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0勋章

2021-04-13

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Can You Make Coin Investing In Coinbase?

2021-04-23

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Singapore Names Wong as New Finance Minister in Cabinet Shake-Up

2021-04-18

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$544 Billion In Options Expire Today: Here's What Will Move

2021-04-09

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Next Week’s IPO Lineup Is Growing. It Could Be Busy.

2021-05-15

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抱歉，原内容已删除

2021-05-06

thanks

This Day In Market History: Panic Of 1893 Crashes Stock Market

2021-06-22

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2021-05-25

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For a day, Jeff Bezos wasn't the world's richest. Here's who was.

2021-04-20

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2021-06-15

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Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up

2021-06-15

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Investors and the Fed aren't freaking out about inflation. Should they?

2021-05-22

nice

Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021

2021-05-07

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Amazon: The Most Clearly Undervalued Company

2021-04-07

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2021-04-14

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Tesla Focus Shifts To Margins

2021-05-11

yea buy now

Palantir stock pulls back despite Q1 revenue beat, upside sales guidance

2021-05-11

buy now!

Palantir: Highly Favourable Reward-To-Risk

2021-04-16

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2021-04-12

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3 Cathie Wood Stocks That Are Better Than Bitcoin

2021-04-08

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Cathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others

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27?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165478393","repostId":"165482406","repostType":1,"repost":{"id":165482406,"gmtCreate":1624154980105,"gmtModify":1631885502213,"author":{"id":"3578350332890873","authorId":"3578350332890873","name":"tseechu1","avatar":"https://static.tigerbbs.com/0c0f4d70e2e88f11bd9f8995165754be","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578350332890873","authorIdStr":"3578350332890873"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CLOV\">$Clover Health Corp(CLOV)$</a>dooms day","listText":"<a href=\"https://laohu8.com/S/CLOV\">$Clover Health Corp(CLOV)$</a>dooms day","text":"$Clover Health Corp(CLOV)$dooms 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thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187661973","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","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":1623750756,"share":"https://www.laohu8.com/m/news/1167457915?lang=&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p>\n<p>Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p>\n<p><b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p>\n<p>The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p>\n<p>This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p>\n<p>Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p>\n<p><b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p>\n<p>The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p>\n<p><b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p>\n<p>Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p>\n<p>Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p>\n<p>Bothcompanieshave also initiated studies in the pediatric population.</p>\n<p>Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p>\n<p><b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p>\n<p>Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p>\n<p>NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p>\n<p><b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p>\n<p>The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p>\n<p>Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p>\n<p>Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p>\n<p>Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p>\n<p>Overall efficacy was 90.4%, meeting the primary endpoint.</p>\n<p><b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p>\n<p>\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p>\n<p>Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p>\n<p>This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p>\n<p><b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p>\n<p>For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p>\n<p>Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p>\n<p>In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up</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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up\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\">2021-06-15 17:52</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p>\n<p>Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p>\n<p><b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p>\n<p>The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p>\n<p>This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p>\n<p>Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p>\n<p><b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p>\n<p>The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p>\n<p><b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p>\n<p>Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p>\n<p>Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p>\n<p>Bothcompanieshave also initiated studies in the pediatric population.</p>\n<p>Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p>\n<p><b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p>\n<p>Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p>\n<p>NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p>\n<p><b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p>\n<p>The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p>\n<p>Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p>\n<p>Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p>\n<p>Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p>\n<p>Overall efficacy was 90.4%, meeting the primary endpoint.</p>\n<p><b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p>\n<p>\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p>\n<p>Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p>\n<p>This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p>\n<p><b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p>\n<p>For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p>\n<p>Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p>\n<p>In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187685827,"gmtCreate":1623752274669,"gmtModify":1634029045601,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187685827","repostId":"1145996523","repostType":4,"repost":{"id":"1145996523","kind":"news","pubTimestamp":1623751116,"share":"https://www.laohu8.com/m/news/1145996523?lang=&edition=full","pubTime":"2021-06-15 17:58","market":"us","language":"en","title":"Investors and the Fed aren't freaking out about inflation. Should they?","url":"https://stock-news.laohu8.com/highlight/detail?id=1145996523","media":"cnn","summary":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it co","content":"<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.</p>\n<p>The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.</p>\n<p>Food prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).</p>\n<p>And the chief financial officer of restaurant and arcade chain Dave &amp; Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.</p>\n<p>Wages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.</p>\n<p>Labor shortages aren't helping.</p>\n<p>The CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.</p>\n<p>Yet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.</p>\n<p>And the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.</p>\n<p>\"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.</p>\n<p>The problem is that there is a chance the Fed could wait too long to react to inflation.</p>\n<p>\"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"</p>\n<p>If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.</p>\n<p>Oh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.</p>\n<p>For that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.</p>\n<p>\"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"</p>\n<p>Even if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.</p>\n<p>\"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.</p>\n<p>\"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.</p>\n<p><b>What's getting more expensive</b></p>\n<p>Food and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.</p>\n<p>Lumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.</p>\n<p>Used cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.</p>\n<p>People are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.</p>\n<p><b>Up next</b></p>\n<p><b>Tuesday: </b>US retail sales; US producer price index; Earnings from Oracle (ORCL) and H &amp; R Block (HRB)</p>\n<p><b>Wednesday: </b>Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)</p>\n<p><b>Thursday: </b>US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)</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>Investors and the Fed aren't freaking out about inflation. Should they?</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\">\nInvestors and the Fed aren't freaking out about inflation. Should they?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.\nThe US government reported last week that consumer prices...</p>\n\n<a href=\"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145996523","content_text":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.\nThe US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.\nFood prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).\nAnd the chief financial officer of restaurant and arcade chain Dave & Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.\nWages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.\nLabor shortages aren't helping.\nThe CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.\nYet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.\nAnd the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.\n\"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.\nThe problem is that there is a chance the Fed could wait too long to react to inflation.\n\"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"\nIf the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.\nOh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.\nFor that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.\n\"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"\nEven if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.\n\"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.\n\"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.\nWhat's getting more expensive\nFood and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.\nLumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.\nUsed cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.\nPeople are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.\nUp next\nTuesday: US retail sales; US producer price index; Earnings from Oracle (ORCL) and H & R Block (HRB)\nWednesday: Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)\nThursday: US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)","news_type":1},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138593774,"gmtCreate":1621948166898,"gmtModify":1634185256900,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"comment and like","listText":"comment and like","text":"comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/138593774","repostId":"2138167010","repostType":4,"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139652570,"gmtCreate":1621619438990,"gmtModify":1634187610224,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139652570","repostId":"2137906121","repostType":4,"repost":{"id":"2137906121","kind":"highlight","pubTimestamp":1621611396,"share":"https://www.laohu8.com/m/news/2137906121?lang=&edition=full","pubTime":"2021-05-21 23:36","market":"us","language":"en","title":"Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2137906121","media":"Motley Fool","summary":"Berkshire Hathaway has continued to reduce its stakes in banks.","content":"<p><b>Berkshire Hathaway</b> (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.</p>\n<p>\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"</p>\n<p>Let's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>1. All but eliminating Wells Fargo</h2>\n<p>Everyone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, <b>Wells Fargo</b> (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.</p>\n<p>This essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at <a href=\"https://laohu8.com/S/AONE\">one</a> point back in 2017, it was reportedly worth as much as $29 billion.</p>\n<p>But as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.</p>\n<p>The stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.</p>\n<h2>2. Dumping <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a></h2>\n<p>Last quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company <b>Synchrony Financial&nbsp;</b>(NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.</p>\n<p>While I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, <b>JPMorgan Chase</b>, and loaded up on America's second-largest bank, <b>Bank of America</b>.</p>\n<p>Considering that Buffett already has a huge position in <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a></b>, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.</p>\n<h2>3. Trimming U.S. Bancorp again</h2>\n<p>Berkshire Hathaway also sold about 1.45 million shares of <b>U.S. Bancorp</b> (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in <b>PNC Financial Services Group</b>&nbsp;and&nbsp;<b>M&amp;T Bank</b>, in the fourth quarter of 2020.&nbsp;</p>\n<p>One possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. </p>\n<p>Overall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021</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\">\nHere Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SYF":"Synchrony Financial","USB":"美国合众银行","BRK.A":"伯克希尔","WFC":"富国银行","BRK.B":"伯克希尔B"},"source_url":"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137906121","content_text":"Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.\n\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"\nLet's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.\nImage source: Getty Images.\n1. All but eliminating Wells Fargo\nEveryone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, Wells Fargo (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.\nThis essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at one point back in 2017, it was reportedly worth as much as $29 billion.\nBut as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.\nThe stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.\n2. Dumping Synchrony Financial\nLast quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company Synchrony Financial (NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.\nWhile I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, JPMorgan Chase, and loaded up on America's second-largest bank, Bank of America.\nConsidering that Buffett already has a huge position in American Express, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.\n3. Trimming U.S. Bancorp again\nBerkshire Hathaway also sold about 1.45 million shares of U.S. Bancorp (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in PNC Financial Services Group and M&T Bank, in the fourth quarter of 2020. \nOne possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. \nOverall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196978596,"gmtCreate":1621009177315,"gmtModify":1634194572190,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/196978596","repostId":"2135710626","repostType":4,"repost":{"id":"2135710626","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1620982380,"share":"https://www.laohu8.com/m/news/2135710626?lang=&edition=full","pubTime":"2021-05-14 16:53","market":"sh","language":"en","title":"Early Tesla backer and top fund manager attacks Warren Buffett's strategy. Here's his investing advice.","url":"https://stock-news.laohu8.com/highlight/detail?id=2135710626","media":"Dow Jones","summary":"James Anderson says to forget value investing and be ready for stomach-churning swings in stock prices. One of the U.K.'s top fund managers and a trailblazing technology investor has criticized value investing and the obsession with short-term metrics, in a departing letter on Thursday. He said his greatest regret was not making bigger and bolder bets.Listen to experts and have faith in the forces of change, despite severe swings in stock prices, James Anderson said in his report with the annual","content":"<p>James Anderson says to forget value investing and be ready for stomach-churning swings in stock prices</p><p>One of the U.K.'s top fund managers and a trailblazing technology investor has criticized value investing and the obsession with short-term metrics, in a departing letter on Thursday. He said his greatest regret was not making bigger and bolder bets.</p><p>Listen to experts and have faith in the forces of change, despite severe swings in stock prices, James Anderson said in his report with the annual results of Scottish Mortgage Investment Trust .</p><p>Anderson will retire as a partner in asset manager Bailie Gifford and as joint manager of its Scottish Mortgage fund next April. The fund -- a FTSE 100 constituent with a market cap of more than GBP15 billion ($21 billion) -- has enjoyed remarkable gains over its history, marked by big, early bets on technology companies including online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, Chinese internet giant Tencent , and electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, which the fund bought into in 2014.</p><p>Shares in Scottish Mortgage have fallen 9% so far in 2021, but the fund remains up near 60% in the past year.</p><p>In a letter to shareholders, Anderson called the world of conventional asset management \"irretrievably broken,\" and took aim at \"value investing,\" the strategy famously espoused by investors like Ben Graham and Warren Buffett.</p><p>\"The only rhyme is that in the long run the value of stocks is the long-run free cash flows they generate but we have but the barest and most nebulous clues as to what these cash flows will turn out to be,\" Anderson said. \"But woe betide those who think that a near-term price to earnings ratio defines value in an era of deep change.\"</p><p>Since the emergence of digital technologies, \"sustained growth at extreme pace and with increasing returns to scale\" has become more evident, Anderson said. He pointed to tech giant Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, which continues to grow after 35 years as a public company.</p><p>\"Distraction through seeking minor opportunities in banal companies over short periods is the perennial temptation. It must be resisted,\" Anderson said.</p><p>He described how the classic and careful investing approach of choosing a level of risk and return along a bell curve is flawed. It \"is neither accepting the deep uncertainty of the world nor acknowledging that the skew of returns is so extreme that it is the search for companies with the characteristics that might enable extreme and compounding success that is central to investing,\" he said.</p><p>But faith is required in investing in high-growth opportunities, Anderson stressed, because share-price crashes happen regularly and are severe. \"The stock charts that look like remorseless bottom left to top right graphs are never as smooth and easy as they subsequently appear,\" he said.</p><p>The fund manager also took a swipe at investors' obsession with short-term metrics -- what he called \"the near pornographic allure of news such as earnings announcements and macroeconomic headlines.\"</p><p>Instead of following \"brokers and the media,\" Anderson advised listening to experts and scientists. Following expert advice on the advances in battery technology was behind Baillie Gifford's decision to invest in Tesla early, he said. At the time, Tesla was the only substantial Western player in electric vehicles, which the fund saw as an inevitable successor to conventional cars powered by internal combustion engines.</p><p>Anderson also acknowledged the difficulties of measuring the value and profitability of future-focused endeavors. He cited Tesla's ambitions in autonomous vehicles, which the fund views as possibly transformative for the economics of the company -- despite not having any idea how successful it will be.</p><p>\"To us it is bizarre that brokers, hedge fund mavens and commentators can claim to be able to decipher the future and assign a precise numerical target to the value of Tesla,\" he said.</p><p>In his final annual results at Scottish Mortgage, Anderson pointed to renewable energy, synthetic biology, and the changing landscape in healthcare innovation as among the revolutionary forces ahead in the market.</p><p>Describing what makes for a great investment, he cited Amazon and its founder Jeff Bezos as a model. \"The company should have open-ended growth opportunities that they should work hard never to define or time,\" he said, alongside \"initial leadership that thinks like a founder (and almost always is <a href=\"https://laohu8.com/S/AONE\">one</a>)\" as well as a distinctive philosophy of business.</p><p>Today, Scottish Mortgage's top 10 holdings, in order of portfolio weight, are Tencent, biotechnology-equipment group <a href=\"https://laohu8.com/S/ILMN\">Illumina</a> (ILMN), Dutch semiconductor industry supplier ASML (ASML.AE), Amazon, Tesla, Chinese e-commerce giant Alibaba <a href=\"https://laohu8.com/S/09988\">$(09988)$</a>, Chinese local services platform Meituan Dianping , U.S. biotech group Moderna <a href=\"https://laohu8.com/S/MRNA\">$(MRNA)$</a>, Chinese EV player NIO <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, and European food-delivery group Delivery Hero.</p><p>\"There's much that I have misunderstood and misjudged over the two decades,\" Anderson said, urging those that follow him to be eccentric, and to place trust in unreasonable people and propositions. \"My ever-growing conviction is that my greatest failing has been to be insufficiently radical.\"</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>Early Tesla backer and top fund manager attacks Warren Buffett's strategy. Here's his investing advice.</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\">\nEarly Tesla backer and top fund manager attacks Warren Buffett's strategy. Here's his investing advice.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-14 16:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>James Anderson says to forget value investing and be ready for stomach-churning swings in stock prices</p><p>One of the U.K.'s top fund managers and a trailblazing technology investor has criticized value investing and the obsession with short-term metrics, in a departing letter on Thursday. He said his greatest regret was not making bigger and bolder bets.</p><p>Listen to experts and have faith in the forces of change, despite severe swings in stock prices, James Anderson said in his report with the annual results of Scottish Mortgage Investment Trust .</p><p>Anderson will retire as a partner in asset manager Bailie Gifford and as joint manager of its Scottish Mortgage fund next April. The fund -- a FTSE 100 constituent with a market cap of more than GBP15 billion ($21 billion) -- has enjoyed remarkable gains over its history, marked by big, early bets on technology companies including online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, Chinese internet giant Tencent , and electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, which the fund bought into in 2014.</p><p>Shares in Scottish Mortgage have fallen 9% so far in 2021, but the fund remains up near 60% in the past year.</p><p>In a letter to shareholders, Anderson called the world of conventional asset management \"irretrievably broken,\" and took aim at \"value investing,\" the strategy famously espoused by investors like Ben Graham and Warren Buffett.</p><p>\"The only rhyme is that in the long run the value of stocks is the long-run free cash flows they generate but we have but the barest and most nebulous clues as to what these cash flows will turn out to be,\" Anderson said. \"But woe betide those who think that a near-term price to earnings ratio defines value in an era of deep change.\"</p><p>Since the emergence of digital technologies, \"sustained growth at extreme pace and with increasing returns to scale\" has become more evident, Anderson said. He pointed to tech giant Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, which continues to grow after 35 years as a public company.</p><p>\"Distraction through seeking minor opportunities in banal companies over short periods is the perennial temptation. It must be resisted,\" Anderson said.</p><p>He described how the classic and careful investing approach of choosing a level of risk and return along a bell curve is flawed. It \"is neither accepting the deep uncertainty of the world nor acknowledging that the skew of returns is so extreme that it is the search for companies with the characteristics that might enable extreme and compounding success that is central to investing,\" he said.</p><p>But faith is required in investing in high-growth opportunities, Anderson stressed, because share-price crashes happen regularly and are severe. \"The stock charts that look like remorseless bottom left to top right graphs are never as smooth and easy as they subsequently appear,\" he said.</p><p>The fund manager also took a swipe at investors' obsession with short-term metrics -- what he called \"the near pornographic allure of news such as earnings announcements and macroeconomic headlines.\"</p><p>Instead of following \"brokers and the media,\" Anderson advised listening to experts and scientists. Following expert advice on the advances in battery technology was behind Baillie Gifford's decision to invest in Tesla early, he said. At the time, Tesla was the only substantial Western player in electric vehicles, which the fund saw as an inevitable successor to conventional cars powered by internal combustion engines.</p><p>Anderson also acknowledged the difficulties of measuring the value and profitability of future-focused endeavors. He cited Tesla's ambitions in autonomous vehicles, which the fund views as possibly transformative for the economics of the company -- despite not having any idea how successful it will be.</p><p>\"To us it is bizarre that brokers, hedge fund mavens and commentators can claim to be able to decipher the future and assign a precise numerical target to the value of Tesla,\" he said.</p><p>In his final annual results at Scottish Mortgage, Anderson pointed to renewable energy, synthetic biology, and the changing landscape in healthcare innovation as among the revolutionary forces ahead in the market.</p><p>Describing what makes for a great investment, he cited Amazon and its founder Jeff Bezos as a model. \"The company should have open-ended growth opportunities that they should work hard never to define or time,\" he said, alongside \"initial leadership that thinks like a founder (and almost always is <a href=\"https://laohu8.com/S/AONE\">one</a>)\" as well as a distinctive philosophy of business.</p><p>Today, Scottish Mortgage's top 10 holdings, in order of portfolio weight, are Tencent, biotechnology-equipment group <a href=\"https://laohu8.com/S/ILMN\">Illumina</a> (ILMN), Dutch semiconductor industry supplier ASML (ASML.AE), Amazon, Tesla, Chinese e-commerce giant Alibaba <a href=\"https://laohu8.com/S/09988\">$(09988)$</a>, Chinese local services platform Meituan Dianping , U.S. biotech group Moderna <a href=\"https://laohu8.com/S/MRNA\">$(MRNA)$</a>, Chinese EV player NIO <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, and European food-delivery group Delivery Hero.</p><p>\"There's much that I have misunderstood and misjudged over the two decades,\" Anderson said, urging those that follow him to be eccentric, and to place trust in unreasonable people and propositions. \"My ever-growing conviction is that my greatest failing has been to be insufficiently radical.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite","BRK.A":"伯克希尔",".SPX":"S&P 500 Index","BRK.B":"伯克希尔B","TSLA":"特斯拉",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2135710626","content_text":"James Anderson says to forget value investing and be ready for stomach-churning swings in stock pricesOne of the U.K.'s top fund managers and a trailblazing technology investor has criticized value investing and the obsession with short-term metrics, in a departing letter on Thursday. He said his greatest regret was not making bigger and bolder bets.Listen to experts and have faith in the forces of change, despite severe swings in stock prices, James Anderson said in his report with the annual results of Scottish Mortgage Investment Trust .Anderson will retire as a partner in asset manager Bailie Gifford and as joint manager of its Scottish Mortgage fund next April. The fund -- a FTSE 100 constituent with a market cap of more than GBP15 billion ($21 billion) -- has enjoyed remarkable gains over its history, marked by big, early bets on technology companies including online retailer Amazon $(AMZN)$, Chinese internet giant Tencent , and electric-car maker Tesla $(TSLA)$, which the fund bought into in 2014.Shares in Scottish Mortgage have fallen 9% so far in 2021, but the fund remains up near 60% in the past year.In a letter to shareholders, Anderson called the world of conventional asset management \"irretrievably broken,\" and took aim at \"value investing,\" the strategy famously espoused by investors like Ben Graham and Warren Buffett.\"The only rhyme is that in the long run the value of stocks is the long-run free cash flows they generate but we have but the barest and most nebulous clues as to what these cash flows will turn out to be,\" Anderson said. \"But woe betide those who think that a near-term price to earnings ratio defines value in an era of deep change.\"Since the emergence of digital technologies, \"sustained growth at extreme pace and with increasing returns to scale\" has become more evident, Anderson said. He pointed to tech giant Microsoft $(MSFT)$, which continues to grow after 35 years as a public company.\"Distraction through seeking minor opportunities in banal companies over short periods is the perennial temptation. It must be resisted,\" Anderson said.He described how the classic and careful investing approach of choosing a level of risk and return along a bell curve is flawed. It \"is neither accepting the deep uncertainty of the world nor acknowledging that the skew of returns is so extreme that it is the search for companies with the characteristics that might enable extreme and compounding success that is central to investing,\" he said.But faith is required in investing in high-growth opportunities, Anderson stressed, because share-price crashes happen regularly and are severe. \"The stock charts that look like remorseless bottom left to top right graphs are never as smooth and easy as they subsequently appear,\" he said.The fund manager also took a swipe at investors' obsession with short-term metrics -- what he called \"the near pornographic allure of news such as earnings announcements and macroeconomic headlines.\"Instead of following \"brokers and the media,\" Anderson advised listening to experts and scientists. Following expert advice on the advances in battery technology was behind Baillie Gifford's decision to invest in Tesla early, he said. At the time, Tesla was the only substantial Western player in electric vehicles, which the fund saw as an inevitable successor to conventional cars powered by internal combustion engines.Anderson also acknowledged the difficulties of measuring the value and profitability of future-focused endeavors. He cited Tesla's ambitions in autonomous vehicles, which the fund views as possibly transformative for the economics of the company -- despite not having any idea how successful it will be.\"To us it is bizarre that brokers, hedge fund mavens and commentators can claim to be able to decipher the future and assign a precise numerical target to the value of Tesla,\" he said.In his final annual results at Scottish Mortgage, Anderson pointed to renewable energy, synthetic biology, and the changing landscape in healthcare innovation as among the revolutionary forces ahead in the market.Describing what makes for a great investment, he cited Amazon and its founder Jeff Bezos as a model. \"The company should have open-ended growth opportunities that they should work hard never to define or time,\" he said, alongside \"initial leadership that thinks like a founder (and almost always is one)\" as well as a distinctive philosophy of business.Today, Scottish Mortgage's top 10 holdings, in order of portfolio weight, are Tencent, biotechnology-equipment group Illumina (ILMN), Dutch semiconductor industry supplier ASML (ASML.AE), Amazon, Tesla, Chinese e-commerce giant Alibaba $(09988)$, Chinese local services platform Meituan Dianping , U.S. biotech group Moderna $(MRNA)$, Chinese EV player NIO $(NIO)$, and European food-delivery group Delivery Hero.\"There's much that I have misunderstood and misjudged over the two decades,\" Anderson said, urging those that follow him to be eccentric, and to place trust in unreasonable people and propositions. \"My ever-growing conviction is that my greatest failing has been to be insufficiently radical.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199709813,"gmtCreate":1620731478632,"gmtModify":1634196778912,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"yea buy now","listText":"yea buy now","text":"yea buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199709813","repostId":"1136406157","repostType":4,"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199709959,"gmtCreate":1620731468971,"gmtModify":1634196779268,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"buy now!","listText":"buy now!","text":"buy now!