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2021-05-30

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The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever

2021-03-16

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Is Slack Stock A Good Buy Before The Merger With Salesforce?

2021-03-16

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AMD Is a Stock to Buy on the Dip - Here’s Why

2021-03-23

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2021-03-14

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Google Faces ‘Very Large’ EU Advertising Probe, Vestager Says

2021-03-12

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Warren Buffett is now worth $100 billion

2021-03-12

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✅&nbsp;","listText":"Ok ✅&nbsp;","text":"Ok ✅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137448119","repostId":"2138948877","repostType":4,"repost":{"id":"2138948877","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1622215813,"share":"https://www.laohu8.com/m/news/2138948877?lang=&edition=full","pubTime":"2021-05-28 23:30","market":"us","language":"en","title":"The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever","url":"https://stock-news.laohu8.com/highlight/detail?id=2138948877","media":"Investors","summary":"Vacation trends reveal shifts toward privacy, luxury and family, continuing a transformative period for leisure and travel stocks.","content":"<p>Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like <b>Airbnb</b> that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.</p><p>Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.</p><p>\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"</p><p>One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.</p><p>And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.</p><p>Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.</p><h2>Leisure, Travel Industry Stocks</h2><p>Shares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.</p><p>Airline stocks&nbsp;like <b>American Airlines</b>, <b>United Airlines</b> and <b>Delta Air Lines</b> surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.</p><p>Cruise stocks like <b>Carnival</b>, <b>Royal Caribbean</b> and <b>Norwegian Cruise Line</b> are showing similar patterns.</p><p>Meanwhile, shares of boat makers <b>MarineMax</b> and <b>Brunswick</b> as well as RV makers <b>Winnebago</b> and <b>Thor Industries</b> need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.</p><p>Hotel leader <b>Marriott</b> has been less volatile and is forming a base, though earnings and sales have yet to fully recover.</p><p>Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from <b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a></b> rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.</p><h2><b>When Luxury Means More Privacy</b></h2><p>Luxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.</p><p>Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"</p><p>Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.</p><p>They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.</p><p>Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.</p><p>In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.</p><p>Private jet leasing company NetJets, which is owned by <b>Berkshire Hathaway</b>, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.</p><p>Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.</p><h2><b>Vacation Shift Favors These Travel Stocks</b></h2><p>Hotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.</p><p>Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.</p><p>The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes &amp; Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.</p><p>The Homes &amp; Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.</p><p>\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.</p><p>Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.</p><p>\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.</p><h2><b>Seaworthy Travel Stocks </b></h2><p>Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.</p><p>One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.</p><p>But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.</p><p>\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"</p><p>The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick&nbsp;as well as sport boat maker <b>Malibu Boats</b>.</p><p>\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.</p><h2><b>Travel Stocks For Being Alone Together</b></h2><p>The desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.</p><p>\"The rediscovery of America will continue this summer,\" Weissman said.</p><p>The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.</p><p>Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.</p><p>\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"</p><p>Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.</p><h2><b>Work-Life Rebalance</b></h2><p>As people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.</p><p>Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.</p><p>Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"</p><p>Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.</p><p>\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"</p><h2>Future Of Business Travel?</h2><p>That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.</p><p>Experts say fewer workers may fly for <a href=\"https://laohu8.com/S/AONE\">one</a>-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.</p><p>When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in <a href=\"https://laohu8.com/S/AONE.U\">one</a> house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.</p><p>That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.</p><p>\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever</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\">\nThe Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time\">2021-05-28 23:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like <b>Airbnb</b> that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.</p><p>Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.</p><p>\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"</p><p>One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.</p><p>And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.</p><p>Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.</p><h2>Leisure, Travel Industry Stocks</h2><p>Shares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.</p><p>Airline stocks&nbsp;like <b>American Airlines</b>, <b>United Airlines</b> and <b>Delta Air Lines</b> surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.</p><p>Cruise stocks like <b>Carnival</b>, <b>Royal Caribbean</b> and <b>Norwegian Cruise Line</b> are showing similar patterns.</p><p>Meanwhile, shares of boat makers <b>MarineMax</b> and <b>Brunswick</b> as well as RV makers <b>Winnebago</b> and <b>Thor Industries</b> need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.</p><p>Hotel leader <b>Marriott</b> has been less volatile and is forming a base, though earnings and sales have yet to fully recover.</p><p>Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from <b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a></b> rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.</p><h2><b>When Luxury Means More Privacy</b></h2><p>Luxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.</p><p>Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"</p><p>Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.</p><p>They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.</p><p>Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.</p><p>In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.</p><p>Private jet leasing company NetJets, which is owned by <b>Berkshire Hathaway</b>, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.</p><p>Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.</p><h2><b>Vacation Shift Favors These Travel Stocks</b></h2><p>Hotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.</p><p>Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.</p><p>The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes &amp; Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.</p><p>The Homes &amp; Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.</p><p>\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.</p><p>Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.</p><p>\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.</p><h2><b>Seaworthy Travel Stocks </b></h2><p>Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.</p><p>One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.</p><p>But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.</p><p>\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"</p><p>The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick&nbsp;as well as sport boat maker <b>Malibu Boats</b>.</p><p>\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.</p><h2><b>Travel Stocks For Being Alone Together</b></h2><p>The desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.</p><p>\"The rediscovery of America will continue this summer,\" Weissman said.</p><p>The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.</p><p>Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.</p><p>\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"</p><p>Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.</p><h2><b>Work-Life Rebalance</b></h2><p>As people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.</p><p>Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.</p><p>Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"</p><p>Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.</p><p>\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"</p><h2>Future Of Business Travel?</h2><p>That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.</p><p>Experts say fewer workers may fly for <a href=\"https://laohu8.com/S/AONE\">one</a>-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.</p><p>When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in <a href=\"https://laohu8.com/S/AONE.U\">one</a> house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.</p><p>That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.</p><p>\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WGO":"温尼巴格实业"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138948877","content_text":"Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like Airbnb that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.Leisure, Travel Industry StocksShares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.Airline stocks like American Airlines, United Airlines and Delta Air Lines surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.Cruise stocks like Carnival, Royal Caribbean and Norwegian Cruise Line are showing similar patterns.Meanwhile, shares of boat makers MarineMax and Brunswick as well as RV makers Winnebago and Thor Industries need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.Hotel leader Marriott has been less volatile and is forming a base, though earnings and sales have yet to fully recover.Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from Expedia rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.When Luxury Means More PrivacyLuxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.Private jet leasing company NetJets, which is owned by Berkshire Hathaway, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.Vacation Shift Favors These Travel StocksHotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes & Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.The Homes & Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.Seaworthy Travel Stocks Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick as well as sport boat maker Malibu Boats.\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.Travel Stocks For Being Alone TogetherThe desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.\"The rediscovery of America will continue this summer,\" Weissman said.The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.Work-Life RebalanceAs people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"Future Of Business Travel?That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.Experts say fewer workers may fly for one-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in one house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353277924,"gmtCreate":1616506045468,"gmtModify":1634525482720,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569917618374883","authorIdStr":"3569917618374883"},"themes":[],"htmlText":"👍🏽 👍🏽&nbsp;","listText":"👍🏽 👍🏽&nbsp;","text":"👍🏽 👍🏽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353277924","repostId":"1137063642","repostType":4,"repost":{"id":"1137063642","kind":"news","pubTimestamp":1616505836,"share":"https://www.laohu8.com/m/news/1137063642?lang=&edition=full","pubTime":"2021-03-23 21:23","market":"us","language":"en","title":"Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck","url":"https://stock-news.laohu8.com/highlight/detail?id=1137063642","media":"MarketWatch","summary":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as t","content":"<p>Statistical scrutiny brings this high-flying ETF down to earth</p>\n<p>You could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.