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jetsetyeo

jetsetyeo

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2021-12-30

$COMFORTDELGRO CORPORATION LTD(C52.SI)$ time to buy in?

2021-12-25

$Lion-OCBC Sec HSTECH S$(HST.SI)$ when is it going to get better

2021-12-08

$Apple(AAPL)$why you raise so much after I sell? [Cry]

2021-12-08

$Lion-OCBC Sec HSTECH S$(HST.SI)$

2021-12-04

Time to buy in?

抱歉，原内容已删除

2021-11-02

Great ariticle, would you like to share it?

Warren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now

2021-10-30

FOMO

Missed Out on Bitcoin and Ethereum? Here's What to Buy Now

2021-10-22

$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$nice

2021-10-17

$RH PETROGAS LIMITED(T13.SI)$too late to buy?

2021-10-13

$Luokung Technology Corp(LKCO)$ negative net income and low revenue for the past 5 years. What's so attractive about this stock to cause the last few spikes?

2021-10-13

$STI ETF(ES3.SI)$ up up up

2021-10-12

$STI ETF(ES3.SI)$ still optimistic

2021-10-12

$China Life Insurance Company Limited(601628)$ going up?tike to buy?

2021-10-12

Insurance sector going upside?

@财经壹些事:保险板块迎久违大涨四季度多重因素交织

2021-10-11

$SINGAPORE AIRLINES LTD(C6L.SI)$as expected, prices soar today. HUAT ah

2021-10-10

$STI ETF(ES3.SI)$niceeee 😊

2021-09-22

$Lion-OCBC Sec HSTECH S$(HST.SI)$

2021-09-19

$Moderna, Inc.(MRNA)$ coming down

2021-09-19

Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years

Apple: Gravity Is Catching Up With This Juggernaut

2021-09-13

$STI ETF(ES3.SI)$ go up soon.. Like the daily cases [真香]

