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Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1662980032,"share":"https://ttm.financial/m/news/2266497753?lang=en_US&edition=fundamental","pubTime":"2022-09-12 18:53","market":"us","language":"en","title":"A Bad Year for Crypto Is a Really Bad One for Crypto Miners","url":"https://stock-news.laohu8.com/highlight/detail?id=2266497753","media":"Dow Jones","summary":"Last year was harvest time for crypto miners. Now, they're getting hit on all sides.Crypto prices ar","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/a9bc5ecd61888eff58e01013a8443b9c\" tg-width=\"860\" tg-height=\"574\" width=\"100%\" height=\"auto\"/></p><p>Last year was harvest time for crypto miners. Now, they&#39;re getting hit on all sides.</p><p>Crypto prices are plunging. Miners&#39; electricity bills are surging. Practically no one wants to buy their equipment.</p><p>It is a sharp turnaround from 2021, when crypto prices were soaring and many mining firms went on a mostly debt-funded buying spree of mining machines. But this year, crypto prices have been dropping and major crypto projects and companies have been wiped out. That has reduced the profits that miners can make from harvesting digital coins -- and from selling their equipment in a pinch.</p><p>Meanwhile, prices for electricity -- needed to keep the miners&#39; powerful computers running -- are soaring. Russia&#39;s war with Ukraine has hamstrung global energy supplies, while an extreme heat wave has bolstered energy demand from families that need to cool their homes.</p><p>Shares of crypto miners <a href=\"https://laohu8.com/S/MARA\">Marathon Digital Holdings Inc</a>., Riot Blockchain Inc. and Core Scientific Inc. are all down  55% or more this year.</p><p>&#34;I don&#39;t think we are at the max pain yet in mining,&#34; said Amanda Fabiano, head of mining at Galaxy Digital.</p><p>Bitcoin miners set up and run the powerful computers that process bitcoin transactions. Those computers generate random numbers in hopes of finding the right combination to unlock formulas; the first to do so are rewarded with newly created bitcoins.</p><p>This makes it most profitable to mine bitcoin when the cryptocurrency&#39;s value is rising. Near bitcoin&#39;s 2021 peak, miners earned more than $60 million a day, according to data from Blockchain.com. Now, that number is around $19 million a day.</p><p>Last year bitcoin&#39;s value surged to nearly $70,000. This year the Federal Reserve started raising interest rates, scaring many investors away from assets like crypto. Last week bitcoin traded around $19,000. What is more, many once-highflying crypto lenders have buckled, leaving mining companies with few places for funding.</p><p>Crypto enthusiasts used to routinely mine bitcoin with one machine at home. Now, bitcoin mining companies run banks of high-powered -- and noisy -- computers to get the job done.</p><p>When bitcoin&#39;s value soared last year, bitcoin-mining machines became a hot commodity. The rush to load up on mining rigs then was akin to &#34;buying spades in the middle of the gold rush,&#34; said Andy Long, chief executive of bitcoin miner White Rock Management.</p><p>Prices for the most-efficient tier of bitcoin miners are now one-third of their cost in December, according to Luxor Technology Corp., a bitcoin mining data analytics firm.</p><p>The steep decline has especially grave repercussions for the miners that borrowed funds to finance their equipment purchases last year. As bitcoin&#39;s price tumbled, these miners were forced to sell some of their mining rigs and bitcoin holdings to avoid running out of cash. But few people want to buy the machines on the secondary market, driving the price of mining machines even lower.</p><p>Some analysts worry that more forced selling of bitcoin could lie ahead, particularly as miners also struggle with energy-price shocks.</p><p>Average power prices for the largest users in Texas had climbed to 7.52 cents per kilowatt-hour in June, up 41% from the same month last year, according to government data. Their German equivalent was at EUR525 a megawatt hour this month, roughly equivalent to the same number in dollars and up almost 140% from last December. A White House report last week warned that crypto miners could strain the Texas power grid.</p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> Georgia facilities used by bitcoin-mining company Compass Mining LLC recently  had to close after their local utility providers increased electricity prices by 50%. Northern Data, a Frankfurt-based mining company, and other bitcoin miners said they were running mining machines only in the hours when power grids have less demand.</p><p>Publicly traded miners were forced to unload about 240,000 bitcoin at fire sale prices in May and June, according to Arcane Research, though the pressure has eased since then.</p><p>Miners of ether, the second-biggest cryptocurrency, face an even bleaker winter than their bitcoin counterparts.</p><p>Currently, crypto platform Ethereum uses a model similar to bitcoin, rewarding the fastest miners with new tokens. A software upgrade known as &#34;the Merge&#34; will change that. After the update, planned for this month, the Ethereum network will no longer require miners and their machines.</p><p>Already, there is less money to be made. Ether miners are averaging about $20 million in revenue a day, down from $50 million in 2021, according to crypto research firm CoinMetrics.</p><p>Ether miners will be able to migrate to platforms that still require miners, though those might not be as lucrative.</p><p>If ether miners decide to stop mining altogether, they can sell their machines to gaming or machine-learning companies, said Kyle Waters, a research analyst at CoinMetrics. That is because most ether mining machines have features that allow them to be repurposed, he said.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Bad Year for Crypto Is a Really Bad One for Crypto Miners</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\">\nA Bad Year for Crypto Is a Really Bad One for Crypto Miners\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-09-12 18:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><img src=\"https://static.tigerbbs.com/a9bc5ecd61888eff58e01013a8443b9c\" tg-width=\"860\" tg-height=\"574\" width=\"100%\" height=\"auto\"/></p><p>Last year was harvest time for crypto miners. Now, they&#39;re getting hit on all sides.</p><p>Crypto prices are plunging. Miners&#39; electricity bills are surging. Practically no one wants to buy their equipment.</p><p>It is a sharp turnaround from 2021, when crypto prices were soaring and many mining firms went on a mostly debt-funded buying spree of mining machines. But this year, crypto prices have been dropping and major crypto projects and companies have been wiped out. That has reduced the profits that miners can make from harvesting digital coins -- and from selling their equipment in a pinch.</p><p>Meanwhile, prices for electricity -- needed to keep the miners&#39; powerful computers running -- are soaring. Russia&#39;s war with Ukraine has hamstrung global energy supplies, while an extreme heat wave has bolstered energy demand from families that need to cool their homes.</p><p>Shares of crypto miners <a href=\"https://laohu8.com/S/MARA\">Marathon Digital Holdings Inc</a>., Riot Blockchain Inc. and Core Scientific Inc. are all down  55% or more this year.</p><p>&#34;I don&#39;t think we are at the max pain yet in mining,&#34; said Amanda Fabiano, head of mining at Galaxy Digital.</p><p>Bitcoin miners set up and run the powerful computers that process bitcoin transactions. Those computers generate random numbers in hopes of finding the right combination to unlock formulas; the first to do so are rewarded with newly created bitcoins.</p><p>This makes it most profitable to mine bitcoin when the cryptocurrency&#39;s value is rising. Near bitcoin&#39;s 2021 peak, miners earned more than $60 million a day, according to data from Blockchain.com. Now, that number is around $19 million a day.</p><p>Last year bitcoin&#39;s value surged to nearly $70,000. This year the Federal Reserve started raising interest rates, scaring many investors away from assets like crypto. Last week bitcoin traded around $19,000. What is more, many once-highflying crypto lenders have buckled, leaving mining companies with few places for funding.</p><p>Crypto enthusiasts used to routinely mine bitcoin with one machine at home. Now, bitcoin mining companies run banks of high-powered -- and noisy -- computers to get the job done.</p><p>When bitcoin&#39;s value soared last year, bitcoin-mining machines became a hot commodity. The rush to load up on mining rigs then was akin to &#34;buying spades in the middle of the gold rush,&#34; said Andy Long, chief executive of bitcoin miner White Rock Management.</p><p>Prices for the most-efficient tier of bitcoin miners are now one-third of their cost in December, according to Luxor Technology Corp., a bitcoin mining data analytics firm.</p><p>The steep decline has especially grave repercussions for the miners that borrowed funds to finance their equipment purchases last year. As bitcoin&#39;s price tumbled, these miners were forced to sell some of their mining rigs and bitcoin holdings to avoid running out of cash. But few people want to buy the machines on the secondary market, driving the price of mining machines even lower.</p><p>Some analysts worry that more forced selling of bitcoin could lie ahead, particularly as miners also struggle with energy-price shocks.</p><p>Average power prices for the largest users in Texas had climbed to 7.52 cents per kilowatt-hour in June, up 41% from the same month last year, according to government data. Their German equivalent was at EUR525 a megawatt hour this month, roughly equivalent to the same number in dollars and up almost 140% from last December. A White House report last week warned that crypto miners could strain the Texas power grid.</p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> Georgia facilities used by bitcoin-mining company Compass Mining LLC recently  had to close after their local utility providers increased electricity prices by 50%. Northern Data, a Frankfurt-based mining company, and other bitcoin miners said they were running mining machines only in the hours when power grids have less demand.</p><p>Publicly traded miners were forced to unload about 240,000 bitcoin at fire sale prices in May and June, according to Arcane Research, though the pressure has eased since then.</p><p>Miners of ether, the second-biggest cryptocurrency, face an even bleaker winter than their bitcoin counterparts.</p><p>Currently, crypto platform Ethereum uses a model similar to bitcoin, rewarding the fastest miners with new tokens. A software upgrade known as &#34;the Merge&#34; will change that. After the update, planned for this month, the Ethereum network will no longer require miners and their machines.</p><p>Already, there is less money to be made. Ether miners are averaging about $20 million in revenue a day, down from $50 million in 2021, according to crypto research firm CoinMetrics.</p><p>Ether miners will be able to migrate to platforms that still require miners, though those might not be as lucrative.</p><p>If ether miners decide to stop mining altogether, they can sell their machines to gaming or machine-learning companies, said Kyle Waters, a research analyst at CoinMetrics. That is because most ether mining machines have features that allow them to be repurposed, he said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4007":"制药","TERN":"Terns Pharmaceuticals, Inc.","BK4191":"家用电器","BK4539":"次新股","CRCT":"Cricut, Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2266497753","content_text":"Last year was harvest time for crypto miners. Now, they're getting hit on all sides.Crypto prices are plunging. Miners' electricity bills are surging. Practically no one wants to buy their equipment.It is a sharp turnaround from 2021, when crypto prices were soaring and many mining firms went on a mostly debt-funded buying spree of mining machines. But this year, crypto prices have been dropping and major crypto projects and companies have been wiped out. That has reduced the profits that miners can make from harvesting digital coins -- and from selling their equipment in a pinch.Meanwhile, prices for electricity -- needed to keep the miners' powerful computers running -- are soaring. Russia's war with Ukraine has hamstrung global energy supplies, while an extreme heat wave has bolstered energy demand from families that need to cool their homes.Shares of crypto miners Marathon Digital Holdings Inc., Riot Blockchain Inc. and Core Scientific Inc. are all down  55% or more this year.\"I don't think we are at the max pain yet in mining,\" said Amanda Fabiano, head of mining at Galaxy Digital.Bitcoin miners set up and run the powerful computers that process bitcoin transactions. Those computers generate random numbers in hopes of finding the right combination to unlock formulas; the first to do so are rewarded with newly created bitcoins.This makes it most profitable to mine bitcoin when the cryptocurrency's value is rising. Near bitcoin's 2021 peak, miners earned more than $60 million a day, according to data from Blockchain.com. Now, that number is around $19 million a day.Last year bitcoin's value surged to nearly $70,000. This year the Federal Reserve started raising interest rates, scaring many investors away from assets like crypto. Last week bitcoin traded around $19,000. What is more, many once-highflying crypto lenders have buckled, leaving mining companies with few places for funding.Crypto enthusiasts used to routinely mine bitcoin with one machine at home. Now, bitcoin mining companies run banks of high-powered -- and noisy -- computers to get the job done.When bitcoin's value soared last year, bitcoin-mining machines became a hot commodity. The rush to load up on mining rigs then was akin to \"buying spades in the middle of the gold rush,\" said Andy Long, chief executive of bitcoin miner White Rock Management.Prices for the most-efficient tier of bitcoin miners are now one-third of their cost in December, according to Luxor Technology Corp., a bitcoin mining data analytics firm.The steep decline has especially grave repercussions for the miners that borrowed funds to finance their equipment purchases last year. As bitcoin's price tumbled, these miners were forced to sell some of their mining rigs and bitcoin holdings to avoid running out of cash. But few people want to buy the machines on the secondary market, driving the price of mining machines even lower.Some analysts worry that more forced selling of bitcoin could lie ahead, particularly as miners also struggle with energy-price shocks.Average power prices for the largest users in Texas had climbed to 7.52 cents per kilowatt-hour in June, up 41% from the same month last year, according to government data. Their German equivalent was at EUR525 a megawatt hour this month, roughly equivalent to the same number in dollars and up almost 140% from last December. A White House report last week warned that crypto miners could strain the Texas power grid.Two Georgia facilities used by bitcoin-mining company Compass Mining LLC recently  had to close after their local utility providers increased electricity prices by 50%. Northern Data, a Frankfurt-based mining company, and other bitcoin miners said they were running mining machines only in the hours when power grids have less demand.Publicly traded miners were forced to unload about 240,000 bitcoin at fire sale prices in May and June, according to Arcane Research, though the pressure has eased since then.Miners of ether, the second-biggest cryptocurrency, face an even bleaker winter than their bitcoin counterparts.Currently, crypto platform Ethereum uses a model similar to bitcoin, rewarding the fastest miners with new tokens. A software upgrade known as \"the Merge\" will change that. After the update, planned for this month, the Ethereum network will no longer require miners and their machines.Already, there is less money to be made. Ether miners are averaging about $20 million in revenue a day, down from $50 million in 2021, according to crypto research firm CoinMetrics.Ether miners will be able to migrate to platforms that still require miners, though those might not be as lucrative.If ether miners decide to stop mining altogether, they can sell their machines to gaming or machine-learning companies, said Kyle Waters, a research analyst at CoinMetrics. That is because most ether mining machines have features that allow them to be repurposed, he said.","news_type":1,"symbols_score_info":{"CRCT":0.79,"TERN":0.79}},"isVote":1,"tweetType":1,"viewCount":2480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932390975,"gmtCreate":1662870053897,"gmtModify":1676537155138,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9932390975","repostId":"2266817381","repostType":4,"repost":{"id":"2266817381","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1662861434,"share":"https://ttm.financial/m/news/2266817381?lang=en_US&edition=fundamental","pubTime":"2022-09-11 09:57","market":"us","language":"en","title":"How a CEO Rescued a Big Bet on Big Oil; \"There Were a Lot of Doubters\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2266817381","media":"Dow Jones","summary":"Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oi","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/be5cb2e717152d9e61504d0803ac3654\" tg-width=\"1278\" tg-height=\"1278\" referrerpolicy=\"no-referrer\"/>Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief ExecutiveVicki Hollubwas fending off activist investorCarl Icahn, who controlled two board seats.</p><p>Two years later, the company has emerged as the top performer in the S&amp;P 500, and Ms. Hollub has traded Mr. Icahn, who sold all of his Occidental shares in March, for Warren Buffett, whoseBerkshire Hathaway Inc. now owns more than 20% of the company.</p><p>It was touch and go for a time. Months before the pandemic took hold, she implemented widespread layoffs. To stave off bankruptcy after oil prices collapsed in 2020, she slashed spending and nearly eliminated Occidental’s once-sacrosanct dividend—“the biggest and toughest decision that I made and I’ve ever made in my career,” she said in an interview.</p><p>Her 2019 acquisition of rival Anadarko Petroleum Corp., which Mr. Icahn called a “disaster,” has given Occidental the dominant position in the largest U.S. shale-oil field, the Permian Basin. Lifted by climbing oil prices, Occidental generated a record $4.35 billion in free cash flow and $3.7 billion in profit in the second quarter. It has cut its debt to $22 billion from nearly $36 billion a year ago.</p><p><img src=\"https://static.tigerbbs.com/61847881fba325e1dc5c7ed3280e29db\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/>Oil-and-gas producers have reported banner profits this year, even as a global energy crisis sparked by Russia’s invasion of Ukraine has threatened to derail European industries, left the U.K. facing its worst economic crisis since the 1970s and forced the Netherlands, Germany and India to rely heavily on coal to make up for a dearth of natural gas.</p><p>But Ms. Hollub, the first woman to be CEO of a major U.S. oil company, says she doesn’t feel vindicated. “I just feel relief,” she said. “There were a lot of doubters.”</p><p>Mr. Buffett has publicly lauded Ms. Hollub’s leadership. After she detailed the company’s future plans for analysts in February, Mr. Buffett told his own shareholders, “What Vicki Hollub was saying made nothing but sense.” Last month, Berkshire received regulatory approval to buy up to 50% of the oil company’s shares, spurring speculation it might seek to purchase all of Occidental.</p><p>Mr. Buffett declined to comment for this story. Ms. Hollub said she has “tremendous respect” for Mr. Buffett, adding that “he will be very beneficial for us as we go forward.” She declined to discuss the possibility of Berkshire purchasing the entire company.</p><p>Some former investors remain skeptical, saying a spike in oil prices has rescued the company, not Ms. Hollub.</p><p>“I have nothing personal against Vicki,” Mr. Icahn said in an interview. “However, that will never change my mind that she should not have made a bet-the-company investment by way of overpaying for Anadarko.”</p><p>A University of Alabama graduate, Ms. Hollub joined Occidental in 1982 and soon found herself running operations in Russia and Venezuela. She almost got laid off in 2003, butTodd Stevens, an executive at the company who had followed her rise, arranged for her to lead a team evaluating acreage in Colorado, said Mr. Stevens, who has since left.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf58d7d767a23cfb352e019504bafa44\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Equipment used to process carbon dioxide, crude oil and water at an Occidental Petroleum project in Hobbs, N.M.PHOTO:ERNEST SCHEYDER/REUTERS</span></p><p>Ms. Hollub became known as a hard worker, once spending three weeks straightening out operations at a new gas field’s first well, said Donnie Enns, a former geophysicist who worked under her. “Nobody worked harder than Vicki,” he said. She also found time to run an office March Madness basketball pool.</p><p>After being named CEO of the company in 2016, Ms. Hollub departed from her predecessor’s preference for low-risk, “bolt-on” transactions. A little over a year into the job, she started courting Anadarko, an oil producer of comparable size, for a deal.</p><p>She outflanked largerChevronCorp. in a bidding war that riveted the oil patch, offering $5 billion more than her rival for Anadarko and its prized assets in the epicenter of U.S. shale production. Yet victory came at a steep cost.</p><p>Some of Occidental’s largest shareholders decried the deal—especially a pricey loan from Mr. Buffett in the form of $10 billion in preferred stock paying 8% annually in dividends, or $800 million. Ms. Hollub negotiated the funding at the eleventh hour after meeting with the financier in Omaha, Neb. Mr. Icahn, who first bought stock as the Anadarko bidding war came to a close, wrote to Occidental shareholders that “Buffett figuratively took her to the cleaners.”</p><p>Ms. Hollub acknowledged the deal damaged the company’s standing with some investors. “I was never offended at the fact that our shareholders were skeptical,” she said.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58cf5cd81991220ec1f42821cee2554b\" tg-width=\"639\" tg-height=\"959\" referrerpolicy=\"no-referrer\"/><span>Vicki Hollub said she never doubted the wisdom of the Anadarko acquisition.PHOTO:ANGELA OWENS/THE WALL STREET JOURNAL</span></p><p>But she said she never doubted the wisdom of the acquisition, even after it sparked an investor revolt that created an opportunity for Mr. Icahn.</p><p>Central to Ms. Hollub’s strategy was building on Occidental’s already-large position in the oil-rich Permian of West Texas and New Mexico. She believed purchasing and drilling a huge swath of new acreage, much of it near the company’s existing assets, would give Occidental economies of scale and allow it to outperform Permian rivals. Occidental, she said, was one of the most technologically advanced drillers in the field; it would turn Anadarko’s undeveloped assets into oil-gushing wells.</p><p>By the end of 2019, the oil producer said it was making progress on its merger goals. It had divested itself of more than $6 billion in assets, including stakes in a liquefied natural gas export project in Mozambique and in a Houston-based pipeline company. Occidental recorded single-day and monthly production records in the Permian and other oil fields. Occidental announced its 182nd consecutive quarterly dividend, which Ms. Hollub noted at the time that “few other companies can claim.”</p><p>Ms. Hollub believed the merger was on track, but investors remained skeptical. From the time of Occidental’s counteroffer for Anadarko in April 2019 to February 2020 Occidental’s stock fell around 35%. Then the global pandemic took hold.</p><p>As billions of people around the world began to lock down, demand for oil plummeted. In the spring, oil prices reached historic lows, briefly turning negative for the first time ever as traders paid counterparties to take oil off their hands. Falling demand for their product hammered oil-and-gas companies, forcing dozens into bankruptcy.