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Jtcs1989

Jtcs1989

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2021-04-27

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U.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief

2021-04-25

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2021-03-19

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Coupang Is Not A Buy - At Least Not Right Now

2021-03-13

Nice

US Daylight Saving Time

2021-03-12

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Better Buy: Netflix vs. Amazon

2021-03-11

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US Daylight Saving Time

2021-03-10

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Baidu's rise expanded to 10%

2021-03-10

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2021-03-09

[开心]

抱歉，原内容已删除

2021-03-09

[开心]

How Toyota thrives when the chips are down

2021-03-09

[美金]

7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee

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brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1619450047,"share":"https://www.laohu8.com/m/news/1197393438?lang=&edition=full","pubTime":"2021-04-26 23:14","market":"us","language":"en","title":"U.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief","url":"https://stock-news.laohu8.com/highlight/detail?id=1197393438","media":"Reuters","summary":"U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Feder","content":"<p>U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Federal Reserve let expire a waiver to a capital adequacy regulation granted early in the pandemic, even as firms seek to raise more capital via debt issuance instead.</p>\n<p>That 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By issuing debt, a bank raises capital against its assets, lifting capital ratios.</p>\n<p>Bank issuers are jumping in to take advantage of the low cost of capital with an eye to the future amid potentially higher rates and borrowing costs, said Lyn Graham-Taylor, senior rates strategist at Rabobank in London.</p>\n<p>JPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley have or are planning to issue a total of $40 billion in debt, according to media reports.</p>\n<p>JPMorgan’s $13 billion bond sale on April 15 was briefly an industry record until it was topped the next day by Bank of America’s $15 billion offering.</p>\n<p>“The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said.</p>\n<p>The latest Fed data on primary dealer holdings of Treasuries, one component of bank ownership of U.S. government debt, showed a slight increase of their Treasury inventory as of April 14, to $125.6 billion, from a week earlier.</p>\n<p>Primary dealer holdings did decline from end-February to mid-March as banks braced for the expiration of the SLR exemption, data showed.</p>\n<p>U.S. banks currently hold between 8%-10% of publicly available Treasury securities, according to Fed data. That is a major chunk that could move yields if there are reallocations away from Treasuries.</p>\n<p>In April 2020, the Fed excluded Treasuries and central bank deposits from the leverage ratio until March 31, a move aimed at easing Treasury market stress and encouraging banks to lend.</p>\n<p>“From my understanding, there weren’t many banks that have been using the SLR exemption on their Treasury holdings anyway,” said Patrick Leary, chief market strategist and senior trader at broker-dealer Incapital.</p>\n<p>DEBT ISSUANCE VS SELLING TREASURIES</p>\n<p>Issuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so.</p>\n<p>“Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter. “Interest on reserves don’t earn much and they earn less than what you’re paying for the debt that funds it.”</p>\n<p>But Krieter noted that selling Treasuries has been a much more expensive exercise than issuing debt.</p>\n<p>“To maintain a certain SLR, you might sell Treasuries and then presumably buy them back at a higher market price once the permanent exemption comes,” Krieter said.</p>\n<p>“In this example, you’re paying the full bid/ask spread on a Treasury portfolio worth tens of billions of dollars.”</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>U.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief</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\">\nU.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-04-26 23:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Federal Reserve let expire a waiver to a capital adequacy regulation granted early in the pandemic, even as firms seek to raise more capital via debt issuance instead.</p>\n<p>That should prevent spikes in U.S. Treasury yields and keep them in a narrow range this year.</p>\n<p>The waiver to the supplementary leverage ratio expired on March 31. That means big banks, as of April 1, have resumed holding more loss-absorbing capital against U.S. Treasuries and central bank deposits.</p>\n<p>The Fed also said it would undertake a formal review of the SLR given concerns it is no longer functioning as intended with the central bank’s COVID-19 monetary policy measures.</p>\n<p>“When we were all talking about the SLR a couple of months ago, we were worried that the exemptions will expire... and banks would sell Treasuries, but the SLR (exemption) went away, and we didn’t really see significant selling pressure,” said Dan Krieter, interest rates strategist at BMO Capital in Chicago.</p>\n<p>Along with other investors, some bank buying has lifted Treasury prices since the beginning of the month, pushing U.S. 10-year yields about 20 basis points lower. They were last at 1.572%.</p>\n<p>Instead of selling Treasuries to meet the capital ratios, analysts said banks are issuing debt. By issuing debt, a bank raises capital against its assets, lifting capital ratios.</p>\n<p>Bank issuers are jumping in to take advantage of the low cost of capital with an eye to the future amid potentially higher rates and borrowing costs, said Lyn Graham-Taylor, senior rates strategist at Rabobank in London.</p>\n<p>JPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley have or are planning to issue a total of $40 billion in debt, according to media reports.</p>\n<p>JPMorgan’s $13 billion bond sale on April 15 was briefly an industry record until it was topped the next day by Bank of America’s $15 billion offering.</p>\n<p>“The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said.</p>\n<p>The latest Fed data on primary dealer holdings of Treasuries, one component of bank ownership of U.S. government debt, showed a slight increase of their Treasury inventory as of April 14, to $125.6 billion, from a week earlier.</p>\n<p>Primary dealer holdings did decline from end-February to mid-March as banks braced for the expiration of the SLR exemption, data showed.</p>\n<p>U.S. banks currently hold between 8%-10% of publicly available Treasury securities, according to Fed data. That is a major chunk that could move yields if there are reallocations away from Treasuries.</p>\n<p>In April 2020, the Fed excluded Treasuries and central bank deposits from the leverage ratio until March 31, a move aimed at easing Treasury market stress and encouraging banks to lend.</p>\n<p>“From my understanding, there weren’t many banks that have been using the SLR exemption on their Treasury holdings anyway,” said Patrick Leary, chief market strategist and senior trader at broker-dealer Incapital.</p>\n<p>DEBT ISSUANCE VS SELLING TREASURIES</p>\n<p>Issuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so.</p>\n<p>“Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter. “Interest on reserves don’t earn much and they earn less than what you’re paying for the debt that funds it.”</p>\n<p>But Krieter noted that selling Treasuries has been a much more expensive exercise than issuing debt.</p>\n<p>“To maintain a certain SLR, you might sell Treasuries and then presumably buy them back at a higher market price once the permanent exemption comes,” Krieter said.</p>\n<p>“In this example, you’re paying the full bid/ask spread on a Treasury portfolio worth tens of billions of dollars.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197393438","content_text":"U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Federal Reserve let expire a waiver to a capital adequacy regulation granted early in the pandemic, even as firms seek to raise more capital via debt issuance instead.\nThat should prevent spikes in U.S. Treasury yields and keep them in a narrow range this year.\nThe waiver to the supplementary leverage ratio expired on March 31. That means big banks, as of April 1, have resumed holding more loss-absorbing capital against U.S. Treasuries and central bank deposits.\nThe Fed also said it would undertake a formal review of the SLR given concerns it is no longer functioning as intended with the central bank’s COVID-19 monetary policy measures.\n“When we were all talking about the SLR a couple of months ago, we were worried that the exemptions will expire... and banks would sell Treasuries, but the SLR (exemption) went away, and we didn’t really see significant selling pressure,” said Dan Krieter, interest rates strategist at BMO Capital in Chicago.\nAlong with other investors, some bank buying has lifted Treasury prices since the beginning of the month, pushing U.S. 10-year yields about 20 basis points lower. They were last at 1.572%.\nInstead of selling Treasuries to meet the capital ratios, analysts said banks are issuing debt. By issuing debt, a bank raises capital against its assets, lifting capital ratios.\nBank issuers are jumping in to take advantage of the low cost of capital with an eye to the future amid potentially higher rates and borrowing costs, said Lyn Graham-Taylor, senior rates strategist at Rabobank in London.\nJPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley have or are planning to issue a total of $40 billion in debt, according to media reports.\nJPMorgan’s $13 billion bond sale on April 15 was briefly an industry record until it was topped the next day by Bank of America’s $15 billion offering.\n“The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said.\nThe latest Fed data on primary dealer holdings of Treasuries, one component of bank ownership of U.S. government debt, showed a slight increase of their Treasury inventory as of April 14, to $125.6 billion, from a week earlier.\nPrimary dealer holdings did decline from end-February to mid-March as banks braced for the expiration of the SLR exemption, data showed.\nU.S. banks currently hold between 8%-10% of publicly available Treasury securities, according to Fed data. That is a major chunk that could move yields if there are reallocations away from Treasuries.\nIn April 2020, the Fed excluded Treasuries and central bank deposits from the leverage ratio until March 31, a move aimed at easing Treasury market stress and encouraging banks to lend.\n“From my understanding, there weren’t many banks that have been using the SLR exemption on their Treasury holdings anyway,” said Patrick Leary, chief market strategist and senior trader at broker-dealer Incapital.\nDEBT ISSUANCE VS SELLING TREASURIES\nIssuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so.\n“Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter. “Interest on reserves don’t earn much and they earn less than what you’re paying for the debt that funds it.”\nBut Krieter noted that selling Treasuries has been a much more expensive exercise than issuing debt.\n“To maintain a certain SLR, you might sell Treasuries and then presumably buy them back at a higher market price once the permanent exemption comes,” Krieter said.\n“In this example, you’re paying the full bid/ask spread on a Treasury portfolio worth tens of billions of dollars.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375302896,"gmtCreate":1619303640615,"gmtModify":1634287274060,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375302896","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327776001,"gmtCreate":1616131253103,"gmtModify":1634527070347,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327776001","repostId":"1177979145","repostType":4,"repost":{"id":"1177979145","pubTimestamp":1616126730,"share":"https://www.laohu8.com/m/news/1177979145?lang=&edition=full","pubTime":"2021-03-19 12:05","market":"us","language":"en","title":"Coupang Is Not A Buy - At Least Not Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1177979145","media":"seekingalpha","summary":"Summary\n\nCoupang is the Amazon of South Korea, making them a great long-term investment.\nCoupang is ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Coupang is the Amazon of South Korea, making them a great long-term investment.</li>\n <li>Coupang is a mix of Amazon, UPS, and Doordash.</li>\n <li>However, the stock rose over 40% opening day, making it a pass.</li>\n <li>Add to your watchlist to enter when tech stocks sell off further.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6007e02f2443cff3fc482b6093ae2fe4\" tg-width=\"768\" tg-height=\"512\"><span>Photo by LeoPatrizi/E+ via Getty Images</span></p>\n<blockquote>\n How did I ever live without Coupang?\"\n</blockquote>\n<blockquote>\n -Bom Suk Kim, Founder\n</blockquote>\n<p>Coupang (CPNG) is known to be the Amazon of South Korea - and for a good reason. They have dominated their home turf to become the top online retailer in the nation. While they are not identical to Amazon(NASDAQ:AMZN), their business model is similar in many ways, making CPNG an attractive investment for long-term investors.</p>\n<p>However, like recent tech IPOs that have seen 40%+ spikes on the first day of trading, CPNG is initially overpriced. However, I would argue they are an excellent long-term investment later in the year based on their competitive advantages.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29d4d846d6625dd56e0f232774597ae6\" tg-width=\"693\" tg-height=\"631\"><span>Source: S-1</span></p>\n<p>Brief Overview</p>\n<p>Coupang is an e-commerce platform similar to Amazon, where customers can purchase a wide variety of products with expedited shipping. They host over 200,000 merchants and hundreds of millions of SKU's providing customers with a wide variety of choices to suit their purchasing needs. The company wasfounded&nbsp;in 2010 by Bom Kim, the current CEO, who graduated from Harvard University and dropped out of Harvard Business School to start Coupang. Their culture is very customer-centric; throughout their S-1 is a relentless focus on making the customer happy. In an opening letter from Mr. Kim, he states, \"We want our customers to have it all,\" and \"Why force customers to choose between amazing service, low prices, and broad selection?