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2021-06-29

Nkce

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2021-06-29

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2021-06-28

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Bed Bath & Beyond Is Set to Report Earnings on Wednesday. What to Know.

2021-06-28

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US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week

2021-06-27

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2021-06-27

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Amazon: Good Stock, Not Good Price

2021-06-26

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2021-06-26

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2021-06-25

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2021-06-25

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2021-06-24

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2021-06-24

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2021-06-23

Wow

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2021-06-23

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Google likely to soon face antitrust claims over Play store from US states - sources

2021-06-22

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Gates Split Casts Harsh Glare on $170 Billion Money Manager

2021-06-22

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What to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1172874030","media":"Barrons","summary":"After a wild month on the meme stock rollercoaster, Bed Bath & Beyond shares have settled down right","content":"<p>After a wild month on the meme stock rollercoaster, Bed Bath &amp; Beyond shares have settled down right in time for the retailer’s latest earnings report.</p>\n<p>Bed Bath &amp; Beyond (ticker: BBBY) is set to report fiscal first-quarter earnings results before the market opens on Wednesday. The Wall Street consensus estimate for the quarter has adjusted earnings at nine cents per share and sales at $1.87 billion,&nbsp;according to FactSet. Analysts forecast same-store sales growth of 76% year-over-year.</p>\n<p>Wedbush Securities analyst Seth Basham thinks sales will meet expectations, but he’ll be looking for updates on how the company’s market share is holding up. He notes that Bed Bath is facing a relatively easy comparison from last year’s pandemic-impacted period. That will change in quarters to come, as the company will lap periods that saw in uptick in at-home spending.</p>\n<p>Bed Bath shares were caught in a broader&nbsp;resurgence for meme stocks&nbsp;at the start of June, but have since settled down. That led BofA Global Research analyst Curtis Nagle to bring back a Buy rating for the stock last week. Nagle dropped his rating after shares spiked 62% on June 2 on little news&nbsp;aside from chatter on social media. That’s a hallmark of&nbsp;meme stocks, which are generally highly shorted companies targeted&nbsp;by retail investors on Reddit.</p>\n<p>“Since then, [Bed Bath &amp; Beyond] shares are now trading much closer to levels pre-surge, and non-fundamentals drivers such as number of mentions on retail investor online message boards, trading volumes, and short interest have moderated,” Nagle wrote.</p>\n<p>Nagle also brought back a $38 price objective. He expects the company to hit earnings before interest, taxes, depreciation, and amortization, or Ebitda, of between $850 million and $1 billion by 2023.</p>\n<p>Bed Bath’s meme stock status has somewhat obscured efforts by CEO Mark Tritton to&nbsp;turn the company around. Nagle notes that the company’s balance sheet is in a strong place, with about $1.35 billion in cash and negative net debt of $200 million.</p>\n<p>He also argues the company is heading into its&nbsp;largest new product rollout&nbsp;in history, as the company rolls out new private label brands. Tritton told&nbsp;<i>Barron’s</i>&nbsp;earlier this year such efforts&nbsp;would play a role&nbsp;in the retailer’s turnaround.</p>\n<p>Nagle also points to store closures at underperforming locations and reopening tailwinds from back to school and wedding registry shoppers that should benefit the retailer.</p>\n<p>Of course, investors will need to be wary of social media and short seller activity. June wasn’t the first time the stock was caught in meme stock volatility. Bed Bath saw shares surge in January along with&nbsp;GameStop(GME) and&nbsp;AMC Entertainment Holdings(AMC).</p>\n<p>Analysts are mixed on the company’s prospects. Of the 21 analysts covering Bed Bath stock, two have Buy ratings, 13 have Neutral ratings, while six have Sell or equivalent ratings, according to FactSet. Their mean price target is $26.43, implying 12.1% downside from recent levels.</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>Bed Bath & Beyond Is Set to Report Earnings on Wednesday. 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What to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 19:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/bed-bath-beyond-reports-earnings-on-wednesday-look-beyond-the-meme-stock-spotlight-51624654711?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After a wild month on the meme stock rollercoaster, Bed Bath & Beyond shares have settled down right in time for the retailer’s latest earnings report.\nBed Bath & Beyond (ticker: BBBY) is set to ...</p>\n\n<a href=\"https://www.barrons.com/articles/bed-bath-beyond-reports-earnings-on-wednesday-look-beyond-the-meme-stock-spotlight-51624654711?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"https://www.barrons.com/articles/bed-bath-beyond-reports-earnings-on-wednesday-look-beyond-the-meme-stock-spotlight-51624654711?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172874030","content_text":"After a wild month on the meme stock rollercoaster, Bed Bath & Beyond shares have settled down right in time for the retailer’s latest earnings report.\nBed Bath & Beyond (ticker: BBBY) is set to report fiscal first-quarter earnings results before the market opens on Wednesday. The Wall Street consensus estimate for the quarter has adjusted earnings at nine cents per share and sales at $1.87 billion, according to FactSet. Analysts forecast same-store sales growth of 76% year-over-year.\nWedbush Securities analyst Seth Basham thinks sales will meet expectations, but he’ll be looking for updates on how the company’s market share is holding up. He notes that Bed Bath is facing a relatively easy comparison from last year’s pandemic-impacted period. That will change in quarters to come, as the company will lap periods that saw in uptick in at-home spending.\nBed Bath shares were caught in a broader resurgence for meme stocks at the start of June, but have since settled down. That led BofA Global Research analyst Curtis Nagle to bring back a Buy rating for the stock last week. Nagle dropped his rating after shares spiked 62% on June 2 on little news aside from chatter on social media. That’s a hallmark of meme stocks, which are generally highly shorted companies targeted by retail investors on Reddit.\n“Since then, [Bed Bath & Beyond] shares are now trading much closer to levels pre-surge, and non-fundamentals drivers such as number of mentions on retail investor online message boards, trading volumes, and short interest have moderated,” Nagle wrote.\nNagle also brought back a $38 price objective. He expects the company to hit earnings before interest, taxes, depreciation, and amortization, or Ebitda, of between $850 million and $1 billion by 2023.\nBed Bath’s meme stock status has somewhat obscured efforts by CEO Mark Tritton to turn the company around. Nagle notes that the company’s balance sheet is in a strong place, with about $1.35 billion in cash and negative net debt of $200 million.\nHe also argues the company is heading into its largest new product rollout in history, as the company rolls out new private label brands. Tritton told Barron’s earlier this year such efforts would play a role in the retailer’s turnaround.\nNagle also points to store closures at underperforming locations and reopening tailwinds from back to school and wedding registry shoppers that should benefit the retailer.\nOf course, investors will need to be wary of social media and short seller activity. June wasn’t the first time the stock was caught in meme stock volatility. Bed Bath saw shares surge in January along with GameStop(GME) and AMC Entertainment Holdings(AMC).