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9090db9eab1ac4c91bd5b1b441d26206\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Gasoline prices sank in April 2020 after the global pandemic caused oil prices to drop below zero.PHOTO:FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p>Every day, Ms. Hollub would drive to Occidental’s Houston offices in her red Jeep Wrangler, said Glenn Vangolen, a former senior vice president at Occidental and close adviser to the CEO. Mondays and Fridays, she and her lieutenants would mask up and gather in a conference room to discuss operations. Her office was spartan—a mostly bare room, except for a TV playing business news on mute, and a plush stuffed version of a costumed elephant, the Alabama Crimson Tide’s mascot, Mr. Vangolen said.</p><p>Occidental was in a worse situation than many of its peers: At the end of 2019, its long-term debt of about $39 billion was equivalent to roughly four times its earnings, excluding interest, taxes and other accounting items, quadruple the ratio from a year earlier, S&amp;P Capital IQ data show. The divestitures it had planned on to pay it down were no longer viable as assets were losing value.</p><p>Ms. Hollub said that Occidental made a lot of the difficult decisions before the pandemic to mitigate the downside risks of the Anadarko acquisition, including hedging a portion of its oil production and bumping its line of credit to $5 billion. But the company still faced painful months ahead as it had barely enough cash on hand to meet debt maturities coming due in 2021 and was later forced to hire restructuring advisers.</p><p>Ms. Hollub moved to cut her executives’ salaries—including her own by 81%—offer employees voluntary buy-outs, slash expenses in the oil patch and cancel employee perks. She also cut the dividend, which rankled investors.</p><p>Mr. Icahn amplified his calls for Ms. Hollub’s ouster and said he would seek to replace the entire board of directors at the company’s annual meeting. As the oil producer’s stock plunged to under $10 from around $45 before the pandemic, Mr. Icahn—facing paper losses of about $1 billion—doubled down on his shares, boosting his stake to roughly 10% from about 2%.</p><p>After a price war between Russia and Saudi Arabia caused oil prices to plunge below $25 a barrel in March, Occidental reached a settlement with Mr. Icahn. The deal gave board seats to two of his deputies and added another director, required Occidental to create an oversight committee that must be informed of any offers to acquire the company or its assets, and replaced the board chairman withStephen Chazen, Ms. Hollub’s predecessor as CEO.</p><p>Mr. Icahn’s camp pushed for Occidental to give its shareholders warrants that could allow them to buy discounted shares in the future. After he prevailed, Mr. Icahn received roughly 11 million warrants initially and bought more when they were worth around $3.</p><p>Mr. Vangolen said Mr. Icahn’s demand for warrants was part of the investor’s “raider playbook,” which he described as “trying to extract as much cash out of the business as you can before you bail.”</p><p>Mr. Icahn said that all the shareholders who rode the stock down deserved something for their loyalty.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3af2c050a88b00dd9846de958b65be1b\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>A crude oil pump jack in the Permian Basin in Loving County, Texas.PHOTO:ANGUS MORDANT/REUTERS</span></p><p>As the pandemic dragged on, Occidental logged a roughly $14.8 billion loss for 2020, its largest on record, according to S&amp;P Capital IQ data. Still, it continued to whittle down its mammoth debt, closing around $2.5 billion in asset sales at the end of 2020. Anadarko’s assets, meanwhile, were starting to shine, with production in the Permian reaching the high end of company estimates.</p><p>Even as Ms. Hollub wrestled with Mr. Icahn, she was building a relationship with Mr. Buffett.</p><p>In 2020, she traveled to Omaha to discuss Occidental&#39;s long-term strategy with Mr. Buffett, according to a person familiar with the meeting. The investor expressed a strong interest in the company&#39;s goal to become a leader in carbon capture, this person said.</p><p>Occidental says it has no plans to stop producing oil but also aims to be a leader in &#34;carbon management.&#34; It wants to develop 70 plants by 2035 to suck carbon dioxide out of the air, store it in the ground and sell carbon credits to businesses seeking to offset their own emissions -- a technology still in its commercial infancy that received a boost thanks to tax credits included in the climate package President Biden signed into law last month. The company also plans to use the gas to squeeze more oil from underground.</p><p>Then, in late February of this year, Russia invaded Ukraine.</p><p>The war propelled oil prices to their highest level in years, with Brent crude oil topping $120 in March, translating into a windfall for oil companies. In the first quarter of the year, Occidental made roughly $4.9 billion in profit, its highest quarterly earnings on record, according to S&amp;P Capital IQ.</p><p>The company now holds the most acreage across the Permian, with leases covering about 2.8 million net acres, according to data firm Enverus. Its domestic oil output in the second quarter of this year was up roughly 80% compared with before it acquired Anadarko, Occidental reported.</p><p>As Occidental&#39;s stock rose above $50 a share in March, Mr. Icahn sold his common stake. The investor&#39;s two representatives on Occidental&#39;s board also resigned, as was required by the settlement agreement. Mr. Icahn made over $1.5 billion on his investment and still holds some warrants, according to public filings and people familiar with the matter.</p><p>As Mr. Icahn got out of the stock, Mr. Buffett bought in. In May, Berkshire reported it had purchased roughly $8 billion worth of shares.</p><p>Mr. Icahn said that Mr. Buffett&#39;s investment could be ill-timed. &#34;I respect Buffett a lot but I think buying this stock at this level is obviously not like buying warrants at $3,&#34; he said. &#34;I made a great deal of money on my investment in Occidental, especially with the warrants, and activism worked in that regard,&#34; he said.</p><p>Ms. Hollub and Mr. Buffett have developed a personal relationship and the two talk periodically, said Mr. Vangolen. Ms. Hollub said in an interview she had no personal relationship with Mr. Icahn when he was an investor, and that he turned out not to be the kind of long-term shareholder the company prizes.</p><p>Mr. Icahn&#39;s retort: &#34;She came very close to not being a long-term shareholder also, because her ill-timed investment put the company on the brink of bankruptcy.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How a CEO Rescued a Big Bet on Big Oil; \"There Were a Lot of Doubters\"</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\">\nHow a CEO Rescued a Big Bet on Big Oil; \"There Were a Lot of Doubters\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-09-11 09:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><img src=\"https://static.tigerbbs.com/be5cb2e717152d9e61504d0803ac3654\" tg-width=\"1278\" tg-height=\"1278\" referrerpolicy=\"no-referrer\"/>Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief ExecutiveVicki Hollubwas fending off activist investorCarl Icahn, who controlled two board seats.</p><p>Two years later, the company has emerged as the top performer in the S&amp;P 500, and Ms. Hollub has traded Mr. Icahn, who sold all of his Occidental shares in March, for Warren Buffett, whoseBerkshire Hathaway Inc. now owns more than 20% of the company.</p><p>It was touch and go for a time. Months before the pandemic took hold, she implemented widespread layoffs. To stave off bankruptcy after oil prices collapsed in 2020, she slashed spending and nearly eliminated Occidental’s once-sacrosanct dividend—“the biggest and toughest decision that I made and I’ve ever made in my career,” she said in an interview.</p><p>Her 2019 acquisition of rival Anadarko Petroleum Corp., which Mr. Icahn called a “disaster,” has given Occidental the dominant position in the largest U.S. shale-oil field, the Permian Basin. Lifted by climbing oil prices, Occidental generated a record $4.35 billion in free cash flow and $3.7 billion in profit in the second quarter. It has cut its debt to $22 billion from nearly $36 billion a year ago.</p><p><img src=\"https://static.tigerbbs.com/61847881fba325e1dc5c7ed3280e29db\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/>Oil-and-gas producers have reported banner profits this year, even as a global energy crisis sparked by Russia’s invasion of Ukraine has threatened to derail European industries, left the U.K. facing its worst economic crisis since the 1970s and forced the Netherlands, Germany and India to rely heavily on coal to make up for a dearth of natural gas.</p><p>But Ms. Hollub, the first woman to be CEO of a major U.S. oil company, says she doesn’t feel vindicated. “I just feel relief,” she said. “There were a lot of doubters.”</p><p>Mr. Buffett has publicly lauded Ms. Hollub’s leadership. After she detailed the company’s future plans for analysts in February, Mr. Buffett told his own shareholders, “What Vicki Hollub was saying made nothing but sense.” Last month, Berkshire received regulatory approval to buy up to 50% of the oil company’s shares, spurring speculation it might seek to purchase all of Occidental.</p><p>Mr. Buffett declined to comment for this story. Ms. Hollub said she has “tremendous respect” for Mr. Buffett, adding that “he will be very beneficial for us as we go forward.” She declined to discuss the possibility of Berkshire purchasing the entire company.</p><p>Some former investors remain skeptical, saying a spike in oil prices has rescued the company, not Ms. Hollub.</p><p>“I have nothing personal against Vicki,” Mr. Icahn said in an interview. “However, that will never change my mind that she should not have made a bet-the-company investment by way of overpaying for Anadarko.”</p><p>A University of Alabama graduate, Ms. Hollub joined Occidental in 1982 and soon found herself running operations in Russia and Venezuela. She almost got laid off in 2003, butTodd Stevens, an executive at the company who had followed her rise, arranged for her to lead a team evaluating acreage in Colorado, said Mr. Stevens, who has since left.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf58d7d767a23cfb352e019504bafa44\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Equipment used to process carbon dioxide, crude oil and water at an Occidental Petroleum project in Hobbs, N.M.PHOTO:ERNEST SCHEYDER/REUTERS</span></p><p>Ms. Hollub became known as a hard worker, once spending three weeks straightening out operations at a new gas field’s first well, said Donnie Enns, a former geophysicist who worked under her. “Nobody worked harder than Vicki,” he said. She also found time to run an office March Madness basketball pool.</p><p>After being named CEO of the company in 2016, Ms. Hollub departed from her predecessor’s preference for low-risk, “bolt-on” transactions. A little over a year into the job, she started courting Anadarko, an oil producer of comparable size, for a deal.</p><p>She outflanked largerChevronCorp. in a bidding war that riveted the oil patch, offering $5 billion more than her rival for Anadarko and its prized assets in the epicenter of U.S. shale production. Yet victory came at a steep cost.</p><p>Some of Occidental’s largest shareholders decried the deal—especially a pricey loan from Mr. Buffett in the form of $10 billion in preferred stock paying 8% annually in dividends, or $800 million. Ms. Hollub negotiated the funding at the eleventh hour after meeting with the financier in Omaha, Neb. Mr. Icahn, who first bought stock as the Anadarko bidding war came to a close, wrote to Occidental shareholders that “Buffett figuratively took her to the cleaners.”</p><p>Ms. Hollub acknowledged the deal damaged the company’s standing with some investors. “I was never offended at the fact that our shareholders were skeptical,” she said.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58cf5cd81991220ec1f42821cee2554b\" tg-width=\"639\" tg-height=\"959\" referrerpolicy=\"no-referrer\"/><span>Vicki Hollub said she never doubted the wisdom of the Anadarko acquisition.PHOTO:ANGELA OWENS/THE WALL STREET JOURNAL</span></p><p>But she said she never doubted the wisdom of the acquisition, even after it sparked an investor revolt that created an opportunity for Mr. Icahn.</p><p>Central to Ms. Hollub’s strategy was building on Occidental’s already-large position in the oil-rich Permian of West Texas and New Mexico. She believed purchasing and drilling a huge swath of new acreage, much of it near the company’s existing assets, would give Occidental economies of scale and allow it to outperform Permian rivals. Occidental, she said, was one of the most technologically advanced drillers in the field; it would turn Anadarko’s undeveloped assets into oil-gushing wells.</p><p>By the end of 2019, the oil producer said it was making progress on its merger goals. It had divested itself of more than $6 billion in assets, including stakes in a liquefied natural gas export project in Mozambique and in a Houston-based pipeline company. Occidental recorded single-day and monthly production records in the Permian and other oil fields. Occidental announced its 182nd consecutive quarterly dividend, which Ms. Hollub noted at the time that “few other companies can claim.”</p><p>Ms. Hollub believed the merger was on track, but investors remained skeptical. From the time of Occidental’s counteroffer for Anadarko in April 2019 to February 2020 Occidental’s stock fell around 35%. Then the global pandemic took hold.</p><p>As billions of people around the world began to lock down, demand for oil plummeted. In the spring, oil prices reached historic lows, briefly turning negative for the first time ever as traders paid counterparties to take oil off their hands. Falling demand for their product hammered oil-and-gas companies, forcing dozens into bankruptcy.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9090db9eab1ac4c91bd5b1b441d26206\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Gasoline prices sank in April 2020 after the global pandemic caused oil prices to drop below zero.PHOTO:FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p>Every day, Ms. Hollub would drive to Occidental’s Houston offices in her red Jeep Wrangler, said Glenn Vangolen, a former senior vice president at Occidental and close adviser to the CEO. Mondays and Fridays, she and her lieutenants would mask up and gather in a conference room to discuss operations. Her office was spartan—a mostly bare room, except for a TV playing business news on mute, and a plush stuffed version of a costumed elephant, the Alabama Crimson Tide’s mascot, Mr. Vangolen said.</p><p>Occidental was in a worse situation than many of its peers: At the end of 2019, its long-term debt of about $39 billion was equivalent to roughly four times its earnings, excluding interest, taxes and other accounting items, quadruple the ratio from a year earlier, S&amp;P Capital IQ data show. The divestitures it had planned on to pay it down were no longer viable as assets were losing value.</p><p>Ms. Hollub said that Occidental made a lot of the difficult decisions before the pandemic to mitigate the downside risks of the Anadarko acquisition, including hedging a portion of its oil production and bumping its line of credit to $5 billion. But the company still faced painful months ahead as it had barely enough cash on hand to meet debt maturities coming due in 2021 and was later forced to hire restructuring advisers.</p><p>Ms. Hollub moved to cut her executives’ salaries—including her own by 81%—offer employees voluntary buy-outs, slash expenses in the oil patch and cancel employee perks. She also cut the dividend, which rankled investors.</p><p>Mr. Icahn amplified his calls for Ms. Hollub’s ouster and said he would seek to replace the entire board of directors at the company’s annual meeting. As the oil producer’s stock plunged to under $10 from around $45 before the pandemic, Mr. Icahn—facing paper losses of about $1 billion—doubled down on his shares, boosting his stake to roughly 10% from about 2%.</p><p>After a price war between Russia and Saudi Arabia caused oil prices to plunge below $25 a barrel in March, Occidental reached a settlement with Mr. Icahn. The deal gave board seats to two of his deputies and added another director, required Occidental to create an oversight committee that must be informed of any offers to acquire the company or its assets, and replaced the board chairman withStephen Chazen, Ms. Hollub’s predecessor as CEO.</p><p>Mr. Icahn’s camp pushed for Occidental to give its shareholders warrants that could allow them to buy discounted shares in the future. After he prevailed, Mr. Icahn received roughly 11 million warrants initially and bought more when they were worth around $3.</p><p>Mr. Vangolen said Mr. Icahn’s demand for warrants was part of the investor’s “raider playbook,” which he described as “trying to extract as much cash out of the business as you can before you bail.”</p><p>Mr. Icahn said that all the shareholders who rode the stock down deserved something for their loyalty.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3af2c050a88b00dd9846de958b65be1b\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>A crude oil pump jack in the Permian Basin in Loving County, Texas.PHOTO:ANGUS MORDANT/REUTERS</span></p><p>As the pandemic dragged on, Occidental logged a roughly $14.8 billion loss for 2020, its largest on record, according to S&amp;P Capital IQ data. Still, it continued to whittle down its mammoth debt, closing around $2.5 billion in asset sales at the end of 2020. Anadarko’s assets, meanwhile, were starting to shine, with production in the Permian reaching the high end of company estimates.</p><p>Even as Ms. Hollub wrestled with Mr. Icahn, she was building a relationship with Mr. Buffett.</p><p>In 2020, she traveled to Omaha to discuss Occidental&#39;s long-term strategy with Mr. Buffett, according to a person familiar with the meeting. The investor expressed a strong interest in the company&#39;s goal to become a leader in carbon capture, this person said.</p><p>Occidental says it has no plans to stop producing oil but also aims to be a leader in &#34;carbon management.&#34; It wants to develop 70 plants by 2035 to suck carbon dioxide out of the air, store it in the ground and sell carbon credits to businesses seeking to offset their own emissions -- a technology still in its commercial infancy that received a boost thanks to tax credits included in the climate package President Biden signed into law last month. The company also plans to use the gas to squeeze more oil from underground.</p><p>Then, in late February of this year, Russia invaded Ukraine.</p><p>The war propelled oil prices to their highest level in years, with Brent crude oil topping $120 in March, translating into a windfall for oil companies. In the first quarter of the year, Occidental made roughly $4.9 billion in profit, its highest quarterly earnings on record, according to S&amp;P Capital IQ.</p><p>The company now holds the most acreage across the Permian, with leases covering about 2.8 million net acres, according to data firm Enverus. Its domestic oil output in the second quarter of this year was up roughly 80% compared with before it acquired Anadarko, Occidental reported.</p><p>As Occidental&#39;s stock rose above $50 a share in March, Mr. Icahn sold his common stake. The investor&#39;s two representatives on Occidental&#39;s board also resigned, as was required by the settlement agreement. Mr. Icahn made over $1.5 billion on his investment and still holds some warrants, according to public filings and people familiar with the matter.</p><p>As Mr. Icahn got out of the stock, Mr. Buffett bought in. In May, Berkshire reported it had purchased roughly $8 billion worth of shares.</p><p>Mr. Icahn said that Mr. Buffett&#39;s investment could be ill-timed. &#34;I respect Buffett a lot but I think buying this stock at this level is obviously not like buying warrants at $3,&#34; he said. &#34;I made a great deal of money on my investment in Occidental, especially with the warrants, and activism worked in that regard,&#34; he said.</p><p>Ms. Hollub and Mr. Buffett have developed a personal relationship and the two talk periodically, said Mr. Vangolen. Ms. Hollub said in an interview she had no personal relationship with Mr. Icahn when he was an investor, and that he turned out not to be the kind of long-term shareholder the company prizes.</p><p>Mr. Icahn&#39;s retort: &#34;She came very close to not being a long-term shareholder also, because her ill-timed investment put the company on the brink of bankruptcy.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OXY":"西方石油","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BRK.B":"伯克希尔B","BRK.A":"伯克希尔","BK4176":"多领域控股","BK4201":"综合性石油与天然气企业"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2266817381","content_text":"Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief ExecutiveVicki Hollubwas fending off activist investorCarl Icahn, who controlled two board seats.Two years later, the company has emerged as the top performer in the S&P 500, and Ms. Hollub has traded Mr. Icahn, who sold all of his Occidental shares in March, for Warren Buffett, whoseBerkshire Hathaway Inc. now owns more than 20% of the company.It was touch and go for a time. Months before the pandemic took hold, she implemented widespread layoffs. To stave off bankruptcy after oil prices collapsed in 2020, she slashed spending and nearly eliminated Occidental’s once-sacrosanct dividend—“the biggest and toughest decision that I made and I’ve ever made in my career,” she said in an interview.Her 2019 acquisition of rival Anadarko Petroleum Corp., which Mr. Icahn called a “disaster,” has given Occidental the dominant position in the largest U.S. shale-oil field, the Permian Basin. Lifted by climbing oil prices, Occidental generated a record $4.35 billion in free cash flow and $3.7 billion in profit in the second quarter. It has cut its debt to $22 billion from nearly $36 billion a year ago.Oil-and-gas producers have reported banner profits this year, even as a global energy crisis sparked by Russia’s invasion of Ukraine has threatened to derail European industries, left the U.K. facing its worst economic crisis since the 1970s and forced the Netherlands, Germany and India to rely heavily on coal to make up for a dearth of natural gas.But Ms. Hollub, the first woman to be CEO of a major U.S. oil company, says she doesn’t feel vindicated. “I just feel relief,” she said. “There were a lot of doubters.”Mr. Buffett has publicly lauded Ms. Hollub’s leadership. After she detailed the company’s future plans for analysts in February, Mr. Buffett told his own shareholders, “What Vicki Hollub was saying made nothing but sense.” Last month, Berkshire received regulatory approval to buy up to 50% of the oil company’s shares, spurring speculation it might seek to purchase all of Occidental.Mr. Buffett declined to comment for this story. Ms. Hollub said she has “tremendous respect” for Mr. Buffett, adding that “he will be very beneficial for us as we go forward.” She declined to discuss the possibility of Berkshire purchasing the entire company.Some former investors remain skeptical, saying a spike in oil prices has rescued the company, not Ms. Hollub.