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Colonel_88

Colonel_88

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2021-03-10

Great ariticle, would you like to share it?

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2022-06-16

BOH no

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2021-12-19

$特斯拉(TSLA)$是真的就好

2021-11-25

[得意] [得意] [得意]

If Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple

2021-11-20

[害羞] [害羞] [害羞] [害羞]

US IPO Weekly Recap: 7 IPOs debut ahead of the Thanksgiving holiday

2021-09-26

模拟才赚钱🙆‍♂️

2021-09-15

$星展集团控股(D05.SI)$$华侨银行(O39.SI)$$大华银行(U11.SI)$Our local banks got significant exposure in China Evergrande or not?[流泪] [流泪] [难过] [难过]

2021-09-15

模拟的才会赚大钱 [流泪] [流泪]

2021-06-19

有吗？

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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":2,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/323720769","repostId":"323813933","repostType":1,"isVote":1,"tweetType":1,"viewCount":891,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":689381331,"gmtCreate":1655374609728,"gmtModify":1704862138256,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"BOH no","listText":"BOH no","text":"BOH 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href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>是真的就好","text":"$特斯拉(TSLA)$是真的就好","images":[{"img":"https://static.tigerbbs.com/808515460d328ff67e47c86aeb5cb17f","width":"750","height":"1334"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/699796525","isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":877048847,"gmtCreate":1637850068413,"gmtModify":1637850068532,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"&nbsp;[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","listText":"&nbsp;[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877048847","repostId":"1105943125","repostType":4,"repost":{"id":"1105943125","pubTimestamp":1637829564,"share":"https://www.laohu8.com/m/news/1105943125?lang=&edition=full","pubTime":"2021-11-25 16:39","market":"us","language":"en","title":"If Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=1105943125","media":"seekingalpha","summary":"Summary\n\nOur original recommendation for Berkshire Hathaway to buy Apple was predicated partially on","content":"<p>Summary</p>\n<ul>\n <li>Our original recommendation for Berkshire Hathaway to buy Apple was predicated partially on our opinion that the company was undervalued.</li>\n <li>At this point, even with the tax expenses of selling, we feel the valuation has hit a point where Berkshire Hathaway should be selling.</li>\n <li>Berkshire Hathaway has a cash problem that's not to be trivialized, however, that doesn't justify holding onto overvalued assets.</li>\n <li>The company can use its cash to make significant additional investments in other businesses where it's growing.</li>\n</ul>\n<p>Just over three years ago, we wrote an article discussing how Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B)should utilize its massive cash pile to acquire Apple(NASDAQ:AAPL). As we'll see throughout this article, while that trade would have panned out well, it's time for Berkshire Hathaway to exit its massive Apple investment.</p>\n<p>The Acquisition</p>\n<p>Our original recommendation for the acquisition price with premium was a $1.23 trillion acquisition. Since then, Apple's market capitalization has more than doubled to $2.6 trillion. That's on the basis of substantial strength during COVID-19, where the company's FCF went from almost $65 billion to more than $90 billion.</p>\n<p>New product lines for the business are growing well and it can be expected to continue growing going forward. Our pessimistic acquisition time assumption was Apple's FCF would stay constant at $65 billion while debt was paid out, however, this new FCF would have helped greatly accelerate the debt pay down for the company.</p>\n<p>Berkshire Hathaway's market capitalization, with the expansion in value, would be 3x as large. The company would have $865 billion in debt and have earned almost $150 billion in FCF in the most recent year. The giant would be a valuable long-term investment.</p>\n<p>Apple Buffett Investment</p>\n<p>Apple's Buffett investment has been arguably the best investment he's ever made.</p>\n<p>Warren Buffett's Apple&nbsp;investment has cost him roughly $40 billion. As Apple hits all-time highs, the most recent valuation of Apple's stake is almost $150 billion, implying paper profits of more than $100 billion. The peak capital gains tax rate is roughly 20%, implying ~$22 billion in taxes for the profits that the portfolio has seen so far.</p>\n<p>That means that if he were to sell the investment, he'd turn $40 billion of cash into $125 billion of cash. That'd take Berkshire Hathaway's total cash position to roughly $260 billion.</p>\n<p>Apple Valuation</p>\n<p>Our thesis for selling Apple is based on the company's recent massive multiple expansion.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc5459716333b52cbca613111fcee56e\" tg-width=\"1844\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>Apple P/E Ratio - MacroTrends</span></p>\n<p>A significant part of Apple's returns over the past five years have been the company's massive multiple expansion. The company's PE ratio has gone from just over 10 to almost 30. That 3x expansion means that the company's PE yield is just over 3%. It's worth noting it's been expanding EPS and aggressively buying back shares supporting EPS.</p>\n<p>However, the takeaway here is that multiple expansion can't be expected to continue forever and the law of large numbers exists. That means that Apple's upcoming five-year returns can be expected to not match with the past five-year returns. As Apple becomes bigger and bigger, it becomes more and more a vehicle for the S&amp;P 500 with individual company risk.</p>\n<p>Our Recommendation</p>\n<p>Our recommendation is that Berkshire Hathaway should sell Apple. For normal investors who hold Apple in their individual portfolios, we recommend the same. The reason is threefold.</p>\n<p>1. Apple's size means that continuing to provide market-beating returns is unlikely.</p>\n<p>2. The company's majority of share price performance has been multiple expansion, which can't be guaranteed to continue.</p>\n<p>3. Apple has enjoyed a peer-leading industry position, however, historically in tech, that's extremely difficult to maintain.</p>\n<p>Berkshire Hathaway will be left with a massive pile of cash and there are several ways we can see the company deploying it. For note, that $260 billion initial post tax cash will be almost half of its market capitalization. In our view, we can see several different ways that the company can utilize this cash to maximize shareholder rewards.</p>\n<p>1. Simply invest in the S&amp;P 500. It has a 0.7% higher dividend yield than Apple meaning rolling the $150 billion cash into that would add more than $1 billion in additional dividend for the company. Berkshire Hathaway has discussed how beating the S&amp;P 500 is difficult, and this is a simple solution to a complex problem.</p>\n<p>2. Buybacks. The remainder of Berkshire Hathaway's portfolio is incredibly strong and generates massive FCF. The company has been buying back stock&nbsp;to the tune of roughly $20 billion annualized. It can accelerate that, enabling the value in the rest of its portfolio to be much more magnified. Buying back a significant amount at market value is tough, but it could buy back a reasonable amount.