ong1995的个人主页 - 老虎社区

ong1995

暂无个人介绍

IP属地：未知

1关注

0粉丝

0主题

0勋章

2021-06-27

MELLEIANIALS should learn to work

WallStreetBets is dying, long live the WallStreetBets movement

2021-06-27

Say NO to Bezos

Amazon: Good Stock, Not Good Price

2021-06-27

Both bad, buy TSLA

Ford Or NIO? The Final Verdict

2021-06-26

Nothing can beat crypto

Forget Bitcoin's Bounce: This Stock Is Still a Better Buy

2021-06-26

Nikola is a scam

Nikola Stock Is 80% Off Its High Price: Time to Buy?

2021-06-26

Like pls

抱歉，原内容已删除

2021-06-26

To the moon!

SpaceX aims to launch first orbital Starship flight in July, company president says

2021-06-25

Very strong

World's Top 10 Hedge Fund Firms

2021-06-25

Vaccine powehouse!

Pfizer: A Wide Moat Business At A Fair Price

2021-06-25

Idiot

抱歉，原内容已删除

2021-06-25

Childrens game?

Roblox Stock Is Looking to Level Up Again After Taking Earnings Hit

2021-06-25

Interesting

抱歉，原内容已删除

2021-06-25

Solid companies

抱歉，原内容已删除

2021-06-25

Bull market is here!