去老虎APP查看更多动态

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href=\"https://laohu8.com/S/C52.SI\">$COMFORTDELGRO CORPORATION LTD(C52.SI)$</a>&nbsp;time to buy in?&nbsp;","listText":"<a href=\"https://laohu8.com/S/C52.SI\">$COMFORTDELGRO CORPORATION LTD(C52.SI)$</a>&nbsp;time to buy in?&nbsp;","text":"$COMFORTDELGRO CORPORATION LTD(C52.SI)$ time to buy in?","images":[{"img":"https://static.tigerbbs.com/568d1dcabbbc5a2a2bcefe29af33bdac","width":"1080","height":"2977"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692022314","isVote":1,"tweetType":1,"viewCount":871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":698506065,"gmtCreate":1640431711010,"gmtModify":1640431711138,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>&nbsp;when is it going to get better","listText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>&nbsp;when is it going to get 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[Cry]","images":[{"img":"https://static.tigerbbs.com/bbf445c1259bb61c39b84ef6f2c02fa3","width":"1080","height":"3064"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/602396913","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":602398257,"gmtCreate":1638968741226,"gmtModify":1638968915861,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","listText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$","images":[{"img":"https://static.tigerbbs.com/e47369ff7ab6c42e3f29de4b032523cf","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":1,"link":"https://laohu8.com/post/602398257","isVote":1,"tweetType":1,"viewCount":1844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":608973574,"gmtCreate":1638608746837,"gmtModify":1638608746905,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Time to buy in?&nbsp;","listText":"Time to buy in?&nbsp;","text":"Time to buy in?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":2,"link":"https://laohu8.com/post/608973574","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":1659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841917054,"gmtCreate":1635868037094,"gmtModify":1635868037160,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/841917054","repostId":"2180020937","repostType":2,"repost":{"id":"2180020937","pubTimestamp":1635846331,"share":"https://www.laohu8.com/m/news/2180020937?lang=&edition=full","pubTime":"2021-11-02 17:45","market":"us","language":"en","title":"Warren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now","url":"https://stock-news.laohu8.com/highlight/detail?id=2180020937","media":"MoneyWise","summary":"Inflation is high. You might as well profit from it.High inflation rates in the country have become a serious concern on Wall Street.But fortunately for everyday investors, Berkshire Hathaway chief Warren Buffett has plenty of experience in navigating such an environment.Buffett managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of advice on what to own when consumer prices spike.In a 1981 letter to Berkshire shareholders, Buffett highlighted tw","content":"<p>Inflation is high. You might as well profit from it.</p>\n<p><img src=\"https://static.tigerbbs.com/143c38befb27f09743294aafaffbe94a\" tg-width=\"1800\" tg-height=\"800\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>High inflation rates in the country have become a serious concern on Wall Street.</p>\n<p>But fortunately for everyday investors, Berkshire Hathaway chief Warren Buffett has plenty of experience in navigating such an environment.</p>\n<p>Buffett managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of advice on what to own when consumer prices spike.</p>\n<p>In a 1981 letter to Berkshire shareholders, Buffett highlighted two characteristics that make a business well adapted to an inflationary environment: 1) an ability to increase prices easily, and 2) an ability to take on more business without having to spend too much in order to do it.</p>\n<p>In other words, aim to invest in asset-light businesses with pricing power.</p>\n<p>Let’s take a quick look at three companies that fit that description. One (or all) of them might be worth purchasing with your spare pennies.</p>\n<p><b>Nike (NKE)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a24fd7cb9b4e01313c7bb848af6da9d\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>TY Lim/Shutterstock</span></p>\n<p>Nike is a global footwear powerhouse that commands high customer loyalty.</p>\n<p>Customers are willing to pay top dollar for signature gear associated with high-profile athletes like LeBron James and Michael Jordan.</p>\n<p>Despite inflationary pressures, Nike continues to expand gross margins and post solid returns on equity well above 30%.</p>\n<p>The company is also capturing the full price of its products in an increasingly digital, direct-to-consumer business model.</p>\n<p>Management believes digital sales could continue to grow from 20% of revenue currently to about 40% of the business by 2025. And price increases could kick in as early as next year.</p>\n<p>Amazingly, profit margins may keep expanding, even as operating costs rise with inflation.</p>\n<p>Nike shares are up about 19% so far in 2021.</p>\n<p><b>Apple (AAPL)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b22460a66469a2da0380edd32d454c84\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>Vytautas Kielaitis/Shutterstock</span></p>\n<p>Global demand for Apple’s premium-priced hardware is growing, as are adoption rates for its high-margin Apple services.</p>\n<p>Strong brand identity, user friendliness, and a wide range of fully integrated products are powerful attributes that aren’t going away any time soon.</p>\n<p>Customers just can’t afford to live outside the Apple ecosystem. That gives the tech giant more freedom to play with pricing as inflation spikes.</p>\n<p>The company’s latest M1 chips, which will gradually replace Intel’s CPUs in every single Mac, underscore its commitment to constant innovation.</p>\n<p>Apple’s ability to pass rising costs to a global consumer base without significant loss of sales volumes is undeniable.</p>\n<p>Warren Buffett has allowed Apple to grow to 40% of Berkshire Hathaway’s investments portfolio for good reason: The business just keeps growing profits through all economic cycles.</p>\n<p>Apple is up about 13% year to date and trades at nearly $150 per share. But if you’re on the fence about jumping in at the current level, some apps might give you a free share of Apple just for signing up.</p>\n<p><b>Levi Strauss &amp; Co. (LEVI)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/71b31165e275a966ad050139a054c73a\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>dean bertoncelj/Shutterstock</span></p>\n<p>A market leader in the denim business, Levi Strauss has been firing on all cylinders of late.</p>\n<p>Specifically, its well-known brand and a flexible business model have enabled management to grow the top line without sacrificing pricing power.</p>\n<p>In the most recent quarter, revenue increased 41% while adjusted gross margin improved 390 basis points to 57.5%.</p>\n<p>In fact, management proactively started adjusting its pricing for inflation back in 2020.</p>\n<p>The company also sources raw materials from 24 different countries. And that kind of supply chain diversification provides Levi Strauss with plenty of flexibility during times of crisis.</p>\n<p>Levi shares are up more than 30% in 2021.</p>\n<p><b>The ultimate 'forever asset'?</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5d520eb27cdf18f25a787cd9145eb1b\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>MNStudio/Shutterstock</span></p>\n<p>Warren Buffett once said that his favorite holding period is forever.</p>\n<p>But forever is a long time, and since companies rise and fall, growing your wealth by never selling a share may not be the best strategy.</p>\n<p>But there might be one inflation safe haven that's worth holding forever — U.S. farmland.</p>\n<p>No matter how high or fast consumer prices climb, people still need to eat. And it just so happens that Buffett’s good friend Bill Gates is America’s largest private owner of farmland.</p>\n<p>These days, new platforms allow you to invest in U.S. farmland by taking stake in a farm of your choice.</p>\n<p>You’ll earn cash income from the leasing fees and crop sales. And of course, you’ll benefit from any long-term appreciation on top of that.</p>\n<p><i>This article provides information only and should not be construed as advice. It is provided without warranty of any kind.</i></p>","source":"lsy1621813427262","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>Warren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now</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\">\nWarren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-02 17:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://moneywise.com/investing/stocks/warren-buffett-inflation-stocks><strong>MoneyWise</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Inflation is high. You might as well profit from it.\n\nHigh inflation rates in the country have become a serious concern on Wall Street.\nBut fortunately for everyday investors, Berkshire Hathaway chief...</p>\n\n<a href=\"https://moneywise.com/investing/stocks/warren-buffett-inflation-stocks\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","NKE":"耐克","BRK.B":"伯克希尔B","LEVI":"李维斯","AAPL":"苹果","INTC":"英特尔"},"source_url":"https://moneywise.com/investing/stocks/warren-buffett-inflation-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2180020937","content_text":"Inflation is high. You might as well profit from it.\n\nHigh inflation rates in the country have become a serious concern on Wall Street.\nBut fortunately for everyday investors, Berkshire Hathaway chief Warren Buffett has plenty of experience in navigating such an environment.\nBuffett managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of advice on what to own when consumer prices spike.\nIn a 1981 letter to Berkshire shareholders, Buffett highlighted two characteristics that make a business well adapted to an inflationary environment: 1) an ability to increase prices easily, and 2) an ability to take on more business without having to spend too much in order to do it.\nIn other words, aim to invest in asset-light businesses with pricing power.\nLet’s take a quick look at three companies that fit that description. One (or all) of them might be worth purchasing with your spare pennies.\nNike (NKE)\nTY Lim/Shutterstock\nNike is a global footwear powerhouse that commands high customer loyalty.\nCustomers are willing to pay top dollar for signature gear associated with high-profile athletes like LeBron James and Michael Jordan.\nDespite inflationary pressures, Nike continues to expand gross margins and post solid returns on equity well above 30%.\nThe company is also capturing the full price of its products in an increasingly digital, direct-to-consumer business model.\nManagement believes digital sales could continue to grow from 20% of revenue currently to about 40% of the business by 2025. And price increases could kick in as early as next year.\nAmazingly, profit margins may keep expanding, even as operating costs rise with inflation.\nNike shares are up about 19% so far in 2021.\nApple (AAPL)\nVytautas Kielaitis/Shutterstock\nGlobal demand for Apple’s premium-priced hardware is growing, as are adoption rates for its high-margin Apple services.\nStrong brand identity, user friendliness, and a wide range of fully integrated products are powerful attributes that aren’t going away any time soon.\nCustomers just can’t afford to live outside the Apple ecosystem. That gives the tech giant more freedom to play with pricing as inflation spikes.\nThe company’s latest M1 chips, which will gradually replace Intel’s CPUs in every single Mac, underscore its commitment to constant innovation.\nApple’s ability to pass rising costs to a global consumer base without significant loss of sales volumes is undeniable.\nWarren Buffett has allowed Apple to grow to 40% of Berkshire Hathaway’s investments portfolio for good reason: The business just keeps growing profits through all economic cycles.\nApple is up about 13% year to date and trades at nearly $150 per share. But if you’re on the fence about jumping in at the current level, some apps might give you a free share of Apple just for signing up.\nLevi Strauss & Co. (LEVI)\ndean bertoncelj/Shutterstock\nA market leader in the denim business, Levi Strauss has been firing on all cylinders of late.\nSpecifically, its well-known brand and a flexible business model have enabled management to grow the top line without sacrificing pricing power.\nIn the most recent quarter, revenue increased 41% while adjusted gross margin improved 390 basis points to 57.5%.\nIn fact, management proactively started adjusting its pricing for inflation back in 2020.\nThe company also sources raw materials from 24 different countries. And that kind of supply chain diversification provides Levi Strauss with plenty of flexibility during times of crisis.\nLevi shares are up more than 30% in 2021.\nThe ultimate 'forever asset'?\nMNStudio/Shutterstock\nWarren Buffett once said that his favorite holding period is forever.\nBut forever is a long time, and since companies rise and fall, growing your wealth by never selling a share may not be the best strategy.\nBut there might be one inflation safe haven that's worth holding forever — U.S. farmland.\nNo matter how high or fast consumer prices climb, people still need to eat. And it just so happens that Buffett’s good friend Bill Gates is America’s largest private owner of farmland.\nThese days, new platforms allow you to invest in U.S. farmland by taking stake in a farm of your choice.\nYou’ll earn cash income from the leasing fees and crop sales. And of course, you’ll benefit from any long-term appreciation on top of that.\nThis article provides information only and should not be construed as advice. It is provided without warranty of any kind.","news_type":1},"isVote":1,"tweetType":1,"viewCount":922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":840949836,"gmtCreate":1635579563342,"gmtModify":1635579563342,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"FOMO","listText":"FOMO","text":"FOMO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/840949836","repostId":"2179245604","repostType":4,"repost":{"id":"2179245604","pubTimestamp":1635575187,"share":"https://www.laohu8.com/m/news/2179245604?lang=&edition=full","pubTime":"2021-10-30 14:26","market":"hk","language":"en","title":"Missed Out on Bitcoin and Ethereum? Here's What to Buy Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2179245604","media":"Motley Fool","summary":"5 actions you can take to plan your cryptocurrency strategy without breaking the bank.","content":"<p>If you've got a bad case of fear of missing out (FOMO) when it comes to <b>Bitcoin</b> (CRYPTO:BTC) and <b>Ethereum </b>(CRYPTO:ETH), you're not alone.</p>\n<p>True to form, the cryptocurrency market has been volatile all year, offering investors plenty of chances to buy the dip. But taking advantage of a steep sell-off is easier said than done when prices are crashing all around you with no end in sight.</p>\n<p>Now that we're on an uptrend, folks are kicking themselves for not buying at lower prices. Here are five things you can do right now to ease your crypto FOMO in a calm and collected way.</p>\n<p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F648100%2Fgettyimages-1306800215.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images.</p>\n<h2>1. Determine your ideal cryptocurrency allocation</h2>\n<p>In his book, <i>The Psychology of Money</i>, Morgan Housel discusses the importance of knowing what game you're playing. Although we may be buying the same stocks or cryptocurrencies, we all have different investment objectives. Some people want to grow wealth over time, others want to day-trade for a quick buck. Then there's everyone in between.