“I have nothing personal against Vicki,” Mr. Icahn said in an interview. “However, that will never change my mind that she should not have made a bet-the-company investment by way of overpaying for Anadarko.”A University of Alabama graduate, Ms. Hollub joined Occidental in 1982 and soon found herself running operations in Russia and Venezuela. She almost got laid off in 2003, butTodd Stevens, an executive at the company who had followed her rise, arranged for her to lead a team evaluating acreage in Colorado, said Mr. Stevens, who has since left.Equipment used to process carbon dioxide, crude oil and water at an Occidental Petroleum project in Hobbs, N.M.PHOTO:ERNEST SCHEYDER/REUTERSMs. Hollub became known as a hard worker, once spending three weeks straightening out operations at a new gas field’s first well, said Donnie Enns, a former geophysicist who worked under her. “Nobody worked harder than Vicki,” he said. She also found time to run an office March Madness basketball pool.After being named CEO of the company in 2016, Ms. Hollub departed from her predecessor’s preference for low-risk, “bolt-on” transactions. A little over a year into the job, she started courting Anadarko, an oil producer of comparable size, for a deal.She outflanked largerChevronCorp. in a bidding war that riveted the oil patch, offering $5 billion more than her rival for Anadarko and its prized assets in the epicenter of U.S. shale production. Yet victory came at a steep cost.Some of Occidental’s largest shareholders decried the deal—especially a pricey loan from Mr. Buffett in the form of $10 billion in preferred stock paying 8% annually in dividends, or $800 million. Ms. Hollub negotiated the funding at the eleventh hour after meeting with the financier in Omaha, Neb. Mr. Icahn, who first bought stock as the Anadarko bidding war came to a close, wrote to Occidental shareholders that “Buffett figuratively took her to the cleaners.”Ms. Hollub acknowledged the deal damaged the company’s standing with some investors. “I was never offended at the fact that our shareholders were skeptical,” she said.Vicki Hollub said she never doubted the wisdom of the Anadarko acquisition.PHOTO:ANGELA OWENS/THE WALL STREET JOURNALBut she said she never doubted the wisdom of the acquisition, even after it sparked an investor revolt that created an opportunity for Mr. Icahn.Central to Ms. Hollub’s strategy was building on Occidental’s already-large position in the oil-rich Permian of West Texas and New Mexico. She believed purchasing and drilling a huge swath of new acreage, much of it near the company’s existing assets, would give Occidental economies of scale and allow it to outperform Permian rivals. Occidental, she said, was one of the most technologically advanced drillers in the field; it would turn Anadarko’s undeveloped assets into oil-gushing wells.By the end of 2019, the oil producer said it was making progress on its merger goals. It had divested itself of more than $6 billion in assets, including stakes in a liquefied natural gas export project in Mozambique and in a Houston-based pipeline company. Occidental recorded single-day and monthly production records in the Permian and other oil fields. Occidental announced its 182nd consecutive quarterly dividend, which Ms. Hollub noted at the time that “few other companies can claim.”Ms. Hollub believed the merger was on track, but investors remained skeptical. From the time of Occidental’s counteroffer for Anadarko in April 2019 to February 2020 Occidental’s stock fell around 35%. Then the global pandemic took hold.As billions of people around the world began to lock down, demand for oil plummeted. In the spring, oil prices reached historic lows, briefly turning negative for the first time ever as traders paid counterparties to take oil off their hands. Falling demand for their product hammered oil-and-gas companies, forcing dozens into bankruptcy.Gasoline prices sank in April 2020 after the global pandemic caused oil prices to drop below zero.PHOTO:FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGESEvery day, Ms. Hollub would drive to Occidental’s Houston offices in her red Jeep Wrangler, said Glenn Vangolen, a former senior vice president at Occidental and close adviser to the CEO. Mondays and Fridays, she and her lieutenants would mask up and gather in a conference room to discuss operations. Her office was spartan—a mostly bare room, except for a TV playing business news on mute, and a plush stuffed version of a costumed elephant, the Alabama Crimson Tide’s mascot, Mr. Vangolen said.Occidental was in a worse situation than many of its peers: At the end of 2019, its long-term debt of about $39 billion was equivalent to roughly four times its earnings, excluding interest, taxes and other accounting items, quadruple the ratio from a year earlier, S&P Capital IQ data show. The divestitures it had planned on to pay it down were no longer viable as assets were losing value.Ms. Hollub said that Occidental made a lot of the difficult decisions before the pandemic to mitigate the downside risks of the Anadarko acquisition, including hedging a portion of its oil production and bumping its line of credit to $5 billion. But the company still faced painful months ahead as it had barely enough cash on hand to meet debt maturities coming due in 2021 and was later forced to hire restructuring advisers.Ms. Hollub moved to cut her executives’ salaries—including her own by 81%—offer employees voluntary buy-outs, slash expenses in the oil patch and cancel employee perks. She also cut the dividend, which rankled investors.Mr. Icahn amplified his calls for Ms. Hollub’s ouster and said he would seek to replace the entire board of directors at the company’s annual meeting. As the oil producer’s stock plunged to under $10 from around $45 before the pandemic, Mr. Icahn—facing paper losses of about $1 billion—doubled down on his shares, boosting his stake to roughly 10% from about 2%.After a price war between Russia and Saudi Arabia caused oil prices to plunge below $25 a barrel in March, Occidental reached a settlement with Mr. Icahn. The deal gave board seats to two of his deputies and added another director, required Occidental to create an oversight committee that must be informed of any offers to acquire the company or its assets, and replaced the board chairman withStephen Chazen, Ms. Hollub’s predecessor as CEO.Mr. Icahn’s camp pushed for Occidental to give its shareholders warrants that could allow them to buy discounted shares in the future. After he prevailed, Mr. Icahn received roughly 11 million warrants initially and bought more when they were worth around $3.Mr. Vangolen said Mr. Icahn’s demand for warrants was part of the investor’s “raider playbook,” which he described as “trying to extract as much cash out of the business as you can before you bail.”Mr. Icahn said that all the shareholders who rode the stock down deserved something for their loyalty.A crude oil pump jack in the Permian Basin in Loving County, Texas.PHOTO:ANGUS MORDANT/REUTERSAs the pandemic dragged on, Occidental logged a roughly $14.8 billion loss for 2020, its largest on record, according to S&P Capital IQ data. Still, it continued to whittle down its mammoth debt, closing around $2.5 billion in asset sales at the end of 2020. Anadarko’s assets, meanwhile, were starting to shine, with production in the Permian reaching the high end of company estimates.Even as Ms. Hollub wrestled with Mr. Icahn, she was building a relationship with Mr. Buffett.In 2020, she traveled to Omaha to discuss Occidental's long-term strategy with Mr. Buffett, according to a person familiar with the meeting. The investor expressed a strong interest in the company's goal to become a leader in carbon capture, this person said.Occidental says it has no plans to stop producing oil but also aims to be a leader in \"carbon management.\" It wants to develop 70 plants by 2035 to suck carbon dioxide out of the air, store it in the ground and sell carbon credits to businesses seeking to offset their own emissions -- a technology still in its commercial infancy that received a boost thanks to tax credits included in the climate package President Biden signed into law last month. The company also plans to use the gas to squeeze more oil from underground.Then, in late February of this year, Russia invaded Ukraine.The war propelled oil prices to their highest level in years, with Brent crude oil topping $120 in March, translating into a windfall for oil companies. In the first quarter of the year, Occidental made roughly $4.9 billion in profit, its highest quarterly earnings on record, according to S&P Capital IQ.The company now holds the most acreage across the Permian, with leases covering about 2.8 million net acres, according to data firm Enverus. Its domestic oil output in the second quarter of this year was up roughly 80% compared with before it acquired Anadarko, Occidental reported.As Occidental's stock rose above $50 a share in March, Mr. Icahn sold his common stake. The investor's two representatives on Occidental's board also resigned, as was required by the settlement agreement. Mr. Icahn made over $1.5 billion on his investment and still holds some warrants, according to public filings and people familiar with the matter.As Mr. Icahn got out of the stock, Mr. Buffett bought in. In May, Berkshire reported it had purchased roughly $8 billion worth of shares.Mr. Icahn said that Mr. Buffett's investment could be ill-timed. \"I respect Buffett a lot but I think buying this stock at this level is obviously not like buying warrants at $3,\" he said. \"I made a great deal of money on my investment in Occidental, especially with the warrants, and activism worked in that regard,\" he said.Ms. Hollub and Mr. Buffett have developed a personal relationship and the two talk periodically, said Mr. Vangolen. Ms. Hollub said in an interview she had no personal relationship with Mr. Icahn when he was an investor, and that he turned out not to be the kind of long-term shareholder the company prizes.Mr. Icahn's retort: \"She came very close to not being a long-term shareholder also, because her ill-timed investment put the company on the brink of bankruptcy.\"","news_type":1,"symbols_score_info":{"BRK.B":0.9,"OXY":0.9,"BRK.A":0.68}},"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9936512024,"gmtCreate":1662781480468,"gmtModify":1676537140387,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9936512024","repostId":"2266415879","repostType":4,"isVote":1,"tweetType":1,"viewCount":3871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9936996267,"gmtCreate":1662688927460,"gmtModify":1676537119142,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9936996267","repostId":"9936905034","repostType":1,"repost":{"id":9936905034,"gmtCreate":1662688157628,"gmtModify":1676537118796,"author":{"id":"3586127272341946","authorId":"3586127272341946","name":"StickyRice","avatar":"https://community-static.tradeup.com/news/93860c945685006c561393099fa7ee30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586127272341946","authorIdStr":"3586127272341946"},"themes":[],"htmlText":"Federal Reserve needs several months of lower inflation to pull back, Brainard says\"It may take some time\" for the full effect of tighter financial conditions to work their way through the economy, said Federal Reserve Vice Chair Lael Brainard said Wednesday at The Clearing House and Bank Policy Institute Annual Conference in New York. Eventually, \"the disinflationary process here at home should be reinforced by weaker demand and tightening in many other countries,\" she added.While inflation has eased some in July, don't expect the central bank to ease up on its tightening soon. \"It will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down to 2%,\" Brainard said.Of course, there are risks to the Fed's path. The quick tighten","listText":"Federal Reserve needs several months of lower inflation to pull back, Brainard says\"It may take some time\" for the full effect of tighter financial conditions to work their way through the economy, said Federal Reserve Vice Chair Lael Brainard said Wednesday at The Clearing House and Bank Policy Institute Annual Conference in New York. Eventually, \"the disinflationary process here at home should be reinforced by weaker demand and tightening in many other countries,\" she added.While inflation has eased some in July, don't expect the central bank to ease up on its tightening soon. \"It will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down to 2%,\" Brainard said.Of course, there are risks to the Fed's path. The quick tighten","text":"Federal Reserve needs several months of lower inflation to pull back, Brainard says\"It may take some time\" for the full effect of tighter financial conditions to work their way through the economy, said Federal Reserve Vice Chair Lael Brainard said Wednesday at The Clearing House and Bank Policy Institute Annual Conference in New York. Eventually, \"the disinflationary process here at home should be reinforced by weaker demand and tightening in many other countries,\" she added.While inflation has eased some in July, don't expect the central bank to ease up on its tightening soon. \"It will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down to 2%,\" Brainard said.Of course, there are risks to the Fed's path. The quick tighten","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9936905034","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9936998848,"gmtCreate":1662688848384,"gmtModify":1676537119102,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9936998848","repostId":"2265894852","repostType":4,"repost":{"id":"2265894852","kind":"highlight","pubTimestamp":1662675844,"share":"https://ttm.financial/m/news/2265894852?lang=en_US&edition=fundamental","pubTime":"2022-09-09 06:24","market":"us","language":"en","title":"4 Next-Generation Tech Stocks Billionaires Can't Stop Buying","url":"https://stock-news.laohu8.com/highlight/detail?id=2265894852","media":"Motley Fool","summary":"Wall Street's most successful money managers have used the bear market decline to pile into cutting-edge stocks.","content":"<div>\n<p>There's no beating about the bush: It's been a trying year for investors. The combination of historically high inflation, a weakening U.S. economy, and heightened geopolitical tensions (e.g., Ukraine ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/09/08/4-tech-stocks-billionaires-cant-stop-buying/\">Source Link</a>\n\n</div>\n","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>4 Next-Generation Tech Stocks Billionaires Can't Stop Buying</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\">\n4 Next-Generation Tech Stocks Billionaires Can't Stop Buying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-09 06:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/09/08/4-tech-stocks-billionaires-cant-stop-buying/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There's no beating about the bush: It's been a trying year for investors. The combination of historically high inflation, a weakening U.S. economy, and heightened geopolitical tensions (e.g., Ukraine ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/09/08/4-tech-stocks-billionaires-cant-stop-buying/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNOW":"Snowflake","PLTR":"Palantir Technologies Inc.","CRWD":"CrowdStrike Holdings, Inc.","UPST":"Upstart Holdings, Inc."},"source_url":"https://www.fool.com/investing/2022/09/08/4-tech-stocks-billionaires-cant-stop-buying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2265894852","content_text":"There's no beating about the bush: It's been a trying year for investors. The combination of historically high inflation, a weakening U.S. economy, and heightened geopolitical tensions (e.g., Ukraine war), pushed both the broad-based S&P 500 and technology-centric Nasdaq Composite firmly into a bear market.However, you wouldn't know the stock market is suffering through one of its worst years in decades by the actions of Wall Street's most-successful investors. Instead of retreating to the sideline, billionaire money managers have been actively buying stocks as the market dips. In particular, billionaires have really taken a liking to tech stocks focused on forward-looking innovation.What follows are four next-generation tech stocks billionaires simply can't stop buying.Image source: Getty Images.Upstart HoldingsThe first innovative powerhouse that at least one billionaire money manager can't stop purchasing is cloud-based lending platform Upstart Holdings. During the second quarter, billionaire Philippe Laffont of Coatue Management acquired roughly 2.36 million shares.What puts Upstart on the leading edge of its industry is its use of artificial intelligence (AI) to vet loan applications. Rather than rely on the traditional (and slow) loan-vetting process, Upstart leans on predictive technologies and previously vetted loan data to approve and fully automate nearly three-quarters of all loans its processes.  This saves the six dozen financial institutions Upstart has partnered with time and money.However, what stands out even more about Upstart is the broader pool of applicants being approved. The typical loan applicant to gain approval with Upstart has a lower average credit score than the those approved with the traditional vetting process. Yet, delinquency rates between Upstart's AI-based process and the traditional vetting process have been similar. The implication here is that Upstart can expand the potential pool of borrowers for banks and credit unions without adversely impacting their credit-risk profile.Laffont is likely also encouraged by Upstart's push into new verticals. Whereas it's spent years processing personal loan applications, it's begun handling auto loan and small business loan originations. On a combined basis, auto and small business loans are more than 10X the market size of personal loan originations.SnowflakeThe second next-generation tech stock billionaires can't seem to get enough of is cloud data-warehousing company Snowflake. The June-ended quarter saw billionaire Jim Simons of Renaissance Technologies add more than 1.25 million shares to his fund's existing position (which now stands at more than 2 million shares).The answer to \"Why Snowflake?\" can be explained by the company's unique operating model. For instance, in the wake of the COVID-19 pandemic, businesses are shifting data into the cloud at an accelerated rate. However, sharing that data across competing cloud infrastructure platforms can be challenging. Snowflake's platform resolves this by building its infrastructure atop the leading cloud-service providers. In other words, Snowflake clients can seamlessly share and move data with ease.What's more, Snowflake has shunned the extremely common practice among cloud providers of pushing subscriptions. Instead, Snowflake offers something of a pay-as-you-go service that charges based on the amount of data stored and Snowflake Compute Credits used. This provides more cost transparency for the company's clients than a one-size-fits-all subscription package.Arguably the biggest obstacle for Snowflake is the company's own valuation. Even after a significant share price haircut, the company is valued at 27 times Wall Street's projected sales of roughly $2 billion in fiscal 2023. But if Snowflake can make good on its march to $10 billion in net sales by fiscal 2029 (calendar year 2028), billionaires like Simons may be glad they paid a premium to hold a stake in Snowflake.Image source: Getty Images.Palantir TechnologiesThe third cutting-edge tech stock billionaires can't stop buying is data mining company Palantir Technologies. During the second quarter, billionaire Israel Englander's Millennium Management bought nearly 1.9 million shares of Palantir stock. To boot, Simons' Renaissance Technologies more than doubled its stake by purchasing close to 15.69 million shares.Billionaires love Palantir for the simple reason that its technology at scale hasn't been duplicated by any other company. Put in another context, Palantir has no direct competitors that can replace the services it's offering to federal governments and predominantly large-scale businesses.The company's Gotham operating system is an AI-driven platform designed to help federal governments gather data, plan missions, accelerate decision-making. Large contract wins from the U.S. government tied to Gotham explain why Palantir has sustained a 30% or greater sales growth rate for the past couple of years.However, Gotham has a limited ceiling. That's because Palantir's management won't extend the Gotham operating system to certain governments, such as China. Over the long run, the company's Foundry software is its golden ticket to sustained double-digit growth. Foundry helps businesses streamline their operations by making sense of big data. In the June-ended quarter, Palantir's commercial customer count more than tripled to 119 from the year-ago quarter.  In short, Foundry is in the very early innings of its growth phase.CrowdStrike HoldingsThe fourth and final next-generation tech stock billionaires can't stop buying is cybersecurity giant CrowdStrike Holdings. Billionaire Steve Cohen of Point72 Asset Management purchased over 819,000 shares of CrowdStrike during the second quarter, which ultimately boosted Point72's stake to 955,234 shares.What makes CrowdStrike tick is the company's AI-powered Falcon security platform. Falcon oversees in the neighborhood of 1 trillion events on a daily basis, which allows the platform to become more adept at recognizing and responding to potential end-user threats. While CrowdStrike doesn't offer the cheapest cybersecurity solutions, the fact that its gross retention rate is hovering around 98% clearly implies that Falcon is effective.Something else to consider about CrowdStrike, and the cybersecurity industry as a whole, is that cybersecurity has evolved into a basic necessity service. No matter how poorly the stock market or U.S. economy perform, bad actors don't take a day off from trying to steal enterprise or customer data. This creates a base level of demand for a company like CrowdStrike.But the best thing of all about CrowdStrike might just be its ability to encourage its existing clients to spend more. In a span of five years, the percentage of customers with four or more cloud-module subscriptions catapulted from 9% to more than 70%. Having existing customers purchase additional services is CrowdStrike's golden ticket to subscription gross margins of around 80%.","news_type":1,"symbols_score_info":{"SNOW":0.9,"UPST":0.9,"CRWD":0.9,"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":3280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938649951,"gmtCreate":1662604349773,"gmtModify":1676537099183,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938649951","repostId":"1119363305","repostType":4,"repost":{"id":"1119363305","kind":"news","pubTimestamp":1662613739,"share":"https://ttm.financial/m/news/1119363305?lang=en_US&edition=fundamental","pubTime":"2022-09-08 13:08","market":"us","language":"en","title":"Tim Cook Didn’t Have \"One More Thing,\" so Apple Offered Consumers a Break, for Once","url":"https://stock-news.laohu8.com/highlight/detail?id=1119363305","media":"MarketWatch","summary":"Apple’s iPhone 14 event was notable more for what the company didn’t do: Raise prices on its top-end smartphonesApple CEO Tim Cook holds a new iPhone 14 Pro during Wednesday’s eventn Cupertino, Calif.","content":"<html><head></head><body><p>Apple’s iPhone 14 event was notable more for what the company didn’t do: Raise prices on its top-end smartphones</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/689ed65479a46375dcaf6fa32912c643\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/><span>Apple CEO Tim Cook holds a new iPhone 14 Pro during Wednesday’s eventn Cupertino, Calif. GETTY IMAGES</span></p><p>Chief Executive Tim Cook didn’t show off “one more thing” on Wednesday, but he did have one new Apple Inc. offering to share: reasonable pricing.</p><p>Apple has long shown a willingness to charge premium prices for its iPhones, including breaking the $1,000 barrier a few years back with the iPhone X, and was expected to increase prices on the smartphones again with the iPhone 14 unveiling on Wednesday. Cook kept the price the same as the last two iPhone models, however, and even added in some other deals: Free satellite emergency service for two years, and an update to Apple Care+ to remove a limit on the number of repairs each year.</p><p>“It was a shock, I thought a $100 price increase was a foregone conclusion,” said Dan Ives, an analyst at Wedbush Securities. “Apple read the room and Cook didn’t want to raise prices.”</p><p>At the very least, analysts expected Apple to increase prices on its top-end smartphones, the iPhone Pro and Pro Max. Maribel Lopez, principal analyst at Lopez Research, said she had been hearing talk of price hikes of up to several hundred dollars that would “fork the line,” or allow greater separation between lower-priced and premium offerings.