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199709959","repostId":"1191876953","repostType":2,"repost":{"id":"1191876953","kind":"news","pubTimestamp":1620719091,"share":"https://www.laohu8.com/m/news/1191876953?lang=&edition=full","pubTime":"2021-05-11 15:44","market":"us","language":"en","title":"Palantir: Highly Favourable Reward-To-Risk","url":"https://stock-news.laohu8.com/highlight/detail?id=1191876953","media":"seekingalpha","summary":"SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Pal","content":"<p>Summary</p><ul><li>A look at the relationship between P/S and Total Addressable Market and what it means for Palantir.</li><li>In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 looks way off.</li><li>A deep-dive into the impressive underlying economics of Palantir’s business.</li><li>A simple valuation analysis to outline it's extremely unlikely investors will lose money even by investing at these levels.</li></ul><p><img src=\"https://static.tigerbbs.com/eab06bd9956d953235cc7975b0de6995\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><b>Contents</b></p><ul><li>Multiples &amp; TAM</li><li>&gt; P/S &amp; TAM Penetration</li><li>&gt;&gt; PLTR’s TAM and Ability to Enter New Markets?</li><li>&gt; Expanding TAM Fueling Expanding Multiple</li><li>&gt;&gt; ServiceNow vs Workday</li><li>&gt;&gt; Cloudflare</li><li>Multiples &amp; TAM Recap</li><li>What is PLTR Actually Good At?</li><li>What’s Not Being Talked About</li><li>Impressive Underlying Economics</li><li>Valuation</li><li>Conclusion</li></ul><p><b>Multiples &amp; TAM</b></p><p>It’s commonly known that multiples are closely correlated with revenue growth expectations – higher growth usually equals higher P/S and P/E. Though we wanted to explore the relationship between multiples and a company’s Total Addressable Market, aka TAM. Firstly, we investigated the correlation between P/S and TAM penetration. Then secondly, we used a qualitative approach to assess how increases in TAM tends to affect a company’s P/S. The reason for delving into this is to gain a better insight into Palantir's (PLTR) ongoing valuation, whether the stock’s P/S will persist, extend, or decline, and ultimately what this means for investors’ returns.</p><p>P/S &amp; TAM Penetration</p><p>We already had metrics for a group of stocks we put together for some other PLTR analysis, therefore we used these to work on the P/S and TAM penetration correlation. To arrive at a TAM for each stock, if we didn’t know beforehand, we reviewed company websites to understand which markets they serve, and then we looked for independent market research (from the likes of Grand View Research and Mordor Intelligence, etc.) estimating the size and growth projections of the subject market. If the size of market estimate seemed odd compared to the company’s revenues and P/S, then we resorted to the company’s investor presentations that usually offer a TAM.</p><p>As this was quite time-consuming, in addition to PLTR we only conducted this process for 15 stocks, so the sample size is 16. Therefore, the statistics shown in the table below should be viewed with caution because the sample is relatively small and adding more to the sample may significantly change the correlation. Nonetheless, you might still be interested despite the sample being on the small side. From this research we found that the P/S and the TAM penetration (defined as LTM revenue divided by the TAM) for this group of stocks had an inverse correlation of -0.6281. The negative sign indicates that a smaller TAM penetration is associated with a higher P/S. The correlation equates to an R-squared of -0.6281 ^ 2 =<b>0.3945</b>. This means that the TAM penetration explains 39.45% of the variability of the P/S within this group. And considering the nature of financial variables, this is a moderately strong correlation. As expected, there is a stronger correlation between P/S and LTM revenue growth. The 0.9248 correlation equates to an R-squared of 85.55%.</p><p>Figure 1 - Correlation between P/S and TAM Penetration</p><p><img src=\"https://static.tigerbbs.com/6b8853eadde7cac4e62059f7961af215\" tg-width=\"385\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>This is far from conclusive and requires further research but it certainly looks likely that TAM penetration is inversely correlated to P/S multiples. So, what does this have to do with PLTR’s valuation? Well, the market is currently pricing in the management guided TAM of $119bn, yet in reality the TAM is a lot greater. Once investors realize this the 33x P/S at the time of writing will offer extremely good value.</p><p><b>PLTR’s TAM and Ability to Enter New Markets?</b></p><p>A high stock multiple often results in poor future returns because there are already high growth expectations priced in, and as the growth outlook naturally decelerates, the multiple will decline too. However, we believe PLTR, like other best-in-breed cloud-oriented stocks, are a special case, because they can rotate and enter new markets with relative ease.</p><p>Showcased by theDouble-Clickevent, PLTR is already emerging as a formidable player in the life sciences analytics industry which is projected to grow from$22bn in 2020 to $42bn by 2025. TheERPmarket, in which they’ve smoothly entered via a AWS partnership, is projected to grow from $43bn today up to $60bn by 2026. Despite these markets being heavily competed for by established players, PLTR’s software-defined approach is displacing many incumbents and in due course will grab a sizeable chunk of market share. And these are just two markets that make up over half of PLTR’s supposed TAM of $119bn.</p><p>In reality, PLTR’s TAM is the entire software industry. They have an ability like no other software vendor in history to pivot into new markets as they see fit. They have the programming skills and the thoughtfulness in interface design, along with a deep understanding of how users need to interact with software, that affords them the capability to turn their focus to any software market worthwhile. With this in mind, it is reasonable to assume that whenever PLTR needs a revenue growth and/or share price booster, they can formulate a plan to penetrate a new market and provide that catalyst.</p><p>Below we highlight PLTR’s true potential TAM with reference to a Gartner estimate. The IT services might be a stretch but they certainly have the ability to fully expand within the $483bn Enterprise Software market. With current TTM revenue a little over $1bn, the current TAM penetration of &lt; 0.3% offers high growth for many years which will help prevent a sharp P/S deceleration and support strong future shareholder returns. And in all likelihood, the P/S will probably expand in the interim before beginning a downward trajectory.</p><p>Figure 2 - Worldwide IT Spending Forecasts</p><p><img src=\"https://static.tigerbbs.com/9dda4329ffe8f2cead662503bd5cd8a8\" tg-width=\"466\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>Expanding TAM Fueling Expanding Multiple</p><p>With this TAM correlation in mind, it might be interesting for investors to visualize how PLTR’s share price and P/S will respond when management inevitably announce that they’re entering new markets – CRM, Risk Management, Productivity, or whatever it may be. To illustrate this, we’ll review the P/S paths of ServiceNow (NOW) and Workday (WDAY) during the past few years.</p><p><b>ServiceNow vs Workday</b></p><p>Comparing the P/S trends of these two stocks in relation to their TAM development is interesting to observe. To observe the changing TAM, we’ve used research giant Gartner’s Magic Quadrant. Here is the Magic Quadrant template for those unfamiliar.</p><p>Figure 3 - Gartner's Magic Quadrant Template</p><p><img src=\"https://static.tigerbbs.com/26acf1d90d9c7bc6f9c912e1e938cff7\" tg-width=\"377\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>Source:gartner.com</p><p>Back in 2016, in reference to Gartner’s Magic Quadrant, Workday (WDAY) was the outright leader in Human Capital Management (HCM) and ServiceNow (NOW) was the same for IT Services Management (ITSM). Both firms had similar revenue growth and gross, operating, and FCF margins, and also neither were serving any other markets. Therefore, as shown in the following chart, WDAY’s higher P/S appeared to be largely attributed to HCM being a larger market than ITSM. During 2017, according to Gartner’s HCM Magic Quadrant WDAY lost its competitive distance as the space became crowded. During the same period, NOW extended their leadership status in the ITSM Magic Quadrant. As a result, the P/S differential closed and the two stocks were trading at almost identical multiples throughout 2017. Despite the same growth rates in 2018, NOW’s P/S pulled sharply higher than WDAY’s because they expanded TAM by entering into two new markets – Integrated Risk Management and CRM Customer Engagement – whilst WDAY didn’t expand their TAM.</p><p>Figure 4 - NOW vs WDAY P/S Multiple Journey, Part 1</p><p><img src=\"https://static.tigerbbs.com/819428f5fd07f5be31e2e242101675e8\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>In early 2019, the P/S differential tightened with WDAY’s multiple climbing partly attributable to expanding into the Cloud Financial Management market; NOW also entered a new market in early 2019. Then in 2020, the difference widened further as a result of NOW expanding into 3 more markets and turning from visionary to leader in the Magic Quadrant for Software Asset Management (SAM) whilst WDAY did not even enter one new market.</p><p>Figure 5 - Figure 1 - NOW vs WDAY P/S Multiple Journey, Part 2</p><p><img src=\"https://static.tigerbbs.com/671154b03eb210d553999cf81e22632c\" tg-width=\"640\" tg-height=\"316\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>This is a classic example of how entering new markets raises expectations for growth and long-term profitability, thereby raising multiples and ultimately increasing returns for shareholders. We don’t claim that inclusion into Gartner’s Magic Quadrants were the sole factor at play, however, given that both firms’ growth and margins were similar for most of the period under review, it certainly appears to have had a significant influence.</p><p>Cloudflare</p><p>Cloudflare (NET) offers another good example of how TAM expansion influences a stock’s multiple. NET certainly benefitted from the general COVID-induced WFH dynamic during 2020, however, their new product launches also contributed to multiple expansion in a significant way. NET have moved so fast that Gartner haven’t even had time to update their Magic Quadrants, therefore we shall leave Gartner out of this observation. In just 16 months, NET has tripled their P/S mainly as a result of entering new markets. In January 2020, they entered into a $20bn market by announcing their offerings for Secure Web Gateways and Zero Trust products. In July 2020, they made a big move by making their edge compute Workers platform accessible to all developers; in October 2020 they officially launched their SASE offering; and then in March 2021, they introduced Magic WAN which has kind of created a new market altogether because NET is the first to offer a global private WAN.</p><p>Figure 6 - NET's P/S Journey</p><p><img src=\"https://static.tigerbbs.com/12bc7ba8e1617c02699be8a7509ec27d\" tg-width=\"640\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>There are plenty of other recent examples in which stocks have expanded multiples thanks to TAM expansion - Zscaler and Twilio to name a couple. An underlying driving factor enabling software companies to enter new markets with relative ease is the growth of cloud computing. The required capex to move into new markets is minimal in comparison to the pre-cloud era because software firms don’t need to purchase and implement more servers. Once an application is developed and ready to be deployed, they can scale it across the elastic supply of AWS, Azure, or GCP servers that provide all the necessary compute, networking, and storage requirements – and ramp-up or decrease capacity according to demand.</p><p>As we point out in our articleS&amp;P 500 is Undervalued, Tech is in a New Paradigm, cloud computing has altered the software industry’s competitive dynamics. It has radically lowered the entry barriers thereby making many software markets overcrowded - in 2007 there were 115 U.S. software stocks and today there are 284. This isn’t alarming as the numbers suggest because the cloud has opened up many greenfield markets, however, the cloud has ushered in a winner-takes-all dynamic into various markets also. And given the reach enabled by the cloud, the prize for the market winners is larger than it’s ever been before. At Asymmetric Tech Investments we aim to identify these future winners.</p><p><b>Multiples &amp; TAM Recap</b></p><p>Here is a quick recap:</p><ul><li>There is evidence that a stock’s P/S is moderately correlated to revenue divided by TAM, or TAM penetration. This may appear obvious to some investors though doing this bit of research has helped us refine how we view a company’s market opportunity and shareholder investment prospects.</li><li>There are many examples that illustrate how TAM expansion tends to increase stock multiples, or at least play a significant part.</li><li>Cloud computing has made it easier than ever before for software firms to expand TAM.</li></ul><p>Taking this into account, the future looks incredibly bright for PLTR’s share price. As and when PLTR enter new markets and expand the company’s TAM, there is a high probability that the share price will climb driven by altering growth expectations. If it can be argued that PLTR’s software is already effectively doing stuff like Software Asset Management, Integrated Risk Management, and CRM, then the TAM should be higher than the current $119bn priced in. And if this is the case, PLTR’s multiple should adjust higher to reflect this in due course. Either way despite the perceived high P/S at present, it will probably persist or even rise from here, and over a longer timeframe we suspect PLTR’s multiple will decelerate at a much slower pace than many other high-growth software stocks.</p><p>Lastly, not only does PLTR have the core software skills to enter almost any market, they are well and truly cloud-enabled following their partnerships with AWS and IBM. This will accelerate the TAM expansion for sure.</p><p><b>What is PLTR Actually Good At?</b></p><p>It might be easier to try and answer what they aren’t good at. All the information given in the S-1, the 10-k, and investor presentations, pertaining to what PLTR do can be somewhat overwhelming. At the same time, just labelling them a data analysis company is a gross oversimplification. To help us refine our understanding of PLTR’s scope, below we’ve categorized 4 areas, or pillars, in which we believe lays the foundation for all they do – Data Connectivity, Data, Analysis, Data Governance, and User Interface. We’re probably not alone in inferring that the underpinning to PLTR’s superior advantages is closely associated with these 4 pillars. Each of which appear to be in a transformative stage due to the world delving deeper into an era of hyperconnectivity. Within each category we listed things that PLTR are good at dealing with. By the time we had finished we realized the depth and sheer breadth of what they can do.</p><p>Figure 7 – The 4 Pillars to PLTR’s Competitive Edge</p><p><img src=\"https://static.tigerbbs.com/a8e17daf500fc82224591acb8ed9bee2\" tg-width=\"555\" tg-height=\"343\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>And the only way we can surmise as to how they are capable of such depth and scope, is that they have the deepest understanding of the core principles of software engineering and have an amazing ability to leverage this to various platforms and technologies. Elon Musk’s advocacy for First Principles thinking springs to mind.</p><p>Figure 8 - First Principles Thinking</p><p><img src=\"https://static.tigerbbs.com/f9bda1fb57abaf33eff8dfacd2457aa2\" tg-width=\"513\" tg-height=\"401\" referrerpolicy=\"no-referrer\"></p><p>Source:safalniveshak.com</p><p>It is these 4 pillars in which PLTR are building their moat around, and this foundation can be leveraged to enter almost any software market. Throw in the network effects within enterprise customers’ organization, across verticals (life sciences, airline industry, etc.), and within PLTR itself, it’s hard to envisage them losing their competitive lead.</p><p>Recently I spoke to a friend who is an engineer at Rolls Royce who shed some light on how PLTR could help him in his job. Below is what he told me.</p><blockquote><i>“When designing a product, a RR engineer will spend ~25% of their time gathering and pre-processing data in order to perform a design study. Typically, the data is created by multiple teams, each working in different systems and supplying the data in different formats by differing means. For example, the stress engineer will supply speeds/temperatures/pressures in the form of an emailed spreadsheet. The aero engineer will supply geometry as a CAD file and a pressure map as a .csv file via a shared drive. The designer will supply geometric information and tolerances as a printed word document. All this data must be extracted and processed into a single format before the designer can do any analysis. Having all this data in one system would massively reduce the time spent processing data and would free up the designer to do the actual engineering.”</i></blockquote><p>Foundry would solve his problem by connecting to all the relevant data sources and standardizing the data ready for immediate analysis. The ramp-up in my friend’s productivity would be profound. Generally, it seems as though this type of problem involving data located across disjointed systems and existing in different formats has up until now been the main use case for Foundry. Increasingly, however, we’re hearing cases whereby Foundry has been laid atop an enterprise’s legacy systems and deliver what works like a brand-new IT infrastructure built from the ground up. For example, in the Double Click event, Forward Deploy Engineer, Liam Mawe, explained how a Foundry ERP archetype was installed for one industrial client that already had 25 ERP systems in operation that were largely siloed from each other. After a few hours of configuration, Foundry’s ERP had every single piece of data readily available. Mawe didn’t elaborate, though we presume Foundry’s ERP could carry on working in conjunction with the other ERP systems or work just as well should the client decide to remove them – which is more probable. This incredible flexibility is the key to the seemingly rapid customer acquisition of late – there is no rip and replace required, so the stakes are lower and as a result decision-makers are more willing to give PLTR a try.</p><p><b>What’s Not Being Talked About</b></p><p>From what we’ve read about PLTR, there hasn’t been any mention of the fact that they only added 6 customers in FY20 whilst growing revenue by 47%. This is staggering; and achieved by the 41% increase in revenue per customer, as shown in the chart below. When we think about the AWS and IBM cloud partnerships and the various press releases thus far into 2021, they could have tripled the FY20 new customer number in the first quarter alone. Couple that with another &gt;20% increase in per customer revenue, it’s not beyond the realm of possibility for PLTR to grow revenue by 60% this year.</p><p>Figure 9 - Net New Customer Additions in FY20</p><p><img src=\"https://static.tigerbbs.com/a5c6b020093a59492fcc6c4c50812b65\" tg-width=\"314\" tg-height=\"128\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p>We thought we’d have a go at forecasting 1Q21 revenue – which will be released before the market open on Tuesday 11thMay. We began by building up the revenue estimate based on available information such as the press releases thus far in 2021, balance sheet items such as deferred revenue and customer deposits, as well as off-balance sheet deal value which includes remaining performance obligations and contract renewal options. In the 3Q20 investor presentation we noticed the average contract duration was 3.6 years, so we used this to estimate what might come off deferred revenue and customer deposits and be recorded as income statement revenue. To estimate how much deal value might be transferred into revenue for 1Q21, we used a longer duration of 4.6 years. We infer that a small portion of deal value could skip the balance sheet and land straight on the income statement when customers renew their contracts. Of course, this is an oversimplification of how these financial items are linked together so the estimate might be way off. Nonetheless, based on all this, as shown below, we estimate 1Q21 revenue of $259m which, as a reminder, is derived from available information and has not accounted for unknowns. This is a shortfall of $73m versus the $332m consensus estimate. Given all the unknown revenue sources from the AWS and IBM deals and elsewhere, and the general confidence from management, it looks like PLTR are going to blow these forecasts out the water.</p><p>Figure 10 - 1Q21 Revenue Estimates Based on Available Information</p><p><img src=\"https://static.tigerbbs.com/5c976ca3fc200ad63eb7ee9595b6b8a5\" tg-width=\"633\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p><b>Impressive Underlying Economics</b></p><p>We believe the greatest investment catalyst is tied to PLTR’s profitability potential; and this is because of the pervasive doubt of the business model viability at present. Management have heavily focused on contribution margin (that we’ll refer to as CM) in previous investor presentations. As the they presented in the 4Q20 presentation shown below, CM margin has more than doubled from FY19 to FY20. However, this could be skewed due to the low number of customer additions – only 6 in FY20. With this in mind we wanted to dig deeper in understanding how the underlying economics have really improved.</p><p>Figure 11 - High-Level View of Contribution Margin and Gross Margin</p><p><img src=\"https://static.tigerbbs.com/d46bd90bbcfcc1028ec0417d858ec8f8\" tg-width=\"640\" tg-height=\"270\" referrerpolicy=\"no-referrer\"></p><p>Source:4Q20 Investor Presentation</p><p>Management have presented the efficiency of the business by grouping customers into 3 phases – Acquire, Expand, and Scale – and in each phase, show how the CM changes within each group. To illustrate, take a look at the figures below, extracted from the S-1 and the 10-k. The customers in the Acquire Phase in FY19 (fiscal year-end 31stDec-21) generated a very negative CM. Those same customers, generated a 17% CM in FY20. The customers in the Expand Phase in FY19 generated -43% CM, and those same customers generated 47% CM in the following year. What’s important to note here, is that the Acquire Phase customers in FY19 will not be the same Acquire Phase customers in FY20 – they will become the Expand Phase customers (or potentially even the Scale Phase customers).</p><p>Figure 12 - PLTR's Customer Phases</p><p><img src=\"https://static.tigerbbs.com/349bc44eeb8317f08f36bb9da9a2d261\" tg-width=\"640\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Source: PLTR’s S-1 and FY20 10-k</p><p>On the face of it, this looks impressive, but when we think deeper about it, this is what most SaaS/software firms are doing nowadays. The S&amp;M expenditure to bring the customer to a company and the initial deployment and operational costs make the Acquire phase the costliest. At the same time, free trial or preliminary testing periods don’t generate much revenue. So, for any SaaS-type firm, negative CM is the case for the Acquire and the Expand phases and those same customers will become profitable at a later point in the relationship. We think investors are aware of this and this is why there doesn’t seem to be much online discussion about PLTR’s CM. Of course, investors could simply take the higher-level view of overall CM more than doubling in FY20, however, as aforementioned this is potentially skewed because of the few new customers acquired.</p><p>What can be instantly gleaned from the above CM metrics, is that when the proportion of new customers joining PLTR is small in relation to existing customers the overall CM will be close to the Scale Phase CM. But perhaps that still doesn’t impressive investors enough, because it may take a few years to reach that state.</p><p>Let’s go back to notion that the Acquire Phase customers in FY19 go on to be the Expand (or even Scale) Phase customers in FY20. This is useful but we wanted to see if we could compare the FY20 Acquire Phase with the FY19 Acquire Phase; and the FY20 Expand Phase with the FY19 Expand Phase; and the same for the Scale Phase. This cannot be derived from the data above. Therefore, we’ve had to dig deeper, scan for more information, and make some educated guesses to piece this together. Because knowing by how much the Expand Phase CM has improved from FY19 to FY20 would be really insightful and we don’t suspect many analysts have tried this so far so there is probably an information edge to be gained over the market.</p><p>We show the analysis we did on this below, however,it may be easier for readers to access the actual spreadsheetto take a closer look. If you click the link make sure to download the spreadsheet to see all the comment boxes.</p><p>What interests us the most in the spreadsheet, is the Expand Phase comparisons in FY19 and FY20. The 28% CM highlighted in yellow, under the FY20 Expand Cohort, is what we think the Expand Phase CM must have been in FY20. The equivalent CM in FY19 was -43%. This is a huge like-for-like improvement in the CM and indicates how PLTR has/is radically shortening the deployment phase of their software by utilizing their Apollo SaaS-installation. Personally, we think this is more insightful and meaningful than the overall CM presented which could be skewed, and also versus management’s presentation of the Acquire/Expand/Scale CMs.</p><p>Figure 13 - Contribution Margin Like-for-Like Comparisons</p><p><img src=\"https://static.tigerbbs.com/14c581fd6fbbccea3d7a5da87480edf5\" tg-width=\"640\" tg-height=\"694\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p>Another way to view this is that customers are classified as Expand Phase customers when they’ve exceeded $100k in annualized revenue but CM is negative. If the FY19 Expand Phase CM was -43%, it indicates that the majority of these customers remained negative CM customers throughout FY19. If the FY20 Expand Phase CM is 28%, it indicates that the majority of these customers turned from negative to positive within the same year. Again, in our opinion, this is way more impressive than what PLTR’s management has presented to date.</p><p>Lastly, in the final section of the spreadsheet, the Total CMs highlighted in gold text are actual and the ones in red are composed of actual and estimated figures. We can see that all the FY19 customers generated a weighted average CM of 23% in FY19, and then those same customers generated 58% CM in FY20. Going into FY21 we forecast that these same FY19 customers will generate 68% in CM. All the FY20 customers generated a CM of 54% in FY20, though had PLTR brought on board more new customers in FY20, the CM would be considerably lower. These same customers are estimated to generate 65% in CM in FY21 and then 75% in FY22.</p><p>To conclude, PLTR’s current CM of 54% is already high, especially for a high growth software stock, yet it’s likely to move higher. We expect the AWS and IBM partnerships to give PLTR the scale to expand its margins. We think this should erase the doubt that PLTR will be highly profitable. The huge nonrecurring expenses related to the DPO and associated stock-based compensation and other opex categories have contributed to the appearance of an unprofitable business. As these costs normalize and PLTR further leverage Apollo’s SaaS installation/deployment, the CM will continue to rise and PLTR’s margins lower down the income statement will also look attractive.</p><p><b>Valuation</b></p><p>In our previous article on PLTR we presented our DCF valuation for PLTR which arrived at a value per share of $47. We still have full faith in this valuation; however, it may take longer than we initially anticipated. And we partly assign this to the misunderstanding of the potential profitability of the stock. Therefore, for this section, we approached the valuation through a different lens. We’ve projected PLTR’s average revenue growth rate through FY25 and used possible P/S multiples in FY25.</p><p>In the 4Q20 earnings call, management stated that they believe revenue growth will be above 30% each year through to FY25 – quite incredible considering the current TTM revenue of $1.1bn. Knowing this, below we’ve projected some arbitrary growth rates. We know FY20 growth was 47% and based off what management has stated, we’ll put FY25 growth as 30% as a minimum. Therefore, we’ve randomly decelerated from 47% to 30% for each year. The Compounded Annual Growth Rate, or CAGR, of this series of growth rates equals 34%. We shall use this for the valuation exercise.</p><p>Figure 14 - Estimate for Average Revenue Growth Through FY25</p><p><img src=\"https://static.tigerbbs.com/b76e91d228a978ddd8a18a8a102ea495\" tg-width=\"449\" tg-height=\"109\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>By using this 34% average revenue growth rate (or CAGR) we calculate revenue will be $4.784bn in FY25/2025. Due to the natural growth expectations decline, we guess that the P/S will be 20x in 2025. ServiceNow’s is currently 20x whilst having TTM revenue of $4,500m, so this is plausible for exceptional companies. These parameters calculate a 2025 market cap of $96bn, a share price of $53.39, and an annualized return of 21%.</p><p>Figure 15 - 2025 Market Cap Forecast</p><p><img src=\"https://static.tigerbbs.com/ef9e349e3ba5ffdd5f413a5c857fcb18\" tg-width=\"640\" tg-height=\"47\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>Below we show the 2025 share price sensitivity table with the 2025 P/S and the CAGR being the two variables. The probabilities are arbitrary just to express how likely we think the respective P/S metrics are in 2025. The share prices in purple text represent the range of what we think our estimation error is likely to be.</p><p>Figure 16 - PLTR's 2025 Share Price Sensitivity Table</p><p><img src=\"https://static.tigerbbs.com/c7192c1e4fcda23289de59a09c242fec\" tg-width=\"640\" tg-height=\"203\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>If management are correct with their growth prediction, then a P/S toward 30x would be fairer than a &lt;20x P/S. However, even if PLTR only generate an average growth rate of 24% and the P/S is 14x at the end of 2025, at the current share price of ~$20 investors still wouldn’t have lost capital. Indeed, it would have been a disappointing investment, but it wouldn’t have lost money. This sensitivity table shows that, despite PLTR’s high multiple at present, the future returns look very appetizing.</p><p>The next sensitivity table replaces the share price with the annualized return through to 2025.</p><p>Figure 17 - PLTR's 2025 Annualized Return Sensitivity Table</p><p><img src=\"https://static.tigerbbs.com/5f3a6e9d761e6e7fcb3fb918df9b8503\" tg-width=\"640\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>In summary, even at the current high P/S of 34x, we consider it extremely unlikely that investors will lose money investing in PLTR now and holding through to 2025 – simply because of growth projections. Add in the impressive underlying economics, we believe this will prove to be a very good long-term investment.</p><p>So, given the minimal downside and the attractive upside, PLTR is one of the most favourable reward-to-risk holdings in the Convequity Portfolio.</p><p><b>Conclusion</b></p><p>PLTR’s stock is going to be driven by a combination of changing TAM expectations, high growth, and impressive profitability in due course. Currently, it looks as though the market is underestimating all of these, so the future looks very bright, indeed.</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>Palantir: Highly Favourable Reward-To-Risk</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\">\nPalantir: Highly Favourable Reward-To-Risk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 15:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Palantir.In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1191876953","content_text":"SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Palantir.In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 looks way off.A deep-dive into the impressive underlying economics of Palantir’s business.A simple valuation analysis to outline it's extremely unlikely investors will lose money even by investing at these levels.ContentsMultiples & TAM> P/S & TAM Penetration>> PLTR’s TAM and Ability to Enter New Markets?