” he says. “They have a powerful impact on self-esteem, which allows for self-actualization.”\nGrowth Leaders has owned the stock off and on in the past decade, but most recently bought it again in October 2020, after strong sales growth pushed the stock price above its three-year high.\nDigital money should continue to become popular, and O’Halloran considersSquare(SQ) to be the most creative large-cap fintech company. “Its Cash App has been ahuge innovationthat will allow it to take chunks of market share from banks,” he says. Growth Leaders first bought Square in January 2020 and increased its position in March and again later in 2020.\nO’Halloran estimates that his investment style falls out of favor about 10% to 15% of the time, but when it does, the drops can be dramatic. 2016 was a tough year, for instance, as value stocks outperformed growth. But O’Halloran says problems started in the last quarter of 2015 when the team waited too long to sell growth holdings, and then they missed out when growth stocks rebounded.\nTo rectify the situation, the fund added more analysts, allowing DeCicco to become a full-time portfolio manager. Bice also took a more disciplined approach toward which technical signals to use, to eliminate short-term market “noise,” O’Halloran says.\nCurrently, 40% of the portfolio is in technology, slightly less than the Russell 1000 Growth’s 45% weighting. The fund trimmed its position in some tech giants when concerns aboutpotential stricter government regulationsdented their stocks. The regulatory risks are real, but O’Hallaron isn’t giving up on theApples (AAPL) andMicrosofts (MSFT) of the world—the fund’s No. 1 and No. 3 holdings, respectively. These are great companies with annuity-like revenues, he says.\nIn a market selloff, these quality companies may provide a ballast to portfolios, he says: “If we had a bear market, which wouldn’t surprise me at all, then I think we would (want to) own more of them.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}