</p><p>“This was their opportunity, they were going to fork the line, and have very affordable and very flagship, and that was surprising that didn’t happen,” Lopez said. “I think that is the right move. It’s becoming difficult to get people to upgrade, they hold onto them longer, they are not inexpensive.”</p><p>The concern for investors from this move would be Apple’s profit margin. Record inflation has not just hit consumers — electronics manufacturers are seeing higher prices and uncertain supply of many components. The 15-year-old iPhone family is still Apple’s biggest revenue and profit generator, even as it is a mature product, so a margin decline would be felt acutely on the overall bottom line.</p><p>Lopez and Ives said the move should not be too much of a drag on Apple’s margins, however, thanks to strength with suppliers and a move toward using Apple’s own semiconductors.</p><p>“They have more control over their supply chain,” Ives said, adding that “the Apple silicon gives them flexibility.”</p><p>“Everything being an A or an M chip, that allows them a certain flexibility,” Lopez said. “It’s a classic vertical integration strategy.”</p><p>Apple unveiled some new offerings that were not price-related, mostly features targeted at increasingly specific audiences, such as the Apple Ultra Watch for serious fitness enthusiasts. But Cook again didn’t take the opportunity to use co-founder Steve Jobs’ product-launch catchphrase, “one more thing,” at the end of an unveiling to show off the next big product — even though Apple may have a big launch on the way.</p><p>Apple reportedly is working on three sets of augmented/virtual-reality glasses, with one expected to launch next year and compete with Meta Platforms Inc.’s Oculus offerings. It would be only the second major product category to launch under Cook’s leadership, beside the Apple Watch.</p><p>But Apple never shows off the next big thing without a fully formed product ready to roll. So instead, Cook is just trying to keep consumers happy with new iPhones — at flat prices with better cameras, longer battery life and new features — until its next foray is actually ready.</p><p>That doesn’t do much for investors, though. They are still wondering when they will get a glimpse at the next device they are betting on, and will have to worry about the possibility of declining margins while they wait.</p><p><b>Also Read: Apple Launching iPhone 14 and Other Products, a &#39;Major Feat&#39; Says Analyst</b>  Sources: StreetInsider</p><p>Apple (NASDAQ:AAPL) held its first in-person product launch event since before the pandemic Wednesday afternoon with the highly anticipated iPhone 14 launch.</p><p>While the iPhone 14 was front and center at the launch event, Apple also announced a raft of other products and updates, including the Apple Watch Series 8 and the enhanced AirPods Pro 2.</p><p>The iPhone 14 series includes the general model, the 14 Plus, the 14 Pro, and the 14 Pro Max.Apple said the 14 and 14 Plus models include the A15 Bionic chip with a 5-core GPU, while the 14 Pro and Pro Max are powered by A16 Bionic, the fastest chip ever in a smartphone.</p><p>Furthermore, Apple announced new satellite-enabled services for some of its products, with Globalstar, a satellite communications firm, managing the satellite-powered emergency SOS service.</p><p>Apple will pay 95% of the approved capital spending Globalstar makes in connection with the new satellites, according to a filing.It also states that they are expected to make the services available to customers during the fourth quarter of 2022.</p><p>Globalstar shares surged following the news earlier today but closed the session down 1.4%.</p><p>Reacting to the Apple announcements and event, Wedbush analyst Daniel Ives, who has an Outperform rating and a $220 price target on the stock, said, &#34;the Apple Watch and AirPods have transformed from a rounding error to a significant tangential product segment at Apple.&#34;</p><p>He added that it speaks to the monetization of a golden 1.8 billion iOS installed base that remains &#34;unmatched globally.&#34;</p><p>&#34;Taking a step back, launching 3 new core hardware products within the Apple ecosystem despite the biggest supply chain crisis seen in modern history is a major feat for Cook &amp; Co., especially with the zero Covid shutdowns in China seen in April/May,&#34; he added.</p><p>Commenting specifically on the iPhone 14 launch, Ives stated they believe the &#34;initial order for 90 million iPhone 14 units out of the gates with Asian suppliers has stayed firm&#34; based on recent checks and will be roughly flat with iPhone 13 despite the macro storm clouds building.&#34;</p><p>Apple shares gained just under 1% in Wednesday&#39;s session.</p></body></html>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tim Cook Didn’t Have \"One More Thing,\" so Apple Offered Consumers a Break, for Once</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\">\nTim Cook Didn’t Have \"One More Thing,\" so Apple Offered Consumers a Break, for Once\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-08 13:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/tim-cook-didnt-have-one-more-thing-so-apple-offered-consumers-a-break-for-once-11662592956?mod=mw_latestnews><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple’s iPhone 14 event was notable more for what the company didn’t do: Raise prices on its top-end smartphonesApple CEO Tim Cook holds a new iPhone 14 Pro during Wednesday’s eventn Cupertino, Calif....</p>\n\n<a href=\"https://www.marketwatch.com/story/tim-cook-didnt-have-one-more-thing-so-apple-offered-consumers-a-break-for-once-11662592956?mod=mw_latestnews\">Source 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://www.marketwatch.com/story/tim-cook-didnt-have-one-more-thing-so-apple-offered-consumers-a-break-for-once-11662592956?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119363305","content_text":"Apple’s iPhone 14 event was notable more for what the company didn’t do: Raise prices on its top-end smartphonesApple CEO Tim Cook holds a new iPhone 14 Pro during Wednesday’s eventn Cupertino, Calif. GETTY IMAGESChief Executive Tim Cook didn’t show off “one more thing” on Wednesday, but he did have one new Apple Inc. offering to share: reasonable pricing.Apple has long shown a willingness to charge premium prices for its iPhones, including breaking the $1,000 barrier a few years back with the iPhone X, and was expected to increase prices on the smartphones again with the iPhone 14 unveiling on Wednesday. Cook kept the price the same as the last two iPhone models, however, and even added in some other deals: Free satellite emergency service for two years, and an update to Apple Care+ to remove a limit on the number of repairs each year.“It was a shock, I thought a $100 price increase was a foregone conclusion,” said Dan Ives, an analyst at Wedbush Securities. “Apple read the room and Cook didn’t want to raise prices.”At the very least, analysts expected Apple to increase prices on its top-end smartphones, the iPhone Pro and Pro Max. Maribel Lopez, principal analyst at Lopez Research, said she had been hearing talk of price hikes of up to several hundred dollars that would “fork the line,” or allow greater separation between lower-priced and premium offerings.“This was their opportunity, they were going to fork the line, and have very affordable and very flagship, and that was surprising that didn’t happen,” Lopez said. “I think that is the right move. It’s becoming difficult to get people to upgrade, they hold onto them longer, they are not inexpensive.”The concern for investors from this move would be Apple’s profit margin. Record inflation has not just hit consumers — electronics manufacturers are seeing higher prices and uncertain supply of many components. The 15-year-old iPhone family is still Apple’s biggest revenue and profit generator, even as it is a mature product, so a margin decline would be felt acutely on the overall bottom line.Lopez and Ives said the move should not be too much of a drag on Apple’s margins, however, thanks to strength with suppliers and a move toward using Apple’s own semiconductors.“They have more control over their supply chain,” Ives said, adding that “the Apple silicon gives them flexibility.”“Everything being an A or an M chip, that allows them a certain flexibility,” Lopez said. “It’s a classic vertical integration strategy.”Apple unveiled some new offerings that were not price-related, mostly features targeted at increasingly specific audiences, such as the Apple Ultra Watch for serious fitness enthusiasts. But Cook again didn’t take the opportunity to use co-founder Steve Jobs’ product-launch catchphrase, “one more thing,” at the end of an unveiling to show off the next big product — even though Apple may have a big launch on the way.Apple reportedly is working on three sets of augmented/virtual-reality glasses, with one expected to launch next year and compete with Meta Platforms Inc.’s Oculus offerings. It would be only the second major product category to launch under Cook’s leadership, beside the Apple Watch.But Apple never shows off the next big thing without a fully formed product ready to roll. So instead, Cook is just trying to keep consumers happy with new iPhones — at flat prices with better cameras, longer battery life and new features — until its next foray is actually ready.That doesn’t do much for investors, though. They are still wondering when they will get a glimpse at the next device they are betting on, and will have to worry about the possibility of declining margins while they wait.Also Read: Apple Launching iPhone 14 and Other Products, a 'Major Feat' Says Analyst  Sources: StreetInsiderApple (NASDAQ:AAPL) held its first in-person product launch event since before the pandemic Wednesday afternoon with the highly anticipated iPhone 14 launch.While the iPhone 14 was front and center at the launch event, Apple also announced a raft of other products and updates, including the Apple Watch Series 8 and the enhanced AirPods Pro 2.The iPhone 14 series includes the general model, the 14 Plus, the 14 Pro, and the 14 Pro Max.Apple said the 14 and 14 Plus models include the A15 Bionic chip with a 5-core GPU, while the 14 Pro and Pro Max are powered by A16 Bionic, the fastest chip ever in a smartphone.Furthermore, Apple announced new satellite-enabled services for some of its products, with Globalstar, a satellite communications firm, managing the satellite-powered emergency SOS service.Apple will pay 95% of the approved capital spending Globalstar makes in connection with the new satellites, according to a filing.It also states that they are expected to make the services available to customers during the fourth quarter of 2022.Globalstar shares surged following the news earlier today but closed the session down 1.4%.Reacting to the Apple announcements and event, Wedbush analyst Daniel Ives, who has an Outperform rating and a $220 price target on the stock, said, \"the Apple Watch and AirPods have transformed from a rounding error to a significant tangential product segment at Apple.\"He added that it speaks to the monetization of a golden 1.8 billion iOS installed base that remains \"unmatched globally.\"\"Taking a step back, launching 3 new core hardware products within the Apple ecosystem despite the biggest supply chain crisis seen in modern history is a major feat for Cook & Co., especially with the zero Covid shutdowns in China seen in April/May,\" he added.Commenting specifically on the iPhone 14 launch, Ives stated they believe the \"initial order for 90 million iPhone 14 units out of the gates with Asian suppliers has stayed firm\" based on recent checks and will be roughly flat with iPhone 13 despite the macro storm clouds building.\"Apple shares gained just under 1% in Wednesday's session.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938984191,"gmtCreate":1662543079713,"gmtModify":1676537084432,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9938984191","repostId":"2265067759","repostType":4,"repost":{"id":"2265067759","kind":"highlight","pubTimestamp":1662564242,"share":"https://ttm.financial/m/news/2265067759?lang=en_US&edition=fundamental","pubTime":"2022-09-07 23:24","market":"us","language":"en","title":"Prediction: These 2 Growth Stocks Could Soar 500% by 2032","url":"https://stock-news.laohu8.com/highlight/detail?id=2265067759","media":"Motley Fool","summary":"These growth stocks dominate their respective industries, and that could translate into monster returns for shareholders.","content":"<div>\n<p>The stock market has not been kind to investors this year. The S&P 500 had its worst first half since 1970, and the Nasdaq Composite is currently 28% off its high. But the market has recovered from ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/09/06/these-2-growth-stocks-could-soar-500-by-2032/\">Source Link</a>\n\n</div>\n","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>Prediction: These 2 Growth Stocks Could Soar 500% by 2032</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\">\nPrediction: These 2 Growth Stocks Could Soar 500% by 2032\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-07 23:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/09/06/these-2-growth-stocks-could-soar-500-by-2032/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market has not been kind to investors this year. The S&P 500 had its worst first half since 1970, and the Nasdaq Composite is currently 28% off its high. But the market has recovered from ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/09/06/these-2-growth-stocks-could-soar-500-by-2032/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","MELI":"MercadoLibre"},"source_url":"https://www.fool.com/investing/2022/09/06/these-2-growth-stocks-could-soar-500-by-2032/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2265067759","content_text":"The stock market has not been kind to investors this year. The S&P 500 had its worst first half since 1970, and the Nasdaq Composite is currently 28% off its high. But the market has recovered from worse in the past, and there is no reason to believe this situation is any different. Eventually, the next bull market will erase those losses.In the meantime, many beaten-down stocks are brimming with potential, and that creates a buying opportunity for patient investors. For instance, Roku and MercadoLibre could both grow sixfold over the next decade, meaning shareholders could see a 500% return by 2032.Here's why.Roku: The top streaming platform in North AmericaStreaming pioneer Roku struggled in the second quarter as the macroeconomic environment continued to deteriorate. High inflation blunted consumer spending, especially on smart TVs and other discretionary electronics, and many brands cut their ad budgets to compensate for that softness. However, those headwinds are temporary, and the long-term investment thesis is still intact.Roku is the top streaming platform in the U.S., Canada, and Mexico in terms of engagement, and engagement is a critical metric for marketers. As a result, Roku captured nearly 45% of programmatic connected TV (CTV) ad spending in North America in June 2022, while second-place Samsung and third-place Amazon held just 17% and 12% market share, respectively.Roku is working to strengthen that sizable lead with The Roku Channel, an ad-supported streaming service that features free movies, TV shows, and live linear channels dedicated to news and sports. Roku began adding original content to the mix last year, and the reception has been quite positive so far. In the second quarter, The Roku Channel once again ranked among the top five channels on the platform in the U.S.Despite its disappointing performance of late, Roku has still delivered solid financial results over the last three years.MetricQ2 2019Q2 2022CAGRRevenue (TTM)$905.9 million$3 billion50%Cash from operations (TTM)$39.4 million$73.4 million23%Data source: YCharts. TTM = trailing 12 months. CAGR = compound annual growth rate.Looking ahead, The Roku Channel could be the source of a powerful network effect. As the most popular streaming platform in North America and Mexico, Roku should naturally capture an outsized portion of CTV ad spend in those geographies. That, in turn, should enhance its ability to license and create high-quality content for The Roku Channel, which should result in greater viewer engagement, bringing more ad dollars to its platform.Building on that, CTV ad spend is poised for dramatic growth, both because viewers are moving away from traditional TV and because CTV ads can be targeted more effectively. In fact, CTV ad spend in the U.S. alone could reach $100 billion by 2030, up from $21 billion in 2021, according to BMO Capital Markets.With that in mind, if Roku can deliver revenue growth of 20% per year over the next decade, its market cap could increase sixfold by 2032 (assuming a reasonable price-to-sale ratio of 2.9). That's why investors should consider buying this growth stock today.MercadoLibre: The e-commerce leader in Latin AmericaMercadoLibre is the largest e-commerce marketplace in Latin America, and it ranks as the market leader in each of the major countries in which it operates. It has reinforced that edge with value-added services like logistics, financing, digital advertising, and digital payments. That makes MercadoLibre a one-stop shop for merchants.Its logistics business (Mercado Envíos) and its fintech business (Mercado Pago) have been particularly instrumental in its success. Mercado Envíos handled 91% of shipping volume in the most recent quarter, and nearly 80% of that volume was delivered within 48 hours. That makes for a great consumer experience, and merchants wouldn't be able to achieve that on their own.Additionally, Mercado Pago supports digital payments both on and off the MercadoLibre marketplace, a particularly important role given that many Latin Americans lack access to a bank account and debit card. In the most recent quarter, digital wallet users rose 42% to 21.4 million, and total payment volume skyrocketed 72% to $30.2 billion.Not surprisingly, MercadoLibre has delivered impressive financial results over the past three years.MetricQ2 2019Q2 2022CAGRRevenue (TTM)$1.8 billion$8.8 billion70%Cash from operations (TTM)$289.7 million$1.6 billion78%Data source: YCharts. TTM = trailing-12-months. CAGR = compound annual growth rate.Investors have good reason to believe MercadoLibre can maintain that momentum. The vast majority of its revenue comes from Argentina, Brazil, and Mexico, and all three countries rank among the 10 fastest-growing e-commerce markets in the world. More broadly, Latin America itself has one of the fastest-growing internet penetration rates in the world, and that should drive adoption of online shopping and digital payments in the years ahead.According to Statista, e-commerce sales across all countries in which MercadoLibre operates will grow at 18% per year to reach $260 billion by 2025, and digital payments volume will grow at 15% per year to reach $510 billion by 2027. That leaves plenty of room for growth.On that note, if MercadoLibre can grow revenue at 25% per year over the next decade, its market cap could easily increase sixfold (assuming a reasonable price-to-sales ratio of 3.1) in that time. That's why this growth stock is a smart buy for long-term investors.","news_type":1,"symbols_score_info":{"MELI":0.79,"ROKU":0.9}},"isVote":1,"tweetType":1,"viewCount":3454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931885187,"gmtCreate":1662430879750,"gmtModify":1676537058768,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931885187","repostId":"669679906","repostType":1,"repost":{"id":669679906,"gmtCreate":1662430427710,"gmtModify":1676537058720,"author":{"id":"3492642718489623","authorId":"3492642718489623","name":"IPO早知道","avatar":"https://static.tigerbbs.com/5b17d5c0659f3f8d9917746df3c6024d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3492642718489623","authorIdStr":"3492642718489623"},"themes":[],"title":"壁仞科技創始人張文：人類科技文明發展兩條主線的交匯點是元宇宙","htmlText":"\"智算無限，芯生未來。\"本文爲IPO早知道原創作者｜Stone Jin據IPO早知道消息，2022世界人工智能大會（WAIC）於9月1日在上海正式開幕。開幕式當天，壁仞科技創始人、董事長、CEO張文受邀在大會重磅環節全體會議產業發展論壇發表主題演講，壁仞科技BR100通用GPU芯片是2022世界人工智能大會「鎮館之寶」並獲得了最高獎項SAIL大獎。張文董事長以「智算無限，芯生未來」爲主題發表演講，分享了芯片作爲算力基座，將成爲信息時代的新能源推動科技發展和人類文明進步，倡導全人類一起合作、一起推動科技進步，呼籲世界各國和社會各界加強緊密協作，共創人類文明的美好未來！“儘管社會、經濟和環境的危機有反覆和曲折，科技的發展卻一直向前。”演講中，張文董事長分享，人類科技文明的發展有兩條主線：第一條主線，是人對物理世界的認知和征服，是生產力和能源革命。第二條主線，我們的遠祖智人用獨特的“集體想象”和“虛構現實”能力，創造共同的價值觀與信仰、文化和制度，讓人類得以在共同願景下，集結大批人力、靈活合作，才能夠掀起一次次科技革命、工業革命、產業革命。張文董事長說，我認爲以上兩條主線的交匯點，就是元宇宙。元宇宙是以算力作爲新型生產力、融合衆多技術的產物。與現實世界交相呼應、又更加自由奇幻；通過人類的集體想象，在虛構空間裏描繪未來圖景，反之推動現實世界的進步。過往每一次工業革命，都是由動力革命和能源需求變化引發的。在工業時代，電是基礎設施，電力的觸手可及是當代社會經濟發展的動力保障。隨着人類邁入數字化、智能化社會，計算無處不在，算力將扮演相似角色，成爲信息科技的新能源。無論是科學技術的進步，還是元宇宙的建設與體驗，都離不開算力的支撐。算力呈現出從前時代生產力所不具有的五個特點：第一，算力第一次讓人類製造智能。第二，算力有反哺和疊加效應。第三，算力帶來仿真和模擬的能力。第四，算力能夠從無到有，創","listText":"\"智算無限，芯生未來。\"本文爲IPO早知道原創作者｜Stone Jin據IPO早知道消息，2022世界人工智能大會（WAIC）於9月1日在上海正式開幕。開幕式當天，壁仞科技創始人、董事長、CEO張文受邀在大會重磅環節全體會議產業發展論壇發表主題演講，壁仞科技BR100通用GPU芯片是2022世界人工智能大會「鎮館之寶」並獲得了最高獎項SAIL大獎。張文董事長以「智算無限，芯生未來」爲主題發表演講，分享了芯片作爲算力基座，將成爲信息時代的新能源推動科技發展和人類文明進步，倡導全人類一起合作、一起推動科技進步，呼籲世界各國和社會各界加強緊密協作，共創人類文明的美好未來！“儘管社會、經濟和環境的危機有反覆和曲折，科技的發展卻一直向前。”演講中，張文董事長分享，人類科技文明的發展有兩條主線：第一條主線，是人對物理世界的認知和征服，是生產力和能源革命。第二條主線，我們的遠祖智人用獨特的“集體想象”和“虛構現實”能力，創造共同的價值觀與信仰、文化和制度，讓人類得以在共同願景下，集結大批人力、靈活合作，才能夠掀起一次次科技革命、工業革命、產業革命。張文董事長說，我認爲以上兩條主線的交匯點，就是元宇宙。元宇宙是以算力作爲新型生產力、融合衆多技術的產物。與現實世界交相呼應、又更加自由奇幻；通過人類的集體想象，在虛構空間裏描繪未來圖景，反之推動現實世界的進步。過往每一次工業革命，都是由動力革命和能源需求變化引發的。在工業時代，電是基礎設施，電力的觸手可及是當代社會經濟發展的動力保障。隨着人類邁入數字化、智能化社會，計算無處不在，算力將扮演相似角色，成爲信息科技的新能源。無論是科學技術的進步，還是元宇宙的建設與體驗，都離不開算力的支撐。算力呈現出從前時代生產力所不具有的五個特點：第一，算力第一次讓人類製造智能。第二，算力有反哺和疊加效應。第三，算力帶來仿真和模擬的能力。第四，算力能夠從無到有，創","text":"\"智算無限，芯生未來。\"本文爲IPO早知道原創作者｜Stone Jin據IPO早知道消息，2022世界人工智能大會（WAIC）於9月1日在上海正式開幕。開幕式當天，壁仞科技創始人、董事長、CEO張文受邀在大會重磅環節全體會議產業發展論壇發表主題演講，壁仞科技BR100通用GPU芯片是2022世界人工智能大會「鎮館之寶」並獲得了最高獎項SAIL大獎。張文董事長以「智算無限，芯生未來」爲主題發表演講，分享了芯片作爲算力基座，將成爲信息時代的新能源推動科技發展和人類文明進步，倡導全人類一起合作、一起推動科技進步，呼籲世界各國和社會各界加強緊密協作，共創人類文明的美好未來！“儘管社會、經濟和環境的危機有反覆和曲折，科技的發展卻一直向前。”演講中，張文董事長分享，人類科技文明的發展有兩條主線：第一條主線，是人對物理世界的認知和征服，是生產力和能源革命。第二條主線，我們的遠祖智人用獨特的“集體想象”和“虛構現實”能力，創造共同的價值觀與信仰、文化和制度，讓人類得以在共同願景下，集結大批人力、靈活合作，才能夠掀起一次次科技革命、工業革命、產業革命。張文董事長說，我認爲以上兩條主線的交匯點，就是元宇宙。元宇宙是以算力作爲新型生產力、融合衆多技術的產物。與現實世界交相呼應、又更加自由奇幻；通過人類的集體想象，在虛構空間裏描繪未來圖景，反之推動現實世界的進步。過往每一次工業革命，都是由動力革命和能源需求變化引發的。在工業時代，電是基礎設施，電力的觸手可及是當代社會經濟發展的動力保障。隨着人類邁入數字化、智能化社會，計算無處不在，算力將扮演相似角色，成爲信息科技的新能源。無論是科學技術的進步，還是元宇宙的建設與體驗，都離不開算力的支撐。算力呈現出從前時代生產力所不具有的五個特點：第一，算力第一次讓人類製造智能。第二，算力有反哺和疊加效應。第三，算力帶來仿真和模擬的能力。第四，算力能夠從無到有，創","images":[{"img":"https://static.tigerbbs.com/2798e148fa34793fdde4a2f5a7dfc8eb","width":"641","height":"360"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/669679906","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931882224,"gmtCreate":1662430841569,"gmtModify":1676537058744,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9931882224","repostId":"2264713810","repostType":4,"repost":{"id":"2264713810","kind":"news","pubTimestamp":1662422226,"share":"https://ttm.financial/m/news/2264713810?lang=en_US&edition=fundamental","pubTime":"2022-09-06 07:57","market":"us","language":"en","title":"Palantir: Down 80% - Move Slowly, Size Properly, And Diversify","url":"https://stock-news.laohu8.com/highlight/detail?id=2264713810","media":"Seeking Alpha","summary":"SummaryPalantir is down 80% from its all-time high.Investors getting back to even face a tough road ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Palantir is down 80% from its all-time high.</li><li>Investors getting back to even face a tough road ahead.</li><li>Volatility can cloud judgment and amplifies emotions.</li><li>PLTR could be a Buy for certain investors; I&#39;m cautiously optimistic.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5161cf24383825916fdda5a8d1265e6a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>Maria Symchych-Navrotska</span></p><p><b>Down 80%</b></p><p>Palantir (NYSE:PLTR) is down 80% from its all-time high. Actually, to be very precise, PLTR is down 81%, but what&#39;s 1% between friends?</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95e793f0a76a887f0d46cde8613a143b\" tg-width=\"1280\" tg-height=\"802\" referrerpolicy=\"no-referrer\"/><span>PLTR data by YCharts</span></p><p>So, what was happening back then?