> Expanding TAM Fueling Expanding Multiple>> ServiceNow vs Workday>> CloudflareMultiples & TAM RecapWhat is PLTR Actually Good At?What’s Not Being Talked AboutImpressive Underlying EconomicsValuationConclusionMultiples & TAMIt’s commonly known that multiples are closely correlated with revenue growth expectations – higher growth usually equals higher P/S and P/E. Though we wanted to explore the relationship between multiples and a company’s Total Addressable Market, aka TAM. Firstly, we investigated the correlation between P/S and TAM penetration. Then secondly, we used a qualitative approach to assess how increases in TAM tends to affect a company’s P/S. The reason for delving into this is to gain a better insight into Palantir's (PLTR) ongoing valuation, whether the stock’s P/S will persist, extend, or decline, and ultimately what this means for investors’ returns.P/S & TAM PenetrationWe already had metrics for a group of stocks we put together for some other PLTR analysis, therefore we used these to work on the P/S and TAM penetration correlation. To arrive at a TAM for each stock, if we didn’t know beforehand, we reviewed company websites to understand which markets they serve, and then we looked for independent market research (from the likes of Grand View Research and Mordor Intelligence, etc.) estimating the size and growth projections of the subject market. If the size of market estimate seemed odd compared to the company’s revenues and P/S, then we resorted to the company’s investor presentations that usually offer a TAM.As this was quite time-consuming, in addition to PLTR we only conducted this process for 15 stocks, so the sample size is 16. Therefore, the statistics shown in the table below should be viewed with caution because the sample is relatively small and adding more to the sample may significantly change the correlation. Nonetheless, you might still be interested despite the sample being on the small side. From this research we found that the P/S and the TAM penetration (defined as LTM revenue divided by the TAM) for this group of stocks had an inverse correlation of -0.6281. The negative sign indicates that a smaller TAM penetration is associated with a higher P/S. The correlation equates to an R-squared of -0.6281 ^ 2 =0.3945. This means that the TAM penetration explains 39.45% of the variability of the P/S within this group. And considering the nature of financial variables, this is a moderately strong correlation. As expected, there is a stronger correlation between P/S and LTM revenue growth. The 0.9248 correlation equates to an R-squared of 85.55%.Figure 1 - Correlation between P/S and TAM PenetrationSource: Convequity analysisThis is far from conclusive and requires further research but it certainly looks likely that TAM penetration is inversely correlated to P/S multiples. So, what does this have to do with PLTR’s valuation? Well, the market is currently pricing in the management guided TAM of $119bn, yet in reality the TAM is a lot greater. Once investors realize this the 33x P/S at the time of writing will offer extremely good value.PLTR’s TAM and Ability to Enter New Markets?A high stock multiple often results in poor future returns because there are already high growth expectations priced in, and as the growth outlook naturally decelerates, the multiple will decline too. However, we believe PLTR, like other best-in-breed cloud-oriented stocks, are a special case, because they can rotate and enter new markets with relative ease.Showcased by theDouble-Clickevent, PLTR is already emerging as a formidable player in the life sciences analytics industry which is projected to grow from$22bn in 2020 to $42bn by 2025. TheERPmarket, in which they’ve smoothly entered via a AWS partnership, is projected to grow from $43bn today up to $60bn by 2026. Despite these markets being heavily competed for by established players, PLTR’s software-defined approach is displacing many incumbents and in due course will grab a sizeable chunk of market share. And these are just two markets that make up over half of PLTR’s supposed TAM of $119bn.In reality, PLTR’s TAM is the entire software industry. They have an ability like no other software vendor in history to pivot into new markets as they see fit. They have the programming skills and the thoughtfulness in interface design, along with a deep understanding of how users need to interact with software, that affords them the capability to turn their focus to any software market worthwhile. With this in mind, it is reasonable to assume that whenever PLTR needs a revenue growth and/or share price booster, they can formulate a plan to penetrate a new market and provide that catalyst.Below we highlight PLTR’s true potential TAM with reference to a Gartner estimate. The IT services might be a stretch but they certainly have the ability to fully expand within the $483bn Enterprise Software market. With current TTM revenue a little over $1bn, the current TAM penetration of < 0.3% offers high growth for many years which will help prevent a sharp P/S deceleration and support strong future shareholder returns. And in all likelihood, the P/S will probably expand in the interim before beginning a downward trajectory.Figure 2 - Worldwide IT Spending ForecastsExpanding TAM Fueling Expanding MultipleWith this TAM correlation in mind, it might be interesting for investors to visualize how PLTR’s share price and P/S will respond when management inevitably announce that they’re entering new markets – CRM, Risk Management, Productivity, or whatever it may be. To illustrate this, we’ll review the P/S paths of ServiceNow (NOW) and Workday (WDAY) during the past few years.ServiceNow vs WorkdayComparing the P/S trends of these two stocks in relation to their TAM development is interesting to observe. To observe the changing TAM, we’ve used research giant Gartner’s Magic Quadrant. Here is the Magic Quadrant template for those unfamiliar.Figure 3 - Gartner's Magic Quadrant TemplateSource:gartner.comBack in 2016, in reference to Gartner’s Magic Quadrant, Workday (WDAY) was the outright leader in Human Capital Management (HCM) and ServiceNow (NOW) was the same for IT Services Management (ITSM). Both firms had similar revenue growth and gross, operating, and FCF margins, and also neither were serving any other markets. Therefore, as shown in the following chart, WDAY’s higher P/S appeared to be largely attributed to HCM being a larger market than ITSM. During 2017, according to Gartner’s HCM Magic Quadrant WDAY lost its competitive distance as the space became crowded. During the same period, NOW extended their leadership status in the ITSM Magic Quadrant. As a result, the P/S differential closed and the two stocks were trading at almost identical multiples throughout 2017. Despite the same growth rates in 2018, NOW’s P/S pulled sharply higher than WDAY’s because they expanded TAM by entering into two new markets – Integrated Risk Management and CRM Customer Engagement – whilst WDAY didn’t expand their TAM.Figure 4 - NOW vs WDAY P/S Multiple Journey, Part 1Source: Koyfin chart, Convequity analysisIn early 2019, the P/S differential tightened with WDAY’s multiple climbing partly attributable to expanding into the Cloud Financial Management market; NOW also entered a new market in early 2019. Then in 2020, the difference widened further as a result of NOW expanding into 3 more markets and turning from visionary to leader in the Magic Quadrant for Software Asset Management (SAM) whilst WDAY did not even enter one new market.Figure 5 - Figure 1 - NOW vs WDAY P/S Multiple Journey, Part 2Source: Koyfin chart, Convequity analysisThis is a classic example of how entering new markets raises expectations for growth and long-term profitability, thereby raising multiples and ultimately increasing returns for shareholders. We don’t claim that inclusion into Gartner’s Magic Quadrants were the sole factor at play, however, given that both firms’ growth and margins were similar for most of the period under review, it certainly appears to have had a significant influence.CloudflareCloudflare (NET) offers another good example of how TAM expansion influences a stock’s multiple. NET certainly benefitted from the general COVID-induced WFH dynamic during 2020, however, their new product launches also contributed to multiple expansion in a significant way. NET have moved so fast that Gartner haven’t even had time to update their Magic Quadrants, therefore we shall leave Gartner out of this observation. In just 16 months, NET has tripled their P/S mainly as a result of entering new markets. In January 2020, they entered into a $20bn market by announcing their offerings for Secure Web Gateways and Zero Trust products. In July 2020, they made a big move by making their edge compute Workers platform accessible to all developers; in October 2020 they officially launched their SASE offering; and then in March 2021, they introduced Magic WAN which has kind of created a new market altogether because NET is the first to offer a global private WAN.Figure 6 - NET's P/S JourneySource: Koyfin chart, Convequity analysisThere are plenty of other recent examples in which stocks have expanded multiples thanks to TAM expansion - Zscaler and Twilio to name a couple. An underlying driving factor enabling software companies to enter new markets with relative ease is the growth of cloud computing. The required capex to move into new markets is minimal in comparison to the pre-cloud era because software firms don’t need to purchase and implement more servers. Once an application is developed and ready to be deployed, they can scale it across the elastic supply of AWS, Azure, or GCP servers that provide all the necessary compute, networking, and storage requirements – and ramp-up or decrease capacity according to demand.As we point out in our articleS&P 500 is Undervalued, Tech is in a New Paradigm, cloud computing has altered the software industry’s competitive dynamics. It has radically lowered the entry barriers thereby making many software markets overcrowded - in 2007 there were 115 U.S. software stocks and today there are 284. This isn’t alarming as the numbers suggest because the cloud has opened up many greenfield markets, however, the cloud has ushered in a winner-takes-all dynamic into various markets also. And given the reach enabled by the cloud, the prize for the market winners is larger than it’s ever been before. At Asymmetric Tech Investments we aim to identify these future winners.Multiples & TAM RecapHere is a quick recap:There is evidence that a stock’s P/S is moderately correlated to revenue divided by TAM, or TAM penetration. This may appear obvious to some investors though doing this bit of research has helped us refine how we view a company’s market opportunity and shareholder investment prospects.There are many examples that illustrate how TAM expansion tends to increase stock multiples, or at least play a significant part.Cloud computing has made it easier than ever before for software firms to expand TAM.Taking this into account, the future looks incredibly bright for PLTR’s share price. As and when PLTR enter new markets and expand the company’s TAM, there is a high probability that the share price will climb driven by altering growth expectations. If it can be argued that PLTR’s software is already effectively doing stuff like Software Asset Management, Integrated Risk Management, and CRM, then the TAM should be higher than the current $119bn priced in. And if this is the case, PLTR’s multiple should adjust higher to reflect this in due course. Either way despite the perceived high P/S at present, it will probably persist or even rise from here, and over a longer timeframe we suspect PLTR’s multiple will decelerate at a much slower pace than many other high-growth software stocks.Lastly, not only does PLTR have the core software skills to enter almost any market, they are well and truly cloud-enabled following their partnerships with AWS and IBM. This will accelerate the TAM expansion for sure.What is PLTR Actually Good At?It might be easier to try and answer what they aren’t good at. All the information given in the S-1, the 10-k, and investor presentations, pertaining to what PLTR do can be somewhat overwhelming. At the same time, just labelling them a data analysis company is a gross oversimplification. To help us refine our understanding of PLTR’s scope, below we’ve categorized 4 areas, or pillars, in which we believe lays the foundation for all they do – Data Connectivity, Data, Analysis, Data Governance, and User Interface. We’re probably not alone in inferring that the underpinning to PLTR’s superior advantages is closely associated with these 4 pillars. Each of which appear to be in a transformative stage due to the world delving deeper into an era of hyperconnectivity. Within each category we listed things that PLTR are good at dealing with. By the time we had finished we realized the depth and sheer breadth of what they can do.Figure 7 – The 4 Pillars to PLTR’s Competitive EdgeSource: Convequity analysisAnd the only way we can surmise as to how they are capable of such depth and scope, is that they have the deepest understanding of the core principles of software engineering and have an amazing ability to leverage this to various platforms and technologies. Elon Musk’s advocacy for First Principles thinking springs to mind.Figure 8 - First Principles ThinkingSource:safalniveshak.comIt is these 4 pillars in which PLTR are building their moat around, and this foundation can be leveraged to enter almost any software market. Throw in the network effects within enterprise customers’ organization, across verticals (life sciences, airline industry, etc.), and within PLTR itself, it’s hard to envisage them losing their competitive lead.Recently I spoke to a friend who is an engineer at Rolls Royce who shed some light on how PLTR could help him in his job. Below is what he told me.“When designing a product, a RR engineer will spend ~25% of their time gathering and pre-processing data in order to perform a design study. Typically, the data is created by multiple teams, each working in different systems and supplying the data in different formats by differing means. For example, the stress engineer will supply speeds/temperatures/pressures in the form of an emailed spreadsheet. The aero engineer will supply geometry as a CAD file and a pressure map as a .csv file via a shared drive. The designer will supply geometric information and tolerances as a printed word document. All this data must be extracted and processed into a single format before the designer can do any analysis. Having all this data in one system would massively reduce the time spent processing data and would free up the designer to do the actual engineering.”Foundry would solve his problem by connecting to all the relevant data sources and standardizing the data ready for immediate analysis. The ramp-up in my friend’s productivity would be profound. Generally, it seems as though this type of problem involving data located across disjointed systems and existing in different formats has up until now been the main use case for Foundry. Increasingly, however, we’re hearing cases whereby Foundry has been laid atop an enterprise’s legacy systems and deliver what works like a brand-new IT infrastructure built from the ground up. For example, in the Double Click event, Forward Deploy Engineer, Liam Mawe, explained how a Foundry ERP archetype was installed for one industrial client that already had 25 ERP systems in operation that were largely siloed from each other. After a few hours of configuration, Foundry’s ERP had every single piece of data readily available. Mawe didn’t elaborate, though we presume Foundry’s ERP could carry on working in conjunction with the other ERP systems or work just as well should the client decide to remove them – which is more probable. This incredible flexibility is the key to the seemingly rapid customer acquisition of late – there is no rip and replace required, so the stakes are lower and as a result decision-makers are more willing to give PLTR a try.What’s Not Being Talked AboutFrom what we’ve read about PLTR, there hasn’t been any mention of the fact that they only added 6 customers in FY20 whilst growing revenue by 47%. This is staggering; and achieved by the 41% increase in revenue per customer, as shown in the chart below. When we think about the AWS and IBM cloud partnerships and the various press releases thus far into 2021, they could have tripled the FY20 new customer number in the first quarter alone. Couple that with another >20% increase in per customer revenue, it’s not beyond the realm of possibility for PLTR to grow revenue by 60% this year.Figure 9 - Net New Customer Additions in FY20Source: 10-k, Convequity analysisWe thought we’d have a go at forecasting 1Q21 revenue – which will be released before the market open on Tuesday 11thMay. We began by building up the revenue estimate based on available information such as the press releases thus far in 2021, balance sheet items such as deferred revenue and customer deposits, as well as off-balance sheet deal value which includes remaining performance obligations and contract renewal options. In the 3Q20 investor presentation we noticed the average contract duration was 3.6 years, so we used this to estimate what might come off deferred revenue and customer deposits and be recorded as income statement revenue. To estimate how much deal value might be transferred into revenue for 1Q21, we used a longer duration of 4.6 years. We infer that a small portion of deal value could skip the balance sheet and land straight on the income statement when customers renew their contracts. Of course, this is an oversimplification of how these financial items are linked together so the estimate might be way off. Nonetheless, based on all this, as shown below, we estimate 1Q21 revenue of $259m which, as a reminder, is derived from available information and has not accounted for unknowns. This is a shortfall of $73m versus the $332m consensus estimate. Given all the unknown revenue sources from the AWS and IBM deals and elsewhere, and the general confidence from management, it looks like PLTR are going to blow these forecasts out the water.Figure 10 - 1Q21 Revenue Estimates Based on Available InformationSource: 10-k, Convequity analysisImpressive Underlying EconomicsWe believe the greatest investment catalyst is tied to PLTR’s profitability potential; and this is because of the pervasive doubt of the business model viability at present. Management have heavily focused on contribution margin (that we’ll refer to as CM) in previous investor presentations. As the they presented in the 4Q20 presentation shown below, CM margin has more than doubled from FY19 to FY20. However, this could be skewed due to the low number of customer additions – only 6 in FY20. With this in mind we wanted to dig deeper in understanding how the underlying economics have really improved.Figure 11 - High-Level View of Contribution Margin and Gross MarginSource:4Q20 Investor PresentationManagement have presented the efficiency of the business by grouping customers into 3 phases – Acquire, Expand, and Scale – and in each phase, show how the CM changes within each group. To illustrate, take a look at the figures below, extracted from the S-1 and the 10-k. The customers in the Acquire Phase in FY19 (fiscal year-end 31stDec-21) generated a very negative CM. Those same customers, generated a 17% CM in FY20. The customers in the Expand Phase in FY19 generated -43% CM, and those same customers generated 47% CM in the following year. What’s important to note here, is that the Acquire Phase customers in FY19 will not be the same Acquire Phase customers in FY20 – they will become the Expand Phase customers (or potentially even the Scale Phase customers).Figure 12 - PLTR's Customer PhasesSource: PLTR’s S-1 and FY20 10-kOn the face of it, this looks impressive, but when we think deeper about it, this is what most SaaS/software firms are doing nowadays. The S&M expenditure to bring the customer to a company and the initial deployment and operational costs make the Acquire phase the costliest. At the same time, free trial or preliminary testing periods don’t generate much revenue. So, for any SaaS-type firm, negative CM is the case for the Acquire and the Expand phases and those same customers will become profitable at a later point in the relationship. We think investors are aware of this and this is why there doesn’t seem to be much online discussion about PLTR’s CM. Of course, investors could simply take the higher-level view of overall CM more than doubling in FY20, however, as aforementioned this is potentially skewed because of the few new customers acquired.What can be instantly gleaned from the above CM metrics, is that when the proportion of new customers joining PLTR is small in relation to existing customers the overall CM will be close to the Scale Phase CM. But perhaps that still doesn’t impressive investors enough, because it may take a few years to reach that state.Let’s go back to notion that the Acquire Phase customers in FY19 go on to be the Expand (or even Scale) Phase customers in FY20. This is useful but we wanted to see if we could compare the FY20 Acquire Phase with the FY19 Acquire Phase; and the FY20 Expand Phase with the FY19 Expand Phase; and the same for the Scale Phase. This cannot be derived from the data above. Therefore, we’ve had to dig deeper, scan for more information, and make some educated guesses to piece this together. Because knowing by how much the Expand Phase CM has improved from FY19 to FY20 would be really insightful and we don’t suspect many analysts have tried this so far so there is probably an information edge to be gained over the market.We show the analysis we did on this below, however,it may be easier for readers to access the actual spreadsheetto take a closer look. If you click the link make sure to download the spreadsheet to see all the comment boxes.What interests us the most in the spreadsheet, is the Expand Phase comparisons in FY19 and FY20. The 28% CM highlighted in yellow, under the FY20 Expand Cohort, is what we think the Expand Phase CM must have been in FY20. The equivalent CM in FY19 was -43%. This is a huge like-for-like improvement in the CM and indicates how PLTR has/is radically shortening the deployment phase of their software by utilizing their Apollo SaaS-installation. Personally, we think this is more insightful and meaningful than the overall CM presented which could be skewed, and also versus management’s presentation of the Acquire/Expand/Scale CMs.Figure 13 - Contribution Margin Like-for-Like ComparisonsSource: 10-k, Convequity analysisAnother way to view this is that customers are classified as Expand Phase customers when they’ve exceeded $100k in annualized revenue but CM is negative. If the FY19 Expand Phase CM was -43%, it indicates that the majority of these customers remained negative CM customers throughout FY19. If the FY20 Expand Phase CM is 28%, it indicates that the majority of these customers turned from negative to positive within the same year. Again, in our opinion, this is way more impressive than what PLTR’s management has presented to date.Lastly, in the final section of the spreadsheet, the Total CMs highlighted in gold text are actual and the ones in red are composed of actual and estimated figures. We can see that all the FY19 customers generated a weighted average CM of 23% in FY19, and then those same customers generated 58% CM in FY20. Going into FY21 we forecast that these same FY19 customers will generate 68% in CM. All the FY20 customers generated a CM of 54% in FY20, though had PLTR brought on board more new customers in FY20, the CM would be considerably lower. These same customers are estimated to generate 65% in CM in FY21 and then 75% in FY22.To conclude, PLTR’s current CM of 54% is already high, especially for a high growth software stock, yet it’s likely to move higher. We expect the AWS and IBM partnerships to give PLTR the scale to expand its margins. We think this should erase the doubt that PLTR will be highly profitable. The huge nonrecurring expenses related to the DPO and associated stock-based compensation and other opex categories have contributed to the appearance of an unprofitable business. As these costs normalize and PLTR further leverage Apollo’s SaaS installation/deployment, the CM will continue to rise and PLTR’s margins lower down the income statement will also look attractive.ValuationIn our previous article on PLTR we presented our DCF valuation for PLTR which arrived at a value per share of $47. We still have full faith in this valuation; however, it may take longer than we initially anticipated. And we partly assign this to the misunderstanding of the potential profitability of the stock. Therefore, for this section, we approached the valuation through a different lens. We’ve projected PLTR’s average revenue growth rate through FY25 and used possible P/S multiples in FY25.In the 4Q20 earnings call, management stated that they believe revenue growth will be above 30% each year through to FY25 – quite incredible considering the current TTM revenue of $1.1bn. Knowing this, below we’ve projected some arbitrary growth rates. We know FY20 growth was 47% and based off what management has stated, we’ll put FY25 growth as 30% as a minimum. Therefore, we’ve randomly decelerated from 47% to 30% for each year. The Compounded Annual Growth Rate, or CAGR, of this series of growth rates equals 34%. We shall use this for the valuation exercise.Figure 14 - Estimate for Average Revenue Growth Through FY25Source: Convequity analysisBy using this 34% average revenue growth rate (or CAGR) we calculate revenue will be $4.784bn in FY25/2025. Due to the natural growth expectations decline, we guess that the P/S will be 20x in 2025. ServiceNow’s is currently 20x whilst having TTM revenue of $4,500m, so this is plausible for exceptional companies. These parameters calculate a 2025 market cap of $96bn, a share price of $53.39, and an annualized return of 21%.Figure 15 - 2025 Market Cap ForecastSource: Convequity analysisBelow we show the 2025 share price sensitivity table with the 2025 P/S and the CAGR being the two variables. The probabilities are arbitrary just to express how likely we think the respective P/S metrics are in 2025. The share prices in purple text represent the range of what we think our estimation error is likely to be.Figure 16 - PLTR's 2025 Share Price Sensitivity TableSource: Convequity analysisIf management are correct with their growth prediction, then a P/S toward 30x would be fairer than a <20x P/S. However, even if PLTR only generate an average growth rate of 24% and the P/S is 14x at the end of 2025, at the current share price of ~$20 investors still wouldn’t have lost capital. Indeed, it would have been a disappointing investment, but it wouldn’t have lost money. This sensitivity table shows that, despite PLTR’s high multiple at present, the future returns look very appetizing.The next sensitivity table replaces the share price with the annualized return through to 2025.Figure 17 - PLTR's 2025 Annualized Return Sensitivity TableSource: Convequity analysisIn summary, even at the current high P/S of 34x, we consider it extremely unlikely that investors will lose money investing in PLTR now and holding through to 2025 – simply because of growth projections. Add in the impressive underlying economics, we believe this will prove to be a very good long-term investment.So, given the minimal downside and the attractive upside, PLTR is one of the most favourable reward-to-risk holdings in the Convequity Portfolio.ConclusionPLTR’s stock is going to be driven by a combination of changing TAM expectations, high growth, and impressive profitability in due course. Currently, it looks as though the market is underestimating all of these, so the future looks very bright, indeed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107371702,"gmtCreate":1620448149906,"gmtModify":1634198663656,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"pltr?","listText":"pltr?","text":"pltr?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107371702","repostId":"1122144051","repostType":4,"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104272867,"gmtCreate":1620396062959,"gmtModify":1634205535877,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104272867","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul><p>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p>#1 Price vs. Growth</p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><i>Source: VisualizedAnalytics.com</i></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p>#2 Comparative Valuation</p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p>#3 Discounted Cash Flow Model</p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p>Some explanations:</p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul><p>Here is the model itself:</p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><i>Source: Author</i></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p>Final thoughts</p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol>","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>Amazon: The Most Clearly Undervalued Company</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\">\nAmazon: The Most Clearly Undervalued Company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-07 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company><strong>Seeking alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-...</p>\n\n<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102480587,"gmtCreate":1620230502749,"gmtModify":1634206791948,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"thanks","listText":"thanks","text":"thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/102480587","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","kind":"news","pubTimestamp":1620224535,"share":"https://www.laohu8.com/m/news/1148686352?lang=&edition=full","pubTime":"2021-05-05 22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><b>What Happened?</b>On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.</p>\n<p><b>Where The Market Was:</b>The Dow finished the day at 30.02.</p>\n<p><b>What Else Was Going On In The World?</b>In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.</p>\n<p><b>Panic Of 1893:</b>On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.</p>\n<p>The&nbsp;Panic of 1893&nbsp;was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.</p>\n<p>The May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.<b>General Electric Company</b>GE 0.34%shares dropped 28% on the day from $80 to $58.</p>\n<p>Fortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.</p>\n<p>The Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.</p>","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-05 22:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In...</p>\n\n<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1},"isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372130705,"gmtCreate":1619184881107,"gmtModify":1634287928606,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372130705","repostId":"1143062408","repostType":4,"repost":{"id":"1143062408","kind":"news","pubTimestamp":1619162341,"share":"https://www.laohu8.com/m/news/1143062408?lang=&edition=full","pubTime":"2021-04-23 15:19","market":"sg","language":"en","title":"Singapore Names Wong as New Finance Minister in Cabinet Shake-Up","url":"https://stock-news.laohu8.com/highlight/detail?id=1143062408","media":"Bloomberg","summary":"Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his ","content":"<p>Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his prominence as the city-state reboots its leadership transition plan.</p>\n<p>The appointment follows Deputy Prime Minister Heng Swee Keat’s surprise announcement about two weeks ago that he’sstepping asideas the designated successor to Prime Minister Lee Hsien Loong within the People’s Action Party, which has led the country since independence. That forced changes to the long-telegraphed transition, leaving the party to seek a successor among its younger leaders before the next election due by 2025.</p>\n<p>Since founding father Lee Kuan Yew relinquished power some three decades ago, Singapore’s politics have been so well choreographed and predictable that they’re often joked about as dull. Local markets barely budged on Heng’s announcement earlier this month that he was stepping out of the running. Analysts have said they expect Singapore to remain politically stable.</p>\n<p>Though no clear successor to Lee was identified Friday, the finance minister selection could be a signal of who among the party’s “fourth-generation” leaders ultimately might be positioned for the top job. Heng was named finance chief in 2015 and added the&nbsp;deputy prime minister role&nbsp;to his portfolio in 2019. Lee himself was also finance minister previously, though his predecessor Goh Chok Tong didn’t hold that role.</p>\n<p><b>Covid Leadership</b></p>\n<p>Wong, 48, has seen his profile rise as co-chair of the government task force for fighting Covid-19. His role as second minister for finance provided a smooth path to the ministry’s top job.</p>\n<p>“Lawrence has been assisting Swee Keat as Second Minister since 2016, so he has the experience, and is a natural fit for the job,” Prime Minister Lee said at a briefing Friday.</p>\n<p>Known for a no-nonsense speaking manner, Wong played a critical role in helping to bring the pandemic under control in Singapore, with measures such as mandatory mask-wearing and strict social gathering rules.</p>\n<p>Before his appointment as minister of education and second minister of finance after last year’s election, he also oversaw a closely-watched property sector as minister for national development.</p>\n<p>Wong began his career as a civil servant, later serving as chief executive of the&nbsp;Energy Market Authority&nbsp;and as principal private secretary to Lee.</p>\n<p>Here are other changes to the cabinet, with the appointments taking effect on May 15, according to a statement:</p>\n<ul>\n <li>Gan Kim Yong will be trade and industry minister</li>\n <li>S. Iswaran will be transport minister</li>\n <li>Chan Chun Sing will be education minister</li>\n <li>Ong Ye Kung will be health minister</li>\n <li>Josephine Teo will be communications and information minister, and continue as second minister for home affairs</li>\n <li>Tan See Leng will be manpower minister</li>\n</ul>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Names Wong as New Finance Minister in Cabinet Shake-Up</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\">\nSingapore Names Wong as New Finance Minister in Cabinet Shake-Up\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 15:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-04-23/singapore-names-wong-finance-minister-in-cabinet-shake-up-cna?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his prominence as the city-state reboots its leadership transition plan.\nThe appointment follows Deputy ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-04-23/singapore-names-wong-finance-minister-in-cabinet-shake-up-cna?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-04-23/singapore-names-wong-finance-minister-in-cabinet-shake-up-cna?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143062408","content_text":"Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his prominence as the city-state reboots its leadership transition plan.