</p>\n<p>Knowing what you want to get out of an investment can help set the tone for a reasonable amount of exposure to cryptocurrency that suits your risk appetite.</p>\n<h2>2. Decide which cryptocurrencies make the most sense for you</h2>\n<p>After you've determined how much you want to invest, it's time to figure out which cryptocurrencies are right for you.</p>\n<p>For example, risk-averse retirees might benefit from the high interest rates available from stablecoins. Bitcoin serves as a starting point for new investors. Ethereum adds more risk, with more potential upside. And larger altcoins like <b>Cardano </b>or <b>Solana</b> (or smaller altcoins like <b>Polygon</b> or <b>Cosmos</b>) offer a high risk, high reward option for risk-tolerant investors.</p>\n<p>No matter what you buy, understanding what you own and why you own it can help separate an investment from a reckless gamble.</p>\n<h2>3. Consider buying a small portion now</h2>\n<p>Whether it's $10 or $10,000, having skin in the game should instantly help alleviate some crypto FOMO. It's also a chance to get used to the differences between a crypto exchange and a brokerage account. One of the reasons I bought my first cryptocurrency in May was because I wanted to learn more. Having a stake in something provides an added reason to stay up-to-date with the market and sharpen your understanding of why Bitcoin and Ethereum could be good investments.</p>\n<h2>4. Dollar-cost average over time</h2>\n<p>One of the lowest-stress ways to invest in crypto is to simply dollar-cost average into the position over time. The theory is simple: Instead of trying to time the market or wait for a dip, allocating a portion of your income to crypto and automatically buying in stages instead of all at once is a good way to build a position.</p>\n<p><b>Coinbase</b> (NASDAQ: COIN) allows its users to dollar-cost average into any of the dozens of cryptocurrencies offered on its platform. On Coinbase, you can customize the dollar amount and frequency of purchase. For example, you could set up a plan to buy $10 of Bitcoin daily, weekly, on the 1st and 15th of the month, or monthly.</p>\n<p>If crypto takes off, you'll benefit. If crypto plunges, you don't mind because you can now buy more for the same amount of money. It's a win/win scenario that helps you sleep at night.</p>\n<h2>5. Be ready for the next sell-off</h2>\n<p>So far this year, each sell-off was followed by a rally, the most impressive of which transpired in October. In less than a month, Bitcoin's price increased by $25,000, representing more than a 50% gain. The cherry on top was a fresh all-time high of nearly $67,000 on Oct. 20.</p>\n<p>In the last six months alone, there have been two major drawdowns in the price of Bitcoin and Ethereum.</p>\n<p><img src=\"https://static.tigerbbs.com/70363ce0b27c2a96ab7fa5232525db97\" tg-width=\"720\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p>\n<p>Bitcoin price data by YCharts.</p>\n<p>From late May to late July, Bitcoin and Ethereum both lost over half their value before rebounding in August. In September, a smaller correction sent Ethereum's price down 17%, and Bitcoin lost 12% of its value. Bitcoin and Ethereum might be hovering around all-time highs right now, but it's important to remember that they spent roughly half of the last six months on a downtrend.</p>\n<p>This is all to say that both cryptos are subject to a lot of speculation and sudden and sizable moves to the upside and downside. Patience and the courage to buy when prices are crashing have been two qualities that have paid off big time. Instead of throwing a big chunk of money at crypto now and hoping it works, investors can earmark a portion of savings to use on Bitcoin or Ethereum if the price falls 10%, 20%, 30%, et cetera. An investor can either wait for this to happen or simply set up a limit order at the desired price through applications like Coinbase Pro.</p>\n<h2>There's plenty of time to get on board</h2>\n<p>The good news is that the rise of cryptocurrency is likely still in the early innings. In the last year alone, we've seen a surge in institutional adoption, investor protection, and innovation. The sheer scale and scope of projects that are taking place on the Ethereum and Solana blockchains are nothing short of incredible. Ten years from now, it wouldn't be surprising if crypto played a role in many of our lives -- either through investment or application -- in ways we can't begin to imagine right now.</p>\n<p>As previously mentioned, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the reasons that crypto markets are volatile is that many participants are focused solely on short-term moves. They're playing a different and riskier game than long-term investors, a game that's more concerned with where prices are headed in 10 days than 10 years. The 24/7 crypto market feels fast, but it's important to keep in mind it's only as fast as you make it. <a href=\"https://laohu8.com/S/ZM\">Zoom</a> out, and the charts on Bitcoin and Ethereum speak for themselves. <a href=\"https://laohu8.com/S/ZM\">Zoom</a> in to a three month or less time period, and there's no telling what you'll find. Taking a slow and steady approach to your investment offers the best way to capture long-term upside.</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>Missed Out on Bitcoin and Ethereum? Here's What to Buy Now</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\">\nMissed Out on Bitcoin and Ethereum? Here's What to Buy Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-30 14:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/10/29/missed-out-on-bitcoin-ethereum-heres-what-to-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you've got a bad case of fear of missing out (FOMO) when it comes to Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), you're not alone.\nTrue to form, the cryptocurrency market has been volatile all ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/10/29/missed-out-on-bitcoin-ethereum-heres-what-to-buy/\">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.fool.com/investing/2021/10/29/missed-out-on-bitcoin-ethereum-heres-what-to-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179245604","content_text":"If you've got a bad case of fear of missing out (FOMO) when it comes to Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), you're not alone.\nTrue to form, the cryptocurrency market has been volatile all year, offering investors plenty of chances to buy the dip. But taking advantage of a steep sell-off is easier said than done when prices are crashing all around you with no end in sight.\nNow that we're on an uptrend, folks are kicking themselves for not buying at lower prices. Here are five things you can do right now to ease your crypto FOMO in a calm and collected way.\n\nImage source: Getty Images.\n1. Determine your ideal cryptocurrency allocation\nIn his book, The Psychology of Money, Morgan Housel discusses the importance of knowing what game you're playing. Although we may be buying the same stocks or cryptocurrencies, we all have different investment objectives. Some people want to grow wealth over time, others want to day-trade for a quick buck. Then there's everyone in between.\nKnowing what you want to get out of an investment can help set the tone for a reasonable amount of exposure to cryptocurrency that suits your risk appetite.\n2. Decide which cryptocurrencies make the most sense for you\nAfter you've determined how much you want to invest, it's time to figure out which cryptocurrencies are right for you.\nFor example, risk-averse retirees might benefit from the high interest rates available from stablecoins. Bitcoin serves as a starting point for new investors. Ethereum adds more risk, with more potential upside. And larger altcoins like Cardano or Solana (or smaller altcoins like Polygon or Cosmos) offer a high risk, high reward option for risk-tolerant investors.\nNo matter what you buy, understanding what you own and why you own it can help separate an investment from a reckless gamble.\n3. Consider buying a small portion now\nWhether it's $10 or $10,000, having skin in the game should instantly help alleviate some crypto FOMO. It's also a chance to get used to the differences between a crypto exchange and a brokerage account. One of the reasons I bought my first cryptocurrency in May was because I wanted to learn more. Having a stake in something provides an added reason to stay up-to-date with the market and sharpen your understanding of why Bitcoin and Ethereum could be good investments.\n4. Dollar-cost average over time\nOne of the lowest-stress ways to invest in crypto is to simply dollar-cost average into the position over time. The theory is simple: Instead of trying to time the market or wait for a dip, allocating a portion of your income to crypto and automatically buying in stages instead of all at once is a good way to build a position.\nCoinbase (NASDAQ: COIN) allows its users to dollar-cost average into any of the dozens of cryptocurrencies offered on its platform. On Coinbase, you can customize the dollar amount and frequency of purchase. For example, you could set up a plan to buy $10 of Bitcoin daily, weekly, on the 1st and 15th of the month, or monthly.\nIf crypto takes off, you'll benefit. If crypto plunges, you don't mind because you can now buy more for the same amount of money. It's a win/win scenario that helps you sleep at night.\n5. Be ready for the next sell-off\nSo far this year, each sell-off was followed by a rally, the most impressive of which transpired in October. In less than a month, Bitcoin's price increased by $25,000, representing more than a 50% gain. The cherry on top was a fresh all-time high of nearly $67,000 on Oct. 20.\nIn the last six months alone, there have been two major drawdowns in the price of Bitcoin and Ethereum.\n\nBitcoin price data by YCharts.\nFrom late May to late July, Bitcoin and Ethereum both lost over half their value before rebounding in August. In September, a smaller correction sent Ethereum's price down 17%, and Bitcoin lost 12% of its value. Bitcoin and Ethereum might be hovering around all-time highs right now, but it's important to remember that they spent roughly half of the last six months on a downtrend.\nThis is all to say that both cryptos are subject to a lot of speculation and sudden and sizable moves to the upside and downside. Patience and the courage to buy when prices are crashing have been two qualities that have paid off big time. Instead of throwing a big chunk of money at crypto now and hoping it works, investors can earmark a portion of savings to use on Bitcoin or Ethereum if the price falls 10%, 20%, 30%, et cetera. An investor can either wait for this to happen or simply set up a limit order at the desired price through applications like Coinbase Pro.\nThere's plenty of time to get on board\nThe good news is that the rise of cryptocurrency is likely still in the early innings. In the last year alone, we've seen a surge in institutional adoption, investor protection, and innovation. The sheer scale and scope of projects that are taking place on the Ethereum and Solana blockchains are nothing short of incredible. Ten years from now, it wouldn't be surprising if crypto played a role in many of our lives -- either through investment or application -- in ways we can't begin to imagine right now.\nAs previously mentioned, one of the reasons that crypto markets are volatile is that many participants are focused solely on short-term moves. They're playing a different and riskier game than long-term investors, a game that's more concerned with where prices are headed in 10 days than 10 years. The 24/7 crypto market feels fast, but it's important to keep in mind it's only as fast as you make it. Zoom out, and the charts on Bitcoin and Ethereum speak for themselves. Zoom in to a three month or less time period, and there's no telling what you'll find. Taking a slow and steady approach to your investment offers the best way to capture long-term upside.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853766099,"gmtCreate":1634847702675,"gmtModify":1634847702869,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/41H.SI\">$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$</a>nice","listText":"<a href=\"https://laohu8.com/S/41H.SI\">$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$</a>nice","text":"$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$nice","images":[{"img":"https://static.tigerbbs.com/09326cb866c97d60db920ee503139e56","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":1,"link":"https://laohu8.com/post/853766099","isVote":1,"tweetType":1,"viewCount":1140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":827311238,"gmtCreate":1634412745670,"gmtModify":1634412745828,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/T13.SI\">$RH PETROGAS LIMITED(T13.SI)$</a>too late to buy?&nbsp;","listText":"<a href=\"https://laohu8.com/S/T13.SI\">$RH PETROGAS LIMITED(T13.SI)$</a>too late to buy?&nbsp;","text":"$RH PETROGAS LIMITED(T13.SI)$too late to buy?","images":[{"img":"https://static.tigerbbs.com/a6a939d273ee29d51b5ec25c86d64db6","width":"1080","height":"3013"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/827311238","isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":822652018,"gmtCreate":1634130128692,"gmtModify":1634130128757,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LKCO\">$Luokung Technology Corp(LKCO)$</a>&nbsp;negative&nbsp;net income and low revenue for the past 5 years. What's so attractive&nbsp;about this stock to cause the last few spikes?&nbsp;","listText":"<a href=\"https://laohu8.com/S/LKCO\">$Luokung Technology Corp(LKCO)$</a>&nbsp;negative&nbsp;net income and low revenue for the past 5 years. What's so attractive&nbsp;about this stock to cause the last few spikes?&nbsp;","text":"$Luokung Technology Corp(LKCO)$ negative net income and low revenue for the past 5 years. What's so attractive about this stock to cause the last few spikes?","images":[{"img":"https://static.tigerbbs.com/ede7f267a8801ff40a537599086110cc","width":"1080","height":"3100"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/822652018","isVote":1,"tweetType":1,"viewCount":1344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":822651174,"gmtCreate":1634129777690,"gmtModify":1634129777690,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;up up up","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;up up up","text":"$STI ETF(ES3.SI)$ up up up","images":[{"img":"https://static.tigerbbs.com/2bcce6f8b2dfa3dee9d4040abb2f6560","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/822651174","isVote":1,"tweetType":1,"viewCount":390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826554617,"gmtCreate":1634042190140,"gmtModify":1634042197130,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;still optimistic&nbsp;","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;still optimistic&nbsp;","text":"$STI ETF(ES3.SI)$ still optimistic","images":[{"img":"https://static.tigerbbs.com/c017997936944a1dd79676900b8c8d3e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":2,"link":"https://laohu8.com/post/826554617","isVote":1,"tweetType":1,"viewCount":267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826555434,"gmtCreate":1634042130631,"gmtModify":1634042194666,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/601628\">$China Life Insurance Company Limited(601628)$</a>&nbsp;going up?tike to buy?&nbsp;","listText":"<a href=\"https://laohu8.com/S/601628\">$China Life Insurance Company Limited(601628)$</a>&nbsp;going up?tike to buy?&nbsp;","text":"$China Life Insurance Company Limited(601628)$ going up?tike to buy?","images":[{"img":"https://static.tigerbbs.com/5eef3a5316e8f6c93a10ac9a0935ac45","width":"1080","height":"2536"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826555434","isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826555808,"gmtCreate":1634042083753,"gmtModify":1634042191945,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Insurance sector going upside?