KaedeNyu的个人主页 - 老虎社区

KaedeNyu

KaedeNyu

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0勋章

2021-07-14

$Innerscope Hearing Technologies, Inc.(INND)$confused and sad right now but still holding this gem.

2021-07-12

$Innerscope Hearing Technologies, Inc.(INND)$no fear, our day is coming.

2021-06-11

clinical stg 2

2021-06-09

Exited after an eternity.

2021-05-30

$Innerscope Hearing Technologies, Inc.(INND)$want to load more but tiget does not allow.

2021-05-08

买进吧！！！

2021-05-07

$Innerscope Hearing Technologies, Inc.(INND)$再接再厉，掉了我再买

2021-05-07

在买吗？说好这个月会current的.

2021-05-05

$Innerscope Hearing Technologies, Inc.(INND)$又加股了， DCA down!!!

2021-05-04

$Innerscope Hearing Technologies, Inc.(INND)$给好奇的朋友们看，我是对这个股很有信心喔。

2021-05-04

再掉我再买

2021-05-04

tech stocks overvalued

抱歉，原内容已删除

2021-05-03

hope innd takes over this

2021-05-03

$Innerscope Hearing Technologies, Inc.(INND)$bag holderrr

2021-05-02

$Amazonas Florestal Ltd(AZFL)$dca down?