\nThe appointment follows Deputy Prime Minister Heng Swee Keat’s surprise announcement about two weeks ago that he’sstepping asideas the designated successor to Prime Minister Lee Hsien Loong within the People’s Action Party, which has led the country since independence. That forced changes to the long-telegraphed transition, leaving the party to seek a successor among its younger leaders before the next election due by 2025.\nSince founding father Lee Kuan Yew relinquished power some three decades ago, Singapore’s politics have been so well choreographed and predictable that they’re often joked about as dull. Local markets barely budged on Heng’s announcement earlier this month that he was stepping out of the running. Analysts have said they expect Singapore to remain politically stable.\nThough no clear successor to Lee was identified Friday, the finance minister selection could be a signal of who among the party’s “fourth-generation” leaders ultimately might be positioned for the top job. Heng was named finance chief in 2015 and added the deputy prime minister role to his portfolio in 2019. Lee himself was also finance minister previously, though his predecessor Goh Chok Tong didn’t hold that role.\nCovid Leadership\nWong, 48, has seen his profile rise as co-chair of the government task force for fighting Covid-19. His role as second minister for finance provided a smooth path to the ministry’s top job.\n“Lawrence has been assisting Swee Keat as Second Minister since 2016, so he has the experience, and is a natural fit for the job,” Prime Minister Lee said at a briefing Friday.\nKnown for a no-nonsense speaking manner, Wong played a critical role in helping to bring the pandemic under control in Singapore, with measures such as mandatory mask-wearing and strict social gathering rules.\nBefore his appointment as minister of education and second minister of finance after last year’s election, he also oversaw a closely-watched property sector as minister for national development.\nWong began his career as a civil servant, later serving as chief executive of the Energy Market Authority and as principal private secretary to Lee.\nHere are other changes to the cabinet, with the appointments taking effect on May 15, according to a statement:\n\nGan Kim Yong will be trade and industry minister\nS. Iswaran will be transport minister\nChan Chun Sing will be education minister\nOng Ye Kung will be health minister\nJosephine Teo will be communications and information minister, and continue as second minister for home affairs\nTan See Leng will be manpower minister","news_type":1},"isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371846137,"gmtCreate":1618928481629,"gmtModify":1634289821660,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/371846137","repostId":"1121126533","repostType":4,"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379840855,"gmtCreate":1618719311877,"gmtModify":1634291264285,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"comment and like please","listText":"comment and like please","text":"comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/379840855","repostId":"1175692875","repostType":4,"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370690681,"gmtCreate":1618579224743,"gmtModify":1634291968653,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370690681","repostId":"2127007505","repostType":4,"isVote":1,"tweetType":1,"viewCount":195,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344884718,"gmtCreate":1618397455734,"gmtModify":1634293242484,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"like and comment thx","listText":"like and comment thx","text":"like and comment thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344884718","repostId":"1126332570","repostType":2,"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345584588,"gmtCreate":1618323815044,"gmtModify":1634293706689,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345584588","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","kind":"news","pubTimestamp":1618236146,"share":"https://www.laohu8.com/m/news/1194635432?lang=&edition=full","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</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>Can You Make Coin Investing In Coinbase?</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\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342846155,"gmtCreate":1618202788277,"gmtModify":1634294445811,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment back","listText":"please like and comment back","text":"please like and comment back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/342846155","repostId":"2126269058","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346092923,"gmtCreate":1617971836662,"gmtModify":1634295455499,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"//<a href=\"https://laohu8.com/U/3580711335604611\">@YYLeow</a>: Like and comment&nbsp;done","listText":"//<a href=\"https://laohu8.com/U/3580711335604611\">@YYLeow</a>: Like and comment&nbsp;done","text":"//@YYLeow: Like and comment done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/346092923","repostId":"1168300924","repostType":2,"repost":{"id":"1168300924","kind":"news","pubTimestamp":1617955250,"share":"https://www.laohu8.com/m/news/1168300924?lang=&edition=full","pubTime":"2021-04-09 16:00","market":"us","language":"en","title":"Next Week’s IPO Lineup Is Growing. It Could Be Busy.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168300924","media":"barrons","summary":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Pa","content":"<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.</p><p>Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.</p><p>And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.</p><p>This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.</p><p>Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.</p><p>Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR,&nbsp;Bank of America‘s (BAC) BofA Securities, andCitigroup(C).</p><p>Founded in 2012, Applovin&nbsp;provides software&nbsp;used by mobile-game developers to grow their businesses.&nbsp; Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.</p><p>In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.</p><p>With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.</p><p>TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.</p><p>Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.</p><p>Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.</p><p>TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.</p><p>The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.</p><p>TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management &amp; Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.</p><p>The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Next Week’s IPO Lineup Is Growing. It Could Be Busy.</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\">\nNext Week’s IPO Lineup Is Growing. It Could Be Busy.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-09 16:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.C...</p>\n\n<a href=\"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VECT":"VectivBio Holding AG","APP":"AppLovin Corporation","KRT":"Karat Packaging Inc.","COIN":"Coinbase Global, Inc.","ALKT":"Alkami Technology, Inc."},"source_url":"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168300924","content_text":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR, Bank of America‘s (BAC) BofA Securities, andCitigroup(C).Founded in 2012, Applovin provides software used by mobile-game developers to grow their businesses.  Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management & Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":345584588,"gmtCreate":1618323815044,"gmtModify":1634293706689,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345584588","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","kind":"news","pubTimestamp":1618236146,"share":"https://www.laohu8.com/m/news/1194635432?lang=&edition=full","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</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>Can You Make Coin Investing In Coinbase?</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\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372130705,"gmtCreate":1619184881107,"gmtModify":1634287928606,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372130705","repostId":"1143062408","repostType":4,"repost":{"id":"1143062408","kind":"news","pubTimestamp":1619162341,"share":"https://www.laohu8.com/m/news/1143062408?lang=&edition=full","pubTime":"2021-04-23 15:19","market":"sg","language":"en","title":"Singapore Names Wong as New Finance Minister in Cabinet Shake-Up","url":"https://stock-news.laohu8.com/highlight/detail?id=1143062408","media":"Bloomberg","summary":"Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his ","content":"<p>Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his prominence as the city-state reboots its leadership transition plan.</p>\n<p>The appointment follows Deputy Prime Minister Heng Swee Keat’s surprise announcement about two weeks ago that he’sstepping asideas the designated successor to Prime Minister Lee Hsien Loong within the People’s Action Party, which has led the country since independence. That forced changes to the long-telegraphed transition, leaving the party to seek a successor among its younger leaders before the next election due by 2025.</p>\n<p>Since founding father Lee Kuan Yew relinquished power some three decades ago, Singapore’s politics have been so well choreographed and predictable that they’re often joked about as dull. Local markets barely budged on Heng’s announcement earlier this month that he was stepping out of the running. Analysts have said they expect Singapore to remain politically stable.</p>\n<p>Though no clear successor to Lee was identified Friday, the finance minister selection could be a signal of who among the party’s “fourth-generation” leaders ultimately might be positioned for the top job. Heng was named finance chief in 2015 and added the&nbsp;deputy prime minister role&nbsp;to his portfolio in 2019. Lee himself was also finance minister previously, though his predecessor Goh Chok Tong didn’t hold that role.</p>\n<p><b>Covid Leadership</b></p>\n<p>Wong, 48, has seen his profile rise as co-chair of the government task force for fighting Covid-19. His role as second minister for finance provided a smooth path to the ministry’s top job.</p>\n<p>“Lawrence has been assisting Swee Keat as Second Minister since 2016, so he has the experience, and is a natural fit for the job,” Prime Minister Lee said at a briefing Friday.</p>\n<p>Known for a no-nonsense speaking manner, Wong played a critical role in helping to bring the pandemic under control in Singapore, with measures such as mandatory mask-wearing and strict social gathering rules.</p>\n<p>Before his appointment as minister of education and second minister of finance after last year’s election, he also oversaw a closely-watched property sector as minister for national development.</p>\n<p>Wong began his career as a civil servant, later serving as chief executive of the&nbsp;Energy Market Authority&nbsp;and as principal private secretary to Lee.</p>\n<p>Here are other changes to the cabinet, with the appointments taking effect on May 15, according to a statement:</p>\n<ul>\n <li>Gan Kim Yong will be trade and industry minister</li>\n <li>S. Iswaran will be transport minister</li>\n <li>Chan Chun Sing will be education minister</li>\n <li>Ong Ye Kung will be health minister</li>\n <li>Josephine Teo will be communications and information minister, and continue as second minister for home affairs</li>\n <li>Tan See Leng will be manpower minister</li>\n</ul>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Names Wong as New Finance Minister in Cabinet Shake-Up</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\">\nSingapore Names Wong as New Finance Minister in Cabinet Shake-Up\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 15:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-04-23/singapore-names-wong-finance-minister-in-cabinet-shake-up-cna?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his prominence as the city-state reboots its leadership transition plan.\nThe appointment follows Deputy ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-04-23/singapore-names-wong-finance-minister-in-cabinet-shake-up-cna?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-04-23/singapore-names-wong-finance-minister-in-cabinet-shake-up-cna?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143062408","content_text":"Lawrence Wong was named Singapore’s next finance minister in a cabinetreshuffleFriday, boosting his prominence as the city-state reboots its leadership transition plan.\nThe appointment follows Deputy Prime Minister Heng Swee Keat’s surprise announcement about two weeks ago that he’sstepping asideas the designated successor to Prime Minister Lee Hsien Loong within the People’s Action Party, which has led the country since independence. That forced changes to the long-telegraphed transition, leaving the party to seek a successor among its younger leaders before the next election due by 2025.\nSince founding father Lee Kuan Yew relinquished power some three decades ago, Singapore’s politics have been so well choreographed and predictable that they’re often joked about as dull. Local markets barely budged on Heng’s announcement earlier this month that he was stepping out of the running. Analysts have said they expect Singapore to remain politically stable.\nThough no clear successor to Lee was identified Friday, the finance minister selection could be a signal of who among the party’s “fourth-generation” leaders ultimately might be positioned for the top job. Heng was named finance chief in 2015 and added the deputy prime minister role to his portfolio in 2019. Lee himself was also finance minister previously, though his predecessor Goh Chok Tong didn’t hold that role.\nCovid Leadership\nWong, 48, has seen his profile rise as co-chair of the government task force for fighting Covid-19. His role as second minister for finance provided a smooth path to the ministry’s top job.\n“Lawrence has been assisting Swee Keat as Second Minister since 2016, so he has the experience, and is a natural fit for the job,” Prime Minister Lee said at a briefing Friday.\nKnown for a no-nonsense speaking manner, Wong played a critical role in helping to bring the pandemic under control in Singapore, with measures such as mandatory mask-wearing and strict social gathering rules.\nBefore his appointment as minister of education and second minister of finance after last year’s election, he also oversaw a closely-watched property sector as minister for national development.\nWong began his career as a civil servant, later serving as chief executive of the Energy Market Authority and as principal private secretary to Lee.\nHere are other changes to the cabinet, with the appointments taking effect on May 15, according to a statement:\n\nGan Kim Yong will be trade and industry minister\nS. Iswaran will be transport minister\nChan Chun Sing will be education minister\nOng Ye Kung will be health minister\nJosephine Teo will be communications and information minister, and continue as second minister for home affairs\nTan See Leng will be manpower minister","news_type":1},"isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379840855,"gmtCreate":1618719311877,"gmtModify":1634291264285,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"comment and like please","listText":"comment and like please","text":"comment and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/379840855","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</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>$544 Billion In Options Expire Today: Here's What Will Move</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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346098881,"gmtCreate":1617971624743,"gmtModify":1634295456560,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/346098881","repostId":"1168300924","repostType":4,"repost":{"id":"1168300924","kind":"news","pubTimestamp":1617955250,"share":"https://www.laohu8.com/m/news/1168300924?lang=&edition=full","pubTime":"2021-04-09 16:00","market":"us","language":"en","title":"Next Week’s IPO Lineup Is Growing. It Could Be Busy.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168300924","media":"barrons","summary":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Pa","content":"<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.</p><p>Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.</p><p>And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.</p><p>This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.</p><p>Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.</p><p>Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR,&nbsp;Bank of America‘s (BAC) BofA Securities, andCitigroup(C).</p><p>Founded in 2012, Applovin&nbsp;provides software&nbsp;used by mobile-game developers to grow their businesses.&nbsp; Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.</p><p>In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.</p><p>With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.</p><p>TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.</p><p>Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.</p><p>Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.</p><p>TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.</p><p>The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.</p><p>TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management &amp; Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.</p><p>The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Next Week’s IPO Lineup Is Growing. It Could Be Busy.</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\">\nNext Week’s IPO Lineup Is Growing. It Could Be Busy.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-09 16:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.C...</p>\n\n<a href=\"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VECT":"VectivBio Holding AG","APP":"AppLovin Corporation","KRT":"Karat Packaging Inc.","COIN":"Coinbase Global, Inc.","ALKT":"Alkami Technology, Inc."},"source_url":"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168300924","content_text":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR, Bank of America‘s (BAC) BofA Securities, andCitigroup(C).Founded in 2012, Applovin provides software used by mobile-game developers to grow their businesses.  Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management & Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196978596,"gmtCreate":1621009177315,"gmtModify":1634194572190,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/196978596","repostId":"2135710626","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102480587,"gmtCreate":1620230502749,"gmtModify":1634206791948,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"thanks","listText":"thanks","text":"thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/102480587","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","kind":"news","pubTimestamp":1620224535,"share":"https://www.laohu8.com/m/news/1148686352?lang=&edition=full","pubTime":"2021-05-05 22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><b>What Happened?</b>On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.</p>\n<p><b>Where The Market Was:</b>The Dow finished the day at 30.02.</p>\n<p><b>What Else Was Going On In The World?</b>In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.</p>\n<p><b>Panic Of 1893:</b>On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.</p>\n<p>The&nbsp;Panic of 1893&nbsp;was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.</p>\n<p>The May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.<b>General Electric Company</b>GE 0.34%shares dropped 28% on the day from $80 to $58.</p>\n<p>Fortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.</p>\n<p>The Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.</p>","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-05 22:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In...</p>\n\n<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1},"isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120500849,"gmtCreate":1624326456981,"gmtModify":1634007758604,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"pls like and comment","listText":"pls like and comment","text":"pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120500849","repostId":"1191349655","repostType":4,"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138593774,"gmtCreate":1621948166898,"gmtModify":1634185256900,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"comment and like","listText":"comment and like","text":"comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/138593774","repostId":"2138167010","repostType":4,"repost":{"id":"2138167010","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1621947780,"share":"https://www.laohu8.com/m/news/2138167010?lang=&edition=full","pubTime":"2021-05-25 21:03","market":"us","language":"en","title":"For a day, Jeff Bezos wasn't the world's richest. Here's who was.","url":"https://stock-news.laohu8.com/highlight/detail?id=2138167010","media":"Dow Jones","summary":"It's a good time to be rich, and an even better time to cater to them.Bernard Arnault, the chairman ","content":"<p>It's a good time to be rich, and an even better time to cater to them.</p><p>Bernard Arnault, the chairman and chief executive of luxury-goods giant LVMH Moët Hennessy Louis Vuitton , briefly topped departing Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> Chief Executive Jeff Bezos as the world's richest person, according to Forbes' real-time tracker .</p><p>By early Tuesday morning, Bezos was back on top with a net worth of $188.2 billion, compared with Arnault and family at $187.5 billion. Elon Musk, the chief executive of electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, was in third, at $152.5 billion.</p><p>That Arnault was on top was a reflection of LVMH's share price surge, as well as the struggles of technology stocks in 2021 after a sensational 2020. LVMH shares have gained 25% this year, compared with a 0.4% drop for online retailer Amazon and a 14% drop for Tesla.</p><p>LVMH recorded a 32% surge in revenue during the first quarter, driven by its fashion and leather-goods segment. Asia outside of Japan -- China, mostly -- saw organic revenue growth of 86% in the first quarter, and sales in Asia even lapped the first quarter of 2019 by 26%. U.S. organic sales growth was also strong, at 23% in the first quarter.</p><p>LVMH doesn't provide earnings information during the first and third quarters.</p><p>In January, LVMH completed the acquisition of U.S. luxury-goods retailer Tiffany &amp; Co. \"It's an iconic house, iconic of America,\" said Arnault during the company's April shareholder meeting.</p><p>\"It's synonymous of love. And the famous blue box is recognized throughout the world. I'm sure we'll be able to disseminate it even more widely with the determination and passion that we have deployed over the years for each of our prestigious houses,\" he added.</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>For a day, Jeff Bezos wasn't the world's richest. Here's who was.</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\">\nFor a day, Jeff Bezos wasn't the world's richest. Here's who was.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-25 21:03</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>It's a good time to be rich, and an even better time to cater to them.</p><p>Bernard Arnault, the chairman and chief executive of luxury-goods giant LVMH Moët Hennessy Louis Vuitton , briefly topped departing Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> Chief Executive Jeff Bezos as the world's richest person, according to Forbes' real-time tracker .</p><p>By early Tuesday morning, Bezos was back on top with a net worth of $188.2 billion, compared with Arnault and family at $187.5 billion. Elon Musk, the chief executive of electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, was in third, at $152.5 billion.</p><p>That Arnault was on top was a reflection of LVMH's share price surge, as well as the struggles of technology stocks in 2021 after a sensational 2020. LVMH shares have gained 25% this year, compared with a 0.4% drop for online retailer Amazon and a 14% drop for Tesla.</p><p>LVMH recorded a 32% surge in revenue during the first quarter, driven by its fashion and leather-goods segment. Asia outside of Japan -- China, mostly -- saw organic revenue growth of 86% in the first quarter, and sales in Asia even lapped the first quarter of 2019 by 26%. U.S. organic sales growth was also strong, at 23% in the first quarter.</p><p>LVMH doesn't provide earnings information during the first and third quarters.</p><p>In January, LVMH completed the acquisition of U.S. luxury-goods retailer Tiffany &amp; Co. \"It's an iconic house, iconic of America,\" said Arnault during the company's April shareholder meeting.</p><p>\"It's synonymous of love. And the famous blue box is recognized throughout the world. I'm sure we'll be able to disseminate it even more widely with the determination and passion that we have deployed over the years for each of our prestigious houses,\" he added.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","AMZN":"亚马逊","LVMUY":"路易威登"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138167010","content_text":"It's a good time to be rich, and an even better time to cater to them.Bernard Arnault, the chairman and chief executive of luxury-goods giant LVMH Moët Hennessy Louis Vuitton , briefly topped departing Amazon $(AMZN)$ Chief Executive Jeff Bezos as the world's richest person, according to Forbes' real-time tracker .By early Tuesday morning, Bezos was back on top with a net worth of $188.2 billion, compared with Arnault and family at $187.5 billion. Elon Musk, the chief executive of electric-car maker Tesla $(TSLA)$, was in third, at $152.5 billion.That Arnault was on top was a reflection of LVMH's share price surge, as well as the struggles of technology stocks in 2021 after a sensational 2020. LVMH shares have gained 25% this year, compared with a 0.4% drop for online retailer Amazon and a 14% drop for Tesla.LVMH recorded a 32% surge in revenue during the first quarter, driven by its fashion and leather-goods segment. Asia outside of Japan -- China, mostly -- saw organic revenue growth of 86% in the first quarter, and sales in Asia even lapped the first quarter of 2019 by 26%. U.S. organic sales growth was also strong, at 23% in the first quarter.LVMH doesn't provide earnings information during the first and third quarters.In January, LVMH completed the acquisition of U.S. luxury-goods retailer Tiffany & Co. \"It's an iconic house, iconic of America,\" said Arnault during the company's April shareholder meeting.\"It's synonymous of love. And the famous blue box is recognized throughout the world. I'm sure we'll be able to disseminate it even more widely with the determination and passion that we have deployed over the years for each of our prestigious houses,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371846137,"gmtCreate":1618928481629,"gmtModify":1634289821660,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/371846137","repostId":"1121126533","repostType":4,"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187661973,"gmtCreate":1623752450092,"gmtModify":1634029039993,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"comment pls thanks","listText":"comment pls thanks","text":"comment pls thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187661973","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","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":1623750756,"share":"https://www.laohu8.com/m/news/1167457915?lang=&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p>\n<p>Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p>\n<p><b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p>\n<p>The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p>\n<p>This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p>\n<p>Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p>\n<p><b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p>\n<p>The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p>\n<p><b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p>\n<p>Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p>\n<p>Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p>\n<p>Bothcompanieshave also initiated studies in the pediatric population.</p>\n<p>Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p>\n<p><b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p>\n<p>Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p>\n<p>NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p>\n<p><b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p>\n<p>The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p>\n<p>Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p>\n<p>Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p>\n<p>Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p>\n<p>Overall efficacy was 90.4%, meeting the primary endpoint.</p>\n<p><b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p>\n<p>\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p>\n<p>Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p>\n<p>This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p>\n<p><b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p>\n<p>For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p>\n<p>Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p>\n<p>In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up</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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up\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\">2021-06-15 17:52</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p>\n<p>Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p>\n<p><b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p>\n<p>The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p>\n<p>This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p>\n<p>Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p>\n<p><b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p>\n<p>The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p>\n<p><b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p>\n<p>Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p>\n<p>Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p>\n<p>Bothcompanieshave also initiated studies in the pediatric population.</p>\n<p>Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p>\n<p><b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p>\n<p>Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p>\n<p>NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p>\n<p><b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p>\n<p>The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p>\n<p>Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p>\n<p>Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p>\n<p>Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p>\n<p>Overall efficacy was 90.4%, meeting the primary endpoint.</p>\n<p><b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p>\n<p>\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p>\n<p>Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p>\n<p>This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p>\n<p><b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p>\n<p>For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p>\n<p>Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p>\n<p>In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187685827,"gmtCreate":1623752274669,"gmtModify":1634029045601,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/187685827","repostId":"1145996523","repostType":4,"repost":{"id":"1145996523","kind":"news","pubTimestamp":1623751116,"share":"https://www.laohu8.com/m/news/1145996523?lang=&edition=full","pubTime":"2021-06-15 17:58","market":"us","language":"en","title":"Investors and the Fed aren't freaking out about inflation. Should they?","url":"https://stock-news.laohu8.com/highlight/detail?id=1145996523","media":"cnn","summary":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it co","content":"<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.</p>\n<p>The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.</p>\n<p>Food prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).</p>\n<p>And the chief financial officer of restaurant and arcade chain Dave &amp; Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.</p>\n<p>Wages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.</p>\n<p>Labor shortages aren't helping.</p>\n<p>The CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.</p>\n<p>Yet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.</p>\n<p>And the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.</p>\n<p>\"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.</p>\n<p>The problem is that there is a chance the Fed could wait too long to react to inflation.</p>\n<p>\"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"</p>\n<p>If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.</p>\n<p>Oh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.</p>\n<p>For that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.</p>\n<p>\"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"</p>\n<p>Even if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.</p>\n<p>\"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.</p>\n<p>\"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.</p>\n<p><b>What's getting more expensive</b></p>\n<p>Food and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.</p>\n<p>Lumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.</p>\n<p>Used cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.</p>\n<p>People are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.</p>\n<p><b>Up next</b></p>\n<p><b>Tuesday: </b>US retail sales; US producer price index; Earnings from Oracle (ORCL) and H &amp; R Block (HRB)</p>\n<p><b>Wednesday: </b>Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)</p>\n<p><b>Thursday: </b>US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)</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>Investors and the Fed aren't freaking out about inflation. Should they?