</p>\n<p>3. Acquisitions. There are a few industries that Berkshire Hathaway has been willing to touch in the existing market. Energy,such as the recent almost $10 billion Dominion acquisition, has been one of them. There's plenty of larger companies in the energy markets, and Berkshire Hathaway could make a stab for a larger one towards a $100 billion valuation.</p>\n<p>Any of these paths, or some combination, in our opinion, could help Berkshire Hathaway drive more substantial shareholder rewards.</p>\n<p>Why Discuss</p>\n<p>A classic question for all Seeking Alpha articles, but why are we discussing Berkshire Hathaway portfolio recommendations with you? What's the actionable advice?</p>\n<p>The first is that we believe, for the same reasons, Apple investors should sell their current investments in Apple. The company is a great company, no doubt about it, however, that doesn't make it a great investment, especially at the current valuation. The law of large numbers limits upside, but as an individual company, there's still substantial downside.</p>\n<p>The second is that Berkshire Hathaway investors should pay close attention to how the company treats its Apple stake as well. The investment now makes up almost 25% of the company's portfolio. That means leaving it invested in Apple, which we expect will underperform, can present a drag on the rest of the company's portfolio and hurt its value as an investment.</p>\n<p>All of this, and what happens with the remainder of the company's cash position, is something we recommend investors pay close attention to.</p>\n<p>Thesis Risk</p>\n<p>The risk to our thesis is that Apple is focused on consistent growth and the company has performed well recently. That's especially true given new projects Apple is focused on,like recent news about the Apple Car. There's a chance, with a limit of the law of large numbers, Apple can for at least some period of time continue outperforming the market.</p>\n<p>It's also worth noting that Berkshire Hathaway will need to, because of the 20% tax rate, find a way to reinvest at slightly higher returns.</p>\n<p>Conclusion</p>\n<p>Berkshire Hathaway's massive Apple investment is now almost 25% of its valuation as a company. Even by historical norms with other companies, that's incredibly high in a single business. That single business has seen those returns primarily through multiple expansion (at the P/E of 10, the $40 billion investment would be $50 billion versus $150 billion).</p>\n<p>Our view is that Berkshire Hathaway should eat the tax expense and grab the cash. In our view, there are numerous things the company can do over the coming years to achieve higher returns than its Apple investment would. Whether the company does those things is important because underperformance of Apple could drag the rest of its portfolio.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>If Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIf Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-25 16:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4471860-if-only-buffett-had-listened-to-us-and-why-its-time-to-exit-apple><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nOur original recommendation for Berkshire Hathaway to buy Apple was predicated partially on our opinion that the company was undervalued.\nAt this point, even with the tax expenses of selling,...</p>\n\n<a href=\"https://seekingalpha.com/article/4471860-if-only-buffett-had-listened-to-us-and-why-its-time-to-exit-apple\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4471860-if-only-buffett-had-listened-to-us-and-why-its-time-to-exit-apple","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1105943125","content_text":"Summary\n\nOur original recommendation for Berkshire Hathaway to buy Apple was predicated partially on our opinion that the company was undervalued.\nAt this point, even with the tax expenses of selling, we feel the valuation has hit a point where Berkshire Hathaway should be selling.\nBerkshire Hathaway has a cash problem that's not to be trivialized, however, that doesn't justify holding onto overvalued assets.\nThe company can use its cash to make significant additional investments in other businesses where it's growing.\n\nJust over three years ago, we wrote an article discussing how Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B)should utilize its massive cash pile to acquire Apple(NASDAQ:AAPL). As we'll see throughout this article, while that trade would have panned out well, it's time for Berkshire Hathaway to exit its massive Apple investment.\nThe Acquisition\nOur original recommendation for the acquisition price with premium was a $1.23 trillion acquisition. Since then, Apple's market capitalization has more than doubled to $2.6 trillion. That's on the basis of substantial strength during COVID-19, where the company's FCF went from almost $65 billion to more than $90 billion.\nNew product lines for the business are growing well and it can be expected to continue growing going forward. Our pessimistic acquisition time assumption was Apple's FCF would stay constant at $65 billion while debt was paid out, however, this new FCF would have helped greatly accelerate the debt pay down for the company.\nBerkshire Hathaway's market capitalization, with the expansion in value, would be 3x as large. The company would have $865 billion in debt and have earned almost $150 billion in FCF in the most recent year. The giant would be a valuable long-term investment.\nApple Buffett Investment\nApple's Buffett investment has been arguably the best investment he's ever made.\nWarren Buffett's Apple investment has cost him roughly $40 billion. As Apple hits all-time highs, the most recent valuation of Apple's stake is almost $150 billion, implying paper profits of more than $100 billion. The peak capital gains tax rate is roughly 20%, implying ~$22 billion in taxes for the profits that the portfolio has seen so far.\nThat means that if he were to sell the investment, he'd turn $40 billion of cash into $125 billion of cash. That'd take Berkshire Hathaway's total cash position to roughly $260 billion.\nApple Valuation\nOur thesis for selling Apple is based on the company's recent massive multiple expansion.\nApple P/E Ratio - MacroTrends\nA significant part of Apple's returns over the past five years have been the company's massive multiple expansion. The company's PE ratio has gone from just over 10 to almost 30. That 3x expansion means that the company's PE yield is just over 3%. It's worth noting it's been expanding EPS and aggressively buying back shares supporting EPS.\nHowever, the takeaway here is that multiple expansion can't be expected to continue forever and the law of large numbers exists. That means that Apple's upcoming five-year returns can be expected to not match with the past five-year returns. As Apple becomes bigger and bigger, it becomes more and more a vehicle for the S&P 500 with individual company risk.\nOur Recommendation\nOur recommendation is that Berkshire Hathaway should sell Apple. For normal investors who hold Apple in their individual portfolios, we recommend the same. The reason is threefold.\n1. Apple's size means that continuing to provide market-beating returns is unlikely.\n2. The company's majority of share price performance has been multiple expansion, which can't be guaranteed to continue.\n3. Apple has enjoyed a peer-leading industry position, however, historically in tech, that's extremely difficult to maintain.