\nAnalysts are mixed on the company’s prospects. Of the 21 analysts covering Bed Bath stock, two have Buy ratings, 13 have Neutral ratings, while six have Sell or equivalent ratings, according to FactSet. Their mean price target is $26.43, implying 12.1% downside from recent levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":150994145,"gmtCreate":1624880510687,"gmtModify":1633947598609,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"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/150994145","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohu8.com/m/news/1150095060?lang=&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p>\n<p><b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p>\n<p>Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p>\n<p>Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p>\n<p>Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p>\n<p>Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p>\n<p>Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p>\n<p>Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p>\n<p>SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p>\n<p>Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p>\n<p>Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p>\n<p><b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p>\n<p>Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p>\n<p>Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p>\n<p>Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p>\n<p>Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p>\n<p>Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p>\n<p>Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p>\n<p><img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 17:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABOS":"Acumen Pharmaceuticals, Inc.","DDL":"叮咚买菜","DNUT":"Krispy Kreme, Inc.","LZ":"LegalZoom.com, Inc","IAS":"Integral Ad Science Holding","HEPS":"D-MARKET Electronic Services & Trading","S":"SentinelOne, Inc","EVCM":"EverCommerce Inc.","YOU":"Clear Secure, Inc.","INTA":"Intapp, Inc.","CURV":"Torrid Holdings","XMTR":"Xometry, Inc.","DIDI":"滴滴(已退市)","CVRX":"CVRx, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124707361,"gmtCreate":1624788512953,"gmtModify":1633948609960,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124707361","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124704493,"gmtCreate":1624788471412,"gmtModify":1633948610450,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124704493","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>\n <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>\n <li>This article looks at what Amazon stock is most likely worth for us investors.</li>\n <li>I hope you enjoy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p>\n<p>You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p>\n<p>In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p>\n<p>Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p>\n<p>This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p>\n<p>But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p>\n<blockquote>\n Warren Buffett said, “The three most important words in investing are\n <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.\n</blockquote>\n<blockquote>\n Rule 1 Investing\n</blockquote>\n<p>This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p>\n<p><b>Business Model</b></p>\n<p>Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p>\n<p>As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p>\n<p>And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p>\n<p>Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p>\n<p>Here's a look at Amazon's International segment:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p>\n<p>And for Amazon's last and most exciting segment, here's AWS:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p>\n<p>AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p>\n<p>Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p>\n<p>These projections were added together to help us figure out what the entire company should be worth.</p>\n<p><b>Capital Allocation</b></p>\n<p>How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p>\n<p>The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p>\n<blockquote>\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>\n</blockquote>\n<blockquote>\n Source:2020 10-K&nbsp;page 60,\n <i>emphasis added</i>\n</blockquote>\n<p>But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p>\n<p>Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p>\n<p>Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p>\n<p><b>Valuation</b></p>\n<p>First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p>\n<p>I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p>\n<p>This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p>\n<p>Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p>\n<p>Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p>\n<p>Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p>\n<p>These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p>\n<p>Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p>\n<p>The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p>\n<p>\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p>\n<p>But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p>\n<p><b>Recap</b></p>\n<p>Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p>\n<p>But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p>\n<p>Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p>\n<p>Thank you very much for reading, and I hope that you have a great rest of your day.</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>Amazon: Good Stock, Not Good Price</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: Good Stock, Not Good Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">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/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1},"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124072373,"gmtCreate":1624713889592,"gmtModify":1633949358208,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124072373","repostId":"2146107083","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124076796,"gmtCreate":1624713872415,"gmtModify":1633949358431,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"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/124076796","repostId":"2146008543","repostType":4,"isVote":1,"tweetType":1,"viewCount":816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126708090,"gmtCreate":1624583546210,"gmtModify":1633950967367,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126708090","repostId":"1182579765","repostType":4,"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126701057,"gmtCreate":1624583521779,"gmtModify":1633950968334,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126701057","repostId":"1160571601","repostType":4,"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":128116501,"gmtCreate":1624505674303,"gmtModify":1634005118297,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128116501","repostId":"2145154690","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":128118456,"gmtCreate":1624505629175,"gmtModify":1634005118871,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"done","listText":"done","text":"done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128118456","repostId":"2145154690","repostType":4,"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":123248749,"gmtCreate":1624426652481,"gmtModify":1634006261657,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123248749","repostId":"2145406595","repostType":4,"isVo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13:31","market":"sg","language":"en","title":"Google likely to soon face antitrust claims over Play store from US states - sources","url":"https://stock-news.laohu8.com/highlight/detail?id=2145608540","media":"CNA","summary":"A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running its mobile app store, according to three sources familiar with the matter.","content":"<p>WASHINGTON: A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running its mobile app store, according to three sources familiar with the matter.</p>\n<p>The anticipated lawsuit follows complaints from app developers about Google's management of its Play Store for Android devices, according to <a href=\"https://laohu8.com/S/AONE\">one</a> source. The lawsuit has been in the works since last year and has already been delayed, but seems close again, the sources said.