&nbsp;","listText":"Insurance sector going upside?&nbsp;","text":"Insurance sector going upside?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826555808","repostId":"821224333","repostType":1,"repost":{"id":821224333,"gmtCreate":1633749916922,"gmtModify":1633751613003,"author":{"id":"3579235350711747","authorId":"3579235350711747","name":"财经壹些事","avatar":"https://static.tigerbbs.com/c1fe0218783737b72c056ec92edbe76a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235350711747","authorIdStr":"3579235350711747"},"themes":[],"title":"保险板块迎久违大涨 四季度多重因素交织","htmlText":"国庆假期后第一个交易日，A股出现难得的由保险板块领涨的行情。截至收盘，保险板块整体上涨超6%，其中中国太保（601601）、中国平安（601318）大涨超7%，中国人寿（601628）、新华保险（601336）上涨5%，中国人保（601319）上涨近3%。今年以来大多时候保险股集体表现不佳，使保险成为市场低估板块之一。股价承压背后，除了资金更偏好新兴产业、周期板块等市场资金因素外，还有自身短期面临压力的因素。从保险业务看，寿险和财险都因转型或改革而增长乏力。上市险企前几年有高增的基础，如今要在推进销售人力“清虚”、做业务“减法”的同时，还要尽量维持保费指标、业务价值的增长，尤其压力不小。今年占据市场半数以上份额的上市系寿险公司，新单业务出现一定下滑，影响了新业务价值等核心指标，令市场忧虑寿险业当前业务价值表现。与此同时，保险业还面临“内卷”化，惠民保等普惠健康险的快速发展，让保险公司过去倚重的重疾险等保障产品面临一定冲击，保障类业务价值下滑。普惠类产品对保险业务的潜在影响多大，目前还难以下定论，至少未来两三年内会处于不确定性状态。从保险公司的投资业务看，华夏幸福（600340）等房企流动性问题让市场对险资配置地产情况产生一定忧虑，这也是压制保险股的潜在因素之一。在前不久的北京辖区上市公司投资者接待日活动中，归于该辖区的国寿、人保、新华保险三大险企，均被问及投资房地产的情况，即体现了这种担忧。不过在这些短期因素困扰的同时，还应该看到，保险业的中长期向好基本趋势未改。从行业大势看，我国经济长期向好的基本面未改，保险深度、保险密度与成熟市场的差距体现出我国保险业仍有很大发展空间。从国内财富管理业看，在居民财富搬家、房住不炒、资产重新配置的趋势下，保险业作为一类稳定收益类资产，会迎来一定新增市场。从国内人口、经济、社会变化趋势看，老龄化、社会治理能力提升的趋势下，保险业在其中仍大有","listText":"国庆假期后第一个交易日，A股出现难得的由保险板块领涨的行情。截至收盘，保险板块整体上涨超6%，其中中国太保（601601）、中国平安（601318）大涨超7%，中国人寿（601628）、新华保险（601336）上涨5%，中国人保（601319）上涨近3%。今年以来大多时候保险股集体表现不佳，使保险成为市场低估板块之一。股价承压背后，除了资金更偏好新兴产业、周期板块等市场资金因素外，还有自身短期面临压力的因素。从保险业务看，寿险和财险都因转型或改革而增长乏力。上市险企前几年有高增的基础，如今要在推进销售人力“清虚”、做业务“减法”的同时，还要尽量维持保费指标、业务价值的增长，尤其压力不小。今年占据市场半数以上份额的上市系寿险公司，新单业务出现一定下滑，影响了新业务价值等核心指标，令市场忧虑寿险业当前业务价值表现。与此同时，保险业还面临“内卷”化，惠民保等普惠健康险的快速发展，让保险公司过去倚重的重疾险等保障产品面临一定冲击，保障类业务价值下滑。普惠类产品对保险业务的潜在影响多大，目前还难以下定论，至少未来两三年内会处于不确定性状态。从保险公司的投资业务看，华夏幸福（600340）等房企流动性问题让市场对险资配置地产情况产生一定忧虑，这也是压制保险股的潜在因素之一。在前不久的北京辖区上市公司投资者接待日活动中，归于该辖区的国寿、人保、新华保险三大险企，均被问及投资房地产的情况，即体现了这种担忧。不过在这些短期因素困扰的同时，还应该看到，保险业的中长期向好基本趋势未改。从行业大势看，我国经济长期向好的基本面未改，保险深度、保险密度与成熟市场的差距体现出我国保险业仍有很大发展空间。从国内财富管理业看，在居民财富搬家、房住不炒、资产重新配置的趋势下，保险业作为一类稳定收益类资产，会迎来一定新增市场。从国内人口、经济、社会变化趋势看，老龄化、社会治理能力提升的趋势下，保险业在其中仍大有","text":"国庆假期后第一个交易日，A股出现难得的由保险板块领涨的行情。截至收盘，保险板块整体上涨超6%，其中中国太保（601601）、中国平安（601318）大涨超7%，中国人寿（601628）、新华保险（601336）上涨5%，中国人保（601319）上涨近3%。今年以来大多时候保险股集体表现不佳，使保险成为市场低估板块之一。股价承压背后，除了资金更偏好新兴产业、周期板块等市场资金因素外，还有自身短期面临压力的因素。从保险业务看，寿险和财险都因转型或改革而增长乏力。上市险企前几年有高增的基础，如今要在推进销售人力“清虚”、做业务“减法”的同时，还要尽量维持保费指标、业务价值的增长，尤其压力不小。今年占据市场半数以上份额的上市系寿险公司，新单业务出现一定下滑，影响了新业务价值等核心指标，令市场忧虑寿险业当前业务价值表现。与此同时，保险业还面临“内卷”化，惠民保等普惠健康险的快速发展，让保险公司过去倚重的重疾险等保障产品面临一定冲击，保障类业务价值下滑。普惠类产品对保险业务的潜在影响多大，目前还难以下定论，至少未来两三年内会处于不确定性状态。从保险公司的投资业务看，华夏幸福（600340）等房企流动性问题让市场对险资配置地产情况产生一定忧虑，这也是压制保险股的潜在因素之一。在前不久的北京辖区上市公司投资者接待日活动中，归于该辖区的国寿、人保、新华保险三大险企，均被问及投资房地产的情况，即体现了这种担忧。不过在这些短期因素困扰的同时，还应该看到，保险业的中长期向好基本趋势未改。从行业大势看，我国经济长期向好的基本面未改，保险深度、保险密度与成熟市场的差距体现出我国保险业仍有很大发展空间。从国内财富管理业看，在居民财富搬家、房住不炒、资产重新配置的趋势下，保险业作为一类稳定收益类资产，会迎来一定新增市场。从国内人口、经济、社会变化趋势看，老龄化、社会治理能力提升的趋势下，保险业在其中仍大有","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821224333","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828414135,"gmtCreate":1633935136984,"gmtModify":1633935136984,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>as expected, prices soar today. HUAT ah","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>as expected, prices soar today. HUAT ah","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$as expected, prices soar today. HUAT ah","images":[{"img":"https://static.tigerbbs.com/89479b0c48969a1f0056ca85a2b5f17a","width":"1080","height":"2126"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828414135","isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":828800932,"gmtCreate":1633876998285,"gmtModify":1633876998285,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>niceeee 😊","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>niceeee 😊","text":"$STI ETF(ES3.SI)$niceeee 😊","images":[{"img":"https://static.tigerbbs.com/ae017f8bf3ad64ff38c9305fb91db529","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828800932","isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":869403134,"gmtCreate":1632312399228,"gmtModify":1632801342422,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","listText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$","images":[{"img":"https://static.tigerbbs.com/9d2a1139eaa8128c087baae8a28d5365","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/869403134","isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":887285196,"gmtCreate":1632046194715,"gmtModify":1632803143383,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MRNA\">$Moderna, Inc.(MRNA)$</a>&nbsp;coming down","listText":"<a href=\"https://laohu8.com/S/MRNA\">$Moderna, Inc.(MRNA)$</a>&nbsp;coming down","text":"$Moderna, Inc.(MRNA)$ coming down","images":[{"img":"https://static.tigerbbs.com/1fd1d94e1bd8b19bdad07a703d233afe","width":"1080","height":"2213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":2,"link":"https://laohu8.com/post/887285196","isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":887286412,"gmtCreate":1632045932136,"gmtModify":1632803144955,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years","listText":"Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years","text":"Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887286412","repostId":"1157890009","repostType":2,"repost":{"id":"1157890009","pubTimestamp":1631877276,"share":"https://www.laohu8.com/m/news/1157890009?lang=&edition=full","pubTime":"2021-09-17 19:14","market":"us","language":"en","title":"Apple: Gravity Is Catching Up With This Juggernaut","url":"https://stock-news.laohu8.com/highlight/detail?id=1157890009","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Apple (AAPL) from the perspective of its profit sustainability and sc","content":"<p><b>Summary</b></p>\n<ul>\n <li>This article analyzes Apple (AAPL) from the perspective of its profit sustainability and scalability.</li>\n <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital (MROCE).</li>\n <li>The results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.</li>\n <li>Given its remarkably high ROCE to start with and its valuation, AAPL still represents a solid long-term investment, and my final verdict is a hold rating.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>Investment thesis</b></p>\n<p>This article analyzes Apple (AAPL), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the two most important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.</p>\n<p>Warren Buffett likes to say that interest rates act like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so. And the gravity of diminishing returns is beginning to catch up with the AAPL juggernaut in recent years, although investors do not have to be too alarmed. Given its remarkably high ROCE to start with and its reasonable valuation, AAPL still represents an attractive investment even with such diminishing returns considered. And as such, my final verdict on this stock is a hold rating under its current conditions.</p>\n<p><b>The moat and the network effects</b></p>\n<p>AAPL’s moat is in its scale and the loyalty of its users. As an example, the following chart shows the annual unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions). As can be seen, in their 2018 fiscal year, Apple sold more than 217 million iPhones. The iPhone sales have obviously stabilized over recent years and the days of exponential growth are over. However, investors do not have to be too concerned about the stabilization of the iPhone sales per se (which is currently still AAPL’s most profitable product). What investors need to examine is if the network effects brought about by the iPhones (or other AAPL devices) have reached their limit of scalability, as to be discussed next.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f97ee5d85cf7fd736cc8140b9c94c7e\" tg-width=\"640\" tg-height=\"346\" width=\"100%\" height=\"auto\"><span>Source: Unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions) from Statista.</span></p>\n<p>The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger – at least to a certain point. There is nothing new about the network concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p>\n<p>Again, up to a certain point. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p>\n<p>Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the network effects are still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In other words, MROCE lets us see if the gravity of diminishing return has caught up yet or not.</p>\n<p>In theory, one would intuitively expect the services AAPL provides to enjoy the benefit of perfect scalability. Because AAPL’s business model benefits from a self-sustaining positive feedback loop. Once the business captured enough users with iPhones as shown above and an ecosystem initiated, the network effect would kick in and amplify itself. More users in this network will lead to more convenient sharing and communication among users and devices, more added values, more accurate recommendations, search results, et al. Such benefits will make the network even better and more valuable for its users and clients; which will, in turn, attract more new users to join and purchase its new devices; which again will lead back to more users and an even larger network.</p>\n<p>If you share the same intuition, then you are in for a surprise by the results in this article. The MROCE results in recent years actually show that the gravity of diminishing return is catching up on AAPL.</p>\n<p><b>Return on capital employed (“ROCE”)</b></p>\n<p>ROCE stands for the return on capital employed. 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 effectively the business uses its capital to earn a profit. For businesses like AAPL, 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. Research and development expenses (an essential expense for a business like AAPL).</p>\n<p>Based on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE over the past decade. It used to be 450% early in the decade and still hovers around an average of 152% in recent years since 2016. To put things in perspective, the next chart compares AAPL’s ROCE against the other FAAMG stocks – a group of exemplary stocks that best exploit the network effects. As can be seen, AAPL still earns the highest competitive ROCE among this group of overachievers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bcbd3c49fa185cf29b726c7651b7e57\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a95831d57c9cbc7eeb5307ff0369ee7a\" tg-width=\"640\" tg-height=\"370\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p><b>Introduction to marginal return on capital employed (“MROCE”)</b></p>\n<p>In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p>\n<p>The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p>\n<p>The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested so far. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business will generate when the next batch of resources is invested.</p>\n<p>For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p>\n<p><b>AAPL’s MROCE</b></p>\n<p>So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years.</p>\n<p>This chart shows the MROCE and ROCE for AAPL over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p>\n<p>The results shown in the following chart show that at this stage, APPL has been maintaining an MROCE that is noticeably below the average ROCE. As seen, the ROCE has been on average 152% in recent years as aforementioned, and the MROCE has been on average 45%. And the difference is too large to be caused by the uncertainties in the financial data and rounding off errors. So this result shows that AAPL has started entering a stage of diminishing return - gravity is beginning to catch up. And if the current MROCE continues, AAPL’s ROCE will gradually decline from its current level and converge to 45%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5659d7a6a1d5b6090aa9de2f13acca0f\" tg-width=\"640\" tg-height=\"388\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>But no need to panic yet</b></p>\n<p>However, AAPL investors do not have to panic yet - for two reasons at least. Firstly, AAPL has a very high ROCE to start with. And even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks as seen from the following chart.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b33ca92602b6d555c2e67e21f4127b3\" tg-width=\"640\" tg-height=\"382\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p>Secondly, AAPL currently features a very reasonable valuation, both in absolute terms and especially in relative terms. As can be seen from the following chart, at its current price levels, AAPL’s FW PE is about 28.6x, the lowest among the FAAMG pack.</p>\n<p>The next chart also compares AAPL valuation adjusted for its ROCE with its peers. It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. Therefore, this chart shows the valuation adjusted for ROCE by simply dividing the PE by the ROCE. As seen, its adjusted valuation is even more attractive among the FAAMG pack.</p>\n<p>And finally, the orange bar shows the adjusted valuation when AAPL’s ROCE eventually deaccelerates to 45%. As can be seen, even when this happens, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2df451c670c1a6f0343418f5914f80b\" tg-width=\"640\" tg-height=\"301\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/425296098ce22a839c9dd99de3363e32\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Conclusion and final thought</b></p>\n<p>This article analyzes AAPL, with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that:</p>\n<ul>\n <li>The ROCE has been on average about 150+% in the past and has been the highest among its FAAMG peers.</li>\n <li>But the MROCE has been on average 45% in recent years. So this result suggests that the diminishing return is beginning to catch up on AAPL. The difference between MROCE and ROCE is too large to be caused by the uncertainties in the financial data and rounding off errors.</li>\n</ul>\n<ul>\n <li>However, AAPL investors do not have to panic yet - for two reasons at least. First, even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks.</li>\n <li>And second, even after the ROCE decelerates, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.</li>\n <li>Given the above considerations of profitability and valuation, my final verdict on this stock is a hold rating under its current conditions.</li>\n</ul>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Gravity Is Catching Up With This Juggernaut</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; 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}\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\">\nApple: Gravity Is Catching Up With This Juggernaut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-17 19:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4455586-apple-gravity-is-catching-up-on-this-juggernaut><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThis article analyzes Apple (AAPL) from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on...</p>\n\n<a href=\"https://seekingalpha.com/article/4455586-apple-gravity-is-catching-up-on-this-juggernaut\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4455586-apple-gravity-is-catching-up-on-this-juggernaut","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157890009","content_text":"Summary\n\nThis article analyzes Apple (AAPL) from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital (MROCE).\nThe results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.\nGiven its remarkably high ROCE to start with and its valuation, AAPL still represents a solid long-term investment, and my final verdict is a hold rating.\n\nNikada/iStock Unreleased via Getty Images\nInvestment thesis\nThis article analyzes Apple (AAPL), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the two most important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.