\nBerkshire Hathaway will be left with a massive pile of cash and there are several ways we can see the company deploying it. For note, that $260 billion initial post tax cash will be almost half of its market capitalization. In our view, we can see several different ways that the company can utilize this cash to maximize shareholder rewards.\n1. Simply invest in the S&P 500. It has a 0.7% higher dividend yield than Apple meaning rolling the $150 billion cash into that would add more than $1 billion in additional dividend for the company. Berkshire Hathaway has discussed how beating the S&P 500 is difficult, and this is a simple solution to a complex problem.\n2. Buybacks. The remainder of Berkshire Hathaway's portfolio is incredibly strong and generates massive FCF. The company has been buying back stock to the tune of roughly $20 billion annualized. It can accelerate that, enabling the value in the rest of its portfolio to be much more magnified. Buying back a significant amount at market value is tough, but it could buy back a reasonable amount.\n3. Acquisitions. There are a few industries that Berkshire Hathaway has been willing to touch in the existing market. Energy,such as the recent almost $10 billion Dominion acquisition, has been one of them. There's plenty of larger companies in the energy markets, and Berkshire Hathaway could make a stab for a larger one towards a $100 billion valuation.\nAny of these paths, or some combination, in our opinion, could help Berkshire Hathaway drive more substantial shareholder rewards.\nWhy Discuss\nA classic question for all Seeking Alpha articles, but why are we discussing Berkshire Hathaway portfolio recommendations with you? What's the actionable advice?\nThe first is that we believe, for the same reasons, Apple investors should sell their current investments in Apple. The company is a great company, no doubt about it, however, that doesn't make it a great investment, especially at the current valuation. The law of large numbers limits upside, but as an individual company, there's still substantial downside.\nThe second is that Berkshire Hathaway investors should pay close attention to how the company treats its Apple stake as well. The investment now makes up almost 25% of the company's portfolio. That means leaving it invested in Apple, which we expect will underperform, can present a drag on the rest of the company's portfolio and hurt its value as an investment.\nAll of this, and what happens with the remainder of the company's cash position, is something we recommend investors pay close attention to.\nThesis Risk\nThe risk to our thesis is that Apple is focused on consistent growth and the company has performed well recently. That's especially true given new projects Apple is focused on,like recent news about the Apple Car. There's a chance, with a limit of the law of large numbers, Apple can for at least some period of time continue outperforming the market.\nIt's also worth noting that Berkshire Hathaway will need to, because of the 20% tax rate, find a way to reinvest at slightly higher returns.\nConclusion\nBerkshire Hathaway's massive Apple investment is now almost 25% of its valuation as a company. Even by historical norms with other companies, that's incredibly high in a single business. That single business has seen those returns primarily through multiple expansion (at the P/E of 10, the $40 billion investment would be $50 billion versus $150 billion).\nOur view is that Berkshire Hathaway should eat the tax expense and grab the cash. In our view, there are numerous things the company can do over the coming years to achieve higher returns than its Apple investment would. Whether the company does those things is important because underperformance of Apple could drag the rest of its portfolio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872394146,"gmtCreate":1637416608631,"gmtModify":1637416608744,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;","listText":"&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;","text":"[害羞] [害羞] [害羞] [害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/872394146","repostId":"1120773635","repostType":4,"repost":{"id":"1120773635","pubTimestamp":1637370691,"share":"https://www.laohu8.com/m/news/1120773635?lang=&edition=full","pubTime":"2021-11-20 09:11","market":"us","language":"en","title":"US IPO Weekly Recap: 7 IPOs debut ahead of the Thanksgiving holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1120773635","media":"Renaissance Capital","summary":"The IPO market was relatively quiet ahead of the holiday week with seven IPOs raising $1.5 billion. ","content":"<p>The IPO market was relatively quiet ahead of the holiday week with seven IPOs raising $1.5 billion. 12 SPACs also priced. Two deals failed to get done: childcare giant&nbsp;<a href=\"https://laohu8.com/S/KLC\"><b>KinderCare</b></a> postponed, and Canada-listed&nbsp;<b>Sangoma Technologies</b>(SANG) terminated its proposed US offering. New issuers continued to join the pipeline in preparation for post-Thanksgiving launches, with nine IPOs and 13 SPACs submitting initial filings.</p>\n<p>Fast casual salad chain&nbsp;<a href=\"https://laohu8.com/S/SG\"><b>Sweetgreen</b></a> upsized and priced well above the range to raise $364 million at a $3.4 billion market cap. One of the fastest-growing restaurants in the US, Sweetgreen owns and operates 140 restaurants across 13 states and DC. While it is highly unprofitable, the company has a strong digital presence and plans double its store count in the next three to five years. Sweetgreen finished up 89%.</p>\n<p>Germany-based&nbsp;<a href=\"https://laohu8.com/S/SEV\"><b>Sono Group</b></a> priced at the midpoint to raise $150 million at a $1.1 billion market cap. The company is developing what it believes is disruptive solar technology, as well as a solar and battery powered vehicle. Despite already accepting 16,000 pre-orders worth $390 million in net sales, it is not expected to reach commercialization until 2023, and will remain highly unprofitable for years. After popping 155% on its first day, Sono finished the week up 65%.</p>\n<p><a href=\"https://laohu8.com/S/BRZE\"><b>Braze</b></a> priced well above the range to raise $520 million at a $6.7 billion market cap. Founder-led Braze provides a customer engagement platform used by businesses to improve their marketing. Unprofitable with strong growth, Braze serves over 1,100 clients with net revenue retention of 120%+ as of 7/31/21. Braze finished up 45%.</p>\n<p><a href=\"https://laohu8.com/S/USER\"><b>UserTesting</b></a> downsized and priced below the range to raise $140 million at a $2.3 billion market cap. The company provides a video-first customer feedback platform for enterprises driven by capturing various human signals. While it has a diverse customer base and strong net dollar-based retention, the company remains unprofitable due to high S&amp;M spend. UserTesting finished down 4%.</p>\n<p>Australia’s&nbsp;<a href=\"https://laohu8.com/S/IREN\"><b>Iris Energy</b>&nbsp;</a>, a Bitcoin mining company primarily powered by renewable energy, priced above the range to raise $232 million at a $1.6 billion market cap. Iris acquired its first site in British Columbia in January 2021. The company is dependent on the Bitcoin market, and while prices have risen near all-time highs, it remains highly volatile. Iris finished down 11%.