</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\">\nInvestors and the Fed aren't freaking out about inflation. Should they?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 17:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.\nThe US government reported last week that consumer prices...</p>\n\n<a href=\"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145996523","content_text":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.\nThe US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.\nFood prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).\nAnd the chief financial officer of restaurant and arcade chain Dave & Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.\nWages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.\nLabor shortages aren't helping.\nThe CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.\nYet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.\nAnd the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.\n\"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.\nThe problem is that there is a chance the Fed could wait too long to react to inflation.\n\"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"\nIf the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.\nOh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.\nFor that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.\n\"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"\nEven if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.\n\"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.\n\"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.\nWhat's getting more expensive\nFood and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.\nLumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.\nUsed cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.\nPeople are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.\nUp next\nTuesday: US retail sales; US producer price index; Earnings from Oracle (ORCL) and H & R Block (HRB)\nWednesday: Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)\nThursday: US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)","news_type":1},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139652570,"gmtCreate":1621619438990,"gmtModify":1634187610224,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139652570","repostId":"2137906121","repostType":4,"repost":{"id":"2137906121","kind":"highlight","pubTimestamp":1621611396,"share":"https://www.laohu8.com/m/news/2137906121?lang=&edition=full","pubTime":"2021-05-21 23:36","market":"us","language":"en","title":"Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2137906121","media":"Motley Fool","summary":"Berkshire Hathaway has continued to reduce its stakes in banks.","content":"<p><b>Berkshire Hathaway</b> (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.</p>\n<p>\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"</p>\n<p>Let's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>1. All but eliminating Wells Fargo</h2>\n<p>Everyone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, <b>Wells Fargo</b> (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.</p>\n<p>This essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at <a href=\"https://laohu8.com/S/AONE\">one</a> point back in 2017, it was reportedly worth as much as $29 billion.</p>\n<p>But as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.</p>\n<p>The stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.</p>\n<h2>2. Dumping <a href=\"https://laohu8.com/S/SYF\">Synchrony Financial</a></h2>\n<p>Last quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company <b>Synchrony Financial&nbsp;</b>(NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.</p>\n<p>While I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, <b>JPMorgan Chase</b>, and loaded up on America's second-largest bank, <b>Bank of America</b>.</p>\n<p>Considering that Buffett already has a huge position in <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a></b>, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.</p>\n<h2>3. Trimming U.S. Bancorp again</h2>\n<p>Berkshire Hathaway also sold about 1.45 million shares of <b>U.S. Bancorp</b> (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in <b>PNC Financial Services Group</b>&nbsp;and&nbsp;<b>M&amp;T Bank</b>, in the fourth quarter of 2020.&nbsp;</p>\n<p>One possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. </p>\n<p>Overall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021</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\">\nHere Are the 3 Bank Moves Warren Buffett Has Made So Far in 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SYF":"Synchrony Financial","USB":"美国合众银行","BRK.A":"伯克希尔","WFC":"富国银行","BRK.B":"伯克希尔B"},"source_url":"https://www.fool.com/investing/2021/05/21/here-are-the-3-bank-moves-warren-buffett-has-made/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137906121","content_text":"Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) recently filed its 13F form for the first quarter of 2021, detailing what stock sales and purchases the conglomerate and the legendary investor in charge, Warren Buffett, made during the period. As has been the case for most of the past year, Buffett was active in the financial sector, mostly reducing Berkshire Hathaway's positions in banks. At the company's annual investor day earlier this month, Buffett provided some explanation for all the stock selling he's done in that sector.\n\"I like banks generally,\" he said, \"I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten.\"\nLet's review the three big changes Buffett and Berkshire Hathaway made to their bank holdings in the first quarter.\nImage source: Getty Images.\n1. All but eliminating Wells Fargo\nEveryone knew it was coming, but Buffett all but made it official last quarter, nearly eliminating his position in his onetime favorite bank, Wells Fargo (NYSE:WFC). Berkshire Hathaway sold 51.7 million shares, dropping its stake to a mere 675,000 shares valued at $26.3 million.\nThis essentially ends what was an epic run for the Oracle of Omaha and Wells Fargo. Buffett first purchased shares in the large U.S. bank in 1989, and by 1994, he had acquired more than 13% of its outstanding shares. At the end of the third quarter of 2019, before the pandemic, Buffett's stake, which had a rough original cost basis of just below $9 billion, was worth close to $20 billion. And at one point back in 2017, it was reportedly worth as much as $29 billion.\nBut as the fallout of Wells Fargo's phony accounts scandal and other revelations about its consumer abuses continued to play out, Buffett began to lose faith in the institution and started trimming his position. It looks like Buffett ultimately ended up making much less on his Wells Fargo investment than he could have, considering he sold more than 323 million shares between the end of Q1 2020 and the end of Q1 2021. During that 12-month period, the bank's shares traded from a low of $21.45 to a high of $39.07. At the end of 2019, they traded north of $53.\nThe stock closed at $45.73 on Thursday, and many investors still believe Wells Fargo is undervalued these days, trading at 135% tangible book value (equity minus intangible assets and goodwill). Bank valuations have shot up in recent months, and Wells Fargo in particular could see more tailwinds when the Federal Reserve lifts the $1.95 trillion asset cap that the bank has been operating under since 2018.\n2. Dumping Synchrony Financial\nLast quarter, Berkshire Hathaway also eliminated its entire stake in the consumer finance credit card company Synchrony Financial (NYSE:SYF), selling its 21.1 million shares. Synchrony uses what it calls a \"partner-centric\" business model under which it teams up with leading retailers and digital brands that promote Synchrony's credit cards. Consumers can get deals on specific purchases by opening Synchrony credit cards, which are often branded under a retailer's name.\nWhile I wouldn't say I saw this move coming, it doesn't entirely surprise me. Over the last year, Buffett has become even more selective about which banks he wants to own. He seems to be picking a winner or two in each banking industry subcategory -- for instance, he sold his stake in America's largest bank, JPMorgan Chase, and loaded up on America's second-largest bank, Bank of America.\nConsidering that Buffett already has a huge position in American Express, and loves the brand, that is likely going to be his pick for a credit-card-focused holding. Berkshire Hathaway likely made a good profit on that Synchrony investment, though, considering that the stock hit its highest level ever during Q1.\n3. Trimming U.S. Bancorp again\nBerkshire Hathaway also sold about 1.45 million shares of U.S. Bancorp (NYSE:USB) in the first quarter -- but it still owns nearly 129.7 million shares. The Oracle of Omaha has sold small quantities of shares of the Minnesota-based regional bank a few times over the last year, and it's a bit unclear why. It does appear that he has made U.S. Bancorp his regional bank pick, though. He sold off his other regional bank holdings, including his stakes in PNC Financial Services Group and M&T Bank, in the fourth quarter of 2020. \nOne possible explanation relates to Buffett's well-known desire to keep his stakes in those banks below 10%, so he can avoid the additional reporting requirements that a higher ownership level would trigger. At the end of the first quarter, Buffett owned about 8.7% of U.S. Bancorp's outstanding shares. So his stock sale may have simply been a move to prepare for the bank's planned share repurchases, which should accelerate later this year. Last quarter's adjustment should maintain Berkshire Hathaway's stake at a level comfortably under the 10% threshold, even after U.S. Bancorp's total share count is reduced. \nOverall, I still feel confident that Buffett plans to stick with U.S. Bancorp, although I will continue to watch his moves in upcoming quarters to see if he further reduces his stake in it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104272867,"gmtCreate":1620396062959,"gmtModify":1634205535877,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104272867","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul><p>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p>#1 Price vs. Growth</p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><i>Source: VisualizedAnalytics.com</i></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><i>Source: VisualizedAnalytics.com</i></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p>#2 Comparative Valuation</p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p>#3 Discounted Cash Flow Model</p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p>Some explanations:</p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul><p>Here is the model itself:</p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><i>Source: Author</i></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p>Final thoughts</p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol>","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>Amazon: The Most Clearly Undervalued Company</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\">\nAmazon: The Most Clearly Undervalued Company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-07 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company><strong>Seeking alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-...</p>\n\n<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343743210,"gmtCreate":1617757959330,"gmtModify":1634296701464,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343743210","repostId":"2125166557","repostType":4,"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344884718,"gmtCreate":1618397455734,"gmtModify":1634293242484,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"like and comment thx","listText":"like and comment thx","text":"like and comment thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344884718","repostId":"1126332570","repostType":2,"repost":{"id":"1126332570","kind":"news","pubTimestamp":1618372916,"share":"https://www.laohu8.com/m/news/1126332570?lang=&edition=full","pubTime":"2021-04-14 12:01","market":"us","language":"en","title":"Tesla Focus Shifts To Margins","url":"https://stock-news.laohu8.com/highlight/detail?id=1126332570","media":"seekingalpha","summary":"Analysts expect non-GAAP profit to surge this year.Short-term situation could see a number of pressures.Stock at a key technical point right now.One of the largest criticisms of electric vehicle maker Tesla  has been its inability to generate meaningful profits. Despite having a large share of the luxury EV market, the company has posted several years of significant losses in its history. Investors are now hoping that the days of red ink are behind us, which is why the focus must now shift to ke","content":"<p><b>Summary</b></p>\n<ul>\n <li>Analysts expect non-GAAP profit to surge this year.</li>\n <li>Short-term situation could see a number of pressures.</li>\n <li>Stock at a key technical point right now.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00f300f39d8829850b2af6f83fa43c9a\" tg-width=\"1536\" tg-height=\"999\"><span>Photo by Urupong/iStock via Getty Images</span></p>\n<p>One of the largest criticisms of electric vehicle maker Tesla (TSLA) has been its inability to generate meaningful profits. Despite having a large share of the luxury EV market, the company has posted several years of significant losses in its history. Investors are now hoping that the days of red ink are behind us, which is why the focus must now shift to key margin metrics.</p>\n<p>Tesla's GAAP and non-GAAP numbers have always varied wildly due to stock-based compensation. That gap has been quite large recently thanks to Elon Musk's large bonus plan hitting a number of tranches in 2020. Analysts primarily use the adjusted numbers, and Tesla delivered $2.24 in adjusted EPS last year. As the graphic below shows, estimates for this year have been rising for more than a year, with the current average of $4.22 up a bit from the $3.98 average seen at the end of last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8efe7dc5dee0d26aa4c3862123e6bddf\" tg-width=\"385\" tg-height=\"103\"><span>Source: Seeking Alpha Tesla analyst estimates page</span></p>\n<p>It will be very interesting to see the margin numbers reported when Tesla earnings come out on Monday, April 26th. While the company&nbsp;did beat estimates&nbsp;for Q1 production and deliveries, there was no production of the Model S or X in the quarter. Elon Musk had said on the Q1 conference call that the refreshed versions of those luxury models were in production already and would be delivered in February, but that obviously did not happen. With these being higher margin vehicles in the past, you would figure overall margins will be hurt.</p>\n<p>Q1 also saw sharp rises in key commodity prices like nickel and cobalt, as well as the initial ramp of the Model Y made in China. Tesla skeptics also believe that highly profitable credit sales will fade over time, but it remains to be seen in the short term how much they will contribute. There also were a number of price cuts during the quarter, like for the Model 3 in Japan and a number of European countries. For a time, Tesla also cut prices in the US on the Model Y and also had a much lower priced Standard Range variant that was sold for part of the quarter.</p>\n<p>As the graphic below details, Tesla's GAAP automotive gross margins have mostly been in the mid 20s percentage-wise over the past five quarters. Credit sales have helped quite a bit, but don't forget that this is only just part of the business. Tesla's energy business has seen low margins or negative margins in recent periods, and the services/other segment loses plenty of money each quarter. Overall for Q4 2020, the company's total GAAP gross margin figure was 19.23%, nearly 500 basis points below the automotive segment's GAAP gross margin figure.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c951c203e6189adb5a1cae8b1a41489e\" tg-width=\"640\" tg-height=\"57\"><span>Source: Tesla Q4 2020 investor letter</span></p>\n<p>With almost no Model S/X vehicles sold during the period, company-wide average selling prices will certainly decline. The key question is was Tesla able to keep costs at a reasonable level, or are we going to see a significant drop in gross margins? Management spoke&nbsp;on the conference call&nbsp;about a number of supposedly one-time items that were headwinds in Q4, which if they truly dissipate could really help things in Q1.</p>\n<p>On the operating side, there shouldn't be as much expense given a shorter quarter, less coming from the CEO pay package, and Q4 having a larger part of expenses relating to the employee performance grant process. As a point of reference, the&nbsp;current estimates&nbsp;call for $10.12 billion in Q1 revenue and $0.74 in non-GAAP EPS, compared to $10.74 billion and $0.80 in Q4 2020.</p>\n<p>While the Street expects more than $4 in earnings this year, that number is forecast to surge into the low-double digits by 2024. It certainly helps that expected sharply rising deliveries over time should result in more revenue. However, if there are too many price cuts needed to achieve that growth, whether it be to competition or other factors like global economics, certain margin targets will not be met.</p>\n<p>Don't forget, Tesla's share count is rising over time, which is pressuring the EPS forecast for a given level of net income. The unit sales surge in Japan&nbsp;is a good example&nbsp;of how things can change, as it was driven by price cuts of 13%-17% for the Model 3. I can certainly sell more dollar bills for 90 cents each than I can for 95 cents, but it won't be good for my bottom line.</p>\n<p>As for Tesla shares, they are at a very interesting point right now. They closed Monday just above the 100-day moving average (green line below), but remain under the 50-day (purple line). The current&nbsp;Street price target average&nbsp;implies $60 of downside from here, and the stock's movement until earnings will likely be dependent on whether inflation data results in bond yields moving sharply higher or not. If the stock cannot break above the 50-day, that declining key technical level could provide more resistance, and it brings up the possibility of the stock seeing the dreaded death cross later this year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab48feaf079058dba48f4e221d0db55b\" tg-width=\"640\" tg-height=\"271\"><span>Source: Yahoo! Finance</span></p>\n<p>Tesla certainly defied reduced expectations when it reported its Q1 delivery figures, but my primary Q1 focus will be on margins. How profitable will the company be when it is selling almost no Model S/X units, especially with commodity headwinds and the ramp of the China-made Model Y. Analyst estimates are certainly on the rise, with the Street now calling for a more than $2.2 billion improvement in non-GAAP net income this year. Tesla shares have come off their highs as a rise in bond yields have hurt growth names, but a good quarter in terms of margins could help the name get back above a key technical trend line.</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>Tesla Focus Shifts To Margins</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Focus Shifts To Margins\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 12:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4418935-tesla-focus-shifts-to-margins><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAnalysts expect non-GAAP profit to surge this year.\nShort-term situation could see a number of pressures.\nStock at a key technical point right now.\n\nPhoto by Urupong/iStock via Getty Images\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4418935-tesla-focus-shifts-to-margins\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4418935-tesla-focus-shifts-to-margins","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1126332570","content_text":"Summary\n\nAnalysts expect non-GAAP profit to surge this year.\nShort-term situation could see a number of pressures.\nStock at a key technical point right now.\n\nPhoto by Urupong/iStock via Getty Images\nOne of the largest criticisms of electric vehicle maker Tesla (TSLA) has been its inability to generate meaningful profits. Despite having a large share of the luxury EV market, the company has posted several years of significant losses in its history. Investors are now hoping that the days of red ink are behind us, which is why the focus must now shift to key margin metrics.\nTesla's GAAP and non-GAAP numbers have always varied wildly due to stock-based compensation. That gap has been quite large recently thanks to Elon Musk's large bonus plan hitting a number of tranches in 2020. Analysts primarily use the adjusted numbers, and Tesla delivered $2.24 in adjusted EPS last year. As the graphic below shows, estimates for this year have been rising for more than a year, with the current average of $4.22 up a bit from the $3.98 average seen at the end of last year.\nSource: Seeking Alpha Tesla analyst estimates page\nIt will be very interesting to see the margin numbers reported when Tesla earnings come out on Monday, April 26th. While the company did beat estimates for Q1 production and deliveries, there was no production of the Model S or X in the quarter. Elon Musk had said on the Q1 conference call that the refreshed versions of those luxury models were in production already and would be delivered in February, but that obviously did not happen. With these being higher margin vehicles in the past, you would figure overall margins will be hurt.\nQ1 also saw sharp rises in key commodity prices like nickel and cobalt, as well as the initial ramp of the Model Y made in China. Tesla skeptics also believe that highly profitable credit sales will fade over time, but it remains to be seen in the short term how much they will contribute. There also were a number of price cuts during the quarter, like for the Model 3 in Japan and a number of European countries. For a time, Tesla also cut prices in the US on the Model Y and also had a much lower priced Standard Range variant that was sold for part of the quarter.\nAs the graphic below details, Tesla's GAAP automotive gross margins have mostly been in the mid 20s percentage-wise over the past five quarters. Credit sales have helped quite a bit, but don't forget that this is only just part of the business. Tesla's energy business has seen low margins or negative margins in recent periods, and the services/other segment loses plenty of money each quarter. Overall for Q4 2020, the company's total GAAP gross margin figure was 19.23%, nearly 500 basis points below the automotive segment's GAAP gross margin figure.\nSource: Tesla Q4 2020 investor letter\nWith almost no Model S/X vehicles sold during the period, company-wide average selling prices will certainly decline. The key question is was Tesla able to keep costs at a reasonable level, or are we going to see a significant drop in gross margins? Management spoke on the conference call about a number of supposedly one-time items that were headwinds in Q4, which if they truly dissipate could really help things in Q1.\nOn the operating side, there shouldn't be as much expense given a shorter quarter, less coming from the CEO pay package, and Q4 having a larger part of expenses relating to the employee performance grant process. As a point of reference, the current estimates call for $10.12 billion in Q1 revenue and $0.74 in non-GAAP EPS, compared to $10.74 billion and $0.80 in Q4 2020.\nWhile the Street expects more than $4 in earnings this year, that number is forecast to surge into the low-double digits by 2024. It certainly helps that expected sharply rising deliveries over time should result in more revenue. However, if there are too many price cuts needed to achieve that growth, whether it be to competition or other factors like global economics, certain margin targets will not be met.\nDon't forget, Tesla's share count is rising over time, which is pressuring the EPS forecast for a given level of net income. The unit sales surge in Japan is a good example of how things can change, as it was driven by price cuts of 13%-17% for the Model 3. I can certainly sell more dollar bills for 90 cents each than I can for 95 cents, but it won't be good for my bottom line.\nAs for Tesla shares, they are at a very interesting point right now. They closed Monday just above the 100-day moving average (green line below), but remain under the 50-day (purple line). The current Street price target average implies $60 of downside from here, and the stock's movement until earnings will likely be dependent on whether inflation data results in bond yields moving sharply higher or not. If the stock cannot break above the 50-day, that declining key technical level could provide more resistance, and it brings up the possibility of the stock seeing the dreaded death cross later this year.\nSource: Yahoo! Finance\nTesla certainly defied reduced expectations when it reported its Q1 delivery figures, but my primary Q1 focus will be on margins. How profitable will the company be when it is selling almost no Model S/X units, especially with commodity headwinds and the ramp of the China-made Model Y. Analyst estimates are certainly on the rise, with the Street now calling for a more than $2.2 billion improvement in non-GAAP net income this year. Tesla shares have come off their highs as a rise in bond yields have hurt growth names, but a good quarter in terms of margins could help the name get back above a key technical trend line.","news_type":1},"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199709813,"gmtCreate":1620731478632,"gmtModify":1634196778912,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"yea buy now","listText":"yea buy now","text":"yea buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199709813","repostId":"1136406157","repostType":4,"repost":{"id":"1136406157","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":1620731152,"share":"https://www.laohu8.com/m/news/1136406157?lang=&edition=full","pubTime":"2021-05-11 19:05","market":"us","language":"en","title":"Palantir stock pulls back despite Q1 revenue beat, upside sales guidance","url":"https://stock-news.laohu8.com/highlight/detail?id=1136406157","media":"Tiger Newspress","summary":"(May 11) Palantir Technologies Inc.  today announced financial results for the first quarter ended M","content":"<p>(May 11)&nbsp;Palantir Technologies Inc.  today announced financial results for the first quarter ended March 31, 2021.</p><ul><li>Palantir Technologies&nbsp;: Q1 Non-GAAP EPS of $0.04 in-line; GAAP EPS of -$0.07beats by $0.01.</li><li>Revenue of $341M (+48.7% Y/Y)beats by $8.69M.</li><li>Q1 adjusted operating margin of 34% vs. a guidance of 23%.</li><li>Cash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% margin</li><li>Adjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% margin.</li><li>For Q2 2021, PLTR expects $360 million in revenue (consensus: $342.89M) and Adjusted operating margin of 23%.</li></ul><p>Palantir stock falls nearly&nbsp;5% premarket after Q1 results.</p><p><img src=\"https://static.tigerbbs.com/a8257a631e6376060c40034cf92263fd\" tg-width=\"786\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><b>Q1 2021 Highlights</b></p><ul><li>Total revenue grew 49% year-over-year to $341 million</li><li>US commercial revenue grew 72% year-over-year</li><li>US government revenue grew 83% year-over-year</li><li>Cash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% margin</li><li>Adjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% margin</li><li>GAAP net loss per share, diluted of $(0.07)</li><li>Adjusted earnings per share, diluted of $0.04</li></ul><p><b>Outlook</b></p><p>For Q2 2021, we expect:</p><ul><li>$360 million in revenue, representing year-over-year revenue growth of 43%.</li><li>Adjusted operating margin of 23%.</li></ul><p>For full year 2021, we expect:</p><ul><li>Adjusted free cash flow in excess of $150 million.</li></ul><p>Per long-term guidance policy, as provided by our Chief Executive Officer,Alex Karp, we continue to expect:</p><ul><li>Annual revenue growth of 30% or greater for 2021 through 2025.</li></ul>","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>Palantir stock pulls back despite Q1 revenue beat, upside sales guidance</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; 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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\">\nPalantir stock pulls back despite Q1 revenue beat, upside sales guidance\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-11 19:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(May 11)&nbsp;Palantir Technologies Inc.  today announced financial results for the first quarter ended March 31, 2021.</p><ul><li>Palantir Technologies&nbsp;: Q1 Non-GAAP EPS of $0.04 in-line; GAAP EPS of -$0.07beats by $0.01.</li><li>Revenue of $341M (+48.7% Y/Y)beats by $8.69M.</li><li>Q1 adjusted operating margin of 34% vs. a guidance of 23%.</li><li>Cash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% margin</li><li>Adjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% margin.</li><li>For Q2 2021, PLTR expects $360 million in revenue (consensus: $342.89M) and Adjusted operating margin of 23%.</li></ul><p>Palantir stock falls nearly&nbsp;5% premarket after Q1 results.</p><p><img src=\"https://static.tigerbbs.com/a8257a631e6376060c40034cf92263fd\" tg-width=\"786\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p><b>Q1 2021 Highlights</b></p><ul><li>Total revenue grew 49% year-over-year to $341 million</li><li>US commercial revenue grew 72% year-over-year</li><li>US government revenue grew 83% year-over-year</li><li>Cash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% margin</li><li>Adjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% margin</li><li>GAAP net loss per share, diluted of $(0.07)</li><li>Adjusted earnings per share, diluted of $0.04</li></ul><p><b>Outlook</b></p><p>For Q2 2021, we expect:</p><ul><li>$360 million in revenue, representing year-over-year revenue growth of 43%.</li><li>Adjusted operating margin of 23%.</li></ul><p>For full year 2021, we expect:</p><ul><li>Adjusted free cash flow in excess of $150 million.</li></ul><p>Per long-term guidance policy, as provided by our Chief Executive Officer,Alex Karp, we continue to expect:</p><ul><li>Annual revenue growth of 30% or greater for 2021 through 2025.</li></ul>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136406157","content_text":"(May 11) Palantir Technologies Inc.  today announced financial results for the first quarter ended March 31, 2021.Palantir Technologies : Q1 Non-GAAP EPS of $0.04 in-line; GAAP EPS of -$0.07beats by $0.01.Revenue of $341M (+48.7% Y/Y)beats by $8.69M.Q1 adjusted operating margin of 34% vs. a guidance of 23%.Cash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% marginAdjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% margin.For Q2 2021, PLTR expects $360 million in revenue (consensus: $342.89M) and Adjusted operating margin of 23%.Palantir stock falls nearly 5% premarket after Q1 results.Q1 2021 HighlightsTotal revenue grew 49% year-over-year to $341 millionUS commercial revenue grew 72% year-over-yearUS government revenue grew 83% year-over-yearCash flow from operations of $117 million, up $404 million year-over-year, and representing a 34% marginAdjusted free cash flow of $151 million, up $441 million year-over-year, and representing a 44% marginGAAP net loss per share, diluted of $(0.07)Adjusted earnings per share, diluted of $0.04OutlookFor Q2 2021, we expect:$360 million in revenue, representing year-over-year revenue growth of 43%.Adjusted operating margin of 23%.For full year 2021, we expect:Adjusted free cash flow in excess of $150 million.Per long-term guidance policy, as provided by our Chief Executive Officer,Alex Karp, we continue to expect:Annual revenue growth of 30% or greater for 2021 through 2025.","news_type":1},"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199709959,"gmtCreate":1620731468971,"gmtModify":1634196779268,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"buy now!","listText":"buy now!","text":"buy now!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199709959","repostId":"1191876953","repostType":2,"repost":{"id":"1191876953","kind":"news","pubTimestamp":1620719091,"share":"https://www.laohu8.com/m/news/1191876953?lang=&edition=full","pubTime":"2021-05-11 15:44","market":"us","language":"en","title":"Palantir: Highly Favourable Reward-To-Risk","url":"https://stock-news.laohu8.com/highlight/detail?id=1191876953","media":"seekingalpha","summary":"SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Pal","content":"<p>Summary</p><ul><li>A look at the relationship between P/S and Total Addressable Market and what it means for Palantir.</li><li>In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 looks way off.</li><li>A deep-dive into the impressive underlying economics of Palantir’s business.</li><li>A simple valuation analysis to outline it's extremely unlikely investors will lose money even by investing at these levels.</li></ul><p><img src=\"https://static.tigerbbs.com/eab06bd9956d953235cc7975b0de6995\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><b>Contents</b></p><ul><li>Multiples &amp; TAM</li><li>&gt; P/S &amp; TAM Penetration</li><li>&gt;&gt; PLTR’s TAM and Ability to Enter New Markets?</li><li>&gt; Expanding TAM Fueling Expanding Multiple</li><li>&gt;&gt; ServiceNow vs Workday</li><li>&gt;&gt; Cloudflare</li><li>Multiples &amp; TAM Recap</li><li>What is PLTR Actually Good At?</li><li>What’s Not Being Talked About</li><li>Impressive Underlying Economics</li><li>Valuation</li><li>Conclusion</li></ul><p><b>Multiples &amp; TAM</b></p><p>It’s commonly known that multiples are closely correlated with revenue growth expectations – higher growth usually equals higher P/S and P/E. Though we wanted to explore the relationship between multiples and a company’s Total Addressable Market, aka TAM. Firstly, we investigated the correlation between P/S and TAM penetration. Then secondly, we used a qualitative approach to assess how increases in TAM tends to affect a company’s P/S. The reason for delving into this is to gain a better insight into Palantir's (PLTR) ongoing valuation, whether the stock’s P/S will persist, extend, or decline, and ultimately what this means for investors’ returns.