\"</p>\n<p>Coupang received&nbsp;pre-IPO&nbsp;investments from prominent U.S. Hedge Fund managers Stanley Druckenmiller and Bill Ackman, who saw the potential of bringing the Amazon model to South Korea, where the e-commerce marketplace has been underserved. Coupang's rapid ascension is due in part to the South Korean&nbsp;market opportunity, which is the fourth-largest economy in Asia and the twelfth largest globally with a GDP of $1.6 trillion and GDP per capita of $31,847. Total e-commerce spend was $128 billion in 2019 and is expected to grow to $206 billion by 2024, equaling a CAGR of approximately&nbsp;10%.</p>\n<p><b>Economic Moats</b></p>\n<blockquote>\n \"What we're trying to do, is we're trying to find a business with a wide and long-lasting moat around it, surrounded -- protecting a terrific economic castle with an honest lord in charge of the castle.\" -Warren Buffet.\n</blockquote>\n<p><b>Rocket WOW Membership</b></p>\n<p>Coupang has a membership program called&nbsp;Rocket WOW, similar to Prime, that provides unlimited free shipping with no minimums, free returns, and exclusive discounts. The cost is a mere $2.50 a month and being a part of this program also gives customers access to Rocket Dawn and Rocket Same-Day Delivery. With Rocket Dawn, if a customer places an order by midnight, even seconds before, they are promised arrival&nbsp;before7 am! Also, WOW members have access to two newer benefits in Rocket Fresh and Coupang Eats.</p>\n<p>Rocket Fresh provides Same-Day Delivery for fresh food such as vegetables, dairy, fruit, and meats. Since&nbsp;last year,Coupang has been the only e-commerce firm to deliver fresh foods directly to customer's doors in under 24 hours. Expedited shipping is vital for perishable foods, and with Coupangs massive distribution network, they can execute this type of delivery speed.</p>\n<p>Coupang Eats has piggybacked off Rocket Delivery by leveraging their technology and logistics to partner with independent restaurants to deliver food, similar to Doordash. Eats' success has become apparent by rising to the top as the&nbsp;largest&nbsp;online food delivery service in the nation.</p>\n<p>These value-added services to the WOW membership have paid dividends in growing their user base. Of Coupangs 14.8 million users,32%are WOW members whose frequency of purchases was over four times that of non-members!</p>\n<p><b>Virtuous Cycle</b></p>\n<p>Similar to Prime, Coupang's WOW Club fosters a virtuous circle. By offering unique services such as expedited shipping, Eats, and Fresh, more users sign up for the club. In turn, it increases purchases, providing more incentive for Merchants to join the platform to offer more products. Coupang generates more revenue to further invest in more offerings like Eats and Fresh, leading to more members joining.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19e77e9fdec1003aafdd8ca3bf1f05d0\" tg-width=\"626\" tg-height=\"255\"><span>Source: S-1</span></p>\n<p>The exceptional experience customers have using Coupang is reflected in their loyalty, retention, and increase in purchasing. As shown above, the chart demonstrates a cohort for each year a new user signed up. Displayed here is that more recent cohorts have increased their spending faster than older cohorts, with their more unique offerings like Eats and Fresh likely contributing to Coupang's stickiness.</p>\n<blockquote>\n For example, the 2017 cohort spent approximately 80% more in 2018 compared to 2017. By comparison, the 2018 and 2019 cohorts spent approximately 98% and approximately 119% more, respectively, in their second years compared to their first years with us.\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad3c1f67801314390cc2189a8e5f9d0e\" tg-width=\"705\" tg-height=\"62\"><span>Source: S-1</span></p>\n<p>Furthermore, users' increased engagement and spending have translated to rapid user growth, with an increase in 2018 to 2020 from 9.1 million to 14.8 million, a 61% increase in just two years.</p>\n<p>The impressive user growth is highly encouraging to see how engaged, and loyal users of Coupang's platform are. As an American and avid Amazon customer, I can relate to many of the same perks where my experience isn't the same when I order online from Amazon's competitors. And through the years, as I have made many purchases via Amazon, my own loyalty has grown, and further disinterests me to try other eCommerce marketplaces.</p>\n<p><b>Massive Distribution and Geographic Domination</b></p>\n<p>South Korea didn't have a robust e-commerce infrastructure before Coupang. In the US, we have been fortunate to have the infrastructure built many years pre-internet with UPS (UPS) and FedEx (FDX), founded in 1907 and 1971. Thus there was a gaping hole in the logistics process, from packaging, fulfillment, shipping, and delivery in a streamlined process.</p>\n<p>In&nbsp;South Korea, merchants have been struggling to stitch together these highly fragmented services to create a well-integrated and end-to-end network for e-commerce. Coupang has built a massive distribution network with over 100 fulfillment and logistic centers in over 30 cities, encompassing over 25 million sq ft. Their&nbsp;workforce&nbsp;comprises over 40,000 workers, including 15,000 full-time delivery drivers guided by proprietary software, making Coupang the second-largest B2C logistics company in the nation.</p>\n<p>Coupang has strategically placed itself in critical parts of the country by building an extensive distribution network to execute its lofty delivery speed promises.Incredibly, nearly 70% of the population lives within just 7 miles of a logistics center in a country that is about 1% the size of the U.S. geographically.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/28e7ec293f8a70f4003f3c1b2c34ab52\" tg-width=\"264\" tg-height=\"324\"><span>Source: Wikimedia Commons</span></p>\n<p>What's vital here is South Korea's geography and why that matters for Coupang's distribution model compared to competitors.Over 60%&nbsp;of the land is mountainous, making flat land-scarce and requiring the mega fulfillment centers to be built vertically. Meaning building a large logistics center is more complex, time-intensive, and capital-intensive. So current and future competitors will have a challenging time matching Coupang's logistics in South Korea. Also, by becoming the quasi-UPS of South Korea, the logistics network they are building will be hard to compete with economically as Coupang scales which will further drive down their costs.</p>\n<p><b>Convenience and Eco-Friendly</b></p>\n<p>Part of Coupang's plan to make life unlivable for Koreans without it is making purchasing simple and easy, which they have done. Coupang has the only significant payment experience that supports \"one-tap\" buying without additional verification. In a day in age with massive fraud and online theft, building a secure one-tap purchasing experience is convenient for users.</p>\n<p>Furthermore, frictionless returns are a crucial part of the user experience, and luckily for users of Coupang, they don't have to sacrifice convenience to be eco-friendly. They are committed to frictionless transactions in concert with their devotion to waste reduction and cardboard elimination. As of 2020, they have removed cardboard boxes in over&nbsp;75%&nbsp;of parcels and instead replaced them with their coined \"Zero Packaging\" innovation. Instead of cardboard boxes, packages get delivered in eco-bags and re-collected for reuse after each delivery. Not to mention on returns, customers can forget packing and shipping returns. Customers need to tap a button on the app and leave their items outside their door for pickup.</p>\n<p><b>Valuation and Analysis</b></p>\n<p>Coupang had a fantastic 2020, with sales growing over 90% from $6.2 billion to $11.9 billion from 2019 to 2020. The likely reason for the jump from 55% growth in 2018-2019 is the pandemic that forced many local retailers' doors to close and moved many consumers to shop online. Clearly, Coupang was a significant beneficiary from the Pandemic and will likely retain many of the consumers who never shopped online to now continue shopping online. Still, I think it's unrealistic to expect a continuation of 90% growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a3a93d41e4b9d36db6febd41c059407\" tg-width=\"879\" tg-height=\"336\"><span>Source: S-1</span></p>\n<p>On IPO day, Coupang priced its shares at $35 yet finished at $49.25, a 40% pop and giving the company a hefty market cap of $84.47 billion. They are also not profitable, with a $475 million loss last year; however, their losses are dropping from $1.1 billion in 2018.</p>\n<p>Currently, they are trading at a Price to Sales (P/S) ratio of 7x, which is a significant multiple for a non-software company. On occasion, this high of a multiple for a software company can make sense because as they grow, their fixed costs stay the same and become significantly more profitable as they acquire more users. They are trading at 25x Gross Profit, a high multiple, especially with the market's current macro trends being volatile for growth stocks.</p>\n<p>Coupang is investing for the future and will continue to reinvest back into the business to build their eCommerce platform and infrastructure further; thus, they will likely not be profitable in the short term. However, I see a massive opportunity here. They mentioned they are in the early stating of advertising on their marketplace, an enormous revenue generator like Amazon receives from sellers on their platform.</p>\n<p>Overall I like their business model and believe they will continue to dominate the eCommerce market in South Korea. However, the 40% gain on day one and the volatile market makes this stock a pass for now. But add to your Watch List. If high growth tech stocks see another sell-off in the next couple of months, a better buying opportunity could arise.</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>Coupang Is Not A Buy - At Least Not Right Now</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\">\nCoupang Is Not A Buy - At Least Not Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 12:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414947-coupang-not-a-buy-at-least-not-right-now><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nCoupang is the Amazon of South Korea, making them a great long-term investment.\nCoupang is a mix of Amazon, UPS, and Doordash.\nHowever, the stock rose over 40% opening day, making it a pass.\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4414947-coupang-not-a-buy-at-least-not-right-now\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://seekingalpha.com/article/4414947-coupang-not-a-buy-at-least-not-right-now","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1177979145","content_text":"Summary\n\nCoupang is the Amazon of South Korea, making them a great long-term investment.\nCoupang is a mix of Amazon, UPS, and Doordash.\nHowever, the stock rose over 40% opening day, making it a pass.\nAdd to your watchlist to enter when tech stocks sell off further.\n\nPhoto by LeoPatrizi/E+ via Getty Images\n\n How did I ever live without Coupang?\"\n\n\n -Bom Suk Kim, Founder\n\nCoupang (CPNG) is known to be the Amazon of South Korea - and for a good reason. They have dominated their home turf to become the top online retailer in the nation. While they are not identical to Amazon(NASDAQ:AMZN), their business model is similar in many ways, making CPNG an attractive investment for long-term investors.\nHowever, like recent tech IPOs that have seen 40%+ spikes on the first day of trading, CPNG is initially overpriced. However, I would argue they are an excellent long-term investment later in the year based on their competitive advantages.\nSource: S-1\nBrief Overview\nCoupang is an e-commerce platform similar to Amazon, where customers can purchase a wide variety of products with expedited shipping. They host over 200,000 merchants and hundreds of millions of SKU's providing customers with a wide variety of choices to suit their purchasing needs. The company wasfounded in 2010 by Bom Kim, the current CEO, who graduated from Harvard University and dropped out of Harvard Business School to start Coupang. Their culture is very customer-centric; throughout their S-1 is a relentless focus on making the customer happy. In an opening letter from Mr. Kim, he states, \"We want our customers to have it all,\" and \"Why force customers to choose between amazing service, low prices, and broad selection?\"\nCoupang received pre-IPO investments from prominent U.S. Hedge Fund managers Stanley Druckenmiller and Bill Ackman, who saw the potential of bringing the Amazon model to South Korea, where the e-commerce marketplace has been underserved. Coupang's rapid ascension is due in part to the South Korean market opportunity, which is the fourth-largest economy in Asia and the twelfth largest globally with a GDP of $1.6 trillion and GDP per capita of $31,847. Total e-commerce spend was $128 billion in 2019 and is expected to grow to $206 billion by 2024, equaling a CAGR of approximately 10%.\nEconomic Moats\n\n \"What we're trying to do, is we're trying to find a business with a wide and long-lasting moat around it, surrounded -- protecting a terrific economic castle with an honest lord in charge of the castle.\" -Warren Buffet.\n\nRocket WOW Membership\nCoupang has a membership program called Rocket WOW, similar to Prime, that provides unlimited free shipping with no minimums, free returns, and exclusive discounts. The cost is a mere $2.50 a month and being a part of this program also gives customers access to Rocket Dawn and Rocket Same-Day Delivery. With Rocket Dawn, if a customer places an order by midnight, even seconds before, they are promised arrival before7 am! Also, WOW members have access to two newer benefits in Rocket Fresh and Coupang Eats.\nRocket Fresh provides Same-Day Delivery for fresh food such as vegetables, dairy, fruit, and meats. Since last year,Coupang has been the only e-commerce firm to deliver fresh foods directly to customer's doors in under 24 hours. Expedited shipping is vital for perishable foods, and with Coupangs massive distribution network, they can execute this type of delivery speed.\nCoupang Eats has piggybacked off Rocket Delivery by leveraging their technology and logistics to partner with independent restaurants to deliver food, similar to Doordash. Eats' success has become apparent by rising to the top as the largest online food delivery service in the nation.\nThese value-added services to the WOW membership have paid dividends in growing their user base. Of Coupangs 14.8 million users,32%are WOW members whose frequency of purchases was over four times that of non-members!\nVirtuous Cycle\nSimilar to Prime, Coupang's WOW Club fosters a virtuous circle. By offering unique services such as expedited shipping, Eats, and Fresh, more users sign up for the club. In turn, it increases purchases, providing more incentive for Merchants to join the platform to offer more products. Coupang generates more revenue to further invest in more offerings like Eats and Fresh, leading to more members joining.