</p><ul><li>Palantir Technologiesbags new $22.5M contract in Japan</li><li>Fujitsu signs $8M contract as Palantir Foundry customer</li><li>Palantir selected to work on Army’s Ground Station modernization</li><li>Palantir announces multi-million dollar deal with PG&amp;E</li><li>Palantir shares surge 25% ahead of Demo Day</li></ul><p>It certainly wasn&#39;t all good news:</p><ul><li>Palantir cut to sell at Citi ahead of lockup, decelerating growth</li></ul><p>Yet, we were in the days of Wall Street Bets going wild. And, the key back in early 2021 was that PLTR was riding high on sentiment, <i>and retail</i>. At that point in time, few people were thinking about &#34;macro&#34; at all:</p><blockquote>Retail trading is definitely changing the way markets function, but what really seems to matter is that we now have a stock picker&#39;s market for the first time since the dot-com bubble. That means stocks may be less sensitive to the broader economy than they used to be, while the professionals need to pay attention to a new generation of investors that entered the scene after the rise of commission-free trading. Instead of following many of the upgrades and downgrades on Wall Street, they&#39;re doing their own research on platforms like Seeking Alpha, and signaling a new era to the DIY investing atmosphere.</blockquote><p>Of course, we know from even the most basic charts that retail went sour and macro has taken over for now: interest rates, inflation, war, just to name a few factors that have taken hold. I was rather clear about this in May 2022:</p><blockquote>The biggest macro story last year into this year was that growth was shifting to value. Of course, PLTR is clearly in the growth category. However, at this time, we have the perfect storm of inflation, supply chain issues, growth out of favor, and way more. Just about everything is against PLTR in the grand view.</blockquote><p><b>Are We Really Down 80%</b></p><p>This is where things get tricky. I&#39;m down about 35% because my cost basis is over $11. It&#39;s not too hard to mathematically figure out how far an investor is down. It&#39;s also not mathematically hard to figure out how much is required to get back to even. The problem is that it&#39;s psychologically difficult to put losses and gains together.Here&#39;s what I mean:</p><blockquote>One of the more compelling aspects of investing is the math of gains and losses. Very simply, a 50% gain does not allow a portfolio to recover from a 50% loss. In fact, a 100% gain is required to restore a 50% loss.</blockquote><p>Here&#39;s a compelling picture to better understand how this works:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b77ef4ec0b7a3bd2e6445460fe02376\" tg-width=\"640\" tg-height=\"484\" referrerpolicy=\"no-referrer\"/><span>The Math of Recovery From a Portfolio Loss (Craig Israelsen, Ph.D.)</span></p><p>Importantly, this also applies to any individual stock. The math doesn&#39;t change because we&#39;re looking at the S&amp;P 500 (SPY) or PLTR.</p><p>Making this personal, I&#39;m down 35% so PLTR needs to gain about 54% from here for me to get back to even on my investment. As I&#39;m writing this up, PLTR is trading at $7.40 so I can multiply by 1.54 (i.e., 54%) to see that is how I get back to my cost basis of $11.40.</p><p>Again, I must stress that the math isn&#39;t too difficult. The decline is easy to calculate. And, the gain is easy to calculate. But, what happens is that we anchor to our starting price, so the recovery feels extra painful. Pain and pleasure are not symmetric.</p><blockquote>If there is a tiger chasing after you versus a suitcase full of money in front of you, which would motivate the average person to act quickly? Avoiding a certain amount of immediate pain wins over gaining immediate pleasure every time. Studies have demonstrated time and time again that people will do much more to avoid short-term pain than they will to gain short-term pleasure.</blockquote><p>This is why having a long-term view of an investment is so critical. The more you check your investments, like PLTR, the more likely you are to feel bad. This is true even when the stock is mostly going up, because every tick down is 2-3x more painful than one tick up. Furthermore, this also partially explains why it&#39;s critical to have a portfolio that makes you comfortable. In other words, diversification helps to moderate feelings because quite often at least some investments are going up.</p><p><b>Putting The &#34;Loss&#34; in Perspective</b></p><p>My little psychology lesson here is of paramount importance. If you believe that PLTR is a meme stock, then you will be thinking of PLTR as a short-term play. It&#39;s quite likely that selling will happen on big dips and it will be painful.</p><p>On the other hand, if you believe Alex Karp, in that PLTR is a long-term play, then your patience will grow dramatically.Hat Tip to Samuel Smith for clarifying this, in regards to Karp speaking at the World Economic Forum:</p><blockquote>Given the required scale, scope, and strength of enterprise software products, PLTR typically takes up to 5 years to fully build them. As a result, the true value of PLTR at any point in time is often never fully appreciated until ~5 years down the road. The bright side of this, however, is that due to the length of time required for fully building and implementing a new enterprise software product, they often have even longer durations in the marketplace.</blockquote><p>I don&#39;t think I&#39;ve ever really made the case that PLTR was a short play. My minimum is nearly always 2-3 years, often much longer. When you buy PLTR, you better plan on holding a long time or you&#39;ll almost certainly be selling.</p><p>Here, let me help you with that using a simple visual.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdb4a1bd8a48e99a7dde89069d38ff1f\" tg-width=\"1280\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/><span>PLTR 30-Day Rolling Volatility data by YCharts</span></p><p>That&#39;s volatility and it will shake weak hands, forcing them to sell. That&#39;s the fear part of volatility. But keep in mind that volatility also generates greed. When the price is rising like crazy the herd jumps on board:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06bef574ff547e600696e1a28b73f598\" tg-width=\"640\" tg-height=\"177\" referrerpolicy=\"no-referrer\"/><span>25% PLTR Share Price Gain Without Any Catalysts (Seeking Alpha)</span></p><p>No new catalysts? That&#39;s not entirely true because we know from the title that this was on the cusp of PLTR&#39;s Demo Day. Emotions. Sentiment. Yes, that&#39;s absolutely true, <i>and the expectations of the herd itself was the catalyst</i>. Although, to be clear, and fair, there was no tangible catalyst on July 22nd, 2021. In any event, we know PLTR will vacillate. I see no reason why this will not continue so &#34;Fair Warning!&#34; is issued again: <i>Here There Be Volatility</i>.</p><p><b>Wrap Up</b></p><p>Most investors holding PLTR are holding onto a capital loss. The downside is the difficult problem of getting back to even, or even moving into the green. We&#39;re all looking to win, right?</p><p>The upside is that it&#39;s now a bit easier to understand PLTR&#39;s price action, with a reference to volatility. Furthermore, it&#39;s a wee bit more simple to know what it will take to get to even, at least in terms of the financials.</p><p>What are the catalysts?Q2 2022 tells us quite a bit:</p><ul><li>Overall Revenue Growth (i.e., $473 million in Q2 2022)</li><li>Customer Count Increases (e.g., Q2 2022 count up to 304 from 169 YoY)</li><li>TAM Expansion (i.e., Gotham, Foundry, Apollo all open for expansion)</li><li>New Products (e.g., Edge AI, HyperAuto, OPIs, Cosmos, Pipeline Builder)</li><li>Developer Community (e.g., Foundry Docs, APIs public, Content Creators)</li></ul><p>Of course, I&#39;m still frustrated by stock-based compensation. Just look up some of my PLTR articles. It comes up many times. But, I also note that I expect that to burn down a lot over the next 2-3 years. We&#39;ll see.</p><p>While I do think that PLTR&#39;s 30% growth is at risk, I said this too:</p><blockquote>I believe that PLTR is still a Hold. Furthermore, I would not consider buying unless we see the price dip below $8, although that might not be low enough to get me to pull the trigger. We&#39;re in rough waters right now. But, again, I do think this is very unique and special company, that should do well over the very long term.</blockquote><p>The company isn&#39;t going bankrupt, or anything remotely that silly. And, we are below $8 at this time. I&#39;m going to very, very cautiously issue a &#34;Buy&#34; of PLTR at this point, for those investors looking to lower their cost basis, and also for those investors who want to tip toe into the company. Tread carefully. Move slowly. Size properly, and be sure to diversify as appropriate for your risk tolerance and portfolio composition.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Down 80% - Move Slowly, Size Properly, And Diversify</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Down 80% - Move Slowly, Size Properly, And Diversify\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-06 07:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4538855-palantir-down-80-percent-move-slowly-size-properly-and-diversify><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryPalantir is down 80% from its all-time high.Investors getting back to even face a tough road ahead.Volatility can cloud judgment and amplifies emotions.PLTR could be a Buy for certain investors...</p>\n\n<a href=\"https://seekingalpha.com/article/4538855-palantir-down-80-percent-move-slowly-size-properly-and-diversify\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4538855-palantir-down-80-percent-move-slowly-size-properly-and-diversify","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2264713810","content_text":"SummaryPalantir is down 80% from its all-time high.Investors getting back to even face a tough road ahead.Volatility can cloud judgment and amplifies emotions.PLTR could be a Buy for certain investors; I'm cautiously optimistic.Maria Symchych-NavrotskaDown 80%Palantir (NYSE:PLTR) is down 80% from its all-time high. Actually, to be very precise, PLTR is down 81%, but what's 1% between friends?PLTR data by YChartsSo, what was happening back then?Palantir Technologiesbags new $22.5M contract in JapanFujitsu signs $8M contract as Palantir Foundry customerPalantir selected to work on Army’s Ground Station modernizationPalantir announces multi-million dollar deal with PG&EPalantir shares surge 25% ahead of Demo DayIt certainly wasn't all good news:Palantir cut to sell at Citi ahead of lockup, decelerating growthYet, we were in the days of Wall Street Bets going wild. And, the key back in early 2021 was that PLTR was riding high on sentiment, and retail. At that point in time, few people were thinking about \"macro\" at all:Retail trading is definitely changing the way markets function, but what really seems to matter is that we now have a stock picker's market for the first time since the dot-com bubble. That means stocks may be less sensitive to the broader economy than they used to be, while the professionals need to pay attention to a new generation of investors that entered the scene after the rise of commission-free trading. Instead of following many of the upgrades and downgrades on Wall Street, they're doing their own research on platforms like Seeking Alpha, and signaling a new era to the DIY investing atmosphere.Of course, we know from even the most basic charts that retail went sour and macro has taken over for now: interest rates, inflation, war, just to name a few factors that have taken hold. I was rather clear about this in May 2022:The biggest macro story last year into this year was that growth was shifting to value. Of course, PLTR is clearly in the growth category. However, at this time, we have the perfect storm of inflation, supply chain issues, growth out of favor, and way more. Just about everything is against PLTR in the grand view.Are We Really Down 80%This is where things get tricky. I'm down about 35% because my cost basis is over $11. It's not too hard to mathematically figure out how far an investor is down. It's also not mathematically hard to figure out how much is required to get back to even. The problem is that it's psychologically difficult to put losses and gains together.Here's what I mean:One of the more compelling aspects of investing is the math of gains and losses. Very simply, a 50% gain does not allow a portfolio to recover from a 50% loss. In fact, a 100% gain is required to restore a 50% loss.Here's a compelling picture to better understand how this works:The Math of Recovery From a Portfolio Loss (Craig Israelsen, Ph.D.)Importantly, this also applies to any individual stock. The math doesn't change because we're looking at the S&P 500 (SPY) or PLTR.Making this personal, I'm down 35% so PLTR needs to gain about 54% from here for me to get back to even on my investment. As I'm writing this up, PLTR is trading at $7.40 so I can multiply by 1.54 (i.e., 54%) to see that is how I get back to my cost basis of $11.40.Again, I must stress that the math isn't too difficult. The decline is easy to calculate. And, the gain is easy to calculate. But, what happens is that we anchor to our starting price, so the recovery feels extra painful. Pain and pleasure are not symmetric.If there is a tiger chasing after you versus a suitcase full of money in front of you, which would motivate the average person to act quickly? Avoiding a certain amount of immediate pain wins over gaining immediate pleasure every time. Studies have demonstrated time and time again that people will do much more to avoid short-term pain than they will to gain short-term pleasure.This is why having a long-term view of an investment is so critical. The more you check your investments, like PLTR, the more likely you are to feel bad. This is true even when the stock is mostly going up, because every tick down is 2-3x more painful than one tick up. Furthermore, this also partially explains why it's critical to have a portfolio that makes you comfortable. In other words, diversification helps to moderate feelings because quite often at least some investments are going up.Putting The \"Loss\" in PerspectiveMy little psychology lesson here is of paramount importance. If you believe that PLTR is a meme stock, then you will be thinking of PLTR as a short-term play. It's quite likely that selling will happen on big dips and it will be painful.On the other hand, if you believe Alex Karp, in that PLTR is a long-term play, then your patience will grow dramatically.Hat Tip to Samuel Smith for clarifying this, in regards to Karp speaking at the World Economic Forum:Given the required scale, scope, and strength of enterprise software products, PLTR typically takes up to 5 years to fully build them. As a result, the true value of PLTR at any point in time is often never fully appreciated until ~5 years down the road. The bright side of this, however, is that due to the length of time required for fully building and implementing a new enterprise software product, they often have even longer durations in the marketplace.I don't think I've ever really made the case that PLTR was a short play. My minimum is nearly always 2-3 years, often much longer. When you buy PLTR, you better plan on holding a long time or you'll almost certainly be selling.Here, let me help you with that using a simple visual.PLTR 30-Day Rolling Volatility data by YChartsThat's volatility and it will shake weak hands, forcing them to sell. That's the fear part of volatility. But keep in mind that volatility also generates greed. When the price is rising like crazy the herd jumps on board:25% PLTR Share Price Gain Without Any Catalysts (Seeking Alpha)No new catalysts? That's not entirely true because we know from the title that this was on the cusp of PLTR's Demo Day. Emotions. Sentiment. Yes, that's absolutely true, and the expectations of the herd itself was the catalyst. Although, to be clear, and fair, there was no tangible catalyst on July 22nd, 2021. In any event, we know PLTR will vacillate. I see no reason why this will not continue so \"Fair Warning!\" is issued again: Here There Be Volatility.Wrap UpMost investors holding PLTR are holding onto a capital loss. The downside is the difficult problem of getting back to even, or even moving into the green. We're all looking to win, right?The upside is that it's now a bit easier to understand PLTR's price action, with a reference to volatility. Furthermore, it's a wee bit more simple to know what it will take to get to even, at least in terms of the financials.What are the catalysts?Q2 2022 tells us quite a bit:Overall Revenue Growth (i.e., $473 million in Q2 2022)Customer Count Increases (e.g., Q2 2022 count up to 304 from 169 YoY)TAM Expansion (i.e., Gotham, Foundry, Apollo all open for expansion)New Products (e.g., Edge AI, HyperAuto, OPIs, Cosmos, Pipeline Builder)Developer Community (e.g., Foundry Docs, APIs public, Content Creators)Of course, I'm still frustrated by stock-based compensation. Just look up some of my PLTR articles. It comes up many times. But, I also note that I expect that to burn down a lot over the next 2-3 years. We'll see.While I do think that PLTR's 30% growth is at risk, I said this too:I believe that PLTR is still a Hold. Furthermore, I would not consider buying unless we see the price dip below $8, although that might not be low enough to get me to pull the trigger. We're in rough waters right now. But, again, I do think this is very unique and special company, that should do well over the very long term.The company isn't going bankrupt, or anything remotely that silly. And, we are below $8 at this time. I'm going to very, very cautiously issue a \"Buy\" of PLTR at this point, for those investors looking to lower their cost basis, and also for those investors who want to tip toe into the company. Tread carefully. Move slowly. Size properly, and be sure to diversify as appropriate for your risk tolerance and portfolio composition.","news_type":1,"symbols_score_info":{"PLTR":1}},"isVote":1,"tweetType":1,"viewCount":3018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933719875,"gmtCreate":1662343692397,"gmtModify":1676537040929,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9933719875","repostId":"2265749449","repostType":4,"repost":{"id":"2265749449","kind":"highlight","pubTimestamp":1662332817,"share":"https://ttm.financial/m/news/2265749449?lang=en_US&edition=fundamental","pubTime":"2022-09-05 07:06","market":"us","language":"en","title":"GameStop, Apple, Kroger, NIO, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2265749449","media":"Barron's","summary":"U.S. stock and bond markets will be closed on Monday for Labor Day. It's a quiet week on the earning","content":"<html><head></head><body><p>U.S. stock and bond markets will be closed on Monday for Labor Day. It&#39;s a quiet week on the earnings calendar once investors return from the long weekend, but a few major economic-data releases should grab plenty of attention.</p><p>Results this week will come from GameStop and NIO on Wednesday, DocuSign and Zscaler on Thursday, and Kroger on Friday. Apple will also host a product launch event on Wednesday, when it is expected to unveil a new lineup of iPhones and Apple Watches.</p><p>Economic data releases next week include the Institute for Supply Management&#39;s Services Purchasing Managers&#39; Index for August on Tuesday. The consensus estimate is for the index to decline by about three points, to 54.</p><p>Other data for investors and economists to watch next week will be the Federal Reserve&#39;s sixth beige book of the year on Wednesday and the Department of Labor&#39;s initial jobless claims for the latest week on Thursday.</p><p>The European Central Bank also announces a monetary-policy decision on Thursday. Futures markets are pricing in the greatest odds of a 75-basis-point hike, which would bring ECB&#39;s benchmark interest-rate target to 0.75%.</p><p><b>Monday 9/5</b></p><p>Equity and fixed-income markets are closed in observance of Labor Day.</p><p><b>Tuesday 9/6</b></p><p>The Institute for Supply Management releases its Services Purchasing Managers&#39; Index for August. Consensus estimate is for a 54 reading, about three points lower than in July. The index is well off its record high of 68.4 from November, but still above the expansionary level of 50.</p><p><b>Wednesday 9/7</b></p><p>Appleholds a launch event, titled &#34;Far Out,&#34; at its headquarters in Cupertino, Calif. The company is expected to unveil four new iPhone 14 models and three new Apple Watches, along with other products.</p><p>GameStop and NIO report quarterly results.</p><p>The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions with anecdotal data collected by the 12 regional Federal Reserve banks.</p><p>The Mortgage Bankers Association releases its mortgage application survey for the week ending on Sept. 2. Mortgage applications have dropped for three consecutive weeks and are at a multidecade low amid record-high home prices and surging mortgage rates.</p><p><b>Thursday 9/8</b></p><p>DocuSign and Zscaler hold conference calls to discuss quarterly earnings.</p><p>Moderna hosts a research and development day, with presentations from its executive leadership, including CEO Stéphane Bancel.</p><p>The European Central Bank announces its monetary-policy decision. Traders are pricing in a 60% chance of a jumbo-size 75-basis-point hike, which would bring ECB&#39;s deposit facility rate to 0.75%. At its last meeting, in July, the central bank lifted its key interest rate by half a percentage point, from negative 0.5% to zero. It has been just over a decade since the deposit facility rate was last above zero.</p><p>The Department of Labor reports initial jobless claims for the week ending on Sept. 3. Claims averaged 241,500 in August, and have risen steadily this year from historically low levels.</p><p><b>Friday 9/9</b></p><p>Kroger reports second-quarter fiscal-2023 results.</p><p>Tapestry, the parent company of fashion brands Coach and Kate Spade, holds an investor day at its headquarters in New York. The company will discuss its long-term strategic initiatives and update its financial outlook.</p><p>The Federal Reserve releases the Financial Accounts of the United States for the second quarter. The report gives a snapshot of the nation&#39;s household net worth and debt. In the first quarter, household net worth fell by $544 billion, to $149.3 trillion. It was the first decline since the first quarter of 2020. With the S&amp;P 500 index plunging more than 16% in the second quarter, it&#39;s very likely that the report will show another decrease.</p></body></html>","source":"lsy1610680873436","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>GameStop, Apple, Kroger, NIO, and Other Stocks for Investors to Watch This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop, Apple, Kroger, NIO, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-05 07:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/gamestop-apple-kroger-nio-and-other-stocks-for-investors-to-watch-this-week-51662318000?mod=hp_LATEST><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stock and bond markets will be closed on Monday for Labor Day. It's a quiet week on the earnings calendar once investors return from the long weekend, but a few major economic-data releases ...</p>\n\n<a href=\"https://www.barrons.com/articles/gamestop-apple-kroger-nio-and-other-stocks-for-investors-to-watch-this-week-51662318000?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KR":"克罗格","NIO":"蔚来","DOCU":"Docusign","ZS":"Zscaler Inc.",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","AAPL":"苹果",".DJI":"道琼斯","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/gamestop-apple-kroger-nio-and-other-stocks-for-investors-to-watch-this-week-51662318000?