</p>\n<p>I know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust&nbsp;(which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.</p>\n<p>At the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&amp;P 500.</p>\n<p>One approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.</p>\n<p>If you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.</p>\n<p>This reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:</p>\n<p><img src=\"https://static.tigerbbs.com/13b81e9f1962e464faeb2d45cdd0e5f9\" tg-width=\"1260\" tg-height=\"849\"></p>\n<p>The Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.</p>\n<p>The answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.</p>\n<p><b>Luck versus skill</b></p>\n<p>Note carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.</p>\n<p>This goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)</p>\n<p>The answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.</p>\n<p>An example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)</p>\n<p>In the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.</p>","source":"market_watch","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>Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck</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\">\nJury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to ...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF","TSLA":"特斯拉","ARKK":"ARK Innovation ETF","QQQ":"纳指100ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF"},"source_url":"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137063642","content_text":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust (which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.\nAt the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&P 500.\nOne approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.\nIf you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.\nThis reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:\n\nThe Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.\nThe answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.\nLuck versus skill\nNote carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.\nThis goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)\nThe answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.\nAn example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)\nIn the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325119833,"gmtCreate":1615873988822,"gmtModify":1703494301968,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569917618374883","authorIdStr":"3569917618374883"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325119833","repostId":"1107832092","repostType":4,"repost":{"id":"1107832092","kind":"news","pubTimestamp":1615873805,"share":"https://www.laohu8.com/m/news/1107832092?lang=&edition=full","pubTime":"2021-03-16 13:50","market":"us","language":"en","title":"Is Slack Stock A Good Buy Before The Merger With Salesforce?","url":"https://stock-news.laohu8.com/highlight/detail?id=1107832092","media":"seekingalpha","summary":"Summary\n\nThe Slack/Salesforce merger arbitrage is at an attractive spread.\nSlack shares probably don","content":"<p><b>Summary</b></p>\n<ul>\n <li>The Slack/Salesforce merger arbitrage is at an attractive spread.</li>\n <li>Slack shares probably don't decline to the pre-deal price if the deal breaks.</li>\n <li>Salesforce seems confident about revenue synergies, which is a potential positive for post deal stock price performance.</li>\n</ul>\n<p>Slack Technologies (WORK), the collaboration software firm, is the subject of a&nbsp;takeover bid&nbsp;from Salesforce (CRM). The agreement stipulates that Slack shareholders will receive $26.79 in cash and 0.0776 Salesforce shares per share of WORK owned. The significant cash portion of the bid provides quite a bit of assured value to Slack shareholders, while the share portion of the consideration does allow them to benefit from any further upside from synergies related to the transaction.</p>\n<p><b>Should you play the merger arbitrage between Slack and CRM?</b></p>\n<p>The decision to invest in any specific merger arbitrage opportunity is largely based on three factors: the spread, the risk of the deal not closing, and the likely price response to the deal not closing.</p>\n<p>The easiest to determine is always the spread, as it can be calculated directly. In this case, with CRM at $210.80 which puts the value of the offer at $43.15 after accounting for both the cash and share components of the consideration. With Slack shares at $40.70, that is a spread of 6.0%. That is an equity-like return, especially considering the companies are still planning to&nbsp;close by July 31, 2021. A close on that date would be a 16.7% internal rate of return, which is satisfactory. The deal is large and both constituents are liquid. Salesforce shares are easy to borrow for investors who wish to lock in the spread.</p>\n<p>The risk of the deal not closing is always an item for investor judgement in any merger arbitrage situation. The biggest risk here seems to be antitrust scrutiny of the deal. The parties did receive a&nbsp;second request&nbsp;from information from the Department of Justice. That re-starts the clock on the Department of Justice's deadline to approve or sue to block the deal, resetting it to 30 days from the time their questions are answered.</p>\n<p>That said, there doesn't appear to be any real antitrust reason to block the deal. The companies are in adjacent verticals, and are not really direct competitors. Their markets (and especially Slack's) face significant competition, especially from Microsoft's Teams products. Having the ability to bundle Slack with Salesforce products probably allows Slack to compete effectively with Microsoft on bundles, but seems unlikely give them a competitive hammer to dominate the market. There have also been&nbsp;rumblings from analysts&nbsp;that the second request may be more of a delaying tactic by the DoJ. They may want to appear tough on tech mergers early in the new administration. The companies appear confident they will still close during Q2.</p>\n<p>Finally, the last point of consideration is what will happen to the pieces of the arbitrage trade if the deal breaks. The market prices of Slack's competitors are generally up meaningfully since the deal was announced, so even if it were to be blocked, I think (after an initial exit by arbs), Slack shares would hold up reasonably well. The other side of the trade is probably a bigger part of the deal break risk. Salesforce shares were down meaningfully when the deal was announced, and they haven't picked up that ground even in strong general market conditions. I think it's likely their shares would pop back up on a deal break, which is a risk to the short side of a merger arbitrage spread here.</p>\n<p>That said, the majority of the consideration here is cash, so the downside from a potential CRM stock pop on a deal break is smaller than in a full stock deal, simply because less CRM stock would need to be shorted to fully hedge.</p>\n<p><b>Should you hold the CRM shares you receive through the merger with Slack?</b></p>\n<p>That thought leads to an alternative to a traditional merger arbitrage spread, which would be a straight long of Slack shares. This has the advantage of eliminating the risk on the CRM side of the trade if the deal breaks. But it exchanges it for risk that CRM shares will decline if the deal does close. Salesforce shares have trailed the broader tech market since the deal was announced. The chart below shows their stock price compared to the broader QQQ index since just before the announcement.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2046aef0ad0c42cceb5e921db56523bd\" tg-width=\"640\" tg-height=\"397\"><span>Source: Seeking Alpha Advanced Charts</span></p>\n<p>The valuation of Salesforce isn't exactly compelling for a traditional value investor, but it is certainly a SAAS darling. They also have a reasonably strong record integrating past acquisitions. And the company must be confident in their assessment of Slack's absolute value (not just its relative value compared to their own shares) given how much actual cash they put up to buy the firm. Given they still have an active founder with a large stake, that has meaningful information value in my opinion.</p>\n<p><b>Slack Stock and Salesforce - Synergies</b></p>\n<p>The biggest reason to consider keeping the CRM shares to be received from the Slack Technologies purchase would be an appraisal of the potential synergies. Salesforce has a significant and passionate user base, and their sales presence among corporations is significant. That offers a significant opportunity to upsell WORK products to their existing user base, providing potentially meaningful revenue synergies. That is where the true success or failure of this deal will be found, although I think it is likely that there will be some of the usual cost synergies around public company costs and similar items.</p>\n<p>Slack is also a work-from-home winner, which diversifies CRM's existing business. Salesforce's core customer relationship management software is for managing sales contacts, and outside sales is a pretty difficult industry right now given the general lack of contact in the economy. However, it seems reasonable that both product suites would benefit from a transition to a mixed work-from-home and work-from-the-office economy.</p>\n<p>In a world where even 10% of a team is working from home, communication by digital means (like Slack) is likely to replace more and more of the communication that is currently done in person. And in a world where different customers will prefer different methods of contact, CRM software will become even more key for salespeople. So, I think there is a chance that both of the firms will benefit from a slow re-opening of the economy in 2021.</p>\n<p><b>Slack Stock: Buy or Sell</b></p>\n<p>In conclusion, I believe Slack Technologies, Inc shares are an attractive merger arbitrage investment at the present time. The decision on whether to hedge out the CRM shares that would be received is a more complicated one, and depends on the investors individual view on whether CRM can grow into its current valuation. I'd be inclined to split the difference, and hedge most but not all of the CRM exposure. In some ways, that allows the conversion of a merger arbitrage spread risk into some \"free\" CRM shares should the deal close successfully. While that's a bit of a house money fallacy, it does allow for some exposure to future CRM share price upside if they meet their synergies while also ensuring the initial purchase price of the WORK shares is recovered if the deal does close.</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>Is Slack Stock A Good Buy Before The Merger With Salesforce?</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\">\nIs Slack Stock A Good Buy Before The Merger With Salesforce?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 13:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414103-is-slack-stock-good-buy-merger-salesforce><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe Slack/Salesforce merger arbitrage is at an attractive spread.\nSlack shares probably don't decline to the pre-deal price if the deal breaks.\nSalesforce seems confident about revenue ...</p>\n\n<a href=\"https://seekingalpha.com/article/4414103-is-slack-stock-good-buy-merger-salesforce\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://seekingalpha.com/article/4414103-is-slack-stock-good-buy-merger-salesforce","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1107832092","content_text":"Summary\n\nThe Slack/Salesforce merger arbitrage is at an attractive spread.\nSlack shares probably don't decline to the pre-deal price if the deal breaks.\nSalesforce seems confident about revenue synergies, which is a potential positive for post deal stock price performance.\n\nSlack Technologies (WORK), the collaboration software firm, is the subject of a takeover bid from Salesforce (CRM). The agreement stipulates that Slack shareholders will receive $26.79 in cash and 0.0776 Salesforce shares per share of WORK owned. The significant cash portion of the bid provides quite a bit of assured value to Slack shareholders, while the share portion of the consideration does allow them to benefit from any further upside from synergies related to the transaction.