\nSource: S-1\nThe exceptional experience customers have using Coupang is reflected in their loyalty, retention, and increase in purchasing. As shown above, the chart demonstrates a cohort for each year a new user signed up. Displayed here is that more recent cohorts have increased their spending faster than older cohorts, with their more unique offerings like Eats and Fresh likely contributing to Coupang's stickiness.\n\n For example, the 2017 cohort spent approximately 80% more in 2018 compared to 2017. By comparison, the 2018 and 2019 cohorts spent approximately 98% and approximately 119% more, respectively, in their second years compared to their first years with us.\n\nSource: S-1\nFurthermore, users' increased engagement and spending have translated to rapid user growth, with an increase in 2018 to 2020 from 9.1 million to 14.8 million, a 61% increase in just two years.\nThe impressive user growth is highly encouraging to see how engaged, and loyal users of Coupang's platform are. As an American and avid Amazon customer, I can relate to many of the same perks where my experience isn't the same when I order online from Amazon's competitors. And through the years, as I have made many purchases via Amazon, my own loyalty has grown, and further disinterests me to try other eCommerce marketplaces.\nMassive Distribution and Geographic Domination\nSouth Korea didn't have a robust e-commerce infrastructure before Coupang. In the US, we have been fortunate to have the infrastructure built many years pre-internet with UPS (UPS) and FedEx (FDX), founded in 1907 and 1971. Thus there was a gaping hole in the logistics process, from packaging, fulfillment, shipping, and delivery in a streamlined process.\nIn South Korea, merchants have been struggling to stitch together these highly fragmented services to create a well-integrated and end-to-end network for e-commerce. Coupang has built a massive distribution network with over 100 fulfillment and logistic centers in over 30 cities, encompassing over 25 million sq ft. Their workforce comprises over 40,000 workers, including 15,000 full-time delivery drivers guided by proprietary software, making Coupang the second-largest B2C logistics company in the nation.\nCoupang has strategically placed itself in critical parts of the country by building an extensive distribution network to execute its lofty delivery speed promises.Incredibly, nearly 70% of the population lives within just 7 miles of a logistics center in a country that is about 1% the size of the U.S. geographically.\nSource: Wikimedia Commons\nWhat's vital here is South Korea's geography and why that matters for Coupang's distribution model compared to competitors.Over 60% of the land is mountainous, making flat land-scarce and requiring the mega fulfillment centers to be built vertically. Meaning building a large logistics center is more complex, time-intensive, and capital-intensive. So current and future competitors will have a challenging time matching Coupang's logistics in South Korea. Also, by becoming the quasi-UPS of South Korea, the logistics network they are building will be hard to compete with economically as Coupang scales which will further drive down their costs.\nConvenience and Eco-Friendly\nPart of Coupang's plan to make life unlivable for Koreans without it is making purchasing simple and easy, which they have done. Coupang has the only significant payment experience that supports \"one-tap\" buying without additional verification. In a day in age with massive fraud and online theft, building a secure one-tap purchasing experience is convenient for users.\nFurthermore, frictionless returns are a crucial part of the user experience, and luckily for users of Coupang, they don't have to sacrifice convenience to be eco-friendly. They are committed to frictionless transactions in concert with their devotion to waste reduction and cardboard elimination. As of 2020, they have removed cardboard boxes in over 75% of parcels and instead replaced them with their coined \"Zero Packaging\" innovation. Instead of cardboard boxes, packages get delivered in eco-bags and re-collected for reuse after each delivery. Not to mention on returns, customers can forget packing and shipping returns. Customers need to tap a button on the app and leave their items outside their door for pickup.\nValuation and Analysis\nCoupang had a fantastic 2020, with sales growing over 90% from $6.2 billion to $11.9 billion from 2019 to 2020. The likely reason for the jump from 55% growth in 2018-2019 is the pandemic that forced many local retailers' doors to close and moved many consumers to shop online. Clearly, Coupang was a significant beneficiary from the Pandemic and will likely retain many of the consumers who never shopped online to now continue shopping online. Still, I think it's unrealistic to expect a continuation of 90% growth.\nSource: S-1\nOn IPO day, Coupang priced its shares at $35 yet finished at $49.25, a 40% pop and giving the company a hefty market cap of $84.47 billion. They are also not profitable, with a $475 million loss last year; however, their losses are dropping from $1.1 billion in 2018.\nCurrently, they are trading at a Price to Sales (P/S) ratio of 7x, which is a significant multiple for a non-software company. On occasion, this high of a multiple for a software company can make sense because as they grow, their fixed costs stay the same and become significantly more profitable as they acquire more users. They are trading at 25x Gross Profit, a high multiple, especially with the market's current macro trends being volatile for growth stocks.\nCoupang is investing for the future and will continue to reinvest back into the business to build their eCommerce platform and infrastructure further; thus, they will likely not be profitable in the short term. However, I see a massive opportunity here. They mentioned they are in the early stating of advertising on their marketplace, an enormous revenue generator like Amazon receives from sellers on their platform.\nOverall I like their business model and believe they will continue to dominate the eCommerce market in South Korea. However, the 40% gain on day one and the volatile market makes this stock a pass for now. But add to your Watch List. If high growth tech stocks see another sell-off in the next couple of months, a better buying opportunity could arise.","news_type":1},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326320358,"gmtCreate":1615596344874,"gmtModify":1703491379849,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326320358","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</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>US Daylight Saving Time</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\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328896240,"gmtCreate":1615510372380,"gmtModify":1703490173514,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328896240","repostId":"2118984296","repostType":4,"repost":{"id":"2118984296","pubTimestamp":1615475224,"share":"https://www.laohu8.com/m/news/2118984296?lang=&edition=full","pubTime":"2021-03-11 23:07","market":"us","language":"en","title":"Better Buy: Netflix vs. Amazon","url":"https://stock-news.laohu8.com/highlight/detail?id=2118984296","media":"Motley Fool","summary":"Comparing the two pioneers of industry.","content":"<p>Investors comparing <b>Netflix</b> (NASDAQ:NFLX) and <b>Amazon </b>(NASDAQ:AMZN) may think first of the companies' rivalry in streaming video -- but&nbsp;these stocks' efforts to begin new industries probably serve as a more important commonality. Amazon stood out by spawning two different powerhouse business segments: e-commerce and cloud computing. While that advantage could make Amazon the better bet over the streaming video pioneer, investors should take a closer look at both to evaluate which stock holds more potential for higher returns.</p>\n<h2>Comparing the businesses</h2>\n<p>Netflix has definitely benefited from its own strategic decision-making. It transitioned away from mail-in DVDs as soon as technology allowed for streaming. It also pivoted to proprietary content as competitors began to emerge. Today, Netflix leads the streaming market with almost 204 million subscribers as it dominates the Golden Globes. This subscriber count far outpaces its nearest competitor, <b>Disney</b>'s Disney+, with around 95 million subscribers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c33886ce245b1d455d6d469bd098609e\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images</span></p>\n<p>Amazon similarly leads in e-commerce, selling nearly $341 billion in goods in 2020. While that still lags <b>Walmart</b>'s (NYSE:WMT) $555 billion in net sales, Walmart earns most revenue from in-store retailing.&nbsp;Also, Amazon has started a successful cloud computing business, AWS. It maintains a significant market lead over competitors, controlling about <a href=\"https://laohu8.com/S/AONE\">one</a>-third of the market, according to ParkMyCloud. Additionally, AWS accounts for the majority of Amazon's profits.</p>\n<p>As mentioned before, both operate streaming video platforms. Nonetheless, Amazon treats streaming as an added benefit for subscribing to its Prime service and does not release specific financial figures on Prime Video. Thus, for purposes of comparing stocks, investors should not view the two companies as \"competitors.\"</p>\n<h2>Competitive advantages</h2>\n<p>Instead, investors should look more closely at what each company's financials reveal about its true strengths and weaknesses.</p>\n<p>In fiscal 2020, Netflix's revenue increased by 24% year over year to nearly $25 billion. Its net income rose 48% to just under $2.8 billion over the same period. Income surged as slower growth in operating expenses more than offset Netflix's rising cost of interest and foreign exchange losses.</p>\n<p>Nonetheless, investors should take Netflix's net income with a grain of salt. Debt moved higher as content spending steadily rose. BMO Capital Markets forecasted over $17 billion in content spending in 2020. The pandemic shut down production for much of the year, and Netflix did not confirm that figure or reveal how much it allocated to content in 2020.</p>\n<p>Nonetheless, the company spent $15 billion in content development in 2019. This conflicts with the $12.4 billion reported in cost of revenue that year, meaning debt likely financed some development costs.</p>\n<p>As a result, total debt has risen from under $3.4 billion in 2016 to over $16.3 billion in 2020. This far exceeds equity of just under $11.1 billion, the company's value after subtracting liabilities from assets, and leaves the debt-to-equity ratio at almost 1.5.</p>\n<p>Nonetheless, for 2020 Netflix reported free cash flow of more than $1.9 billion, its first year of positive free cash flow since 2011. This covered the $767 million in interest expenses for 2020. Still, the negative cash flow in previous years leads to questions about how Netflix will cover interest expenses if production spending again leads to negative cash flow.</p>\n<p>Knowing this discrepancy, investors should question how long Netflix can finance content development through debt. Eventually, the company may have to dilute shares or scale back development to maintain its financial stability.&nbsp;</p>\n<p>This approach stands in stark contrast to Amazon's financial picture. Its net sales grew by 38% from year-ago levels to $386.1 billion, and net income rose by 84% to $11.1 billion. Income surged as operating expense growth lagged revenue increases, and, unlike in 2019, Amazon turned a non-operating profit in 2020.</p>\n<p>Amazon's leadership in two industries also serves as an advantage. AWS accounted for $13.5 billion of Amazon's $22.9 billion in operating income in 2020. This allows AWS to subsidize competitive initiatives.</p>\n<p>In 2019, net income grew modestly for retailing as the company switched from two-day to <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day shipping. As a result, overall shipping costs in 2019 rose by more than $10 billion, or 37% from year-ago levels, during a period when retail sales revenue increased by just over 18%, or $38 billion during that period. However, since AWS increased operating income by 26%, the company still grew net income by 15%.</p>\n<p>Amazon also supports a more stable balance sheet. In 2020, long-term debt increased by more than $8 billion to $31.8 billion. Nonetheless, the $31 billion in annual free cash flow easily covered interest expenses of just over $1.6 billion.&nbsp;Also, since Amazon supports an equity value of $93.4 billion, its debt-to-equity ratio comes in at a more comfortable 0.3. This makes debt a less significant burden for Amazon than for Netflix.</p>\n<h2>Netflix or Amazon?</h2>\n<p>That debt picture also helps Amazon come out a clear winner among these tech stocks. Netflix appears headed for a hard choice between financial stability and staying ahead in the content race. In contrast, the profit levels of AWS can insulate Amazon amid a highly competitive retail environment. This success in two different industries of its own creation makes Amazon difficult to challenge.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Buy: Netflix vs. Amazon</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\">\nBetter Buy: Netflix vs. Amazon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-11 23:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/11/better-buy-netflix-vs-amazon/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors comparing Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) may think first of the companies' rivalry in streaming video -- but these stocks' efforts to begin new industries probably serve as a...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/11/better-buy-netflix-vs-amazon/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2021/03/11/better-buy-netflix-vs-amazon/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118984296","content_text":"Investors comparing Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) may think first of the companies' rivalry in streaming video -- but these stocks' efforts to begin new industries probably serve as a more important commonality. Amazon stood out by spawning two different powerhouse business segments: e-commerce and cloud computing. While that advantage could make Amazon the better bet over the streaming video pioneer, investors should take a closer look at both to evaluate which stock holds more potential for higher returns.\nComparing the businesses\nNetflix has definitely benefited from its own strategic decision-making. It transitioned away from mail-in DVDs as soon as technology allowed for streaming. It also pivoted to proprietary content as competitors began to emerge. Today, Netflix leads the streaming market with almost 204 million subscribers as it dominates the Golden Globes. This subscriber count far outpaces its nearest competitor, Disney's Disney+, with around 95 million subscribers.