</p><p>P/S &amp; TAM Penetration</p><p>We already had metrics for a group of stocks we put together for some other PLTR analysis, therefore we used these to work on the P/S and TAM penetration correlation. To arrive at a TAM for each stock, if we didn’t know beforehand, we reviewed company websites to understand which markets they serve, and then we looked for independent market research (from the likes of Grand View Research and Mordor Intelligence, etc.) estimating the size and growth projections of the subject market. If the size of market estimate seemed odd compared to the company’s revenues and P/S, then we resorted to the company’s investor presentations that usually offer a TAM.</p><p>As this was quite time-consuming, in addition to PLTR we only conducted this process for 15 stocks, so the sample size is 16. Therefore, the statistics shown in the table below should be viewed with caution because the sample is relatively small and adding more to the sample may significantly change the correlation. Nonetheless, you might still be interested despite the sample being on the small side. From this research we found that the P/S and the TAM penetration (defined as LTM revenue divided by the TAM) for this group of stocks had an inverse correlation of -0.6281. The negative sign indicates that a smaller TAM penetration is associated with a higher P/S. The correlation equates to an R-squared of -0.6281 ^ 2 =<b>0.3945</b>. This means that the TAM penetration explains 39.45% of the variability of the P/S within this group. And considering the nature of financial variables, this is a moderately strong correlation. As expected, there is a stronger correlation between P/S and LTM revenue growth. The 0.9248 correlation equates to an R-squared of 85.55%.</p><p>Figure 1 - Correlation between P/S and TAM Penetration</p><p><img src=\"https://static.tigerbbs.com/6b8853eadde7cac4e62059f7961af215\" tg-width=\"385\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>This is far from conclusive and requires further research but it certainly looks likely that TAM penetration is inversely correlated to P/S multiples. So, what does this have to do with PLTR’s valuation? Well, the market is currently pricing in the management guided TAM of $119bn, yet in reality the TAM is a lot greater. Once investors realize this the 33x P/S at the time of writing will offer extremely good value.</p><p><b>PLTR’s TAM and Ability to Enter New Markets?</b></p><p>A high stock multiple often results in poor future returns because there are already high growth expectations priced in, and as the growth outlook naturally decelerates, the multiple will decline too. However, we believe PLTR, like other best-in-breed cloud-oriented stocks, are a special case, because they can rotate and enter new markets with relative ease.</p><p>Showcased by theDouble-Clickevent, PLTR is already emerging as a formidable player in the life sciences analytics industry which is projected to grow from$22bn in 2020 to $42bn by 2025. TheERPmarket, in which they’ve smoothly entered via a AWS partnership, is projected to grow from $43bn today up to $60bn by 2026. Despite these markets being heavily competed for by established players, PLTR’s software-defined approach is displacing many incumbents and in due course will grab a sizeable chunk of market share. And these are just two markets that make up over half of PLTR’s supposed TAM of $119bn.</p><p>In reality, PLTR’s TAM is the entire software industry. They have an ability like no other software vendor in history to pivot into new markets as they see fit. They have the programming skills and the thoughtfulness in interface design, along with a deep understanding of how users need to interact with software, that affords them the capability to turn their focus to any software market worthwhile. With this in mind, it is reasonable to assume that whenever PLTR needs a revenue growth and/or share price booster, they can formulate a plan to penetrate a new market and provide that catalyst.</p><p>Below we highlight PLTR’s true potential TAM with reference to a Gartner estimate. The IT services might be a stretch but they certainly have the ability to fully expand within the $483bn Enterprise Software market. With current TTM revenue a little over $1bn, the current TAM penetration of &lt; 0.3% offers high growth for many years which will help prevent a sharp P/S deceleration and support strong future shareholder returns. And in all likelihood, the P/S will probably expand in the interim before beginning a downward trajectory.</p><p>Figure 2 - Worldwide IT Spending Forecasts</p><p><img src=\"https://static.tigerbbs.com/9dda4329ffe8f2cead662503bd5cd8a8\" tg-width=\"466\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>Expanding TAM Fueling Expanding Multiple</p><p>With this TAM correlation in mind, it might be interesting for investors to visualize how PLTR’s share price and P/S will respond when management inevitably announce that they’re entering new markets – CRM, Risk Management, Productivity, or whatever it may be. To illustrate this, we’ll review the P/S paths of ServiceNow (NOW) and Workday (WDAY) during the past few years.</p><p><b>ServiceNow vs Workday</b></p><p>Comparing the P/S trends of these two stocks in relation to their TAM development is interesting to observe. To observe the changing TAM, we’ve used research giant Gartner’s Magic Quadrant. Here is the Magic Quadrant template for those unfamiliar.</p><p>Figure 3 - Gartner's Magic Quadrant Template</p><p><img src=\"https://static.tigerbbs.com/26acf1d90d9c7bc6f9c912e1e938cff7\" tg-width=\"377\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p><p>Source:gartner.com</p><p>Back in 2016, in reference to Gartner’s Magic Quadrant, Workday (WDAY) was the outright leader in Human Capital Management (HCM) and ServiceNow (NOW) was the same for IT Services Management (ITSM). Both firms had similar revenue growth and gross, operating, and FCF margins, and also neither were serving any other markets. Therefore, as shown in the following chart, WDAY’s higher P/S appeared to be largely attributed to HCM being a larger market than ITSM. During 2017, according to Gartner’s HCM Magic Quadrant WDAY lost its competitive distance as the space became crowded. During the same period, NOW extended their leadership status in the ITSM Magic Quadrant. As a result, the P/S differential closed and the two stocks were trading at almost identical multiples throughout 2017. Despite the same growth rates in 2018, NOW’s P/S pulled sharply higher than WDAY’s because they expanded TAM by entering into two new markets – Integrated Risk Management and CRM Customer Engagement – whilst WDAY didn’t expand their TAM.</p><p>Figure 4 - NOW vs WDAY P/S Multiple Journey, Part 1</p><p><img src=\"https://static.tigerbbs.com/819428f5fd07f5be31e2e242101675e8\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>In early 2019, the P/S differential tightened with WDAY’s multiple climbing partly attributable to expanding into the Cloud Financial Management market; NOW also entered a new market in early 2019. Then in 2020, the difference widened further as a result of NOW expanding into 3 more markets and turning from visionary to leader in the Magic Quadrant for Software Asset Management (SAM) whilst WDAY did not even enter one new market.</p><p>Figure 5 - Figure 1 - NOW vs WDAY P/S Multiple Journey, Part 2</p><p><img src=\"https://static.tigerbbs.com/671154b03eb210d553999cf81e22632c\" tg-width=\"640\" tg-height=\"316\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>This is a classic example of how entering new markets raises expectations for growth and long-term profitability, thereby raising multiples and ultimately increasing returns for shareholders. We don’t claim that inclusion into Gartner’s Magic Quadrants were the sole factor at play, however, given that both firms’ growth and margins were similar for most of the period under review, it certainly appears to have had a significant influence.</p><p>Cloudflare</p><p>Cloudflare (NET) offers another good example of how TAM expansion influences a stock’s multiple. NET certainly benefitted from the general COVID-induced WFH dynamic during 2020, however, their new product launches also contributed to multiple expansion in a significant way. NET have moved so fast that Gartner haven’t even had time to update their Magic Quadrants, therefore we shall leave Gartner out of this observation. In just 16 months, NET has tripled their P/S mainly as a result of entering new markets. In January 2020, they entered into a $20bn market by announcing their offerings for Secure Web Gateways and Zero Trust products. In July 2020, they made a big move by making their edge compute Workers platform accessible to all developers; in October 2020 they officially launched their SASE offering; and then in March 2021, they introduced Magic WAN which has kind of created a new market altogether because NET is the first to offer a global private WAN.</p><p>Figure 6 - NET's P/S Journey</p><p><img src=\"https://static.tigerbbs.com/12bc7ba8e1617c02699be8a7509ec27d\" tg-width=\"640\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p>Source: Koyfin chart, Convequity analysis</p><p>There are plenty of other recent examples in which stocks have expanded multiples thanks to TAM expansion - Zscaler and Twilio to name a couple. An underlying driving factor enabling software companies to enter new markets with relative ease is the growth of cloud computing. The required capex to move into new markets is minimal in comparison to the pre-cloud era because software firms don’t need to purchase and implement more servers. Once an application is developed and ready to be deployed, they can scale it across the elastic supply of AWS, Azure, or GCP servers that provide all the necessary compute, networking, and storage requirements – and ramp-up or decrease capacity according to demand.</p><p>As we point out in our articleS&amp;P 500 is Undervalued, Tech is in a New Paradigm, cloud computing has altered the software industry’s competitive dynamics. It has radically lowered the entry barriers thereby making many software markets overcrowded - in 2007 there were 115 U.S. software stocks and today there are 284. This isn’t alarming as the numbers suggest because the cloud has opened up many greenfield markets, however, the cloud has ushered in a winner-takes-all dynamic into various markets also. And given the reach enabled by the cloud, the prize for the market winners is larger than it’s ever been before. At Asymmetric Tech Investments we aim to identify these future winners.</p><p><b>Multiples &amp; TAM Recap</b></p><p>Here is a quick recap:</p><ul><li>There is evidence that a stock’s P/S is moderately correlated to revenue divided by TAM, or TAM penetration. This may appear obvious to some investors though doing this bit of research has helped us refine how we view a company’s market opportunity and shareholder investment prospects.</li><li>There are many examples that illustrate how TAM expansion tends to increase stock multiples, or at least play a significant part.</li><li>Cloud computing has made it easier than ever before for software firms to expand TAM.</li></ul><p>Taking this into account, the future looks incredibly bright for PLTR’s share price. As and when PLTR enter new markets and expand the company’s TAM, there is a high probability that the share price will climb driven by altering growth expectations. If it can be argued that PLTR’s software is already effectively doing stuff like Software Asset Management, Integrated Risk Management, and CRM, then the TAM should be higher than the current $119bn priced in. And if this is the case, PLTR’s multiple should adjust higher to reflect this in due course. Either way despite the perceived high P/S at present, it will probably persist or even rise from here, and over a longer timeframe we suspect PLTR’s multiple will decelerate at a much slower pace than many other high-growth software stocks.</p><p>Lastly, not only does PLTR have the core software skills to enter almost any market, they are well and truly cloud-enabled following their partnerships with AWS and IBM. This will accelerate the TAM expansion for sure.</p><p><b>What is PLTR Actually Good At?</b></p><p>It might be easier to try and answer what they aren’t good at. All the information given in the S-1, the 10-k, and investor presentations, pertaining to what PLTR do can be somewhat overwhelming. At the same time, just labelling them a data analysis company is a gross oversimplification. To help us refine our understanding of PLTR’s scope, below we’ve categorized 4 areas, or pillars, in which we believe lays the foundation for all they do – Data Connectivity, Data, Analysis, Data Governance, and User Interface. We’re probably not alone in inferring that the underpinning to PLTR’s superior advantages is closely associated with these 4 pillars. Each of which appear to be in a transformative stage due to the world delving deeper into an era of hyperconnectivity. Within each category we listed things that PLTR are good at dealing with. By the time we had finished we realized the depth and sheer breadth of what they can do.</p><p>Figure 7 – The 4 Pillars to PLTR’s Competitive Edge</p><p><img src=\"https://static.tigerbbs.com/a8e17daf500fc82224591acb8ed9bee2\" tg-width=\"555\" tg-height=\"343\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>And the only way we can surmise as to how they are capable of such depth and scope, is that they have the deepest understanding of the core principles of software engineering and have an amazing ability to leverage this to various platforms and technologies. Elon Musk’s advocacy for First Principles thinking springs to mind.</p><p>Figure 8 - First Principles Thinking</p><p><img src=\"https://static.tigerbbs.com/f9bda1fb57abaf33eff8dfacd2457aa2\" tg-width=\"513\" tg-height=\"401\" referrerpolicy=\"no-referrer\"></p><p>Source:safalniveshak.com</p><p>It is these 4 pillars in which PLTR are building their moat around, and this foundation can be leveraged to enter almost any software market. Throw in the network effects within enterprise customers’ organization, across verticals (life sciences, airline industry, etc.), and within PLTR itself, it’s hard to envisage them losing their competitive lead.</p><p>Recently I spoke to a friend who is an engineer at Rolls Royce who shed some light on how PLTR could help him in his job. Below is what he told me.</p><blockquote><i>“When designing a product, a RR engineer will spend ~25% of their time gathering and pre-processing data in order to perform a design study. Typically, the data is created by multiple teams, each working in different systems and supplying the data in different formats by differing means. For example, the stress engineer will supply speeds/temperatures/pressures in the form of an emailed spreadsheet. The aero engineer will supply geometry as a CAD file and a pressure map as a .csv file via a shared drive. The designer will supply geometric information and tolerances as a printed word document. All this data must be extracted and processed into a single format before the designer can do any analysis. Having all this data in one system would massively reduce the time spent processing data and would free up the designer to do the actual engineering.”</i></blockquote><p>Foundry would solve his problem by connecting to all the relevant data sources and standardizing the data ready for immediate analysis. The ramp-up in my friend’s productivity would be profound. Generally, it seems as though this type of problem involving data located across disjointed systems and existing in different formats has up until now been the main use case for Foundry. Increasingly, however, we’re hearing cases whereby Foundry has been laid atop an enterprise’s legacy systems and deliver what works like a brand-new IT infrastructure built from the ground up. For example, in the Double Click event, Forward Deploy Engineer, Liam Mawe, explained how a Foundry ERP archetype was installed for one industrial client that already had 25 ERP systems in operation that were largely siloed from each other. After a few hours of configuration, Foundry’s ERP had every single piece of data readily available. Mawe didn’t elaborate, though we presume Foundry’s ERP could carry on working in conjunction with the other ERP systems or work just as well should the client decide to remove them – which is more probable. This incredible flexibility is the key to the seemingly rapid customer acquisition of late – there is no rip and replace required, so the stakes are lower and as a result decision-makers are more willing to give PLTR a try.</p><p><b>What’s Not Being Talked About</b></p><p>From what we’ve read about PLTR, there hasn’t been any mention of the fact that they only added 6 customers in FY20 whilst growing revenue by 47%. This is staggering; and achieved by the 41% increase in revenue per customer, as shown in the chart below. When we think about the AWS and IBM cloud partnerships and the various press releases thus far into 2021, they could have tripled the FY20 new customer number in the first quarter alone. Couple that with another &gt;20% increase in per customer revenue, it’s not beyond the realm of possibility for PLTR to grow revenue by 60% this year.</p><p>Figure 9 - Net New Customer Additions in FY20</p><p><img src=\"https://static.tigerbbs.com/a5c6b020093a59492fcc6c4c50812b65\" tg-width=\"314\" tg-height=\"128\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p>We thought we’d have a go at forecasting 1Q21 revenue – which will be released before the market open on Tuesday 11thMay. We began by building up the revenue estimate based on available information such as the press releases thus far in 2021, balance sheet items such as deferred revenue and customer deposits, as well as off-balance sheet deal value which includes remaining performance obligations and contract renewal options. In the 3Q20 investor presentation we noticed the average contract duration was 3.6 years, so we used this to estimate what might come off deferred revenue and customer deposits and be recorded as income statement revenue. To estimate how much deal value might be transferred into revenue for 1Q21, we used a longer duration of 4.6 years. We infer that a small portion of deal value could skip the balance sheet and land straight on the income statement when customers renew their contracts. Of course, this is an oversimplification of how these financial items are linked together so the estimate might be way off. Nonetheless, based on all this, as shown below, we estimate 1Q21 revenue of $259m which, as a reminder, is derived from available information and has not accounted for unknowns. This is a shortfall of $73m versus the $332m consensus estimate. Given all the unknown revenue sources from the AWS and IBM deals and elsewhere, and the general confidence from management, it looks like PLTR are going to blow these forecasts out the water.</p><p>Figure 10 - 1Q21 Revenue Estimates Based on Available Information</p><p><img src=\"https://static.tigerbbs.com/5c976ca3fc200ad63eb7ee9595b6b8a5\" tg-width=\"633\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p><b>Impressive Underlying Economics</b></p><p>We believe the greatest investment catalyst is tied to PLTR’s profitability potential; and this is because of the pervasive doubt of the business model viability at present. Management have heavily focused on contribution margin (that we’ll refer to as CM) in previous investor presentations. As the they presented in the 4Q20 presentation shown below, CM margin has more than doubled from FY19 to FY20. However, this could be skewed due to the low number of customer additions – only 6 in FY20. With this in mind we wanted to dig deeper in understanding how the underlying economics have really improved.</p><p>Figure 11 - High-Level View of Contribution Margin and Gross Margin</p><p><img src=\"https://static.tigerbbs.com/d46bd90bbcfcc1028ec0417d858ec8f8\" tg-width=\"640\" tg-height=\"270\" referrerpolicy=\"no-referrer\"></p><p>Source:4Q20 Investor Presentation</p><p>Management have presented the efficiency of the business by grouping customers into 3 phases – Acquire, Expand, and Scale – and in each phase, show how the CM changes within each group. To illustrate, take a look at the figures below, extracted from the S-1 and the 10-k. The customers in the Acquire Phase in FY19 (fiscal year-end 31stDec-21) generated a very negative CM. Those same customers, generated a 17% CM in FY20. The customers in the Expand Phase in FY19 generated -43% CM, and those same customers generated 47% CM in the following year. What’s important to note here, is that the Acquire Phase customers in FY19 will not be the same Acquire Phase customers in FY20 – they will become the Expand Phase customers (or potentially even the Scale Phase customers).</p><p>Figure 12 - PLTR's Customer Phases</p><p><img src=\"https://static.tigerbbs.com/349bc44eeb8317f08f36bb9da9a2d261\" tg-width=\"640\" tg-height=\"83\" referrerpolicy=\"no-referrer\"></p><p>Source: PLTR’s S-1 and FY20 10-k</p><p>On the face of it, this looks impressive, but when we think deeper about it, this is what most SaaS/software firms are doing nowadays. The S&amp;M expenditure to bring the customer to a company and the initial deployment and operational costs make the Acquire phase the costliest. At the same time, free trial or preliminary testing periods don’t generate much revenue. So, for any SaaS-type firm, negative CM is the case for the Acquire and the Expand phases and those same customers will become profitable at a later point in the relationship. We think investors are aware of this and this is why there doesn’t seem to be much online discussion about PLTR’s CM. Of course, investors could simply take the higher-level view of overall CM more than doubling in FY20, however, as aforementioned this is potentially skewed because of the few new customers acquired.</p><p>What can be instantly gleaned from the above CM metrics, is that when the proportion of new customers joining PLTR is small in relation to existing customers the overall CM will be close to the Scale Phase CM. But perhaps that still doesn’t impressive investors enough, because it may take a few years to reach that state.</p><p>Let’s go back to notion that the Acquire Phase customers in FY19 go on to be the Expand (or even Scale) Phase customers in FY20. This is useful but we wanted to see if we could compare the FY20 Acquire Phase with the FY19 Acquire Phase; and the FY20 Expand Phase with the FY19 Expand Phase; and the same for the Scale Phase. This cannot be derived from the data above. Therefore, we’ve had to dig deeper, scan for more information, and make some educated guesses to piece this together. Because knowing by how much the Expand Phase CM has improved from FY19 to FY20 would be really insightful and we don’t suspect many analysts have tried this so far so there is probably an information edge to be gained over the market.</p><p>We show the analysis we did on this below, however,it may be easier for readers to access the actual spreadsheetto take a closer look. If you click the link make sure to download the spreadsheet to see all the comment boxes.</p><p>What interests us the most in the spreadsheet, is the Expand Phase comparisons in FY19 and FY20. The 28% CM highlighted in yellow, under the FY20 Expand Cohort, is what we think the Expand Phase CM must have been in FY20. The equivalent CM in FY19 was -43%. This is a huge like-for-like improvement in the CM and indicates how PLTR has/is radically shortening the deployment phase of their software by utilizing their Apollo SaaS-installation. Personally, we think this is more insightful and meaningful than the overall CM presented which could be skewed, and also versus management’s presentation of the Acquire/Expand/Scale CMs.</p><p>Figure 13 - Contribution Margin Like-for-Like Comparisons</p><p><img src=\"https://static.tigerbbs.com/14c581fd6fbbccea3d7a5da87480edf5\" tg-width=\"640\" tg-height=\"694\" referrerpolicy=\"no-referrer\"></p><p>Source: 10-k, Convequity analysis</p><p>Another way to view this is that customers are classified as Expand Phase customers when they’ve exceeded $100k in annualized revenue but CM is negative. If the FY19 Expand Phase CM was -43%, it indicates that the majority of these customers remained negative CM customers throughout FY19. If the FY20 Expand Phase CM is 28%, it indicates that the majority of these customers turned from negative to positive within the same year. Again, in our opinion, this is way more impressive than what PLTR’s management has presented to date.</p><p>Lastly, in the final section of the spreadsheet, the Total CMs highlighted in gold text are actual and the ones in red are composed of actual and estimated figures. We can see that all the FY19 customers generated a weighted average CM of 23% in FY19, and then those same customers generated 58% CM in FY20. Going into FY21 we forecast that these same FY19 customers will generate 68% in CM. All the FY20 customers generated a CM of 54% in FY20, though had PLTR brought on board more new customers in FY20, the CM would be considerably lower. These same customers are estimated to generate 65% in CM in FY21 and then 75% in FY22.</p><p>To conclude, PLTR’s current CM of 54% is already high, especially for a high growth software stock, yet it’s likely to move higher. We expect the AWS and IBM partnerships to give PLTR the scale to expand its margins. We think this should erase the doubt that PLTR will be highly profitable. The huge nonrecurring expenses related to the DPO and associated stock-based compensation and other opex categories have contributed to the appearance of an unprofitable business. As these costs normalize and PLTR further leverage Apollo’s SaaS installation/deployment, the CM will continue to rise and PLTR’s margins lower down the income statement will also look attractive.</p><p><b>Valuation</b></p><p>In our previous article on PLTR we presented our DCF valuation for PLTR which arrived at a value per share of $47. We still have full faith in this valuation; however, it may take longer than we initially anticipated. And we partly assign this to the misunderstanding of the potential profitability of the stock. Therefore, for this section, we approached the valuation through a different lens. We’ve projected PLTR’s average revenue growth rate through FY25 and used possible P/S multiples in FY25.</p><p>In the 4Q20 earnings call, management stated that they believe revenue growth will be above 30% each year through to FY25 – quite incredible considering the current TTM revenue of $1.1bn. Knowing this, below we’ve projected some arbitrary growth rates. We know FY20 growth was 47% and based off what management has stated, we’ll put FY25 growth as 30% as a minimum. Therefore, we’ve randomly decelerated from 47% to 30% for each year. The Compounded Annual Growth Rate, or CAGR, of this series of growth rates equals 34%. We shall use this for the valuation exercise.</p><p>Figure 14 - Estimate for Average Revenue Growth Through FY25</p><p><img src=\"https://static.tigerbbs.com/b76e91d228a978ddd8a18a8a102ea495\" tg-width=\"449\" tg-height=\"109\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>By using this 34% average revenue growth rate (or CAGR) we calculate revenue will be $4.784bn in FY25/2025. Due to the natural growth expectations decline, we guess that the P/S will be 20x in 2025. ServiceNow’s is currently 20x whilst having TTM revenue of $4,500m, so this is plausible for exceptional companies. These parameters calculate a 2025 market cap of $96bn, a share price of $53.39, and an annualized return of 21%.</p><p>Figure 15 - 2025 Market Cap Forecast</p><p><img src=\"https://static.tigerbbs.com/ef9e349e3ba5ffdd5f413a5c857fcb18\" tg-width=\"640\" tg-height=\"47\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>Below we show the 2025 share price sensitivity table with the 2025 P/S and the CAGR being the two variables. The probabilities are arbitrary just to express how likely we think the respective P/S metrics are in 2025. The share prices in purple text represent the range of what we think our estimation error is likely to be.</p><p>Figure 16 - PLTR's 2025 Share Price Sensitivity Table</p><p><img src=\"https://static.tigerbbs.com/c7192c1e4fcda23289de59a09c242fec\" tg-width=\"640\" tg-height=\"203\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>If management are correct with their growth prediction, then a P/S toward 30x would be fairer than a &lt;20x P/S. However, even if PLTR only generate an average growth rate of 24% and the P/S is 14x at the end of 2025, at the current share price of ~$20 investors still wouldn’t have lost capital. Indeed, it would have been a disappointing investment, but it wouldn’t have lost money. This sensitivity table shows that, despite PLTR’s high multiple at present, the future returns look very appetizing.</p><p>The next sensitivity table replaces the share price with the annualized return through to 2025.</p><p>Figure 17 - PLTR's 2025 Annualized Return Sensitivity Table</p><p><img src=\"https://static.tigerbbs.com/5f3a6e9d761e6e7fcb3fb918df9b8503\" tg-width=\"640\" tg-height=\"205\" referrerpolicy=\"no-referrer\"></p><p>Source: Convequity analysis</p><p>In summary, even at the current high P/S of 34x, we consider it extremely unlikely that investors will lose money investing in PLTR now and holding through to 2025 – simply because of growth projections. Add in the impressive underlying economics, we believe this will prove to be a very good long-term investment.</p><p>So, given the minimal downside and the attractive upside, PLTR is one of the most favourable reward-to-risk holdings in the Convequity Portfolio.</p><p><b>Conclusion</b></p><p>PLTR’s stock is going to be driven by a combination of changing TAM expectations, high growth, and impressive profitability in due course. Currently, it looks as though the market is underestimating all of these, so the future looks very bright, indeed.</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>Palantir: Highly Favourable Reward-To-Risk</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\">\nPalantir: Highly Favourable Reward-To-Risk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 15:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Palantir.In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4426825-palantir-highly-favourable-reward-to-risk","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1191876953","content_text":"SummaryA look at the relationship between P/S and Total Addressable Market and what it means for Palantir.In FY20, revenue grew 47% with only 6 customer additions. The consensus 33% growth for FY21 looks way off.A deep-dive into the impressive underlying economics of Palantir’s business.A simple valuation analysis to outline it's extremely unlikely investors will lose money even by investing at these levels.ContentsMultiples & TAM> P/S & TAM Penetration>> PLTR’s TAM and Ability to Enter New Markets?