2021-05-02

快上呀，这个股

2021-04-30

fall more, i buy

抱歉，原内容已删除

2021-04-30

wow

Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>

2021-04-30

sad please wait for me

2021-04-29

$BlackBerry(BB)$算了吧

去老虎APP查看更多动态

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more, i buy","listText":"fall more, i buy","text":"fall more, i buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103620770","repostId":"1115027864","repostType":4,"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103620230,"gmtCreate":1619778944420,"gmtModify":1634210005144,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103620230","repostId":"1198321864","repostType":4,"repost":{"id":"1198321864","kind":"news","pubTimestamp":1619776602,"share":"https://www.laohu8.com/m/news/1198321864?lang=zh_CN&edition=full","pubTime":"2021-04-30 17:56","market":"us","language":"en","title":"Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198321864","media":"Yahoo","summary":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing ","content":"<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐（KO）是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自奥马哈先知33年前开始购买以来，该股已上涨超过2,000%。希望驾驭未来十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的Yahoo Finance Plus网络研讨会上，Smead Capital Management首席投资官Bill Smead首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有的投资都是价值投资。他们想买手里的鸟，它值两只鸟。他们想买比他们认为的价值低得多的东西。所以投资中最理想的东西是基于普通股投资的数学。如果你以30美元的价格购买一只股票并支付现金，可能发生在你身上的最糟糕的事情就是它变成了零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆会“以一半的价格购买200个雪茄烟头，通过市场的波动，这样做会变得更富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人害怕得要死或不明白为什么它在未来20或30年内会是一件如此好的事情的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字本身的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔哈撒韦公司于1988年至1989年首次购买可口可乐股票，买入了超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍对1987年10月黑色星期一的崩盘感到不安。巴菲特大力投资该股被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在1988年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫自己的立场。巴菲特说：“1988年，我们大量购买了联邦住房贷款抵押贷款公司……和可口可乐公司。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的部分优秀企业时，我们最喜欢的持有期是永远。”</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到1994年，伯克希尔哈撒韦公司的持股数量增加了四倍多，达到1亿股，但迄今为止尚未出售任何股票。经过两次股票分割后，股票数量现在为4亿股，但伯克希尔的成本基础自1994年以来一直保持在13亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至2020年底，伯克希尔持有可口可乐所有已发行股票的9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它终于在1989年11月倒塌了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>Smead将自己在20世纪80年代作为经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔·伯纳姆·兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它的市盈率是6倍，股息为5%。八年后，当巴菲特买入时，他支付的价格是我试图支付的价格的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>Smead解释了投资者情绪在整个20世纪80年代是如何变化的，因为对动荡的20世纪70年代的记忆逐渐消退，并转变为对牛市的乐观情绪，这将成为历史上最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我一直推销（可口可乐）股票，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里，因为没有人会买它。实际上，没有人想要它。1981年，普通股持有量占美国家庭资产的8%——低得离谱。没有人想要这家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境也将如何改变宏观形势，为公司提供新的机会和市场。“许多过去封闭的国家将敞开大门。可口可乐公司将能够向很大一部分以前从未向其销售过的人口出售他们的饮料。在新兴市场和不太富裕的国家，‘干净、有东西喝’是非常有价值的。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次让宏观形势陷入动荡，给投资者带来了一系列新的挑战。Smead评估了正在发生的人口变化，并为他认为新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们研究了之前的时间，当时30至45岁的年龄组比之前的年龄组大得多。那是婴儿潮一代取代了70年代和80年代沉默的一代……我们现在有9000万千禧一代——不久之后，9500万——他们将取代30至45岁年龄段的6500万x一代。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead引用了Fundstrat Global Advisors的研究，该研究对其预计千禧一代的支出超过婴儿潮一代时将颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就已经过度拥有房屋建筑商，因为我们知道我们有多年的时间建造房屋来弥补房屋需求之间的差异，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>Smead预计未来十年选股者的表现将优于被动投资者。他还认为，基于与住宅建筑商相关的相同人口趋势，鞋类、家居家具和设备行业的表现将优于大盘。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这场流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-30 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐（KO）是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自奥马哈先知33年前开始购买以来，该股已上涨超过2,000%。希望驾驭未来十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的Yahoo Finance Plus网络研讨会上，Smead Capital Management首席投资官Bill Smead首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有的投资都是价值投资。他们想买手里的鸟，它值两只鸟。他们想买比他们认为的价值低得多的东西。所以投资中最理想的东西是基于普通股投资的数学。如果你以30美元的价格购买一只股票并支付现金，可能发生在你身上的最糟糕的事情就是它变成了零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆会“以一半的价格购买200个雪茄烟头，通过市场的波动，这样做会变得更富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人害怕得要死或不明白为什么它在未来20或30年内会是一件如此好的事情的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字本身的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔哈撒韦公司于1988年至1989年首次购买可口可乐股票，买入了超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍对1987年10月黑色星期一的崩盘感到不安。巴菲特大力投资该股被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在1988年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫自己的立场。巴菲特说：“1988年，我们大量购买了联邦住房贷款抵押贷款公司……和可口可乐公司。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的部分优秀企业时，我们最喜欢的持有期是永远。”</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到1994年，伯克希尔哈撒韦公司的持股数量增加了四倍多，达到1亿股，但迄今为止尚未出售任何股票。经过两次股票分割后，股票数量现在为4亿股，但伯克希尔的成本基础自1994年以来一直保持在13亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至2020年底，伯克希尔持有可口可乐所有已发行股票的9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它终于在1989年11月倒塌了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>Smead将自己在20世纪80年代作为经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔·伯纳姆·兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它的市盈率是6倍，股息为5%。