Nasdaq and S&P 500 end at record highs; Dow rallies

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"4087651624152100","uuid":"4087651624152100","gmtCreate":1624548778680,"gmtModify":1624548778680,"name":"ong1995","pinyin":"ong1995","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":1,"tweetSize":14,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.11.09","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":124724220,"gmtCreate":1624795857760,"gmtModify":1633948558515,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"MELLEIANIALS should learn to work","listText":"MELLEIANIALS should learn to work","text":"MELLEIANIALS should learn to work","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124724220","repostId":"2146009942","repostType":4,"repost":{"id":"2146009942","kind":"highlight","pubTimestamp":1624753788,"share":"https://www.laohu8.com/m/news/2146009942?lang=&edition=full","pubTime":"2021-06-27 08:29","market":"us","language":"en","title":"WallStreetBets is dying, long live the WallStreetBets movement","url":"https://stock-news.laohu8.com/highlight/detail?id=2146009942","media":"MarketWatch","summary":"Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier ","content":"<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59d405b1c6d77a8a133d45a970a1f21c\" tg-width=\"1260\" tg-height=\"896\"><span>Olivier Douliery/AFP via Getty Images</span></p>\n<p>As the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"</p>\n<p>While Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.</p>\n<p>WallStreetBets became a household name in January as GameStop <a href=\"https://laohu8.com/S/GME\">$(GME)$</a>, AMC Entertainment <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.</p>\n<p>The irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"</p>\n<p>Users also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.</p>\n<p>But since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.</p>\n<p>There is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.</p>\n<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"</p>\n<p>The shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.</p>\n<p>Like the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.</p>\n<p>\"WSB is the Robinhood of Reddit,\" <a href=\"https://laohu8.com/S/AONE\">one</a> user posted on Superstonk this week.</p>\n<p>AMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.</p>\n<p>While the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.</p>\n<p>As that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.</p>\n<p><b>LOOKING FORWARD</b></p>\n<p>Meanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.</p>","source":"lsy1603348471595","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>WallStreetBets is dying, long live the WallStreetBets movement</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\">\nWallStreetBets is dying, long live the WallStreetBets movement\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?mod=hp_LATEST><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier Douliery/AFP via Getty Images\nAs the poet Yogi Berra once quipped, \"Nobody ever goes there anymore ...</p>\n\n<a href=\"https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?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":{".SPX":"S&P 500 Index","GME":"游戏驿站",".DJI":"道琼斯","AMC":"AMC院线",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/wallstreetbets-is-dying-long-live-the-wallstreetbets-movement-11624714750?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146009942","content_text":"Among Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nOlivier Douliery/AFP via Getty Images\nAs the poet Yogi Berra once quipped, \"Nobody ever goes there anymore -- it's too crowded.\"\nWhile Berra was talking about a popular Florida restaurant in the early 1960s, he could have easily been talking about WallStreeBets in the summer of 2021, as many of the very retail investors that made the message board into a financial phenomenon are now abandoning it for newer subreddits, saying WallStreetBets has been compromised by mainstream finance's improved grasp of the power that social media has on the movement of markets.\nWallStreetBets became a household name in January as GameStop $(GME)$, AMC Entertainment $(AMC)$ and other meme stocks announced their arrival in the form of wild short squeezes that put Wall Street on its heels, and hedge funds in hot water.\nThe irreverent and insidery tone of the message board gave users a platform to share stock tips and rage against what they saw as unfair market structure rigged to benefit big banks and funds. It also gave birth to retail investors uniquely risqué way of communicating, calling each other \"Apes,\" encouraging each other to hold onto short squeeze stocks with \"Diamond hands\" and lusting after trading profits in the form of chicken tenders, or \"tendies.\"\nUsers also began to share detailed investment theses in the form of \"DDs\" or deep dives, using their own analysis to promote a new stock ticker for the movement to jump in on.\nBut since January, the success of WallStreetBets has become an albatross, with the board's moderators coming under fire for what many of the board's 10.6 million users saw as inconsistent enforcement of the rules and a growing sense that the moderators were playing it too safe in fear of angering Wall Street and regulators.\nThere is also rampant speculation that the size and popularity of WallStreetBets has made it susceptible to bad actors trying to create pump and dump schemes by spamming old conversation threads with ticker-specific posts that give the appearance of new social media interest in that stock.\nAmong Redditors who have moved on, WallStreetBets is often referred to as \"the melted sub.\"\nThe shift is reminiscent of how retail investors turned on Robinhood after the popular trading app froze activity on GameStop and other stocks at the peak of January's short squeeze. That decision set off a firestorm of rage against Robinhood with many in the retail crowd alleging on social media that the app was in cahoots with the hedge funds and market makers on the other side of the squeeze.\nLike the Robinhood exodus, the WallStreetBets schism has led retail investors onto new platforms and other subreddits more intensely focused on investing, options and individual stocks. It has even given them the opportunity to create their own boards like r/Superstonk, a subreddit for GameStop investors that started in March with a flurry of anti-WallStreetBets posts and already has 485,000 members.\n\"WSB is the Robinhood of Reddit,\" one user posted on Superstonk this week.\nAMC and other meme stocks have their own increasingly popular subreddits, and they appear to be the next iteration of the retail investing movement that is showing little sign of losing steam.\nWhile the mania of January has ebbed, a recent survey by financial advisory firm Betterment indicated that the majority of retail investors are committed to trading in the foreseeable future, and it stands to reason that the evolution of their trading will happen on smaller and more focused subreddits like Superstonk.\nAs that online migration continues, WallStreetBets -- the mothership of the Reddit rally -- will have that empty nest feeling.\nLOOKING FORWARD\nMeanwhile, after good news on the progress of an infrastructure bill in Congress sent the U.S. stock market climbing again this week, from the U.S. Labor Department next Friday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124724860,"gmtCreate":1624795836050,"gmtModify":1633948558761,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Say NO to Bezos","listText":"Say NO to Bezos","text":"Say NO to Bezos","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124724860","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":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124724999,"gmtCreate":1624795813011,"gmtModify":1633948559107,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Both bad, buy TSLA","listText":"Both bad, buy TSLA","text":"Both bad, buy TSLA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124724999","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohu8.com/m/news/1137119316?lang=&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p>\n<ul>\n <li>I am comparing Ford against NIO in different categories.</li>\n <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>\n <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p>\n<p>With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p>\n<p><b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p>\n<p>Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p>\n<p><b>Market opportunity</b></p>\n<p>In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p>\n<p>China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p>\n<p>Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p>\n<p>Turning to growth projections.</p>\n<p>With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p>\n<p>Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p>\n<p><b>Scale and manufacturing competence</b></p>\n<p>Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p>\n<p>Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p>\n<p>Winner here: Ford.</p>\n<p><b>Differentiation and BaaS revenue model</b></p>\n<p>Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p>\n<p>Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p>\n<p>The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p>\n<p>The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p>\n<p>Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p>\n<p>Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p>\n<p>The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p>\n<p><b>Sales growth and valuation</b></p>\n<p>Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p>\n<p>Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p>\n<p>Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p>\n<p><b>NIO has larger risks...</b></p>\n<p>NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p>\n<p><b>Final verdict</b></p>\n<p>NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p>\n<p>Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p>\n<p>If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</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>Ford Or NIO? The Final Verdict</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\">\nFord Or NIO? The Final Verdict\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125763180,"gmtCreate":1624694738640,"gmtModify":1633949475077,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Nothing can beat crypto","listText":"Nothing can beat crypto","text":"Nothing can beat crypto","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125763180","repostId":"2146407666","repostType":4,"repost":{"id":"2146407666","kind":"highlight","pubTimestamp":1624626600,"share":"https://www.laohu8.com/m/news/2146407666?lang=&edition=full","pubTime":"2021-06-25 21:10","market":"us","language":"en","title":"Forget Bitcoin's Bounce: This Stock Is Still a Better Buy","url":"https://stock-news.laohu8.com/highlight/detail?id=2146407666","media":"Motley Fool","summary":"This company doesn't require the nerves of steel necessary to invest in cryptocurrencies.","content":"<p><b>Bitcoin</b> briefly tumbled below $29,000 this week before rallying hard to above $34,000 at the time of this writing, maintaining its position above what some see as a key $30,000 threshold.</p>\n<p>The cryptocurrency has been on a wild ride, but continues to show more relevancy for the future of money than other coins like meme currency <b>Dogecoin</b>, which has little more than a relatively cheap price and base of support in internet chat rooms and social media.</p>\n<p><img src=\"https://static.tigerbbs.com/29954d31d2993f69617ea8d1d8ce546c\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p>Despite their exploding valuations, it's still hard to recommend them as an investment. When a single tweet from Elon Musk can send the value of either cryptocurrency swinging violently, there's too much uncertainty and risk involved. And in Dogecoin's case, as my colleague Sean Williams thinks, it is little more than a pump-and-dump scheme.</p>\n<p>Even if Bitcoin is the better bet, it's still subject to many of the same foibles of the crypto world. Investors might want to focus on this solid stock instead.</p>\n<h3>Steel yourself against volatility</h3>\n<p>Steelmaker <b>Cleveland-Cliffs</b> (NYSE:CLF) is not what you would consider a meme stock, though it has been getting support from the r/WallStreetBets crowd of late with the price up 43% in 2021 and 265% over the past year.</p>\n<p>What's attracted the Reddit crowd to an otherwise stodgy name in the old-line market like steel is the heavy short interest built up in its stock. Although hedge funds aren't betting nearly as much against Cleveland-Cliffs as they are against the more popular names such as <b>GameStop</b> and <b>AMC Entertainment</b>, about 11% of the steelmaker's 500 million outstanding shares is sold short, a not inconsequential amount.</p>\n<p>Still, with days to cover at just 2.3 (meaning how long it would take short sellers to cover their positions, with anything over seven days considered a lot), the chance of engineering a short squeeze on Cleveland-Cliffs seems remote.</p>\n<p>Even so, it looks like meme stock traders could have picked the right shares to climb aboard for the wrong reason. That's still be a risky investment for them as it skews why they might want to exit the stock at some point in the future, but here's why you should consider Cleveland-Cliffs for your own portfolio.</p>\n<p><img src=\"https://static.tigerbbs.com/c147f4076665faeebead030863781507\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<h3>A vertically integrated steel stock</h3>\n<p>Last year was an acquisitive year for the steelmaker. Its purchase of AK Steel in March followed by its absorption of ArcelorMittal in December made Cleveland-Cliffs the largest producer of flat-rolled steel in North America, giving it combined revenue of $5.35 billion in 2020, more than double the $2 billion it produced in 2019. That puts it just ahead of No. 2 <b>Nucor</b> (NYSE:NUE) with its $5.26 billion in annual revenue.</p>\n<p>Cleveland-Cliffs, whose legacy business is iron ore production, is also the largest U.S. supplier of high-margin steel for the automotive industry, which represented 33% of first-quarter revenue, or $1.3 billion.</p>\n<p>Autos are the steelmaker's primary focus, and both internal-combustion and electric vehicles (EVs) have incorporated steel into their development. Certainly there's risk as automakers continue to reduce the weight of their products, and it could become more crucial as President Joe Biden intends to ramp up fuel efficiency standards.</p>\n<p>At the same time, though, as part of the president's infrastructure proposal, more EV charging stations and potential subsidies for EVs themselves could help increase sales, allowing Cleveland-Cliffs to make up in volume what it might otherwise lose in per-unit sales.</p>\n<h3>Plenty of expansion potential</h3>\n<p>Steelmakers in general have seen tremendous growth this year, with Nucor gaining 80%, <b><a href=\"https://laohu8.com/S/STLD\">Steel Dynamics</a></b> up 63%, and <b>U.S. Steel</b> up 38%. Cleveland-Cliffs, though, has an opportunity to continue on its own growth trajectory.</p>\n<p>The pricing environment is favorable to the steelmaker, which has been conservative in its forecasts, and it sees this as an opportunity to pay down its heavily leveraged balance sheet (it believe it can get its leverage under 1x by year's end) while generating substantial free cash flow.</p>\n<p>At just 4 times projected earnings, Cleveland-Cliffs is a severely undervalued stock and would be a better investment than any cryptocurrency.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin's Bounce: This Stock Is Still a Better Buy</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\">\nForget Bitcoin's Bounce: This Stock Is Still a Better Buy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-25 21:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/25/forget-bitcoins-bounce-this-stock-is-still-a-bette/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin briefly tumbled below $29,000 this week before rallying hard to above $34,000 at the time of this writing, maintaining its position above what some see as a key $30,000 threshold.\nThe ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/25/forget-bitcoins-bounce-this-stock-is-still-a-bette/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NUE":"纽柯钢铁","CLF":"克利夫兰克里夫","STLD":"Steel Dynamics"},"source_url":"https://www.fool.com/investing/2021/06/25/forget-bitcoins-bounce-this-stock-is-still-a-bette/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146407666","content_text":"Bitcoin briefly tumbled below $29,000 this week before rallying hard to above $34,000 at the time of this writing, maintaining its position above what some see as a key $30,000 threshold.\nThe cryptocurrency has been on a wild ride, but continues to show more relevancy for the future of money than other coins like meme currency Dogecoin, which has little more than a relatively cheap price and base of support in internet chat rooms and social media.\n\nImage source: Getty Images.\nDespite their exploding valuations, it's still hard to recommend them as an investment. When a single tweet from Elon Musk can send the value of either cryptocurrency swinging violently, there's too much uncertainty and risk involved. And in Dogecoin's case, as my colleague Sean Williams thinks, it is little more than a pump-and-dump scheme.\nEven if Bitcoin is the better bet, it's still subject to many of the same foibles of the crypto world. Investors might want to focus on this solid stock instead.\nSteel yourself against volatility\nSteelmaker Cleveland-Cliffs (NYSE:CLF) is not what you would consider a meme stock, though it has been getting support from the r/WallStreetBets crowd of late with the price up 43% in 2021 and 265% over the past year.\nWhat's attracted the Reddit crowd to an otherwise stodgy name in the old-line market like steel is the heavy short interest built up in its stock. Although hedge funds aren't betting nearly as much against Cleveland-Cliffs as they are against the more popular names such as GameStop and AMC Entertainment, about 11% of the steelmaker's 500 million outstanding shares is sold short, a not inconsequential amount.