> Expanding TAM Fueling Expanding Multiple>> ServiceNow vs Workday>> CloudflareMultiples & TAM RecapWhat is PLTR Actually Good At?What’s Not Being Talked AboutImpressive Underlying EconomicsValuationConclusionMultiples & TAMIt’s commonly known that multiples are closely correlated with revenue growth expectations – higher growth usually equals higher P/S and P/E. Though we wanted to explore the relationship between multiples and a company’s Total Addressable Market, aka TAM. Firstly, we investigated the correlation between P/S and TAM penetration. Then secondly, we used a qualitative approach to assess how increases in TAM tends to affect a company’s P/S. The reason for delving into this is to gain a better insight into Palantir's (PLTR) ongoing valuation, whether the stock’s P/S will persist, extend, or decline, and ultimately what this means for investors’ returns.P/S & TAM PenetrationWe already had metrics for a group of stocks we put together for some other PLTR analysis, therefore we used these to work on the P/S and TAM penetration correlation. To arrive at a TAM for each stock, if we didn’t know beforehand, we reviewed company websites to understand which markets they serve, and then we looked for independent market research (from the likes of Grand View Research and Mordor Intelligence, etc.) estimating the size and growth projections of the subject market. If the size of market estimate seemed odd compared to the company’s revenues and P/S, then we resorted to the company’s investor presentations that usually offer a TAM.As this was quite time-consuming, in addition to PLTR we only conducted this process for 15 stocks, so the sample size is 16. Therefore, the statistics shown in the table below should be viewed with caution because the sample is relatively small and adding more to the sample may significantly change the correlation. Nonetheless, you might still be interested despite the sample being on the small side. From this research we found that the P/S and the TAM penetration (defined as LTM revenue divided by the TAM) for this group of stocks had an inverse correlation of -0.6281. The negative sign indicates that a smaller TAM penetration is associated with a higher P/S. The correlation equates to an R-squared of -0.6281 ^ 2 =0.3945. This means that the TAM penetration explains 39.45% of the variability of the P/S within this group. And considering the nature of financial variables, this is a moderately strong correlation. As expected, there is a stronger correlation between P/S and LTM revenue growth. The 0.9248 correlation equates to an R-squared of 85.55%.Figure 1 - Correlation between P/S and TAM PenetrationSource: Convequity analysisThis is far from conclusive and requires further research but it certainly looks likely that TAM penetration is inversely correlated to P/S multiples. So, what does this have to do with PLTR’s valuation? Well, the market is currently pricing in the management guided TAM of $119bn, yet in reality the TAM is a lot greater. Once investors realize this the 33x P/S at the time of writing will offer extremely good value.PLTR’s TAM and Ability to Enter New Markets?A high stock multiple often results in poor future returns because there are already high growth expectations priced in, and as the growth outlook naturally decelerates, the multiple will decline too. However, we believe PLTR, like other best-in-breed cloud-oriented stocks, are a special case, because they can rotate and enter new markets with relative ease.Showcased by theDouble-Clickevent, PLTR is already emerging as a formidable player in the life sciences analytics industry which is projected to grow from$22bn in 2020 to $42bn by 2025. TheERPmarket, in which they’ve smoothly entered via a AWS partnership, is projected to grow from $43bn today up to $60bn by 2026. Despite these markets being heavily competed for by established players, PLTR’s software-defined approach is displacing many incumbents and in due course will grab a sizeable chunk of market share. And these are just two markets that make up over half of PLTR’s supposed TAM of $119bn.In reality, PLTR’s TAM is the entire software industry. They have an ability like no other software vendor in history to pivot into new markets as they see fit. They have the programming skills and the thoughtfulness in interface design, along with a deep understanding of how users need to interact with software, that affords them the capability to turn their focus to any software market worthwhile. With this in mind, it is reasonable to assume that whenever PLTR needs a revenue growth and/or share price booster, they can formulate a plan to penetrate a new market and provide that catalyst.Below we highlight PLTR’s true potential TAM with reference to a Gartner estimate. The IT services might be a stretch but they certainly have the ability to fully expand within the $483bn Enterprise Software market. With current TTM revenue a little over $1bn, the current TAM penetration of < 0.3% offers high growth for many years which will help prevent a sharp P/S deceleration and support strong future shareholder returns. And in all likelihood, the P/S will probably expand in the interim before beginning a downward trajectory.Figure 2 - Worldwide IT Spending ForecastsExpanding TAM Fueling Expanding MultipleWith this TAM correlation in mind, it might be interesting for investors to visualize how PLTR’s share price and P/S will respond when management inevitably announce that they’re entering new markets – CRM, Risk Management, Productivity, or whatever it may be. To illustrate this, we’ll review the P/S paths of ServiceNow (NOW) and Workday (WDAY) during the past few years.ServiceNow vs WorkdayComparing the P/S trends of these two stocks in relation to their TAM development is interesting to observe. To observe the changing TAM, we’ve used research giant Gartner’s Magic Quadrant. Here is the Magic Quadrant template for those unfamiliar.Figure 3 - Gartner's Magic Quadrant TemplateSource:gartner.comBack in 2016, in reference to Gartner’s Magic Quadrant, Workday (WDAY) was the outright leader in Human Capital Management (HCM) and ServiceNow (NOW) was the same for IT Services Management (ITSM). Both firms had similar revenue growth and gross, operating, and FCF margins, and also neither were serving any other markets. Therefore, as shown in the following chart, WDAY’s higher P/S appeared to be largely attributed to HCM being a larger market than ITSM. During 2017, according to Gartner’s HCM Magic Quadrant WDAY lost its competitive distance as the space became crowded. During the same period, NOW extended their leadership status in the ITSM Magic Quadrant. As a result, the P/S differential closed and the two stocks were trading at almost identical multiples throughout 2017. Despite the same growth rates in 2018, NOW’s P/S pulled sharply higher than WDAY’s because they expanded TAM by entering into two new markets – Integrated Risk Management and CRM Customer Engagement – whilst WDAY didn’t expand their TAM.Figure 4 - NOW vs WDAY P/S Multiple Journey, Part 1Source: Koyfin chart, Convequity analysisIn early 2019, the P/S differential tightened with WDAY’s multiple climbing partly attributable to expanding into the Cloud Financial Management market; NOW also entered a new market in early 2019. Then in 2020, the difference widened further as a result of NOW expanding into 3 more markets and turning from visionary to leader in the Magic Quadrant for Software Asset Management (SAM) whilst WDAY did not even enter one new market.Figure 5 - Figure 1 - NOW vs WDAY P/S Multiple Journey, Part 2Source: Koyfin chart, Convequity analysisThis is a classic example of how entering new markets raises expectations for growth and long-term profitability, thereby raising multiples and ultimately increasing returns for shareholders. We don’t claim that inclusion into Gartner’s Magic Quadrants were the sole factor at play, however, given that both firms’ growth and margins were similar for most of the period under review, it certainly appears to have had a significant influence.CloudflareCloudflare (NET) offers another good example of how TAM expansion influences a stock’s multiple. NET certainly benefitted from the general COVID-induced WFH dynamic during 2020, however, their new product launches also contributed to multiple expansion in a significant way. NET have moved so fast that Gartner haven’t even had time to update their Magic Quadrants, therefore we shall leave Gartner out of this observation. In just 16 months, NET has tripled their P/S mainly as a result of entering new markets. In January 2020, they entered into a $20bn market by announcing their offerings for Secure Web Gateways and Zero Trust products. In July 2020, they made a big move by making their edge compute Workers platform accessible to all developers; in October 2020 they officially launched their SASE offering; and then in March 2021, they introduced Magic WAN which has kind of created a new market altogether because NET is the first to offer a global private WAN.Figure 6 - NET's P/S JourneySource: Koyfin chart, Convequity analysisThere are plenty of other recent examples in which stocks have expanded multiples thanks to TAM expansion - Zscaler and Twilio to name a couple. An underlying driving factor enabling software companies to enter new markets with relative ease is the growth of cloud computing. The required capex to move into new markets is minimal in comparison to the pre-cloud era because software firms don’t need to purchase and implement more servers. Once an application is developed and ready to be deployed, they can scale it across the elastic supply of AWS, Azure, or GCP servers that provide all the necessary compute, networking, and storage requirements – and ramp-up or decrease capacity according to demand.As we point out in our articleS&P 500 is Undervalued, Tech is in a New Paradigm, cloud computing has altered the software industry’s competitive dynamics. It has radically lowered the entry barriers thereby making many software markets overcrowded - in 2007 there were 115 U.S. software stocks and today there are 284. This isn’t alarming as the numbers suggest because the cloud has opened up many greenfield markets, however, the cloud has ushered in a winner-takes-all dynamic into various markets also. And given the reach enabled by the cloud, the prize for the market winners is larger than it’s ever been before. At Asymmetric Tech Investments we aim to identify these future winners.Multiples & TAM RecapHere is a quick recap:There is evidence that a stock’s P/S is moderately correlated to revenue divided by TAM, or TAM penetration. This may appear obvious to some investors though doing this bit of research has helped us refine how we view a company’s market opportunity and shareholder investment prospects.There are many examples that illustrate how TAM expansion tends to increase stock multiples, or at least play a significant part.Cloud computing has made it easier than ever before for software firms to expand TAM.Taking this into account, the future looks incredibly bright for PLTR’s share price. As and when PLTR enter new markets and expand the company’s TAM, there is a high probability that the share price will climb driven by altering growth expectations. If it can be argued that PLTR’s software is already effectively doing stuff like Software Asset Management, Integrated Risk Management, and CRM, then the TAM should be higher than the current $119bn priced in. And if this is the case, PLTR’s multiple should adjust higher to reflect this in due course. Either way despite the perceived high P/S at present, it will probably persist or even rise from here, and over a longer timeframe we suspect PLTR’s multiple will decelerate at a much slower pace than many other high-growth software stocks.Lastly, not only does PLTR have the core software skills to enter almost any market, they are well and truly cloud-enabled following their partnerships with AWS and IBM. This will accelerate the TAM expansion for sure.What is PLTR Actually Good At?It might be easier to try and answer what they aren’t good at. All the information given in the S-1, the 10-k, and investor presentations, pertaining to what PLTR do can be somewhat overwhelming. At the same time, just labelling them a data analysis company is a gross oversimplification. To help us refine our understanding of PLTR’s scope, below we’ve categorized 4 areas, or pillars, in which we believe lays the foundation for all they do – Data Connectivity, Data, Analysis, Data Governance, and User Interface. We’re probably not alone in inferring that the underpinning to PLTR’s superior advantages is closely associated with these 4 pillars. Each of which appear to be in a transformative stage due to the world delving deeper into an era of hyperconnectivity. Within each category we listed things that PLTR are good at dealing with. By the time we had finished we realized the depth and sheer breadth of what they can do.Figure 7 – The 4 Pillars to PLTR’s Competitive EdgeSource: Convequity analysisAnd the only way we can surmise as to how they are capable of such depth and scope, is that they have the deepest understanding of the core principles of software engineering and have an amazing ability to leverage this to various platforms and technologies. Elon Musk’s advocacy for First Principles thinking springs to mind.Figure 8 - First Principles ThinkingSource:safalniveshak.comIt is these 4 pillars in which PLTR are building their moat around, and this foundation can be leveraged to enter almost any software market. Throw in the network effects within enterprise customers’ organization, across verticals (life sciences, airline industry, etc.), and within PLTR itself, it’s hard to envisage them losing their competitive lead.Recently I spoke to a friend who is an engineer at Rolls Royce who shed some light on how PLTR could help him in his job. Below is what he told me.“When designing a product, a RR engineer will spend ~25% of their time gathering and pre-processing data in order to perform a design study. Typically, the data is created by multiple teams, each working in different systems and supplying the data in different formats by differing means. For example, the stress engineer will supply speeds/temperatures/pressures in the form of an emailed spreadsheet. The aero engineer will supply geometry as a CAD file and a pressure map as a .csv file via a shared drive. The designer will supply geometric information and tolerances as a printed word document. All this data must be extracted and processed into a single format before the designer can do any analysis. Having all this data in one system would massively reduce the time spent processing data and would free up the designer to do the actual engineering.”Foundry would solve his problem by connecting to all the relevant data sources and standardizing the data ready for immediate analysis. The ramp-up in my friend’s productivity would be profound. Generally, it seems as though this type of problem involving data located across disjointed systems and existing in different formats has up until now been the main use case for Foundry. Increasingly, however, we’re hearing cases whereby Foundry has been laid atop an enterprise’s legacy systems and deliver what works like a brand-new IT infrastructure built from the ground up. For example, in the Double Click event, Forward Deploy Engineer, Liam Mawe, explained how a Foundry ERP archetype was installed for one industrial client that already had 25 ERP systems in operation that were largely siloed from each other. After a few hours of configuration, Foundry’s ERP had every single piece of data readily available. Mawe didn’t elaborate, though we presume Foundry’s ERP could carry on working in conjunction with the other ERP systems or work just as well should the client decide to remove them – which is more probable. This incredible flexibility is the key to the seemingly rapid customer acquisition of late – there is no rip and replace required, so the stakes are lower and as a result decision-makers are more willing to give PLTR a try.What’s Not Being Talked AboutFrom what we’ve read about PLTR, there hasn’t been any mention of the fact that they only added 6 customers in FY20 whilst growing revenue by 47%. This is staggering; and achieved by the 41% increase in revenue per customer, as shown in the chart below. When we think about the AWS and IBM cloud partnerships and the various press releases thus far into 2021, they could have tripled the FY20 new customer number in the first quarter alone. Couple that with another >20% increase in per customer revenue, it’s not beyond the realm of possibility for PLTR to grow revenue by 60% this year.Figure 9 - Net New Customer Additions in FY20Source: 10-k, Convequity analysisWe thought we’d have a go at forecasting 1Q21 revenue – which will be released before the market open on Tuesday 11thMay. We began by building up the revenue estimate based on available information such as the press releases thus far in 2021, balance sheet items such as deferred revenue and customer deposits, as well as off-balance sheet deal value which includes remaining performance obligations and contract renewal options. In the 3Q20 investor presentation we noticed the average contract duration was 3.6 years, so we used this to estimate what might come off deferred revenue and customer deposits and be recorded as income statement revenue. To estimate how much deal value might be transferred into revenue for 1Q21, we used a longer duration of 4.6 years. We infer that a small portion of deal value could skip the balance sheet and land straight on the income statement when customers renew their contracts. Of course, this is an oversimplification of how these financial items are linked together so the estimate might be way off. Nonetheless, based on all this, as shown below, we estimate 1Q21 revenue of $259m which, as a reminder, is derived from available information and has not accounted for unknowns. This is a shortfall of $73m versus the $332m consensus estimate. Given all the unknown revenue sources from the AWS and IBM deals and elsewhere, and the general confidence from management, it looks like PLTR are going to blow these forecasts out the water.Figure 10 - 1Q21 Revenue Estimates Based on Available InformationSource: 10-k, Convequity analysisImpressive Underlying EconomicsWe believe the greatest investment catalyst is tied to PLTR’s profitability potential; and this is because of the pervasive doubt of the business model viability at present. Management have heavily focused on contribution margin (that we’ll refer to as CM) in previous investor presentations. As the they presented in the 4Q20 presentation shown below, CM margin has more than doubled from FY19 to FY20. However, this could be skewed due to the low number of customer additions – only 6 in FY20. With this in mind we wanted to dig deeper in understanding how the underlying economics have really improved.Figure 11 - High-Level View of Contribution Margin and Gross MarginSource:4Q20 Investor PresentationManagement have presented the efficiency of the business by grouping customers into 3 phases – Acquire, Expand, and Scale – and in each phase, show how the CM changes within each group. To illustrate, take a look at the figures below, extracted from the S-1 and the 10-k. The customers in the Acquire Phase in FY19 (fiscal year-end 31stDec-21) generated a very negative CM. Those same customers, generated a 17% CM in FY20. The customers in the Expand Phase in FY19 generated -43% CM, and those same customers generated 47% CM in the following year. What’s important to note here, is that the Acquire Phase customers in FY19 will not be the same Acquire Phase customers in FY20 – they will become the Expand Phase customers (or potentially even the Scale Phase customers).Figure 12 - PLTR's Customer PhasesSource: PLTR’s S-1 and FY20 10-kOn the face of it, this looks impressive, but when we think deeper about it, this is what most SaaS/software firms are doing nowadays. The S&M expenditure to bring the customer to a company and the initial deployment and operational costs make the Acquire phase the costliest. At the same time, free trial or preliminary testing periods don’t generate much revenue. So, for any SaaS-type firm, negative CM is the case for the Acquire and the Expand phases and those same customers will become profitable at a later point in the relationship. We think investors are aware of this and this is why there doesn’t seem to be much online discussion about PLTR’s CM. Of course, investors could simply take the higher-level view of overall CM more than doubling in FY20, however, as aforementioned this is potentially skewed because of the few new customers acquired.What can be instantly gleaned from the above CM metrics, is that when the proportion of new customers joining PLTR is small in relation to existing customers the overall CM will be close to the Scale Phase CM. But perhaps that still doesn’t impressive investors enough, because it may take a few years to reach that state.Let’s go back to notion that the Acquire Phase customers in FY19 go on to be the Expand (or even Scale) Phase customers in FY20. This is useful but we wanted to see if we could compare the FY20 Acquire Phase with the FY19 Acquire Phase; and the FY20 Expand Phase with the FY19 Expand Phase; and the same for the Scale Phase. This cannot be derived from the data above. Therefore, we’ve had to dig deeper, scan for more information, and make some educated guesses to piece this together. Because knowing by how much the Expand Phase CM has improved from FY19 to FY20 would be really insightful and we don’t suspect many analysts have tried this so far so there is probably an information edge to be gained over the market.We show the analysis we did on this below, however,it may be easier for readers to access the actual spreadsheetto take a closer look. If you click the link make sure to download the spreadsheet to see all the comment boxes.What interests us the most in the spreadsheet, is the Expand Phase comparisons in FY19 and FY20. The 28% CM highlighted in yellow, under the FY20 Expand Cohort, is what we think the Expand Phase CM must have been in FY20. The equivalent CM in FY19 was -43%. This is a huge like-for-like improvement in the CM and indicates how PLTR has/is radically shortening the deployment phase of their software by utilizing their Apollo SaaS-installation. Personally, we think this is more insightful and meaningful than the overall CM presented which could be skewed, and also versus management’s presentation of the Acquire/Expand/Scale CMs.Figure 13 - Contribution Margin Like-for-Like ComparisonsSource: 10-k, Convequity analysisAnother way to view this is that customers are classified as Expand Phase customers when they’ve exceeded $100k in annualized revenue but CM is negative. If the FY19 Expand Phase CM was -43%, it indicates that the majority of these customers remained negative CM customers throughout FY19. If the FY20 Expand Phase CM is 28%, it indicates that the majority of these customers turned from negative to positive within the same year. Again, in our opinion, this is way more impressive than what PLTR’s management has presented to date.Lastly, in the final section of the spreadsheet, the Total CMs highlighted in gold text are actual and the ones in red are composed of actual and estimated figures. We can see that all the FY19 customers generated a weighted average CM of 23% in FY19, and then those same customers generated 58% CM in FY20. Going into FY21 we forecast that these same FY19 customers will generate 68% in CM. All the FY20 customers generated a CM of 54% in FY20, though had PLTR brought on board more new customers in FY20, the CM would be considerably lower. These same customers are estimated to generate 65% in CM in FY21 and then 75% in FY22.To conclude, PLTR’s current CM of 54% is already high, especially for a high growth software stock, yet it’s likely to move higher. We expect the AWS and IBM partnerships to give PLTR the scale to expand its margins. We think this should erase the doubt that PLTR will be highly profitable. The huge nonrecurring expenses related to the DPO and associated stock-based compensation and other opex categories have contributed to the appearance of an unprofitable business. As these costs normalize and PLTR further leverage Apollo’s SaaS installation/deployment, the CM will continue to rise and PLTR’s margins lower down the income statement will also look attractive.ValuationIn our previous article on PLTR we presented our DCF valuation for PLTR which arrived at a value per share of $47. We still have full faith in this valuation; however, it may take longer than we initially anticipated. And we partly assign this to the misunderstanding of the potential profitability of the stock. Therefore, for this section, we approached the valuation through a different lens. We’ve projected PLTR’s average revenue growth rate through FY25 and used possible P/S multiples in FY25.In the 4Q20 earnings call, management stated that they believe revenue growth will be above 30% each year through to FY25 – quite incredible considering the current TTM revenue of $1.1bn. Knowing this, below we’ve projected some arbitrary growth rates. We know FY20 growth was 47% and based off what management has stated, we’ll put FY25 growth as 30% as a minimum. Therefore, we’ve randomly decelerated from 47% to 30% for each year. The Compounded Annual Growth Rate, or CAGR, of this series of growth rates equals 34%. We shall use this for the valuation exercise.Figure 14 - Estimate for Average Revenue Growth Through FY25Source: Convequity analysisBy using this 34% average revenue growth rate (or CAGR) we calculate revenue will be $4.784bn in FY25/2025. Due to the natural growth expectations decline, we guess that the P/S will be 20x in 2025. ServiceNow’s is currently 20x whilst having TTM revenue of $4,500m, so this is plausible for exceptional companies. These parameters calculate a 2025 market cap of $96bn, a share price of $53.39, and an annualized return of 21%.Figure 15 - 2025 Market Cap ForecastSource: Convequity analysisBelow we show the 2025 share price sensitivity table with the 2025 P/S and the CAGR being the two variables. The probabilities are arbitrary just to express how likely we think the respective P/S metrics are in 2025. The share prices in purple text represent the range of what we think our estimation error is likely to be.Figure 16 - PLTR's 2025 Share Price Sensitivity TableSource: Convequity analysisIf management are correct with their growth prediction, then a P/S toward 30x would be fairer than a <20x P/S. However, even if PLTR only generate an average growth rate of 24% and the P/S is 14x at the end of 2025, at the current share price of ~$20 investors still wouldn’t have lost capital. Indeed, it would have been a disappointing investment, but it wouldn’t have lost money. This sensitivity table shows that, despite PLTR’s high multiple at present, the future returns look very appetizing.The next sensitivity table replaces the share price with the annualized return through to 2025.Figure 17 - PLTR's 2025 Annualized Return Sensitivity TableSource: Convequity analysisIn summary, even at the current high P/S of 34x, we consider it extremely unlikely that investors will lose money investing in PLTR now and holding through to 2025 – simply because of growth projections. Add in the impressive underlying economics, we believe this will prove to be a very good long-term investment.So, given the minimal downside and the attractive upside, PLTR is one of the most favourable reward-to-risk holdings in the Convequity Portfolio.ConclusionPLTR’s stock is going to be driven by a combination of changing TAM expectations, high growth, and impressive profitability in due course. Currently, it looks as though the market is underestimating all of these, so the future looks very bright, indeed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370690681,"gmtCreate":1618579224743,"gmtModify":1634291968653,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment","listText":"please like and comment","text":"please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370690681","repostId":"2127007505","repostType":4,"isVote":1,"tweetType":1,"viewCount":195,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342846155,"gmtCreate":1618202788277,"gmtModify":1634294445811,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"please like and comment back","listText":"please like and comment back","text":"please like and comment back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/342846155","repostId":"2126269058","repostType":4,"repost":{"id":"2126269058","kind":"highlight","pubTimestamp":1618193746,"share":"https://www.laohu8.com/m/news/2126269058?lang=&edition=full","pubTime":"2021-04-12 10:15","market":"us","language":"en","title":"3 Cathie Wood Stocks That Are Better Than Bitcoin","url":"https://stock-news.laohu8.com/highlight/detail?id=2126269058","media":"Motley Fool","summary":"The cryptocurrency's performance has been incredible, but these stocks could deliver better returns.","content":"<p>The last year has been a wild one for growth investors. Two of the financial world's biggest stories over the last 12 months have been Bitcoin's incredible rally and the success of Cathie Wood's ARK Invest company and its growth-focused exchange-traded funds&nbsp;(ETFs). The value of a single Bitcoin has risen roughly 800% over the last year and is currently at $58,600. Meanwhile the value of the <b><a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a></b> has risen roughly 170% across the same stretch, a highly impressive performance in its own right.</p><p>Bitcoin has crushed it over the last year. However, three Motley Fool contributors have identified some stocks held within Wood's premier ETF that look primed to outperform Bitcoin. Read on to see why they think that <b>Sea Limited</b> (NYSE:SE), <b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a></b> (NASDAQ:PYPL), and <b>Square</b> (NYSE:SQ) have what it takes to outperform the market's leading cryptocurrency.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/623c11178ea70f1b4f7f5fb4855f424f\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>Image source: Getty Images.</span></p><h2><b>Tapping into big growth trends</b></h2><p><b>Keith Noonan&nbsp;(Sea Limited): </b>Bitcoin's run over the last year has been nothing short of incredible, and Wood's ARK Invest has taken bullish positions in the crypto space that have come to look prescient with hindsight. It's possible that Bitcoin has more huge gains ahead, and the coin has certainly far outperformed where I thought it would be over the last year. However, I generally stick to the Peter Lynch \"invest in what you know\" approach, and the difficulty I have mapping out why Bitcoin should go up or down means there are growth stocks held in ARK funds that I find more appealing.</p><p>It's not that I haven't looked into Bitcoin. I've read and heard about its 21 million hard coin supply cap, hash rates, the Lightning Network, and the related critiques of fiat currency that underpin many arguments for new digital assets. My investing focus skews toward growth stocks that are riskier than the market at large, but at the end of the day, I just don't have a great case for why Bitcoin should be worth more <a href=\"https://laohu8.com/S/AONE.U\">one</a> year from now -- particularly when there are other cryptocurrencies that offer superior functionality in many respects.</p><p>While I'm not super bullish on Bitcoin or the ARK-favored <b>Grayscale Bitcoin Trust</b> (OTC:GBTC), there are stocks in the company's actively managed ETFs that are right up my ally. Sea Limited, for example, is the fifth-largest holding in the ARK Innovation ETF, and I plan on adding the stock to my portfolio in the near future. The Singapore-based tech company has posted stellar gains over the last year, and it appears to be on track to deliver more big wins.</p><p>Sea operates at the intersection of two industries with huge long-term growth potential: e-commerce and interactive entertainment. Its Shopee platform has established a leadership position in Southeast Asia's fast-growing online retail industry, and its&nbsp;<i>Garena Free Fire</i> is one of the world's top-grossing video games.</p><p>Southeast Asia is a geographic market that looks poised for rapid development over the next decade, and Sea has established e-commerce and entertainment offerings that are primed to benefit from macroeconomic and category growth. I wouldn't place bets against Bitcoin, but strong players in the e-commerce and gaming markets currently look like better buys to me.</p><h2>\"Actively managed\" leaves a lot of doors open</h2><p><b>James Brumley</b> <b>(PayPal):</b> Look, I know Wood's<b> <a href=\"https://laohu8.com/S/ARKW\">ARK Next Generation Internet ETF</a></b> (NYSEMKT:ARKW) has a huge stake in Grayscale Bitcoin Trust, which is an easier way to trade the cryptocurrency than buying and selling Bitcoin itself. A few other ARK funds hold a stake in the same trust.</p><p>For a lot of investors, though, ARK's position in so much Bitcoin is a bit misleading.</p><p>See, ARK funds are actively managed exchange-traded funds, which by definition means Wood and her fund managers will sell them when it looks like there's no upside left. As such, these stakes are more of a speculative trade and less of an actual commitment to the premise of cryptocurrency. They only have value to any ARK fund as long as they're growing at an arbitrary price, but instability is one of the last things you want in any currency.</p><p>That's not to suggest there's something wrong with a little speculating. But if you're going to make serious investment bets, it just makes so much more sense to start -- and maybe even finish -- with names you can make at least some sort of earnings-based and growth-based assessment of.</p><p>Take PayPal&nbsp;as an example, and an alternative. Wood's <b><a href=\"https://laohu8.com/S/ARKF\">ARK Fintech Innovation ETF</a></b> (NYSEMKT:ARKF) as well as the ARK Next Generation Internet ETF sold off a bunch of PayPal shares recently. It's still the fintech fund's fourth-biggest holding, though, making it clear that Wood and her management team see something in it. I suspect this year's and next year's projected revenue growth of 20% is a key factor. It's a growth outlook that simply doesn't exist for Bitcoin.</p><h2>This fintech has multiple ways to win</h2><p><b>David Butler</b> <b>(Square):</b> Wood focuses heavily on tech. Investing in her strategy definitely provides the speculation and big potential returns that those interested in cryptocurrencies covet so dearly. Overall, the heavy focus on tech is a bit too concentrated for my tastes, as a shift in sector trends could be significantly troublesome. That being said, Wood has created some great gains in her ARK Innovation ETF, and there are lessons to be learned from it.</p><p>Among Wood's largest holdings, I like Square because of its strategic positioning within e-commerce. Because its services allow businesses to create online stores easily, and link it all with their inventory and marketing, Square serves as a middle man for all kinds of different industries. The company's suite of mobile payment software offers a great deal of utility to the customer. Annual revenue growth has been strong, but 2020 was certainly the biggest year for the company. Sales doubled to $9.48 billion, with earnings more than doubling to $0.84 per diluted share.</p><p>The one catch, of course, is valuation. As with most of these rapidly growing tech names, Square is not cheap, trading at over 300 times last year's earnings. This one is all about the future, and the big premiums are no different than investing in something as unbelievably speculative as Bitcoin. Square offers utility. What does Bitcoin currently offer outside of serving as an artificial digital commodity?