\nShould you play the merger arbitrage between Slack and CRM?\nThe decision to invest in any specific merger arbitrage opportunity is largely based on three factors: the spread, the risk of the deal not closing, and the likely price response to the deal not closing.\nThe easiest to determine is always the spread, as it can be calculated directly. In this case, with CRM at $210.80 which puts the value of the offer at $43.15 after accounting for both the cash and share components of the consideration. With Slack shares at $40.70, that is a spread of 6.0%. That is an equity-like return, especially considering the companies are still planning to close by July 31, 2021. A close on that date would be a 16.7% internal rate of return, which is satisfactory. The deal is large and both constituents are liquid. Salesforce shares are easy to borrow for investors who wish to lock in the spread.\nThe risk of the deal not closing is always an item for investor judgement in any merger arbitrage situation. The biggest risk here seems to be antitrust scrutiny of the deal. The parties did receive a second request from information from the Department of Justice. That re-starts the clock on the Department of Justice's deadline to approve or sue to block the deal, resetting it to 30 days from the time their questions are answered.\nThat said, there doesn't appear to be any real antitrust reason to block the deal. The companies are in adjacent verticals, and are not really direct competitors. Their markets (and especially Slack's) face significant competition, especially from Microsoft's Teams products. Having the ability to bundle Slack with Salesforce products probably allows Slack to compete effectively with Microsoft on bundles, but seems unlikely give them a competitive hammer to dominate the market. There have also been rumblings from analysts that the second request may be more of a delaying tactic by the DoJ. They may want to appear tough on tech mergers early in the new administration. The companies appear confident they will still close during Q2.\nFinally, the last point of consideration is what will happen to the pieces of the arbitrage trade if the deal breaks. The market prices of Slack's competitors are generally up meaningfully since the deal was announced, so even if it were to be blocked, I think (after an initial exit by arbs), Slack shares would hold up reasonably well. The other side of the trade is probably a bigger part of the deal break risk. Salesforce shares were down meaningfully when the deal was announced, and they haven't picked up that ground even in strong general market conditions. I think it's likely their shares would pop back up on a deal break, which is a risk to the short side of a merger arbitrage spread here.\nThat said, the majority of the consideration here is cash, so the downside from a potential CRM stock pop on a deal break is smaller than in a full stock deal, simply because less CRM stock would need to be shorted to fully hedge.\nShould you hold the CRM shares you receive through the merger with Slack?\nThat thought leads to an alternative to a traditional merger arbitrage spread, which would be a straight long of Slack shares. This has the advantage of eliminating the risk on the CRM side of the trade if the deal breaks. But it exchanges it for risk that CRM shares will decline if the deal does close. Salesforce shares have trailed the broader tech market since the deal was announced. The chart below shows their stock price compared to the broader QQQ index since just before the announcement.\nSource: Seeking Alpha Advanced Charts\nThe valuation of Salesforce isn't exactly compelling for a traditional value investor, but it is certainly a SAAS darling. They also have a reasonably strong record integrating past acquisitions. And the company must be confident in their assessment of Slack's absolute value (not just its relative value compared to their own shares) given how much actual cash they put up to buy the firm. Given they still have an active founder with a large stake, that has meaningful information value in my opinion.\nSlack Stock and Salesforce - Synergies\nThe biggest reason to consider keeping the CRM shares to be received from the Slack Technologies purchase would be an appraisal of the potential synergies. Salesforce has a significant and passionate user base, and their sales presence among corporations is significant. That offers a significant opportunity to upsell WORK products to their existing user base, providing potentially meaningful revenue synergies. That is where the true success or failure of this deal will be found, although I think it is likely that there will be some of the usual cost synergies around public company costs and similar items.\nSlack is also a work-from-home winner, which diversifies CRM's existing business. Salesforce's core customer relationship management software is for managing sales contacts, and outside sales is a pretty difficult industry right now given the general lack of contact in the economy. However, it seems reasonable that both product suites would benefit from a transition to a mixed work-from-home and work-from-the-office economy.\nIn a world where even 10% of a team is working from home, communication by digital means (like Slack) is likely to replace more and more of the communication that is currently done in person. And in a world where different customers will prefer different methods of contact, CRM software will become even more key for salespeople. So, I think there is a chance that both of the firms will benefit from a slow re-opening of the economy in 2021.\nSlack Stock: Buy or Sell\nIn conclusion, I believe Slack Technologies, Inc shares are an attractive merger arbitrage investment at the present time. The decision on whether to hedge out the CRM shares that would be received is a more complicated one, and depends on the investors individual view on whether CRM can grow into its current valuation. I'd be inclined to split the difference, and hedge most but not all of the CRM exposure. In some ways, that allows the conversion of a merger arbitrage spread risk into some \"free\" CRM shares should the deal close successfully. While that's a bit of a house money fallacy, it does allow for some exposure to future CRM share price upside if they meet their synergies while also ensuring the initial purchase price of the WORK shares is recovered if the deal does close.","news_type":1},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325958587,"gmtCreate":1615859152449,"gmtModify":1703494077710,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569917618374883","authorIdStr":"3569917618374883"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325958587","repostId":"1130810138","repostType":4,"repost":{"id":"1130810138","kind":"news","pubTimestamp":1615857713,"share":"https://www.laohu8.com/m/news/1130810138?lang=&edition=full","pubTime":"2021-03-16 09:21","market":"us","language":"en","title":"AMD Is a Stock to Buy on the Dip - Here’s Why","url":"https://stock-news.laohu8.com/highlight/detail?id=1130810138","media":"TheStreet","summary":"Like other tech stocks, Advanced Micro Devices (AMD) hasn't fared too well lately.\nAlthough it’s hel","content":"<p>Like other tech stocks, Advanced Micro Devices&nbsp;(<b>AMD</b>) hasn't fared too well lately.</p>\n<p>Although it’s held up better than some of its high-growth peers, AMD hasn’t been immune to the decline in tech stocks.</p>\n<p>While&nbsp;higher interest rates have been the blame, the entire tech space has been struggling. Shares of AMD fell 25.5% from peak to their recent trough, which is about in-line with Nvidia’s&nbsp;(<b>NVDA</b>) &nbsp;recent slide.</p>\n<p>I liked Nvidia on the dip&nbsp;and because both companies have great fundamentals I like AMD on the dip too.</p>\n<p>So far, shares have been rallying nicely off last week’s low. Let’s take a closer look at the chart to see what the damage is.</p>\n<p><b>Trading AMD</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1746940036301b9d0299b9304312180\" tg-width=\"1070\" tg-height=\"736\"><span>Daily chart of AMD stock.</span></p>\n<p>Earlier in the year, AMD looked set to test $100 and potentially break out over this mark.</p>\n<p>Instead, it kept finding sellers on each rally, even as the $87 level was acting as support along with the 100-day moving average.</p>\n<p>Ultimately these levels failed as support, with shares flushing down to the 200-day moving average.</p>\n<p>It wasn’t necessarily wrong for investors to expect the 200-day moving average to be support. However, with rising interest rates driving the narrative, tech stocks were under heavy pressure.</p>\n<p>Once this level failed for AMD, it looked dicey. That is, unless you were looking at multiple timeframes.</p>\n<p>AMD stock traded down perfectly to range support near $74, as well as the 50-week moving average. It bounced from this level on Friday March 5th and closed at it on Monday March 8th. Since then, it’s been enjoying a strong rally.</p>\n<p>From here, we have to see how the stock handles its 100-day moving average and the $87 level. These prior measures were support. If they are reclaimed, they can again act as support.</p>\n<p>However, if they are resistance, AMD stock may need more time to consolidate.</p>\n<p>On the downside, let’s see if shares can stay above the 200-day moving average. If the stock can do so, it’s likely a buyable dip. Below it puts the 50-week moving average in play.</p>\n<p>Even though I don't know if $78 or $88 is next, I like AMD stock for the long term. It has too many catalysts to ignore.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Is a Stock to Buy on the Dip - Here’s Why</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\">\nAMD Is a Stock to Buy on the Dip - Here’s Why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 09:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/advanced-micro-devices-amd-stock-buy-the-dip-trading><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Like other tech stocks, Advanced Micro Devices (AMD) hasn't fared too well lately.\nAlthough it’s held up better than some of its high-growth peers, AMD hasn’t been immune to the decline in tech stocks...</p>\n\n<a href=\"https://www.thestreet.com/investing/advanced-micro-devices-amd-stock-buy-the-dip-trading\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/advanced-micro-devices-amd-stock-buy-the-dip-trading","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130810138","content_text":"Like other tech stocks, Advanced Micro Devices (AMD) hasn't fared too well lately.\nAlthough it’s held up better than some of its high-growth peers, AMD hasn’t been immune to the decline in tech stocks.\nWhile higher interest rates have been the blame, the entire tech space has been struggling. Shares of AMD fell 25.5% from peak to their recent trough, which is about in-line with Nvidia’s (NVDA)  recent slide.\nI liked Nvidia on the dip and because both companies have great fundamentals I like AMD on the dip too.\nSo far, shares have been rallying nicely off last week’s low. Let’s take a closer look at the chart to see what the damage is.\nTrading AMD\nDaily chart of AMD stock.\nEarlier in the year, AMD looked set to test $100 and potentially break out over this mark.\nInstead, it kept finding sellers on each rally, even as the $87 level was acting as support along with the 100-day moving average.\nUltimately these levels failed as support, with shares flushing down to the 200-day moving average.\nIt wasn’t necessarily wrong for investors to expect the 200-day moving average to be support. However, with rising interest rates driving the narrative, tech stocks were under heavy pressure.\nOnce this level failed for AMD, it looked dicey. That is, unless you were looking at multiple timeframes.\nAMD stock traded down perfectly to range support near $74, as well as the 50-week moving average. It bounced from this level on Friday March 5th and closed at it on Monday March 8th. Since then, it’s been enjoying a strong rally.\nFrom here, we have to see how the stock handles its 100-day moving average and the $87 level. These prior measures were support. If they are reclaimed, they can again act as support.\nHowever, if they are resistance, AMD stock may need more time to consolidate.\nOn the downside, let’s see if shares can stay above the 200-day moving average. If the stock can do so, it’s likely a buyable dip. Below it puts the 50-week moving average in play.