</p>\n<p>Utah-based digital bank&nbsp;<a href=\"https://laohu8.com/S/FINW\"><b>FinWise Bancorp</b></a> priced within the range to raise $37 million at a $135 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 9/30/21, FinWise Bancorp had total assets of $338 million, total loans of $249 million, total deposits of $253 million, and total shareholders' equity of $69 million. FinWise finished up 21%.</p>\n<p>Canadian lithium mining company&nbsp;<b>Snow Lake Resources</b>&nbsp;(LITM) upsized and priced at the high end to raise $24 million at a $131 million market cap. Snow Lake aims to focus sales to the EV and battery storage markets in the US and abroad. The company has a limited operating history and has not generated any revenue to date. Snow Lake finished up 73%.</p>\n<p>12 SPACs went public led by Cohen and Gilbert’s fintech-focused&nbsp;<a href=\"https://laohu8.com/S/ZINGU\"><b>FTAC Zeus Acquisition</b></a>, which raised $350 million.</p>\n<p><img src=\"https://static.tigerbbs.com/ff243dd5442ea07e3dd4f53053045d11\" tg-width=\"1125\" tg-height=\"642\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0982d742ac2769a760e660322f8dad90\" tg-width=\"1125\" tg-height=\"589\" referrerpolicy=\"no-referrer\">Nine IPOs submitted initial filings. Greek yogurt brand&nbsp;<b>Chobani</b>&nbsp;(CHO) filed for an estimated $1.5 billion IPO. Indian IT services provider&nbsp;<b>Coforge</b>&nbsp;(CFRG.RC) and IoT solutions developer&nbsp;<b>Samsara</b>&nbsp;(IOT) both filed for estimated $1 billion IPOs. Brazilian steakhouse chain&nbsp;<b>Fogo Hospitality</b>(FOGO), commercial REIT&nbsp;<b><a href=\"https://laohu8.com/S/FSPR\">Four Springs Capital Trust</a></b>(FSPR), energy efficiency solutions provider&nbsp;<b>Redaptive</b>&nbsp;(EAAS), and neurodegenerative disease biotech&nbsp;<b>Vigil Neuroscience</b>(VIGL) all filed to raise $100 million. Advertising and analytics firm&nbsp;<b>Samba TV</b>&nbsp;(SMBA) filed to raise $75 million, and adtech company&nbsp;<b>Direct Digital(DLR) Holdings</b>(DRCT) filed to raise $40 million.</p>\n<p>13 SPACs submitted initial filings, led by power-grid focused&nbsp;<b>Power(PW) &amp; Digital Infrastructure Acquisition II</b>(XPDBU), fintech-focused&nbsp;<b>Motive Capital II</b>(MTVC.U), energy transition-focused&nbsp;<b>ST Energy Transition I</b>&nbsp;(STET.U), and national security-focused&nbsp;<b>C5 Acquisition</b>&nbsp;(CXAC.U), which all filed to raise $250 million.</p>\n<p><img src=\"https://static.tigerbbs.com/0d5511ea792913c66e66e3852f374bcc\" tg-width=\"1124\" tg-height=\"634\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b1f111bcd3d962b45529e6e08bf6b6e0\" tg-width=\"950\" tg-height=\"706\" referrerpolicy=\"no-referrer\"><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/18/2021, the Renaissance IPO Index was up 5.2% year-to-date, while the S&amp;P 500 was up 25.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> (SNOW) and <a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies (UBER). The Renaissance International IPO Index was down 20.0% year-to-date, while the ACWX was up 9.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Weekly Recap: 7 IPOs debut ahead of the Thanksgiving holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Weekly Recap: 7 IPOs debut ahead of the Thanksgiving holiday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-20 09:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/88864/US-IPO-Weekly-Recap-7-IPOs-debut-ahead-of-the-Thanksgiving-holiday><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The IPO market was relatively quiet ahead of the holiday week with seven IPOs raising $1.5 billion. 12 SPACs also priced. Two deals failed to get done: childcare giant KinderCare postponed, and Canada...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/88864/US-IPO-Weekly-Recap-7-IPOs-debut-ahead-of-the-Thanksgiving-holiday\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"USER":"UserTesting, INC.","SG":"Sweetgreen, Inc.","FINW":"Finwise Bancorp","IREN":"Iris Energy Ltd","BRZE":"Braze, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/88864/US-IPO-Weekly-Recap-7-IPOs-debut-ahead-of-the-Thanksgiving-holiday","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120773635","content_text":"The IPO market was relatively quiet ahead of the holiday week with seven IPOs raising $1.5 billion. 12 SPACs also priced. Two deals failed to get done: childcare giant KinderCare postponed, and Canada-listed Sangoma Technologies(SANG) terminated its proposed US offering. New issuers continued to join the pipeline in preparation for post-Thanksgiving launches, with nine IPOs and 13 SPACs submitting initial filings.\nFast casual salad chain Sweetgreen upsized and priced well above the range to raise $364 million at a $3.4 billion market cap. One of the fastest-growing restaurants in the US, Sweetgreen owns and operates 140 restaurants across 13 states and DC. While it is highly unprofitable, the company has a strong digital presence and plans double its store count in the next three to five years. Sweetgreen finished up 89%.\nGermany-based Sono Group priced at the midpoint to raise $150 million at a $1.1 billion market cap. The company is developing what it believes is disruptive solar technology, as well as a solar and battery powered vehicle. Despite already accepting 16,000 pre-orders worth $390 million in net sales, it is not expected to reach commercialization until 2023, and will remain highly unprofitable for years. After popping 155% on its first day, Sono finished the week up 65%.\nBraze priced well above the range to raise $520 million at a $6.7 billion market cap. Founder-led Braze provides a customer engagement platform used by businesses to improve their marketing. Unprofitable with strong growth, Braze serves over 1,100 clients with net revenue retention of 120%+ as of 7/31/21. Braze finished up 45%.\nUserTesting downsized and priced below the range to raise $140 million at a $2.3 billion market cap. The company provides a video-first customer feedback platform for enterprises driven by capturing various human signals. While it has a diverse customer base and strong net dollar-based retention, the company remains unprofitable due to high S&M spend. UserTesting finished down 4%.\nAustralia’s Iris Energy , a Bitcoin mining company primarily powered by renewable energy, priced above the range to raise $232 million at a $1.6 billion market cap. Iris acquired its first site in British Columbia in January 2021. The company is dependent on the Bitcoin market, and while prices have risen near all-time highs, it remains highly volatile. Iris finished down 11%.\nUtah-based digital bank FinWise Bancorp priced within the range to raise $37 million at a $135 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 9/30/21, FinWise Bancorp had total assets of $338 million, total loans of $249 million, total deposits of $253 million, and total shareholders' equity of $69 million. FinWise finished up 21%.\nCanadian lithium mining company Snow Lake Resources (LITM) upsized and priced at the high end to raise $24 million at a $131 million market cap. Snow Lake aims to focus sales to the EV and battery storage markets in the US and abroad. The company has a limited operating history and has not generated any revenue to date. Snow Lake finished up 73%.\n12 SPACs went public led by Cohen and Gilbert’s fintech-focused FTAC Zeus Acquisition, which raised $350 million.