</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Cathie Wood Stocks That Are Better Than Bitcoin</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Cathie Wood Stocks That Are Better Than Bitcoin\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 10:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/04/11/3-cathie-wood-stocks-that-are-better-than-bitcoin/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The last year has been a wild one for growth investors. Two of the financial world's biggest stories over the last 12 months have been Bitcoin's incredible rally and the success of Cathie Wood's ARK ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/04/11/3-cathie-wood-stocks-that-are-better-than-bitcoin/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQ":"Block","PYPL":"PayPal","ARKK":"ARK Innovation ETF","SE":"Sea Ltd"},"source_url":"https://www.fool.com/investing/2021/04/11/3-cathie-wood-stocks-that-are-better-than-bitcoin/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126269058","content_text":"The last year has been a wild one for growth investors. Two of the financial world's biggest stories over the last 12 months have been Bitcoin's incredible rally and the success of Cathie Wood's ARK Invest company and its growth-focused exchange-traded funds (ETFs). The value of a single Bitcoin has risen roughly 800% over the last year and is currently at $58,600. Meanwhile the value of the ARK Innovation ETF has risen roughly 170% across the same stretch, a highly impressive performance in its own right.Bitcoin has crushed it over the last year. However, three Motley Fool contributors have identified some stocks held within Wood's premier ETF that look primed to outperform Bitcoin. Read on to see why they think that Sea Limited (NYSE:SE), PayPal (NASDAQ:PYPL), and Square (NYSE:SQ) have what it takes to outperform the market's leading cryptocurrency.Image source: Getty Images.Tapping into big growth trendsKeith Noonan (Sea Limited): Bitcoin's run over the last year has been nothing short of incredible, and Wood's ARK Invest has taken bullish positions in the crypto space that have come to look prescient with hindsight. It's possible that Bitcoin has more huge gains ahead, and the coin has certainly far outperformed where I thought it would be over the last year. However, I generally stick to the Peter Lynch \"invest in what you know\" approach, and the difficulty I have mapping out why Bitcoin should go up or down means there are growth stocks held in ARK funds that I find more appealing.It's not that I haven't looked into Bitcoin. I've read and heard about its 21 million hard coin supply cap, hash rates, the Lightning Network, and the related critiques of fiat currency that underpin many arguments for new digital assets. My investing focus skews toward growth stocks that are riskier than the market at large, but at the end of the day, I just don't have a great case for why Bitcoin should be worth more one year from now -- particularly when there are other cryptocurrencies that offer superior functionality in many respects.While I'm not super bullish on Bitcoin or the ARK-favored Grayscale Bitcoin Trust (OTC:GBTC), there are stocks in the company's actively managed ETFs that are right up my ally. Sea Limited, for example, is the fifth-largest holding in the ARK Innovation ETF, and I plan on adding the stock to my portfolio in the near future. The Singapore-based tech company has posted stellar gains over the last year, and it appears to be on track to deliver more big wins.Sea operates at the intersection of two industries with huge long-term growth potential: e-commerce and interactive entertainment. Its Shopee platform has established a leadership position in Southeast Asia's fast-growing online retail industry, and its Garena Free Fire is one of the world's top-grossing video games.Southeast Asia is a geographic market that looks poised for rapid development over the next decade, and Sea has established e-commerce and entertainment offerings that are primed to benefit from macroeconomic and category growth. I wouldn't place bets against Bitcoin, but strong players in the e-commerce and gaming markets currently look like better buys to me.\"Actively managed\" leaves a lot of doors openJames Brumley (PayPal): Look, I know Wood's ARK Next Generation Internet ETF (NYSEMKT:ARKW) has a huge stake in Grayscale Bitcoin Trust, which is an easier way to trade the cryptocurrency than buying and selling Bitcoin itself. A few other ARK funds hold a stake in the same trust.For a lot of investors, though, ARK's position in so much Bitcoin is a bit misleading.See, ARK funds are actively managed exchange-traded funds, which by definition means Wood and her fund managers will sell them when it looks like there's no upside left. As such, these stakes are more of a speculative trade and less of an actual commitment to the premise of cryptocurrency. They only have value to any ARK fund as long as they're growing at an arbitrary price, but instability is one of the last things you want in any currency.That's not to suggest there's something wrong with a little speculating. But if you're going to make serious investment bets, it just makes so much more sense to start -- and maybe even finish -- with names you can make at least some sort of earnings-based and growth-based assessment of.Take PayPal as an example, and an alternative. Wood's ARK Fintech Innovation ETF (NYSEMKT:ARKF) as well as the ARK Next Generation Internet ETF sold off a bunch of PayPal shares recently. It's still the fintech fund's fourth-biggest holding, though, making it clear that Wood and her management team see something in it. I suspect this year's and next year's projected revenue growth of 20% is a key factor. It's a growth outlook that simply doesn't exist for Bitcoin.This fintech has multiple ways to winDavid Butler (Square): Wood focuses heavily on tech. Investing in her strategy definitely provides the speculation and big potential returns that those interested in cryptocurrencies covet so dearly. Overall, the heavy focus on tech is a bit too concentrated for my tastes, as a shift in sector trends could be significantly troublesome. That being said, Wood has created some great gains in her ARK Innovation ETF, and there are lessons to be learned from it.Among Wood's largest holdings, I like Square because of its strategic positioning within e-commerce. Because its services allow businesses to create online stores easily, and link it all with their inventory and marketing, Square serves as a middle man for all kinds of different industries. The company's suite of mobile payment software offers a great deal of utility to the customer. Annual revenue growth has been strong, but 2020 was certainly the biggest year for the company. Sales doubled to $9.48 billion, with earnings more than doubling to $0.84 per diluted share.The one catch, of course, is valuation. As with most of these rapidly growing tech names, Square is not cheap, trading at over 300 times last year's earnings. This one is all about the future, and the big premiums are no different than investing in something as unbelievably speculative as Bitcoin. Square offers utility. What does Bitcoin currently offer outside of serving as an artificial digital commodity?","news_type":1},"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348320925,"gmtCreate":1617889709267,"gmtModify":1634295940353,"author":{"id":"3577410821703528","authorId":"3577410821703528","name":"LeoGan","avatar":"https://static.tigerbbs.com/fd3fe9b0f02d3ff987dcf47a113e56f6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577410821703528","authorIdStr":"3577410821703528"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/348320925","repostId":"1112389819","repostType":4,"repost":{"id":"1112389819","kind":"news","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":1617854410,"share":"https://www.laohu8.com/m/news/1112389819?lang=&edition=full","pubTime":"2021-04-08 12:00","market":"us","language":"en","title":"Cathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others","url":"https://stock-news.laohu8.com/highlight/detail?id=1112389819","media":"Benzinga","summary":"Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were ","content":"<p>Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 35 stocks that the hedge fund bought and sold on Wednesday.</p>\n<p>Trades For<b>ArkSpace Exploration &amp; Innovation ETF</b>ARKX 1.32%:</p>\n<p><b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 141,100 shares of the blank check company, representing about 0.2503% of the ETF.</p>\n<p>Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p>\n<p><b>Jaws Spitfire Acquisition Corp</b>SPFR 0.38%: Bought 241,618 shares of the blank check company, representing about 0.4389% of the ETF.</p>\n<p>Jaws stock closed 0.3% higher at $10.46 on Wednesday and rose 1.91% in the after-hours. It has a 52-week high of $12.10 and low of $9.95.</p>\n<p><b>Iridium Communications Inc</b>IRDM 2.05%: Bought 35,963 shares of the mobile<b>satellite communications</b>services, representing about 0.2525% of the ETF.</p>\n<p><i>See Also:The First 39 Companies In Cathie Wood's Ark Invest Space ETF</i></p>\n<p>Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p>\n<p><b>Reinvent Technology Partners</b>RTP 0.2%: Bought 140,900 shares of the blank-check company, representing 0.2496% of the ETF.</p>\n<p>Reinvent shares closed 0.39% lower at $10.11 and were up 1% in after-hours trading. The stock has a 52-week high of $17 and low of $9.86.</p>\n<p><b>Teradyne Inc</b>TER 0.45%: Sold 11,302 shares of the equipment design and manufacturing company, representing about 0.259% of the ETF.</p>\n<p>Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p>\n<p><b>Deere &amp; Co</b>DE 0.28%: Sold 7,781 shares of the agriculture, construction and forestry equipment maker, representing about 0.5072% of the ETF.</p>\n<p>Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p>\n<p><b>AeroVironment Inc</b>AVAV 3.44%: Sold 5,100 shares in the California-headquartered defense contractor, representing about 0.10% of the ETF.</p>\n<p>AeroVironment stock closed 3.44% lower at $113.37 on Wednesday. It has a 52-week high of $143.72 and low of $53.15.</p>\n<p><b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 28,749 shares in the semiconductor manufacturing and design company, representing about 0.603% of the ETF.</p>\n<p>Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p>\n<p>Trades For<b>Ark Fintech Innovation ETF</b>ARKF 1.24%:</p>\n<p><b>Base Inc</b>BAINF 0.97%: Bought 313,000 shares in Tokyo of the online services company that develops and builds e-commerce platforms, representing about 0.1195% of the ETF.</p>\n<p>Base OTC stock closed 0.97% higher at $15.65 on Wednesday. It has a 52-week high of $179 and low of $14.61.</p>\n<p><b>Yeahka Ltd</b>YHEKF: Bought 997,200 shares in Hong Kong of the payment-based technology platform, representing about 0.18% of the ETF.</p>\n<p>Yeahka stock closed 0.64% lower at $7.75 on Wednesday. It has a 52-week high of $15.28 and low of $4.78.</p>\n<p><b>LendingClub Corp</b>LC 0.95%: Bought 204,348 shares of the peer-to-peer lending company, representing about 0.0789% of the ETF.</p>\n<p>LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p>\n<p><b>LendingTree Inc</b>TREE 5.34%: Sold 15,762 shares of the online lending marketplace company, representing about 0.0824% of the ETF.</p>\n<p>LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p>\n<p>Trades For<b>Ark Genomic Revolution ETF</b>ARKG 3.26%:</p>\n<p><b>10X Genomics Inc</b>TXG 6.03%: Bought 78,908 shares of the gene sequencing biotechnology company, representing about 0.1526% of the ETF.</p>\n<p>10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p>\n<p><b>Signify Health Inc</b>SGFY 3.65%: Bought 182,193 shares of the healthcare tech company, representing about 0.0508% of the ETF.</p>\n<p>Signify shares closed 4.08% lower at $26.35 on Wednesday and were up 0.53% in after-hours. It has a 52-week high of $40.79 and low of $22.13.</p>\n<p><b>Repare Therapeutics Inc</b>RPTX 0.78%: Bought 10,700 shares of the Canadian oncology company, representing about 0.0035% of the ETF.</p>\n<p>Repare stock closed 0.78% higher at $30.96 on Wednesday. It has a 52-week high of $46.44 and low of $21.45.</p>\n<p><b>908 Devices Inc</b>MASS 6.18%: Bought 51,661 shares of the purpose-built handheld and devices for chemical and biomolecular analysis maker, representing about 0.0273% of the ETF.</p>\n<p>908 Devices stock closed 6.18% lower at $46.95 on Wednesday. It has a 52-week high of $79.60 and low of $38.88.</p>\n<p><b>Pluristem Therapeutics Inc</b>PSTI 2.09%: Sold 2,220 shares of the Israel-based stemcell company, representing about 0.0001% of the ETF.</p>\n<p>Pluristem stock closed 2.09% higher at $4.89 on Wednesday. It has a 52-week high of $13.29 and low of $3.95.</p>\n<p>Trades For<b>ArkInnovation ETF</b>ARKK 2.33%:</p>\n<p><b>Zoom Video Communications Inc</b>ZM 2.03%: Bought 98,500 shares of the video calling company, representing about 0.1326% of the ETF.</p>\n<p>Zoom stock closed 2.03% lower at $323.08 on Wednesday. It has a 52-week high of $588.84 and low of $109.57.</p>\n<p><b>10X Genomics Inc</b>TXG 6.03%: Bought 111,047 shares of the gene sequencing biotechnology company, representing about 0.0865% of the ETF.</p>\n<p>10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p>\n<p><b>Trimble Inc</b>TRMB 3.84%: Bought 237,782 shares of the California-based hardware, software and services technology company, representing about 0.0813% of the ETF.</p>\n<p>Trimble shares closed 3.84% lower at $79.74 on Wednesday. It has a 52-week high of $84.86 and low of $30.87.</p>\n<p><b>Palantir Technologies Inc</b>PLTR 1.57%: Bought 1,045,600 shares of the big data analytics company, representing about 0.1007% of the ETF.</p>\n<p>Palantir shares closed 1.59% lower at $22.90 on Wednesday and rose 1.05% in the after-hours. It has a 52-week high of $45 and low of $8.90.</p>\n<p><b>Docusign Inc</b>DOCU: Bought 103,783 shares of the online signature services company, representing about 0.0891% of the ETF.</p>\n<p>Docusign shares closed flat at $205.71 on Wednesday and were up 0.63% in after-hours trading. The stock has a 52-week high of $290.23 and low of $85.84.</p>\n<p><b>DraftKings Inc</b>DKNG 2.68%: Bought 610,847 shares of the daily fantasy sports company, representing about 0.1595% of the ETF.</p>\n<p>DraftKings shares closed 2.68% lower at $62.09 on Wednesday and were up 0.64% in the after-hours. It has a 52-week high of $74.38 and low of $12.68.</p>\n<p>Trades for<b>ARK Autonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ):</p>\n<p><b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 71,635 shares of the blank check company, representing about 0.0214% of the ETF.</p>\n<p>Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p>\n<p><b>Alphabet Inc</b>GOOGL 1.35%GOOG 1.12%: Sold 16,651 Class C shares of the Google parent company, representing about 1.10% of the ETF.</p>\n<p>Alphabet shares closed 1.35% higher at $2239.03 on Wednesday and were up 0.40% in the after-hours. The stock has a 52-week high of $2,244.50 and low of $1,177.25.</p>\n<p><b>Iridium Communications Inc</b>IRDM 2.05%: Bought 59,521 shares of the mobile<b>satellite communications</b>services, representing about 0.0705% of the ETF.</p>\n<p>Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p>\n<p><b>Kratos Defense &amp; Security Solutions</b>KTOS 2.34%: Bought 313,506 shares of the U.S. defense contractor and security systems integrator company, representing about 0.2583% of the company.</p>\n<p>Kratos Defense shares closed 2.34% lower at $27.97 on Wednesday and were up 1.07% in the after-hours. The stock has a 52-week high of $34.11 and low of $13.34.</p>\n<p><b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 97,700 shares in the semiconductor manufacturing and design company, representing about 0.3467% of the ETF.</p>\n<p>Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p>\n<p><b>Teradyne Inc</b>TER 0.45%: Sold 98,161 shares of the equipment design and manufacturing company, representing about 0.3802% of the ETF.</p>\n<p>Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p>\n<p><b>Deere &amp; Co</b>DE 0.28%: Sold 37,795 shares of the agriculture, construction and forestry equipment maker, representing about 0.4162% of the ETF.</p>\n<p>Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p>\n<p><b>Caterpillar Inc</b>CAT 0.11%: Sold 59,610 shares of the agriculture, construction, mining and forestry equipment maker, representing about 0.4051% of the ETF.</p>\n<p>Caterpillar shares closed 0.1% lower at $230.41.The stock has a 52-week high of $237.78 and low of $100.22.</p>\n<p>Trades For<b>ARK Next Generation Internet ETF</b>ARKW 1.62%</p>\n<p><b>Trade Desk Inc</b>TTD 1.23%: Bought 23,750 shares of the technology platform for ad buyers company, representing about 0.23% of the ETF.</p>\n<p>Trade Desk shares closed 1.23% higher at $677.87 on Wednesday and were up 0.31% in after-hours. It has a 52-week high of $972.80 and low of $190.29.</p>\n<p><b>LendingClub Corp</b>LC 0.95%: Bought 150,245 shares of the peer-to-peer lending company, representing about 0.0337% of the ETF.</p>\n<p>LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p>\n<p><b>Synopsys Inc</b>SNPS 0.14%: Sold 70,396 shares of the electronic design automation company, representing about 0.2588% of the ETF.</p>\n<p>Synopsys shares closed 0.14% lower at $257 on Wednesday. It has a 52-week high of $300.91 and low of $133.27.</p>\n<p><b>LendingTree Inc</b>TREE 5.34%: Sold 12,129 shares of the online lending marketplace company, representing about 0.0406% of the ETF.</p>\n<p>LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</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>Cathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others</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\">\nCathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others\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\">2021-04-08 12:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 35 stocks that the hedge fund bought and sold on Wednesday.</p>\n<p>Trades For<b>ArkSpace Exploration &amp; Innovation ETF</b>ARKX 1.32%:</p>\n<p><b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 141,100 shares of the blank check company, representing about 0.2503% of the ETF.</p>\n<p>Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p>\n<p><b>Jaws Spitfire Acquisition Corp</b>SPFR 0.38%: Bought 241,618 shares of the blank check company, representing about 0.4389% of the ETF.</p>\n<p>Jaws stock closed 0.3% higher at $10.46 on Wednesday and rose 1.91% in the after-hours. It has a 52-week high of $12.10 and low of $9.95.</p>\n<p><b>Iridium Communications Inc</b>IRDM 2.05%: Bought 35,963 shares of the mobile<b>satellite communications</b>services, representing about 0.2525% of the ETF.</p>\n<p><i>See Also:The First 39 Companies In Cathie Wood's Ark Invest Space ETF</i></p>\n<p>Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p>\n<p><b>Reinvent Technology Partners</b>RTP 0.2%: Bought 140,900 shares of the blank-check company, representing 0.2496% of the ETF.</p>\n<p>Reinvent shares closed 0.39% lower at $10.11 and were up 1% in after-hours trading. The stock has a 52-week high of $17 and low of $9.86.</p>\n<p><b>Teradyne Inc</b>TER 0.45%: Sold 11,302 shares of the equipment design and manufacturing company, representing about 0.259% of the ETF.</p>\n<p>Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p>\n<p><b>Deere &amp; Co</b>DE 0.28%: Sold 7,781 shares of the agriculture, construction and forestry equipment maker, representing about 0.5072% of the ETF.</p>\n<p>Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p>\n<p><b>AeroVironment Inc</b>AVAV 3.44%: Sold 5,100 shares in the California-headquartered defense contractor, representing about 0.10% of the ETF.</p>\n<p>AeroVironment stock closed 3.44% lower at $113.37 on Wednesday. It has a 52-week high of $143.72 and low of $53.15.</p>\n<p><b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 28,749 shares in the semiconductor manufacturing and design company, representing about 0.603% of the ETF.</p>\n<p>Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p>\n<p>Trades For<b>Ark Fintech Innovation ETF</b>ARKF 1.24%:</p>\n<p><b>Base Inc</b>BAINF 0.97%: Bought 313,000 shares in Tokyo of the online services company that develops and builds e-commerce platforms, representing about 0.1195% of the ETF.</p>\n<p>Base OTC stock closed 0.97% higher at $15.65 on Wednesday. It has a 52-week high of $179 and low of $14.61.</p>\n<p><b>Yeahka Ltd</b>YHEKF: Bought 997,200 shares in Hong Kong of the payment-based technology platform, representing about 0.18% of the ETF.</p>\n<p>Yeahka stock closed 0.64% lower at $7.75 on Wednesday. It has a 52-week high of $15.28 and low of $4.78.</p>\n<p><b>LendingClub Corp</b>LC 0.95%: Bought 204,348 shares of the peer-to-peer lending company, representing about 0.0789% of the ETF.</p>\n<p>LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p>\n<p><b>LendingTree Inc</b>TREE 5.34%: Sold 15,762 shares of the online lending marketplace company, representing about 0.0824% of the ETF.</p>\n<p>LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p>\n<p>Trades For<b>Ark Genomic Revolution ETF</b>ARKG 3.26%:</p>\n<p><b>10X Genomics Inc</b>TXG 6.03%: Bought 78,908 shares of the gene sequencing biotechnology company, representing about 0.1526% of the ETF.</p>\n<p>10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p>\n<p><b>Signify Health Inc</b>SGFY 3.65%: Bought 182,193 shares of the healthcare tech company, representing about 0.0508% of the ETF.</p>\n<p>Signify shares closed 4.08% lower at $26.35 on Wednesday and were up 0.53% in after-hours. It has a 52-week high of $40.79 and low of $22.13.</p>\n<p><b>Repare Therapeutics Inc</b>RPTX 0.78%: Bought 10,700 shares of the Canadian oncology company, representing about 0.0035% of the ETF.</p>\n<p>Repare stock closed 0.78% higher at $30.96 on Wednesday. It has a 52-week high of $46.44 and low of $21.45.</p>\n<p><b>908 Devices Inc</b>MASS 6.18%: Bought 51,661 shares of the purpose-built handheld and devices for chemical and biomolecular analysis maker, representing about 0.0273% of the ETF.</p>\n<p>908 Devices stock closed 6.18% lower at $46.95 on Wednesday. It has a 52-week high of $79.60 and low of $38.88.</p>\n<p><b>Pluristem Therapeutics Inc</b>PSTI 2.09%: Sold 2,220 shares of the Israel-based stemcell company, representing about 0.0001% of the ETF.</p>\n<p>Pluristem stock closed 2.09% higher at $4.89 on Wednesday. It has a 52-week high of $13.29 and low of $3.95.</p>\n<p>Trades For<b>ArkInnovation ETF</b>ARKK 2.33%:</p>\n<p><b>Zoom Video Communications Inc</b>ZM 2.03%: Bought 98,500 shares of the video calling company, representing about 0.1326% of the ETF.</p>\n<p>Zoom stock closed 2.03% lower at $323.08 on Wednesday. It has a 52-week high of $588.84 and low of $109.57.</p>\n<p><b>10X Genomics Inc</b>TXG 6.03%: Bought 111,047 shares of the gene sequencing biotechnology company, representing about 0.0865% of the ETF.</p>\n<p>10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p>\n<p><b>Trimble Inc</b>TRMB 3.84%: Bought 237,782 shares of the California-based hardware, software and services technology company, representing about 0.0813% of the ETF.</p>\n<p>Trimble shares closed 3.84% lower at $79.74 on Wednesday. It has a 52-week high of $84.86 and low of $30.87.</p>\n<p><b>Palantir Technologies Inc</b>PLTR 1.57%: Bought 1,045,600 shares of the big data analytics company, representing about 0.1007% of the ETF.</p>\n<p>Palantir shares closed 1.59% lower at $22.90 on Wednesday and rose 1.05% in the after-hours. It has a 52-week high of $45 and low of $8.90.</p>\n<p><b>Docusign Inc</b>DOCU: Bought 103,783 shares of the online signature services company, representing about 0.0891% of the ETF.</p>\n<p>Docusign shares closed flat at $205.71 on Wednesday and were up 0.63% in after-hours trading. The stock has a 52-week high of $290.23 and low of $85.84.</p>\n<p><b>DraftKings Inc</b>DKNG 2.68%: Bought 610,847 shares of the daily fantasy sports company, representing about 0.1595% of the ETF.</p>\n<p>DraftKings shares closed 2.68% lower at $62.09 on Wednesday and were up 0.64% in the after-hours. It has a 52-week high of $74.38 and low of $12.68.</p>\n<p>Trades for<b>ARK Autonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ):</p>\n<p><b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 71,635 shares of the blank check company, representing about 0.0214% of the ETF.</p>\n<p>Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p>\n<p><b>Alphabet Inc</b>GOOGL 1.35%GOOG 1.12%: Sold 16,651 Class C shares of the Google parent company, representing about 1.10% of the ETF.</p>\n<p>Alphabet shares closed 1.35% higher at $2239.03 on Wednesday and were up 0.40% in the after-hours. The stock has a 52-week high of $2,244.50 and low of $1,177.25.</p>\n<p><b>Iridium Communications Inc</b>IRDM 2.05%: Bought 59,521 shares of the mobile<b>satellite communications</b>services, representing about 0.0705% of the ETF.</p>\n<p>Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p>\n<p><b>Kratos Defense &amp; Security Solutions</b>KTOS 2.34%: Bought 313,506 shares of the U.S. defense contractor and security systems integrator company, representing about 0.2583% of the company.</p>\n<p>Kratos Defense shares closed 2.34% lower at $27.97 on Wednesday and were up 1.07% in the after-hours. The stock has a 52-week high of $34.11 and low of $13.34.</p>\n<p><b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 97,700 shares in the semiconductor manufacturing and design company, representing about 0.3467% of the ETF.</p>\n<p>Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p>\n<p><b>Teradyne Inc</b>TER 0.45%: Sold 98,161 shares of the equipment design and manufacturing company, representing about 0.3802% of the ETF.</p>\n<p>Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p>\n<p><b>Deere &amp; Co</b>DE 0.28%: Sold 37,795 shares of the agriculture, construction and forestry equipment maker, representing about 0.4162% of the ETF.</p>\n<p>Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p>\n<p><b>Caterpillar Inc</b>CAT 0.11%: Sold 59,610 shares of the agriculture, construction, mining and forestry equipment maker, representing about 0.4051% of the ETF.</p>\n<p>Caterpillar shares closed 0.1% lower at $230.41.The stock has a 52-week high of $237.78 and low of $100.22.</p>\n<p>Trades For<b>ARK Next Generation Internet ETF</b>ARKW 1.62%</p>\n<p><b>Trade Desk Inc</b>TTD 1.23%: Bought 23,750 shares of the technology platform for ad buyers company, representing about 0.23% of the ETF.</p>\n<p>Trade Desk shares closed 1.23% higher at $677.87 on Wednesday and were up 0.31% in after-hours. It has a 52-week high of $972.80 and low of $190.29.</p>\n<p><b>LendingClub Corp</b>LC 0.95%: Bought 150,245 shares of the peer-to-peer lending company, representing about 0.0337% of the ETF.</p>\n<p>LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p>\n<p><b>Synopsys Inc</b>SNPS 0.14%: Sold 70,396 shares of the electronic design automation company, representing about 0.2588% of the ETF.</p>\n<p>Synopsys shares closed 0.14% lower at $257 on Wednesday. It has a 52-week high of $300.91 and low of $133.27.</p>\n<p><b>LendingTree Inc</b>TREE 5.34%: Sold 12,129 shares of the online lending marketplace company, representing about 0.0406% of the ETF.</p>\n<p>LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112389819","content_text":"Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 35 stocks that the hedge fund bought and sold on Wednesday.\nTrades ForArkSpace Exploration & Innovation ETFARKX 1.32%:\nAtlas Crest Investment CorpACIC 1.35%: Bought 141,100 shares of the blank check company, representing about 0.2503% of the ETF.\nAtlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.\nJaws Spitfire Acquisition CorpSPFR 0.38%: Bought 241,618 shares of the blank check company, representing about 0.4389% of the ETF.\nJaws stock closed 0.3% higher at $10.46 on Wednesday and rose 1.91% in the after-hours. It has a 52-week high of $12.10 and low of $9.95.\nIridium Communications IncIRDM 2.05%: Bought 35,963 shares of the mobilesatellite communicationsservices, representing about 0.2525% of the ETF.\nSee Also:The First 39 Companies In Cathie Wood's Ark Invest Space ETF\nIridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.\nReinvent Technology PartnersRTP 0.2%: Bought 140,900 shares of the blank-check company, representing 0.2496% of the ETF.\nReinvent shares closed 0.39% lower at $10.11 and were up 1% in after-hours trading. The stock has a 52-week high of $17 and low of $9.86.\nTeradyne IncTER 0.45%: Sold 11,302 shares of the equipment design and manufacturing company, representing about 0.259% of the ETF.\nTeradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.\nDeere & CoDE 0.28%: Sold 7,781 shares of the agriculture, construction and forestry equipment maker, representing about 0.5072% of the ETF.\nDeere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.\nAeroVironment IncAVAV 3.44%: Sold 5,100 shares in the California-headquartered defense contractor, representing about 0.10% of the ETF.\nAeroVironment stock closed 3.44% lower at $113.37 on Wednesday. It has a 52-week high of $143.72 and low of $53.15.\nTaiwan Semiconductor Mfg. CoTSM 2.06%: Sold 28,749 shares in the semiconductor manufacturing and design company, representing about 0.603% of the ETF.\nTaiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.\nTrades ForArk Fintech Innovation ETFARKF 1.24%:\nBase IncBAINF 0.97%: Bought 313,000 shares in Tokyo of the online services company that develops and builds e-commerce platforms, representing about 0.1195% of the ETF.\nBase OTC stock closed 0.97% higher at $15.65 on Wednesday. It has a 52-week high of $179 and low of $14.61.\nYeahka LtdYHEKF: Bought 997,200 shares in Hong Kong of the payment-based technology platform, representing about 0.18% of the ETF.\nYeahka stock closed 0.64% lower at $7.75 on Wednesday. It has a 52-week high of $15.28 and low of $4.78.\nLendingClub CorpLC 0.95%: Bought 204,348 shares of the peer-to-peer lending company, representing about 0.0789% of the ETF.\nLendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.\nLendingTree IncTREE 5.34%: Sold 15,762 shares of the online lending marketplace company, representing about 0.0824% of the ETF.\nLendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.\nTrades ForArk Genomic Revolution ETFARKG 3.26%:\n10X Genomics IncTXG 6.03%: Bought 78,908 shares of the gene sequencing biotechnology company, representing about 0.1526% of the ETF.\n10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.\nSignify Health IncSGFY 3.65%: Bought 182,193 shares of the healthcare tech company, representing about 0.0508% of the ETF.\nSignify shares closed 4.08% lower at $26.35 on Wednesday and were up 0.53% in after-hours. It has a 52-week high of $40.79 and low of $22.13.\nRepare Therapeutics IncRPTX 0.78%: Bought 10,700 shares of the Canadian oncology company, representing about 0.0035% of the ETF.\nRepare stock closed 0.78% higher at $30.96 on Wednesday. It has a 52-week high of $46.44 and low of $21.45.\n908 Devices IncMASS 6.18%: Bought 51,661 shares of the purpose-built handheld and devices for chemical and biomolecular analysis maker, representing about 0.0273% of the ETF.\n908 Devices stock closed 6.18% lower at $46.95 on Wednesday. It has a 52-week high of $79.60 and low of $38.88.\nPluristem Therapeutics IncPSTI 2.09%: Sold 2,220 shares of the Israel-based stemcell company, representing about 0.0001% of the ETF.\nPluristem stock closed 2.09% higher at $4.89 on Wednesday. It has a 52-week high of $13.29 and low of $3.95.\nTrades ForArkInnovation ETFARKK 2.33%:\nZoom Video Communications IncZM 2.03%: Bought 98,500 shares of the video calling company, representing about 0.1326% of the ETF.\nZoom stock closed 2.03% lower at $323.08 on Wednesday. It has a 52-week high of $588.84 and low of $109.57.\n10X Genomics IncTXG 6.03%: Bought 111,047 shares of the gene sequencing biotechnology company, representing about 0.0865% of the ETF.\n10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.\nTrimble IncTRMB 3.84%: Bought 237,782 shares of the California-based hardware, software and services technology company, representing about 0.0813% of the ETF.\nTrimble shares closed 3.84% lower at $79.74 on Wednesday. It has a 52-week high of $84.86 and low of $30.87.\nPalantir Technologies IncPLTR 1.57%: Bought 1,045,600 shares of the big data analytics company, representing about 0.1007% of the ETF.\nPalantir shares closed 1.59% lower at $22.90 on Wednesday and rose 1.05% in the after-hours. It has a 52-week high of $45 and low of $8.90.\nDocusign IncDOCU: Bought 103,783 shares of the online signature services company, representing about 0.0891% of the ETF.\nDocusign shares closed flat at $205.71 on Wednesday and were up 0.63% in after-hours trading. The stock has a 52-week high of $290.23 and low of $85.84.\nDraftKings IncDKNG 2.68%: Bought 610,847 shares of the daily fantasy sports company, representing about 0.1595% of the ETF.\nDraftKings shares closed 2.68% lower at $62.09 on Wednesday and were up 0.64% in the after-hours. It has a 52-week high of $74.38 and low of $12.68.\nTrades forARK Autonomous Technology & Robotics ETF(BATS:ARKQ):\nAtlas Crest Investment CorpACIC 1.35%: Bought 71,635 shares of the blank check company, representing about 0.0214% of the ETF.\nAtlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.\nAlphabet IncGOOGL 1.35%GOOG 1.12%: Sold 16,651 Class C shares of the Google parent company, representing about 1.10% of the ETF.\nAlphabet shares closed 1.35% higher at $2239.03 on Wednesday and were up 0.40% in the after-hours. The stock has a 52-week high of $2,244.50 and low of $1,177.25.\nIridium Communications IncIRDM 2.05%: Bought 59,521 shares of the mobilesatellite communicationsservices, representing about 0.0705% of the ETF.\nIridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.\nKratos Defense & Security SolutionsKTOS 2.34%: Bought 313,506 shares of the U.S. defense contractor and security systems integrator company, representing about 0.2583% of the company.\nKratos Defense shares closed 2.34% lower at $27.97 on Wednesday and were up 1.07% in the after-hours. The stock has a 52-week high of $34.11 and low of $13.34.\nTaiwan Semiconductor Mfg. CoTSM 2.06%: Sold 97,700 shares in the semiconductor manufacturing and design company, representing about 0.3467% of the ETF.\nTaiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.\nTeradyne IncTER 0.45%: Sold 98,161 shares of the equipment design and manufacturing company, representing about 0.3802% of the ETF.\nTeradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.\nDeere & CoDE 0.28%: Sold 37,795 shares of the agriculture, construction and forestry equipment maker, representing about 0.4162% of the ETF.\nDeere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.\nCaterpillar IncCAT 0.11%: Sold 59,610 shares of the agriculture, construction, mining and forestry equipment maker, representing about 0.4051% of the ETF.\nCaterpillar shares closed 0.1% lower at $230.41.The stock has a 52-week high of $237.78 and low of $100.22.\nTrades ForARK Next Generation Internet ETFARKW 1.62%\nTrade Desk IncTTD 1.23%: Bought 23,750 shares of the technology platform for ad buyers company, representing about 0.23% of the ETF.\nTrade Desk shares closed 1.23% higher at $677.87 on Wednesday and were up 0.31% in after-hours. It has a 52-week high of $972.80 and low of $190.29.\nLendingClub CorpLC 0.95%: Bought 150,245 shares of the peer-to-peer lending company, representing about 0.0337% of the ETF.\nLendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.\nSynopsys IncSNPS 0.14%: Sold 70,396 shares of the electronic design automation company, representing about 0.2588% of the ETF.\nSynopsys shares closed 0.14% lower at $257 on Wednesday. It has a 52-week high of $300.91 and low of $133.27.\nLendingTree IncTREE 5.34%: Sold 12,129 shares of the online lending marketplace company, representing about 0.0406% of the ETF.\nLendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}