\nWarren Buffett likes to say that interest rates act like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so. And the gravity of diminishing returns is beginning to catch up with the AAPL juggernaut in recent years, although investors do not have to be too alarmed. Given its remarkably high ROCE to start with and its reasonable valuation, AAPL still represents an attractive investment even with such diminishing returns considered. And as such, my final verdict on this stock is a hold rating under its current conditions.\nThe moat and the network effects\nAAPL’s moat is in its scale and the loyalty of its users. As an example, the following chart shows the annual unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions). As can be seen, in their 2018 fiscal year, Apple sold more than 217 million iPhones. The iPhone sales have obviously stabilized over recent years and the days of exponential growth are over. However, investors do not have to be too concerned about the stabilization of the iPhone sales per se (which is currently still AAPL’s most profitable product). What investors need to examine is if the network effects brought about by the iPhones (or other AAPL devices) have reached their limit of scalability, as to be discussed next.\nSource: Unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions) from Statista.\nThe network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger – at least to a certain point. There is nothing new about the network concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, up to a certain point. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the network effects are still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In other words, MROCE lets us see if the gravity of diminishing return has caught up yet or not.\nIn theory, one would intuitively expect the services AAPL provides to enjoy the benefit of perfect scalability. Because AAPL’s business model benefits from a self-sustaining positive feedback loop. Once the business captured enough users with iPhones as shown above and an ecosystem initiated, the network effect would kick in and amplify itself. More users in this network will lead to more convenient sharing and communication among users and devices, more added values, more accurate recommendations, search results, et al. Such benefits will make the network even better and more valuable for its users and clients; which will, in turn, attract more new users to join and purchase its new devices; which again will lead back to more users and an even larger network.\nIf you share the same intuition, then you are in for a surprise by the results in this article. The MROCE results in recent years actually show that the gravity of diminishing return is catching up on AAPL.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. 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 effectively the business uses its capital to earn a profit. For businesses like AAPL, 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. Research and development expenses (an essential expense for a business like AAPL).\nBased on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE over the past decade. It used to be 450% early in the decade and still hovers around an average of 152% in recent years since 2016. To put things in perspective, the next chart compares AAPL’s ROCE against the other FAAMG stocks – a group of exemplary stocks that best exploit the network effects. As can be seen, AAPL still earns the highest competitive ROCE among this group of overachievers.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested so far. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business will generate when the next batch of resources is invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nAAPL’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years.\nThis chart shows the MROCE and ROCE for AAPL over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nThe results shown in the following chart show that at this stage, APPL has been maintaining an MROCE that is noticeably below the average ROCE. As seen, the ROCE has been on average 152% in recent years as aforementioned, and the MROCE has been on average 45%. And the difference is too large to be caused by the uncertainties in the financial data and rounding off errors. So this result shows that AAPL has started entering a stage of diminishing return - gravity is beginning to catch up. And if the current MROCE continues, AAPL’s ROCE will gradually decline from its current level and converge to 45%.\nSource: author and Seeking Alpha data.\nBut no need to panic yet\nHowever, AAPL investors do not have to panic yet - for two reasons at least. Firstly, AAPL has a very high ROCE to start with. And even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks as seen from the following chart.\nSource: author and Seeking Alpha data.\nSecondly, AAPL currently features a very reasonable valuation, both in absolute terms and especially in relative terms. As can be seen from the following chart, at its current price levels, AAPL’s FW PE is about 28.6x, the lowest among the FAAMG pack.\nThe next chart also compares AAPL valuation adjusted for its ROCE with its peers. It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. Therefore, this chart shows the valuation adjusted for ROCE by simply dividing the PE by the ROCE. As seen, its adjusted valuation is even more attractive among the FAAMG pack.\nAnd finally, the orange bar shows the adjusted valuation when AAPL’s ROCE eventually deaccelerates to 45%. As can be seen, even when this happens, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.\nSource: author and Seeking Alpha data.\nSource: author and Seeking Alpha data.\nConclusion and final thought\nThis article analyzes AAPL, with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nThe ROCE has been on average about 150+% in the past and has been the highest among its FAAMG peers.\nBut the MROCE has been on average 45% in recent years. So this result suggests that the diminishing return is beginning to catch up on AAPL. The difference between MROCE and ROCE is too large to be caused by the uncertainties in the financial data and rounding off errors.\n\n\nHowever, AAPL investors do not have to panic yet - for two reasons at least. First, even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks.\nAnd second, even after the ROCE decelerates, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.\nGiven the above considerations of profitability and valuation, my final verdict on this stock is a hold rating under its current conditions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888557407,"gmtCreate":1631511108609,"gmtModify":1631885568387,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;go up soon.. Like the daily cases&nbsp;[真香]&nbsp;","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;go up soon.. Like the daily cases&nbsp;[真香]&nbsp;","text":"$STI ETF(ES3.SI)$ go up soon.. Like the daily cases [真香]","images":[{"img":"https://static.tigerbbs.com/0248174d64c80d446c8f25bb557070ee","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888557407","isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":608973574,"gmtCreate":1638608746837,"gmtModify":1638608746905,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Time to buy in?&nbsp;","listText":"Time to buy in?&nbsp;","text":"Time to buy in?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":2,"link":"https://laohu8.com/post/608973574","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":1659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602396913,"gmtCreate":1638968872346,"gmtModify":1638968918217,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>why you raise so much after I sell?&nbsp;[Cry]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>why you raise so much after I sell?&nbsp;[Cry]&nbsp;","text":"$Apple(AAPL)$why you raise so much after I sell? [Cry]","images":[{"img":"https://static.tigerbbs.com/bbf445c1259bb61c39b84ef6f2c02fa3","width":"1080","height":"3064"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/602396913","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":602398257,"gmtCreate":1638968741226,"gmtModify":1638968915861,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","listText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$","images":[{"img":"https://static.tigerbbs.com/e47369ff7ab6c42e3f29de4b032523cf","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":1,"link":"https://laohu8.com/post/602398257","isVote":1,"tweetType":1,"viewCount":1844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":841917054,"gmtCreate":1635868037094,"gmtModify":1635868037160,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/841917054","repostId":"2180020937","repostType":2,"repost":{"id":"2180020937","pubTimestamp":1635846331,"share":"https://www.laohu8.com/m/news/2180020937?lang=&edition=full","pubTime":"2021-11-02 17:45","market":"us","language":"en","title":"Warren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now","url":"https://stock-news.laohu8.com/highlight/detail?id=2180020937","media":"MoneyWise","summary":"Inflation is high. You might as well profit from it.High inflation rates in the country have become a serious concern on Wall Street.But fortunately for everyday investors, Berkshire Hathaway chief Warren Buffett has plenty of experience in navigating such an environment.Buffett managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of advice on what to own when consumer prices spike.In a 1981 letter to Berkshire shareholders, Buffett highlighted tw","content":"<p>Inflation is high. You might as well profit from it.</p>\n<p><img src=\"https://static.tigerbbs.com/143c38befb27f09743294aafaffbe94a\" tg-width=\"1800\" tg-height=\"800\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>High inflation rates in the country have become a serious concern on Wall Street.</p>\n<p>But fortunately for everyday investors, Berkshire Hathaway chief Warren Buffett has plenty of experience in navigating such an environment.</p>\n<p>Buffett managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of advice on what to own when consumer prices spike.</p>\n<p>In a 1981 letter to Berkshire shareholders, Buffett highlighted two characteristics that make a business well adapted to an inflationary environment: 1) an ability to increase prices easily, and 2) an ability to take on more business without having to spend too much in order to do it.</p>\n<p>In other words, aim to invest in asset-light businesses with pricing power.</p>\n<p>Let’s take a quick look at three companies that fit that description. One (or all) of them might be worth purchasing with your spare pennies.</p>\n<p><b>Nike (NKE)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0a24fd7cb9b4e01313c7bb848af6da9d\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>TY Lim/Shutterstock</span></p>\n<p>Nike is a global footwear powerhouse that commands high customer loyalty.</p>\n<p>Customers are willing to pay top dollar for signature gear associated with high-profile athletes like LeBron James and Michael Jordan.</p>\n<p>Despite inflationary pressures, Nike continues to expand gross margins and post solid returns on equity well above 30%.</p>\n<p>The company is also capturing the full price of its products in an increasingly digital, direct-to-consumer business model.</p>\n<p>Management believes digital sales could continue to grow from 20% of revenue currently to about 40% of the business by 2025. And price increases could kick in as early as next year.</p>\n<p>Amazingly, profit margins may keep expanding, even as operating costs rise with inflation.</p>\n<p>Nike shares are up about 19% so far in 2021.</p>\n<p><b>Apple (AAPL)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b22460a66469a2da0380edd32d454c84\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>Vytautas Kielaitis/Shutterstock</span></p>\n<p>Global demand for Apple’s premium-priced hardware is growing, as are adoption rates for its high-margin Apple services.</p>\n<p>Strong brand identity, user friendliness, and a wide range of fully integrated products are powerful attributes that aren’t going away any time soon.</p>\n<p>Customers just can’t afford to live outside the Apple ecosystem. That gives the tech giant more freedom to play with pricing as inflation spikes.</p>\n<p>The company’s latest M1 chips, which will gradually replace Intel’s CPUs in every single Mac, underscore its commitment to constant innovation.</p>\n<p>Apple’s ability to pass rising costs to a global consumer base without significant loss of sales volumes is undeniable.</p>\n<p>Warren Buffett has allowed Apple to grow to 40% of Berkshire Hathaway’s investments portfolio for good reason: The business just keeps growing profits through all economic cycles.</p>\n<p>Apple is up about 13% year to date and trades at nearly $150 per share. But if you’re on the fence about jumping in at the current level, some apps might give you a free share of Apple just for signing up.</p>\n<p><b>Levi Strauss &amp; Co. (LEVI)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/71b31165e275a966ad050139a054c73a\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>dean bertoncelj/Shutterstock</span></p>\n<p>A market leader in the denim business, Levi Strauss has been firing on all cylinders of late.</p>\n<p>Specifically, its well-known brand and a flexible business model have enabled management to grow the top line without sacrificing pricing power.</p>\n<p>In the most recent quarter, revenue increased 41% while adjusted gross margin improved 390 basis points to 57.5%.</p>\n<p>In fact, management proactively started adjusting its pricing for inflation back in 2020.</p>\n<p>The company also sources raw materials from 24 different countries. And that kind of supply chain diversification provides Levi Strauss with plenty of flexibility during times of crisis.</p>\n<p>Levi shares are up more than 30% in 2021.</p>\n<p><b>The ultimate 'forever asset'?</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5d520eb27cdf18f25a787cd9145eb1b\" tg-width=\"1200\" tg-height=\"500\" width=\"100%\" height=\"auto\"><span>MNStudio/Shutterstock</span></p>\n<p>Warren Buffett once said that his favorite holding period is forever.</p>\n<p>But forever is a long time, and since companies rise and fall, growing your wealth by never selling a share may not be the best strategy.</p>\n<p>But there might be one inflation safe haven that's worth holding forever — U.S. farmland.</p>\n<p>No matter how high or fast consumer prices climb, people still need to eat. And it just so happens that Buffett’s good friend Bill Gates is America’s largest private owner of farmland.</p>\n<p>These days, new platforms allow you to invest in U.S. farmland by taking stake in a farm of your choice.</p>\n<p>You’ll earn cash income from the leasing fees and crop sales. And of course, you’ll benefit from any long-term appreciation on top of that.</p>\n<p><i>This article provides information only and should not be construed as advice. It is provided without warranty of any kind.</i></p>","source":"lsy1621813427262","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>Warren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now</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\">\nWarren Buffett says this is the best type of business to own when inflation spikes — in other words, what you should buy right now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-02 17:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://moneywise.com/investing/stocks/warren-buffett-inflation-stocks><strong>MoneyWise</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Inflation is high. You might as well profit from it.\n\nHigh inflation rates in the country have become a serious concern on Wall Street.\nBut fortunately for everyday investors, Berkshire Hathaway chief...