\nStill, with days to cover at just 2.3 (meaning how long it would take short sellers to cover their positions, with anything over seven days considered a lot), the chance of engineering a short squeeze on Cleveland-Cliffs seems remote.\nEven so, it looks like meme stock traders could have picked the right shares to climb aboard for the wrong reason. That's still be a risky investment for them as it skews why they might want to exit the stock at some point in the future, but here's why you should consider Cleveland-Cliffs for your own portfolio.\n\nImage source: Getty Images.\nA vertically integrated steel stock\nLast year was an acquisitive year for the steelmaker. Its purchase of AK Steel in March followed by its absorption of ArcelorMittal in December made Cleveland-Cliffs the largest producer of flat-rolled steel in North America, giving it combined revenue of $5.35 billion in 2020, more than double the $2 billion it produced in 2019. That puts it just ahead of No. 2 Nucor (NYSE:NUE) with its $5.26 billion in annual revenue.\nCleveland-Cliffs, whose legacy business is iron ore production, is also the largest U.S. supplier of high-margin steel for the automotive industry, which represented 33% of first-quarter revenue, or $1.3 billion.\nAutos are the steelmaker's primary focus, and both internal-combustion and electric vehicles (EVs) have incorporated steel into their development. Certainly there's risk as automakers continue to reduce the weight of their products, and it could become more crucial as President Joe Biden intends to ramp up fuel efficiency standards.\nAt the same time, though, as part of the president's infrastructure proposal, more EV charging stations and potential subsidies for EVs themselves could help increase sales, allowing Cleveland-Cliffs to make up in volume what it might otherwise lose in per-unit sales.\nPlenty of expansion potential\nSteelmakers in general have seen tremendous growth this year, with Nucor gaining 80%, Steel Dynamics up 63%, and U.S. Steel up 38%. Cleveland-Cliffs, though, has an opportunity to continue on its own growth trajectory.\nThe pricing environment is favorable to the steelmaker, which has been conservative in its forecasts, and it sees this as an opportunity to pay down its heavily leveraged balance sheet (it believe it can get its leverage under 1x by year's end) while generating substantial free cash flow.\nAt just 4 times projected earnings, Cleveland-Cliffs is a severely undervalued stock and would be a better investment than any cryptocurrency.","news_type":1},"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125769285,"gmtCreate":1624694702147,"gmtModify":1633949475661,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Nikola is a scam","listText":"Nikola is a scam","text":"Nikola is a scam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125769285","repostId":"2146071376","repostType":4,"repost":{"id":"2146071376","kind":"highlight","pubTimestamp":1624627200,"share":"https://www.laohu8.com/m/news/2146071376?lang=&edition=full","pubTime":"2021-06-25 21:20","market":"us","language":"en","title":"Nikola Stock Is 80% Off Its High Price: Time to Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=2146071376","media":"Motley Fool","summary":"The electric truck maker faces some real risks.","content":"<p>Things finally seem to be moving in the right direction for <b>Nikola</b> (NASDAQ:NKLA). Last month, the company signed a deal that could lead to an order of 100 trucks from Total Transportation Services. Nikola's stock is also gaining momentum and has risen significantly since the deal was announced. Yet the stock is roughly 80% off the high price of nearly $80 it reached in June last year. Let's see if Nikola's progress, and its stock's improved valuation, makes it a buy right now.</p>\n<h3>Nikola's progress on its plans</h3>\n<p>Nikola plans to start delivering trucks before the end of this year. In the long run, the company aims to develop battery electric vehicles (BEV), hydrogen fuel cell electric vehicles (FCEV), and heavy-duty trucks. It is in the process of validation and testing of 14 prototype trucks. Nikola has made substantial progress in building manufacturing facilities in Arizona and Germany. It expects to start trial production in its German facility this month and in Arizona next month.</p>\n<p><img src=\"https://static.tigerbbs.com/3894fa02c10490da668f87fe0f8011b9\" tg-width=\"700\" tg-height=\"250\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p>Nikola's energy business unit is focused on developing hydrogen fueling stations for its FCEVs. The company collaborated with <b><a href=\"https://laohu8.com/S/TA\">TravelCenters of America</a></b> in April to install hydrogen fueling stations at two of its sites.</p>\n<h3>Competitive environment</h3>\n<p>While Nikola's progress sounds encouraging, the market for electric vehicles is intensely competitive. Top legacy automakers are all looking to grab the BEV and FCEV market opportunities. <b>Hyundai Motor</b>, <b>Toyota Motor, </b>and<b> General Motors </b>are among the automakers working on fuel cell electric trucks. Similarly, in the BEV segment Nikola faces competition from <b>Volkswagen, Tesla&nbsp;</b>(NASDAQ:TSLA), <b>Daimler</b>, <b>BYD</b>, Volvo, and others who have launched or plan to launch heavy-duty battery electric trucks in the coming years.</p>\n<p><img src=\"https://static.tigerbbs.com/e360dd7d03249478d3d8def7076b1611\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p>These legacy automakers have greater financial, technical, manufacturing, and marketing capabilities than Nikola. So, producing and selling electric trucks profitably would be extremely challenging for Nikola. Even if the company succeeds in rolling out initial models, which in itself is a tricky task, carving a place out in the competitive market would be incredibly difficult for Nikola.</p>\n<p>Nikola is believed to have bright prospects due to its growth plans in the FCEV segment as batteries right now aren't very optimal for heavy-duty vehicles. However, it faces competition even in this segment from legacy automakers. Moreover, advancements in batteries and availability of charging infrastructure may erase those benefits, too. Volkswagen's Scania has already launched battery electric trucks while Tesla plans to launch its battery-powered semitruck soon.</p>\n<h3>Lack of trust is a key issue</h3>\n<p>In addition to stiff competition and uncertainty surrounding the pace of growth of FCEVs, a key risk to consider relates to Nikola's management. The company has made false claims about its technology earlier that led to the departure of its founder. With that background, the potential successful launch of its very first truck itself remains questionable.</p>\n<p>Let's assume that the new management is more committed to the company and its shareholders. Still, Nikola stock has a market capitalization of around $6.7 billion. Even with its sales target of around $3.2 billion for 2024 that the company provided at the time of listing, the current price implies a price-to-sales ratio of more than two. Apart from Tesla, all legacy automakers working on electric trucks have a price-to-sales ratio below <a href=\"https://laohu8.com/S/AONE\">one</a>.</p>\n<p>Nikola is still pre-revenue and has yet to deliver its first truck. Its ratio is based on sales more than three years down the line. Production delays are quite common for auto start-ups and the sales number looks optimistic. The company has already revised down its projected 2021 revenue from the previously announced $150 million to $30 million. In fact, the lower end of the guidance is revised to $15 million for the year. But even $30 million is <a href=\"https://laohu8.com/S/AONE.U\">one</a>-fifth of what it had earlier guided. Lower expected revenue makes the price-to-sales ratio even higher.</p>\n<p>Nikola seems to progressing, albeit slowly, in the right direction. However, with Nikola's past troubles and the risks it faces, it is difficult to assume that it will deliver what it is promising. &nbsp;I would consider the stock only when it starts production and delivers trucks that meet safety and performance benchmarks. Considering the substantial risks involved, investors would be better off by avoiding the stock for now.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nikola Stock Is 80% Off Its High Price: Time to Buy?</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\">\nNikola Stock Is 80% Off Its High Price: Time to Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-25 21:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/25/nikola-stock-is-80-off-its-high-price-time-to-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Things finally seem to be moving in the right direction for Nikola (NASDAQ:NKLA). Last month, the company signed a deal that could lead to an order of 100 trucks from Total Transportation Services. ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/25/nikola-stock-is-80-off-its-high-price-time-to-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIME":"Clockwise Core Equity & Innovation ETF"},"source_url":"https://www.fool.com/investing/2021/06/25/nikola-stock-is-80-off-its-high-price-time-to-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146071376","content_text":"Things finally seem to be moving in the right direction for Nikola (NASDAQ:NKLA). Last month, the company signed a deal that could lead to an order of 100 trucks from Total Transportation Services. Nikola's stock is also gaining momentum and has risen significantly since the deal was announced. Yet the stock is roughly 80% off the high price of nearly $80 it reached in June last year. Let's see if Nikola's progress, and its stock's improved valuation, makes it a buy right now.\nNikola's progress on its plans\nNikola plans to start delivering trucks before the end of this year. In the long run, the company aims to develop battery electric vehicles (BEV), hydrogen fuel cell electric vehicles (FCEV), and heavy-duty trucks. It is in the process of validation and testing of 14 prototype trucks. Nikola has made substantial progress in building manufacturing facilities in Arizona and Germany. It expects to start trial production in its German facility this month and in Arizona next month.\n\nImage source: Getty Images.\nNikola's energy business unit is focused on developing hydrogen fueling stations for its FCEVs. The company collaborated with TravelCenters of America in April to install hydrogen fueling stations at two of its sites.\nCompetitive environment\nWhile Nikola's progress sounds encouraging, the market for electric vehicles is intensely competitive. Top legacy automakers are all looking to grab the BEV and FCEV market opportunities. Hyundai Motor, Toyota Motor, and General Motors are among the automakers working on fuel cell electric trucks. Similarly, in the BEV segment Nikola faces competition from Volkswagen, Tesla (NASDAQ:TSLA), Daimler, BYD, Volvo, and others who have launched or plan to launch heavy-duty battery electric trucks in the coming years.\n\nImage source: Getty Images.\nThese legacy automakers have greater financial, technical, manufacturing, and marketing capabilities than Nikola. So, producing and selling electric trucks profitably would be extremely challenging for Nikola. Even if the company succeeds in rolling out initial models, which in itself is a tricky task, carving a place out in the competitive market would be incredibly difficult for Nikola.\nNikola is believed to have bright prospects due to its growth plans in the FCEV segment as batteries right now aren't very optimal for heavy-duty vehicles. However, it faces competition even in this segment from legacy automakers. Moreover, advancements in batteries and availability of charging infrastructure may erase those benefits, too. Volkswagen's Scania has already launched battery electric trucks while Tesla plans to launch its battery-powered semitruck soon.\nLack of trust is a key issue\nIn addition to stiff competition and uncertainty surrounding the pace of growth of FCEVs, a key risk to consider relates to Nikola's management. The company has made false claims about its technology earlier that led to the departure of its founder. With that background, the potential successful launch of its very first truck itself remains questionable.\nLet's assume that the new management is more committed to the company and its shareholders. Still, Nikola stock has a market capitalization of around $6.7 billion. Even with its sales target of around $3.2 billion for 2024 that the company provided at the time of listing, the current price implies a price-to-sales ratio of more than two. Apart from Tesla, all legacy automakers working on electric trucks have a price-to-sales ratio below one.\nNikola is still pre-revenue and has yet to deliver its first truck. Its ratio is based on sales more than three years down the line. Production delays are quite common for auto start-ups and the sales number looks optimistic. The company has already revised down its projected 2021 revenue from the previously announced $150 million to $30 million. In fact, the lower end of the guidance is revised to $15 million for the year. But even $30 million is one-fifth of what it had earlier guided. Lower expected revenue makes the price-to-sales ratio even higher.\nNikola seems to progressing, albeit slowly, in the right direction. However, with Nikola's past troubles and the risks it faces, it is difficult to assume that it will deliver what it is promising.  I would consider the stock only when it starts production and delivers trucks that meet safety and performance benchmarks. Considering the substantial risks involved, investors would be better off by avoiding the stock for now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125446484,"gmtCreate":1624688653348,"gmtModify":1633949531694,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125446484","repostId":"1134306371","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125446247,"gmtCreate":1624688641289,"gmtModify":1633949531815,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"To the moon!","listText":"To the moon!","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125446247","repostId":"1198693501","repostType":4,"repost":{"id":"1198693501","kind":"news","pubTimestamp":1624663008,"share":"https://www.laohu8.com/m/news/1198693501?lang=&edition=full","pubTime":"2021-06-26 07:16","market":"us","language":"en","title":"SpaceX aims to launch first orbital Starship flight in July, company president says","url":"https://stock-news.laohu8.com/highlight/detail?id=1198693501","media":"CNBC","summary":"KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its","content":"<div>\n<p>KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday.\n“I’m hoping we make it, but we ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html\">Web Link</a>\n\n</div>\n","source":"cnbc_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>SpaceX aims to launch first orbital Starship flight in July, company president says</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\">\nSpaceX aims to launch first orbital Starship flight in July, company president says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-26 07:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday.\n“I’m hoping we make it, but we ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1198693501","content_text":"KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday.\n“I’m hoping we make it, but we all know that this is difficult,” Shotwell said, speaking at the National Space Society’s virtual International Space Development conference.\nThe company in May revealed its plan for the flight, which would launch from the company’s facility in Texas and aim to splash down off the coast of Hawaii.\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said Friday.\n“I’m hoping we make it, but we all know that this is difficult,” Shotwell said, speaking at the National Space Society’s virtual International Space Development conference.\n“We are really on the cusp of flying that system, or at least attempting the first orbital flight of that system, really in the very near term,” Shotwell added.\nSpaceX has conducted multiple short test flights of Starship prototypes over the past year, but reaching orbit represents the next step in testing the rocket. The company in May revealed its plan for the flight, which would launch from the company’s facility in Texas and aim to splash down off the coast of Hawaii.\nStarship prototypes stand at about 160 feet tall, or around the size of a 16-story building, and are built of stainless steel – representing the early version of the rocket that Musk unveiled in 2019. The rocket initially launches on a “Super Heavy” booster, which makes up the bottom half of the rocket and stands about 230 feet tall. Together, Starship and Super Heavy will be nearly 400 feet tall when stacked for the launch.\nThe company is developing Starship to launch cargo and people on missions to the moon and Mars.\nWhile SpaceX’s fleet of Falcon 9 and Falcon Heavy rockets are partially reusable, Musk’s goal is to make Starship fully reusable — envisioning a rocket that is more akin to a commercial airplane, with short turnaround times between flights where the only major cost is fuel.\n“I don’t think that people really have even comprehended what that system is going to do,” Shotwell said.\nShe emphasized that Musk “feels in a huge hurry” to develop Starship and create “a sustaining capability that will take people to the Moon and Mars.”\n“That means it’s not one ship every two years, right? We have to be able to fly dozens of ships during the timeframe when you can get people to Mars,” Shotwell added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122100381,"gmtCreate":1624601049043,"gmtModify":1633950656357,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Very strong","listText":"Very strong","text":"Very strong","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122100381","repostId":"1139439438","repostType":4,"repost":{"id":"1139439438","kind":"news","pubTimestamp":1624519904,"share":"https://www.laohu8.com/m/news/1139439438?lang=&edition=full","pubTime":"2021-06-24 15:31","market":"us","language":"en","title":"World's Top 10 Hedge Fund Firms","url":"https://stock-news.laohu8.com/highlight/detail?id=1139439438","media":"Investopedia","summary":"Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, s","content":"<p>Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose $1 million minimums and targethigh-net-worth individuals,pension funds, and institutional investors.