八年后，当巴菲特买入时，他支付的价格是我试图支付的价格的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>Smead解释了投资者情绪在整个20世纪80年代是如何变化的，因为对动荡的20世纪70年代的记忆逐渐消退，并转变为对牛市的乐观情绪，这将成为历史上最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我一直推销（可口可乐）股票，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里，因为没有人会买它。实际上，没有人想要它。1981年，普通股持有量占美国家庭资产的8%——低得离谱。没有人想要这家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境也将如何改变宏观形势，为公司提供新的机会和市场。“许多过去封闭的国家将敞开大门。可口可乐公司将能够向很大一部分以前从未向其销售过的人口出售他们的饮料。在新兴市场和不太富裕的国家，‘干净、有东西喝’是非常有价值的。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次让宏观形势陷入动荡，给投资者带来了一系列新的挑战。Smead评估了正在发生的人口变化，并为他认为新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们研究了之前的时间，当时30至45岁的年龄组比之前的年龄组大得多。那是婴儿潮一代取代了70年代和80年代沉默的一代……我们现在有9000万千禧一代——不久之后，9500万——他们将取代30至45岁年龄段的6500万x一代。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead引用了Fundstrat Global Advisors的研究，该研究对其预计千禧一代的支出超过婴儿潮一代时将颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就已经过度拥有房屋建筑商，因为我们知道我们有多年的时间建造房屋来弥补房屋需求之间的差异，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>Smead预计未来十年选股者的表现将优于被动投资者。他还认为，基于与住宅建筑商相关的相同人口趋势，鞋类、家居家具和设备行业的表现将优于大盘。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这场流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198321864","content_text":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.\nAt a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.\n\"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.\nSmead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.\nBuffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"\nCoca-Cola a risky bet\nBerkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.\nBuffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.\nBerkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)\nBut the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.\nSmead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"\nSmead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.\n\"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.\nSmead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"\nNew investment opportunities post-COVID\nIn the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.\n\"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.\nSmead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.\nSmead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.\n\"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103620398,"gmtCreate":1619778912214,"gmtModify":1634210005584,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"sad please wait for me","listText":"sad please wait for me","text":"sad please wait for me","images":[{"img":"https://static.tigerbbs.com/84d1b4143c1b730ae1385bd7ec2f93a1","width":"1440","height":"2178"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103620398","isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":109614567,"gmtCreate":1619690432359,"gmtModify":1634210702459,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>算了吧","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>算了吧","text":"$BlackBerry(BB)$算了吧","images":[{"img":"https://static.tigerbbs.com/3c2273c552f20a3b8c9995797b48435d","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109614567","isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":344814063,"gmtCreate":1618396153552,"gmtModify":1631886457895,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INND\">$Innerscope Hearing Technologies, Inc.(INND)$</a>to 1 dollar!","listText":"<a href=\"https://laohu8.com/S/INND\">$Innerscope Hearing Technologies, Inc.(INND)$</a>to 1 dollar!","text":"$Innerscope Hearing Technologies, Inc.(INND)$to 1 dollar!","images":[{"img":"https://static.tigerbbs.com/81084cb5ad8dc5e5cb0eca4a3c3deb3b","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/344814063","isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":366597358,"gmtCreate":1614504841174,"gmtModify":1703477908428,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>点赞我就hold!","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>点赞我就hold!","text":"$GameStop(GME)$点赞我就hold!","images":[{"img":"https://static.tigerbbs.com/020ac82b549e25c3fdfc0efd9671b329","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/366597358","isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3461294587157154","authorId":"3461294587157154","name":"大船晴空","avatar":"https://static.tigerbbs.com/0a6ca12860ccf6451aef738e79727597","crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3461294587157154","idStr":"3461294587157154"},"content":"就这股票，你真的相信值一百多一股吗？几乎可以确定要回到他的真实价值，也就50~70之间了，赌做多那得手快啊","text":"就这股票，你真的相信值一百多一股吗？几乎可以确定要回到他的真实价值，也就50~70之间了，赌做多那得手快啊","html":"就这股票，你真的相信值一百多一股吗？几乎可以确定要回到他的真实价值，也就50~70之间了，赌做多那得手快啊"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":357705609,"gmtCreate":1617293607301,"gmtModify":1634521543484,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Buy in quickly, we can squeeze it again!","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Buy in quickly, we can squeeze it again!","text":"$BlackBerry(BB)$Buy in quickly, we can squeeze it 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href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>可以的，大家加入！！under valued stock","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>可以的，大家加入！！under valued stock","text":"$BlackBerry(BB)$可以的，大家加入！！under valued stock","images":[{"img":"https://static.tigerbbs.com/893bdf21d6e5df1b562322cac5a0719c","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/373274024","isVote":1,"tweetType":1,"viewCount":1187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":349952051,"gmtCreate":1617527242273,"gmtModify":1634520637149,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"Tesla or nio?","listText":"Tesla or nio?","text":"Tesla or nio?