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2265749449","content_text":"U.S. stock and bond markets will be closed on Monday for Labor Day. It's a quiet week on the earnings calendar once investors return from the long weekend, but a few major economic-data releases should grab plenty of attention.Results this week will come from GameStop and NIO on Wednesday, DocuSign and Zscaler on Thursday, and Kroger on Friday. Apple will also host a product launch event on Wednesday, when it is expected to unveil a new lineup of iPhones and Apple Watches.Economic data releases next week include the Institute for Supply Management's Services Purchasing Managers' Index for August on Tuesday. The consensus estimate is for the index to decline by about three points, to 54.Other data for investors and economists to watch next week will be the Federal Reserve's sixth beige book of the year on Wednesday and the Department of Labor's initial jobless claims for the latest week on Thursday.The European Central Bank also announces a monetary-policy decision on Thursday. Futures markets are pricing in the greatest odds of a 75-basis-point hike, which would bring ECB's benchmark interest-rate target to 0.75%.Monday 9/5Equity and fixed-income markets are closed in observance of Labor Day.Tuesday 9/6The Institute for Supply Management releases its Services Purchasing Managers' Index for August. Consensus estimate is for a 54 reading, about three points lower than in July. The index is well off its record high of 68.4 from November, but still above the expansionary level of 50.Wednesday 9/7Appleholds a launch event, titled \"Far Out,\" at its headquarters in Cupertino, Calif. The company is expected to unveil four new iPhone 14 models and three new Apple Watches, along with other products.GameStop and NIO report quarterly results.The Federal Reserve releases the beige book for the sixth of eight times this year. The report summarizes current economic conditions with anecdotal data collected by the 12 regional Federal Reserve banks.The Mortgage Bankers Association releases its mortgage application survey for the week ending on Sept. 2. Mortgage applications have dropped for three consecutive weeks and are at a multidecade low amid record-high home prices and surging mortgage rates.Thursday 9/8DocuSign and Zscaler hold conference calls to discuss quarterly earnings.Moderna hosts a research and development day, with presentations from its executive leadership, including CEO Stéphane Bancel.The European Central Bank announces its monetary-policy decision. Traders are pricing in a 60% chance of a jumbo-size 75-basis-point hike, which would bring ECB's deposit facility rate to 0.75%. At its last meeting, in July, the central bank lifted its key interest rate by half a percentage point, from negative 0.5% to zero. It has been just over a decade since the deposit facility rate was last above zero.The Department of Labor reports initial jobless claims for the week ending on Sept. 3. Claims averaged 241,500 in August, and have risen steadily this year from historically low levels.Friday 9/9Kroger reports second-quarter fiscal-2023 results.Tapestry, the parent company of fashion brands Coach and Kate Spade, holds an investor day at its headquarters in New York. The company will discuss its long-term strategic initiatives and update its financial outlook.The Federal Reserve releases the Financial Accounts of the United States for the second quarter. The report gives a snapshot of the nation's household net worth and debt. In the first quarter, household net worth fell by $544 billion, to $149.3 trillion. It was the first decline since the first quarter of 2020. With the S&P 500 index plunging more than 16% in the second quarter, it's very likely that the report will show another decrease.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"AAPL":1,"NIO":1,"ZS":0.9,"KR":1,"DOCU":0.9,"GME":1,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933849984,"gmtCreate":1662263495548,"gmtModify":1676537027486,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9933849984","repostId":"1174731052","repostType":4,"repost":{"id":"1174731052","kind":"news","pubTimestamp":1662259842,"share":"https://ttm.financial/m/news/1174731052?lang=en_US&edition=fundamental","pubTime":"2022-09-04 10:50","market":"other","language":"en","title":"SQQQ: Don't Overstay Your Welcome","url":"https://stock-news.laohu8.com/highlight/detail?id=1174731052","media":"Seeking Alpha","summary":"SummarySQQQ provides 3x inverse 1-day returns of the Nasdaq 100 Index.Levered ETFs provide positive ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>SQQQ provides 3x inverse 1-day returns of the Nasdaq 100 Index.</li><li>Levered ETFs provide positive convexity in the direction of the bet.</li><li>Daily rebalancing of exposure causes value decay, especially in volatile markets.</li></ul><p>Investors who are afraid of market volatility often turn to inverse exchange-traded funds (&#34;ETFs&#34;) such as the Proshares UltraPro Short QQQ ETF (NASDAQ:SQQQ) to protect their portfolios.</p><p>In my opinion, investors should consider reducing their long exposures instead of seeking inverse ETFs as a hedge, especially for holding periods of longer than a few days due to the volatility &#34;decay&#34; from daily rebalancings.</p><p><b>Fund Overview</b></p><p>As the name suggests, the Proshares UltraPro Short QQQ ETF seeks daily returns that is -3x the return of the Nasdaq-100 Index. The fund achieves the -3x daily return target by entering into total return swaps with large banks that are reset nightly.</p><p><img src=\"https://static.tigerbbs.com/fff5d9cf3e686a0cfbbc881e341b99f1\" tg-width=\"640\" tg-height=\"282\" referrerpolicy=\"no-referrer\"/></p><p>Figure 1 - SQQQ holdings (proshares.com)</p><p><b>Levered ETFs Only Work On Short Time Horizons</b></p><p>Investors who are interested in the SQQQ are highly encouraged to read this disclaimer from the Proshares website:</p><blockquote><i>Due to thecompoundingof daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return, and ProShares&#39; returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks.</i></blockquote><p>What this means in layman terms is that the SQQQ is only designed to provide 3x inverse returns for one day. For any holding period longer than 1 day, the returns expectations will differ.</p><p>For example, imagine you start off with $100 invested in SQQQ. If the Nasdaq-100 index returns -5% on day 1, your position will grow to $115 (3 times the 1-day return of 5%). If the Nasdaq-100 returns -5% again on day 2, your position will grow to $132.25. The 2 day total is more than 3 times the 2-day compounded return of 10.25% or $130.75, because the two moves are in the same direction.</p><p>Conversely, if the returns were consecutive +5% on the Nasdaq-100 index, you would end up with $85 on day 1 and $72.25 on day 2, versus a 2-day compounded loss of 9.75%, or a $70.75 final balance assuming 3 times the returns.</p><p>Levered ETFs provide holders with &#34;<b><i>positive convexity&#34;</i></b>in the direction of their bet, i.e., with the SQQQ, as the Nasdaq-100 declines, the short exposure grows, and vice versa.</p><p><b>Levered ETFs Decay In Volatile Markets</b></p><p>The biggest problem with levered ETFs is that the daily rebalancing of the fund&#39;s exposure means that in volatile markets, the fund can lose value very quickly.</p><p>Going back to our example above, if the Nasdaq-100 returned +5% on day 1 followed by -5% on day 2, that should translate to a compounded 2-day loss of 0.25%, or theoretical ending balance of $99.25. However, what happens is that on day 1, the SQQQ balance will fall to $85 (3 times the 1-day return of -5%), and on day 2, the SQQQ balance will only grow to $97.75 (3 times the 1-day return of 5%). $1.50 in &#34;value&#34; will have been lost to volatility. The higher the volatility, the more the &#34;decay.&#34;</p><p><b>Inverse ETFs Lose Value Over The Long-Term</b></p><p>Volatility coupled with the fact that markets are upwards trending in the long run means that inverse ETFs like the SQQQ are almost guaranteed to lose money over the long-term.</p><p>Comparing the performance of SQQQ vs. the Invesco QQQ ETF (QQQ) that tracks the Nasdaq-100 Index, we see that over any reasonably long time horizon, the SQQQ has been a money loser. Over 5 years, the SQQQ has lost $98.3 per $100 invested capital, and over 10 years, it has lost an incredible $99.93 per $100 invested capital.</p><p><img src=\"https://static.tigerbbs.com/799c3972388654e161203372280ae578\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"/></p><p>Figure 2 - SQQQ vs. QQQ performance (Seeking Alpha)</p><p>Even YTD, while the QQQ has lost 24.75% of its value, the SQQQ has only gained 52.6%, far less than the theoretical 74.25% gain, because of the volatility decay mentioned above. On a 1 year basis, while the QQQ has lost 21.3%, SQQQ has only gained 24.3%.</p><p><b>Conclusion</b></p><p>If investors are truly concerned about their portfolios, they should consider reducing their long exposures instead of seeking inverse ETFs as a hedge, especially for holding periods of longer than a few days due to the volatility &#34;decay&#34; from daily rebalancing. Nimble traders can try to capitalize on the convex nature of levered ETF returns, but that is not an easy task, especially for novices.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SQQQ: Don't Overstay Your Welcome</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\">\nSQQQ: Don't Overstay Your Welcome\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-04 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4538743-sqqq-dont-overstay-your-welcome><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummarySQQQ provides 3x inverse 1-day returns of the Nasdaq 100 Index.Levered ETFs provide positive convexity in the direction of the bet.Daily rebalancing of exposure causes value decay, especially ...</p>\n\n<a href=\"https://seekingalpha.com/article/4538743-sqqq-dont-overstay-your-welcome\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQQQ":"纳指三倍做空ETF"},"source_url":"https://seekingalpha.com/article/4538743-sqqq-dont-overstay-your-welcome","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174731052","content_text":"SummarySQQQ provides 3x inverse 1-day returns of the Nasdaq 100 Index.Levered ETFs provide positive convexity in the direction of the bet.Daily rebalancing of exposure causes value decay, especially in volatile markets.Investors who are afraid of market volatility often turn to inverse exchange-traded funds (\"ETFs\") such as the Proshares UltraPro Short QQQ ETF (NASDAQ:SQQQ) to protect their portfolios.In my opinion, investors should consider reducing their long exposures instead of seeking inverse ETFs as a hedge, especially for holding periods of longer than a few days due to the volatility \"decay\" from daily rebalancings.Fund OverviewAs the name suggests, the Proshares UltraPro Short QQQ ETF seeks daily returns that is -3x the return of the Nasdaq-100 Index. The fund achieves the -3x daily return target by entering into total return swaps with large banks that are reset nightly.Figure 1 - SQQQ holdings (proshares.com)Levered ETFs Only Work On Short Time HorizonsInvestors who are interested in the SQQQ are highly encouraged to read this disclaimer from the Proshares website:Due to thecompoundingof daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return, and ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks.What this means in layman terms is that the SQQQ is only designed to provide 3x inverse returns for one day. For any holding period longer than 1 day, the returns expectations will differ.For example, imagine you start off with $100 invested in SQQQ. If the Nasdaq-100 index returns -5% on day 1, your position will grow to $115 (3 times the 1-day return of 5%). If the Nasdaq-100 returns -5% again on day 2, your position will grow to $132.25. The 2 day total is more than 3 times the 2-day compounded return of 10.25% or $130.75, because the two moves are in the same direction.Conversely, if the returns were consecutive +5% on the Nasdaq-100 index, you would end up with $85 on day 1 and $72.25 on day 2, versus a 2-day compounded loss of 9.75%, or a $70.75 final balance assuming 3 times the returns.Levered ETFs provide holders with \"positive convexity\"in the direction of their bet, i.e., with the SQQQ, as the Nasdaq-100 declines, the short exposure grows, and vice versa.Levered ETFs Decay In Volatile MarketsThe biggest problem with levered ETFs is that the daily rebalancing of the fund's exposure means that in volatile markets, the fund can lose value very quickly.Going back to our example above, if the Nasdaq-100 returned +5% on day 1 followed by -5% on day 2, that should translate to a compounded 2-day loss of 0.25%, or theoretical ending balance of $99.25. However, what happens is that on day 1, the SQQQ balance will fall to $85 (3 times the 1-day return of -5%), and on day 2, the SQQQ balance will only grow to $97.75 (3 times the 1-day return of 5%). $1.50 in \"value\" will have been lost to volatility. The higher the volatility, the more the \"decay.\"Inverse ETFs Lose Value Over The Long-TermVolatility coupled with the fact that markets are upwards trending in the long run means that inverse ETFs like the SQQQ are almost guaranteed to lose money over the long-term.Comparing the performance of SQQQ vs. the Invesco QQQ ETF (QQQ) that tracks the Nasdaq-100 Index, we see that over any reasonably long time horizon, the SQQQ has been a money loser. Over 5 years, the SQQQ has lost $98.3 per $100 invested capital, and over 10 years, it has lost an incredible $99.93 per $100 invested capital.Figure 2 - SQQQ vs. QQQ performance (Seeking Alpha)Even YTD, while the QQQ has lost 24.75% of its value, the SQQQ has only gained 52.6%, far less than the theoretical 74.25% gain, because of the volatility decay mentioned above. On a 1 year basis, while the QQQ has lost 21.3%, SQQQ has only gained 24.3%.ConclusionIf investors are truly concerned about their portfolios, they should consider reducing their long exposures instead of seeking inverse ETFs as a hedge, especially for holding periods of longer than a few days due to the volatility \"decay\" from daily rebalancing. Nimble traders can try to capitalize on the convex nature of levered ETF returns, but that is not an easy task, especially for novices.","news_type":1,"symbols_score_info":{"SQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933970639,"gmtCreate":1662211931121,"gmtModify":1676537018810,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9933970639","repostId":"1184784977","repostType":4,"repost":{"id":"1184784977","kind":"news","pubTimestamp":1662174038,"share":"https://ttm.financial/m/news/1184784977?lang=en_US&edition=fundamental","pubTime":"2022-09-03 11:00","market":"other","language":"en","title":"September May Bring The S&P 500 Back To Its June Lows","url":"https://stock-news.laohu8.com/highlight/detail?id=1184784977","media":"Seeking Alpha","summary":"SummaryThe S&P 500 has fallen sharply in recent days, as the dovish pivot has vanished.An FOMC meeti","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The S&amp;P 500 has fallen sharply in recent days, as the dovish pivot has vanished.</li><li>An FOMC meeting and a slew of economic data will make September very volatile.</li><li>Rising rates and uncertainty could put the June lows in play.</li></ul><p>Stocks are off to a turbulent start in September, as the Fed crushed all hopes of a dovish pivot at the Jackson Hole meeting last Friday. To make matters worse, September will hold several key economic data points and an FOMC meeting which could create even more volatility in a seasonally lousy time.</p><p>Today&#39;s job report appeared a bit weaker on the surface due to the rising unemployment rate. However, the jobs data showed that the pace of hiring in the economy is still strong, and wage growth remains elevated, despite rising slower than inflation.</p><p>The increase in unemployment was driven mainly by the number of workers not in the workforce dropping by 613,000 while the population growth increased by 172,000. This increased the civilian labor force by 786,000, with 442,000 finding work and 344,000 moving into the unemployed column. Unemployment didn&#39;t rise because people were losing jobs; unemployment increased because people were pulled into the labor force, perhaps because of solid wage growth, which increased by 5.2% year-over-year.</p><p><img src=\"https://static.tigerbbs.com/b84ce593ffddaaaf877449fe8aa645d2\" tg-width=\"640\" tg-height=\"192\" referrerpolicy=\"no-referrer\"/></p><p>BLS.GOV</p><p>More interesting is that the pace of hiring in the household survey accelerated in August and increased at its fastest rate since March 2022. None of the data from the unemployment report would suggest the Fed is likely to do anything different than it has previously indicated.</p><p><img src=\"https://static.tigerbbs.com/791401f8937b11a9c345764a956dbed6\" tg-width=\"640\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>Meanwhile, CPI is likely still tracking above 8% for August and September, based on the Cleveland Fed estimates. Currently, estimates are for a year-over-year inflation rate of 8.3% for August, and 8.4% for September. Meanwhile, core CPI is forecast to rise by 6.25% in August and 6.6% in September. The increase in CPI for August would be slightly slower than 8.5% for July, while core CPI would be somewhat faster than the 5.9% y/y change.</p><p><img src=\"https://static.tigerbbs.com/f7e19e82ac100d02e922240146dd66a6\" tg-width=\"640\" tg-height=\"337\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>A rising core CPI and a strong employment report could push the Fed to raise rates by 75 bps in September. While markets are leaning towards a 75 bps rate hike in September, they aren&#39;t convinced, with current odds at just 62%.</p><p><img src=\"https://static.tigerbbs.com/67b0ea44418c49e83255c4d0524d70bb\" tg-width=\"640\" tg-height=\"320\" referrerpolicy=\"no-referrer\"/></p><p>CME Group</p><p>On top of that September tends to be, on average over the past 30 years, the weakest month with an average decline of -0.34%. The declines have been as much as 11%, and the gains have been as much as 8.8%.</p><p><img src=\"https://static.tigerbbs.com/779c427f3192a6ad21f8686b92e742f1\" tg-width=\"640\" tg-height=\"434\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p><b>S&amp;P 500 Valuation Is Rich Versus Bonds</b></p><p>Data and questions around the next Fed meeting will create a lot of volatility in an already weak time of the year. Interest rates have risen dramatically since Jackson Hole, pushing the S&amp;P 500&#39;s valuation to historically high levels relative to the 10-yr yield, with a current spread between the earnings yield and the 10-yr rate now at 2.47%. But given, that spread should be widening because that is what happens when financial conditions tighten, it tells us that stocks are overvalued currently versus bonds.</p><p><img src=\"https://static.tigerbbs.com/fb5d69d23d8cf6e3e3a3fc0d6ef85286\" tg-width=\"640\" tg-height=\"235\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>With a nominal 10-Yr rate hovering around 3.25%, if the spread between the S&amp;P 500 earnings yield and the 10-Yr rate moves up to 3%, it would assume an earnings yield for the S&amp;P 500 of 6.25%, or a PE Ratio of 16, which is about 9% lower than the S&amp;P&#39;s current PE of roughly 17.6. That would equate to a value on the S&amp;P 500 of approximately 3,640 and close to the June lows.</p><p><b>June Lows Are In-Play</b></p><p>The likelihood of the S&amp;P 500 retesting those June lows seems to be increasing, and today&#39;s job data isn&#39;t likely to help. The fact of the matter is that rates are rising, and the August jobs data do not suggest the Fed should slow rate hikes or change its policy path, and the CPI data isn&#39;t likely to either. This means the Fed should remain on course to raise rates to around 4% by the middle of 2023, as the Fed Funds Futures are pricing. Given that, it will be tough for an equity rally to see a sustained advance.</p><p><img src=\"https://static.tigerbbs.com/0df38f9295305d9279da28bfae09f5b1\" tg-width=\"640\" tg-height=\"503\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>As rates continue to price higher, not only will nominal rates climb, but so will real rates, and currently, the 5-year and 10-Yr TIP rates have climbed right back to or above their cycle highs. This means that if real rates are rising, shouldn&#39;t the earnings yield of the S&amp;P 500 be rising too? After all, they have followed each other this closely for the past five years; shouldn&#39;t that continue well into the future?</p><p><img src=\"https://static.tigerbbs.com/7d089ca0d6d95c63abe24819e26ed648\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg</p><p>Unless, of course, you still think the Fed will make a dovish pivot.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>September May Bring The S&P 500 Back To Its June Lows</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\">\nSeptember May Bring The S&P 500 Back To Its June Lows\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-03 11:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4538702-september-may-bring-the-s-and-p-500-back-to-its-june-lows><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe S&P 500 has fallen sharply in recent days, as the dovish pivot has vanished.An FOMC meeting and a slew of economic data will make September very volatile.Rising rates and uncertainty could ...</p>\n\n<a href=\"https://seekingalpha.com/article/4538702-september-may-bring-the-s-and-p-500-back-to-its-june-lows\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4538702-september-may-bring-the-s-and-p-500-back-to-its-june-lows","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184784977","content_text":"SummaryThe S&P 500 has fallen sharply in recent days, as the dovish pivot has vanished.An FOMC meeting and a slew of economic data will make September very volatile.Rising rates and uncertainty could put the June lows in play.Stocks are off to a turbulent start in September, as the Fed crushed all hopes of a dovish pivot at the Jackson Hole meeting last Friday. To make matters worse, September will hold several key economic data points and an FOMC meeting which could create even more volatility in a seasonally lousy time.Today's job report appeared a bit weaker on the surface due to the rising unemployment rate. However, the jobs data showed that the pace of hiring in the economy is still strong, and wage growth remains elevated, despite rising slower than inflation.The increase in unemployment was driven mainly by the number of workers not in the workforce dropping by 613,000 while the population growth increased by 172,000. This increased the civilian labor force by 786,000, with 442,000 finding work and 344,000 moving into the unemployed column. Unemployment didn't rise because people were losing jobs; unemployment increased because people were pulled into the labor force, perhaps because of solid wage growth, which increased by 5.2% year-over-year.BLS.GOVMore interesting is that the pace of hiring in the household survey accelerated in August and increased at its fastest rate since March 2022. None of the data from the unemployment report would suggest the Fed is likely to do anything different than it has previously indicated.BloombergMeanwhile, CPI is likely still tracking above 8% for August and September, based on the Cleveland Fed estimates. Currently, estimates are for a year-over-year inflation rate of 8.3% for August, and 8.4% for September. Meanwhile, core CPI is forecast to rise by 6.25% in August and 6.6% in September. The increase in CPI for August would be slightly slower than 8.5% for July, while core CPI would be somewhat faster than the 5.9% y/y change.BloombergA rising core CPI and a strong employment report could push the Fed to raise rates by 75 bps in September. While markets are leaning towards a 75 bps rate hike in September, they aren't convinced, with current odds at just 62%.CME GroupOn top of that September tends to be, on average over the past 30 years, the weakest month with an average decline of -0.34%. The declines have been as much as 11%, and the gains have been as much as 8.8%.BloombergS&P 500 Valuation Is Rich Versus BondsData and questions around the next Fed meeting will create a lot of volatility in an already weak time of the year. Interest rates have risen dramatically since Jackson Hole, pushing the S&P 500's valuation to historically high levels relative to the 10-yr yield, with a current spread between the earnings yield and the 10-yr rate now at 2.47%. But given, that spread should be widening because that is what happens when financial conditions tighten, it tells us that stocks are overvalued currently versus bonds.BloombergWith a nominal 10-Yr rate hovering around 3.25%, if the spread between the S&P 500 earnings yield and the 10-Yr rate moves up to 3%, it would assume an earnings yield for the S&P 500 of 6.25%, or a PE Ratio of 16, which is about 9% lower than the S&P's current PE of roughly 17.6. That would equate to a value on the S&P 500 of approximately 3,640 and close to the June lows.June Lows Are In-PlayThe likelihood of the S&P 500 retesting those June lows seems to be increasing, and today's job data isn't likely to help. The fact of the matter is that rates are rising, and the August jobs data do not suggest the Fed should slow rate hikes or change its policy path, and the CPI data isn't likely to either. This means the Fed should remain on course to raise rates to around 4% by the middle of 2023, as the Fed Funds Futures are pricing. Given that, it will be tough for an equity rally to see a sustained advance.BloombergAs rates continue to price higher, not only will nominal rates climb, but so will real rates, and currently, the 5-year and 10-Yr TIP rates have climbed right back to or above their cycle highs. This means that if real rates are rising, shouldn't the earnings yield of the S&P 500 be rising too? After all, they have followed each other this closely for the past five years; shouldn't that continue well into the future?BloombergUnless, of course, you still think the Fed will make a dovish pivot.