</p>\n<p>As a result, hedge funds invariably carry higher risk than traditional investments. They are not subject to the same regulations asmutual fundsand may not be required to file reports with theU.S. Securities and Exchange Commission(SEC).</p>\n<p>The following 10 hedge fund firms dominate the space, based on totalassets under management(AUM) as of June 2021.</p>\n<p><b>The World’s Top 10 Hedge Fund Firms</b><b>Blackrock Advisors</b></p>\n<p><b>Blackrock Advisors</b></p>\n<p>BlackRock (BLK) is a New York-based investment manager that manages trillions in assets. The largest BlackRock entity, BlackRock Fund Advisors, has been in operation since 1984 and oversees $1.9 trillion in assets.</p>\n<p>BlackRock Financial Management was founded in 1994 and oversees $2.25 trillion. BlackRock Advisors, its internal hedge fund, started in 1994 and now handles $789.57 billion.</p>\n<p><b>AQR Capital Management</b></p>\n<p>AQR Capital Management is based in Greenwich, Conn., and usesquantitative analysisto develop financial models focused on value and momentum investing. ACR implements its strategies via mutual funds, a type of mutual offered in Europe known asUndertakings for Collective Investment in Transferable Securities, and sponsored funds and managed accounts.</p>\n<p>As of March 31, 2020, AQR had $164billion under management.&nbsp;It also earned advisory feeds on another $224.8 billion in assets.</p>\n<p>Cliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in August 1998, the same monthLong Term Capital Managementimploded.</p>\n<p><b>Bridgewater Associates</b></p>\n<p>Bridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks,university endowments, charitable foundations, and other institutional investors.6Co-chair and co-chief investment officer Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment.</p>\n<p>The company offers four main funds:</p>\n<ol>\n <li>Pure Alpha, which focuses on active investment strategy</li>\n <li>Pure Alpha Major Markets, which targets a subset of opportunities that the Pure Alpha fund invests in</li>\n <li>All Weather, which uses an asset allocation strategy</li>\n <li>Optimal Portfolio, which combines aspects of the All Weather fund with active management</li>\n</ol>\n<p>As of March 27, 2021, the fund had $154 billion under management.</p>\n<p><b>Renaissance Technologies</b></p>\n<p>Renaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments,futures contracts,forward contractsandforeign exchange.</p>\n<p>As of June 3, 2021, the fund had $130 billion under management.</p>\n<p>Mathematician Jim Simons founded Renaissance Technologies in 1982.<i>Forbes</i>lists Simons as the 68th wealthiest person in the world as of Jan. 13, 2021, worth $23.5 billion.&nbsp;Mathematician Peter Brown is the current chief executive.</p>\n<p><b>Man Group</b></p>\n<p>This British hedge fund has more than 230 years of trading experience. It started in 1784 as an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee and cocoa trading business.</p>\n<p>As of December 31, 2020, Man Group had $123.6 billion in assets under management.&nbsp;</p>\n<p><b>Elliott Management</b></p>\n<p>Elliot Management describes its investment mandate as \"extremely broad\" and encompassing of almost every asset type:distressed securities, equities, hedging andarbitragepositions, commodities, real estate-related securities, etc.&nbsp;In August 2019, Elliot acquired book retailer Barnes &amp; Noble.&nbsp;It had earlier acquired British bookseller Waterstones.&nbsp;The company is based in New York and was founded by Paul Singer in 1977.</p>\n<p>As of December 31, 2019, Elliot had $73.5 billion in assets under management and $40 billion of net assets under management on a discretionary basis.</p>\n<p><b>Two Sigma Investments</b></p>\n<p>Two Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in April 2002. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.</p>\n<p>As of March 31, 2021, Two Sigma Investments had $68.9 billion under management.</p>\n<p><b>Millennium Management</b></p>\n<p>Millennium Management is based in New York and was founded in 1989. The company offers discretionary advisory services to private funds.</p>\n<p>As of December 31, 2019, Millennium had $42 billion under management.</p>\n<p>The company is lead by Chair Israel Englander, who founded Millennium with $35 million in capital following a career as a floor broker, trader, and options specialist on theAmerican Stock Exchange.</p>\n<p><b>Davidson Kempner Capital Management</b></p>\n<p>Davidson Kempner Capital Management is based in New York and has affiliate offices in London, Hong Kong and Dublin. The company began managing capital for investors in 1987. It focuses onbankruptcies, convertible arbitrage, merger arbitrage, distressed investments, event-driven equities andrestructuringsituations.</p>\n<p>As of January 31, 2021, Davidson Kempner had $34.8 billion under management and its net assets under management were $33.1 billion.</p>\n<p><b>Citadel Advisors</b></p>\n<p>Citadel Advisors is based in Chicago and focuses on equities, fixed income and macro, commodities, credit and quantitative strategies.</p>\n<p>As of March 31, 2021, Citadel had $33.1 billion in assets under management.</p>\n<p>In 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990.</p>","source":"lsy1606203311635","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>World's Top 10 Hedge Fund Firms</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\">\nWorld's Top 10 Hedge Fund Firms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 15:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral><strong>Investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market....</p>\n\n<a href=\"https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139439438","content_text":"Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose $1 million minimums and targethigh-net-worth individuals,pension funds, and institutional investors.\nAs a result, hedge funds invariably carry higher risk than traditional investments. They are not subject to the same regulations asmutual fundsand may not be required to file reports with theU.S. Securities and Exchange Commission(SEC).\nThe following 10 hedge fund firms dominate the space, based on totalassets under management(AUM) as of June 2021.\nThe World’s Top 10 Hedge Fund FirmsBlackrock Advisors\nBlackrock Advisors\nBlackRock (BLK) is a New York-based investment manager that manages trillions in assets. The largest BlackRock entity, BlackRock Fund Advisors, has been in operation since 1984 and oversees $1.9 trillion in assets.\nBlackRock Financial Management was founded in 1994 and oversees $2.25 trillion. BlackRock Advisors, its internal hedge fund, started in 1994 and now handles $789.57 billion.\nAQR Capital Management\nAQR Capital Management is based in Greenwich, Conn., and usesquantitative analysisto develop financial models focused on value and momentum investing. ACR implements its strategies via mutual funds, a type of mutual offered in Europe known asUndertakings for Collective Investment in Transferable Securities, and sponsored funds and managed accounts.\nAs of March 31, 2020, AQR had $164billion under management. It also earned advisory feeds on another $224.8 billion in assets.\nCliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in August 1998, the same monthLong Term Capital Managementimploded.\nBridgewater Associates\nBridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks,university endowments, charitable foundations, and other institutional investors.6Co-chair and co-chief investment officer Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment.\nThe company offers four main funds:\n\nPure Alpha, which focuses on active investment strategy\nPure Alpha Major Markets, which targets a subset of opportunities that the Pure Alpha fund invests in\nAll Weather, which uses an asset allocation strategy\nOptimal Portfolio, which combines aspects of the All Weather fund with active management\n\nAs of March 27, 2021, the fund had $154 billion under management.\nRenaissance Technologies\nRenaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments,futures contracts,forward contractsandforeign exchange.\nAs of June 3, 2021, the fund had $130 billion under management.\nMathematician Jim Simons founded Renaissance Technologies in 1982.Forbeslists Simons as the 68th wealthiest person in the world as of Jan. 13, 2021, worth $23.5 billion. Mathematician Peter Brown is the current chief executive.\nMan Group\nThis British hedge fund has more than 230 years of trading experience. It started in 1784 as an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee and cocoa trading business.\nAs of December 31, 2020, Man Group had $123.6 billion in assets under management. \nElliott Management\nElliot Management describes its investment mandate as \"extremely broad\" and encompassing of almost every asset type:distressed securities, equities, hedging andarbitragepositions, commodities, real estate-related securities, etc. In August 2019, Elliot acquired book retailer Barnes & Noble. It had earlier acquired British bookseller Waterstones. The company is based in New York and was founded by Paul Singer in 1977.\nAs of December 31, 2019, Elliot had $73.5 billion in assets under management and $40 billion of net assets under management on a discretionary basis.\nTwo Sigma Investments\nTwo Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in April 2002. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.\nAs of March 31, 2021, Two Sigma Investments had $68.9 billion under management.\nMillennium Management\nMillennium Management is based in New York and was founded in 1989. The company offers discretionary advisory services to private funds.\nAs of December 31, 2019, Millennium had $42 billion under management.\nThe company is lead by Chair Israel Englander, who founded Millennium with $35 million in capital following a career as a floor broker, trader, and options specialist on theAmerican Stock Exchange.\nDavidson Kempner Capital Management\nDavidson Kempner Capital Management is based in New York and has affiliate offices in London, Hong Kong and Dublin. The company began managing capital for investors in 1987. It focuses onbankruptcies, convertible arbitrage, merger arbitrage, distressed investments, event-driven equities andrestructuringsituations.\nAs of January 31, 2021, Davidson Kempner had $34.8 billion under management and its net assets under management were $33.1 billion.\nCitadel Advisors\nCitadel Advisors is based in Chicago and focuses on equities, fixed income and macro, commodities, credit and quantitative strategies.\nAs of March 31, 2021, Citadel had $33.1 billion in assets under management.\nIn 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990.","news_type":1},"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122377736,"gmtCreate":1624601028325,"gmtModify":1633950656600,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Vaccine powehouse!","listText":"Vaccine powehouse!","text":"Vaccine powehouse!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122377736","repostId":"1137537223","repostType":4,"repost":{"id":"1137537223","kind":"news","pubTimestamp":1624523813,"share":"https://www.laohu8.com/m/news/1137537223?lang=&edition=full","pubTime":"2021-06-24 16:36","market":"us","language":"en","title":"Pfizer: A Wide Moat Business At A Fair Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1137537223","media":"seekingalpha","summary":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business","content":"<p><b>Summary</b></p>\n<ul>\n <li>At its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.</li>\n <li>The moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.</li>\n <li>As a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.</li>\n <li>Investment at the current price provides excellent potential for double-digit return in the long term.</li>\n</ul>\n<p><b>Thesis and Background</b></p>\n<p>The healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.</p>\n<p>At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.</p>\n<p>Before going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.</p>\n<p>My goal for my stock holdings is to generate<b>D</b>ouble-<b>D</b>igit return during a<b>D</b>ecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.</p>\n<p><img src=\"https://static.tigerbbs.com/4cb3acede81613b3761fd70078b79286\" tg-width=\"640\" tg-height=\"420\"></p>\n<p>Source: Author</p>\n<p><img src=\"https://static.tigerbbs.com/11117eef882381e86fc7ad1e929b15d8\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author</p>\n<p><b>The businesses and the moat</b></p>\n<p>Pfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.</p>\n<p>For pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.</p>\n<p>As seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.</p>\n<p>This where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.</p>\n<p><img src=\"https://static.tigerbbs.com/274b7e5bc8ed32603e922232dbdba5d0\" tg-width=\"640\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:Pfizer 2020 annual report</p>\n<p><img src=\"https://static.tigerbbs.com/8eba34c481717e6f2cfaa6f316498aa2\" tg-width=\"640\" tg-height=\"181\"></p>\n<p>Source: Pfizer 2020 annual report</p>\n<p><b>Profitability and Financial Strength</b></p>\n<p>Thanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.</p>\n<p>The business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&amp;P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.</p>\n<p><img src=\"https://static.tigerbbs.com/2df9ddd5bfc780fb81922d0bf07dfb2f\" tg-width=\"640\" tg-height=\"315\"></p>\n<p>Source: Seeking Alpha.</p>\n<p><img src=\"https://static.tigerbbs.com/b29a25abfa0354c92c5dfb7ab49243ff\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author based on data from Seeking Alpha</p>\n<p><b>The valuation</b></p>\n<p>As can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.</p>\n<p>As such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.</p>\n<p><img src=\"https://static.tigerbbs.com/28f2c7c3ec96007a14b507da34b0eb02\" tg-width=\"640\" tg-height=\"88\" referrerpolicy=\"no-referrer\">Source: author and Seeking Alpha</p>\n<p><b>Long-term return and perpetual growth rate</b></p>\n<p>If you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p>\n<p>Longer-Term ROI = OEY + PGR</p>\n<p>Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.</p>\n<p>OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).</p>\n<p>The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. There are the following two possible routes here:</p>\n<p>3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&amp;D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.</p>\n<p>3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.</p>\n<p>Based on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.</p>\n<p><img src=\"https://static.tigerbbs.com/2bcb7c6b4fc7360c3140a7cbcd7aa511\" tg-width=\"640\" tg-height=\"398\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p>With a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!</p>\n<p>Now we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.</p>\n<p><img src=\"https://static.tigerbbs.com/bc98d9c0dd33069c7237e253e96f624b\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author and Seeking Alpha.</p>\n<p>And for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.</p>\n<p>However, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.</p>\n<p>And as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.</p>\n<p><img src=\"https://static.tigerbbs.com/cca693c6f94c74a4aebd1de7b8392612\" tg-width=\"640\" tg-height=\"422\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p><b>Conclusion and final thoughts</b></p>\n<p>The healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.</p>\n<p>I am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.</p>\n<p>Thanks for reading! And look forward to hearing your thoughts and comments.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer: A Wide Moat Business At A Fair 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\">\nPfizer: A Wide Moat Business At A Fair Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 16:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1137537223","content_text":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.\nAs a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.\nInvestment at the current price provides excellent potential for double-digit return in the long term.\n\nThesis and Background\nThe healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.\nAt its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.\nBefore going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.\nMy goal for my stock holdings is to generateDouble-Digit return during aDecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.\n\nSource: Author\n\nSource: Author\nThe businesses and the moat\nPfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.\nFor pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.\nAs seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.\nThis where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.\n\nSource:Pfizer 2020 annual report\n\nSource: Pfizer 2020 annual report\nProfitability and Financial Strength\nThanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.\nThe business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.\n\nSource: Seeking Alpha.\n\nSource: Author based on data from Seeking Alpha\nThe valuation\nAs can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.\nAs such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.\nSource: author and Seeking Alpha\nLong-term return and perpetual growth rate\nIf you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. There are the following two possible routes here:\n3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.\n3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.\nBased on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.\n\nSource: Author and Seeking Alpha\nWith a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!\nNow we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.\n\nSource: Author and Seeking Alpha.\nAnd for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.\nHowever, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.\nAnd as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.\n\nSource: Author and Seeking Alpha\nConclusion and final thoughts\nThe healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.