\nEven though I don't know if $78 or $88 is next, I like AMD stock for the long term. It has too many catalysts to ignore.","news_type":1},"isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326264971,"gmtCreate":1615668390193,"gmtModify":1703491935988,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569917618374883","authorIdStr":"3569917618374883"},"themes":[],"htmlText":"Haha 👌🏽 of&nbsp;","listText":"Haha 👌🏽 of&nbsp;","text":"Haha 👌🏽 of","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326264971","repostId":"1100027772","repostType":4,"repost":{"id":"1100027772","kind":"news","pubTimestamp":1615559187,"share":"https://www.laohu8.com/m/news/1100027772?lang=&edition=full","pubTime":"2021-03-12 22:26","market":"us","language":"en","title":"Google Faces ‘Very Large’ EU Advertising Probe, Vestager Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1100027772","media":"Bloomberg","summary":"Technology still a high priority as Covid forces people online\nRegulators started looking at Google’","content":"<ul>\n <li>Technology still a high priority as Covid forces people online</li>\n <li>Regulators started looking at Google’s data practices in 2019</li>\n</ul>\n<p>European Union Competition Commissioner Margrethe Vestager said Google faces a “very large investigation” into its advertising business, adding a new front to a decade-long antitrust battle.</p>\n<p>Technology “is really a high priority for us because what has happened over these last 12 months has changed a lot of habits,” Vestager told an online event Friday.</p>\n<p>Vestager’s investigation into the “Google ads ecosystem” is one of series of tech probes she cited, including investigations into&nbsp;Apple Inc.’s app store and payment system,Facebook Inc.’s marketplace and data. Her most advanced investigation into&nbsp;Amazon.com Inc.&nbsp;focuses on how its control of seller data may be “dramatically reducing the risks of Amazon retail compared to the risk” run by traders on the platform.</p>\n<p>Regulators&nbsp;gathered&nbsp;information in January on Google’s practices in the “advertising technology value chain” according to questionnaires sent to publishers and ad firms. The EU has been examining Google’s data practices since 2019 and has widened the scope to look at Google’s plans to phase out third-party cookies, which the U.K.’s antitrust authority isinvestigatingamid complaints from publishers.</p>\n<p>“We will use every tool that we have to the fullest” with antitrust action necessary “to make sure that the marketplace is fair,” Vestager said on the event organized by the European retailers’ association, EuroCommerce.</p>\n<p>Google didn’t immediately respond to a request for comment on Vestager’s remarks.</p>\n<p>Vestager previously said she’s taking a&nbsp;keen interest&nbsp;in Google’s advertising business in order to “fully understand” it and respond to people who “are uncomfortable as to how it works.” She said in January she didn’t know if regulators would open a formal probe to scrutinize the issues more deeply.</p>\n<p>The Dane has already fined Google more than $9 billion euros after three earlier antitrust investigations found the company breached the law over its shopping service, Android mobile phone operating system and advertising business. Regulators have also looked at the company’s travel and local search services.</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>Google Faces ‘Very Large’ EU Advertising Probe, Vestager Says</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\">\nGoogle Faces ‘Very Large’ EU Advertising Probe, Vestager Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-12 22:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-12/google-faces-very-large-eu-advertising-probe-vestager-says?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Technology still a high priority as Covid forces people online\nRegulators started looking at Google’s data practices in 2019\n\nEuropean Union Competition Commissioner Margrethe Vestager said Google ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-12/google-faces-very-large-eu-advertising-probe-vestager-says?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":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-12/google-faces-very-large-eu-advertising-probe-vestager-says?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100027772","content_text":"Technology still a high priority as Covid forces people online\nRegulators started looking at Google’s data practices in 2019\n\nEuropean Union Competition Commissioner Margrethe Vestager said Google faces a “very large investigation” into its advertising business, adding a new front to a decade-long antitrust battle.\nTechnology “is really a high priority for us because what has happened over these last 12 months has changed a lot of habits,” Vestager told an online event Friday.\nVestager’s investigation into the “Google ads ecosystem” is one of series of tech probes she cited, including investigations into Apple Inc.’s app store and payment system,Facebook Inc.’s marketplace and data. Her most advanced investigation into Amazon.com Inc. focuses on how its control of seller data may be “dramatically reducing the risks of Amazon retail compared to the risk” run by traders on the platform.\nRegulators gathered information in January on Google’s practices in the “advertising technology value chain” according to questionnaires sent to publishers and ad firms. The EU has been examining Google’s data practices since 2019 and has widened the scope to look at Google’s plans to phase out third-party cookies, which the U.K.’s antitrust authority isinvestigatingamid complaints from publishers.\n“We will use every tool that we have to the fullest” with antitrust action necessary “to make sure that the marketplace is fair,” Vestager said on the event organized by the European retailers’ association, EuroCommerce.\nGoogle didn’t immediately respond to a request for comment on Vestager’s remarks.\nVestager previously said she’s taking a keen interest in Google’s advertising business in order to “fully understand” it and respond to people who “are uncomfortable as to how it works.” She said in January she didn’t know if regulators would open a formal probe to scrutinize the issues more deeply.\nThe Dane has already fined Google more than $9 billion euros after three earlier antitrust investigations found the company breached the law over its shopping service, Android mobile phone operating system and advertising business. Regulators have also looked at the company’s travel and local search services.","news_type":1},"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328289351,"gmtCreate":1615529676673,"gmtModify":1703490497862,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569917618374883","authorIdStr":"3569917618374883"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328289351","repostId":"1119544264","repostType":4,"repost":{"id":"1119544264","kind":"news","pubTimestamp":1615476407,"share":"https://www.laohu8.com/m/news/1119544264?lang=&edition=full","pubTime":"2021-03-11 23:26","market":"us","language":"en","title":"Warren Buffett is now worth $100 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1119544264","media":"CNN Business","summary":"New York/Hong Kong  - Warren Buffett has just joined the world's most exclusive club of the mega rich.The legendary American investor was worth $100 billion on Thursday, according to the Bloomberg Billionaire's Index. That puts him in the company of just five other men above that threshold. And he's now the sixth richest person in the world, ranking just behindFacebookCEO Mark Zuckerberg.The 90-year-old Buffett has added nearly $13 billion to his net worth this year as shares in his industrial a","content":"<p><b>New York/Hong Kong (CNN Business)&nbsp;-&nbsp;</b>Warren Buffett has just joined the world's most exclusive club of the mega rich.</p>\n<p>The legendary American investor was worth $100 billion on Thursday, according to the&nbsp;Bloomberg Billionaire's Index. That puts him in the company of just five other men above that threshold. And he's now the sixth richest person in the world, ranking just behindFacebook(FB)CEO Mark&nbsp;Zuckerberg.</p>\n<p>The 90-year-old&nbsp;Buffett&nbsp;has added nearly $13 billion to his net worth this year as shares in his industrial and insurance conglomerate have surged.Berkshire Hathaway(BRKA)is up nearly 15% in 2021, giving the company a market capitalization of more than $600 billion.</p>\n<p>Buffett and Berkshire Hathaway are famous for investing primarily in slow growth, \"value\" stocks — many of which have done very well this year as markets continue to recover from the pandemic-fueled crash a year ago. He recently revealed that Berkshire&nbsp;bought stakes in Dow components&nbsp;Chevron and Verizon, indicating a new interest in Big Oil, telecom and media.</p>\n<p>Chevron(CVX)is up 31% as&nbsp;crude prices recover the ground they lost&nbsp;during the early months of the pandemic.Verizon(VZ)&nbsp;hasn't fared nearly as well — the stock is down nearly 3% this year — but it's still above the lows it hit in March 2020.</p>\n<p>While Buffett has cracked the $100 billion mark, he's still a long way behind the world's richest person,Amazon(AMZN)CEO Jeff Bezos, who is worth $180 billion, according to Bloomberg. Bezos has been trading the title withTesla(TSLA)CEO Elon Musk, who's now worth $173 billion&nbsp;as shares in his electric carmaker rallyfrom recent losses.</p>\n<p>Microsoft(MSFT)co-founder Bill Gates is No. 3 on the list at $138 billion, while Bernard Arnault, the chairman of luxury goods groupLVMH(LVMHF), ranks No. 4 with $122 billion. Arnault is the wealthiest non-American on the list. Zuckerberg is No. 5 with a net worth of $101 billion.Buffett has donated billions of dollars to philanthropic causes, and in 2006, pledged to give away&nbsp;almost all of his fortune to charity.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett is now worth $100 billion</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\">\nWarren Buffett is now worth $100 billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-11 23:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/03/11/business/warren-buffett-net-worth-intl-hnk/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York/Hong Kong (CNN Business) - Warren Buffett has just joined the world's most exclusive club of the mega rich.\nThe legendary American investor was worth $100 billion on Thursday, according to ...</p>\n\n<a href=\"https://edition.cnn.com/2021/03/11/business/warren-buffett-net-worth-intl-hnk/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://edition.cnn.com/2021/03/11/business/warren-buffett-net-worth-intl-hnk/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119544264","content_text":"New York/Hong Kong (CNN Business) - Warren Buffett has just joined the world's most exclusive club of the mega rich.\nThe legendary American investor was worth $100 billion on Thursday, according to the Bloomberg Billionaire's Index. That puts him in the company of just five other men above that threshold. And he's now the sixth richest person in the world, ranking just behindFacebook(FB)CEO Mark Zuckerberg.\nThe 90-year-old Buffett has added nearly $13 billion to his net worth this year as shares in his industrial and insurance conglomerate have surged.Berkshire Hathaway(BRKA)is up nearly 15% in 2021, giving the company a market capitalization of more than $600 billion.\nBuffett and Berkshire Hathaway are famous for investing primarily in slow growth, \"value\" stocks — many of which have done very well this year as markets continue to recover from the pandemic-fueled crash a year ago. He recently revealed that Berkshire bought stakes in Dow components Chevron and Verizon, indicating a new interest in Big Oil, telecom and media.\nChevron(CVX)is up 31% as crude prices recover the ground they lost during the early months of the pandemic.Verizon(VZ) hasn't fared nearly as well — the stock is down nearly 3% this year — but it's still above the lows it hit in March 2020.\nWhile Buffett has cracked the $100 billion mark, he's still a long way behind the world's richest person,Amazon(AMZN)CEO Jeff Bezos, who is worth $180 billion, according to Bloomberg. Bezos has been trading the title withTesla(TSLA)CEO Elon Musk, who's now worth $173 billion as shares in his electric carmaker rallyfrom recent losses.