</p>\n<p>The investigation by the state attorneys general is being led by Utah, Tennessee, North Carolina and New York. It is unclear how many states will participate.</p>\n<p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> sources said the case is likely to be filed in federal court in Northern California, where related cases are being heard. These include a lawsuit that video game maker Epic Games Inc filed against Google last year, accusing it of having anticompetitive app store rules. It is expected to go to trial in 2022.</p>\n<p>There also are two proposed class-action lawsuits over the Play store before the same judge. If the states want to participate in depositions and other pre-trial activities, they would have to file fairly soon, <a href=\"https://laohu8.com/S/AONE.U\">one</a> source said.</p>\n<p>Apple Inc and Epic are awaiting the verdict in a similar California lawsuit after a trial that ended last month.</p>\n<p>A Google spokesperson defended their app store as open.</p>\n<p>\"Android is the only major operating system that allows people to download apps from multiple app stores. In fact, most Android devices ship with two or more app stores preinstalled. They can also install additional app stores or apps directly from their browser if they choose,\" the spokesperson said.</p>\n<p>Google was originally seen as more open in how it ran its app store than Apple but has tightened rules recently and increased enforcement of those rules.</p>\n<p>The lawsuit is expected to focus on Google's requirement that some apps use the company's payment tools to sell subscriptions and content and pay Google as much as 30per cent of sales, according to two sources.</p>\n<p>App makers like music streaming service Spotify Technology SA and dating services giant Match Group, which owns the Tinder app, have long accused both Google, as well as Apple, of being anti-competitive in demanding mandatory revenue sharing.</p>\n<p>This latest lawsuit is being planned at a time of unusually vigorous debate over whether federal antitrust enforcement is too lax. Many people, including Senator Amy Klobuchar who chairs the Senate Judiciary Committee's antitrust panel, have pressed for tougher enforcement.</p>\n<p>Google already faces a federal lawsuit brought by the Justice Department last year and related antitrust cases brought by two separate groups of attorneys general. One is led by Texas and focused on advertising while the other targets Google's alleged efforts to extend its dominance in search to newer markets, like voice assistants.</p>","source":"can_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google likely to soon face antitrust claims over Play store from US states - sources</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle likely to soon face antitrust claims over Play store from US states - sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 13:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.channelnewsasia.com/news/business/google-likely-to-soon-face-antitrust-claims-over-play-store-from-us-states---sources-15071222><strong>CNA</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON: A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running ...</p>\n\n<a href=\"https://www.channelnewsasia.com/news/business/google-likely-to-soon-face-antitrust-claims-over-play-store-from-us-states---sources-15071222\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","GOOG":"谷歌","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数","GOOGL":"谷歌A"},"source_url":"https://www.channelnewsasia.com/news/business/google-likely-to-soon-face-antitrust-claims-over-play-store-from-us-states---sources-15071222","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145608540","content_text":"WASHINGTON: A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running its mobile app store, according to three sources familiar with the matter.\nThe anticipated lawsuit follows complaints from app developers about Google's management of its Play Store for Android devices, according to one source. The lawsuit has been in the works since last year and has already been delayed, but seems close again, the sources said.\nThe investigation by the state attorneys general is being led by Utah, Tennessee, North Carolina and New York. It is unclear how many states will participate.\nTwo sources said the case is likely to be filed in federal court in Northern California, where related cases are being heard. These include a lawsuit that video game maker Epic Games Inc filed against Google last year, accusing it of having anticompetitive app store rules. It is expected to go to trial in 2022.\nThere also are two proposed class-action lawsuits over the Play store before the same judge. If the states want to participate in depositions and other pre-trial activities, they would have to file fairly soon, one source said.\nApple Inc and Epic are awaiting the verdict in a similar California lawsuit after a trial that ended last month.\nA Google spokesperson defended their app store as open.\n\"Android is the only major operating system that allows people to download apps from multiple app stores. In fact, most Android devices ship with two or more app stores preinstalled. They can also install additional app stores or apps directly from their browser if they choose,\" the spokesperson said.\nGoogle was originally seen as more open in how it ran its app store than Apple but has tightened rules recently and increased enforcement of those rules.\nThe lawsuit is expected to focus on Google's requirement that some apps use the company's payment tools to sell subscriptions and content and pay Google as much as 30per cent of sales, according to two sources.\nApp makers like music streaming service Spotify Technology SA and dating services giant Match Group, which owns the Tinder app, have long accused both Google, as well as Apple, of being anti-competitive in demanding mandatory revenue sharing.\nThis latest lawsuit is being planned at a time of unusually vigorous debate over whether federal antitrust enforcement is too lax. Many people, including Senator Amy Klobuchar who chairs the Senate Judiciary Committee's antitrust panel, have pressed for tougher enforcement.\nGoogle already faces a federal lawsuit brought by the Justice Department last year and related antitrust cases brought by two separate groups of attorneys general. One is led by Texas and focused on advertising while the other targets Google's alleged efforts to extend its dominance in search to newer markets, like voice assistants.","news_type":1},"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":120439108,"gmtCreate":1624331118204,"gmtModify":1634007659766,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120439108","repostId":"1174609211","repostType":4,"repost":{"id":"1174609211","kind":"news","pubTimestamp":1624325385,"share":"https://www.laohu8.com/m/news/1174609211?lang=&edition=full","pubTime":"2021-06-22 09:29","market":"us","language":"en","title":"Gates Split Casts Harsh Glare on $170 Billion Money Manager","url":"https://stock-news.laohu8.com/highlight/detail?id=1174609211","media":"Bloomberg","summary":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world","content":"<p>(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.</p>\n<p>The conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.</p>\n<p>The couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.</p>\n<p>On Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.</p>\n<p>The rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.</p>\n<p>The sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter.</p>\n<p>The record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.</p>\n<p>“The price some of these guys are willing to pay to stay out of the news is high,” said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group.</p>\n<p>The divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. A spokesman for Cascade said BMGI is changing its name “to allow for the evolving needs of the Gates family and their philanthropic work” and that the group’s investment strategy and organizational structure won’t change.</p>\n<p>French Gates, whose name was added to BMGI in 2014, has been in focus after Cascade transferred equity stakes worth more than $3 billion to her, leading some in the industry to speculate she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.</p>\n<p>Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.