\nImage source: Getty Images\nAmazon similarly leads in e-commerce, selling nearly $341 billion in goods in 2020. While that still lags Walmart's (NYSE:WMT) $555 billion in net sales, Walmart earns most revenue from in-store retailing. Also, Amazon has started a successful cloud computing business, AWS. It maintains a significant market lead over competitors, controlling about one-third of the market, according to ParkMyCloud. Additionally, AWS accounts for the majority of Amazon's profits.\nAs mentioned before, both operate streaming video platforms. Nonetheless, Amazon treats streaming as an added benefit for subscribing to its Prime service and does not release specific financial figures on Prime Video. Thus, for purposes of comparing stocks, investors should not view the two companies as \"competitors.\"\nCompetitive advantages\nInstead, investors should look more closely at what each company's financials reveal about its true strengths and weaknesses.\nIn fiscal 2020, Netflix's revenue increased by 24% year over year to nearly $25 billion. Its net income rose 48% to just under $2.8 billion over the same period. Income surged as slower growth in operating expenses more than offset Netflix's rising cost of interest and foreign exchange losses.\nNonetheless, investors should take Netflix's net income with a grain of salt. Debt moved higher as content spending steadily rose. BMO Capital Markets forecasted over $17 billion in content spending in 2020. The pandemic shut down production for much of the year, and Netflix did not confirm that figure or reveal how much it allocated to content in 2020.\nNonetheless, the company spent $15 billion in content development in 2019. This conflicts with the $12.4 billion reported in cost of revenue that year, meaning debt likely financed some development costs.\nAs a result, total debt has risen from under $3.4 billion in 2016 to over $16.3 billion in 2020. This far exceeds equity of just under $11.1 billion, the company's value after subtracting liabilities from assets, and leaves the debt-to-equity ratio at almost 1.5.\nNonetheless, for 2020 Netflix reported free cash flow of more than $1.9 billion, its first year of positive free cash flow since 2011. This covered the $767 million in interest expenses for 2020. Still, the negative cash flow in previous years leads to questions about how Netflix will cover interest expenses if production spending again leads to negative cash flow.\nKnowing this discrepancy, investors should question how long Netflix can finance content development through debt. Eventually, the company may have to dilute shares or scale back development to maintain its financial stability. \nThis approach stands in stark contrast to Amazon's financial picture. Its net sales grew by 38% from year-ago levels to $386.1 billion, and net income rose by 84% to $11.1 billion. Income surged as operating expense growth lagged revenue increases, and, unlike in 2019, Amazon turned a non-operating profit in 2020.\nAmazon's leadership in two industries also serves as an advantage. AWS accounted for $13.5 billion of Amazon's $22.9 billion in operating income in 2020. This allows AWS to subsidize competitive initiatives.\nIn 2019, net income grew modestly for retailing as the company switched from two-day to one-day shipping. As a result, overall shipping costs in 2019 rose by more than $10 billion, or 37% from year-ago levels, during a period when retail sales revenue increased by just over 18%, or $38 billion during that period. However, since AWS increased operating income by 26%, the company still grew net income by 15%.\nAmazon also supports a more stable balance sheet. In 2020, long-term debt increased by more than $8 billion to $31.8 billion. Nonetheless, the $31 billion in annual free cash flow easily covered interest expenses of just over $1.6 billion. Also, since Amazon supports an equity value of $93.4 billion, its debt-to-equity ratio comes in at a more comfortable 0.3. This makes debt a less significant burden for Amazon than for Netflix.\nNetflix or Amazon?\nThat debt picture also helps Amazon come out a clear winner among these tech stocks. Netflix appears headed for a hard choice between financial stability and staying ahead in the content race. In contrast, the profit levels of AWS can insulate Amazon amid a highly competitive retail environment. This success in two different industries of its own creation makes Amazon difficult to challenge.","news_type":1},"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321466447,"gmtCreate":1615462987689,"gmtModify":1703489380826,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321466447","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</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>US Daylight Saving Time</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\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323824796,"gmtCreate":1615333286215,"gmtModify":1703487409010,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323824796","repostId":"1153054606","repostType":4,"repost":{"id":"1153054606","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615302535,"share":"https://www.laohu8.com/m/news/1153054606?lang=&edition=full","pubTime":"2021-03-09 23:08","market":"us","language":"en","title":"Baidu's rise expanded to 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1153054606","media":"老虎资讯综合","summary":"Baidu's rise expanded to 10% in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baid","content":"<p>Baidu's rise expanded to 10%&nbsp;in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baidu Ipo Passes Hong Kong Stock Exchange Listing Hearing.</p>\n<p><img src=\"https://static.tigerbbs.com/46b53518801843754c7156b0db74a7e9\" tg-width=\"840\" tg-height=\"470\"></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>Baidu's rise expanded to 10%</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\">\nBaidu's rise expanded to 10%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-09 23:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Baidu's rise expanded to 10%&nbsp;in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baidu Ipo Passes Hong Kong Stock Exchange Listing Hearing.</p>\n<p><img src=\"https://static.tigerbbs.com/46b53518801843754c7156b0db74a7e9\" tg-width=\"840\" tg-height=\"470\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153054606","content_text":"Baidu's rise expanded to 10% in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baidu Ipo Passes Hong Kong Stock Exchange Listing Hearing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323824849,"gmtCreate":1615333258981,"gmtModify":1703487408495,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323824849","repostId":"1194586000","repostType":4,"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329285551,"gmtCreate":1615251385073,"gmtModify":1703486237638,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329285551","repostId":"2118970816","repostType":4,"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289615,"gmtCreate":1615250913037,"gmtModify":1703486228544,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289615","repostId":"2118069745","repostType":4,"repost":{"id":"2118069745","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615248000,"share":"https://www.laohu8.com/m/news/2118069745?lang=&edition=full","pubTime":"2021-03-09 08:00","market":"us","language":"en","title":"How Toyota thrives when the chips are down","url":"https://stock-news.laohu8.com/highlight/detail?id=2118069745","media":"Reuters","summary":"Toyota also developed in-house chip expertise decades ago. March 9  - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.That's","content":"<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Toyota thrives when the chips are down</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{ 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{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\">\nHow Toyota thrives when the chips are down\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-09 08:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TM":"丰田汽车","03160":"华夏日股对冲","F":"福特汽车","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118069745","content_text":"Toyota relatively unscathed by global chip shortages\nContinuity planning dates back to Fukushima disaster\nToyota also developed in-house chip expertise decades ago\n\nMarch 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.\nAfter the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.\nThat's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.\nAnd that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.\n\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.\nTwo of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.\nToyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.\nToyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.\nCLASSIC LEAN SOLUTION\nThe source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.\nWhile Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.\nThe chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.\nHowever, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.\nIn the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .\nThe repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.\nIt was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.\nAt a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.\nA Toyota spokesman said one of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.\n\"The BCP for us was a classic lean solution,\" he said.\nNO BLACK BOXES\nToyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.\nInventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.\nWhile there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.\nToyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.\nOne of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.\nAutomakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.\nThe sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".\n\"This basic approach sets us apart,\" said one of the sources, a Toyota engineer.\n\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"\n'LOSING OUR GRIP?'\nThere has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.\nThose innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.\nThe technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.\nIn keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.\nYears before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.\nToyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.\nThe four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.\nTwo of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.\n\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289326,"gmtCreate":1615250889065,"gmtModify":1703486227857,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574935920558060","idStr":"3574935920558060"},"themes":[],"htmlText":"[美金]&nbsp;","listText":"[美金]&nbsp;","text":"[美金]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289326","repostId":"2118669701","repostType":4,"repost":{"id":"2118669701","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1615249800,"share":"https://www.laohu8.com/m/news/2118669701?lang=&edition=full","pubTime":"2021-03-09 08:30","market":"us","language":"en","title":"7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee","url":"https://stock-news.laohu8.com/highlight/detail?id=2118669701","media":"Dow Jones","summary":"Volatility is the name of the game in March, and knowing how best to play those dips may be the name","content":"<p>Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.</p>\n<p>After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.</p>\n<p>The 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.</p>\n<p>The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.</p>\n<p>Wild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&amp;P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.</p>\n<p>Intraday and interday swings have been pronounced as well.</p>\n<p>Against that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:</p>\n<p>1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.</p>\n<p>2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.</p>\n<p>3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.</p>\n<p>4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.</p>\n<p>5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.</p>\n<p>6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.</p>\n<p>7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.</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>7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee</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\">\n7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-03-09 08:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.</p>\n<p>After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.</p>\n<p>The 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.</p>\n<p>The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.</p>\n<p>Wild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&amp;P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.</p>\n<p>Intraday and interday swings have been pronounced as well.</p>\n<p>Against that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:</p>\n<p>1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.</p>\n<p>2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.</p>\n<p>3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.</p>\n<p>4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.</p>\n<p>5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.</p>\n<p>6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.</p>\n<p>7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118669701","content_text":"Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.\nAfter a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.\nThe 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.\nThe rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.\nWild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.\nIntraday and interday swings have been pronounced as well.\nAgainst that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:\n1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.\n2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.\n3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.\n4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.\n5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.\n6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.\n7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.","news_type":1},"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":374597451,"gmtCreate":1619453540273,"gmtModify":1634273317520,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374597451","repostId":"1197393438","repostType":4,"repost":{"id":"1197393438","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1619450047,"share":"https://www.laohu8.com/m/news/1197393438?lang=&edition=full","pubTime":"2021-04-26 23:14","market":"us","language":"en","title":"U.