</p>\n\n<a href=\"https://moneywise.com/investing/stocks/warren-buffett-inflation-stocks\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","NKE":"耐克","BRK.B":"伯克希尔B","LEVI":"李维斯","AAPL":"苹果","INTC":"英特尔"},"source_url":"https://moneywise.com/investing/stocks/warren-buffett-inflation-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2180020937","content_text":"Inflation is high. You might as well profit from it.\n\nHigh inflation rates in the country have become a serious concern on Wall Street.\nBut fortunately for everyday investors, Berkshire Hathaway chief Warren Buffett has plenty of experience in navigating such an environment.\nBuffett managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of advice on what to own when consumer prices spike.\nIn a 1981 letter to Berkshire shareholders, Buffett highlighted two characteristics that make a business well adapted to an inflationary environment: 1) an ability to increase prices easily, and 2) an ability to take on more business without having to spend too much in order to do it.\nIn other words, aim to invest in asset-light businesses with pricing power.\nLet’s take a quick look at three companies that fit that description. One (or all) of them might be worth purchasing with your spare pennies.\nNike (NKE)\nTY Lim/Shutterstock\nNike is a global footwear powerhouse that commands high customer loyalty.\nCustomers are willing to pay top dollar for signature gear associated with high-profile athletes like LeBron James and Michael Jordan.\nDespite inflationary pressures, Nike continues to expand gross margins and post solid returns on equity well above 30%.\nThe company is also capturing the full price of its products in an increasingly digital, direct-to-consumer business model.\nManagement believes digital sales could continue to grow from 20% of revenue currently to about 40% of the business by 2025. And price increases could kick in as early as next year.\nAmazingly, profit margins may keep expanding, even as operating costs rise with inflation.\nNike shares are up about 19% so far in 2021.\nApple (AAPL)\nVytautas Kielaitis/Shutterstock\nGlobal demand for Apple’s premium-priced hardware is growing, as are adoption rates for its high-margin Apple services.\nStrong brand identity, user friendliness, and a wide range of fully integrated products are powerful attributes that aren’t going away any time soon.\nCustomers just can’t afford to live outside the Apple ecosystem. That gives the tech giant more freedom to play with pricing as inflation spikes.\nThe company’s latest M1 chips, which will gradually replace Intel’s CPUs in every single Mac, underscore its commitment to constant innovation.\nApple’s ability to pass rising costs to a global consumer base without significant loss of sales volumes is undeniable.\nWarren Buffett has allowed Apple to grow to 40% of Berkshire Hathaway’s investments portfolio for good reason: The business just keeps growing profits through all economic cycles.\nApple is up about 13% year to date and trades at nearly $150 per share. But if you’re on the fence about jumping in at the current level, some apps might give you a free share of Apple just for signing up.\nLevi Strauss & Co. (LEVI)\ndean bertoncelj/Shutterstock\nA market leader in the denim business, Levi Strauss has been firing on all cylinders of late.\nSpecifically, its well-known brand and a flexible business model have enabled management to grow the top line without sacrificing pricing power.\nIn the most recent quarter, revenue increased 41% while adjusted gross margin improved 390 basis points to 57.5%.\nIn fact, management proactively started adjusting its pricing for inflation back in 2020.\nThe company also sources raw materials from 24 different countries. And that kind of supply chain diversification provides Levi Strauss with plenty of flexibility during times of crisis.\nLevi shares are up more than 30% in 2021.\nThe ultimate 'forever asset'?\nMNStudio/Shutterstock\nWarren Buffett once said that his favorite holding period is forever.\nBut forever is a long time, and since companies rise and fall, growing your wealth by never selling a share may not be the best strategy.\nBut there might be one inflation safe haven that's worth holding forever — U.S. farmland.\nNo matter how high or fast consumer prices climb, people still need to eat. And it just so happens that Buffett’s good friend Bill Gates is America’s largest private owner of farmland.\nThese days, new platforms allow you to invest in U.S. farmland by taking stake in a farm of your choice.\nYou’ll earn cash income from the leasing fees and crop sales. And of course, you’ll benefit from any long-term appreciation on top of that.\nThis article provides information only and should not be construed as advice. It is provided without warranty of any kind.","news_type":1},"isVote":1,"tweetType":1,"viewCount":922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887285196,"gmtCreate":1632046194715,"gmtModify":1632803143383,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MRNA\">$Moderna, Inc.(MRNA)$</a>&nbsp;coming down","listText":"<a href=\"https://laohu8.com/S/MRNA\">$Moderna, Inc.(MRNA)$</a>&nbsp;coming down","text":"$Moderna, Inc.(MRNA)$ coming down","images":[{"img":"https://static.tigerbbs.com/1fd1d94e1bd8b19bdad07a703d233afe","width":"1080","height":"2213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":2,"link":"https://laohu8.com/post/887285196","isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":853766099,"gmtCreate":1634847702675,"gmtModify":1634847702869,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/41H.SI\">$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$</a>nice","listText":"<a href=\"https://laohu8.com/S/41H.SI\">$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$</a>nice","text":"$BLACKGOLD NATURAL RESOURCESLTD(41H.SI)$nice","images":[{"img":"https://static.tigerbbs.com/09326cb866c97d60db920ee503139e56","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":1,"link":"https://laohu8.com/post/853766099","isVote":1,"tweetType":1,"viewCount":1140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":822652018,"gmtCreate":1634130128692,"gmtModify":1634130128757,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LKCO\">$Luokung Technology Corp(LKCO)$</a>&nbsp;negative&nbsp;net income and low revenue for the past 5 years. What's so attractive&nbsp;about this stock to cause the last few spikes?&nbsp;","listText":"<a href=\"https://laohu8.com/S/LKCO\">$Luokung Technology Corp(LKCO)$</a>&nbsp;negative&nbsp;net income and low revenue for the past 5 years. What's so attractive&nbsp;about this stock to cause the last few spikes?&nbsp;","text":"$Luokung Technology Corp(LKCO)$ negative net income and low revenue for the past 5 years. What's so attractive about this stock to cause the last few spikes?","images":[{"img":"https://static.tigerbbs.com/ede7f267a8801ff40a537599086110cc","width":"1080","height":"3100"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/822652018","isVote":1,"tweetType":1,"viewCount":1344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":698506065,"gmtCreate":1640431711010,"gmtModify":1640431711138,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>&nbsp;when is it going to get better","listText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>&nbsp;when is it going to get better","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$ when is it going to get better","images":[{"img":"https://static.tigerbbs.com/4fd9085e64fdf9707658d7e82e49617f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/698506065","isVote":1,"tweetType":1,"viewCount":975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":869403134,"gmtCreate":1632312399228,"gmtModify":1632801342422,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","listText":"<a href=\"https://laohu8.com/S/HST.SI\">$Lion-OCBC Sec HSTECH S$(HST.SI)$</a>","text":"$Lion-OCBC Sec HSTECH S$(HST.SI)$","images":[{"img":"https://static.tigerbbs.com/9d2a1139eaa8128c087baae8a28d5365","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/869403134","isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":827311238,"gmtCreate":1634412745670,"gmtModify":1634412745828,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/T13.SI\">$RH PETROGAS LIMITED(T13.SI)$</a>too late to buy?&nbsp;","listText":"<a href=\"https://laohu8.com/S/T13.SI\">$RH PETROGAS LIMITED(T13.SI)$</a>too late to buy?&nbsp;","text":"$RH PETROGAS LIMITED(T13.SI)$too late to buy?","images":[{"img":"https://static.tigerbbs.com/a6a939d273ee29d51b5ec25c86d64db6","width":"1080","height":"3013"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/827311238","isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826554617,"gmtCreate":1634042190140,"gmtModify":1634042197130,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;still optimistic&nbsp;","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;still optimistic&nbsp;","text":"$STI ETF(ES3.SI)$ still optimistic","images":[{"img":"https://static.tigerbbs.com/c017997936944a1dd79676900b8c8d3e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":2,"link":"https://laohu8.com/post/826554617","isVote":1,"tweetType":1,"viewCount":267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":840949836,"gmtCreate":1635579563342,"gmtModify":1635579563342,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"FOMO","listText":"FOMO","text":"FOMO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/840949836","repostId":"2179245604","repostType":4,"repost":{"id":"2179245604","pubTimestamp":1635575187,"share":"https://www.laohu8.com/m/news/2179245604?lang=&edition=full","pubTime":"2021-10-30 14:26","market":"hk","language":"en","title":"Missed Out on Bitcoin and Ethereum? Here's What to Buy Now","url":"https://stock-news.laohu8.com/highlight/detail?id=2179245604","media":"Motley Fool","summary":"5 actions you can take to plan your cryptocurrency strategy without breaking the bank.","content":"<p>If you've got a bad case of fear of missing out (FOMO) when it comes to <b>Bitcoin</b> (CRYPTO:BTC) and <b>Ethereum </b>(CRYPTO:ETH), you're not alone.</p>\n<p>True to form, the cryptocurrency market has been volatile all year, offering investors plenty of chances to buy the dip. But taking advantage of a steep sell-off is easier said than done when prices are crashing all around you with no end in sight.</p>\n<p>Now that we're on an uptrend, folks are kicking themselves for not buying at lower prices. Here are five things you can do right now to ease your crypto FOMO in a calm and collected way.</p>\n<p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F648100%2Fgettyimages-1306800215.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images.</p>\n<h2>1. Determine your ideal cryptocurrency allocation</h2>\n<p>In his book, <i>The Psychology of Money</i>, Morgan Housel discusses the importance of knowing what game you're playing. Although we may be buying the same stocks or cryptocurrencies, we all have different investment objectives. Some people want to grow wealth over time, others want to day-trade for a quick buck. Then there's everyone in between.</p>\n<p>Knowing what you want to get out of an investment can help set the tone for a reasonable amount of exposure to cryptocurrency that suits your risk appetite.</p>\n<h2>2. Decide which cryptocurrencies make the most sense for you</h2>\n<p>After you've determined how much you want to invest, it's time to figure out which cryptocurrencies are right for you.</p>\n<p>For example, risk-averse retirees might benefit from the high interest rates available from stablecoins. Bitcoin serves as a starting point for new investors. Ethereum adds more risk, with more potential upside. And larger altcoins like <b>Cardano </b>or <b>Solana</b> (or smaller altcoins like <b>Polygon</b> or <b>Cosmos</b>) offer a high risk, high reward option for risk-tolerant investors.</p>\n<p>No matter what you buy, understanding what you own and why you own it can help separate an investment from a reckless gamble.</p>\n<h2>3. Consider buying a small portion now</h2>\n<p>Whether it's $10 or $10,000, having skin in the game should instantly help alleviate some crypto FOMO. It's also a chance to get used to the differences between a crypto exchange and a brokerage account. One of the reasons I bought my first cryptocurrency in May was because I wanted to learn more. Having a stake in something provides an added reason to stay up-to-date with the market and sharpen your understanding of why Bitcoin and Ethereum could be good investments.</p>\n<h2>4. Dollar-cost average over time</h2>\n<p>One of the lowest-stress ways to invest in crypto is to simply dollar-cost average into the position over time. The theory is simple: Instead of trying to time the market or wait for a dip, allocating a portion of your income to crypto and automatically buying in stages instead of all at once is a good way to build a position.</p>\n<p><b>Coinbase</b> (NASDAQ: COIN) allows its users to dollar-cost average into any of the dozens of cryptocurrencies offered on its platform. On Coinbase, you can customize the dollar amount and frequency of purchase. For example, you could set up a plan to buy $10 of Bitcoin daily, weekly, on the 1st and 15th of the month, or monthly.</p>\n<p>If crypto takes off, you'll benefit. If crypto plunges, you don't mind because you can now buy more for the same amount of money. It's a win/win scenario that helps you sleep at night.</p>\n<h2>5. Be ready for the next sell-off</h2>\n<p>So far this year, each sell-off was followed by a rally, the most impressive of which transpired in October. In less than a month, Bitcoin's price increased by $25,000, representing more than a 50% gain. The cherry on top was a fresh all-time high of nearly $67,000 on Oct. 20.</p>\n<p>In the last six months alone, there have been two major drawdowns in the price of Bitcoin and Ethereum.</p>\n<p><img src=\"https://static.tigerbbs.com/70363ce0b27c2a96ab7fa5232525db97\" tg-width=\"720\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p>\n<p>Bitcoin price data by YCharts.</p>\n<p>From late May to late July, Bitcoin and Ethereum both lost over half their value before rebounding in August. In September, a smaller correction sent Ethereum's price down 17%, and Bitcoin lost 12% of its value. Bitcoin and Ethereum might be hovering around all-time highs right now, but it's important to remember that they spent roughly half of the last six months on a downtrend.</p>\n<p>This is all to say that both cryptos are subject to a lot of speculation and sudden and sizable moves to the upside and downside. Patience and the courage to buy when prices are crashing have been two qualities that have paid off big time. Instead of throwing a big chunk of money at crypto now and hoping it works, investors can earmark a portion of savings to use on Bitcoin or Ethereum if the price falls 10%, 20%, 30%, et cetera. An investor can either wait for this to happen or simply set up a limit order at the desired price through applications like Coinbase Pro.</p>\n<h2>There's plenty of time to get on board</h2>\n<p>The good news is that the rise of cryptocurrency is likely still in the early innings. In the last year alone, we've seen a surge in institutional adoption, investor protection, and innovation. The sheer scale and scope of projects that are taking place on the Ethereum and Solana blockchains are nothing short of incredible. Ten years from now, it wouldn't be surprising if crypto played a role in many of our lives -- either through investment or application -- in ways we can't begin to imagine right now.</p>\n<p>As previously mentioned, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the reasons that crypto markets are volatile is that many participants are focused solely on short-term moves. They're playing a different and riskier game than long-term investors, a game that's more concerned with where prices are headed in 10 days than 10 years. The 24/7 crypto market feels fast, but it's important to keep in mind it's only as fast as you make it. <a href=\"https://laohu8.com/S/ZM\">Zoom</a> out, and the charts on Bitcoin and Ethereum speak for themselves. <a href=\"https://laohu8.com/S/ZM\">Zoom</a> in to a three month or less time period, and there's no telling what you'll find. Taking a slow and steady approach to your investment offers the best way to capture long-term upside.