</p>\n<p>Mohamed said it’s of little surprise that Larson has remained in his role after the allegations, given his decades-long tenure with Gates and the loyalty it has likely engendered.</p>\n<p>“Had Larson not had the professional impact he had, it would be a simple yes, he should resign,” said Mohamed, whose company helps family offices fill leadership positions.</p>\n<p>Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.</p>\n<p>The manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm.</p>\n<p>She was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.</p>\n<p>It’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.</p>\n<p>Conservative Mandate</p>\n<p>Being the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.</p>\n<p>Aside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.</p>\n<p>That reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.</p>\n<p>“The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.</p>\n<p>In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.</p>\n<p>That has shifted. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere &amp; Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. -- companies rooted in the physical world of making, moving and selling goods, and cleaning things up.</p>\n<p>Cascade also owns around 270,000 acres of land, enough to make it the single biggest owner of U.S. farmland, according to the Land Report. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.</p>\n<p>The foundation’s most recent tax returns also shows $804 million of corporate bonds and $5.8 billion of other investments like mortgage-backed securities, bank loans and sovereign debt.</p>\n<p>Stable Returns</p>\n<p>Cascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s assets under management have returned an average of about 8.6% per year since 2001, according to a person familiar with the matter, beating the S&amp;P 500 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.</p>\n<p>Cascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.</p>\n<p>One remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.</p>\n<p>The holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.</p>\n<p>Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.</p>\n<p>Gates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”</p>\n<p>Two decades ago, Larson put it more bluntly.</p>\n<p>“When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”</p>","source":"lsy1612507957220","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>Gates Split Casts Harsh Glare on $170 Billion Money Manager</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\">\nGates Split Casts Harsh Glare on $170 Billion Money Manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 09:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174609211","content_text":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.\nThe conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.\nThe couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.\nOn Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.\nThe rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.\nThe sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter.\nThe record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.\n“The price some of these guys are willing to pay to stay out of the news is high,” said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group.\nThe divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. A spokesman for Cascade said BMGI is changing its name “to allow for the evolving needs of the Gates family and their philanthropic work” and that the group’s investment strategy and organizational structure won’t change.\nFrench Gates, whose name was added to BMGI in 2014, has been in focus after Cascade transferred equity stakes worth more than $3 billion to her, leading some in the industry to speculate she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.\nLarson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.\nMohamed said it’s of little surprise that Larson has remained in his role after the allegations, given his decades-long tenure with Gates and the loyalty it has likely engendered.\n“Had Larson not had the professional impact he had, it would be a simple yes, he should resign,” said Mohamed, whose company helps family offices fill leadership positions.\nLarson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.\nThe manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm.\nShe was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.\nIt’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.\nConservative Mandate\nBeing the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.\nAside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.\nThat reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.\n“The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.\nIn a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.\nThat has shifted. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere & Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. -- companies rooted in the physical world of making, moving and selling goods, and cleaning things up.\nCascade also owns around 270,000 acres of land, enough to make it the single biggest owner of U.S. farmland, according to the Land Report. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.\nThe foundation’s most recent tax returns also shows $804 million of corporate bonds and $5.8 billion of other investments like mortgage-backed securities, bank loans and sovereign debt.\nStable Returns\nCascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s assets under management have returned an average of about 8.6% per year since 2001, according to a person familiar with the matter, beating the S&P 500 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.\nCascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.\nOne remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.\nThe holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.\nCascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.\nGates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”\nTwo decades ago, Larson put it more bluntly.\n“When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":120495772,"gmtCreate":1624330939696,"gmtModify":1634007662918,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087431722227390","idStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120495772","repostId":"2145378290","repostType":4,"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":150994145,"gmtCreate":1624880510687,"gmtModify":1633947598609,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"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/150994145","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohu8.com/m/news/1150095060?lang=&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p>\n<p><b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p>\n<p>Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p>\n<p>Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p>\n<p>Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p>\n<p>Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p>\n<p>Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p>\n<p>Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p>\n<p>SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p>\n<p>Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p>\n<p>Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p>\n<p><b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p>\n<p>Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p>\n<p>Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p>\n<p>Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p>\n<p>Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p>\n<p>Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p>\n<p>Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p>\n<p><img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 17:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABOS":"Acumen Pharmaceuticals, Inc.","DDL":"叮咚买菜","DNUT":"Krispy Kreme, Inc.","LZ":"LegalZoom.com, Inc","IAS":"Integral Ad Science Holding","HEPS":"D-MARKET Electronic Services & Trading","S":"SentinelOne, Inc","EVCM":"EverCommerce Inc.","YOU":"Clear Secure, Inc.","INTA":"Intapp, Inc.","CURV":"Torrid