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief","url":"https://stock-news.laohu8.com/highlight/detail?id=1197393438","media":"Reuters","summary":"U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Feder","content":"<p>U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Federal Reserve let expire a waiver to a capital adequacy regulation granted early in the pandemic, even as firms seek to raise more capital via debt issuance instead.</p>\n<p>That should prevent spikes in U.S. Treasury yields and keep them in a narrow range this year.</p>\n<p>The waiver to the supplementary leverage ratio expired on March 31. That means big banks, as of April 1, have resumed holding more loss-absorbing capital against U.S. Treasuries and central bank deposits.</p>\n<p>The Fed also said it would undertake a formal review of the SLR given concerns it is no longer functioning as intended with the central bank’s COVID-19 monetary policy measures.</p>\n<p>“When we were all talking about the SLR a couple of months ago, we were worried that the exemptions will expire... and banks would sell Treasuries, but the SLR (exemption) went away, and we didn’t really see significant selling pressure,” said Dan Krieter, interest rates strategist at BMO Capital in Chicago.</p>\n<p>Along with other investors, some bank buying has lifted Treasury prices since the beginning of the month, pushing U.S. 10-year yields about 20 basis points lower. They were last at 1.572%.</p>\n<p>Instead of selling Treasuries to meet the capital ratios, analysts said banks are issuing debt. By issuing debt, a bank raises capital against its assets, lifting capital ratios.</p>\n<p>Bank issuers are jumping in to take advantage of the low cost of capital with an eye to the future amid potentially higher rates and borrowing costs, said Lyn Graham-Taylor, senior rates strategist at Rabobank in London.</p>\n<p>JPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley have or are planning to issue a total of $40 billion in debt, according to media reports.</p>\n<p>JPMorgan’s $13 billion bond sale on April 15 was briefly an industry record until it was topped the next day by Bank of America’s $15 billion offering.</p>\n<p>“The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said.</p>\n<p>The latest Fed data on primary dealer holdings of Treasuries, one component of bank ownership of U.S. government debt, showed a slight increase of their Treasury inventory as of April 14, to $125.6 billion, from a week earlier.</p>\n<p>Primary dealer holdings did decline from end-February to mid-March as banks braced for the expiration of the SLR exemption, data showed.</p>\n<p>U.S. banks currently hold between 8%-10% of publicly available Treasury securities, according to Fed data. That is a major chunk that could move yields if there are reallocations away from Treasuries.</p>\n<p>In April 2020, the Fed excluded Treasuries and central bank deposits from the leverage ratio until March 31, a move aimed at easing Treasury market stress and encouraging banks to lend.</p>\n<p>“From my understanding, there weren’t many banks that have been using the SLR exemption on their Treasury holdings anyway,” said Patrick Leary, chief market strategist and senior trader at broker-dealer Incapital.</p>\n<p>DEBT ISSUANCE VS SELLING TREASURIES</p>\n<p>Issuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so.</p>\n<p>“Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter. “Interest on reserves don’t earn much and they earn less than what you’re paying for the debt that funds it.”</p>\n<p>But Krieter noted that selling Treasuries has been a much more expensive exercise than issuing debt.</p>\n<p>“To maintain a certain SLR, you might sell Treasuries and then presumably buy them back at a higher market price once the permanent exemption comes,” Krieter said.</p>\n<p>“In this example, you’re paying the full bid/ask spread on a Treasury portfolio worth tens of billions of dollars.”</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>U.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief</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\">\nU.S. bank appetite for Treasuries unfazed after Fed ends regulatory relief\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-04-26 23:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Federal Reserve let expire a waiver to a capital adequacy regulation granted early in the pandemic, even as firms seek to raise more capital via debt issuance instead.</p>\n<p>That should prevent spikes in U.S. Treasury yields and keep them in a narrow range this year.</p>\n<p>The waiver to the supplementary leverage ratio expired on March 31. That means big banks, as of April 1, have resumed holding more loss-absorbing capital against U.S. Treasuries and central bank deposits.</p>\n<p>The Fed also said it would undertake a formal review of the SLR given concerns it is no longer functioning as intended with the central bank’s COVID-19 monetary policy measures.</p>\n<p>“When we were all talking about the SLR a couple of months ago, we were worried that the exemptions will expire... and banks would sell Treasuries, but the SLR (exemption) went away, and we didn’t really see significant selling pressure,” said Dan Krieter, interest rates strategist at BMO Capital in Chicago.</p>\n<p>Along with other investors, some bank buying has lifted Treasury prices since the beginning of the month, pushing U.S. 10-year yields about 20 basis points lower. They were last at 1.572%.</p>\n<p>Instead of selling Treasuries to meet the capital ratios, analysts said banks are issuing debt. By issuing debt, a bank raises capital against its assets, lifting capital ratios.</p>\n<p>Bank issuers are jumping in to take advantage of the low cost of capital with an eye to the future amid potentially higher rates and borrowing costs, said Lyn Graham-Taylor, senior rates strategist at Rabobank in London.</p>\n<p>JPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley have or are planning to issue a total of $40 billion in debt, according to media reports.</p>\n<p>JPMorgan’s $13 billion bond sale on April 15 was briefly an industry record until it was topped the next day by Bank of America’s $15 billion offering.</p>\n<p>“The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said.</p>\n<p>The latest Fed data on primary dealer holdings of Treasuries, one component of bank ownership of U.S. government debt, showed a slight increase of their Treasury inventory as of April 14, to $125.6 billion, from a week earlier.</p>\n<p>Primary dealer holdings did decline from end-February to mid-March as banks braced for the expiration of the SLR exemption, data showed.</p>\n<p>U.S. banks currently hold between 8%-10% of publicly available Treasury securities, according to Fed data. That is a major chunk that could move yields if there are reallocations away from Treasuries.</p>\n<p>In April 2020, the Fed excluded Treasuries and central bank deposits from the leverage ratio until March 31, a move aimed at easing Treasury market stress and encouraging banks to lend.</p>\n<p>“From my understanding, there weren’t many banks that have been using the SLR exemption on their Treasury holdings anyway,” said Patrick Leary, chief market strategist and senior trader at broker-dealer Incapital.</p>\n<p>DEBT ISSUANCE VS SELLING TREASURIES</p>\n<p>Issuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so.</p>\n<p>“Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter. “Interest on reserves don’t earn much and they earn less than what you’re paying for the debt that funds it.”</p>\n<p>But Krieter noted that selling Treasuries has been a much more expensive exercise than issuing debt.</p>\n<p>“To maintain a certain SLR, you might sell Treasuries and then presumably buy them back at a higher market price once the permanent exemption comes,” Krieter said.</p>\n<p>“In this example, you’re paying the full bid/ask spread on a Treasury portfolio worth tens of billions of dollars.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197393438","content_text":"U.S. banks’ demand for Treasury securities has not dimmed, contrary to expectations, since the Federal Reserve let expire a waiver to a capital adequacy regulation granted early in the pandemic, even as firms seek to raise more capital via debt issuance instead.\nThat should prevent spikes in U.S. Treasury yields and keep them in a narrow range this year.\nThe waiver to the supplementary leverage ratio expired on March 31. That means big banks, as of April 1, have resumed holding more loss-absorbing capital against U.S. Treasuries and central bank deposits.\nThe Fed also said it would undertake a formal review of the SLR given concerns it is no longer functioning as intended with the central bank’s COVID-19 monetary policy measures.\n“When we were all talking about the SLR a couple of months ago, we were worried that the exemptions will expire... and banks would sell Treasuries, but the SLR (exemption) went away, and we didn’t really see significant selling pressure,” said Dan Krieter, interest rates strategist at BMO Capital in Chicago.\nAlong with other investors, some bank buying has lifted Treasury prices since the beginning of the month, pushing U.S. 10-year yields about 20 basis points lower. They were last at 1.572%.\nInstead of selling Treasuries to meet the capital ratios, analysts said banks are issuing debt. By issuing debt, a bank raises capital against its assets, lifting capital ratios.\nBank issuers are jumping in to take advantage of the low cost of capital with an eye to the future amid potentially higher rates and borrowing costs, said Lyn Graham-Taylor, senior rates strategist at Rabobank in London.\nJPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley have or are planning to issue a total of $40 billion in debt, according to media reports.\nJPMorgan’s $13 billion bond sale on April 15 was briefly an industry record until it was topped the next day by Bank of America’s $15 billion offering.\n“The Fed has also hinted heavily at a permanent tweak to SLR calculations that likely prevented any large selling of Treasuries,” BMO’s Krieter said.\nThe latest Fed data on primary dealer holdings of Treasuries, one component of bank ownership of U.S. government debt, showed a slight increase of their Treasury inventory as of April 14, to $125.6 billion, from a week earlier.\nPrimary dealer holdings did decline from end-February to mid-March as banks braced for the expiration of the SLR exemption, data showed.\nU.S. banks currently hold between 8%-10% of publicly available Treasury securities, according to Fed data. That is a major chunk that could move yields if there are reallocations away from Treasuries.\nIn April 2020, the Fed excluded Treasuries and central bank deposits from the leverage ratio until March 31, a move aimed at easing Treasury market stress and encouraging banks to lend.\n“From my understanding, there weren’t many banks that have been using the SLR exemption on their Treasury holdings anyway,” said Patrick Leary, chief market strategist and senior trader at broker-dealer Incapital.\nDEBT ISSUANCE VS SELLING TREASURIES\nIssuing debt is far more advantageous to banks compared with selling Treasuries, analysts said, even though they could lose money doing so.\n“Funding a portfolio of bank reserves and Treasuries with unsecured bank debt is likely a negative arbitrage proposition,” said BMO’s Krieter. “Interest on reserves don’t earn much and they earn less than what you’re paying for the debt that funds it.”\nBut Krieter noted that selling Treasuries has been a much more expensive exercise than issuing debt.\n“To maintain a certain SLR, you might sell Treasuries and then presumably buy them back at a higher market price once the permanent exemption comes,” Krieter said.\n“In this example, you’re paying the full bid/ask spread on a Treasury portfolio worth tens of billions of dollars.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321466447,"gmtCreate":1615462987689,"gmtModify":1703489380826,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321466447","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</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>US Daylight Saving Time</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\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":146,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375302896,"gmtCreate":1619303640615,"gmtModify":1634287274060,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375302896","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327776001,"gmtCreate":1616131253103,"gmtModify":1634527070347,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327776001","repostId":"1177979145","repostType":4,"repost":{"id":"1177979145","pubTimestamp":1616126730,"share":"https://www.laohu8.com/m/news/1177979145?lang=&edition=full","pubTime":"2021-03-19 12:05","market":"us","language":"en","title":"Coupang Is Not A Buy - At Least Not Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1177979145","media":"seekingalpha","summary":"Summary\n\nCoupang is the Amazon of South Korea, making them a great long-term investment.\nCoupang is ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Coupang is the Amazon of South Korea, making them a great long-term investment.</li>\n <li>Coupang is a mix of Amazon, UPS, and Doordash.</li>\n <li>However, the stock rose over 40% opening day, making it a pass.</li>\n <li>Add to your watchlist to enter when tech stocks sell off further.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6007e02f2443cff3fc482b6093ae2fe4\" tg-width=\"768\" tg-height=\"512\"><span>Photo by LeoPatrizi/E+ via Getty Images</span></p>\n<blockquote>\n How did I ever live without Coupang?\"\n</blockquote>\n<blockquote>\n -Bom Suk Kim, Founder\n</blockquote>\n<p>Coupang (CPNG) is known to be the Amazon of South Korea - and for a good reason. They have dominated their home turf to become the top online retailer in the nation. While they are not identical to Amazon(NASDAQ:AMZN), their business model is similar in many ways, making CPNG an attractive investment for long-term investors.</p>\n<p>However, like recent tech IPOs that have seen 40%+ spikes on the first day of trading, CPNG is initially overpriced. However, I would argue they are an excellent long-term investment later in the year based on their competitive advantages.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29d4d846d6625dd56e0f232774597ae6\" tg-width=\"693\" tg-height=\"631\"><span>Source: S-1</span></p>\n<p>Brief Overview</p>\n<p>Coupang is an e-commerce platform similar to Amazon, where customers can purchase a wide variety of products with expedited shipping. They host over 200,000 merchants and hundreds of millions of SKU's providing customers with a wide variety of choices to suit their purchasing needs. The company wasfounded&nbsp;in 2010 by Bom Kim, the current CEO, who graduated from Harvard University and dropped out of Harvard Business School to start Coupang. Their culture is very customer-centric; throughout their S-1 is a relentless focus on making the customer happy. In an opening letter from Mr. Kim, he states, \"We want our customers to have it all,\" and \"Why force customers to choose between amazing service, low prices, and broad selection?