\nMicrosoft(MSFT)co-founder Bill Gates is No. 3 on the list at $138 billion, while Bernard Arnault, the chairman of luxury goods groupLVMH(LVMHF), ranks No. 4 with $122 billion. Arnault is the wealthiest non-American on the list. Zuckerberg is No. 5 with a net worth of $101 billion.Buffett has donated billions of dollars to philanthropic causes, and in 2006, pledged to give away almost all of his fortune to charity.","news_type":1},"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328280138,"gmtCreate":1615529586224,"gmtModify":1703490496831,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569917618374883","authorIdStr":"3569917618374883"},"themes":[],"htmlText":"Ok 👍🏽&nbsp;","listText":"Ok 👍🏽&nbsp;","text":"Ok 👍🏽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328280138","isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":137448119,"gmtCreate":1622382566231,"gmtModify":1634101907972,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"Ok ✅&nbsp;","listText":"Ok ✅&nbsp;","text":"Ok ✅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137448119","repostId":"2138948877","repostType":4,"repost":{"id":"2138948877","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1622215813,"share":"https://www.laohu8.com/m/news/2138948877?lang=&edition=full","pubTime":"2021-05-28 23:30","market":"us","language":"en","title":"The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever","url":"https://stock-news.laohu8.com/highlight/detail?id=2138948877","media":"Investors","summary":"Vacation trends reveal shifts toward privacy, luxury and family, continuing a transformative period for leisure and travel stocks.","content":"<p>Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like <b>Airbnb</b> that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.</p><p>Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.</p><p>\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"</p><p>One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.</p><p>And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.</p><p>Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.</p><h2>Leisure, Travel Industry Stocks</h2><p>Shares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.</p><p>Airline stocks&nbsp;like <b>American Airlines</b>, <b>United Airlines</b> and <b>Delta Air Lines</b> surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.</p><p>Cruise stocks like <b>Carnival</b>, <b>Royal Caribbean</b> and <b>Norwegian Cruise Line</b> are showing similar patterns.</p><p>Meanwhile, shares of boat makers <b>MarineMax</b> and <b>Brunswick</b> as well as RV makers <b>Winnebago</b> and <b>Thor Industries</b> need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.</p><p>Hotel leader <b>Marriott</b> has been less volatile and is forming a base, though earnings and sales have yet to fully recover.</p><p>Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from <b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a></b> rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.</p><h2><b>When Luxury Means More Privacy</b></h2><p>Luxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.</p><p>Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"</p><p>Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.</p><p>They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.</p><p>Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.</p><p>In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.</p><p>Private jet leasing company NetJets, which is owned by <b>Berkshire Hathaway</b>, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.</p><p>Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.</p><h2><b>Vacation Shift Favors These Travel Stocks</b></h2><p>Hotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.</p><p>Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.</p><p>The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes &amp; Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.</p><p>The Homes &amp; Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.</p><p>\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.</p><p>Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.</p><p>\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.</p><h2><b>Seaworthy Travel Stocks </b></h2><p>Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.</p><p>One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.</p><p>But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.</p><p>\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"</p><p>The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick&nbsp;as well as sport boat maker <b>Malibu Boats</b>.</p><p>\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.</p><h2><b>Travel Stocks For Being Alone Together</b></h2><p>The desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.</p><p>\"The rediscovery of America will continue this summer,\" Weissman said.</p><p>The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.</p><p>Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.</p><p>\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"</p><p>Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.</p><h2><b>Work-Life Rebalance</b></h2><p>As people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.</p><p>Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.</p><p>Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"</p><p>Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.</p><p>\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"</p><h2>Future Of Business Travel?</h2><p>That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.</p><p>Experts say fewer workers may fly for <a href=\"https://laohu8.com/S/AONE\">one</a>-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.</p><p>When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in <a href=\"https://laohu8.com/S/AONE.U\">one</a> house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.</p><p>That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.</p><p>\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever</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\">\nThe Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time\">2021-05-28 23:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like <b>Airbnb</b> that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.</p><p>Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.</p><p>\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"</p><p>One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.</p><p>And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.</p><p>Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.</p><h2>Leisure, Travel Industry Stocks</h2><p>Shares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.</p><p>Airline stocks&nbsp;like <b>American Airlines</b>, <b>United Airlines</b> and <b>Delta Air Lines</b> surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.</p><p>Cruise stocks like <b>Carnival</b>, <b>Royal Caribbean</b> and <b>Norwegian Cruise Line</b> are showing similar patterns.</p><p>Meanwhile, shares of boat makers <b>MarineMax</b> and <b>Brunswick</b> as well as RV makers <b>Winnebago</b> and <b>Thor Industries</b> need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.</p><p>Hotel leader <b>Marriott</b> has been less volatile and is forming a base, though earnings and sales have yet to fully recover.</p><p>Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from <b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a></b> rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.</p><h2><b>When Luxury Means More Privacy</b></h2><p>Luxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.</p><p>Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"</p><p>Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.</p><p>They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.</p><p>Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.</p><p>In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.</p><p>Private jet leasing company NetJets, which is owned by <b>Berkshire Hathaway</b>, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.</p><p>Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.</p><h2><b>Vacation Shift Favors These Travel Stocks</b></h2><p>Hotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.</p><p>Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.</p><p>The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes &amp; Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.</p><p>The Homes &amp; Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.</p><p>\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.</p><p>Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.</p><p>\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.</p><h2><b>Seaworthy Travel Stocks </b></h2><p>Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.</p><p>One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.</p><p>But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.</p><p>\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"</p><p>The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick&nbsp;as well as sport boat maker <b>Malibu Boats</b>.</p><p>\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.</p><h2><b>Travel Stocks For Being Alone Together</b></h2><p>The desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.</p><p>\"The rediscovery of America will continue this summer,\" Weissman said.</p><p>The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.</p><p>Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.</p><p>\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"</p><p>Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.</p><h2><b>Work-Life Rebalance</b></h2><p>As people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.</p><p>Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.</p><p>Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"</p><p>Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.</p><p>\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"</p><h2>Future Of Business Travel?</h2><p>That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.</p><p>Experts say fewer workers may fly for <a href=\"https://laohu8.com/S/AONE\">one</a>-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.</p><p>When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in <a href=\"https://laohu8.com/S/AONE.U\">one</a> house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.</p><p>That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.</p><p>\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WGO":"温尼巴格实业"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138948877","content_text":"Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like Airbnb that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.Leisure, Travel Industry StocksShares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.Airline stocks like American Airlines, United Airlines and Delta Air Lines surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.Cruise stocks like Carnival, Royal Caribbean and Norwegian Cruise Line are showing similar patterns.Meanwhile, shares of boat makers MarineMax and Brunswick as well as RV makers Winnebago and Thor Industries need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.Hotel leader Marriott has been less volatile and is forming a base, though earnings and sales have yet to fully recover.Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from Expedia rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.When Luxury Means More PrivacyLuxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.Private jet leasing company NetJets, which is owned by Berkshire Hathaway, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.Vacation Shift Favors These Travel StocksHotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes & Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.The Homes & Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.Seaworthy Travel Stocks Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick as well as sport boat maker Malibu Boats.\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.Travel Stocks For Being Alone TogetherThe desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.\"The rediscovery of America will continue this summer,\" Weissman said.The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.Work-Life RebalanceAs people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"Future Of Business Travel?That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.Experts say fewer workers may fly for one-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in one house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325119833,"gmtCreate":1615873988822,"gmtModify":1703494301968,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325119833","repostId":"1107832092","repostType":4,"repost":{"id":"1107832092","kind":"news","pubTimestamp":1615873805,"share":"https://www.laohu8.com/m/news/1107832092?lang=&edition=full","pubTime":"2021-03-16 13:50","market":"us","language":"en","title":"Is Slack Stock A Good Buy Before The Merger With Salesforce?","url":"https://stock-news.laohu8.com/highlight/detail?id=1107832092","media":"seekingalpha","summary":"Summary\n\nThe Slack/Salesforce merger arbitrage is at an attractive spread.