</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>Missed Out on Bitcoin and Ethereum? Here's What to Buy Now</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\">\nMissed Out on Bitcoin and Ethereum? Here's What to Buy Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-30 14:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/10/29/missed-out-on-bitcoin-ethereum-heres-what-to-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you've got a bad case of fear of missing out (FOMO) when it comes to Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), you're not alone.\nTrue to form, the cryptocurrency market has been volatile all ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/10/29/missed-out-on-bitcoin-ethereum-heres-what-to-buy/\">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.fool.com/investing/2021/10/29/missed-out-on-bitcoin-ethereum-heres-what-to-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2179245604","content_text":"If you've got a bad case of fear of missing out (FOMO) when it comes to Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), you're not alone.\nTrue to form, the cryptocurrency market has been volatile all year, offering investors plenty of chances to buy the dip. But taking advantage of a steep sell-off is easier said than done when prices are crashing all around you with no end in sight.\nNow that we're on an uptrend, folks are kicking themselves for not buying at lower prices. Here are five things you can do right now to ease your crypto FOMO in a calm and collected way.\n\nImage source: Getty Images.\n1. Determine your ideal cryptocurrency allocation\nIn his book, The Psychology of Money, Morgan Housel discusses the importance of knowing what game you're playing. Although we may be buying the same stocks or cryptocurrencies, we all have different investment objectives. Some people want to grow wealth over time, others want to day-trade for a quick buck. Then there's everyone in between.\nKnowing what you want to get out of an investment can help set the tone for a reasonable amount of exposure to cryptocurrency that suits your risk appetite.\n2. Decide which cryptocurrencies make the most sense for you\nAfter you've determined how much you want to invest, it's time to figure out which cryptocurrencies are right for you.\nFor example, risk-averse retirees might benefit from the high interest rates available from stablecoins. Bitcoin serves as a starting point for new investors. Ethereum adds more risk, with more potential upside. And larger altcoins like Cardano or Solana (or smaller altcoins like Polygon or Cosmos) offer a high risk, high reward option for risk-tolerant investors.\nNo matter what you buy, understanding what you own and why you own it can help separate an investment from a reckless gamble.\n3. Consider buying a small portion now\nWhether it's $10 or $10,000, having skin in the game should instantly help alleviate some crypto FOMO. It's also a chance to get used to the differences between a crypto exchange and a brokerage account. One of the reasons I bought my first cryptocurrency in May was because I wanted to learn more. Having a stake in something provides an added reason to stay up-to-date with the market and sharpen your understanding of why Bitcoin and Ethereum could be good investments.\n4. Dollar-cost average over time\nOne of the lowest-stress ways to invest in crypto is to simply dollar-cost average into the position over time. The theory is simple: Instead of trying to time the market or wait for a dip, allocating a portion of your income to crypto and automatically buying in stages instead of all at once is a good way to build a position.\nCoinbase (NASDAQ: COIN) allows its users to dollar-cost average into any of the dozens of cryptocurrencies offered on its platform. On Coinbase, you can customize the dollar amount and frequency of purchase. For example, you could set up a plan to buy $10 of Bitcoin daily, weekly, on the 1st and 15th of the month, or monthly.\nIf crypto takes off, you'll benefit. If crypto plunges, you don't mind because you can now buy more for the same amount of money. It's a win/win scenario that helps you sleep at night.\n5. Be ready for the next sell-off\nSo far this year, each sell-off was followed by a rally, the most impressive of which transpired in October. In less than a month, Bitcoin's price increased by $25,000, representing more than a 50% gain. The cherry on top was a fresh all-time high of nearly $67,000 on Oct. 20.\nIn the last six months alone, there have been two major drawdowns in the price of Bitcoin and Ethereum.\n\nBitcoin price data by YCharts.\nFrom late May to late July, Bitcoin and Ethereum both lost over half their value before rebounding in August. In September, a smaller correction sent Ethereum's price down 17%, and Bitcoin lost 12% of its value. Bitcoin and Ethereum might be hovering around all-time highs right now, but it's important to remember that they spent roughly half of the last six months on a downtrend.\nThis is all to say that both cryptos are subject to a lot of speculation and sudden and sizable moves to the upside and downside. Patience and the courage to buy when prices are crashing have been two qualities that have paid off big time. Instead of throwing a big chunk of money at crypto now and hoping it works, investors can earmark a portion of savings to use on Bitcoin or Ethereum if the price falls 10%, 20%, 30%, et cetera. An investor can either wait for this to happen or simply set up a limit order at the desired price through applications like Coinbase Pro.\nThere's plenty of time to get on board\nThe good news is that the rise of cryptocurrency is likely still in the early innings. In the last year alone, we've seen a surge in institutional adoption, investor protection, and innovation. The sheer scale and scope of projects that are taking place on the Ethereum and Solana blockchains are nothing short of incredible. Ten years from now, it wouldn't be surprising if crypto played a role in many of our lives -- either through investment or application -- in ways we can't begin to imagine right now.\nAs previously mentioned, one of the reasons that crypto markets are volatile is that many participants are focused solely on short-term moves. They're playing a different and riskier game than long-term investors, a game that's more concerned with where prices are headed in 10 days than 10 years. The 24/7 crypto market feels fast, but it's important to keep in mind it's only as fast as you make it. Zoom out, and the charts on Bitcoin and Ethereum speak for themselves. Zoom in to a three month or less time period, and there's no telling what you'll find. Taking a slow and steady approach to your investment offers the best way to capture long-term upside.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":822651174,"gmtCreate":1634129777690,"gmtModify":1634129777690,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;up up up","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;up up up","text":"$STI ETF(ES3.SI)$ up up up","images":[{"img":"https://static.tigerbbs.com/2bcce6f8b2dfa3dee9d4040abb2f6560","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/822651174","isVote":1,"tweetType":1,"viewCount":390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":828414135,"gmtCreate":1633935136984,"gmtModify":1633935136984,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>as expected, prices soar today. HUAT ah","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>as expected, prices soar today. HUAT ah","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$as expected, prices soar today. HUAT ah","images":[{"img":"https://static.tigerbbs.com/89479b0c48969a1f0056ca85a2b5f17a","width":"1080","height":"2126"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828414135","isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":888557407,"gmtCreate":1631511108609,"gmtModify":1631885568387,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;go up soon.. Like the daily cases&nbsp;[真香]&nbsp;","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;go up soon.. Like the daily cases&nbsp;[真香]&nbsp;","text":"$STI ETF(ES3.SI)$ go up soon.. Like the daily cases [真香]","images":[{"img":"https://static.tigerbbs.com/0248174d64c80d446c8f25bb557070ee","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888557407","isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":881292475,"gmtCreate":1631339852597,"gmtModify":1631883826049,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>&nbsp;come on Apple!&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>&nbsp;come on Apple!&nbsp;","text":"$Apple(AAPL)$ come on Apple!","images":[{"img":"https://static.tigerbbs.com/70babbcee9ebc77e26990c2b79293f35","width":"1080","height":"3100"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881292475","isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":883446914,"gmtCreate":1631267194938,"gmtModify":1631885568589,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;not bad not bad&nbsp;","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;not bad not bad&nbsp;","text":"$STI ETF(ES3.SI)$ not bad not bad","images":[{"img":"https://static.tigerbbs.com/18b6a4dad1418c694beac3742d45c048","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883446914","isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":889423243,"gmtCreate":1631171911482,"gmtModify":1631885568644,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>[胜利]&nbsp;","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>[胜利]&nbsp;","text":"$STI ETF(ES3.SI)$[胜利]","images":[{"img":"https://static.tigerbbs.com/4ee821c6108c8131410a65dadb8abe61","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889423243","isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":826555808,"gmtCreate":1634042083753,"gmtModify":1634042191945,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Insurance sector going upside?&nbsp;","listText":"Insurance sector going upside?&nbsp;","text":"Insurance sector going upside?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826555808","repostId":"821224333","repostType":1,"repost":{"id":821224333,"gmtCreate":1633749916922,"gmtModify":1633751613003,"author":{"id":"3579235350711747","authorId":"3579235350711747","name":"财经壹些事","avatar":"https://static.tigerbbs.com/c1fe0218783737b72c056ec92edbe76a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235350711747","authorIdStr":"3579235350711747"},"themes":[],"title":"保险板块迎久违大涨 四季度多重因素交织","htmlText":"国庆假期后第一个交易日，A股出现难得的由保险板块领涨的行情。截至收盘，保险板块整体上涨超6%，其中中国太保（601601）、中国平安（601318）大涨超7%，中国人寿（601628）、新华保险（601336）上涨5%，中国人保（601319）上涨近3%。今年以来大多时候保险股集体表现不佳，使保险成为市场低估板块之一。股价承压背后，除了资金更偏好新兴产业、周期板块等市场资金因素外，还有自身短期面临压力的因素。从保险业务看，寿险和财险都因转型或改革而增长乏力。上市险企前几年有高增的基础，如今要在推进销售人力“清虚”、做业务“减法”的同时，还要尽量维持保费指标、业务价值的增长，尤其压力不小。今年占据市场半数以上份额的上市系寿险公司，新单业务出现一定下滑，影响了新业务价值等核心指标，令市场忧虑寿险业当前业务价值表现。与此同时，保险业还面临“内卷”化，惠民保等普惠健康险的快速发展，让保险公司过去倚重的重疾险等保障产品面临一定冲击，保障类业务价值下滑。普惠类产品对保险业务的潜在影响多大，目前还难以下定论，至少未来两三年内会处于不确定性状态。从保险公司的投资业务看，华夏幸福（600340）等房企流动性问题让市场对险资配置地产情况产生一定忧虑，这也是压制保险股的潜在因素之一。在前不久的北京辖区上市公司投资者接待日活动中，归于该辖区的国寿、人保、新华保险三大险企，均被问及投资房地产的情况，即体现了这种担忧。不过在这些短期因素困扰的同时，还应该看到，保险业的中长期向好基本趋势未改。从行业大势看，我国经济长期向好的基本面未改，保险深度、保险密度与成熟市场的差距体现出我国保险业仍有很大发展空间。从国内财富管理业看，在居民财富搬家、房住不炒、资产重新配置的趋势下，保险业作为一类稳定收益类资产，会迎来一定新增市场。从国内人口、经济、社会变化趋势看，老龄化、社会治理能力提升的趋势下，保险业在其中仍大有","listText":"国庆假期后第一个交易日，A股出现难得的由保险板块领涨的行情。截至收盘，保险板块整体上涨超6%，其中中国太保（601601）、中国平安（601318）大涨超7%，中国人寿（601628）、新华保险（601336）上涨5%，中国人保（601319）上涨近3%。今年以来大多时候保险股集体表现不佳，使保险成为市场低估板块之一。股价承压背后，除了资金更偏好新兴产业、周期板块等市场资金因素外，还有自身短期面临压力的因素。从保险业务看，寿险和财险都因转型或改革而增长乏力。上市险企前几年有高增的基础，如今要在推进销售人力“清虚”、做业务“减法”的同时，还要尽量维持保费指标、业务价值的增长，尤其压力不小。今年占据市场半数以上份额的上市系寿险公司，新单业务出现一定下滑，影响了新业务价值等核心指标，令市场忧虑寿险业当前业务价值表现。与此同时，保险业还面临“内卷”化，惠民保等普惠健康险的快速发展，让保险公司过去倚重的重疾险等保障产品面临一定冲击，保障类业务价值下滑。普惠类产品对保险业务的潜在影响多大，目前还难以下定论，至少未来两三年内会处于不确定性状态。从保险公司的投资业务看，华夏幸福（600340）等房企流动性问题让市场对险资配置地产情况产生一定忧虑，这也是压制保险股的潜在因素之一。在前不久的北京辖区上市公司投资者接待日活动中，归于该辖区的国寿、人保、新华保险三大险企，均被问及投资房地产的情况，即体现了这种担忧。不过在这些短期因素困扰的同时，还应该看到，保险业的中长期向好基本趋势未改。从行业大势看，我国经济长期向好的基本面未改，保险深度、保险密度与成熟市场的差距体现出我国保险业仍有很大发展空间。从国内财富管理业看，在居民财富搬家、房住不炒、资产重新配置的趋势下，保险业作为一类稳定收益类资产，会迎来一定新增市场。从国内人口、经济、社会变化趋势看，老龄化、社会治理能力提升的趋势下，保险业在其中仍大有","text":"国庆假期后第一个交易日，A股出现难得的由保险板块领涨的行情。截至收盘，保险板块整体上涨超6%，其中中国太保（601601）、中国平安（601318）大涨超7%，中国人寿（601628）、新华保险（601336）上涨5%，中国人保（601319）上涨近3%。今年以来大多时候保险股集体表现不佳，使保险成为市场低估板块之一。股价承压背后，除了资金更偏好新兴产业、周期板块等市场资金因素外，还有自身短期面临压力的因素。从保险业务看，寿险和财险都因转型或改革而增长乏力。上市险企前几年有高增的基础，如今要在推进销售人力“清虚”、做业务“减法”的同时，还要尽量维持保费指标、业务价值的增长，尤其压力不小。今年占据市场半数以上份额的上市系寿险公司，新单业务出现一定下滑，影响了新业务价值等核心指标，令市场忧虑寿险业当前业务价值表现。与此同时，保险业还面临“内卷”化，惠民保等普惠健康险的快速发展，让保险公司过去倚重的重疾险等保障产品面临一定冲击，保障类业务价值下滑。普惠类产品对保险业务的潜在影响多大，目前还难以下定论，至少未来两三年内会处于不确定性状态。从保险公司的投资业务看，华夏幸福（600340）等房企流动性问题让市场对险资配置地产情况产生一定忧虑，这也是压制保险股的潜在因素之一。在前不久的北京辖区上市公司投资者接待日活动中，归于该辖区的国寿、人保、新华保险三大险企，均被问及投资房地产的情况，即体现了这种担忧。不过在这些短期因素困扰的同时，还应该看到，保险业的中长期向好基本趋势未改。从行业大势看，我国经济长期向好的基本面未改，保险深度、保险密度与成熟市场的差距体现出我国保险业仍有很大发展空间。从国内财富管理业看，在居民财富搬家、房住不炒、资产重新配置的趋势下，保险业作为一类稳定收益类资产，会迎来一定新增市场。从国内人口、经济、社会变化趋势看，老龄化、社会治理能力提升的趋势下，保险业在其中仍大有","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821224333","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887286412,"gmtCreate":1632045932136,"gmtModify":1632803144955,"author":{"id":"4087893451634750","authorId":"4087893451634750","name":"jetsetyeo","avatar":"https://static.tigerbbs.com/93006c438d33d220446e74e4a5e4900d","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087893451634750","authorIdStr":"4087893451634750"},"themes":[],"htmlText":"Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years","listText":"Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years","text":"Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887286412","repostId":"1157890009","repostType":2,"repost":{"id":"1157890009","pubTimestamp":1631877276,"share":"https://www.laohu8.com/m/news/1157890009?lang=&edition=full","pubTime":"2021-09-17 19:14","market":"us","language":"en","title":"Apple: Gravity Is Catching Up With This Juggernaut","url":"https://stock-news.laohu8.com/highlight/detail?id=1157890009","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Apple (AAPL) from the perspective of its profit sustainability and sc","content":"<p><b>Summary</b></p>\n<ul>\n <li>This article analyzes Apple (AAPL) from the perspective of its profit sustainability and scalability.</li>\n <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital (MROCE).</li>\n <li>The results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.</li>\n <li>Given its remarkably high ROCE to start with and its valuation, AAPL still represents a solid long-term investment, and my final verdict is a hold rating.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>Investment thesis</b></p>\n<p>This article analyzes Apple (AAPL), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the two most important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.</p>\n<p>Warren Buffett likes to say that interest rates act like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so. And the gravity of diminishing returns is beginning to catch up with the AAPL juggernaut in recent years, although investors do not have to be too alarmed. Given its remarkably high ROCE to start with and its reasonable valuation, AAPL still represents an attractive investment even with such diminishing returns considered. And as such, my final verdict on this stock is a hold rating under its current conditions.