\"</p>\n<p>Coupang received&nbsp;pre-IPO&nbsp;investments from prominent U.S. Hedge Fund managers Stanley Druckenmiller and Bill Ackman, who saw the potential of bringing the Amazon model to South Korea, where the e-commerce marketplace has been underserved. Coupang's rapid ascension is due in part to the South Korean&nbsp;market opportunity, which is the fourth-largest economy in Asia and the twelfth largest globally with a GDP of $1.6 trillion and GDP per capita of $31,847. Total e-commerce spend was $128 billion in 2019 and is expected to grow to $206 billion by 2024, equaling a CAGR of approximately&nbsp;10%.</p>\n<p><b>Economic Moats</b></p>\n<blockquote>\n \"What we're trying to do, is we're trying to find a business with a wide and long-lasting moat around it, surrounded -- protecting a terrific economic castle with an honest lord in charge of the castle.\" -Warren Buffet.\n</blockquote>\n<p><b>Rocket WOW Membership</b></p>\n<p>Coupang has a membership program called&nbsp;Rocket WOW, similar to Prime, that provides unlimited free shipping with no minimums, free returns, and exclusive discounts. The cost is a mere $2.50 a month and being a part of this program also gives customers access to Rocket Dawn and Rocket Same-Day Delivery. With Rocket Dawn, if a customer places an order by midnight, even seconds before, they are promised arrival&nbsp;before7 am! Also, WOW members have access to two newer benefits in Rocket Fresh and Coupang Eats.</p>\n<p>Rocket Fresh provides Same-Day Delivery for fresh food such as vegetables, dairy, fruit, and meats. Since&nbsp;last year,Coupang has been the only e-commerce firm to deliver fresh foods directly to customer's doors in under 24 hours. Expedited shipping is vital for perishable foods, and with Coupangs massive distribution network, they can execute this type of delivery speed.</p>\n<p>Coupang Eats has piggybacked off Rocket Delivery by leveraging their technology and logistics to partner with independent restaurants to deliver food, similar to Doordash. Eats' success has become apparent by rising to the top as the&nbsp;largest&nbsp;online food delivery service in the nation.</p>\n<p>These value-added services to the WOW membership have paid dividends in growing their user base. Of Coupangs 14.8 million users,32%are WOW members whose frequency of purchases was over four times that of non-members!</p>\n<p><b>Virtuous Cycle</b></p>\n<p>Similar to Prime, Coupang's WOW Club fosters a virtuous circle. By offering unique services such as expedited shipping, Eats, and Fresh, more users sign up for the club. In turn, it increases purchases, providing more incentive for Merchants to join the platform to offer more products. Coupang generates more revenue to further invest in more offerings like Eats and Fresh, leading to more members joining.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19e77e9fdec1003aafdd8ca3bf1f05d0\" tg-width=\"626\" tg-height=\"255\"><span>Source: S-1</span></p>\n<p>The exceptional experience customers have using Coupang is reflected in their loyalty, retention, and increase in purchasing. As shown above, the chart demonstrates a cohort for each year a new user signed up. Displayed here is that more recent cohorts have increased their spending faster than older cohorts, with their more unique offerings like Eats and Fresh likely contributing to Coupang's stickiness.</p>\n<blockquote>\n For example, the 2017 cohort spent approximately 80% more in 2018 compared to 2017. By comparison, the 2018 and 2019 cohorts spent approximately 98% and approximately 119% more, respectively, in their second years compared to their first years with us.\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad3c1f67801314390cc2189a8e5f9d0e\" tg-width=\"705\" tg-height=\"62\"><span>Source: S-1</span></p>\n<p>Furthermore, users' increased engagement and spending have translated to rapid user growth, with an increase in 2018 to 2020 from 9.1 million to 14.8 million, a 61% increase in just two years.</p>\n<p>The impressive user growth is highly encouraging to see how engaged, and loyal users of Coupang's platform are. As an American and avid Amazon customer, I can relate to many of the same perks where my experience isn't the same when I order online from Amazon's competitors. And through the years, as I have made many purchases via Amazon, my own loyalty has grown, and further disinterests me to try other eCommerce marketplaces.</p>\n<p><b>Massive Distribution and Geographic Domination</b></p>\n<p>South Korea didn't have a robust e-commerce infrastructure before Coupang. In the US, we have been fortunate to have the infrastructure built many years pre-internet with UPS (UPS) and FedEx (FDX), founded in 1907 and 1971. Thus there was a gaping hole in the logistics process, from packaging, fulfillment, shipping, and delivery in a streamlined process.</p>\n<p>In&nbsp;South Korea, merchants have been struggling to stitch together these highly fragmented services to create a well-integrated and end-to-end network for e-commerce. Coupang has built a massive distribution network with over 100 fulfillment and logistic centers in over 30 cities, encompassing over 25 million sq ft. Their&nbsp;workforce&nbsp;comprises over 40,000 workers, including 15,000 full-time delivery drivers guided by proprietary software, making Coupang the second-largest B2C logistics company in the nation.</p>\n<p>Coupang has strategically placed itself in critical parts of the country by building an extensive distribution network to execute its lofty delivery speed promises.Incredibly, nearly 70% of the population lives within just 7 miles of a logistics center in a country that is about 1% the size of the U.S. geographically.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/28e7ec293f8a70f4003f3c1b2c34ab52\" tg-width=\"264\" tg-height=\"324\"><span>Source: Wikimedia Commons</span></p>\n<p>What's vital here is South Korea's geography and why that matters for Coupang's distribution model compared to competitors.Over 60%&nbsp;of the land is mountainous, making flat land-scarce and requiring the mega fulfillment centers to be built vertically. Meaning building a large logistics center is more complex, time-intensive, and capital-intensive. So current and future competitors will have a challenging time matching Coupang's logistics in South Korea. Also, by becoming the quasi-UPS of South Korea, the logistics network they are building will be hard to compete with economically as Coupang scales which will further drive down their costs.</p>\n<p><b>Convenience and Eco-Friendly</b></p>\n<p>Part of Coupang's plan to make life unlivable for Koreans without it is making purchasing simple and easy, which they have done. Coupang has the only significant payment experience that supports \"one-tap\" buying without additional verification. In a day in age with massive fraud and online theft, building a secure one-tap purchasing experience is convenient for users.</p>\n<p>Furthermore, frictionless returns are a crucial part of the user experience, and luckily for users of Coupang, they don't have to sacrifice convenience to be eco-friendly. They are committed to frictionless transactions in concert with their devotion to waste reduction and cardboard elimination. As of 2020, they have removed cardboard boxes in over&nbsp;75%&nbsp;of parcels and instead replaced them with their coined \"Zero Packaging\" innovation. Instead of cardboard boxes, packages get delivered in eco-bags and re-collected for reuse after each delivery. Not to mention on returns, customers can forget packing and shipping returns. Customers need to tap a button on the app and leave their items outside their door for pickup.</p>\n<p><b>Valuation and Analysis</b></p>\n<p>Coupang had a fantastic 2020, with sales growing over 90% from $6.2 billion to $11.9 billion from 2019 to 2020. The likely reason for the jump from 55% growth in 2018-2019 is the pandemic that forced many local retailers' doors to close and moved many consumers to shop online. Clearly, Coupang was a significant beneficiary from the Pandemic and will likely retain many of the consumers who never shopped online to now continue shopping online. Still, I think it's unrealistic to expect a continuation of 90% growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a3a93d41e4b9d36db6febd41c059407\" tg-width=\"879\" tg-height=\"336\"><span>Source: S-1</span></p>\n<p>On IPO day, Coupang priced its shares at $35 yet finished at $49.25, a 40% pop and giving the company a hefty market cap of $84.47 billion. They are also not profitable, with a $475 million loss last year; however, their losses are dropping from $1.1 billion in 2018.</p>\n<p>Currently, they are trading at a Price to Sales (P/S) ratio of 7x, which is a significant multiple for a non-software company. On occasion, this high of a multiple for a software company can make sense because as they grow, their fixed costs stay the same and become significantly more profitable as they acquire more users. They are trading at 25x Gross Profit, a high multiple, especially with the market's current macro trends being volatile for growth stocks.</p>\n<p>Coupang is investing for the future and will continue to reinvest back into the business to build their eCommerce platform and infrastructure further; thus, they will likely not be profitable in the short term. However, I see a massive opportunity here. They mentioned they are in the early stating of advertising on their marketplace, an enormous revenue generator like Amazon receives from sellers on their platform.</p>\n<p>Overall I like their business model and believe they will continue to dominate the eCommerce market in South Korea. However, the 40% gain on day one and the volatile market makes this stock a pass for now. But add to your Watch List. If high growth tech stocks see another sell-off in the next couple of months, a better buying opportunity could arise.</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>Coupang Is Not A Buy - At Least Not Right Now</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\">\nCoupang Is Not A Buy - At Least Not Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 12:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4414947-coupang-not-a-buy-at-least-not-right-now><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nCoupang is the Amazon of South Korea, making them a great long-term investment.\nCoupang is a mix of Amazon, UPS, and Doordash.\nHowever, the stock rose over 40% opening day, making it a pass.\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4414947-coupang-not-a-buy-at-least-not-right-now\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://seekingalpha.com/article/4414947-coupang-not-a-buy-at-least-not-right-now","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1177979145","content_text":"Summary\n\nCoupang is the Amazon of South Korea, making them a great long-term investment.\nCoupang is a mix of Amazon, UPS, and Doordash.\nHowever, the stock rose over 40% opening day, making it a pass.\nAdd to your watchlist to enter when tech stocks sell off further.\n\nPhoto by LeoPatrizi/E+ via Getty Images\n\n How did I ever live without Coupang?\"\n\n\n -Bom Suk Kim, Founder\n\nCoupang (CPNG) is known to be the Amazon of South Korea - and for a good reason. They have dominated their home turf to become the top online retailer in the nation. While they are not identical to Amazon(NASDAQ:AMZN), their business model is similar in many ways, making CPNG an attractive investment for long-term investors.\nHowever, like recent tech IPOs that have seen 40%+ spikes on the first day of trading, CPNG is initially overpriced. However, I would argue they are an excellent long-term investment later in the year based on their competitive advantages.\nSource: S-1\nBrief Overview\nCoupang is an e-commerce platform similar to Amazon, where customers can purchase a wide variety of products with expedited shipping. They host over 200,000 merchants and hundreds of millions of SKU's providing customers with a wide variety of choices to suit their purchasing needs. The company wasfounded in 2010 by Bom Kim, the current CEO, who graduated from Harvard University and dropped out of Harvard Business School to start Coupang. Their culture is very customer-centric; throughout their S-1 is a relentless focus on making the customer happy. In an opening letter from Mr. Kim, he states, \"We want our customers to have it all,\" and \"Why force customers to choose between amazing service, low prices, and broad selection?\"\nCoupang received pre-IPO investments from prominent U.S. Hedge Fund managers Stanley Druckenmiller and Bill Ackman, who saw the potential of bringing the Amazon model to South Korea, where the e-commerce marketplace has been underserved. Coupang's rapid ascension is due in part to the South Korean market opportunity, which is the fourth-largest economy in Asia and the twelfth largest globally with a GDP of $1.6 trillion and GDP per capita of $31,847. Total e-commerce spend was $128 billion in 2019 and is expected to grow to $206 billion by 2024, equaling a CAGR of approximately 10%.\nEconomic Moats\n\n \"What we're trying to do, is we're trying to find a business with a wide and long-lasting moat around it, surrounded -- protecting a terrific economic castle with an honest lord in charge of the castle.\" -Warren Buffet.\n\nRocket WOW Membership\nCoupang has a membership program called Rocket WOW, similar to Prime, that provides unlimited free shipping with no minimums, free returns, and exclusive discounts. The cost is a mere $2.50 a month and being a part of this program also gives customers access to Rocket Dawn and Rocket Same-Day Delivery. With Rocket Dawn, if a customer places an order by midnight, even seconds before, they are promised arrival before7 am! Also, WOW members have access to two newer benefits in Rocket Fresh and Coupang Eats.\nRocket Fresh provides Same-Day Delivery for fresh food such as vegetables, dairy, fruit, and meats. Since last year,Coupang has been the only e-commerce firm to deliver fresh foods directly to customer's doors in under 24 hours. Expedited shipping is vital for perishable foods, and with Coupangs massive distribution network, they can execute this type of delivery speed.\nCoupang Eats has piggybacked off Rocket Delivery by leveraging their technology and logistics to partner with independent restaurants to deliver food, similar to Doordash. Eats' success has become apparent by rising to the top as the largest online food delivery service in the nation.