\nNine IPOs submitted initial filings. Greek yogurt brand Chobani (CHO) filed for an estimated $1.5 billion IPO. Indian IT services provider Coforge (CFRG.RC) and IoT solutions developer Samsara (IOT) both filed for estimated $1 billion IPOs. Brazilian steakhouse chain Fogo Hospitality(FOGO), commercial REIT Four Springs Capital Trust(FSPR), energy efficiency solutions provider Redaptive (EAAS), and neurodegenerative disease biotech Vigil Neuroscience(VIGL) all filed to raise $100 million. Advertising and analytics firm Samba TV (SMBA) filed to raise $75 million, and adtech company Direct Digital(DLR) Holdings(DRCT) filed to raise $40 million.\n13 SPACs submitted initial filings, led by power-grid focused Power(PW) & Digital Infrastructure Acquisition II(XPDBU), fintech-focused Motive Capital II(MTVC.U), energy transition-focused ST Energy Transition I (STET.U), and national security-focused C5 Acquisition (CXAC.U), which all filed to raise $250 million.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/18/2021, the Renaissance IPO Index was up 5.2% year-to-date, while the S&P 500 was up 25.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Uber Technologies (UBER). The Renaissance International IPO Index was down 20.0% year-to-date, while the ACWX was up 9.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.","news_type":1},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868104808,"gmtCreate":1632617225704,"gmtModify":1632652369441,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"模拟才赚钱🙆‍♂️","listText":"模拟才赚钱🙆‍♂️","text":"模拟才赚钱🙆‍♂️","images":[{"img":"https://static.tigerbbs.com/df1ea2448aad5a5e26745a01a9a25470","width":"750","height":"1334"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":6,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/868104808","isVote":1,"tweetType":1,"viewCount":1241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":882375639,"gmtCreate":1631664595921,"gmtModify":1631886195698,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/D05.SI\">$星展集团控股(D05.SI)$</a><a href=\"https://laohu8.com/S/O39.SI\">$华侨银行(O39.SI)$</a><a href=\"https://laohu8.com/S/U11.SI\">$大华银行(U11.SI)$</a>Our local banks got significant exposure in China Evergrande or not?[流泪]&nbsp;[流泪]&nbsp;[难过]&nbsp;[难过]&nbsp;","listText":"<a href=\"https://laohu8.com/S/D05.SI\">$星展集团控股(D05.SI)$</a><a href=\"https://laohu8.com/S/O39.SI\">$华侨银行(O39.SI)$</a><a href=\"https://laohu8.com/S/U11.SI\">$大华银行(U11.SI)$</a>Our local banks got significant exposure in China Evergrande or not?[流泪]&nbsp;[流泪]&nbsp;[难过]&nbsp;[难过]&nbsp;","text":"$星展集团控股(D05.SI)$$华侨银行(O39.SI)$$大华银行(U11.SI)$Our local banks got significant exposure in China Evergrande or not?[流泪] [流泪] [难过] [难过]","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":10,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/882375639","isVote":1,"tweetType":1,"viewCount":2798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882342221,"gmtCreate":1631664048263,"gmtModify":1631892900094,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"模拟的才会赚大钱 [流泪]&nbsp;[流泪]&nbsp;","listText":"模拟的才会赚大钱 [流泪]&nbsp;[流泪]&nbsp;","text":"模拟的才会赚大钱 [流泪] 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href=\"https://laohu8.com/S/D05.SI\">$星展集团控股(D05.SI)$</a><a href=\"https://laohu8.com/S/O39.SI\">$华侨银行(O39.SI)$</a><a href=\"https://laohu8.com/S/U11.SI\">$大华银行(U11.SI)$</a>Our local banks got significant exposure in China Evergrande or not?[流泪]&nbsp;[流泪]&nbsp;[难过]&nbsp;[难过]&nbsp;","listText":"<a href=\"https://laohu8.com/S/D05.SI\">$星展集团控股(D05.SI)$</a><a href=\"https://laohu8.com/S/O39.SI\">$华侨银行(O39.SI)$</a><a href=\"https://laohu8.com/S/U11.SI\">$大华银行(U11.SI)$</a>Our local banks got significant exposure in China Evergrande or not?[流泪]&nbsp;[流泪]&nbsp;[难过]&nbsp;[难过]&nbsp;","text":"$星展集团控股(D05.SI)$$华侨银行(O39.SI)$$大华银行(U11.SI)$Our local banks got significant exposure in China Evergrande or not?[流泪] [流泪] [难过] [难过]","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":10,"commentSize":11,"repostSize":0,"link":"https://laohu8.com/post/882375639","isVote":1,"tweetType":1,"viewCount":2798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699796525,"gmtCreate":1639889150705,"gmtModify":1639889150833,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>是真的就好","listText":"<a 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[流泪]","images":[{"img":"https://static.tigerbbs.com/ce6328ad04f95535b7846d8af49e0fc7","width":"750","height":"1224"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882342221","isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":162335713,"gmtCreate":1624033951032,"gmtModify":1631892900094,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"有吗？","listText":"有吗？","text":"有吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162335713","repostId":"1108172429","repostType":4,"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":323720769,"gmtCreate":1615378281151,"gmtModify":1703488114398,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/323720769","repostId":"323813933","repostType":1,"isVote":1,"tweetType":1,"viewCount":891,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":872394146,"gmtCreate":1637416608631,"gmtModify":1637416608744,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;","listText":"&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;","text":"[害羞] [害羞] [害羞] [害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/872394146","repostId":"1120773635","repostType":4,"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":689381331,"gmtCreate":1655374609728,"gmtModify":1704862138256,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"BOH no","listText":"BOH no","text":"BOH no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/689381331","repostId":"1195734765","repostType":4,"repost":{"id":"1195734765","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1655372073,"share":"https://www.laohu8.com/m/news/1195734765?lang=&edition=full","pubTime":"2022-06-16 17:34","market":"us","language":"en","title":"Tesla, Twitter, Adobe and More: U.S. Stocks To Watch","url":"https://stock-news.laohu8.com/highlight/detail?id=1195734765","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:Tesla raised prices for all its car models","content":"<html><head></head><body><p>Some of the stocks that may grab investor focus today are:</p><p><b>Tesla</b> raised prices for all its car models in the United States, its latest price hike amid ongoing global supply-chain issues.</p><p>The electric carmaker increased its Model Y long-range price to $65,990 from $62,990, its website showed on Thursday, after delaying the deliveries of some long-range models in the United States by up to a month.</p><p>Elon Musk will host an all-hands virtual meeting with <b>Twitter, Inc.</b> employees on Thursday. Musk is expected to confirm his desire to follow through with his $44 billion acquisition of Twitter to employees of the company.</p><p>Wall Street expects <b>The Kroger Co.</b> to post quarterly earnings at $1.30 per share on revenue of $44.24 billion before the opening bell. Kroger shares gained 2.8% to $52.30 in after-hours trading.</p><p><b>Rockley Photonics Holdings Limited</b> disclosed changes to its senior management team. The company said Mahesh Karanth will resign from his role as chief financial officer, while naming Chad Becker as interim CFO. The company promoted Ciaran Rooney to senior vice president of corporate development and reaffirmed its fiscal year 2022 revenue forecast. Rockley Photonics shares jumped 5% to $2.31 in the after-hours trading session.</p><p>Analysts are expecting <b>Jabil Inc.