Holdings","XMTR":"Xometry, Inc.","DIDI":"滴滴(已退市)","CVRX":"CVRx, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124076796,"gmtCreate":1624713872415,"gmtModify":1633949358431,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"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/124076796","repostId":"2146008543","repostType":4,"isVote":1,"tweetType":1,"viewCount":816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":123248749,"gmtCreate":1624426652481,"gmtModify":1634006261657,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123248749","repostId":"2145406595","repostType":4,"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124707361,"gmtCreate":1624788512953,"gmtModify":1633948609960,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124707361","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":128116501,"gmtCreate":1624505674303,"gmtModify":1634005118297,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128116501","repostId":"2145154690","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":128118456,"gmtCreate":1624505629175,"gmtModify":1634005118871,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"done","listText":"done","text":"done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128118456","repostId":"2145154690","repostType":4,"isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":123241274,"gmtCreate":1624426624798,"gmtModify":1634006262871,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123241274","repostId":"2145608540","repostType":4,"repost":{"id":"2145608540","kind":"news","pubTimestamp":1624426277,"share":"https://www.laohu8.com/m/news/2145608540?lang=&edition=full","pubTime":"2021-06-23 13:31","market":"sg","language":"en","title":"Google likely to soon face antitrust claims over Play store from US states - sources","url":"https://stock-news.laohu8.com/highlight/detail?id=2145608540","media":"CNA","summary":"A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running its mobile app store, according to three sources familiar with the matter.","content":"<p>WASHINGTON: A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running its mobile app store, according to three sources familiar with the matter.</p>\n<p>The anticipated lawsuit follows complaints from app developers about Google's management of its Play Store for Android devices, according to <a href=\"https://laohu8.com/S/AONE\">one</a> source. The lawsuit has been in the works since last year and has already been delayed, but seems close again, the sources said.</p>\n<p>The investigation by the state attorneys general is being led by Utah, Tennessee, North Carolina and New York. It is unclear how many states will participate.</p>\n<p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> sources said the case is likely to be filed in federal court in Northern California, where related cases are being heard. These include a lawsuit that video game maker Epic Games Inc filed against Google last year, accusing it of having anticompetitive app store rules. It is expected to go to trial in 2022.</p>\n<p>There also are two proposed class-action lawsuits over the Play store before the same judge. If the states want to participate in depositions and other pre-trial activities, they would have to file fairly soon, <a href=\"https://laohu8.com/S/AONE.U\">one</a> source said.</p>\n<p>Apple Inc and Epic are awaiting the verdict in a similar California lawsuit after a trial that ended last month.</p>\n<p>A Google spokesperson defended their app store as open.</p>\n<p>\"Android is the only major operating system that allows people to download apps from multiple app stores. In fact, most Android devices ship with two or more app stores preinstalled. They can also install additional app stores or apps directly from their browser if they choose,\" the spokesperson said.</p>\n<p>Google was originally seen as more open in how it ran its app store than Apple but has tightened rules recently and increased enforcement of those rules.</p>\n<p>The lawsuit is expected to focus on Google's requirement that some apps use the company's payment tools to sell subscriptions and content and pay Google as much as 30per cent of sales, according to two sources.</p>\n<p>App makers like music streaming service Spotify Technology SA and dating services giant Match Group, which owns the Tinder app, have long accused both Google, as well as Apple, of being anti-competitive in demanding mandatory revenue sharing.</p>\n<p>This latest lawsuit is being planned at a time of unusually vigorous debate over whether federal antitrust enforcement is too lax. Many people, including Senator Amy Klobuchar who chairs the Senate Judiciary Committee's antitrust panel, have pressed for tougher enforcement.</p>\n<p>Google already faces a federal lawsuit brought by the Justice Department last year and related antitrust cases brought by two separate groups of attorneys general. One is led by Texas and focused on advertising while the other targets Google's alleged efforts to extend its dominance in search to newer markets, like voice assistants.</p>","source":"can_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google likely to soon face antitrust claims over Play store from US states - sources</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle likely to soon face antitrust claims over Play store from US states - sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 13:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.channelnewsasia.com/news/business/google-likely-to-soon-face-antitrust-claims-over-play-store-from-us-states---sources-15071222><strong>CNA</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON: A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running ...</p>\n\n<a href=\"https://www.channelnewsasia.com/news/business/google-likely-to-soon-face-antitrust-claims-over-play-store-from-us-states---sources-15071222\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","GOOG":"谷歌","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数","GOOGL":"谷歌A"},"source_url":"https://www.channelnewsasia.com/news/business/google-likely-to-soon-face-antitrust-claims-over-play-store-from-us-states---sources-15071222","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145608540","content_text":"WASHINGTON: A group of state attorneys general may file a lawsuit against Alphabet Inc's Google as early as next week, accusing the search and advertising giant of violating antitrust law in running its mobile app store, according to three sources familiar with the matter.\nThe anticipated lawsuit follows complaints from app developers about Google's management of its Play Store for Android devices, according to one source. The lawsuit has been in the works since last year and has already been delayed, but seems close again, the sources said.\nThe investigation by the state attorneys general is being led by Utah, Tennessee, North Carolina and New York. It is unclear how many states will participate.\nTwo sources said the case is likely to be filed in federal court in Northern California, where related cases are being heard. These include a lawsuit that video game maker Epic Games Inc filed against Google last year, accusing it of having anticompetitive app store rules. It is expected to go to trial in 2022.\nThere also are two proposed class-action lawsuits over the Play store before the same judge. If the states want to participate in depositions and other pre-trial activities, they would have to file fairly soon, one source said.\nApple Inc and Epic are awaiting the verdict in a similar California lawsuit after a trial that ended last month.\nA Google spokesperson defended their app store as open.\n\"Android is the only major operating system that allows people to download apps from multiple app stores. In fact, most Android devices ship with two or more app stores preinstalled. They can also install additional app stores or apps directly from their browser if they choose,\" the spokesperson said.\nGoogle was originally seen as more open in how it ran its app store than Apple but has tightened rules recently and increased enforcement of those rules.\nThe lawsuit is expected to focus on Google's requirement that some apps use the company's payment tools to sell subscriptions and content and pay Google as much as 30per cent of sales, according to two sources.\nApp makers like music streaming service Spotify Technology SA and dating services giant Match Group, which owns the Tinder app, have long accused both Google, as well as Apple, of being anti-competitive in demanding mandatory revenue sharing.