\nSlack shares probably don","content":"<p><b>Summary</b></p>\n<ul>\n <li>The Slack/Salesforce merger arbitrage is at an attractive spread.</li>\n <li>Slack shares probably don't decline to the pre-deal price if the deal breaks.</li>\n <li>Salesforce seems confident about revenue synergies, which is a potential positive for post deal stock price performance.</li>\n</ul>\n<p>Slack Technologies (WORK), the collaboration software firm, is the subject of a&nbsp;takeover bid&nbsp;from Salesforce (CRM). The agreement stipulates that Slack shareholders will receive $26.79 in cash and 0.0776 Salesforce shares per share of WORK owned. The significant cash portion of the bid provides quite a bit of assured value to Slack shareholders, while the share portion of the consideration does allow them to benefit from any further upside from synergies related to the transaction.</p>\n<p><b>Should you play the merger arbitrage between Slack and CRM?</b></p>\n<p>The decision to invest in any specific merger arbitrage opportunity is largely based on three factors: the spread, the risk of the deal not closing, and the likely price response to the deal not closing.</p>\n<p>The easiest to determine is always the spread, as it can be calculated directly. In this case, with CRM at $210.80 which puts the value of the offer at $43.15 after accounting for both the cash and share components of the consideration. With Slack shares at $40.70, that is a spread of 6.0%. That is an equity-like return, especially considering the companies are still planning to&nbsp;close by July 31, 2021. A close on that date would be a 16.7% internal rate of return, which is satisfactory. The deal is large and both constituents are liquid. Salesforce shares are easy to borrow for investors who wish to lock in the spread.</p>\n<p>The risk of the deal not closing is always an item for investor judgement in any merger arbitrage situation. The biggest risk here seems to be antitrust scrutiny of the deal. The parties did receive a&nbsp;second request&nbsp;from information from the Department of Justice. That re-starts the clock on the Department of Justice's deadline to approve or sue to block the deal, resetting it to 30 days from the time their questions are answered.</p>\n<p>That said, there doesn't appear to be any real antitrust reason to block the deal. The companies are in adjacent verticals, and are not really direct competitors. Their markets (and especially Slack's) face significant competition, especially from Microsoft's Teams products. Having the ability to bundle Slack with Salesforce products probably allows Slack to compete effectively with Microsoft on bundles, but seems unlikely give them a competitive hammer to dominate the market. There have also been&nbsp;rumblings from analysts&nbsp;that the second request may be more of a delaying tactic by the DoJ. They may want to appear tough on tech mergers early in the new administration. The companies appear confident they will still close during Q2.</p>\n<p>Finally, the last point of consideration is what will happen to the pieces of the arbitrage trade if the deal breaks. The market prices of Slack's competitors are generally up meaningfully since the deal was announced, so even if it were to be blocked, I think (after an initial exit by arbs), Slack shares would hold up reasonably well. The other side of the trade is probably a bigger part of the deal break risk. Salesforce shares were down meaningfully when the deal was announced, and they haven't picked up that ground even in strong general market conditions. I think it's likely their shares would pop back up on a deal break, which is a risk to the short side of a merger arbitrage spread here.</p>\n<p>That said, the majority of the consideration here is cash, so the downside from a potential CRM stock pop on a deal break is smaller than in a full stock deal, simply because less CRM stock would need to be shorted to fully hedge.</p>\n<p><b>Should you hold the CRM shares you receive through the merger with Slack?</b></p>\n<p>That thought leads to an alternative to a traditional merger arbitrage spread, which would be a straight long of Slack shares. This has the advantage of eliminating the risk on the CRM side of the trade if the deal breaks. But it exchanges it for risk that CRM shares will decline if the deal does close. Salesforce shares have trailed the broader tech market since the deal was announced. The chart below shows their stock price compared to the broader QQQ index since just before the announcement.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2046aef0ad0c42cceb5e921db56523bd\" tg-width=\"640\" tg-height=\"397\"><span>Source: Seeking Alpha Advanced Charts</span></p>\n<p>The valuation of Salesforce isn't exactly compelling for a traditional value investor, but it is certainly a SAAS darling. They also have a reasonably strong record integrating past acquisitions. And the company must be confident in their assessment of Slack's absolute value (not just its relative value compared to their own shares) given how much actual cash they put up to buy the firm. Given they still have an active founder with a large stake, that has meaningful information value in my opinion.</p>\n<p><b>Slack Stock and Salesforce - Synergies</b></p>\n<p>The biggest reason to consider keeping the CRM shares to be received from the Slack Technologies purchase would be an appraisal of the potential synergies. Salesforce has a significant and passionate user base, and their sales presence among corporations is significant. That offers a significant opportunity to upsell WORK products to their existing user base, providing potentially meaningful revenue synergies. That is where the true success or failure of this deal will be found, although I think it is likely that there will be some of the usual cost synergies around public company costs and similar items.</p>\n<p>Slack is also a work-from-home winner, which diversifies CRM's existing business. Salesforce's core customer relationship management software is for managing sales contacts, and outside sales is a pretty difficult industry right now given the general lack of contact in the economy. However, it seems reasonable that both product suites would benefit from a transition to a mixed work-from-home and work-from-the-office economy.</p>\n<p>In a world where even 10% of a team is working from home, communication by digital means (like Slack) is likely to replace more and more of the communication that is currently done in person. And in a world where different customers will prefer different methods of contact, CRM software will become even more key for salespeople. So, I think there is a chance that both of the firms will benefit from a slow re-opening of the economy in 2021.</p>\n<p><b>Slack Stock: Buy or Sell</b></p>\n<p>In conclusion, I believe Slack Technologies, Inc shares are an attractive merger arbitrage investment at the present time. The decision on whether to hedge out the CRM shares that would be received is a more complicated one, and depends on the investors individual view on whether CRM can grow into its current valuation. I'd be inclined to split the difference, and hedge most but not all of the CRM exposure. In some ways, that allows the conversion of a merger arbitrage spread risk into some \"free\" CRM shares should the deal close successfully. While that's a bit of a house money fallacy, it does allow for some exposure to future CRM share price upside if they meet their synergies while also ensuring the initial purchase price of the WORK shares is recovered if the deal does close.</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>Is Slack Stock A Good Buy Before The Merger With Salesforce?</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\">\nIs Slack Stock A Good Buy Before The Merger With Salesforce?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 13:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414103-is-slack-stock-good-buy-merger-salesforce><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe Slack/Salesforce merger arbitrage is at an attractive spread.\nSlack shares probably don't decline to the pre-deal price if the deal breaks.\nSalesforce seems confident about revenue ...</p>\n\n<a href=\"https://seekingalpha.com/article/4414103-is-slack-stock-good-buy-merger-salesforce\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://seekingalpha.com/article/4414103-is-slack-stock-good-buy-merger-salesforce","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1107832092","content_text":"Summary\n\nThe Slack/Salesforce merger arbitrage is at an attractive spread.\nSlack shares probably don't decline to the pre-deal price if the deal breaks.\nSalesforce seems confident about revenue synergies, which is a potential positive for post deal stock price performance.\n\nSlack Technologies (WORK), the collaboration software firm, is the subject of a takeover bid from Salesforce (CRM). The agreement stipulates that Slack shareholders will receive $26.79 in cash and 0.0776 Salesforce shares per share of WORK owned. The significant cash portion of the bid provides quite a bit of assured value to Slack shareholders, while the share portion of the consideration does allow them to benefit from any further upside from synergies related to the transaction.\nShould you play the merger arbitrage between Slack and CRM?\nThe decision to invest in any specific merger arbitrage opportunity is largely based on three factors: the spread, the risk of the deal not closing, and the likely price response to the deal not closing.\nThe easiest to determine is always the spread, as it can be calculated directly. In this case, with CRM at $210.80 which puts the value of the offer at $43.15 after accounting for both the cash and share components of the consideration. With Slack shares at $40.70, that is a spread of 6.0%. That is an equity-like return, especially considering the companies are still planning to close by July 31, 2021. A close on that date would be a 16.7% internal rate of return, which is satisfactory. The deal is large and both constituents are liquid. Salesforce shares are easy to borrow for investors who wish to lock in the spread.\nThe risk of the deal not closing is always an item for investor judgement in any merger arbitrage situation. The biggest risk here seems to be antitrust scrutiny of the deal. The parties did receive a second request from information from the Department of Justice. That re-starts the clock on the Department of Justice's deadline to approve or sue to block the deal, resetting it to 30 days from the time their questions are answered.\nThat said, there doesn't appear to be any real antitrust reason to block the deal. The companies are in adjacent verticals, and are not really direct competitors. Their markets (and especially Slack's) face significant competition, especially from Microsoft's Teams products. Having the ability to bundle Slack with Salesforce products probably allows Slack to compete effectively with Microsoft on bundles, but seems unlikely give them a competitive hammer to dominate the market. There have also been rumblings from analysts that the second request may be more of a delaying tactic by the DoJ. They may want to appear tough on tech mergers early in the new administration. The companies appear confident they will still close during Q2.\nFinally, the last point of consideration is what will happen to the pieces of the arbitrage trade if the deal breaks. The market prices of Slack's competitors are generally up meaningfully since the deal was announced, so even if it were to be blocked, I think (after an initial exit by arbs), Slack shares would hold up reasonably well. The other side of the trade is probably a bigger part of the deal break risk. Salesforce shares were down meaningfully when the deal was announced, and they haven't picked up that ground even in strong general market conditions. I think it's likely their shares would pop back up on a deal break, which is a risk to the short side of a merger arbitrage spread here.\nThat said, the majority of the consideration here is cash, so the downside from a potential CRM stock pop on a deal break is smaller than in a full stock deal, simply because less CRM stock would need to be shorted to fully hedge.\nShould you hold the CRM shares you receive through the merger with Slack?\nThat thought leads to an alternative to a traditional merger arbitrage spread, which would be a straight long of Slack shares. This has the advantage of eliminating the risk on the CRM side of the trade if the deal breaks. But it exchanges it for risk that CRM shares will decline if the deal does close. Salesforce shares have trailed the broader tech market since the deal was announced. The chart below shows their stock price compared to the broader QQQ index since just before the announcement.