</b> to have earned $1.62 per share on revenue of $8.22 billion for the latest quarter. The company will release earnings before the markets open. Jabil shares gained 1.1% to $59.45 in after-hours trading.</p><p><b>Safehold Inc.</b> boosted its quarterly stock dividend by 4.12% to $0.177 per share. Safehold shares rose 0.2% to $36.29 in the after-hours trading session.</p><p>Analysts expect <b>Adobe Inc.</b> to post quarterly earnings at $3.31 per share on revenue of $4.34 billion after the closing bell. Adobe shares gained 1.1% to $381.00 in after-hours trading.</p></body></html>","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>Tesla, Twitter, Adobe and More: U.S. Stocks To Watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, Twitter, Adobe and More: U.S. Stocks To Watch\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-06-16 17:34</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Some of the stocks that may grab investor focus today are:</p><p><b>Tesla</b> raised prices for all its car models in the United States, its latest price hike amid ongoing global supply-chain issues.</p><p>The electric carmaker increased its Model Y long-range price to $65,990 from $62,990, its website showed on Thursday, after delaying the deliveries of some long-range models in the United States by up to a month.</p><p>Elon Musk will host an all-hands virtual meeting with <b>Twitter, Inc.</b> employees on Thursday. Musk is expected to confirm his desire to follow through with his $44 billion acquisition of Twitter to employees of the company.</p><p>Wall Street expects <b>The Kroger Co.</b> to post quarterly earnings at $1.30 per share on revenue of $44.24 billion before the opening bell. Kroger shares gained 2.8% to $52.30 in after-hours trading.</p><p><b>Rockley Photonics Holdings Limited</b> disclosed changes to its senior management team. The company said Mahesh Karanth will resign from his role as chief financial officer, while naming Chad Becker as interim CFO. The company promoted Ciaran Rooney to senior vice president of corporate development and reaffirmed its fiscal year 2022 revenue forecast. Rockley Photonics shares jumped 5% to $2.31 in the after-hours trading session.</p><p>Analysts are expecting <b>Jabil Inc.</b> to have earned $1.62 per share on revenue of $8.22 billion for the latest quarter. The company will release earnings before the markets open. Jabil shares gained 1.1% to $59.45 in after-hours trading.</p><p><b>Safehold Inc.</b> boosted its quarterly stock dividend by 4.12% to $0.177 per share. Safehold shares rose 0.2% to $36.29 in the after-hours trading session.</p><p>Analysts expect <b>Adobe Inc.</b> to post quarterly earnings at $3.31 per share on revenue of $4.34 billion after the closing bell. Adobe shares gained 1.1% to $381.00 in after-hours trading.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SAFE":"Safehold","TWTR":"Twitter","TSLA":"特斯拉","KR":"克罗格","JBL":"捷普科技","ADBE":"Adobe"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195734765","content_text":"Some of the stocks that may grab investor focus today are:Tesla raised prices for all its car models in the United States, its latest price hike amid ongoing global supply-chain issues.The electric carmaker increased its Model Y long-range price to $65,990 from $62,990, its website showed on Thursday, after delaying the deliveries of some long-range models in the United States by up to a month.Elon Musk will host an all-hands virtual meeting with Twitter, Inc. employees on Thursday. Musk is expected to confirm his desire to follow through with his $44 billion acquisition of Twitter to employees of the company.Wall Street expects The Kroger Co. to post quarterly earnings at $1.30 per share on revenue of $44.24 billion before the opening bell. Kroger shares gained 2.8% to $52.30 in after-hours trading.Rockley Photonics Holdings Limited disclosed changes to its senior management team. The company said Mahesh Karanth will resign from his role as chief financial officer, while naming Chad Becker as interim CFO. The company promoted Ciaran Rooney to senior vice president of corporate development and reaffirmed its fiscal year 2022 revenue forecast. Rockley Photonics shares jumped 5% to $2.31 in the after-hours trading session.Analysts are expecting Jabil Inc. to have earned $1.62 per share on revenue of $8.22 billion for the latest quarter. The company will release earnings before the markets open. Jabil shares gained 1.1% to $59.45 in after-hours trading.Safehold Inc. boosted its quarterly stock dividend by 4.12% to $0.177 per share. Safehold shares rose 0.2% to $36.29 in the after-hours trading session.Analysts expect Adobe Inc. to post quarterly earnings at $3.31 per share on revenue of $4.34 billion after the closing bell. Adobe shares gained 1.1% to $381.00 in after-hours trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877048847,"gmtCreate":1637850068413,"gmtModify":1637850068532,"author":{"id":"3576010466436123","authorId":"3576010466436123","name":"Colonel_88","avatar":"https://static.tigerbbs.com/94b756fb44c91ad7aac9d14e03eb96ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576010466436123","authorIdStr":"3576010466436123"},"themes":[],"htmlText":"&nbsp;[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","listText":"&nbsp;[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877048847","repostId":"1105943125","repostType":4,"repost":{"id":"1105943125","pubTimestamp":1637829564,"share":"https://www.laohu8.com/m/news/1105943125?lang=&edition=full","pubTime":"2021-11-25 16:39","market":"us","language":"en","title":"If Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple","url":"https://stock-news.laohu8.com/highlight/detail?id=1105943125","media":"seekingalpha","summary":"Summary\n\nOur original recommendation for Berkshire Hathaway to buy Apple was predicated partially on","content":"<p>Summary</p>\n<ul>\n <li>Our original recommendation for Berkshire Hathaway to buy Apple was predicated partially on our opinion that the company was undervalued.</li>\n <li>At this point, even with the tax expenses of selling, we feel the valuation has hit a point where Berkshire Hathaway should be selling.</li>\n <li>Berkshire Hathaway has a cash problem that's not to be trivialized, however, that doesn't justify holding onto overvalued assets.</li>\n <li>The company can use its cash to make significant additional investments in other businesses where it's growing.</li>\n</ul>\n<p>Just over three years ago, we wrote an article discussing how Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B)should utilize its massive cash pile to acquire Apple(NASDAQ:AAPL). As we'll see throughout this article, while that trade would have panned out well, it's time for Berkshire Hathaway to exit its massive Apple investment.</p>\n<p>The Acquisition</p>\n<p>Our original recommendation for the acquisition price with premium was a $1.23 trillion acquisition. Since then, Apple's market capitalization has more than doubled to $2.6 trillion. That's on the basis of substantial strength during COVID-19, where the company's FCF went from almost $65 billion to more than $90 billion.</p>\n<p>New product lines for the business are growing well and it can be expected to continue growing going forward. Our pessimistic acquisition time assumption was Apple's FCF would stay constant at $65 billion while debt was paid out, however, this new FCF would have helped greatly accelerate the debt pay down for the company.