\nThis latest lawsuit is being planned at a time of unusually vigorous debate over whether federal antitrust enforcement is too lax. Many people, including Senator Amy Klobuchar who chairs the Senate Judiciary Committee's antitrust panel, have pressed for tougher enforcement.\nGoogle already faces a federal lawsuit brought by the Justice Department last year and related antitrust cases brought by two separate groups of attorneys general. One is led by Texas and focused on advertising while the other targets Google's alleged efforts to extend its dominance in search to newer markets, like voice assistants.","news_type":1},"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159171903,"gmtCreate":1624952540802,"gmtModify":1633946585920,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nkce","listText":"Nkce","text":"Nkce","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159171903","repostId":"1128371167","repostType":4,"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159173645,"gmtCreate":1624952502487,"gmtModify":1633946586663,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159173645","repostId":"1183746972","repostType":4,"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":150997904,"gmtCreate":1624880544608,"gmtModify":1633947597916,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nixe","listText":"Nixe","text":"Nixe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150997904","repostId":"1172874030","repostType":4,"repost":{"id":"1172874030","kind":"news","pubTimestamp":1624879330,"share":"https://www.laohu8.com/m/news/1172874030?lang=&edition=full","pubTime":"2021-06-28 19:22","market":"us","language":"en","title":"Bed Bath & Beyond Is Set to Report Earnings on Wednesday. What to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1172874030","media":"Barrons","summary":"After a wild month on the meme stock rollercoaster, Bed Bath & Beyond shares have settled down right","content":"<p>After a wild month on the meme stock rollercoaster, Bed Bath &amp; Beyond shares have settled down right in time for the retailer’s latest earnings report.</p>\n<p>Bed Bath &amp; Beyond (ticker: BBBY) is set to report fiscal first-quarter earnings results before the market opens on Wednesday. The Wall Street consensus estimate for the quarter has adjusted earnings at nine cents per share and sales at $1.87 billion,&nbsp;according to FactSet. Analysts forecast same-store sales growth of 76% year-over-year.</p>\n<p>Wedbush Securities analyst Seth Basham thinks sales will meet expectations, but he’ll be looking for updates on how the company’s market share is holding up. He notes that Bed Bath is facing a relatively easy comparison from last year’s pandemic-impacted period. That will change in quarters to come, as the company will lap periods that saw in uptick in at-home spending.</p>\n<p>Bed Bath shares were caught in a broader&nbsp;resurgence for meme stocks&nbsp;at the start of June, but have since settled down. That led BofA Global Research analyst Curtis Nagle to bring back a Buy rating for the stock last week. Nagle dropped his rating after shares spiked 62% on June 2 on little news&nbsp;aside from chatter on social media. That’s a hallmark of&nbsp;meme stocks, which are generally highly shorted companies targeted&nbsp;by retail investors on Reddit.</p>\n<p>“Since then, [Bed Bath &amp; Beyond] shares are now trading much closer to levels pre-surge, and non-fundamentals drivers such as number of mentions on retail investor online message boards, trading volumes, and short interest have moderated,” Nagle wrote.</p>\n<p>Nagle also brought back a $38 price objective. He expects the company to hit earnings before interest, taxes, depreciation, and amortization, or Ebitda, of between $850 million and $1 billion by 2023.</p>\n<p>Bed Bath’s meme stock status has somewhat obscured efforts by CEO Mark Tritton to&nbsp;turn the company around. Nagle notes that the company’s balance sheet is in a strong place, with about $1.35 billion in cash and negative net debt of $200 million.</p>\n<p>He also argues the company is heading into its&nbsp;largest new product rollout&nbsp;in history, as the company rolls out new private label brands. Tritton told&nbsp;<i>Barron’s</i>&nbsp;earlier this year such efforts&nbsp;would play a role&nbsp;in the retailer’s turnaround.</p>\n<p>Nagle also points to store closures at underperforming locations and reopening tailwinds from back to school and wedding registry shoppers that should benefit the retailer.</p>\n<p>Of course, investors will need to be wary of social media and short seller activity. June wasn’t the first time the stock was caught in meme stock volatility. Bed Bath saw shares surge in January along with&nbsp;GameStop(GME) and&nbsp;AMC Entertainment Holdings(AMC).</p>\n<p>Analysts are mixed on the company’s prospects. Of the 21 analysts covering Bed Bath stock, two have Buy ratings, 13 have Neutral ratings, while six have Sell or equivalent ratings, according to FactSet. Their mean price target is $26.43, implying 12.1% downside from recent levels.</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>Bed Bath & Beyond Is Set to Report Earnings on Wednesday. What to Know.</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\">\nBed Bath & Beyond Is Set to Report Earnings on Wednesday. What to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 19:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/bed-bath-beyond-reports-earnings-on-wednesday-look-beyond-the-meme-stock-spotlight-51624654711?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After a wild month on the meme stock rollercoaster, Bed Bath & Beyond shares have settled down right in time for the retailer’s latest earnings report.\nBed Bath & Beyond (ticker: BBBY) is set to ...</p>\n\n<a href=\"https://www.barrons.com/articles/bed-bath-beyond-reports-earnings-on-wednesday-look-beyond-the-meme-stock-spotlight-51624654711?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"https://www.barrons.com/articles/bed-bath-beyond-reports-earnings-on-wednesday-look-beyond-the-meme-stock-spotlight-51624654711?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172874030","content_text":"After a wild month on the meme stock rollercoaster, Bed Bath & Beyond shares have settled down right in time for the retailer’s latest earnings report.\nBed Bath & Beyond (ticker: BBBY) is set to report fiscal first-quarter earnings results before the market opens on Wednesday. The Wall Street consensus estimate for the quarter has adjusted earnings at nine cents per share and sales at $1.87 billion, according to FactSet. Analysts forecast same-store sales growth of 76% year-over-year.\nWedbush Securities analyst Seth Basham thinks sales will meet expectations, but he’ll be looking for updates on how the company’s market share is holding up. He notes that Bed Bath is facing a relatively easy comparison from last year’s pandemic-impacted period. That will change in quarters to come, as the company will lap periods that saw in uptick in at-home spending.\nBed Bath shares were caught in a broader resurgence for meme stocks at the start of June, but have since settled down. That led BofA Global Research analyst Curtis Nagle to bring back a Buy rating for the stock last week. Nagle dropped his rating after shares spiked 62% on June 2 on little news aside from chatter on social media. That’s a hallmark of meme stocks, which are generally highly shorted companies targeted by retail investors on Reddit.\n“Since then, [Bed Bath & Beyond] shares are now trading much closer to levels pre-surge, and non-fundamentals drivers such as number of mentions on retail investor online message boards, trading volumes, and short interest have moderated,” Nagle wrote.\nNagle also brought back a $38 price objective. He expects the company to hit earnings before interest, taxes, depreciation, and amortization, or Ebitda, of between $850 million and $1 billion by 2023.\nBed Bath’s meme stock status has somewhat obscured efforts by CEO Mark Tritton to turn the company around. Nagle notes that the company’s balance sheet is in a strong place, with about $1.35 billion in cash and negative net debt of $200 million.\nHe also argues the company is heading into its largest new product rollout in history, as the company rolls out new private label brands. Tritton told Barron’s earlier this year such efforts would play a role in the retailer’s turnaround.\nNagle also points to store closures at underperforming locations and reopening tailwinds from back to school and wedding registry shoppers that should benefit the retailer.