</p>\n<p><b>The moat and the network effects</b></p>\n<p>AAPL’s moat is in its scale and the loyalty of its users. As an example, the following chart shows the annual unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions). As can be seen, in their 2018 fiscal year, Apple sold more than 217 million iPhones. The iPhone sales have obviously stabilized over recent years and the days of exponential growth are over. However, investors do not have to be too concerned about the stabilization of the iPhone sales per se (which is currently still AAPL’s most profitable product). What investors need to examine is if the network effects brought about by the iPhones (or other AAPL devices) have reached their limit of scalability, as to be discussed next.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f97ee5d85cf7fd736cc8140b9c94c7e\" tg-width=\"640\" tg-height=\"346\" width=\"100%\" height=\"auto\"><span>Source: Unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions) from Statista.</span></p>\n<p>The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger – at least to a certain point. There is nothing new about the network concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p>\n<p>Again, up to a certain point. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p>\n<p>Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the network effects are still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In other words, MROCE lets us see if the gravity of diminishing return has caught up yet or not.</p>\n<p>In theory, one would intuitively expect the services AAPL provides to enjoy the benefit of perfect scalability. Because AAPL’s business model benefits from a self-sustaining positive feedback loop. Once the business captured enough users with iPhones as shown above and an ecosystem initiated, the network effect would kick in and amplify itself. More users in this network will lead to more convenient sharing and communication among users and devices, more added values, more accurate recommendations, search results, et al. Such benefits will make the network even better and more valuable for its users and clients; which will, in turn, attract more new users to join and purchase its new devices; which again will lead back to more users and an even larger network.</p>\n<p>If you share the same intuition, then you are in for a surprise by the results in this article. The MROCE results in recent years actually show that the gravity of diminishing return is catching up on AAPL.</p>\n<p><b>Return on capital employed (“ROCE”)</b></p>\n<p>ROCE stands for the return on capital employed. 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 effectively the business uses its capital to earn a profit. For businesses like AAPL, 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. Research and development expenses (an essential expense for a business like AAPL).</p>\n<p>Based on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE over the past decade. It used to be 450% early in the decade and still hovers around an average of 152% in recent years since 2016. To put things in perspective, the next chart compares AAPL’s ROCE against the other FAAMG stocks – a group of exemplary stocks that best exploit the network effects. As can be seen, AAPL still earns the highest competitive ROCE among this group of overachievers.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bcbd3c49fa185cf29b726c7651b7e57\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a95831d57c9cbc7eeb5307ff0369ee7a\" tg-width=\"640\" tg-height=\"370\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p>\n<p><b>Introduction to marginal return on capital employed (“MROCE”)</b></p>\n<p>In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p>\n<p>The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p>\n<p>The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested so far. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business will generate when the next batch of resources is invested.</p>\n<p>For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p>\n<p><b>AAPL’s MROCE</b></p>\n<p>So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years.</p>\n<p>This chart shows the MROCE and ROCE for AAPL over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p>\n<p>The results shown in the following chart show that at this stage, APPL has been maintaining an MROCE that is noticeably below the average ROCE. As seen, the ROCE has been on average 152% in recent years as aforementioned, and the MROCE has been on average 45%. And the difference is too large to be caused by the uncertainties in the financial data and rounding off errors. So this result shows that AAPL has started entering a stage of diminishing return - gravity is beginning to catch up. And if the current MROCE continues, AAPL’s ROCE will gradually decline from its current level and converge to 45%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5659d7a6a1d5b6090aa9de2f13acca0f\" tg-width=\"640\" tg-height=\"388\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>But no need to panic yet</b></p>\n<p>However, AAPL investors do not have to panic yet - for two reasons at least. Firstly, AAPL has a very high ROCE to start with. And even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks as seen from the following chart.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b33ca92602b6d555c2e67e21f4127b3\" tg-width=\"640\" tg-height=\"382\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p>Secondly, AAPL currently features a very reasonable valuation, both in absolute terms and especially in relative terms. As can be seen from the following chart, at its current price levels, AAPL’s FW PE is about 28.6x, the lowest among the FAAMG pack.</p>\n<p>The next chart also compares AAPL valuation adjusted for its ROCE with its peers. It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. Therefore, this chart shows the valuation adjusted for ROCE by simply dividing the PE by the ROCE. As seen, its adjusted valuation is even more attractive among the FAAMG pack.</p>\n<p>And finally, the orange bar shows the adjusted valuation when AAPL’s ROCE eventually deaccelerates to 45%. As can be seen, even when this happens, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2df451c670c1a6f0343418f5914f80b\" tg-width=\"640\" tg-height=\"301\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/425296098ce22a839c9dd99de3363e32\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p>\n<p><b>Conclusion and final thought</b></p>\n<p>This article analyzes AAPL, with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.</p>\n<p>The results show that:</p>\n<ul>\n <li>The ROCE has been on average about 150+% in the past and has been the highest among its FAAMG peers.</li>\n <li>But the MROCE has been on average 45% in recent years. So this result suggests that the diminishing return is beginning to catch up on AAPL. The difference between MROCE and ROCE is too large to be caused by the uncertainties in the financial data and rounding off errors.</li>\n</ul>\n<ul>\n <li>However, AAPL investors do not have to panic yet - for two reasons at least. First, even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks.</li>\n <li>And second, even after the ROCE decelerates, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.</li>\n <li>Given the above considerations of profitability and valuation, my final verdict on this stock is a hold rating under its current conditions.</li>\n</ul>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Gravity Is Catching Up With This Juggernaut</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\">\nApple: Gravity Is Catching Up With This Juggernaut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-17 19:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4455586-apple-gravity-is-catching-up-on-this-juggernaut><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThis article analyzes Apple (AAPL) from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on...</p>\n\n<a href=\"https://seekingalpha.com/article/4455586-apple-gravity-is-catching-up-on-this-juggernaut\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4455586-apple-gravity-is-catching-up-on-this-juggernaut","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157890009","content_text":"Summary\n\nThis article analyzes Apple (AAPL) from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital (MROCE).\nThe results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.\nGiven its remarkably high ROCE to start with and its valuation, AAPL still represents a solid long-term investment, and my final verdict is a hold rating.\n\nNikada/iStock Unreleased via Getty Images\nInvestment thesis\nThis article analyzes Apple (AAPL), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the two most important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that even though AAPL earns an astronomical ROCE in the past and currently, it is entering the inevitable stage of diminishing return on capital.\nWarren Buffett likes to say that interest rates act like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so. And the gravity of diminishing returns is beginning to catch up with the AAPL juggernaut in recent years, although investors do not have to be too alarmed. Given its remarkably high ROCE to start with and its reasonable valuation, AAPL still represents an attractive investment even with such diminishing returns considered. And as such, my final verdict on this stock is a hold rating under its current conditions.\nThe moat and the network effects\nAAPL’s moat is in its scale and the loyalty of its users. As an example, the following chart shows the annual unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions). As can be seen, in their 2018 fiscal year, Apple sold more than 217 million iPhones. The iPhone sales have obviously stabilized over recent years and the days of exponential growth are over. However, investors do not have to be too concerned about the stabilization of the iPhone sales per se (which is currently still AAPL’s most profitable product). What investors need to examine is if the network effects brought about by the iPhones (or other AAPL devices) have reached their limit of scalability, as to be discussed next.\nSource: Unit sales of the Apple iPhone worldwide from 2007 to 2018 (in millions) from Statista.\nThe network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger – at least to a certain point. There is nothing new about the network concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, up to a certain point. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the network effects are still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In other words, MROCE lets us see if the gravity of diminishing return has caught up yet or not.\nIn theory, one would intuitively expect the services AAPL provides to enjoy the benefit of perfect scalability. Because AAPL’s business model benefits from a self-sustaining positive feedback loop. Once the business captured enough users with iPhones as shown above and an ecosystem initiated, the network effect would kick in and amplify itself. More users in this network will lead to more convenient sharing and communication among users and devices, more added values, more accurate recommendations, search results, et al. Such benefits will make the network even better and more valuable for its users and clients; which will, in turn, attract more new users to join and purchase its new devices; which again will lead back to more users and an even larger network.\nIf you share the same intuition, then you are in for a surprise by the results in this article. The MROCE results in recent years actually show that the gravity of diminishing return is catching up on AAPL.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. 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 effectively the business uses its capital to earn a profit. For businesses like AAPL, 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. Research and development expenses (an essential expense for a business like AAPL).\nBased on the above considerations, the ROCE of AAPL over the past decade is shown below. As seen, it was able to maintain an astronomical level of ROCE over the past decade. It used to be 450% early in the decade and still hovers around an average of 152% in recent years since 2016. To put things in perspective, the next chart compares AAPL’s ROCE against the other FAAMG stocks – a group of exemplary stocks that best exploit the network effects. As can be seen, AAPL still earns the highest competitive ROCE among this group of overachievers.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested so far. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business will generate when the next batch of resources is invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nAAPL’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). Unfortunately, as shown in the next chart, AAPL seems to have passed the tipping point of scalability and begin to see a diminishing return in recent years.\nThis chart shows the MROCE and ROCE for AAPL over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nThe results shown in the following chart show that at this stage, APPL has been maintaining an MROCE that is noticeably below the average ROCE. As seen, the ROCE has been on average 152% in recent years as aforementioned, and the MROCE has been on average 45%. And the difference is too large to be caused by the uncertainties in the financial data and rounding off errors. So this result shows that AAPL has started entering a stage of diminishing return - gravity is beginning to catch up. And if the current MROCE continues, AAPL’s ROCE will gradually decline from its current level and converge to 45%.\nSource: author and Seeking Alpha data.\nBut no need to panic yet\nHowever, AAPL investors do not have to panic yet - for two reasons at least. Firstly, AAPL has a very high ROCE to start with. And even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks as seen from the following chart.\nSource: author and Seeking Alpha data.\nSecondly, AAPL currently features a very reasonable valuation, both in absolute terms and especially in relative terms. As can be seen from the following chart, at its current price levels, AAPL’s FW PE is about 28.6x, the lowest among the FAAMG pack.\nThe next chart also compares AAPL valuation adjusted for its ROCE with its peers. It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. Therefore, this chart shows the valuation adjusted for ROCE by simply dividing the PE by the ROCE. As seen, its adjusted valuation is even more attractive among the FAAMG pack.\nAnd finally, the orange bar shows the adjusted valuation when AAPL’s ROCE eventually deaccelerates to 45%. As can be seen, even when this happens, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.\nSource: author and Seeking Alpha data.\nSource: author and Seeking Alpha data.\nConclusion and final thought\nThis article analyzes AAPL, with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). They reveal the two most fundamental aspects of the same central issue of profit sustainability. ROCE tells us how profitable the business has been or is so far. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nThe ROCE has been on average about 150+% in the past and has been the highest among its FAAMG peers.\nBut the MROCE has been on average 45% in recent years. So this result suggests that the diminishing return is beginning to catch up on AAPL. The difference between MROCE and ROCE is too large to be caused by the uncertainties in the financial data and rounding off errors.\n\n\nHowever, AAPL investors do not have to panic yet - for two reasons at least. First, even when its high ROCE deaccelerates and eventually converges to 45%, it is still a very competitive level of profitability compared to the other FAAMG stocks.\nAnd second, even after the ROCE decelerates, AAPL’s ROCE-adjusted valuated is still quite reasonable compared to the rest of the FAAMG stocks.\nGiven the above considerations of profitability and valuation, my final verdict on this stock is a hold rating under its current conditions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}