</p>\n<p>Berkshire Hathaway's market capitalization, with the expansion in value, would be 3x as large. The company would have $865 billion in debt and have earned almost $150 billion in FCF in the most recent year. The giant would be a valuable long-term investment.</p>\n<p>Apple Buffett Investment</p>\n<p>Apple's Buffett investment has been arguably the best investment he's ever made.</p>\n<p>Warren Buffett's Apple&nbsp;investment has cost him roughly $40 billion. As Apple hits all-time highs, the most recent valuation of Apple's stake is almost $150 billion, implying paper profits of more than $100 billion. The peak capital gains tax rate is roughly 20%, implying ~$22 billion in taxes for the profits that the portfolio has seen so far.</p>\n<p>That means that if he were to sell the investment, he'd turn $40 billion of cash into $125 billion of cash. That'd take Berkshire Hathaway's total cash position to roughly $260 billion.</p>\n<p>Apple Valuation</p>\n<p>Our thesis for selling Apple is based on the company's recent massive multiple expansion.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc5459716333b52cbca613111fcee56e\" tg-width=\"1844\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>Apple P/E Ratio - MacroTrends</span></p>\n<p>A significant part of Apple's returns over the past five years have been the company's massive multiple expansion. The company's PE ratio has gone from just over 10 to almost 30. That 3x expansion means that the company's PE yield is just over 3%. It's worth noting it's been expanding EPS and aggressively buying back shares supporting EPS.</p>\n<p>However, the takeaway here is that multiple expansion can't be expected to continue forever and the law of large numbers exists. That means that Apple's upcoming five-year returns can be expected to not match with the past five-year returns. As Apple becomes bigger and bigger, it becomes more and more a vehicle for the S&amp;P 500 with individual company risk.</p>\n<p>Our Recommendation</p>\n<p>Our recommendation is that Berkshire Hathaway should sell Apple. For normal investors who hold Apple in their individual portfolios, we recommend the same. The reason is threefold.</p>\n<p>1. Apple's size means that continuing to provide market-beating returns is unlikely.</p>\n<p>2. The company's majority of share price performance has been multiple expansion, which can't be guaranteed to continue.</p>\n<p>3. Apple has enjoyed a peer-leading industry position, however, historically in tech, that's extremely difficult to maintain.</p>\n<p>Berkshire Hathaway will be left with a massive pile of cash and there are several ways we can see the company deploying it. For note, that $260 billion initial post tax cash will be almost half of its market capitalization. In our view, we can see several different ways that the company can utilize this cash to maximize shareholder rewards.</p>\n<p>1. Simply invest in the S&amp;P 500. It has a 0.7% higher dividend yield than Apple meaning rolling the $150 billion cash into that would add more than $1 billion in additional dividend for the company. Berkshire Hathaway has discussed how beating the S&amp;P 500 is difficult, and this is a simple solution to a complex problem.</p>\n<p>2. Buybacks. The remainder of Berkshire Hathaway's portfolio is incredibly strong and generates massive FCF. The company has been buying back stock&nbsp;to the tune of roughly $20 billion annualized. It can accelerate that, enabling the value in the rest of its portfolio to be much more magnified. Buying back a significant amount at market value is tough, but it could buy back a reasonable amount.</p>\n<p>3. Acquisitions. There are a few industries that Berkshire Hathaway has been willing to touch in the existing market. Energy,such as the recent almost $10 billion Dominion acquisition, has been one of them. There's plenty of larger companies in the energy markets, and Berkshire Hathaway could make a stab for a larger one towards a $100 billion valuation.</p>\n<p>Any of these paths, or some combination, in our opinion, could help Berkshire Hathaway drive more substantial shareholder rewards.</p>\n<p>Why Discuss</p>\n<p>A classic question for all Seeking Alpha articles, but why are we discussing Berkshire Hathaway portfolio recommendations with you? What's the actionable advice?</p>\n<p>The first is that we believe, for the same reasons, Apple investors should sell their current investments in Apple. The company is a great company, no doubt about it, however, that doesn't make it a great investment, especially at the current valuation. The law of large numbers limits upside, but as an individual company, there's still substantial downside.</p>\n<p>The second is that Berkshire Hathaway investors should pay close attention to how the company treats its Apple stake as well. The investment now makes up almost 25% of the company's portfolio. That means leaving it invested in Apple, which we expect will underperform, can present a drag on the rest of the company's portfolio and hurt its value as an investment.</p>\n<p>All of this, and what happens with the remainder of the company's cash position, is something we recommend investors pay close attention to.</p>\n<p>Thesis Risk</p>\n<p>The risk to our thesis is that Apple is focused on consistent growth and the company has performed well recently. That's especially true given new projects Apple is focused on,like recent news about the Apple Car. There's a chance, with a limit of the law of large numbers, Apple can for at least some period of time continue outperforming the market.</p>\n<p>It's also worth noting that Berkshire Hathaway will need to, because of the 20% tax rate, find a way to reinvest at slightly higher returns.</p>\n<p>Conclusion</p>\n<p>Berkshire Hathaway's massive Apple investment is now almost 25% of its valuation as a company. Even by historical norms with other companies, that's incredibly high in a single business. That single business has seen those returns primarily through multiple expansion (at the P/E of 10, the $40 billion investment would be $50 billion versus $150 billion).</p>\n<p>Our view is that Berkshire Hathaway should eat the tax expense and grab the cash. In our view, there are numerous things the company can do over the coming years to achieve higher returns than its Apple investment would. Whether the company does those things is important because underperformance of Apple could drag the rest of its portfolio.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>If Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIf Only Berkshire Hathaway Had Listened To Us, And Why It's Time To Exit Apple\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-25 16:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4471860-if-only-buffett-had-listened-to-us-and-why-its-time-to-exit-apple><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nOur original recommendation for Berkshire Hathaway to buy Apple was predicated partially on our opinion that the company was undervalued.\nAt this point, even with the tax expenses of selling,...</p>\n\n<a href=\"https://seekingalpha.com/article/4471860-if-only-buffett-had-listened-to-us-and-why-its-time-to-exit-apple\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4471860-if-only-buffett-had-listened-to-us-and-why-its-time-to-exit-apple","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1105943125","content_text":"Summary\n\nOur original recommendation for Berkshire Hathaway to buy Apple was predicated partially on our opinion that the company was undervalued.