\nI am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.\nThanks for reading! And look forward to hearing your thoughts and comments.","news_type":1},"isVote":1,"tweetType":1,"viewCount":208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122377570,"gmtCreate":1624601007890,"gmtModify":1633950656722,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Idiot","listText":"Idiot","text":"Idiot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122377570","repostId":"1179164844","repostType":4,"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122377328,"gmtCreate":1624600994264,"gmtModify":1633950657065,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Childrens game?","listText":"Childrens game?","text":"Childrens game?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122377328","repostId":"1111198573","repostType":4,"repost":{"id":"1111198573","kind":"news","pubTimestamp":1624527339,"share":"https://www.laohu8.com/m/news/1111198573?lang=&edition=full","pubTime":"2021-06-24 17:35","market":"us","language":"en","title":"Roblox Stock Is Looking to Level Up Again After Taking Earnings Hit","url":"https://stock-news.laohu8.com/highlight/detail?id=1111198573","media":"InvestorPlace","summary":"RBLX stock is a wild ride but a bit predictable.\n\nIt’s as if the pandemic crisis last year wiped all","content":"<blockquote>\n <b>RBLX stock is a wild ride but a bit predictable.</b>\n</blockquote>\n<p>It’s as if the pandemic crisis last year wiped all investor rhyme and reason. Suddenly there’s no in-between and everything is extreme. The days of doing homework and investing in an idea are on hiatus. Take<b>Roblox</b>(NYSE:<b><u>RBLX</u></b>), for example. RBLX stock cannot sit still for more than a few days at a time. It is constantly rallying leaps and bounds, and in both directions.</p>\n<p><img src=\"https://static.tigerbbs.com/39a2b7e467699bf60316904894a05af6\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\">Source: Miguel Lagoa / Shutterstock.com</p>\n<p>In early May it fell into an abyss threatening to set a new all-time low. Then it bounced into a 62% rally without much warning. Thereaction to earningsmay have triggered it, but they overshot on the upside as well. I know this because since the earlier high this month, it has given back 24% and straight down.</p>\n<p>This is where knowing how to read charts helps a lot. Fundamentals are still important, but in the face of such whipsaw action we need something extra. Capitulating out of RBLX stock as it fell into this week’s low is counterproductive. That was the breakout level from late May. Often enough when stocks revisit a pivot zone they find support on the way down. There should be buyers lurking below here.</p>\n<p>The company fundamentals are solid, asI covered in an April article. It hasn’t been public for long, but it has shown that it can grow its P&amp;L. This is not a cheap stock because it still has a 40x price-to-sales ratio. It won’t take much to disappoint those who buy shares now.</p>\n<p>They’ve already given it credit for effectively 40 years worth of its sales. Investors demand perfection when they are paying up this much for the equity. On the other hand, a high price-to-sales ratio is not a reason to shy away from the stock. It’s just a cautionary signal to temper the enthusiasm.</p>\n<p><b>Catch the RBLX Stock Knife With Confidence</b></p>\n<p><img src=\"https://static.tigerbbs.com/3fad23019e607e3a1d6546c98d427475\" tg-width=\"1024\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Charts by TradingView</p>\n<p>Roblox stock is currently a falling machete, but one that I would dare to catch. My method for doing so would be in the options markets, where I can build an appropriately large buffer. I am confident that there will be buyers as it approaches $70 per share. Nevertheless, the indexes are still near all-time highs, so I need more assurances.</p>\n<p>Options allow me to leave room for error. For example, investors who sell RBLX October $65 puts can collect more than $4 a piece for them. This is a net credit trade so it doesn’t even need a rally to win. In fact, the stock can fall another 27% and they could still break even.</p>\n<p>Given what the Fed said last week, equities should find difficulties rallying into the second half of 2021. The more leeway I can place between current prices and my risk the better.</p>\n<p><b>Resistance to Rally</b></p>\n<p>I usually gain conviction by doing homework. But these days, especially in newer stocks like this, that logic doesn’t always work out. I would avoid buying call options in this environment. First of all, the<b>CBOE Volatility Index</b>(VIX) is still high so all premiums are expensive. Moreover, rallies in RBLX stock are likely to face resistance going into $90 per share.</p>\n<p>My preference would be to either take a small position with shares or sell puts in the mean time. This would reduce the sensitivity to time element. This opportunity should be a mere rinse-and-repeat scenario from April. Yet I would still employ proper stop losses just in case. Back then I mentioned that the earnings report could be a catalyst and it was. The stock rallied for 23 days to post a new high.</p>\n<p>I can’t promise the same results now but the setup is similar. It will still need the market in general to continue its own ascent.</p>","source":"lsy1606302653667","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>Roblox Stock Is Looking to Level Up Again After Taking Earnings Hit</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\">\nRoblox Stock Is Looking to Level Up Again After Taking Earnings Hit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 17:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/06/roblox-stock-is-looking-to-level-up-again-after-taking-earnings-hit/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>RBLX stock is a wild ride but a bit predictable.\n\nIt’s as if the pandemic crisis last year wiped all investor rhyme and reason. Suddenly there’s no in-between and everything is extreme. The days of ...</p>\n\n<a href=\"https://investorplace.com/2021/06/roblox-stock-is-looking-to-level-up-again-after-taking-earnings-hit/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://investorplace.com/2021/06/roblox-stock-is-looking-to-level-up-again-after-taking-earnings-hit/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111198573","content_text":"RBLX stock is a wild ride but a bit predictable.\n\nIt’s as if the pandemic crisis last year wiped all investor rhyme and reason. Suddenly there’s no in-between and everything is extreme. The days of doing homework and investing in an idea are on hiatus. TakeRoblox(NYSE:RBLX), for example. RBLX stock cannot sit still for more than a few days at a time. It is constantly rallying leaps and bounds, and in both directions.\nSource: Miguel Lagoa / Shutterstock.com\nIn early May it fell into an abyss threatening to set a new all-time low. Then it bounced into a 62% rally without much warning. Thereaction to earningsmay have triggered it, but they overshot on the upside as well. I know this because since the earlier high this month, it has given back 24% and straight down.\nThis is where knowing how to read charts helps a lot. Fundamentals are still important, but in the face of such whipsaw action we need something extra. Capitulating out of RBLX stock as it fell into this week’s low is counterproductive. That was the breakout level from late May. Often enough when stocks revisit a pivot zone they find support on the way down. There should be buyers lurking below here.\nThe company fundamentals are solid, asI covered in an April article. It hasn’t been public for long, but it has shown that it can grow its P&L. This is not a cheap stock because it still has a 40x price-to-sales ratio. It won’t take much to disappoint those who buy shares now.\nThey’ve already given it credit for effectively 40 years worth of its sales. Investors demand perfection when they are paying up this much for the equity. On the other hand, a high price-to-sales ratio is not a reason to shy away from the stock. It’s just a cautionary signal to temper the enthusiasm.\nCatch the RBLX Stock Knife With Confidence\n\nSource: Charts by TradingView\nRoblox stock is currently a falling machete, but one that I would dare to catch. My method for doing so would be in the options markets, where I can build an appropriately large buffer. I am confident that there will be buyers as it approaches $70 per share. Nevertheless, the indexes are still near all-time highs, so I need more assurances.\nOptions allow me to leave room for error. For example, investors who sell RBLX October $65 puts can collect more than $4 a piece for them. This is a net credit trade so it doesn’t even need a rally to win. In fact, the stock can fall another 27% and they could still break even.\nGiven what the Fed said last week, equities should find difficulties rallying into the second half of 2021. The more leeway I can place between current prices and my risk the better.\nResistance to Rally\nI usually gain conviction by doing homework. But these days, especially in newer stocks like this, that logic doesn’t always work out. I would avoid buying call options in this environment. First of all, theCBOE Volatility Index(VIX) is still high so all premiums are expensive. Moreover, rallies in RBLX stock are likely to face resistance going into $90 per share.\nMy preference would be to either take a small position with shares or sell puts in the mean time. This would reduce the sensitivity to time element. This opportunity should be a mere rinse-and-repeat scenario from April. Yet I would still employ proper stop losses just in case. Back then I mentioned that the earnings report could be a catalyst and it was. The stock rallied for 23 days to post a new high.\nI can’t promise the same results now but the setup is similar. It will still need the market in general to continue its own ascent.","news_type":1},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122374669,"gmtCreate":1624600980551,"gmtModify":1633950657633,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122374669","repostId":"1100684336","repostType":4,"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122368811,"gmtCreate":1624598172333,"gmtModify":1633950690528,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Solid companies","listText":"Solid companies","text":"Solid companies","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122368811","repostId":"2146202596","repostType":4,"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122363836,"gmtCreate":1624598099225,"gmtModify":1633950691886,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087651624152100","authorIdStr":"4087651624152100"},"themes":[],"htmlText":"Bull market is here!","listText":"Bull market is here!","text":"Bull market is here!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122363836","repostId":"2146023477","repostType":4,"repost":{"id":"2146023477","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624575912,"share":"https://www.laohu8.com/m/news/2146023477?lang=&edition=full","pubTime":"2021-06-25 07:05","market":"us","language":"en","title":"Nasdaq and S&P 500 end at record highs; Dow rallies","url":"https://stock-news.laohu8.com/highlight/detail?id=2146023477","media":"Reuters","summary":"June 24 (Reuters) - The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the ","content":"<p>June 24 (Reuters) - The Nasdaq and the S&amp;P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.</p>\n<p>With massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.</p>\n<p>Construction and mining equipment maker Caterpillar and aerospace firm Boeing both jumped more than 2%, helping lift the Dow Jones Industrial Average.</p>\n<p>\"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,\" said Sal Bruno, chief investment officer at IndexIQ in New York.</p>\n<p>Fueling the S&amp;P 500's gains more than any other stock, Tesla Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.</p>\n<p>Mega-caps <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc each gained more than 1%, and were also among the biggest boosts to the S&amp;P 500 and the Nasdaq.</p>\n<p>Microsoft added 0.5% and ended with a market capitalization above $2 trillion for its first time.</p>\n<p>Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.</p>\n<p>The Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.</p>\n<p>So far this month, the S&amp;P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.</p>\n<p>The Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&amp;P 500 gained 0.58% to 4,266.49.</p>\n<p>The Nasdaq Composite climbed 0.69% to 14,369.71.</p>\n<p>Volume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 technology, healthcare and communication services sector indexes hit record highs.</p>\n<p>So far in 2021, the S&amp;P 500 has gained almost 14%, beating the Nasdaq's 11% rise.</p>\n<p>Eli Lilly and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.</p>\n<p>In response, Biogen Inc , which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.</p>\n<p>MGM Resorts International rose 2.2% after Deutsche Bank upgraded the casino operator's stock to \"buy\" from \"hold.\"</p>\n<p>Accenture Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.</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>Nasdaq and S&P 500 end at record highs; Dow rallies</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\">\nNasdaq and S&P 500 end at record highs; Dow rallies\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-25 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 24 (Reuters) - The Nasdaq and the S&amp;P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.</p>\n<p>With massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.</p>\n<p>Construction and mining equipment maker Caterpillar and aerospace firm Boeing both jumped more than 2%, helping lift the Dow Jones Industrial Average.</p>\n<p>\"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,\" said Sal Bruno, chief investment officer at IndexIQ in New York.</p>\n<p>Fueling the S&amp;P 500's gains more than any other stock, Tesla Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.</p>\n<p>Mega-caps <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc each gained more than 1%, and were also among the biggest boosts to the S&amp;P 500 and the Nasdaq.</p>\n<p>Microsoft added 0.5% and ended with a market capitalization above $2 trillion for its first time.</p>\n<p>Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.</p>\n<p>The Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.</p>\n<p>So far this month, the S&amp;P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.</p>\n<p>The Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&amp;P 500 gained 0.58% to 4,266.49.</p>\n<p>The Nasdaq Composite climbed 0.69% to 14,369.71.</p>\n<p>Volume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 technology, healthcare and communication services sector indexes hit record highs.</p>\n<p>So far in 2021, the S&amp;P 500 has gained almost 14%, beating the Nasdaq's 11% rise.</p>\n<p>Eli Lilly and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.</p>\n<p>In response, Biogen Inc , which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.</p>\n<p>MGM Resorts International rose 2.2% after Deutsche Bank upgraded the casino operator's stock to \"buy\" from \"hold.\"</p>\n<p>Accenture Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","UPRO":"三倍做多标普500ETF","OEX":"标普100","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","IVV":"标普500指数ETF","SH":"标普500反向ETF","SPY":"标普500ETF","MSFT":"微软","SDS":"两倍做空标普500ETF","SSO":"两倍做多标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146023477","content_text":"June 24 (Reuters) - The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.\nWith massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.\nConstruction and mining equipment maker Caterpillar and aerospace firm Boeing both jumped more than 2%, helping lift the Dow Jones Industrial Average.\n\"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,\" said Sal Bruno, chief investment officer at IndexIQ in New York.\nFueling the S&P 500's gains more than any other stock, Tesla Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.\nMega-caps PayPal and Facebook Inc each gained more than 1%, and were also among the biggest boosts to the S&P 500 and the Nasdaq.\nMicrosoft added 0.5% and ended with a market capitalization above $2 trillion for its first time.\nInitial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.\nThe Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.\nSo far this month, the S&P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.\nThe Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&P 500 gained 0.58% to 4,266.49.\nThe Nasdaq Composite climbed 0.69% to 14,369.71.\nVolume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.\nThe S&P 500 technology, healthcare and communication services sector indexes hit record highs.\nSo far in 2021, the S&P 500 has gained almost 14%, beating the Nasdaq's 11% rise.\nEli Lilly and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.\nIn response, Biogen Inc , which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.\nMGM Resorts International rose 2.2% after Deutsche Bank upgraded the casino operator's stock to \"buy\" from \"hold.\"\nAccenture Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.\nAdvancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":125446484,"gmtCreate":1624688653348,"gmtModify":1633949531694,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125446484","repostId":"1134306371","repostType":4,"isVote":1,"tweetType":1,"viewCount":314,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125446247,"gmtCreate":1624688641289,"gmtModify":1633949531815,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"To the moon!","listText":"To the moon!","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125446247","repostId":"1198693501","repostType":4,"repost":{"id":"1198693501","kind":"news","pubTimestamp":1624663008,"share":"https://www.laohu8.com/m/news/1198693501?lang=&edition=full","pubTime":"2021-06-26 07:16","market":"us","language":"en","title":"SpaceX aims to launch first orbital Starship flight in July, company president says","url":"https://stock-news.laohu8.com/highlight/detail?id=1198693501","media":"CNBC","summary":"KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its","content":"<div>\n<p>KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday.\n“I’m hoping we make it, but we ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html\">Web Link</a>\n\n</div>\n","source":"cnbc_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>SpaceX aims to launch first orbital Starship flight in July, company president says</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\">\nSpaceX aims to launch first orbital Starship flight in July, company president says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-26 07:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday.\n“I’m hoping we make it, but we ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.cnbc.com/2021/06/25/spacex-aims-to-launch-first-orbital-starship-flight-in-july.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1198693501","content_text":"KEY POINTS\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said on Friday.\n“I’m hoping we make it, but we all know that this is difficult,” Shotwell said, speaking at the National Space Society’s virtual International Space Development conference.\nThe company in May revealed its plan for the flight, which would launch from the company’s facility in Texas and aim to splash down off the coast of Hawaii.\n\nElon Musk’s SpaceX is “shooting for July” to launch the first orbital spaceflight of its Starship rocket, company president Gwynne Shotwell said Friday.\n“I’m hoping we make it, but we all know that this is difficult,” Shotwell said, speaking at the National Space Society’s virtual International Space Development conference.\n“We are really on the cusp of flying that system, or at least attempting the first orbital flight of that system, really in the very near term,” Shotwell added.\nSpaceX has conducted multiple short test flights of Starship prototypes over the past year, but reaching orbit represents the next step in testing the rocket. The company in May revealed its plan for the flight, which would launch from the company’s facility in Texas and aim to splash down off the coast of Hawaii.\nStarship prototypes stand at about 160 feet tall, or around the size of a 16-story building, and are built of stainless steel – representing the early version of the rocket that Musk unveiled in 2019. The rocket initially launches on a “Super Heavy” booster, which makes up the bottom half of the rocket and stands about 230 feet tall. Together, Starship and Super Heavy will be nearly 400 feet tall when stacked for the launch.\nThe company is developing Starship to launch cargo and people on missions to the moon and Mars.\nWhile SpaceX’s fleet of Falcon 9 and Falcon Heavy rockets are partially reusable, Musk’s goal is to make Starship fully reusable — envisioning a rocket that is more akin to a commercial airplane, with short turnaround times between flights where the only major cost is fuel.\n“I don’t think that people really have even comprehended what that system is going to do,” Shotwell said.\nShe emphasized that Musk “feels in a huge hurry” to develop Starship and create “a sustaining capability that will take people to the Moon and Mars.”\n“That means it’s not one ship every two years, right? We have to be able to fly dozens of ships during the timeframe when you can get people to Mars,” Shotwell added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124724220,"gmtCreate":1624795857760,"gmtModify":1633948558515,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"MELLEIANIALS should learn to work","listText":"MELLEIANIALS should learn to work","text":"MELLEIANIALS should learn to work","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124724220","repostId":"2146009942","repostType":4,"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122368811,"gmtCreate":1624598172333,"gmtModify":1633950690528,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Solid companies","listText":"Solid companies","text":"Solid companies","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122368811","repostId":"2146202596","repostType":4,"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122363836,"gmtCreate":1624598099225,"gmtModify":1633950691886,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Bull market is here!","listText":"Bull market is here!","text":"Bull market is here!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122363836","repostId":"2146023477","repostType":4,"repost":{"id":"2146023477","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624575912,"share":"https://www.laohu8.com/m/news/2146023477?lang=&edition=full","pubTime":"2021-06-25 07:05","market":"us","language":"en","title":"Nasdaq and S&P 500 end at record highs; Dow rallies","url":"https://stock-news.laohu8.com/highlight/detail?id=2146023477","media":"Reuters","summary":"June 24 (Reuters) - The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the ","content":"<p>June 24 (Reuters) - The Nasdaq and the S&amp;P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.</p>\n<p>With massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.</p>\n<p>Construction and mining equipment maker Caterpillar and aerospace firm Boeing both jumped more than 2%, helping lift the Dow Jones Industrial Average.</p>\n<p>\"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,\" said Sal Bruno, chief investment officer at IndexIQ in New York.</p>\n<p>Fueling the S&amp;P 500's gains more than any other stock, Tesla Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.</p>\n<p>Mega-caps <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc each gained more than 1%, and were also among the biggest boosts to the S&amp;P 500 and the Nasdaq.</p>\n<p>Microsoft added 0.5% and ended with a market capitalization above $2 trillion for its first time.</p>\n<p>Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.</p>\n<p>The Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.</p>\n<p>So far this month, the S&amp;P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.</p>\n<p>The Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&amp;P 500 gained 0.58% to 4,266.49.</p>\n<p>The Nasdaq Composite climbed 0.69% to 14,369.71.</p>\n<p>Volume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 technology, healthcare and communication services sector indexes hit record highs.</p>\n<p>So far in 2021, the S&amp;P 500 has gained almost 14%, beating the Nasdaq's 11% rise.</p>\n<p>Eli Lilly and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.</p>\n<p>In response, Biogen Inc , which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.</p>\n<p>MGM Resorts International rose 2.2% after Deutsche Bank upgraded the casino operator's stock to \"buy\" from \"hold.\"</p>\n<p>Accenture Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.</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>Nasdaq and S&P 500 end at record highs; Dow rallies</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\">\nNasdaq and S&P 500 end at record highs; Dow rallies\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-25 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 24 (Reuters) - The Nasdaq and the S&amp;P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.</p>\n<p>With massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.</p>\n<p>Construction and mining equipment maker Caterpillar and aerospace firm Boeing both jumped more than 2%, helping lift the Dow Jones Industrial Average.</p>\n<p>\"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,\" said Sal Bruno, chief investment officer at IndexIQ in New York.</p>\n<p>Fueling the S&amp;P 500's gains more than any other stock, Tesla Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.</p>\n<p>Mega-caps <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc each gained more than 1%, and were also among the biggest boosts to the S&amp;P 500 and the Nasdaq.</p>\n<p>Microsoft added 0.5% and ended with a market capitalization above $2 trillion for its first time.</p>\n<p>Initial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.</p>\n<p>The Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.</p>\n<p>So far this month, the S&amp;P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.</p>\n<p>The Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&amp;P 500 gained 0.58% to 4,266.49.</p>\n<p>The Nasdaq Composite climbed 0.69% to 14,369.71.</p>\n<p>Volume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.</p>\n<p>The S&amp;P 500 technology, healthcare and communication services sector indexes hit record highs.</p>\n<p>So far in 2021, the S&amp;P 500 has gained almost 14%, beating the Nasdaq's 11% rise.</p>\n<p>Eli Lilly and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.</p>\n<p>In response, Biogen Inc , which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.</p>\n<p>MGM Resorts International rose 2.2% after Deutsche Bank upgraded the casino operator's stock to \"buy\" from \"hold.\"</p>\n<p>Accenture Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","UPRO":"三倍做多标普500ETF","OEX":"标普100","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","IVV":"标普500指数ETF","SH":"标普500反向ETF","SPY":"标普500ETF","MSFT":"微软","SDS":"两倍做空标普500ETF","SSO":"两倍做多标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146023477","content_text":"June 24 (Reuters) - The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.\nWith massive fiscal stimulus helped the U.S. economy grow at a 6.4% annualized rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.\nConstruction and mining equipment maker Caterpillar and aerospace firm Boeing both jumped more than 2%, helping lift the Dow Jones Industrial Average.\n\"In the short term, I think there will be some 'buy the rumor and sell the news' in materials and industrials, but as we start to see more details come out about how the money will be spent, I think we will get a continued benefit,\" said Sal Bruno, chief investment officer at IndexIQ in New York.\nFueling the S&P 500's gains more than any other stock, Tesla Inc rose 3.5% after Chief Executive Officer Elon Musk said he would list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing.\nMega-caps PayPal and Facebook Inc each gained more than 1%, and were also among the biggest boosts to the S&P 500 and the Nasdaq.\nMicrosoft added 0.5% and ended with a market capitalization above $2 trillion for its first time.\nInitial claims for state unemployment benefits fell 7,000 to 411,000 for the week ended June 19, the Labor Department said on Thursday, but were still higher than the 380,000 that economists had forecast.\nThe Commerce Department said the economy grew at a 6.4% rate last quarter, unrevised from the estimate published in May.\nSo far this month, the S&P 500 growth index has climbed almost 4%, outperforming the value index's 2% drop.\nThe Dow Jones Industrial Average rose 0.95% to end at 34,196.82 points, while the S&P 500 gained 0.58% to 4,266.49.\nThe Nasdaq Composite climbed 0.69% to 14,369.71.\nVolume on U.S. exchanges was 9.2 billion shares, less than the 11.0 billion average over the last 20 trading days.\nThe S&P 500 technology, healthcare and communication services sector indexes hit record highs.\nSo far in 2021, the S&P 500 has gained almost 14%, beating the Nasdaq's 11% rise.\nEli Lilly and Co jumped 7.3% to a record high after the drugmaker said it would apply for the U.S. Food and Drug Administration's accelerated approval for its experimental Alzheimer's drug this year.\nIn response, Biogen Inc , which received a controversial approval for its Alzheimer's drug aducanumab earlier this month, tumbled 6.1%.\nMGM Resorts International rose 2.2% after Deutsche Bank upgraded the casino operator's stock to \"buy\" from \"hold.\"\nAccenture Plc gained 2.1% after the IT consulting firm raised its full-year revenue forecast.\nAdvancing issues outnumbered declining ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.44-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 105 new highs and 27 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124724860,"gmtCreate":1624795836050,"gmtModify":1633948558761,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Say NO to Bezos","listText":"Say NO to Bezos","text":"Say NO to Bezos","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124724860","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":322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124724999,"gmtCreate":1624795813011,"gmtModify":1633948559107,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Both bad, buy TSLA","listText":"Both bad, buy TSLA","text":"Both bad, buy TSLA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124724999","repostId":"1137119316","repostType":4,"repost":{"id":"1137119316","kind":"news","pubTimestamp":1624754401,"share":"https://www.laohu8.com/m/news/1137119316?lang=&edition=full","pubTime":"2021-06-27 08:40","market":"us","language":"en","title":"Ford Or NIO? The Final Verdict","url":"https://stock-news.laohu8.com/highlight/detail?id=1137119316","media":"seekingalpha","summary":"I am comparing Ford against NIO in different categories.The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.NIO is growing a lot faster than Ford and the high valuation may be justified.With Ford  launching a major offensive in the market for electric vehicles, Chinese EV maker NIO  will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based ","content":"<p><b>Summary</b></p>\n<ul>\n <li>I am comparing Ford against NIO in different categories.</li>\n <li>The comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.</li>\n <li>NIO is growing a lot faster than Ford and the high valuation may be justified.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5033fa117d7852799244b8275bc1000f\" tg-width=\"1536\" tg-height=\"886\"><span>peterschreiber.media/iStock via Getty Images</span></p>\n<p>With Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.</p>\n<p><b>Ford vs. NIO: The battle for the global electric vehicle market is heating up</b></p>\n<p>Although there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing&nbsp;$30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.</p>\n<p><b>Market opportunity</b></p>\n<p>In 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48c23b32134542f51227d9b1b612887\" tg-width=\"1083\" tg-height=\"863\"><span>(Source: Wikipedia)</span></p>\n<p>China, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is&nbsp;on the cusp of entering the European market&nbsp;in a bid to grow market share in the world’s second-largest EV market before the competition is ready.</p>\n<p>Beijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a&nbsp;twenty percent share&nbsp;of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9871e44eaf69adb27151425887870ace\" tg-width=\"739\" tg-height=\"454\"><span>(Source:Schroders)</span></p>\n<p>Turning to growth projections.</p>\n<p>With more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/61d19dff2f34e2d8828aca854e85d84a\" tg-width=\"825\" tg-height=\"565\"><span>(Source:McKinsey)</span></p>\n<p>Since China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.</p>\n<p><b>Scale and manufacturing competence</b></p>\n<p>Ford has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.</p>\n<p>Since NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.</p>\n<p>Winner here: Ford.</p>\n<p><b>Differentiation and BaaS revenue model</b></p>\n<p>Both Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.</p>\n<p>Ford is&nbsp;forming a joint venture&nbsp;with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has&nbsp;formed its own joint venture&nbsp;to secure battery supply.</p>\n<p>The difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.</p>\n<p>The BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.</p>\n<p>Ford and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.</p>\n<p>Battery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c42acb75905affe7570a2f399ea3192f\" tg-width=\"758\" tg-height=\"449\"><span>(Source: Schroders)</span></p>\n<p>The “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.</p>\n<p><b>Sales growth and valuation</b></p>\n<p>Ford’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.</p>\n<p>Ford's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5a0a393e44ed74241c5effcdd92350\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p>The difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!</p>\n<p>Due to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/817605c6b1e82c03d0473ea570d32b8f\" tg-width=\"506\" tg-height=\"406\"><span>(Source: Author)</span></p>\n<p><b>NIO has larger risks...</b></p>\n<p>NIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.</p>\n<p><b>Final verdict</b></p>\n<p>NIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.</p>\n<p>Ford’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.</p>\n<p>If you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.</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>Ford Or NIO? The Final Verdict</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\">\nFord Or NIO? The Final Verdict\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4436600-ford-or-nio-the-final-verdict","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137119316","content_text":"Summary\n\nI am comparing Ford against NIO in different categories.\nThe comparison is intended to improve the understanding of Ford's and NIO's growth potential while highlighting differences in market position and opportunities.\nNIO is growing a lot faster than Ford and the high valuation may be justified.\n\npeterschreiber.media/iStock via Getty Images\nWith Ford (F) launching a major offensive in the market for electric vehicles, Chinese EV maker NIO (NIO) will face one more rival competing for sales in the future. Which vehicle maker offers the best deal based on market opportunity, scale, revenue model, growth prospects and valuation? I will compare Ford against NIO in each category and issue a final verdict at the end.\nFord vs. NIO: The battle for the global electric vehicle market is heating up\nAlthough there is a world of difference between Ford and NIO, both companies are set to go toe-to-toe in the rapidly growing global electric vehicle market. Ford’s fleet is not yet EV-focused but this is going to change: Feeling that the EV race is heating up, Ford said it is accelerating its electrification plan by investing $30B into its EV manufacturing capabilities until 2025. Ford’s previous capital plan called for a $22B investment in zero-emission vehicles. Ford also set an ambitious sales goal: 40% of its global sales will be electric within the next decade and 33% of pickup truck sales. Electric vehicle sales account for just 1% of Ford's sales today. As Ford is phasing out combustion engines, it is set to evolve into an all-electric vehicle maker by 2040.