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9939819146,"gmtCreate":1662082943487,"gmtModify":1676536803466,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9939819146","repostId":"2264210771","repostType":4,"repost":{"id":"2264210771","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1662076475,"share":"https://ttm.financial/m/news/2264210771?lang=en_US&edition=fundamental","pubTime":"2022-09-02 07:54","market":"us","language":"en","title":"What Does Friday's Jobs Report Mean for the Market? \"Too Hot\" and Stocks Could Tumble, Says Market Pro","url":"https://stock-news.laohu8.com/highlight/detail?id=2264210771","media":"Dow Jones","summary":"August jobs report may once again carry risks for stocks, but in a 'less intense' way than last Frid","content":"<html><head></head><body><p>August jobs report may once again carry risks for stocks, but in a &#39;less intense&#39; way than last Friday&#39;s Powell speech, says Tom Essaye</p><p>With Federal Reserve Chair Powell last week reaffirming plans to keep raising interest rates to bring down inflation despite the risk of recession, Friday&#39;s monthly U.S. jobs report may once again carry risks for the stock market, said Tom Essaye, a former Merrill Lynch trader and the founder of the Sevens Report newsletter.</p><p>The Labor Department&#39;s monthly jobs report on Friday, which tracks employment across the public and private sectors, is expected to show the U.S. economy added 318,000 jobs in August, far fewer than the 528,000 jobs that were created in July, according to a survey of economists by The Wall Street Journal. The unemployment rate is seen steady at 3.5%, while the average hourly earnings are estimated to rise 0.4%, following a 0.5% rise in the previous month.</p><p>&#34;The labor market needs to show signs that it&#39;s on the path to returning to a state of relative balance, where job openings are roughly the same as the number of people looking for jobs--and if it does not show that, then concerns about a more hawkish-for-longer Fed will rise, and that&#39;s not good for stocks,&#34; wrote Essaye in a note on Thursday.</p><h2>&#39;Too Hot&#39;</h2><p>According to Essaye, if the employment results come in &#34;too hot&#34; with nonfarm payrolls rising more than 350,000 for the month and the unemployment rate falling below 3.5%, stocks would drop sharply in what might be a &#34;less-intense repeat&#34; of last Friday, as markets price in higher interest rates for longer.</p><p>U.S. stocks tumbled last Friday, with the Dow Jones Industrial Average  closing down more than 1,000 points for its worst daily percentage drop in three months, after Chair Powell said in his Jackson Hole address that the central bank will continue its battle to get the annual inflation rate back to its 2% target &#34;until the job is done&#34;.</p><p>&#34;Numbers this strong would underscore that the labor market remains out of balance, and that would keep the Fed focused on slowing demand via higher rates,&#34; said Essaye. &#34;Practically, this would increase the chances the &#39;terminal&#39; fed funds rate moves above 4% and hopes for a rate cut in 2023 would likely be dashed.&#34;</p><p>He expects the yield-curve spread between the 10-year and 2-year Treasurys to rise as the 2-year yield shoots higher on the prospect of higher rates, while the 10-year yield would also likely rise, but less so.</p><p>The 2-year Treasury yield hit a fresh 15-year high  at 3.528% on Thursday, while the 10-year Treasury yield  climbed to 3.266%, its highest level since late June.</p><h2>&#39;Just Right&#39;</h2><p>However, if job growth falls in a range of zero to 300,000 while the unemployment rate rises above 3.7%, the stock market may expect a modest rally given the drop in stocks over the past five days, according to Essaye.</p><p>U.S. stocks were mixed in late trade on Thursday.  The Dow Jones Industrial Average  was up 40 points, or 0.1%. The S&amp;P 500  lost 0.1%, while the Nasdaq Composite  was off 0.8%. All three major indexes have fallen for four straight sessions.</p><p>&#34;We wouldn&#39;t expect an explosion higher in stocks because a &#39;Just Right&#39; jobs report still wouldn&#39;t bring back the idea of an imminent Fed pivot,&#34; said Essaye. &#34;(It) would not make the Fed get more hawkish and keep alive the hope that the Fed could cut rates in 2023.&#34;</p><h2>&#39;Too Cold&#39;</h2><p>In the worst case scenario with a negative jobs print for August and a spike in the unemployment rate, stocks may jump on a &#34;bad is good&#34; mindset though the Fed won&#39;t pivot away from its monetary tightening as &#34;a soft number won&#39;t change the Fed&#39;s calculus for the next several meetings -- &#39;we&#39;re still getting 50-75 bps in September&#39;, so we would not be inclined to chase that rally,&#34; according to Essaye.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Does Friday's Jobs Report Mean for the Market? \"Too Hot\" and Stocks Could Tumble, Says Market Pro</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\">\nWhat Does Friday's Jobs Report Mean for the Market? \"Too Hot\" and Stocks Could Tumble, Says Market Pro\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-09-02 07:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>August jobs report may once again carry risks for stocks, but in a &#39;less intense&#39; way than last Friday&#39;s Powell speech, says Tom Essaye</p><p>With Federal Reserve Chair Powell last week reaffirming plans to keep raising interest rates to bring down inflation despite the risk of recession, Friday&#39;s monthly U.S. jobs report may once again carry risks for the stock market, said Tom Essaye, a former Merrill Lynch trader and the founder of the Sevens Report newsletter.</p><p>The Labor Department&#39;s monthly jobs report on Friday, which tracks employment across the public and private sectors, is expected to show the U.S. economy added 318,000 jobs in August, far fewer than the 528,000 jobs that were created in July, according to a survey of economists by The Wall Street Journal. The unemployment rate is seen steady at 3.5%, while the average hourly earnings are estimated to rise 0.4%, following a 0.5% rise in the previous month.</p><p>&#34;The labor market needs to show signs that it&#39;s on the path to returning to a state of relative balance, where job openings are roughly the same as the number of people looking for jobs--and if it does not show that, then concerns about a more hawkish-for-longer Fed will rise, and that&#39;s not good for stocks,&#34; wrote Essaye in a note on Thursday.</p><h2>&#39;Too Hot&#39;</h2><p>According to Essaye, if the employment results come in &#34;too hot&#34; with nonfarm payrolls rising more than 350,000 for the month and the unemployment rate falling below 3.5%, stocks would drop sharply in what might be a &#34;less-intense repeat&#34; of last Friday, as markets price in higher interest rates for longer.</p><p>U.S. stocks tumbled last Friday, with the Dow Jones Industrial Average  closing down more than 1,000 points for its worst daily percentage drop in three months, after Chair Powell said in his Jackson Hole address that the central bank will continue its battle to get the annual inflation rate back to its 2% target &#34;until the job is done&#34;.</p><p>&#34;Numbers this strong would underscore that the labor market remains out of balance, and that would keep the Fed focused on slowing demand via higher rates,&#34; said Essaye. &#34;Practically, this would increase the chances the &#39;terminal&#39; fed funds rate moves above 4% and hopes for a rate cut in 2023 would likely be dashed.&#34;</p><p>He expects the yield-curve spread between the 10-year and 2-year Treasurys to rise as the 2-year yield shoots higher on the prospect of higher rates, while the 10-year yield would also likely rise, but less so.</p><p>The 2-year Treasury yield hit a fresh 15-year high  at 3.528% on Thursday, while the 10-year Treasury yield  climbed to 3.266%, its highest level since late June.</p><h2>&#39;Just Right&#39;</h2><p>However, if job growth falls in a range of zero to 300,000 while the unemployment rate rises above 3.7%, the stock market may expect a modest rally given the drop in stocks over the past five days, according to Essaye.</p><p>U.S. stocks were mixed in late trade on Thursday.  The Dow Jones Industrial Average  was up 40 points, or 0.1%. The S&amp;P 500  lost 0.1%, while the Nasdaq Composite  was off 0.8%. All three major indexes have fallen for four straight sessions.</p><p>&#34;We wouldn&#39;t expect an explosion higher in stocks because a &#39;Just Right&#39; jobs report still wouldn&#39;t bring back the idea of an imminent Fed pivot,&#34; said Essaye. &#34;(It) would not make the Fed get more hawkish and keep alive the hope that the Fed could cut rates in 2023.&#34;</p><h2>&#39;Too Cold&#39;</h2><p>In the worst case scenario with a negative jobs print for August and a spike in the unemployment rate, stocks may jump on a &#34;bad is good&#34; mindset though the Fed won&#39;t pivot away from its monetary tightening as &#34;a soft number won&#39;t change the Fed&#39;s calculus for the next several meetings -- &#39;we&#39;re still getting 50-75 bps in September&#39;, so we would not be inclined to chase that rally,&#34; according to Essaye.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","QQQ":"纳指100ETF","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2264210771","content_text":"August jobs report may once again carry risks for stocks, but in a 'less intense' way than last Friday's Powell speech, says Tom EssayeWith Federal Reserve Chair Powell last week reaffirming plans to keep raising interest rates to bring down inflation despite the risk of recession, Friday's monthly U.S. jobs report may once again carry risks for the stock market, said Tom Essaye, a former Merrill Lynch trader and the founder of the Sevens Report newsletter.The Labor Department's monthly jobs report on Friday, which tracks employment across the public and private sectors, is expected to show the U.S. economy added 318,000 jobs in August, far fewer than the 528,000 jobs that were created in July, according to a survey of economists by The Wall Street Journal. The unemployment rate is seen steady at 3.5%, while the average hourly earnings are estimated to rise 0.4%, following a 0.5% rise in the previous month.\"The labor market needs to show signs that it's on the path to returning to a state of relative balance, where job openings are roughly the same as the number of people looking for jobs--and if it does not show that, then concerns about a more hawkish-for-longer Fed will rise, and that's not good for stocks,\" wrote Essaye in a note on Thursday.'Too Hot'According to Essaye, if the employment results come in \"too hot\" with nonfarm payrolls rising more than 350,000 for the month and the unemployment rate falling below 3.5%, stocks would drop sharply in what might be a \"less-intense repeat\" of last Friday, as markets price in higher interest rates for longer.U.S. stocks tumbled last Friday, with the Dow Jones Industrial Average  closing down more than 1,000 points for its worst daily percentage drop in three months, after Chair Powell said in his Jackson Hole address that the central bank will continue its battle to get the annual inflation rate back to its 2% target \"until the job is done\".\"Numbers this strong would underscore that the labor market remains out of balance, and that would keep the Fed focused on slowing demand via higher rates,\" said Essaye. \"Practically, this would increase the chances the 'terminal' fed funds rate moves above 4% and hopes for a rate cut in 2023 would likely be dashed.\"He expects the yield-curve spread between the 10-year and 2-year Treasurys to rise as the 2-year yield shoots higher on the prospect of higher rates, while the 10-year yield would also likely rise, but less so.The 2-year Treasury yield hit a fresh 15-year high  at 3.528% on Thursday, while the 10-year Treasury yield  climbed to 3.266%, its highest level since late June.'Just Right'However, if job growth falls in a range of zero to 300,000 while the unemployment rate rises above 3.7%, the stock market may expect a modest rally given the drop in stocks over the past five days, according to Essaye.U.S. stocks were mixed in late trade on Thursday.  The Dow Jones Industrial Average  was up 40 points, or 0.1%. The S&P 500  lost 0.1%, while the Nasdaq Composite  was off 0.8%. All three major indexes have fallen for four straight sessions.\"We wouldn't expect an explosion higher in stocks because a 'Just Right' jobs report still wouldn't bring back the idea of an imminent Fed pivot,\" said Essaye. \"(It) would not make the Fed get more hawkish and keep alive the hope that the Fed could cut rates in 2023.\"'Too Cold'In the worst case scenario with a negative jobs print for August and a spike in the unemployment rate, stocks may jump on a \"bad is good\" mindset though the Fed won't pivot away from its monetary tightening as \"a soft number won't change the Fed's calculus for the next several meetings -- 'we're still getting 50-75 bps in September', so we would not be inclined to chase that rally,\" according to Essaye.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9,"QQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9930469611,"gmtCreate":1661993940236,"gmtModify":1676536619871,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930469611","repostId":"1188697059","repostType":4,"repost":{"id":"1188697059","kind":"news","pubTimestamp":1661990595,"share":"https://ttm.financial/m/news/1188697059?lang=en_US&edition=fundamental","pubTime":"2022-09-01 08:03","market":"sg","language":"en","title":"Continued Consolidation Called For Singapore Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1188697059","media":"rtt news","summary":"The Singapore stock market has moved lower in two of three trading days since the end of the two-day","content":"<html><head></head><body><p>The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,220-point plateau and it&#39;s likely to take further damage on Thursday.</p><p>The global forecast for the Asianmarketsis broadly negative on inflation and interest rate concerns. The European and U.S. markets were down on Wednesday and now the Asian markets are expected to open in similar fashion.</p><p>The STI finished modestly lower on Wednesday following losses from the trusts and properties, while the financials came in mixed.</p><p>For the day, the index sank 17.66 points or 0.55 percent to finish at 3,221.67 after trading between 3,212.18 and 3,233.61. Volume was 2.06 billion shares worth 1.89 billion Singapore dollars. There were 269 decliners and 251 gainers.</p><p>Among the actives, Ascendas REIT tanked 2.08 percent, while CapitaLand Investment declined 1.86 percent, City Developments shed 0.49 percent, DBS Group skidded 0.85 percent, Genting Singapore tumbled 1.90 percent, Hongkong Land sank 0.82 percent, Keppel Corp climbed 1.11 percent, Mapletree Pan Asia Commercial Trust weakened 1.08 percent, Mapletree Industrial Trust plunged 2.32 percent, Mapletree Logistics Trust plummeted 2.34 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, SATS rose 0.25 percent, SembCorp Industries stumbled 1.17 percent, Singapore Exchange added 0.42 percent, Singapore Technologies Engineering retreated 1.58 percent, SingTel surrendered 1.87 percent, Thai Beverage advanced 0.78 percent, United Overseas Bank collected 0.04 percent, Wilmar International dropped 0.74 percent, Yangzijiang Financial slumped 1.32 percent and Yangzijiang Shipbuilding, CapitaLand Integrated Commercial Trust and Comfort DelGro were unchanged.</p><p>The lead from Wall Street is soft as the major averages shook off a positive open on Wednesday, hugging the line for much of the day before a late slide pushed them firmly into the red for the fourth straight session.</p><p>The Dow tumbled 280.44 points or 0.88 percent to finish at 31,510.43, while the NASDAQ slumped 66.93 points or 0.56 percent to close at 11,816.20 and the S&amp;P 500 sank 31.16 points or 0.78 percent to end at 3,955.00.</p><p>The continued weakness on Wall Street reflected lingering concerns about higher interest rates following some hawkish comments from Federal Reserve officials.</p><p>Exacerbating those concerns, Eurozone inflation hit a new record in August and added further pressure on the European Central Bank to tighten policy more aggressively as soon as next week.</p><p>In economic news, payroll processor ADP said that private sector employment in the U.S. increased by much less than expected in August.</p><p>Crude oil prices saw further downside on Wednesday, extending recent losses on concerns about the outlook for the globaleconomyafter the Eurozone&#39;s record high inflation report. West Texas Intermediate for October delivery tumbled $2.09 or 2.3 percent to $89.55 a barrel.</p></body></html>","source":"lsy1637539882596","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>Continued Consolidation Called For Singapore Stock Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nContinued Consolidation Called For Singapore Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-01 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.rttnews.com/3308540/continued-consolidation-called-for-singapore-stock-market.aspx?type=acom><strong>rtt news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 15 points or 0.5 percent. The Straits Times ...</p>\n\n<a href=\"https://www.rttnews.com/3308540/continued-consolidation-called-for-singapore-stock-market.aspx?type=acom\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.rttnews.com/3308540/continued-consolidation-called-for-singapore-stock-market.aspx?type=acom","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188697059","content_text":"The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,220-point plateau and it's likely to take further damage on Thursday.The global forecast for the Asianmarketsis broadly negative on inflation and interest rate concerns. The European and U.S. markets were down on Wednesday and now the Asian markets are expected to open in similar fashion.The STI finished modestly lower on Wednesday following losses from the trusts and properties, while the financials came in mixed.For the day, the index sank 17.66 points or 0.55 percent to finish at 3,221.67 after trading between 3,212.18 and 3,233.61. Volume was 2.06 billion shares worth 1.89 billion Singapore dollars. There were 269 decliners and 251 gainers.Among the actives, Ascendas REIT tanked 2.08 percent, while CapitaLand Investment declined 1.86 percent, City Developments shed 0.49 percent, DBS Group skidded 0.85 percent, Genting Singapore tumbled 1.90 percent, Hongkong Land sank 0.82 percent, Keppel Corp climbed 1.11 percent, Mapletree Pan Asia Commercial Trust weakened 1.08 percent, Mapletree Industrial Trust plunged 2.32 percent, Mapletree Logistics Trust plummeted 2.34 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, SATS rose 0.25 percent, SembCorp Industries stumbled 1.17 percent, Singapore Exchange added 0.42 percent, Singapore Technologies Engineering retreated 1.58 percent, SingTel surrendered 1.87 percent, Thai Beverage advanced 0.78 percent, United Overseas Bank collected 0.04 percent, Wilmar International dropped 0.74 percent, Yangzijiang Financial slumped 1.32 percent and Yangzijiang Shipbuilding, CapitaLand Integrated Commercial Trust and Comfort DelGro were unchanged.The lead from Wall Street is soft as the major averages shook off a positive open on Wednesday, hugging the line for much of the day before a late slide pushed them firmly into the red for the fourth straight session.The Dow tumbled 280.44 points or 0.88 percent to finish at 31,510.43, while the NASDAQ slumped 66.93 points or 0.56 percent to close at 11,816.20 and the S&P 500 sank 31.16 points or 0.78 percent to end at 3,955.00.The continued weakness on Wall Street reflected lingering concerns about higher interest rates following some hawkish comments from Federal Reserve officials.Exacerbating those concerns, Eurozone inflation hit a new record in August and added further pressure on the European Central Bank to tighten policy more aggressively as soon as next week.In economic news, payroll processor ADP said that private sector employment in the U.S. increased by much less than expected in August.Crude oil prices saw further downside on Wednesday, extending recent losses on concerns about the outlook for the globaleconomyafter the Eurozone's record high inflation report. West Texas Intermediate for October delivery tumbled $2.09 or 2.3 percent to $89.55 a barrel.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9930139358,"gmtCreate":1661910635277,"gmtModify":1676536602295,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930139358","repostId":"1113965751","repostType":4,"repost":{"id":"1113965751","kind":"news","pubTimestamp":1661903685,"share":"https://ttm.financial/m/news/1113965751?lang=en_US&edition=fundamental","pubTime":"2022-08-31 07:54","market":"us","language":"en","title":"Fed Gets New Path to Go Big as Job Openings, Confidence Surprise","url":"https://stock-news.laohu8.com/highlight/detail?id=1113965751","media":"Bloomberg","summary":"Two indicators top forecasts, pointing to strength in demandStrong data complicates Fed’s job to tam","content":"<div>\n<p>Two indicators top forecasts, pointing to strength in demandStrong data complicates Fed’s job to tamp down inflationUS jobs openings and a consumer confidence gauge both topped forecasts, pointing to ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-08-30/fed-gets-more-data-to-go-big-in-job-openings-confidence-reports\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Gets New Path to Go Big as Job Openings, Confidence Surprise</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Gets New Path to Go Big as Job Openings, Confidence Surprise\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-31 07:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-08-30/fed-gets-more-data-to-go-big-in-job-openings-confidence-reports><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Two indicators top forecasts, pointing to strength in demandStrong data complicates Fed’s job to tamp down inflationUS jobs openings and a consumer confidence gauge both topped forecasts, pointing to ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-08-30/fed-gets-more-data-to-go-big-in-job-openings-confidence-reports\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2022-08-30/fed-gets-more-data-to-go-big-in-job-openings-confidence-reports","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113965751","content_text":"Two indicators top forecasts, pointing to strength in demandStrong data complicates Fed’s job to tamp down inflationUS jobs openings and a consumer confidence gauge both topped forecasts, pointing to strength in household and labor demand that risks sustaining inflationary pressures and raises the prospects for a third straight 75 basis-point interest-rate hike by the Federal Reserve.The Conference Board’s August index of sentiment rose to athree-month high, and the report also showed firmer buying plans for appliances and cars. Job vacancies, meanwhile, unexpectedly increased to11.2 millionin July, close to a record and underscoring persistent tightness in the labor market.One job-market indicator scrutinized by Fed Chair Jerome Powell -- the number of jobs available per unemployed person in the country -- rose to about 2 in July.Combined, the figures show rock-solid labor demand and resilient household demand even as US central bankers step harder on the monetary policy brakes. Without a commensurate slowdown in consumer spending and an easing of wage pressure, the Fed’s fight to bring inflation down from decades-high levels will be that much more difficult.