\nAt this point, even with the tax expenses of selling, we feel the valuation has hit a point where Berkshire Hathaway should be selling.\nBerkshire Hathaway has a cash problem that's not to be trivialized, however, that doesn't justify holding onto overvalued assets.\nThe company can use its cash to make significant additional investments in other businesses where it's growing.\n\nJust over three years ago, we wrote an article discussing how Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B)should utilize its massive cash pile to acquire Apple(NASDAQ:AAPL). As we'll see throughout this article, while that trade would have panned out well, it's time for Berkshire Hathaway to exit its massive Apple investment.\nThe Acquisition\nOur original recommendation for the acquisition price with premium was a $1.23 trillion acquisition. Since then, Apple's market capitalization has more than doubled to $2.6 trillion. That's on the basis of substantial strength during COVID-19, where the company's FCF went from almost $65 billion to more than $90 billion.\nNew product lines for the business are growing well and it can be expected to continue growing going forward. Our pessimistic acquisition time assumption was Apple's FCF would stay constant at $65 billion while debt was paid out, however, this new FCF would have helped greatly accelerate the debt pay down for the company.\nBerkshire Hathaway's market capitalization, with the expansion in value, would be 3x as large. The company would have $865 billion in debt and have earned almost $150 billion in FCF in the most recent year. The giant would be a valuable long-term investment.\nApple Buffett Investment\nApple's Buffett investment has been arguably the best investment he's ever made.\nWarren Buffett's Apple investment has cost him roughly $40 billion. As Apple hits all-time highs, the most recent valuation of Apple's stake is almost $150 billion, implying paper profits of more than $100 billion. The peak capital gains tax rate is roughly 20%, implying ~$22 billion in taxes for the profits that the portfolio has seen so far.\nThat means that if he were to sell the investment, he'd turn $40 billion of cash into $125 billion of cash. That'd take Berkshire Hathaway's total cash position to roughly $260 billion.\nApple Valuation\nOur thesis for selling Apple is based on the company's recent massive multiple expansion.\nApple P/E Ratio - MacroTrends\nA significant part of Apple's returns over the past five years have been the company's massive multiple expansion. The company's PE ratio has gone from just over 10 to almost 30. That 3x expansion means that the company's PE yield is just over 3%. It's worth noting it's been expanding EPS and aggressively buying back shares supporting EPS.\nHowever, the takeaway here is that multiple expansion can't be expected to continue forever and the law of large numbers exists. That means that Apple's upcoming five-year returns can be expected to not match with the past five-year returns. As Apple becomes bigger and bigger, it becomes more and more a vehicle for the S&P 500 with individual company risk.\nOur Recommendation\nOur recommendation is that Berkshire Hathaway should sell Apple. For normal investors who hold Apple in their individual portfolios, we recommend the same. The reason is threefold.\n1. Apple's size means that continuing to provide market-beating returns is unlikely.\n2. The company's majority of share price performance has been multiple expansion, which can't be guaranteed to continue.\n3. Apple has enjoyed a peer-leading industry position, however, historically in tech, that's extremely difficult to maintain.\nBerkshire Hathaway will be left with a massive pile of cash and there are several ways we can see the company deploying it. For note, that $260 billion initial post tax cash will be almost half of its market capitalization. In our view, we can see several different ways that the company can utilize this cash to maximize shareholder rewards.\n1. Simply invest in the S&P 500. It has a 0.7% higher dividend yield than Apple meaning rolling the $150 billion cash into that would add more than $1 billion in additional dividend for the company. Berkshire Hathaway has discussed how beating the S&P 500 is difficult, and this is a simple solution to a complex problem.\n2. Buybacks. The remainder of Berkshire Hathaway's portfolio is incredibly strong and generates massive FCF. The company has been buying back stock to the tune of roughly $20 billion annualized. It can accelerate that, enabling the value in the rest of its portfolio to be much more magnified. Buying back a significant amount at market value is tough, but it could buy back a reasonable amount.\n3. Acquisitions. There are a few industries that Berkshire Hathaway has been willing to touch in the existing market. Energy,such as the recent almost $10 billion Dominion acquisition, has been one of them. There's plenty of larger companies in the energy markets, and Berkshire Hathaway could make a stab for a larger one towards a $100 billion valuation.\nAny of these paths, or some combination, in our opinion, could help Berkshire Hathaway drive more substantial shareholder rewards.\nWhy Discuss\nA classic question for all Seeking Alpha articles, but why are we discussing Berkshire Hathaway portfolio recommendations with you? What's the actionable advice?\nThe first is that we believe, for the same reasons, Apple investors should sell their current investments in Apple. The company is a great company, no doubt about it, however, that doesn't make it a great investment, especially at the current valuation. The law of large numbers limits upside, but as an individual company, there's still substantial downside.\nThe second is that Berkshire Hathaway investors should pay close attention to how the company treats its Apple stake as well. The investment now makes up almost 25% of the company's portfolio. That means leaving it invested in Apple, which we expect will underperform, can present a drag on the rest of the company's portfolio and hurt its value as an investment.\nAll of this, and what happens with the remainder of the company's cash position, is something we recommend investors pay close attention to.\nThesis Risk\nThe risk to our thesis is that Apple is focused on consistent growth and the company has performed well recently. That's especially true given new projects Apple is focused on,like recent news about the Apple Car. There's a chance, with a limit of the law of large numbers, Apple can for at least some period of time continue outperforming the market.\nIt's also worth noting that Berkshire Hathaway will need to, because of the 20% tax rate, find a way to reinvest at slightly higher returns.\nConclusion\nBerkshire Hathaway's massive Apple investment is now almost 25% of its valuation as a company. Even by historical norms with other companies, that's incredibly high in a single business. That single business has seen those returns primarily through multiple expansion (at the P/E of 10, the $40 billion investment would be $50 billion versus $150 billion).\nOur view is that Berkshire Hathaway should eat the tax expense and grab the cash. In our view, there are numerous things the company can do over the coming years to achieve higher returns than its Apple investment would. Whether the company does those things is important because underperformance of Apple could drag the rest of its portfolio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}