\nMarket opportunity\nIn 2020, 3.2m electric vehicles were sold in the world which represented a small market share of just 4.2%. China, however, was responsible for buying 41% of all electric vehicles in the world in 2020. Chinese buyers purchased 1.3m electric vehicles last year and sales are set to grow fast as Beijing seeks to boost EV adoption. The second largest market for electric vehicles was Europe which accounted for 42% of global EV sales. The US is only the third-largest market for plug-in electric vehicles in the world.\n(Source: Wikipedia)\nChina, by far, is the fastest growing EV market in the world, although Europe is catching up fast, in part due to a legislative efforts to increase adoption of zero-emission passenger vehicles and because of massive investments in a Europe-wide charging station network. NIO is on the cusp of entering the European market in a bid to grow market share in the world’s second-largest EV market before the competition is ready.\nBeijing is a driver behind the electrification of the Chinese auto industry: The government wants to see a twenty percent share of electric vehicles for new car sales by 2025 which will drive EV penetration in NIO’s home market.\n(Source:Schroders)\nTurning to growth projections.\nWith more favorable government policies for EV makers in places like China and Europe, these markets are poised to see the fastest sales growth and the highest EV adoption rates in the world. China is not only the largest market due to population size but is also expected to outperform all other markets in the world in EV sales until 2030.\n(Source:McKinsey)\nSince China has a larger total market size, a higher EV adoption rate, stronger expected sales growth and a more favorable regulatory framework, the winner here would be: NIO.\nScale and manufacturing competence\nFord has a century’s worth of manufacturing experience. But Ford, so far, has only one all-electric vehicle in its product line-up that compares to NIO: The Mustang Mach-E SUV. In 2022, Ford will begin to sell the all-electric F-150 Lightening which builds on the success of Ford’s best-selling pick-up truck. NIO already has a stronger product catalog including the 5-seater ES6 SUV, the 5-seater coupe SUV EC6 and the ES8, a 6-seater and 7-seater full-sized SUV.\nSince NIO is solely focused on producing EVs and occupies a very small and defined niche, the Chinese firm has an advantage as far as EV-manufacturing expertise goes. The question is how long this advantage can last. Ford has extensive experience in building cars and can leverage a global manufacturing base to ramp up EV production faster than any niche EV maker could ever hope to achieve. This makes Ford a very serious rival not only to Tesla (TSLA) in the US, but also to NIO abroad. Ford is accelerating its electrification plans and it has the resources and the ambition to become a leader in EVs within the next decade. Ford’s proposed $30B spending on the electrification of its fleet will accelerate its transformation and turn Ford into a long term threat to other EV makers.\nWinner here: Ford.\nDifferentiation and BaaS revenue model\nBoth Ford and NIO know about the importance of differentiation in a market that will only get more competitive over time, which is why both companies are investing heavily in a related field that can break or solidify dominance in the EV market: Battery technology.\nFord is forming a joint venture with South Korean battery technology company SK Innovation to secure supply of traction battery cells and array modules. The joint venture is meant to accelerate battery deliveries and will produce approximately 60 GWh annually, enough to cover 25% of Ford’s estimated annual energy demand by 2030. NIO is also investing in battery technology and has formed its own joint venture to secure battery supply.\nThe difference to Ford is that NIO’s battery investment strategy revolves around a battery subscription model, also called “battery-as-a-service”, which creates a strong, long term revenue opportunity for the Chinese vehicle maker. Under this “BaaS” model, users who buy a NIO electric vehicle get a 70,000 RMB initial discount, equivalent to $10,800, and can sign up for a monthly subscription to rent a rechargeable 70 kWh battery. Batteries can then be exchanged at one of NIO’s battery-swapping stations which can be found in most big Chinese cities. A battery subscription costs 980 RMB monthly which is the equivalent of $150.\nThe BaaS model has a couple of benefits for both the vehicle maker and the user: Purchasing an electric vehicle from NIO gets a lot more affordable due to the up-front discount and the subscription model ensures that users benefit from advancement in battery technology and better performance over time. Decoupling battery costs from vehicle prices creates an entirely new revenue stream on a subscription basis for NIO. Revenues from “BaaS” subscriptions could be used to increase the density of NIO’s network of charging/replacement stations. The battery subscription model also binds customers to NIO, potentially increasing customer lifetime value.\nFord and NIO are primed to benefit from falling battery costs for electric vehicles as they ramp up capital allocations. As more investments flow into developing more efficient batteries, performance will go up and costs will go down which should drive EV adoption and benefit all EV makers. This is because lower battery prices make EVs more competitive to passenger vehicles with combustion engines. But since NIO is structuring a part of its business model explicitly around battery subscriptions, NIO could benefit more than Ford.\nBattery costs for EVs have decreased 70% since 2014, based on information provided by investment firm Schroders, and are set to decrease more this decade.\n(Source: Schroders)\nThe “BaaS” model is genius and could develop into a $500M a year revenue opportunity for NIO long term. Although Ford is ramping up its investments in battery technology, the winner in this category is: NIO.\nSales growth and valuation\nFord’s sales in May grew 4.1% Y/Y but electrified vehicle sales (including hybrids) surged 184% Y/Y as Ford sold a record 10,364 EVs/hybrids in May. Escape electrified sales and Explorer Hybrid grew sales at 125% and 132% Y/Y showing strong customer uptake. NIO delivered 6,711 vehicles last month including 3,017 ES6s, 1,412 ES8s and 2,282 EC6s. Total Y/Y delivery growth for May was 95.3%.\nFord's sales are fifty-four times larger than NIO's which creates more sales growth and revaluation potential for NIO.\nData by YCharts\nThe difference in valuation between Ford and NIO is like the difference between night and day. This is because Ford is still seen as a mature vehicle maker with expected enterprise sales growth in the low-to-mid digits, despite explosive growth in the EV category. Ford is expected to grow revenues by 33% until FY 2025 (base year: FY 2020) and NIO by 808%!\nDue to these differences in sales growth, NIO is the complete opposite of Ford, at least as far as valuation goes. The Chinese EV-maker is expected to see sales and delivery growth close to 100% this year and since NIO is only dealing in EVs, NIO gets a much higher market-cap-to-sales ratio than Ford.\n(Source: Author)\nNIO has larger risks...\nNIO is the more risky venture, but also the one that offers the most promise. Government policy favors EV-makers like NIO. The potential for total global sales growth is larger for NIO as it operates from a smaller revenue base compared to Ford. But there are also a few things that work against NIO. For example, recalls due to production defects would be a much bigger challenge for NIO to overcome than for Ford which can rely on a global service and distribution network. NIO’s valuation is also not without risk as an unexpected slowing of sales growth due to production setbacks would leave a much larger dent in the financials.\nFinal verdict\nNIO is definitely the more “sexy” vehicle maker. Strong adoption and sales growth in China and Europe support NIO. Its super smart BaaS model which decouples vehicle purchase prices from battery costs is genius. You pay a high price for this growth but the market opportunity for NIO is immense.\nFord’s EV sales are booming and the percentage of EV sales will increase as the vehicle maker electrifies its fleet. Ford has a lot of potential in the EV market but since EV sales are still a relatively low percentage of total sales, it will take a long time for Ford to complete its transformation.\nIf you believe in the potential of the global EV market, buy NIO. If you believe in the potential of the global EV market and don’t like much risk, buy Ford.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125763180,"gmtCreate":1624694738640,"gmtModify":1633949475077,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Nothing can beat crypto","listText":"Nothing can beat crypto","text":"Nothing can beat crypto","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125763180","repostId":"2146407666","repostType":4,"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125769285,"gmtCreate":1624694702147,"gmtModify":1633949475661,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Nikola is a scam","listText":"Nikola is a scam","text":"Nikola is a scam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125769285","repostId":"2146071376","repostType":4,"isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122100381,"gmtCreate":1624601049043,"gmtModify":1633950656357,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Very strong","listText":"Very strong","text":"Very strong","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122100381","repostId":"1139439438","repostType":4,"repost":{"id":"1139439438","kind":"news","pubTimestamp":1624519904,"share":"https://www.laohu8.com/m/news/1139439438?lang=&edition=full","pubTime":"2021-06-24 15:31","market":"us","language":"en","title":"World's Top 10 Hedge Fund Firms","url":"https://stock-news.laohu8.com/highlight/detail?id=1139439438","media":"Investopedia","summary":"Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, s","content":"<p>Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose $1 million minimums and targethigh-net-worth individuals,pension funds, and institutional investors.</p>\n<p>As a result, hedge funds invariably carry higher risk than traditional investments. They are not subject to the same regulations asmutual fundsand may not be required to file reports with theU.S. Securities and Exchange Commission(SEC).</p>\n<p>The following 10 hedge fund firms dominate the space, based on totalassets under management(AUM) as of June 2021.</p>\n<p><b>The World’s Top 10 Hedge Fund Firms</b><b>Blackrock Advisors</b></p>\n<p><b>Blackrock Advisors</b></p>\n<p>BlackRock (BLK) is a New York-based investment manager that manages trillions in assets. The largest BlackRock entity, BlackRock Fund Advisors, has been in operation since 1984 and oversees $1.9 trillion in assets.</p>\n<p>BlackRock Financial Management was founded in 1994 and oversees $2.25 trillion. BlackRock Advisors, its internal hedge fund, started in 1994 and now handles $789.57 billion.</p>\n<p><b>AQR Capital Management</b></p>\n<p>AQR Capital Management is based in Greenwich, Conn., and usesquantitative analysisto develop financial models focused on value and momentum investing. ACR implements its strategies via mutual funds, a type of mutual offered in Europe known asUndertakings for Collective Investment in Transferable Securities, and sponsored funds and managed accounts.</p>\n<p>As of March 31, 2020, AQR had $164billion under management.&nbsp;It also earned advisory feeds on another $224.8 billion in assets.</p>\n<p>Cliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in August 1998, the same monthLong Term Capital Managementimploded.</p>\n<p><b>Bridgewater Associates</b></p>\n<p>Bridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks,university endowments, charitable foundations, and other institutional investors.6Co-chair and co-chief investment officer Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment.</p>\n<p>The company offers four main funds:</p>\n<ol>\n <li>Pure Alpha, which focuses on active investment strategy</li>\n <li>Pure Alpha Major Markets, which targets a subset of opportunities that the Pure Alpha fund invests in</li>\n <li>All Weather, which uses an asset allocation strategy</li>\n <li>Optimal Portfolio, which combines aspects of the All Weather fund with active management</li>\n</ol>\n<p>As of March 27, 2021, the fund had $154 billion under management.</p>\n<p><b>Renaissance Technologies</b></p>\n<p>Renaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments,futures contracts,forward contractsandforeign exchange.</p>\n<p>As of June 3, 2021, the fund had $130 billion under management.</p>\n<p>Mathematician Jim Simons founded Renaissance Technologies in 1982.<i>Forbes</i>lists Simons as the 68th wealthiest person in the world as of Jan. 13, 2021, worth $23.5 billion.&nbsp;Mathematician Peter Brown is the current chief executive.</p>\n<p><b>Man Group</b></p>\n<p>This British hedge fund has more than 230 years of trading experience. It started in 1784 as an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee and cocoa trading business.</p>\n<p>As of December 31, 2020, Man Group had $123.6 billion in assets under management.&nbsp;</p>\n<p><b>Elliott Management</b></p>\n<p>Elliot Management describes its investment mandate as \"extremely broad\" and encompassing of almost every asset type:distressed securities, equities, hedging andarbitragepositions, commodities, real estate-related securities, etc.&nbsp;In August 2019, Elliot acquired book retailer Barnes &amp; Noble.&nbsp;It had earlier acquired British bookseller Waterstones.&nbsp;The company is based in New York and was founded by Paul Singer in 1977.</p>\n<p>As of December 31, 2019, Elliot had $73.5 billion in assets under management and $40 billion of net assets under management on a discretionary basis.</p>\n<p><b>Two Sigma Investments</b></p>\n<p>Two Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in April 2002. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.</p>\n<p>As of March 31, 2021, Two Sigma Investments had $68.9 billion under management.</p>\n<p><b>Millennium Management</b></p>\n<p>Millennium Management is based in New York and was founded in 1989. The company offers discretionary advisory services to private funds.</p>\n<p>As of December 31, 2019, Millennium had $42 billion under management.</p>\n<p>The company is lead by Chair Israel Englander, who founded Millennium with $35 million in capital following a career as a floor broker, trader, and options specialist on theAmerican Stock Exchange.</p>\n<p><b>Davidson Kempner Capital Management</b></p>\n<p>Davidson Kempner Capital Management is based in New York and has affiliate offices in London, Hong Kong and Dublin. The company began managing capital for investors in 1987. It focuses onbankruptcies, convertible arbitrage, merger arbitrage, distressed investments, event-driven equities andrestructuringsituations.</p>\n<p>As of January 31, 2021, Davidson Kempner had $34.8 billion under management and its net assets under management were $33.1 billion.</p>\n<p><b>Citadel Advisors</b></p>\n<p>Citadel Advisors is based in Chicago and focuses on equities, fixed income and macro, commodities, credit and quantitative strategies.</p>\n<p>As of March 31, 2021, Citadel had $33.1 billion in assets under management.</p>\n<p>In 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990.</p>","source":"lsy1606203311635","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>World's Top 10 Hedge Fund Firms</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\">\nWorld's Top 10 Hedge Fund Firms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 15:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral><strong>Investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market....</p>\n\n<a href=\"https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139439438","content_text":"Hedge fundsare alternative investments that use a variety of methods such as leveragedderivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose $1 million minimums and targethigh-net-worth individuals,pension funds, and institutional investors.\nAs a result, hedge funds invariably carry higher risk than traditional investments. They are not subject to the same regulations asmutual fundsand may not be required to file reports with theU.S. Securities and Exchange Commission(SEC).\nThe following 10 hedge fund firms dominate the space, based on totalassets under management(AUM) as of June 2021.\nThe World’s Top 10 Hedge Fund FirmsBlackrock Advisors\nBlackrock Advisors\nBlackRock (BLK) is a New York-based investment manager that manages trillions in assets. The largest BlackRock entity, BlackRock Fund Advisors, has been in operation since 1984 and oversees $1.9 trillion in assets.\nBlackRock Financial Management was founded in 1994 and oversees $2.25 trillion. BlackRock Advisors, its internal hedge fund, started in 1994 and now handles $789.57 billion.\nAQR Capital Management\nAQR Capital Management is based in Greenwich, Conn., and usesquantitative analysisto develop financial models focused on value and momentum investing. ACR implements its strategies via mutual funds, a type of mutual offered in Europe known asUndertakings for Collective Investment in Transferable Securities, and sponsored funds and managed accounts.\nAs of March 31, 2020, AQR had $164billion under management. It also earned advisory feeds on another $224.8 billion in assets.\nCliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in August 1998, the same monthLong Term Capital Managementimploded.\nBridgewater Associates\nBridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks,university endowments, charitable foundations, and other institutional investors.6Co-chair and co-chief investment officer Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment.\nThe company offers four main funds:\n\nPure Alpha, which focuses on active investment strategy\nPure Alpha Major Markets, which targets a subset of opportunities that the Pure Alpha fund invests in\nAll Weather, which uses an asset allocation strategy\nOptimal Portfolio, which combines aspects of the All Weather fund with active management\n\nAs of March 27, 2021, the fund had $154 billion under management.