\nSource: Seeking Alpha Advanced Charts\nThe valuation of Salesforce isn't exactly compelling for a traditional value investor, but it is certainly a SAAS darling. They also have a reasonably strong record integrating past acquisitions. And the company must be confident in their assessment of Slack's absolute value (not just its relative value compared to their own shares) given how much actual cash they put up to buy the firm. Given they still have an active founder with a large stake, that has meaningful information value in my opinion.\nSlack Stock and Salesforce - Synergies\nThe biggest reason to consider keeping the CRM shares to be received from the Slack Technologies purchase would be an appraisal of the potential synergies. Salesforce has a significant and passionate user base, and their sales presence among corporations is significant. That offers a significant opportunity to upsell WORK products to their existing user base, providing potentially meaningful revenue synergies. That is where the true success or failure of this deal will be found, although I think it is likely that there will be some of the usual cost synergies around public company costs and similar items.\nSlack is also a work-from-home winner, which diversifies CRM's existing business. Salesforce's core customer relationship management software is for managing sales contacts, and outside sales is a pretty difficult industry right now given the general lack of contact in the economy. However, it seems reasonable that both product suites would benefit from a transition to a mixed work-from-home and work-from-the-office economy.\nIn a world where even 10% of a team is working from home, communication by digital means (like Slack) is likely to replace more and more of the communication that is currently done in person. And in a world where different customers will prefer different methods of contact, CRM software will become even more key for salespeople. So, I think there is a chance that both of the firms will benefit from a slow re-opening of the economy in 2021.\nSlack Stock: Buy or Sell\nIn conclusion, I believe Slack Technologies, Inc shares are an attractive merger arbitrage investment at the present time. The decision on whether to hedge out the CRM shares that would be received is a more complicated one, and depends on the investors individual view on whether CRM can grow into its current valuation. I'd be inclined to split the difference, and hedge most but not all of the CRM exposure. In some ways, that allows the conversion of a merger arbitrage spread risk into some \"free\" CRM shares should the deal close successfully. While that's a bit of a house money fallacy, it does allow for some exposure to future CRM share price upside if they meet their synergies while also ensuring the initial purchase price of the WORK shares is recovered if the deal does close.","news_type":1},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325958587,"gmtCreate":1615859152449,"gmtModify":1703494077710,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325958587","repostId":"1130810138","repostType":4,"repost":{"id":"1130810138","kind":"news","pubTimestamp":1615857713,"share":"https://www.laohu8.com/m/news/1130810138?lang=&edition=full","pubTime":"2021-03-16 09:21","market":"us","language":"en","title":"AMD Is a Stock to Buy on the Dip - Here’s Why","url":"https://stock-news.laohu8.com/highlight/detail?id=1130810138","media":"TheStreet","summary":"Like other tech stocks, Advanced Micro Devices (AMD) hasn't fared too well lately.\nAlthough it’s hel","content":"<p>Like other tech stocks, Advanced Micro Devices&nbsp;(<b>AMD</b>) hasn't fared too well lately.</p>\n<p>Although it’s held up better than some of its high-growth peers, AMD hasn’t been immune to the decline in tech stocks.</p>\n<p>While&nbsp;higher interest rates have been the blame, the entire tech space has been struggling. Shares of AMD fell 25.5% from peak to their recent trough, which is about in-line with Nvidia’s&nbsp;(<b>NVDA</b>) &nbsp;recent slide.</p>\n<p>I liked Nvidia on the dip&nbsp;and because both companies have great fundamentals I like AMD on the dip too.</p>\n<p>So far, shares have been rallying nicely off last week’s low. Let’s take a closer look at the chart to see what the damage is.</p>\n<p><b>Trading AMD</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1746940036301b9d0299b9304312180\" tg-width=\"1070\" tg-height=\"736\"><span>Daily chart of AMD stock.</span></p>\n<p>Earlier in the year, AMD looked set to test $100 and potentially break out over this mark.</p>\n<p>Instead, it kept finding sellers on each rally, even as the $87 level was acting as support along with the 100-day moving average.</p>\n<p>Ultimately these levels failed as support, with shares flushing down to the 200-day moving average.</p>\n<p>It wasn’t necessarily wrong for investors to expect the 200-day moving average to be support. However, with rising interest rates driving the narrative, tech stocks were under heavy pressure.</p>\n<p>Once this level failed for AMD, it looked dicey. That is, unless you were looking at multiple timeframes.</p>\n<p>AMD stock traded down perfectly to range support near $74, as well as the 50-week moving average. It bounced from this level on Friday March 5th and closed at it on Monday March 8th. Since then, it’s been enjoying a strong rally.</p>\n<p>From here, we have to see how the stock handles its 100-day moving average and the $87 level. These prior measures were support. If they are reclaimed, they can again act as support.</p>\n<p>However, if they are resistance, AMD stock may need more time to consolidate.</p>\n<p>On the downside, let’s see if shares can stay above the 200-day moving average. If the stock can do so, it’s likely a buyable dip. Below it puts the 50-week moving average in play.</p>\n<p>Even though I don't know if $78 or $88 is next, I like AMD stock for the long term. It has too many catalysts to ignore.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Is a Stock to Buy on the Dip - Here’s Why</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\">\nAMD Is a Stock to Buy on the Dip - Here’s Why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 09:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/advanced-micro-devices-amd-stock-buy-the-dip-trading><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Like other tech stocks, Advanced Micro Devices (AMD) hasn't fared too well lately.\nAlthough it’s held up better than some of its high-growth peers, AMD hasn’t been immune to the decline in tech stocks...</p>\n\n<a href=\"https://www.thestreet.com/investing/advanced-micro-devices-amd-stock-buy-the-dip-trading\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/advanced-micro-devices-amd-stock-buy-the-dip-trading","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130810138","content_text":"Like other tech stocks, Advanced Micro Devices (AMD) hasn't fared too well lately.\nAlthough it’s held up better than some of its high-growth peers, AMD hasn’t been immune to the decline in tech stocks.\nWhile higher interest rates have been the blame, the entire tech space has been struggling. Shares of AMD fell 25.5% from peak to their recent trough, which is about in-line with Nvidia’s (NVDA)  recent slide.\nI liked Nvidia on the dip and because both companies have great fundamentals I like AMD on the dip too.\nSo far, shares have been rallying nicely off last week’s low. Let’s take a closer look at the chart to see what the damage is.\nTrading AMD\nDaily chart of AMD stock.\nEarlier in the year, AMD looked set to test $100 and potentially break out over this mark.\nInstead, it kept finding sellers on each rally, even as the $87 level was acting as support along with the 100-day moving average.\nUltimately these levels failed as support, with shares flushing down to the 200-day moving average.\nIt wasn’t necessarily wrong for investors to expect the 200-day moving average to be support. However, with rising interest rates driving the narrative, tech stocks were under heavy pressure.\nOnce this level failed for AMD, it looked dicey. That is, unless you were looking at multiple timeframes.\nAMD stock traded down perfectly to range support near $74, as well as the 50-week moving average. It bounced from this level on Friday March 5th and closed at it on Monday March 8th. Since then, it’s been enjoying a strong rally.\nFrom here, we have to see how the stock handles its 100-day moving average and the $87 level. These prior measures were support. If they are reclaimed, they can again act as support.\nHowever, if they are resistance, AMD stock may need more time to consolidate.\nOn the downside, let’s see if shares can stay above the 200-day moving average. If the stock can do so, it’s likely a buyable dip. Below it puts the 50-week moving average in play.\nEven though I don't know if $78 or $88 is next, I like AMD stock for the long term. It has too many catalysts to ignore.","news_type":1},"isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353277924,"gmtCreate":1616506045468,"gmtModify":1634525482720,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"👍🏽 👍🏽&nbsp;","listText":"👍🏽 👍🏽&nbsp;","text":"👍🏽 👍🏽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353277924","repostId":"1137063642","repostType":4,"repost":{"id":"1137063642","kind":"news","pubTimestamp":1616505836,"share":"https://www.laohu8.com/m/news/1137063642?lang=&edition=full","pubTime":"2021-03-23 21:23","market":"us","language":"en","title":"Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck","url":"https://stock-news.laohu8.com/highlight/detail?id=1137063642","media":"MarketWatch","summary":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as t","content":"<p>Statistical scrutiny brings this high-flying ETF down to earth</p>\n<p>You could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.</p>\n<p>I know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust&nbsp;(which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.</p>\n<p>At the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&amp;P 500.</p>\n<p>One approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.</p>\n<p>If you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.</p>\n<p>This reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:</p>\n<p><img src=\"https://static.tigerbbs.com/13b81e9f1962e464faeb2d45cdd0e5f9\" tg-width=\"1260\" tg-height=\"849\"></p>\n<p>The Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.</p>\n<p>The answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.</p>\n<p><b>Luck versus skill</b></p>\n<p>Note carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.</p>\n<p>This goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)</p>\n<p>The answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.</p>\n<p>An example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)</p>\n<p>In the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.</p>","source":"market_watch","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>Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck</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\">\nJury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to ...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF","TSLA":"特斯拉","ARKK":"ARK Innovation ETF","QQQ":"纳指100ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF"},"source_url":"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137063642","content_text":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust (which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.\nAt the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&P 500.\nOne approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.\nIf you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.\nThis reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:\n\nThe Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.\nThe answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.\nLuck versus skill\nNote carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.\nThis goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)\nThe answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.