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349952051","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352855480,"gmtCreate":1616935528940,"gmtModify":1634523484216,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"ohni","listText":"ohni","text":"ohni","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352855480","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","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":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预期将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预期将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":70,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320994213,"gmtCreate":1614997018732,"gmtModify":1703484072683,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>哈哈又上了","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>哈哈又上了","text":"$GameStop(GME)$哈哈又上了","images":[{"img":"https://static.tigerbbs.com/9c32505eeca3f7237c4cb324f589b489","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/320994213","isVote":1,"tweetType":1,"viewCount":658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":103620230,"gmtCreate":1619778944420,"gmtModify":1634210005144,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103620230","repostId":"1198321864","repostType":4,"repost":{"id":"1198321864","kind":"news","pubTimestamp":1619776602,"share":"https://www.laohu8.com/m/news/1198321864?lang=zh_CN&edition=full","pubTime":"2021-04-30 17:56","market":"us","language":"en","title":"Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198321864","media":"Yahoo","summary":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing ","content":"<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐（KO）是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自奥马哈先知33年前开始购买以来，该股已上涨超过2,000%。希望驾驭未来十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的Yahoo Finance Plus网络研讨会上，Smead Capital Management首席投资官Bill Smead首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有的投资都是价值投资。他们想买手里的鸟，它值两只鸟。他们想买比他们认为的价值低得多的东西。所以投资中最理想的东西是基于普通股投资的数学。如果你以30美元的价格购买一只股票并支付现金，可能发生在你身上的最糟糕的事情就是它变成了零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆会“以一半的价格购买200个雪茄烟头，通过市场的波动，这样做会变得更富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人害怕得要死或不明白为什么它在未来20或30年内会是一件如此好的事情的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字本身的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔哈撒韦公司于1988年至1989年首次购买可口可乐股票，买入了超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍对1987年10月黑色星期一的崩盘感到不安。巴菲特大力投资该股被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在1988年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫自己的立场。巴菲特说：“1988年，我们大量购买了联邦住房贷款抵押贷款公司……和可口可乐公司。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的部分优秀企业时，我们最喜欢的持有期是永远。”</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到1994年，伯克希尔哈撒韦公司的持股数量增加了四倍多，达到1亿股，但迄今为止尚未出售任何股票。经过两次股票分割后，股票数量现在为4亿股，但伯克希尔的成本基础自1994年以来一直保持在13亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至2020年底，伯克希尔持有可口可乐所有已发行股票的9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它终于在1989年11月倒塌了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>Smead将自己在20世纪80年代作为经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔·伯纳姆·兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它的市盈率是6倍，股息为5%。八年后，当巴菲特买入时，他支付的价格是我试图支付的价格的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>Smead解释了投资者情绪在整个20世纪80年代是如何变化的，因为对动荡的20世纪70年代的记忆逐渐消退，并转变为对牛市的乐观情绪，这将成为历史上最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我一直推销（可口可乐）股票，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里，因为没有人会买它。实际上，没有人想要它。1981年，普通股持有量占美国家庭资产的8%——低得离谱。没有人想要这家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境也将如何改变宏观形势，为公司提供新的机会和市场。“许多过去封闭的国家将敞开大门。可口可乐公司将能够向很大一部分以前从未向其销售过的人口出售他们的饮料。在新兴市场和不太富裕的国家，‘干净、有东西喝’是非常有价值的。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次让宏观形势陷入动荡，给投资者带来了一系列新的挑战。Smead评估了正在发生的人口变化，并为他认为新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们研究了之前的时间，当时30至45岁的年龄组比之前的年龄组大得多。那是婴儿潮一代取代了70年代和80年代沉默的一代……我们现在有9000万千禧一代——不久之后，9500万——他们将取代30至45岁年龄段的6500万x一代。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead引用了Fundstrat Global Advisors的研究，该研究对其预计千禧一代的支出超过婴儿潮一代时将颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就已经过度拥有房屋建筑商，因为我们知道我们有多年的时间建造房屋来弥补房屋需求之间的差异，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>Smead预计未来十年选股者的表现将优于被动投资者。他还认为，基于与住宅建筑商相关的相同人口趋势，鞋类、家居家具和设备行业的表现将优于大盘。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这场流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-30 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐（KO）是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自奥马哈先知33年前开始购买以来，该股已上涨超过2,000%。希望驾驭未来十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的Yahoo Finance Plus网络研讨会上，Smead Capital Management首席投资官Bill Smead首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有的投资都是价值投资。他们想买手里的鸟，它值两只鸟。他们想买比他们认为的价值低得多的东西。所以投资中最理想的东西是基于普通股投资的数学。如果你以30美元的价格购买一只股票并支付现金，可能发生在你身上的最糟糕的事情就是它变成了零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆会“以一半的价格购买200个雪茄烟头，通过市场的波动，这样做会变得更富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人害怕得要死或不明白为什么它在未来20或30年内会是一件如此好的事情的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字本身的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔哈撒韦公司于1988年至1989年首次购买可口可乐股票，买入了超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍对1987年10月黑色星期一的崩盘感到不安。