\nOf course, investors will need to be wary of social media and short seller activity. June wasn’t the first time the stock was caught in meme stock volatility. Bed Bath saw shares surge in January along with GameStop(GME) and AMC Entertainment Holdings(AMC).\nAnalysts are mixed on the company’s prospects. Of the 21 analysts covering Bed Bath stock, two have Buy ratings, 13 have Neutral ratings, while six have Sell or equivalent ratings, according to FactSet. Their mean price target is $26.43, implying 12.1% downside from recent levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126701057,"gmtCreate":1624583521779,"gmtModify":1633950968334,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126701057","repostId":"1160571601","repostType":4,"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":120439108,"gmtCreate":1624331118204,"gmtModify":1634007659766,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120439108","repostId":"1174609211","repostType":4,"repost":{"id":"1174609211","kind":"news","pubTimestamp":1624325385,"share":"https://www.laohu8.com/m/news/1174609211?lang=&edition=full","pubTime":"2021-06-22 09:29","market":"us","language":"en","title":"Gates Split Casts Harsh Glare on $170 Billion Money Manager","url":"https://stock-news.laohu8.com/highlight/detail?id=1174609211","media":"Bloomberg","summary":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world","content":"<p>(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.</p>\n<p>The conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.</p>\n<p>The couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.</p>\n<p>On Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.</p>\n<p>The rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.</p>\n<p>The sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter.</p>\n<p>The record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.</p>\n<p>“The price some of these guys are willing to pay to stay out of the news is high,” said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group.</p>\n<p>The divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. A spokesman for Cascade said BMGI is changing its name “to allow for the evolving needs of the Gates family and their philanthropic work” and that the group’s investment strategy and organizational structure won’t change.</p>\n<p>French Gates, whose name was added to BMGI in 2014, has been in focus after Cascade transferred equity stakes worth more than $3 billion to her, leading some in the industry to speculate she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.</p>\n<p>Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.</p>\n<p>Mohamed said it’s of little surprise that Larson has remained in his role after the allegations, given his decades-long tenure with Gates and the loyalty it has likely engendered.</p>\n<p>“Had Larson not had the professional impact he had, it would be a simple yes, he should resign,” said Mohamed, whose company helps family offices fill leadership positions.</p>\n<p>Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.</p>\n<p>The manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm.</p>\n<p>She was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.</p>\n<p>It’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.</p>\n<p>Conservative Mandate</p>\n<p>Being the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.</p>\n<p>Aside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.</p>\n<p>That reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.</p>\n<p>“The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.</p>\n<p>In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.</p>\n<p>That has shifted. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere &amp; Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. -- companies rooted in the physical world of making, moving and selling goods, and cleaning things up.</p>\n<p>Cascade also owns around 270,000 acres of land, enough to make it the single biggest owner of U.S. farmland, according to the Land Report. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.</p>\n<p>The foundation’s most recent tax returns also shows $804 million of corporate bonds and $5.8 billion of other investments like mortgage-backed securities, bank loans and sovereign debt.</p>\n<p>Stable Returns</p>\n<p>Cascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s assets under management have returned an average of about 8.6% per year since 2001, according to a person familiar with the matter, beating the S&amp;P 500 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.</p>\n<p>Cascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.</p>\n<p>One remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.</p>\n<p>The holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.</p>\n<p>Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.</p>\n<p>Gates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”</p>\n<p>Two decades ago, Larson put it more bluntly.</p>\n<p>“When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”</p>","source":"lsy1612507957220","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>Gates Split Casts Harsh Glare on $170 Billion Money Manager</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\">\nGates Split Casts Harsh Glare on $170 Billion Money Manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 09:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"source_url":"https://finance.yahoo.com/news/gates-divorce-casts-harsh-glare-090002545.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174609211","content_text":"(Bloomberg) -- For almost three decades, Michael Larson has quietly shuffled around one of the world’s biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines.\nThe conservative bets, the nondescript office, the investment firm’s generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns.\nThe couple’s divorce announcement last month cracked the curated image. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees.\nOn Monday, a spokesman said that Bill and Melinda Gates Investments -- the 100-person strong team led by Larson that’s overseen their personal fortune and the endowment of their namesake foundation -- changed its name to Cascade Asset Management Co. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses’ personal wealth.\nThe rebranding is the latest step in the unfolding story of what will happen to one of the world’s largest fortunes when Gates and French Gates finalize their divorce. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth.\nThe sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter.\nThe record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often don’t outweigh the value of a good reputation. Part of Larson’s job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the world’s challenges, rather than make bold moves that could draw scrutiny.\n“The price some of these guys are willing to pay to stay out of the news is high,” said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group.\nThe divorce and recent revelations about Cascade’s workplace culture, reported by the New York Times, raise questions about what’s next for Larson and the fortune he oversees. A spokesman for Cascade said BMGI is changing its name “to allow for the evolving needs of the Gates family and their philanthropic work” and that the group’s investment strategy and organizational structure won’t change.\nFrench Gates, whose name was added to BMGI in 2014, has been in focus after Cascade transferred equity stakes worth more than $3 billion to her, leading some in the industry to speculate she’s in the process of claiming an even larger control of her share of the riches. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.\nLarson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. A Cascade representative has said the matters were examined and didn’t warrant his dismissal. A representative for Gates didn’t respond to a request for comment.\nMohamed said it’s of little surprise that Larson has remained in his role after the allegations, given his decades-long tenure with Gates and the loyalty it has likely engendered.\n“Had Larson not had the professional impact he had, it would be a simple yes, he should resign,” said Mohamed, whose company helps family offices fill leadership positions.\nLarson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. A former bond-fund manager, he won Gates’s loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactor’s good name, according to people familiar with Cascade, who asked not to be named speaking about the company’s inner workings.