\nRenaissance Technologies\nRenaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments,futures contracts,forward contractsandforeign exchange.\nAs of June 3, 2021, the fund had $130 billion under management.\nMathematician Jim Simons founded Renaissance Technologies in 1982.Forbeslists Simons as the 68th wealthiest person in the world as of Jan. 13, 2021, worth $23.5 billion. Mathematician Peter Brown is the current chief executive.\nMan Group\nThis British hedge fund has more than 230 years of trading experience. It started in 1784 as an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee and cocoa trading business.\nAs of December 31, 2020, Man Group had $123.6 billion in assets under management. \nElliott Management\nElliot Management describes its investment mandate as \"extremely broad\" and encompassing of almost every asset type:distressed securities, equities, hedging andarbitragepositions, commodities, real estate-related securities, etc. In August 2019, Elliot acquired book retailer Barnes & Noble. It had earlier acquired British bookseller Waterstones. The company is based in New York and was founded by Paul Singer in 1977.\nAs of December 31, 2019, Elliot had $73.5 billion in assets under management and $40 billion of net assets under management on a discretionary basis.\nTwo Sigma Investments\nTwo Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in April 2002. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.\nAs of March 31, 2021, Two Sigma Investments had $68.9 billion under management.\nMillennium Management\nMillennium Management is based in New York and was founded in 1989. The company offers discretionary advisory services to private funds.\nAs of December 31, 2019, Millennium had $42 billion under management.\nThe company is lead by Chair Israel Englander, who founded Millennium with $35 million in capital following a career as a floor broker, trader, and options specialist on theAmerican Stock Exchange.\nDavidson Kempner Capital Management\nDavidson Kempner Capital Management is based in New York and has affiliate offices in London, Hong Kong and Dublin. The company began managing capital for investors in 1987. It focuses onbankruptcies, convertible arbitrage, merger arbitrage, distressed investments, event-driven equities andrestructuringsituations.\nAs of January 31, 2021, Davidson Kempner had $34.8 billion under management and its net assets under management were $33.1 billion.\nCitadel Advisors\nCitadel Advisors is based in Chicago and focuses on equities, fixed income and macro, commodities, credit and quantitative strategies.\nAs of March 31, 2021, Citadel had $33.1 billion in assets under management.\nIn 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990.","news_type":1},"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122377736,"gmtCreate":1624601028325,"gmtModify":1633950656600,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Vaccine powehouse!","listText":"Vaccine powehouse!","text":"Vaccine powehouse!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122377736","repostId":"1137537223","repostType":4,"isVote":1,"tweetType":1,"viewCount":208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122377570,"gmtCreate":1624601007890,"gmtModify":1633950656722,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Idiot","listText":"Idiot","text":"Idiot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122377570","repostId":"1179164844","repostType":4,"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122377328,"gmtCreate":1624600994264,"gmtModify":1633950657065,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Childrens game?","listText":"Childrens game?","text":"Childrens game?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122377328","repostId":"1111198573","repostType":4,"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122374669,"gmtCreate":1624600980551,"gmtModify":1633950657633,"author":{"id":"4087651624152100","authorId":"4087651624152100","name":"ong1995","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087651624152100","idStr":"4087651624152100"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122374669","repostId":"1100684336","repostType":4,"repost":{"id":"1100684336","kind":"news","pubTimestamp":1624528621,"share":"https://www.laohu8.com/m/news/1100684336?lang=&edition=full","pubTime":"2021-06-24 17:57","market":"us","language":"en","title":"Google, Facebook Pressure Falls Short as Antitrust Measures Advance in House Committee","url":"https://stock-news.laohu8.com/highlight/detail?id=1100684336","media":"The Wall Street Journal","summary":"Tech companies to take the battle over the proposed new regulations and oversight to the House floor","content":"<blockquote>\n Tech companies to take the battle over the proposed new regulations and oversight to the House floor and Senate.\n</blockquote>\n<p>WASHINGTON—A House committee approved far-reaching legislation tocurb the market dominance of tech giants, including Alphabet Inc.’s Google and Facebook Inc., but much of the effort faced intensive lobbying by affected firms that slowed the committee’s work and foreshadowed a pitched battle in the Senate.</p>\n<p>In a package of six bills, the most significant measure to pass by late Wednesday requires that the largest internet platforms make it easier for users to transport their data to other platforms and even communicate with users on other platforms. The bill—known as theAugmenting Compatibility and Competition by Enabling Service Switching, or Access, Act—would give the Federal Trade Commission extensive new powers to set individualized standards for the tech giants. It passed, 25-19.</p>\n<p>A third bill passed, thePlatform Competition and Opportunity Act, effectively prohibits acquisitions by dominant platforms of companies that represent competitive threats to them, as well as acquisitions that expand or entrench their market power. The bill was approved, 24-17.</p>\n<p>The bills must still pass the full House, where the timetable for bringing them to the floor for final votes remains unclear. The package would affect large tech firms including Google, Facebook,AppleInc.andAmazon.comInc.</p>\n<p>The debate over the House Judiciary Committee’s legislation started Wednesday morning and continued into Thursday morning, as Republicans—and some Democrats—raised concerns and floated amendments.</p>\n<p>Two other less-controversial bills also were adopted, one raising federal fees on corporate merger reviews and another aiding state attorneys general in procedural battles in antitrust court cases. The panel will consider a final bill in the package when it reconvenes Thursday at 11 a.m.</p>\n<p>The package was the culmination of a lengthy investigation by a House antitrust subcommittee. It found that the big tech companies have leveraged their dominance to stamp out competition and stifle innovation, adding that Congress should consider forcing them to separate their platforms from other business lines.</p>\n<p>Taken together, the bills represent the beginnings of an effort by many in Congress to reinvigorate antitrust enforcement among high-tech companies by updating laws they say have fallen behind. Rep. David Cicilline (D., R.I.) said the unchecked power of the biggest tech companies threatens economic fairness and even American democracy itself.</p>\n<p>“At its core, this issue is fundamentally about whether or not we have an economy where businesses fighting for economic survival can actually succeed,” Mr. Cicilline said.</p>\n<p>The effort has gained support from the Biden administration, which recently surprised Silicon Valley firms by naming a young progressivecritic of big tech, Lina Khan, as chair of the FTC, one of two federal agencies that enforce U.S. antitrust laws. Ms. Khan is a former House antitrust staffer who worked on the big tech investigation. She is expected to refocus the agency’s enforcement efforts on anticompetitive problems.</p>\n<p>But the White House suggested further work might be needed on some of the legislation, reflecting potential problems ahead.</p>\n<p>“The president is encouraged by the bipartisan work to address problems created by big tech platforms,” a White House official said. “We hope the legislative process continues to move forward on these bipartisan proposals, and we look forward to working with Congress to continue developing these ideas.”</p>\n<p>The legislative effort also has run into fierce opposition from many big tech companies and their Washington allies on both sides of the aisle.</p>\n<p>Google pushed lawmakers to delay action on the bills pending more debate. “American consumers and small businesses would be shocked at how these bills would break many of their favorite services,” said Mark Isakowitz, vice president of government affairs and public policy for Google. “This would all dramatically undermine U.S. technology leadership, damage the way small businesses connect with consumers and raise serious privacy and security concerns.”</p>\n<p>Apple released a report on Wednesday arguing against provisions of the American Choice and Innovation Online Act that would allow users to download apps onto their iPhoneswithout having to use Apple’s App Store. The company said that would harm customers by threatening their privacy and parental controls and potentially exposing users’ data to ransomware attacks.</p>\n<p>Many Republicans also voiced concern that the package was overreaching by handing too much new power to government agencies, while a few tech-friendly Democrats raised concerns that the legislation had not been adequately refined.</p>\n<p>Rep. Jim Jordan (R., Ohio), a vocal critic of the legislation, said it represented a worrisome instance of big tech and big government “now marrying up and working together.” He complained that it would give unprecedented power to the FTC to set industrial policy and even impose its own political agenda on the affected companies.</p>\n<p>Some lawmakers also suggested thatMicrosoftCorp.had lobbied to avoid being covered by the legislation, which generally affects only the largest platforms. Mr. Cicilline denied that the bill exempted any company.</p>\n<p>A Microsoft spokeswoman said the company didn’t seek changes to the bill to avoid being affected by the legislation.</p>\n<p>Other lawmakers questioned the wisdom of regulating only the largest tech platforms.</p>\n<p>The battle is likely to intensify in coming weeks. While antitrust legislation remains one of the bigger vulnerabilities in Congress this year for the big tech companies, several of the committee’s more far-reaching bills face uphill fights to become law in their current form.</p>\n<p>In the Senate, Amy Klobuchar (D., Minn.) is leading an effort to pass antitrust legislation and has developed a broad package of changes. She has also been focused on developing more proposals along the lines of some of the House measures, particularly the nondiscrimination bill.</p>\n<p>She said in a statement: “I look forward to continuing to work with members of the House and Senate to rein in the unfettered power of big tech.”</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>Google, Facebook Pressure Falls Short as Antitrust Measures Advance in House Committee</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, Facebook Pressure Falls Short as Antitrust Measures Advance in House Committee\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 17:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/google-facebook-pressure-falls-short-as-major-antitrust-measures-advance-in-house-committee-11624505607?mod=hp_lead_pos1><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tech companies to take the battle over the proposed new regulations and oversight to the House floor and Senate.\n\nWASHINGTON—A House committee approved far-reaching legislation tocurb the market ...</p>\n\n<a href=\"https://www.wsj.com/articles/google-facebook-pressure-falls-short-as-major-antitrust-measures-advance-in-house-committee-11624505607?mod=hp_lead_pos1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌",".IXIC":"NASDAQ Composite","GOOGL":"谷歌A"},"source_url":"https://www.wsj.com/articles/google-facebook-pressure-falls-short-as-major-antitrust-measures-advance-in-house-committee-11624505607?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100684336","content_text":"Tech companies to take the battle over the proposed new regulations and oversight to the House floor and Senate.\n\nWASHINGTON—A House committee approved far-reaching legislation tocurb the market dominance of tech giants, including Alphabet Inc.’s Google and Facebook Inc., but much of the effort faced intensive lobbying by affected firms that slowed the committee’s work and foreshadowed a pitched battle in the Senate.\nIn a package of six bills, the most significant measure to pass by late Wednesday requires that the largest internet platforms make it easier for users to transport their data to other platforms and even communicate with users on other platforms. The bill—known as theAugmenting Compatibility and Competition by Enabling Service Switching, or Access, Act—would give the Federal Trade Commission extensive new powers to set individualized standards for the tech giants. It passed, 25-19.\nA third bill passed, thePlatform Competition and Opportunity Act, effectively prohibits acquisitions by dominant platforms of companies that represent competitive threats to them, as well as acquisitions that expand or entrench their market power. The bill was approved, 24-17.\nThe bills must still pass the full House, where the timetable for bringing them to the floor for final votes remains unclear. The package would affect large tech firms including Google, Facebook,AppleInc.andAmazon.comInc.\nThe debate over the House Judiciary Committee’s legislation started Wednesday morning and continued into Thursday morning, as Republicans—and some Democrats—raised concerns and floated amendments.\nTwo other less-controversial bills also were adopted, one raising federal fees on corporate merger reviews and another aiding state attorneys general in procedural battles in antitrust court cases. The panel will consider a final bill in the package when it reconvenes Thursday at 11 a.m.\nThe package was the culmination of a lengthy investigation by a House antitrust subcommittee. It found that the big tech companies have leveraged their dominance to stamp out competition and stifle innovation, adding that Congress should consider forcing them to separate their platforms from other business lines.\nTaken together, the bills represent the beginnings of an effort by many in Congress to reinvigorate antitrust enforcement among high-tech companies by updating laws they say have fallen behind. Rep. David Cicilline (D., R.I.) said the unchecked power of the biggest tech companies threatens economic fairness and even American democracy itself.\n“At its core, this issue is fundamentally about whether or not we have an economy where businesses fighting for economic survival can actually succeed,” Mr. Cicilline said.\nThe effort has gained support from the Biden administration, which recently surprised Silicon Valley firms by naming a young progressivecritic of big tech, Lina Khan, as chair of the FTC, one of two federal agencies that enforce U.S. antitrust laws. Ms. Khan is a former House antitrust staffer who worked on the big tech investigation. She is expected to refocus the agency’s enforcement efforts on anticompetitive problems.\nBut the White House suggested further work might be needed on some of the legislation, reflecting potential problems ahead.\n“The president is encouraged by the bipartisan work to address problems created by big tech platforms,” a White House official said. “We hope the legislative process continues to move forward on these bipartisan proposals, and we look forward to working with Congress to continue developing these ideas.”\nThe legislative effort also has run into fierce opposition from many big tech companies and their Washington allies on both sides of the aisle.\nGoogle pushed lawmakers to delay action on the bills pending more debate. “American consumers and small businesses would be shocked at how these bills would break many of their favorite services,” said Mark Isakowitz, vice president of government affairs and public policy for Google. “This would all dramatically undermine U.S. technology leadership, damage the way small businesses connect with consumers and raise serious privacy and security concerns.”\nApple released a report on Wednesday arguing against provisions of the American Choice and Innovation Online Act that would allow users to download apps onto their iPhoneswithout having to use Apple’s App Store. The company said that would harm customers by threatening their privacy and parental controls and potentially exposing users’ data to ransomware attacks.\nMany Republicans also voiced concern that the package was overreaching by handing too much new power to government agencies, while a few tech-friendly Democrats raised concerns that the legislation had not been adequately refined.\nRep. Jim Jordan (R., Ohio), a vocal critic of the legislation, said it represented a worrisome instance of big tech and big government “now marrying up and working together.” He complained that it would give unprecedented power to the FTC to set industrial policy and even impose its own political agenda on the affected companies.\nSome lawmakers also suggested thatMicrosoftCorp.had lobbied to avoid being covered by the legislation, which generally affects only the largest platforms. Mr. Cicilline denied that the bill exempted any company.\nA Microsoft spokeswoman said the company didn’t seek changes to the bill to avoid being affected by the legislation.\nOther lawmakers questioned the wisdom of regulating only the largest tech platforms.\nThe battle is likely to intensify in coming weeks. While antitrust legislation remains one of the bigger vulnerabilities in Congress this year for the big tech companies, several of the committee’s more far-reaching bills face uphill fights to become law in their current form.\nIn the Senate, Amy Klobuchar (D., Minn.) is leading an effort to pass antitrust legislation and has developed a broad package of changes. She has also been focused on developing more proposals along the lines of some of the House measures, particularly the nondiscrimination bill.\nShe said in a statement: “I look forward to continuing to work with members of the House and Senate to rein in the unfettered power of big tech.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}