\nThese value-added services to the WOW membership have paid dividends in growing their user base. Of Coupangs 14.8 million users,32%are WOW members whose frequency of purchases was over four times that of non-members!\nVirtuous Cycle\nSimilar to Prime, Coupang's WOW Club fosters a virtuous circle. By offering unique services such as expedited shipping, Eats, and Fresh, more users sign up for the club. In turn, it increases purchases, providing more incentive for Merchants to join the platform to offer more products. Coupang generates more revenue to further invest in more offerings like Eats and Fresh, leading to more members joining.\nSource: S-1\nThe exceptional experience customers have using Coupang is reflected in their loyalty, retention, and increase in purchasing. As shown above, the chart demonstrates a cohort for each year a new user signed up. Displayed here is that more recent cohorts have increased their spending faster than older cohorts, with their more unique offerings like Eats and Fresh likely contributing to Coupang's stickiness.\n\n For example, the 2017 cohort spent approximately 80% more in 2018 compared to 2017. By comparison, the 2018 and 2019 cohorts spent approximately 98% and approximately 119% more, respectively, in their second years compared to their first years with us.\n\nSource: S-1\nFurthermore, users' increased engagement and spending have translated to rapid user growth, with an increase in 2018 to 2020 from 9.1 million to 14.8 million, a 61% increase in just two years.\nThe impressive user growth is highly encouraging to see how engaged, and loyal users of Coupang's platform are. As an American and avid Amazon customer, I can relate to many of the same perks where my experience isn't the same when I order online from Amazon's competitors. And through the years, as I have made many purchases via Amazon, my own loyalty has grown, and further disinterests me to try other eCommerce marketplaces.\nMassive Distribution and Geographic Domination\nSouth Korea didn't have a robust e-commerce infrastructure before Coupang. In the US, we have been fortunate to have the infrastructure built many years pre-internet with UPS (UPS) and FedEx (FDX), founded in 1907 and 1971. Thus there was a gaping hole in the logistics process, from packaging, fulfillment, shipping, and delivery in a streamlined process.\nIn South Korea, merchants have been struggling to stitch together these highly fragmented services to create a well-integrated and end-to-end network for e-commerce. Coupang has built a massive distribution network with over 100 fulfillment and logistic centers in over 30 cities, encompassing over 25 million sq ft. Their workforce comprises over 40,000 workers, including 15,000 full-time delivery drivers guided by proprietary software, making Coupang the second-largest B2C logistics company in the nation.\nCoupang has strategically placed itself in critical parts of the country by building an extensive distribution network to execute its lofty delivery speed promises.Incredibly, nearly 70% of the population lives within just 7 miles of a logistics center in a country that is about 1% the size of the U.S. geographically.\nSource: Wikimedia Commons\nWhat's vital here is South Korea's geography and why that matters for Coupang's distribution model compared to competitors.Over 60% of the land is mountainous, making flat land-scarce and requiring the mega fulfillment centers to be built vertically. Meaning building a large logistics center is more complex, time-intensive, and capital-intensive. So current and future competitors will have a challenging time matching Coupang's logistics in South Korea. Also, by becoming the quasi-UPS of South Korea, the logistics network they are building will be hard to compete with economically as Coupang scales which will further drive down their costs.\nConvenience and Eco-Friendly\nPart of Coupang's plan to make life unlivable for Koreans without it is making purchasing simple and easy, which they have done. Coupang has the only significant payment experience that supports \"one-tap\" buying without additional verification. In a day in age with massive fraud and online theft, building a secure one-tap purchasing experience is convenient for users.\nFurthermore, frictionless returns are a crucial part of the user experience, and luckily for users of Coupang, they don't have to sacrifice convenience to be eco-friendly. They are committed to frictionless transactions in concert with their devotion to waste reduction and cardboard elimination. As of 2020, they have removed cardboard boxes in over 75% of parcels and instead replaced them with their coined \"Zero Packaging\" innovation. Instead of cardboard boxes, packages get delivered in eco-bags and re-collected for reuse after each delivery. Not to mention on returns, customers can forget packing and shipping returns. Customers need to tap a button on the app and leave their items outside their door for pickup.\nValuation and Analysis\nCoupang had a fantastic 2020, with sales growing over 90% from $6.2 billion to $11.9 billion from 2019 to 2020. The likely reason for the jump from 55% growth in 2018-2019 is the pandemic that forced many local retailers' doors to close and moved many consumers to shop online. Clearly, Coupang was a significant beneficiary from the Pandemic and will likely retain many of the consumers who never shopped online to now continue shopping online. Still, I think it's unrealistic to expect a continuation of 90% growth.\nSource: S-1\nOn IPO day, Coupang priced its shares at $35 yet finished at $49.25, a 40% pop and giving the company a hefty market cap of $84.47 billion. They are also not profitable, with a $475 million loss last year; however, their losses are dropping from $1.1 billion in 2018.\nCurrently, they are trading at a Price to Sales (P/S) ratio of 7x, which is a significant multiple for a non-software company. On occasion, this high of a multiple for a software company can make sense because as they grow, their fixed costs stay the same and become significantly more profitable as they acquire more users. They are trading at 25x Gross Profit, a high multiple, especially with the market's current macro trends being volatile for growth stocks.\nCoupang is investing for the future and will continue to reinvest back into the business to build their eCommerce platform and infrastructure further; thus, they will likely not be profitable in the short term. However, I see a massive opportunity here. They mentioned they are in the early stating of advertising on their marketplace, an enormous revenue generator like Amazon receives from sellers on their platform.\nOverall I like their business model and believe they will continue to dominate the eCommerce market in South Korea. However, the 40% gain on day one and the volatile market makes this stock a pass for now. But add to your Watch List. If high growth tech stocks see another sell-off in the next couple of months, a better buying opportunity could arise.","news_type":1},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326320358,"gmtCreate":1615596344874,"gmtModify":1703491379849,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326320358","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</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>US Daylight Saving Time</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\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328896240,"gmtCreate":1615510372380,"gmtModify":1703490173514,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328896240","repostId":"2118984296","repostType":4,"repost":{"id":"2118984296","pubTimestamp":1615475224,"share":"https://www.laohu8.com/m/news/2118984296?lang=&edition=full","pubTime":"2021-03-11 23:07","market":"us","language":"en","title":"Better Buy: Netflix vs. Amazon","url":"https://stock-news.laohu8.com/highlight/detail?id=2118984296","media":"Motley Fool","summary":"Comparing the two pioneers of industry.","content":"<p>Investors comparing <b>Netflix</b> (NASDAQ:NFLX) and <b>Amazon </b>(NASDAQ:AMZN) may think first of the companies' rivalry in streaming video -- but&nbsp;these stocks' efforts to begin new industries probably serve as a more important commonality. Amazon stood out by spawning two different powerhouse business segments: e-commerce and cloud computing. While that advantage could make Amazon the better bet over the streaming video pioneer, investors should take a closer look at both to evaluate which stock holds more potential for higher returns.</p>\n<h2>Comparing the businesses</h2>\n<p>Netflix has definitely benefited from its own strategic decision-making. It transitioned away from mail-in DVDs as soon as technology allowed for streaming. It also pivoted to proprietary content as competitors began to emerge. Today, Netflix leads the streaming market with almost 204 million subscribers as it dominates the Golden Globes. This subscriber count far outpaces its nearest competitor, <b>Disney</b>'s Disney+, with around 95 million subscribers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c33886ce245b1d455d6d469bd098609e\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images</span></p>\n<p>Amazon similarly leads in e-commerce, selling nearly $341 billion in goods in 2020. While that still lags <b>Walmart</b>'s (NYSE:WMT) $555 billion in net sales, Walmart earns most revenue from in-store retailing.&nbsp;Also, Amazon has started a successful cloud computing business, AWS. It maintains a significant market lead over competitors, controlling about <a href=\"https://laohu8.com/S/AONE\">one</a>-third of the market, according to ParkMyCloud. Additionally, AWS accounts for the majority of Amazon's profits.</p>\n<p>As mentioned before, both operate streaming video platforms. Nonetheless, Amazon treats streaming as an added benefit for subscribing to its Prime service and does not release specific financial figures on Prime Video. Thus, for purposes of comparing stocks, investors should not view the two companies as \"competitors.\"</p>\n<h2>Competitive advantages</h2>\n<p>Instead, investors should look more closely at what each company's financials reveal about its true strengths and weaknesses.</p>\n<p>In fiscal 2020, Netflix's revenue increased by 24% year over year to nearly $25 billion. Its net income rose 48% to just under $2.8 billion over the same period. Income surged as slower growth in operating expenses more than offset Netflix's rising cost of interest and foreign exchange losses.</p>\n<p>Nonetheless, investors should take Netflix's net income with a grain of salt. Debt moved higher as content spending steadily rose. BMO Capital Markets forecasted over $17 billion in content spending in 2020. The pandemic shut down production for much of the year, and Netflix did not confirm that figure or reveal how much it allocated to content in 2020.</p>\n<p>Nonetheless, the company spent $15 billion in content development in 2019. This conflicts with the $12.4 billion reported in cost of revenue that year, meaning debt likely financed some development costs.</p>\n<p>As a result, total debt has risen from under $3.4 billion in 2016 to over $16.3 billion in 2020. This far exceeds equity of just under $11.1 billion, the company's value after subtracting liabilities from assets, and leaves the debt-to-equity ratio at almost 1.5.</p>\n<p>Nonetheless, for 2020 Netflix reported free cash flow of more than $1.9 billion, its first year of positive free cash flow since 2011. This covered the $767 million in interest expenses for 2020. Still, the negative cash flow in previous years leads to questions about how Netflix will cover interest expenses if production spending again leads to negative cash flow.</p>\n<p>Knowing this discrepancy, investors should question how long Netflix can finance content development through debt. Eventually, the company may have to dilute shares or scale back development to maintain its financial stability.&nbsp;</p>\n<p>This approach stands in stark contrast to Amazon's financial picture. Its net sales grew by 38% from year-ago levels to $386.1 billion, and net income rose by 84% to $11.1 billion. Income surged as operating expense growth lagged revenue increases, and, unlike in 2019, Amazon turned a non-operating profit in 2020.</p>\n<p>Amazon's leadership in two industries also serves as an advantage. AWS accounted for $13.5 billion of Amazon's $22.9 billion in operating income in 2020. This allows AWS to subsidize competitive initiatives.</p>\n<p>In 2019, net income grew modestly for retailing as the company switched from two-day to <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day shipping. As a result, overall shipping costs in 2019 rose by more than $10 billion, or 37% from year-ago levels, during a period when retail sales revenue increased by just over 18%, or $38 billion during that period. However, since AWS increased operating income by 26%, the company still grew net income by 15%.</p>\n<p>Amazon also supports a more stable balance sheet. In 2020, long-term debt increased by more than $8 billion to $31.8 billion. Nonetheless, the $31 billion in annual free cash flow easily covered interest expenses of just over $1.6 billion.&nbsp;Also, since Amazon supports an equity value of $93.4 billion, its debt-to-equity ratio comes in at a more comfortable 0.3. This makes debt a less significant burden for Amazon than for Netflix.</p>\n<h2>Netflix or Amazon?</h2>\n<p>That debt picture also helps Amazon come out a clear winner among these tech stocks. Netflix appears headed for a hard choice between financial stability and staying ahead in the content race. In contrast, the profit levels of AWS can insulate Amazon amid a highly competitive retail environment. This success in two different industries of its own creation makes Amazon difficult to challenge.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Buy: Netflix vs. Amazon</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\">\nBetter Buy: Netflix vs. Amazon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-11 23:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/11/better-buy-netflix-vs-amazon/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors comparing Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) may think first of the companies' rivalry in streaming video -- but these stocks' efforts to begin new industries probably serve as a...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/11/better-buy-netflix-vs-amazon/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","AMZN":"亚马逊"},"source_url":"https://www.fool.com/investing/2021/03/11/better-buy-netflix-vs-amazon/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118984296","content_text":"Investors comparing Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) may think first of the companies' rivalry in streaming video -- but these stocks' efforts to begin new industries probably serve as a more important commonality. Amazon stood out by spawning two different powerhouse business segments: e-commerce and cloud computing. While that advantage could make Amazon the better bet over the streaming video pioneer, investors should take a closer look at both to evaluate which stock holds more potential for higher returns.