\nThe manager had broad leeway from Gates on investment decisions, they both have said. French Gates rarely attended meetings in Cascade’s early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm.\nShe was unaware of most of the allegations involving Larson “given her lack of ownership of and control over BMGI,” her spokeswoman, Courtney Wade, said in a statement.\nIt’s unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether she’s now setting up a family office of her own. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people.\nConservative Mandate\nBeing the investment chief for one of the world’s biggest family fortunes might seem like an enviable job for an investor mulling creative bets. There’s hardly a worry about fundraising, client withdrawals or onerous regulations. But it often instead involves simply keeping wealth steady.\nAside from detracting attention from the Gateses, Larson’s main mandate has been to invest conservatively -- try to maximize returns but don’t lose money, one of the people said.\nThat reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvania’s Wharton School.\n“The No. 1 objective is preservation of capital,” he said, adding that’s why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art.\nIn a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. At the time, the portfolios both for the foundation and for the Gateses’ personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels.\nThat has shifted. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere & Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. -- companies rooted in the physical world of making, moving and selling goods, and cleaning things up.\nCascade also owns around 270,000 acres of land, enough to make it the single biggest owner of U.S. farmland, according to the Land Report. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa.\nThe foundation’s most recent tax returns also shows $804 million of corporate bonds and $5.8 billion of other investments like mortgage-backed securities, bank loans and sovereign debt.\nStable Returns\nCascade doesn’t disclose its overall investment performance, but financial reports from the foundation offer clues. The foundation’s assets under management have returned an average of about 8.6% per year since 2001, according to a person familiar with the matter, beating the S&P 500 Index’s average annual 7.5% gain over the past two decades. That track record is broadly representative of Cascade’s overall returns, another person said.\nCascade’s assets have periodically been boosted by proceeds from the sales of Gates’s Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Buffett is one of the Gates Foundation’s three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation.\nOne remarkable feature of the portfolio is how little it changes. Of the 15 stocks listed in the foundation trust’s most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago.\nThe holdings haven’t uniformly jived with the Gateses’ charitable endeavors or priorities, which include global health and, more recently, climate change.\nCascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. It was long the biggest owner of Signature Aviation Plc, the world’s largest operator of private-jet bases, before joining a consortium that took the company private this year. And it’s the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees.\nGates has occasionally made it clear that Larson has broad discretion to make investment decisions. In a March “Ask me anything” event on Reddit, a user asked about his purchases of farmland. His response: “My investment group chose to do this.”\nTwo decades ago, Larson put it more bluntly.\n“When people find out that Cascade has made an investment in something, that’s not Bill Gates,” he said in the Fortune interview. “I wish everyone understood that.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":120495772,"gmtCreate":1624330939696,"gmtModify":1634007662918,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120495772","repostId":"2145378290","repostType":4,"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124704493,"gmtCreate":1624788471412,"gmtModify":1633948610450,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124704493","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>\n <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>\n <li>This article looks at what Amazon stock is most likely worth for us investors.</li>\n <li>I hope you enjoy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p>\n<p>You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p>\n<p>In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p>\n<p>Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p>\n<p>This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p>\n<p>But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p>\n<blockquote>\n Warren Buffett said, “The three most important words in investing are\n <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.\n</blockquote>\n<blockquote>\n Rule 1 Investing\n</blockquote>\n<p>This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p>\n<p><b>Business Model</b></p>\n<p>Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p>\n<p>As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p>\n<p>And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p>\n<p>Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p>\n<p>Here's a look at Amazon's International segment:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p>\n<p>And for Amazon's last and most exciting segment, here's AWS:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p>\n<p>AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p>\n<p>Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p>\n<p>These projections were added together to help us figure out what the entire company should be worth.</p>\n<p><b>Capital Allocation</b></p>\n<p>How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p>\n<p>The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p>\n<blockquote>\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>\n</blockquote>\n<blockquote>\n Source:2020 10-K&nbsp;page 60,\n <i>emphasis added</i>\n</blockquote>\n<p>But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p>\n<p>Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p>\n<p>Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p>\n<p><b>Valuation</b></p>\n<p>First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p>\n<p>I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p>\n<p>This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p>\n<p>Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p>\n<p>Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p>\n<p>Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p>\n<p>These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p>\n<p>Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p>\n<p>The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p>\n<p>\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p>\n<p>But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p>\n<p><b>Recap</b></p>\n<p>Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p>\n<p>But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p>\n<p>Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p>\n<p>Thank you very much for reading, and I hope that you have a great rest of your day.</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>Amazon: Good Stock, Not Good Price</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: Good Stock, Not Good Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">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/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1},"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124072373,"gmtCreate":1624713889592,"gmtModify":1633949358208,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124072373","repostId":"2146107083","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126708090,"gmtCreate":1624583546210,"gmtModify":1633950967367,"author":{"id":"4087431722227390","authorId":"4087431722227390","name":"4cdd3838","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087431722227390","authorIdStr":"4087431722227390"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126708090","repostId":"1182579765","repostType":4,"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}