巴菲特大力投资该股被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在1988年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫自己的立场。巴菲特说：“1988年，我们大量购买了联邦住房贷款抵押贷款公司……和可口可乐公司。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的部分优秀企业时，我们最喜欢的持有期是永远。”</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到1994年，伯克希尔哈撒韦公司的持股数量增加了四倍多，达到1亿股，但迄今为止尚未出售任何股票。经过两次股票分割后，股票数量现在为4亿股，但伯克希尔的成本基础自1994年以来一直保持在13亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至2020年底，伯克希尔持有可口可乐所有已发行股票的9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它终于在1989年11月倒塌了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>Smead将自己在20世纪80年代作为经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔·伯纳姆·兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它的市盈率是6倍，股息为5%。八年后，当巴菲特买入时，他支付的价格是我试图支付的价格的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>Smead解释了投资者情绪在整个20世纪80年代是如何变化的，因为对动荡的20世纪70年代的记忆逐渐消退，并转变为对牛市的乐观情绪，这将成为历史上最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我一直推销（可口可乐）股票，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里，因为没有人会买它。实际上，没有人想要它。1981年，普通股持有量占美国家庭资产的8%——低得离谱。没有人想要这家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境也将如何改变宏观形势，为公司提供新的机会和市场。“许多过去封闭的国家将敞开大门。可口可乐公司将能够向很大一部分以前从未向其销售过的人口出售他们的饮料。在新兴市场和不太富裕的国家，‘干净、有东西喝’是非常有价值的。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次让宏观形势陷入动荡，给投资者带来了一系列新的挑战。Smead评估了正在发生的人口变化，并为他认为新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们研究了之前的时间，当时30至45岁的年龄组比之前的年龄组大得多。那是婴儿潮一代取代了70年代和80年代沉默的一代……我们现在有9000万千禧一代——不久之后，9500万——他们将取代30至45岁年龄段的6500万x一代。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead引用了Fundstrat Global Advisors的研究，该研究对其预计千禧一代的支出超过婴儿潮一代时将颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就已经过度拥有房屋建筑商，因为我们知道我们有多年的时间建造房屋来弥补房屋需求之间的差异，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>Smead预计未来十年选股者的表现将优于被动投资者。他还认为，基于与住宅建筑商相关的相同人口趋势，鞋类、家居家具和设备行业的表现将优于大盘。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这场流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198321864","content_text":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.\nAt a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.\n\"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.\nSmead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.\nBuffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"\nCoca-Cola a risky bet\nBerkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.\nBuffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.\nBerkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)\nBut the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.\nSmead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"\nSmead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.\n\"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.\nSmead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"\nNew investment opportunities post-COVID\nIn the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.\n\"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.\nSmead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.\nSmead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.\n\"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343686846,"gmtCreate":1617713299885,"gmtModify":1634296982977,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Let's go","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Let's go","text":"$BlackBerry(BB)$Let's go","images":[{"img":"https://static.tigerbbs.com/a5d3a4314300956f4d0dd7f78fb25dfe","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343686846","isVote":1,"tweetType":1,"viewCount":288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322865235,"gmtCreate":1615796305627,"gmtModify":1703493053461,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>moon","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>moon","text":"$GameStop(GME)$moon","images":[{"img":"https://static.tigerbbs.com/70aa46776e7661afbe35a446c3fe9746","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322865235","isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329865912,"gmtCreate":1615221642036,"gmtModify":1703485970393,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>大家推出一点再买回","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>大家推出一点再买回","text":"$GameStop(GME)$大家推出一点再买回","images":[{"img":"https://static.tigerbbs.com/1ceee1a96d047b310ae024a85e3322c8","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329865912","isVote":1,"tweetType":1,"viewCount":545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":367816725,"gmtCreate":1614935040067,"gmtModify":1703483124521,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"Good move unlike the US banks.","listText":"Good move unlike the US banks.","text":"Good move unlike the US banks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/367816725","repostId":"2117368489","repostType":4,"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368516079,"gmtCreate":1614337385891,"gmtModify":1703476554913,"author":{"id":"3575023630818985","authorId":"3575023630818985","name":"KaedeNyu","avatar":"https://static.tigerbbs.com/f5a3380d6cf7ff299cbbd1e794c1c8cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575023630818985","idStr":"3575023630818985"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>再接再厉哦！","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>再接再厉哦！","text":"$GameStop(GME)$再接再厉哦！","images":[{"img":"https://static.tigerbbs.com/3d750693a228aeabc6e234310b051ac4","width":"1440","height":"2560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368516079","isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"lives":[]}