\nAn example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)\nIn the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326264971,"gmtCreate":1615668390193,"gmtModify":1703491935988,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"Haha 👌🏽 of&nbsp;","listText":"Haha 👌🏽 of&nbsp;","text":"Haha 👌🏽 of","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326264971","repostId":"1100027772","repostType":4,"repost":{"id":"1100027772","kind":"news","pubTimestamp":1615559187,"share":"https://www.laohu8.com/m/news/1100027772?lang=&edition=full","pubTime":"2021-03-12 22:26","market":"us","language":"en","title":"Google Faces ‘Very Large’ EU Advertising Probe, Vestager Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1100027772","media":"Bloomberg","summary":"Technology still a high priority as Covid forces people online\nRegulators started looking at Google’","content":"<ul>\n <li>Technology still a high priority as Covid forces people online</li>\n <li>Regulators started looking at Google’s data practices in 2019</li>\n</ul>\n<p>European Union Competition Commissioner Margrethe Vestager said Google faces a “very large investigation” into its advertising business, adding a new front to a decade-long antitrust battle.</p>\n<p>Technology “is really a high priority for us because what has happened over these last 12 months has changed a lot of habits,” Vestager told an online event Friday.</p>\n<p>Vestager’s investigation into the “Google ads ecosystem” is one of series of tech probes she cited, including investigations into&nbsp;Apple Inc.’s app store and payment system,Facebook Inc.’s marketplace and data. Her most advanced investigation into&nbsp;Amazon.com Inc.&nbsp;focuses on how its control of seller data may be “dramatically reducing the risks of Amazon retail compared to the risk” run by traders on the platform.</p>\n<p>Regulators&nbsp;gathered&nbsp;information in January on Google’s practices in the “advertising technology value chain” according to questionnaires sent to publishers and ad firms. The EU has been examining Google’s data practices since 2019 and has widened the scope to look at Google’s plans to phase out third-party cookies, which the U.K.’s antitrust authority isinvestigatingamid complaints from publishers.</p>\n<p>“We will use every tool that we have to the fullest” with antitrust action necessary “to make sure that the marketplace is fair,” Vestager said on the event organized by the European retailers’ association, EuroCommerce.</p>\n<p>Google didn’t immediately respond to a request for comment on Vestager’s remarks.</p>\n<p>Vestager previously said she’s taking a&nbsp;keen interest&nbsp;in Google’s advertising business in order to “fully understand” it and respond to people who “are uncomfortable as to how it works.” She said in January she didn’t know if regulators would open a formal probe to scrutinize the issues more deeply.</p>\n<p>The Dane has already fined Google more than $9 billion euros after three earlier antitrust investigations found the company breached the law over its shopping service, Android mobile phone operating system and advertising business. Regulators have also looked at the company’s travel and local search services.</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>Google Faces ‘Very Large’ EU Advertising Probe, Vestager Says</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\">\nGoogle Faces ‘Very Large’ EU Advertising Probe, Vestager Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-12 22:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-12/google-faces-very-large-eu-advertising-probe-vestager-says?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Technology still a high priority as Covid forces people online\nRegulators started looking at Google’s data practices in 2019\n\nEuropean Union Competition Commissioner Margrethe Vestager said Google ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-12/google-faces-very-large-eu-advertising-probe-vestager-says?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":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-12/google-faces-very-large-eu-advertising-probe-vestager-says?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100027772","content_text":"Technology still a high priority as Covid forces people online\nRegulators started looking at Google’s data practices in 2019\n\nEuropean Union Competition Commissioner Margrethe Vestager said Google faces a “very large investigation” into its advertising business, adding a new front to a decade-long antitrust battle.\nTechnology “is really a high priority for us because what has happened over these last 12 months has changed a lot of habits,” Vestager told an online event Friday.\nVestager’s investigation into the “Google ads ecosystem” is one of series of tech probes she cited, including investigations into Apple Inc.’s app store and payment system,Facebook Inc.’s marketplace and data. Her most advanced investigation into Amazon.com Inc. focuses on how its control of seller data may be “dramatically reducing the risks of Amazon retail compared to the risk” run by traders on the platform.\nRegulators gathered information in January on Google’s practices in the “advertising technology value chain” according to questionnaires sent to publishers and ad firms. The EU has been examining Google’s data practices since 2019 and has widened the scope to look at Google’s plans to phase out third-party cookies, which the U.K.’s antitrust authority isinvestigatingamid complaints from publishers.\n“We will use every tool that we have to the fullest” with antitrust action necessary “to make sure that the marketplace is fair,” Vestager said on the event organized by the European retailers’ association, EuroCommerce.\nGoogle didn’t immediately respond to a request for comment on Vestager’s remarks.\nVestager previously said she’s taking a keen interest in Google’s advertising business in order to “fully understand” it and respond to people who “are uncomfortable as to how it works.” She said in January she didn’t know if regulators would open a formal probe to scrutinize the issues more deeply.\nThe Dane has already fined Google more than $9 billion euros after three earlier antitrust investigations found the company breached the law over its shopping service, Android mobile phone operating system and advertising business. Regulators have also looked at the company’s travel and local search services.","news_type":1},"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328289351,"gmtCreate":1615529676673,"gmtModify":1703490497862,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328289351","repostId":"1119544264","repostType":4,"repost":{"id":"1119544264","kind":"news","pubTimestamp":1615476407,"share":"https://www.laohu8.com/m/news/1119544264?lang=&edition=full","pubTime":"2021-03-11 23:26","market":"us","language":"en","title":"Warren Buffett is now worth $100 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=1119544264","media":"CNN Business","summary":"New York/Hong Kong  - Warren Buffett has just joined the world's most exclusive club of the mega rich.The legendary American investor was worth $100 billion on Thursday, according to the Bloomberg Billionaire's Index. That puts him in the company of just five other men above that threshold. And he's now the sixth richest person in the world, ranking just behindFacebookCEO Mark Zuckerberg.The 90-year-old Buffett has added nearly $13 billion to his net worth this year as shares in his industrial a","content":"<p><b>New York/Hong Kong (CNN Business)&nbsp;-&nbsp;</b>Warren Buffett has just joined the world's most exclusive club of the mega rich.</p>\n<p>The legendary American investor was worth $100 billion on Thursday, according to the&nbsp;Bloomberg Billionaire's Index. That puts him in the company of just five other men above that threshold. And he's now the sixth richest person in the world, ranking just behindFacebook(FB)CEO Mark&nbsp;Zuckerberg.</p>\n<p>The 90-year-old&nbsp;Buffett&nbsp;has added nearly $13 billion to his net worth this year as shares in his industrial and insurance conglomerate have surged.Berkshire Hathaway(BRKA)is up nearly 15% in 2021, giving the company a market capitalization of more than $600 billion.</p>\n<p>Buffett and Berkshire Hathaway are famous for investing primarily in slow growth, \"value\" stocks — many of which have done very well this year as markets continue to recover from the pandemic-fueled crash a year ago. He recently revealed that Berkshire&nbsp;bought stakes in Dow components&nbsp;Chevron and Verizon, indicating a new interest in Big Oil, telecom and media.</p>\n<p>Chevron(CVX)is up 31% as&nbsp;crude prices recover the ground they lost&nbsp;during the early months of the pandemic.Verizon(VZ)&nbsp;hasn't fared nearly as well — the stock is down nearly 3% this year — but it's still above the lows it hit in March 2020.</p>\n<p>While Buffett has cracked the $100 billion mark, he's still a long way behind the world's richest person,Amazon(AMZN)CEO Jeff Bezos, who is worth $180 billion, according to Bloomberg. Bezos has been trading the title withTesla(TSLA)CEO Elon Musk, who's now worth $173 billion&nbsp;as shares in his electric carmaker rallyfrom recent losses.</p>\n<p>Microsoft(MSFT)co-founder Bill Gates is No. 3 on the list at $138 billion, while Bernard Arnault, the chairman of luxury goods groupLVMH(LVMHF), ranks No. 4 with $122 billion. Arnault is the wealthiest non-American on the list. Zuckerberg is No. 5 with a net worth of $101 billion.Buffett has donated billions of dollars to philanthropic causes, and in 2006, pledged to give away&nbsp;almost all of his fortune to charity.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett is now worth $100 billion</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\">\nWarren Buffett is now worth $100 billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-11 23:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/03/11/business/warren-buffett-net-worth-intl-hnk/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York/Hong Kong (CNN Business) - Warren Buffett has just joined the world's most exclusive club of the mega rich.\nThe legendary American investor was worth $100 billion on Thursday, according to ...</p>\n\n<a href=\"https://edition.cnn.com/2021/03/11/business/warren-buffett-net-worth-intl-hnk/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://edition.cnn.com/2021/03/11/business/warren-buffett-net-worth-intl-hnk/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119544264","content_text":"New York/Hong Kong (CNN Business) - Warren Buffett has just joined the world's most exclusive club of the mega rich.\nThe legendary American investor was worth $100 billion on Thursday, according to the Bloomberg Billionaire's Index. That puts him in the company of just five other men above that threshold. And he's now the sixth richest person in the world, ranking just behindFacebook(FB)CEO Mark Zuckerberg.\nThe 90-year-old Buffett has added nearly $13 billion to his net worth this year as shares in his industrial and insurance conglomerate have surged.Berkshire Hathaway(BRKA)is up nearly 15% in 2021, giving the company a market capitalization of more than $600 billion.\nBuffett and Berkshire Hathaway are famous for investing primarily in slow growth, \"value\" stocks — many of which have done very well this year as markets continue to recover from the pandemic-fueled crash a year ago. He recently revealed that Berkshire bought stakes in Dow components Chevron and Verizon, indicating a new interest in Big Oil, telecom and media.\nChevron(CVX)is up 31% as crude prices recover the ground they lost during the early months of the pandemic.Verizon(VZ) hasn't fared nearly as well — the stock is down nearly 3% this year — but it's still above the lows it hit in March 2020.\nWhile Buffett has cracked the $100 billion mark, he's still a long way behind the world's richest person,Amazon(AMZN)CEO Jeff Bezos, who is worth $180 billion, according to Bloomberg. Bezos has been trading the title withTesla(TSLA)CEO Elon Musk, who's now worth $173 billion as shares in his electric carmaker rallyfrom recent losses.\nMicrosoft(MSFT)co-founder Bill Gates is No. 3 on the list at $138 billion, while Bernard Arnault, the chairman of luxury goods groupLVMH(LVMHF), ranks No. 4 with $122 billion. Arnault is the wealthiest non-American on the list. Zuckerberg is No. 5 with a net worth of $101 billion.Buffett has donated billions of dollars to philanthropic causes, and in 2006, pledged to give away almost all of his fortune to charity.","news_type":1},"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328280138,"gmtCreate":1615529586224,"gmtModify":1703490496831,"author":{"id":"3569917618374883","authorId":"3569917618374883","name":"Waynenaidu","avatar":"https://static.tigerbbs.com/d059d2c0dfcc62b3538622190f2564ed","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569917618374883","idStr":"3569917618374883"},"themes":[],"htmlText":"Ok 👍🏽&nbsp;","listText":"Ok 👍🏽&nbsp;","text":"Ok 👍🏽","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328280138","isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}