\nComparing the businesses\nNetflix has definitely benefited from its own strategic decision-making. It transitioned away from mail-in DVDs as soon as technology allowed for streaming. It also pivoted to proprietary content as competitors began to emerge. Today, Netflix leads the streaming market with almost 204 million subscribers as it dominates the Golden Globes. This subscriber count far outpaces its nearest competitor, Disney's Disney+, with around 95 million subscribers.\nImage source: Getty Images\nAmazon similarly leads in e-commerce, selling nearly $341 billion in goods in 2020. While that still lags Walmart's (NYSE:WMT) $555 billion in net sales, Walmart earns most revenue from in-store retailing. Also, Amazon has started a successful cloud computing business, AWS. It maintains a significant market lead over competitors, controlling about one-third of the market, according to ParkMyCloud. Additionally, AWS accounts for the majority of Amazon's profits.\nAs mentioned before, both operate streaming video platforms. Nonetheless, Amazon treats streaming as an added benefit for subscribing to its Prime service and does not release specific financial figures on Prime Video. Thus, for purposes of comparing stocks, investors should not view the two companies as \"competitors.\"\nCompetitive advantages\nInstead, investors should look more closely at what each company's financials reveal about its true strengths and weaknesses.\nIn fiscal 2020, Netflix's revenue increased by 24% year over year to nearly $25 billion. Its net income rose 48% to just under $2.8 billion over the same period. Income surged as slower growth in operating expenses more than offset Netflix's rising cost of interest and foreign exchange losses.\nNonetheless, investors should take Netflix's net income with a grain of salt. Debt moved higher as content spending steadily rose. BMO Capital Markets forecasted over $17 billion in content spending in 2020. The pandemic shut down production for much of the year, and Netflix did not confirm that figure or reveal how much it allocated to content in 2020.\nNonetheless, the company spent $15 billion in content development in 2019. This conflicts with the $12.4 billion reported in cost of revenue that year, meaning debt likely financed some development costs.\nAs a result, total debt has risen from under $3.4 billion in 2016 to over $16.3 billion in 2020. This far exceeds equity of just under $11.1 billion, the company's value after subtracting liabilities from assets, and leaves the debt-to-equity ratio at almost 1.5.\nNonetheless, for 2020 Netflix reported free cash flow of more than $1.9 billion, its first year of positive free cash flow since 2011. This covered the $767 million in interest expenses for 2020. Still, the negative cash flow in previous years leads to questions about how Netflix will cover interest expenses if production spending again leads to negative cash flow.\nKnowing this discrepancy, investors should question how long Netflix can finance content development through debt. Eventually, the company may have to dilute shares or scale back development to maintain its financial stability. \nThis approach stands in stark contrast to Amazon's financial picture. Its net sales grew by 38% from year-ago levels to $386.1 billion, and net income rose by 84% to $11.1 billion. Income surged as operating expense growth lagged revenue increases, and, unlike in 2019, Amazon turned a non-operating profit in 2020.\nAmazon's leadership in two industries also serves as an advantage. AWS accounted for $13.5 billion of Amazon's $22.9 billion in operating income in 2020. This allows AWS to subsidize competitive initiatives.\nIn 2019, net income grew modestly for retailing as the company switched from two-day to one-day shipping. As a result, overall shipping costs in 2019 rose by more than $10 billion, or 37% from year-ago levels, during a period when retail sales revenue increased by just over 18%, or $38 billion during that period. However, since AWS increased operating income by 26%, the company still grew net income by 15%.\nAmazon also supports a more stable balance sheet. In 2020, long-term debt increased by more than $8 billion to $31.8 billion. Nonetheless, the $31 billion in annual free cash flow easily covered interest expenses of just over $1.6 billion. Also, since Amazon supports an equity value of $93.4 billion, its debt-to-equity ratio comes in at a more comfortable 0.3. This makes debt a less significant burden for Amazon than for Netflix.\nNetflix or Amazon?\nThat debt picture also helps Amazon come out a clear winner among these tech stocks. Netflix appears headed for a hard choice between financial stability and staying ahead in the content race. In contrast, the profit levels of AWS can insulate Amazon amid a highly competitive retail environment. This success in two different industries of its own creation makes Amazon difficult to challenge.","news_type":1},"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323824796,"gmtCreate":1615333286215,"gmtModify":1703487409010,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323824796","repostId":"1153054606","repostType":4,"repost":{"id":"1153054606","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615302535,"share":"https://www.laohu8.com/m/news/1153054606?lang=&edition=full","pubTime":"2021-03-09 23:08","market":"us","language":"en","title":"Baidu's rise expanded to 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1153054606","media":"老虎资讯综合","summary":"Baidu's rise expanded to 10% in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baid","content":"<p>Baidu's rise expanded to 10%&nbsp;in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baidu Ipo Passes Hong Kong Stock Exchange Listing Hearing.</p>\n<p><img src=\"https://static.tigerbbs.com/46b53518801843754c7156b0db74a7e9\" tg-width=\"840\" tg-height=\"470\"></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>Baidu's rise expanded to 10%</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\">\nBaidu's rise expanded to 10%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-03-09 23:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Baidu's rise expanded to 10%&nbsp;in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baidu Ipo Passes Hong Kong Stock Exchange Listing Hearing.</p>\n<p><img src=\"https://static.tigerbbs.com/46b53518801843754c7156b0db74a7e9\" tg-width=\"840\" tg-height=\"470\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153054606","content_text":"Baidu's rise expanded to 10% in Tuesday morning trading.Hong Kong Stock Exchange Filing Shows: :Baidu Ipo Passes Hong Kong Stock Exchange Listing Hearing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323824849,"gmtCreate":1615333258981,"gmtModify":1703487408495,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323824849","repostId":"1194586000","repostType":4,"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329285551,"gmtCreate":1615251385073,"gmtModify":1703486237638,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329285551","repostId":"2118970816","repostType":4,"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289615,"gmtCreate":1615250913037,"gmtModify":1703486228544,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289615","repostId":"2118069745","repostType":4,"repost":{"id":"2118069745","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615248000,"share":"https://www.laohu8.com/m/news/2118069745?lang=&edition=full","pubTime":"2021-03-09 08:00","market":"us","language":"en","title":"How Toyota thrives when the chips are down","url":"https://stock-news.laohu8.com/highlight/detail?id=2118069745","media":"Reuters","summary":"Toyota also developed in-house chip expertise decades ago. March 9  - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.That's","content":"<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Toyota thrives when the chips are down</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\">\nHow Toyota thrives when the chips are down\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-09 08:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TM":"丰田汽车","03160":"华夏日股对冲","F":"福特汽车","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118069745","content_text":"Toyota relatively unscathed by global chip shortages\nContinuity planning dates back to Fukushima disaster\nToyota also developed in-house chip expertise decades ago\n\nMarch 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.\nAfter the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.\nThat's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.\nAnd that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.\n\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.\nTwo of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.\nToyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.\nToyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.\nCLASSIC LEAN SOLUTION\nThe source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.\nWhile Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.\nThe chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.\nHowever, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.\nIn the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .\nThe repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.\nIt was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.\nAt a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.\nA Toyota spokesman said one of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.\n\"The BCP for us was a classic lean solution,\" he said.\nNO BLACK BOXES\nToyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.\nInventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.\nWhile there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.\nToyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.\nOne of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.\nAutomakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.\nThe sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".\n\"This basic approach sets us apart,\" said one of the sources, a Toyota engineer.\n\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"\n'LOSING OUR GRIP?'\nThere has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.\nThose innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.\nThe technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.\nIn keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.\nYears before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.\nToyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.\nThe four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.\nTwo of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.\n\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289326,"gmtCreate":1615250889065,"gmtModify":1703486227857,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935920558060","authorIdStr":"3574935920558060"},"themes":[],"htmlText":"[美金]&nbsp;","listText":"[美金]&nbsp;","text":"[美金]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289326","repostId":"2118669701","repostType":4,"repost":{"id":"2118669701","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1615249800,"share":"https://www.laohu8.com/m/news/2118669701?lang=&edition=full","pubTime":"2021-03-09 08:30","market":"us","language":"en","title":"7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee","url":"https://stock-news.laohu8.com/highlight/detail?id=2118669701","media":"Dow Jones","summary":"Volatility is the name of the game in March, and knowing how best to play those dips may be the name","content":"<p>Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.</p>\n<p>After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.</p>\n<p>The 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.</p>\n<p>The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.</p>\n<p>Wild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&amp;P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.</p>\n<p>Intraday and interday swings have been pronounced as well.</p>\n<p>Against that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:</p>\n<p>1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.</p>\n<p>2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.</p>\n<p>3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.</p>\n<p>4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.</p>\n<p>5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.</p>\n<p>6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.</p>\n<p>7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.</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>7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee</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\">\n7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-03-09 08:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.</p>\n<p>After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.</p>\n<p>The 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.</p>\n<p>The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.</p>\n<p>Wild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&amp;P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.</p>\n<p>Intraday and interday swings have been pronounced as well.</p>\n<p>Against that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:</p>\n<p>1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.</p>\n<p>2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.</p>\n<p>3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.</p>\n<p>4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.</p>\n<p>5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.</p>\n<p>6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.</p>\n<p>7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118669701","content_text":"Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.\nAfter a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.\nThe 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.\nThe rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.\nWild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.\nIntraday and interday swings have been pronounced as well.\nAgainst that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:\n1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.\n2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.\n3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.\n4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.\n5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.\n6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.\n7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.","news_type":1},"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}