“The Fed’s efforts to temper demand for labor still have a long way to go,” Wells Fargo & Co. economists Sarah House and Michael Pugliese said in a note. “The ratio of job openings per unemployed worker rebounded back up to 2.0 in another sign that the stark imbalances between the supply and demand for workers have yet to ease, let alone resolve.”Powell said in a speech Friday at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming, that bringing price pressures down toward the Fed’s 2% target was the central bank’s “overarching focus right now.”Fed officials lifted rates by 75 basis points at each of their last two meetings and Powell has said that another unusually large increase of this size could be on the table when they next meet Sept. 20-21. Policy makers have said the decision will be determined by economic data, including the monthly jobs report due Friday and another update on consumer prices that will be released in two weeks.The surprise strength in Tuesday’s indicators suggests that labor demand isn’t likely to abate soon, in spite of the rising interest rates. The consumer confidence gauge showed that Americans are growing more optimistic about the economy amid falling gasoline prices -- even as the costs of other essential items including food continue to rise at a quick pace.“That lends itself to the narrative that if consumers are more confident, they’ll keep on spending, and maybe that means inflationary pressures that will keep the Fed on their tightening path,” said Derek Holt, an economist at Scotiabank who expects the Fed to raise rates by 75 basis points in September.Following hawkish comments from Powell and other policy makers in Jackson Hole, investors are leaning toward a 75-basis-point hike, according to prices of futures contracts linked to the US central bank’s benchmark rate.On the job-market front, vacancies have exceeded 11 million for eight-straight months and the unemployment rate remains historically low.Some of the largest increases in vacancies were in retail trade, and transportation, warehousing and utilities. Arts, entertainment and recreation also posted more openings from the prior month, and so did federal government and state and local government education.“Demand for labor shows no sign of cooling despite the Fed’s efforts to slow it down. Job openings failed to decline in July and the ratio of job openings per unemployed -- one of the Fed’s preferred measures of labor-market tightness -- remained near a record high. That suggests the central bank needs to keep on an aggressive rate-hike course, tipping the scale toward a 75-basis-point increase at the September FOMC meeting.”-- Eliza Winger, economistSome measures did indicate a slight tempering of wage growth down the road. The share of Americans quitting their private-sector jobseased last monthto the lowest level since May 2021.In the Conference Board report, the share of consumers who said jobs were “plentiful” decreased slightly to 48%. However, six months from now, more respondents expected business conditions to improve. They said they are slightly more positive about their short-term financial prospects.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9997524397,"gmtCreate":1661824415421,"gmtModify":1676536586259,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9997524397","repostId":"2263173200","repostType":4,"repost":{"id":"2263173200","kind":"highlight","pubTimestamp":1661824116,"share":"https://ttm.financial/m/news/2263173200?lang=en_US&edition=fundamental","pubTime":"2022-08-30 09:48","market":"us","language":"en","title":"Salesforce vs. ServiceNow: Which Is the Better Cloud Stock to Buy Right Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2263173200","media":"Motley Fool","summary":"These SaaS leaders recently delivered their latest quarterly reports, which makes this a good time to weigh them against each other.","content":"<div>\n<p>The global economy is slowing down, and an epic run-up in the value of the U.S. dollar relative to other currencies is taking a bite out of the revenues and profits of multinational companies. Cloud ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/29/salesforce-vs-servicenow-which-is-the-better-cloud/\">Source Link</a>\n\n</div>\n","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>Salesforce vs. ServiceNow: Which Is the Better Cloud Stock to 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\">\nSalesforce vs. ServiceNow: Which Is the Better Cloud Stock to Buy Right Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-30 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/29/salesforce-vs-servicenow-which-is-the-better-cloud/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The global economy is slowing down, and an epic run-up in the value of the U.S. dollar relative to other currencies is taking a bite out of the revenues and profits of multinational companies. Cloud ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/29/salesforce-vs-servicenow-which-is-the-better-cloud/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOW":"ServiceNow","CRM":"赛富时"},"source_url":"https://www.fool.com/investing/2022/08/29/salesforce-vs-servicenow-which-is-the-better-cloud/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2263173200","content_text":"The global economy is slowing down, and an epic run-up in the value of the U.S. dollar relative to other currencies is taking a bite out of the revenues and profits of multinational companies. Cloud software businesses, though, are displaying strength. Big businesses currently favor projects with quick returns on investment, and shifting digital operations to the cloud delivers just those sorts of rapid benefits.To wit, Salesforce and ServiceNow(NOW) both reported solid second-quarter earnings despite numerous challenges. However, one of these cloud stocks looks like the better buy right now.Salesforce: Enduring (but slowing) growth from a cloud pioneerSalesforce has a broad portfolio of software solutions that help its clients make the most of their customer data and transform their IT operations for the cloud. Through the first half of its fiscal 2023, revenue is up 23% year over year to $15.1 billion. Free cash flow is up 12% to $3.63 billion, giving it a margin of 24%.Even in a period of macroeconomic uncertainty, Salesforce's massive toolbox is still winning over lots of new users. However, the company is headed for a significant slowdown in the back half of the fiscal year. Management recently downgraded its guidance to a forecast of just 17% revenue growth. Two primary factors are to blame. First, the U.S. dollar's growing strength against foreign currencies lowers the value of international sales. And second, the growth bump that Salesforce accrued from its acquisition of digital workplace communications company Slack last summer (which is expected to contribute about $1.5 billion in sales, or just shy of 5% of Salesforce's overall revenue) is now over.The biggest news in the quarterly update Salesforce delivered on Aug. 24, though, was the company's first-ever share repurchase program. The board of directors authorized buybacks totaling $10 billion. That amounts to about 5.8% of the company's current market cap. Shares currently trade for 31 times enterprise value to free cash flow.ServiceNow: A top bet on operational efficiencyServiceNow provides software development tools to build more efficient digital workflows -- for IT teams, for employees, and even for customer interactions with a business. Automating redundant processes (which saves money over time) is something businesses are willing to spend on right now. When the economy is slowing, cost-cutting initiatives tend to take the spotlight, and ServiceNow's solutions help in a big way.ServiceNow's second-quarter financial report also shows its services are in high demand. Revenue was up 25% year over year in the first half of 2022 to $3.29 billion. Free cash flow rose a very healthy 27% to $1.05 billion (32% of revenue).But ServiceNow, too, expects its expansion will slow in the back half of the year. Management is now guiding for full-year subscription revenue growth of 24% and a free cash flow profit margin of 30%. Previously, it was guiding for 26% and 31% growth on those metrics, respectively.Despite management's slight downgrade of expectations, ServiceNow is proving it's a durable cloud technology business in good times and bad. The stock currently trades at an enterprise-value-to-free-cash-flow ratio of 45.Which is the better buy now?Salesforce has a long history of delivering double-digit-percentage annual revenue growth, and in the wake of its big acquisition of Slack, its profit margins are back on the rise. It also has an expansive list of services that organizations of all types need as they adapt their operations for a new digital era. Of these two companies, ServiceNow is growing faster and generating slightly higher profit margins. However, its stock price carries a higher valuation that reflects those things.Thus, the real differentiator right at the moment could be Salesforce's share repurchase program. The deficiencies arising from currency exchange rate headwinds and other economic factors could be mitigated by a shrinking share count, which will boost its free cash flow per share. There's a lot to like about both of these cloud computing leaders, and I think both have their places in a well-diversified portfolio. But I think Salesforce stock is the slightly better buy at this juncture given its new plan to start returning excess cash to shareholders.","news_type":1,"symbols_score_info":{"CRM":0.9,"NOW":1}},"isVote":1,"tweetType":1,"viewCount":1117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9997045566,"gmtCreate":1661730322557,"gmtModify":1676536566885,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9997045566","repostId":"1164924578","repostType":4,"repost":{"id":"1164924578","kind":"news","pubTimestamp":1661727544,"share":"https://ttm.financial/m/news/1164924578?lang=en_US&edition=fundamental","pubTime":"2022-08-29 06:59","market":"us","language":"en","title":"Jobs in Focus after Hawkish Powell Speech: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1164924578","media":"Yahoo Finance","summary":"The latest monthly jobs report is this week’s main attraction as investors barrel into September.Aug","content":"<html><head></head><body><p>The latest monthly jobs report is this week’s main attraction as investors barrel into September.</p><p>August employment data from the Labor Department is set for release at 8:30 a.m. ET Friday morning, and is expected to show another strong month for the U.S. labor market. Economists expect nonfarm payrolls rose by 300,000 in August, according to data from Bloomberg.</p><p>The figure is likely to serve a key role in dictating the Federal Reserve’s next rate decision at its policy-setting meeting later this month. Investors will keep a close eye on jobs data after Fed Chair Jerome Powell asserted in ahawkish speech at the Jackson Hole symposium Fridayhe is willing to accept a softening labor market in exchange for mitigating inflation.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/354281bbcc2edd592cdebfe0f8a5a9a9\" tg-width=\"705\" tg-height=\"484\" referrerpolicy=\"no-referrer\"/><span>Jerome Powell, chair of the Federal Reserve walks in Teton National Park where financial leaders from around the world gathered for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 26, 2022. REUTERS/Jim Urquhart</span></p><p>“If there is a conflict in the Fed’s two mandates as they work to slow inflation, Chair Powell ranks price stability head and shoulders above maximum employment,” Jeff Klingelhofer, co-head of investments at Thornburg Investment Management said in a note on Friday.</p><p>Powell’sremarks sent markets tumbling, with all three major averages settling at four-week lows on Friday.</p><p>The Nasdaq plunged 3.9%, and the S&amp;P 500 shed 3.3%, with both indexes logging their biggest one-day drops since June 13. The Dow Jones Industrial Average erased 1,000 points, or roughly 3% on Friday.</p><p>“There will very likely be some softening of labor market conditions,” Powell said in his speech.</p><p>“While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Powell added. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”</p><p>Up until Friday, some market participants had expected the U.S. central bank may pivot in its monetary tightening plans, but Powell and other officials have pushed back on the possibility of notching down rate hikes this year.</p><p>Inflation has shown signs of moderating, but continues to run sharply higher than the Federal Reserve’s target of 2%. Data from the Bureau of Economic Analysis on Friday showed consumer prices fell slightly last month, with headline PCE falling 0.1% between June and July, driven primarily by a 4.8% decline in energy prices. On a year-over-year basis, headline PCE rose 6.3% in July.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f62c6fb463c5b5689ca97018d6f8a7f6\" tg-width=\"705\" tg-height=\"483\" referrerpolicy=\"no-referrer\"/><span>David Malpass, president of the World Bank Group, looks on next to a stuffed grizzly bear at Teton National Park, where financial leaders from around the world gathered for the Jackson Hole Economic Symposium, outside Jackson, Wyoming, U.S., August 26, 2022. REUTERS/Jim Urquhart</span></p><p>And core PCE, the Fed&#39;s preferred measure of inflation, rose 0.1% month-on-month in July and 4.6% from the prior year, marking the lowest annual increase since October 2021.</p><p>Still, Powell indicated another “unusually large” rate hike was possible in September after the central bank raised rates by 75 basis points inJuneandJuly.</p><p>&#34;Restoring price stability will likely require maintaining a restrictive policy stance for some time,&#34; Powell said. &#34;The historical record cautions strongly against prematurely loosening policy.”</p><p>Elsewhere in labor market data,ADP will resume its private payrolls reportwith new a methodology on Wednesday after a temporary pause in June and July. Economists surveyed by Bloomberg expect the release to show 300,000 private payrolls were added in August.</p><p>ADP&#39;s monthly private jobs report comes two days before the Labor Department releases its official jobs report. While the company’s print is an imperfect precursor to the government’s release, it offers a snapshot of job growth during the period.</p><p>The Job Openings and Labor Turnover Survey (JOLTS), Challenger Job Cuts, and initial weekly jobless claims are also on the docket of employment data set for release this week.</p><p>On the earnings front, the reporting season has largely wound down, but a few potentially market-moving results are still on tap. Traders will get figures from headliners including Best Buy (BBY), HP (HPQ), Big Lots (BIG), Chewy (CHWY), Lululemon Athletica (LULU), and Broadcom (AVGO).</p><p>—</p><h2>Economic Calendar</h2><p><b>Monday:Dallas Fed Manufacturing Activity</b>, August (-12.7 expected, -22.6 during prior month)</p><p><b>Tuesday: FHFA House Pricing Index</b>, month-over-month, June (0.8% expected, 1.4% during prior month);<b>House Price Purchasing Index</b>, quarter-over-quarter, Q2 (4.6% during prior quarter);<b>S&amp;P CoreLogic Case-Shiller 20-City Composite</b>, month-over-month, June (0.90% expected, 1.32% during prior month);<b>S&amp;P CoreLogic Case-Shiller 20-City Composite</b>, year-over-year, June (19.20% expected, 20.50% during prior month);<b>S&amp;P CoreLogic Case-Shiller U.S. National Home Price Index</b>, year-over-year, June (19.75% during prior month);<b>Conference Board Consumer Confidence</b>, August (97.7 expected, 95.7 during prior month);<b>JOLTS Job openings</b>, July (10.475 million expected, 10.698 million during prior month)</p><p><b>Wednesday: MBA Mortgage Applications</b>, week ended August 26 (-1.2% during prior week);<b>ADP Employment Change</b>, August (300,000 expected);<b>MNI Chicago PMI</b>, August (52.5 expected, 52.1 during prior month)</p><p><b>Thursday: Challenger Job Cuts</b>, year-over-year, August (36.3% during prior month);<b>Initial Jobless Claims</b>, week ended August 27 (249,000 expected, 243,000 during prior week);<b>Continuing Claims</b>, week ended August 20 (1.450 million expected, 1.415 million during prior week);<b>Nonfarm Productivity</b>, Q1 final (-7.5% expected, 7.5% during prior month);<b>S&amp;P Global U.S. Composite PMI</b>, August final (51.3 expected, 51.3 during prior month);<b>Construction Spending</b>, month-over-month, July (-0.1% expected, -1.1% during prior month);<b>ISM Manufacturing</b>, August (52.0 expected, 52.8 during prior month);<b>ISM Prices Paid</b>, March (60.0 during prior month);<b>ISM New Orders</b>, August (48.0 during prior month);<b>ISM Employment</b>, August (49.9 during prior month);<b>WARDS Total Vehicle Sales</b>, August (13.50 million expected, 13.35 million prior month)</p><p><b>Friday: Nonfarm Payrolls</b>, August (300,000 expected, 528,000 during prior month);<b>Unemployment Rate</b>, August (3.5% expected, 3.5% during prior month);<b>Average Hourly Earnings</b>, month-over-month, August (0.4% expected, 0.5% during prior month);<b>Average Hourly Earnings</b>, year-over-year, August (5.2% expected, 5.2% prior month);<b>Average Weekly Hours All Employees</b>, August (34.6 expected, 34.6 during prior month);<b>Labor Force Participation Rate</b>, August (62.2% expected, 62.1% during prior month);<b>Underemployment Rate</b>, August (6.7% during prior month);<b>Factory Orders</b>, July (0.2% expected, 2.0% during prior month);<b>Durable Goods Orders</b>, July final (0.0% expected, 0.0% during prior month);<b>Durables excluding transportation</b>, July final (0.3% expected, 0.3% during prior month);<b>Non-defense capital goods orders excluding aircraft</b>, July final (0.4% during prior month);<b>Non-defense capital goods shipments excluding aircraft</b>, July final (0.7% during prior month)</p><p>—</p><h2>Earnings Calendar:</h2><p><b>Monday: Catalent</b>(CTLT),<b>SelectQuote</b>(SLQT)</p><p><b>Tuesday: Best</b> <b>Buy</b>(BBY),<b>HP</b>(HPQ),<b>Ambarella</b>(AMBA),<b>Baidu</b>(BIDU),<b>Big</b> <b>Lots</b>(BIG),<b>Chewy</b>(CHWY)<b>Conn&#39;s</b>(CONN),<b>CrowdStrike</b>(CRWD),<b>Hewlett Packard Enterprise</b>(HPE),<b>Photronics</b>(PLAB)</p><p><b>Wednesday:Anaplan</b>(PLAN),<b>Cooper</b>(COO),<b>DesignerBrands</b>(DBI),<b>Donaldson</b>(DCI),<b>FiveBelow</b>(FIVE),<b>MongoDB</b>(MDB),<b>Okta</b>(OKTA),<b>PureStorage</b>(PSTG),<b>Semtech</b>(SMTC),<b>VeevaSystems</b>(VEEV),<b>Vera Bradley</b>(VRA)</p><p><b>Thursday: LululemonAthletica</b>(LULU),<b>Broadcom</b>(AVGO),<b>CampbellSoup</b>(CPB),<b>Ciena</b>(CIEN),<b>Genesco</b>(GCO),<b>Hormel</b> <b>Foods</b>(HRL),<b>JOANN</b>(JOAN),<b>Ollie’s Bargain Outlet</b>(OLLI),<b>SecureWorks</b>(SCWX),<b>Signet Jewelers</b>(SIG),<b>Sportsman&#39;s Warehouse</b>(SPWH),<b>Toro</b>(TTC),<b>Weibo</b>(WB)</p><p><b>Friday:</b><i>No notable reports scheduled for release.</i></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jobs in Focus after Hawkish Powell Speech: What to Know This Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJobs in Focus after Hawkish Powell Speech: What to Know This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-29 06:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stock-market-week-ahead-retail-preview-august-28-203253255.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The latest monthly jobs report is this week’s main attraction as investors barrel into September.August employment data from the Labor Department is set for release at 8:30 a.m. ET Friday morning, and...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-market-week-ahead-retail-preview-august-28-203253255.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/stock-market-week-ahead-retail-preview-august-28-203253255.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164924578","content_text":"The latest monthly jobs report is this week’s main attraction as investors barrel into September.August employment data from the Labor Department is set for release at 8:30 a.m. ET Friday morning, and is expected to show another strong month for the U.S. labor market. Economists expect nonfarm payrolls rose by 300,000 in August, according to data from Bloomberg.The figure is likely to serve a key role in dictating the Federal Reserve’s next rate decision at its policy-setting meeting later this month. Investors will keep a close eye on jobs data after Fed Chair Jerome Powell asserted in ahawkish speech at the Jackson Hole symposium Fridayhe is willing to accept a softening labor market in exchange for mitigating inflation.Jerome Powell, chair of the Federal Reserve walks in Teton National Park where financial leaders from around the world gathered for the Jackson Hole Economic Symposium outside Jackson, Wyoming, U.S., August 26, 2022. REUTERS/Jim Urquhart“If there is a conflict in the Fed’s two mandates as they work to slow inflation, Chair Powell ranks price stability head and shoulders above maximum employment,” Jeff Klingelhofer, co-head of investments at Thornburg Investment Management said in a note on Friday.Powell’sremarks sent markets tumbling, with all three major averages settling at four-week lows on Friday.The Nasdaq plunged 3.9%, and the S&P 500 shed 3.3%, with both indexes logging their biggest one-day drops since June 13. The Dow Jones Industrial Average erased 1,000 points, or roughly 3% on Friday.“There will very likely be some softening of labor market conditions,” Powell said in his speech.“While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Powell added. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”Up until Friday, some market participants had expected the U.S. central bank may pivot in its monetary tightening plans, but Powell and other officials have pushed back on the possibility of notching down rate hikes this year.Inflation has shown signs of moderating, but continues to run sharply higher than the Federal Reserve’s target of 2%. Data from the Bureau of Economic Analysis on Friday showed consumer prices fell slightly last month, with headline PCE falling 0.1% between June and July, driven primarily by a 4.8% decline in energy prices. On a year-over-year basis, headline PCE rose 6.3% in July.David Malpass, president of the World Bank Group, looks on next to a stuffed grizzly bear at Teton National Park, where financial leaders from around the world gathered for the Jackson Hole Economic Symposium, outside Jackson, Wyoming, U.S., August 26, 2022. REUTERS/Jim UrquhartAnd core PCE, the Fed's preferred measure of inflation, rose 0.1% month-on-month in July and 4.6% from the prior year, marking the lowest annual increase since October 2021.Still, Powell indicated another “unusually large” rate hike was possible in September after the central bank raised rates by 75 basis points inJuneandJuly.\"Restoring price stability will likely require maintaining a restrictive policy stance for some time,\" Powell said. \"The historical record cautions strongly against prematurely loosening policy.”Elsewhere in labor market data,ADP will resume its private payrolls reportwith new a methodology on Wednesday after a temporary pause in June and July. Economists surveyed by Bloomberg expect the release to show 300,000 private payrolls were added in August.ADP's monthly private jobs report comes two days before the Labor Department releases its official jobs report. While the company’s print is an imperfect precursor to the government’s release, it offers a snapshot of job growth during the period.The Job Openings and Labor Turnover Survey (JOLTS), Challenger Job Cuts, and initial weekly jobless claims are also on the docket of employment data set for release this week.On the earnings front, the reporting season has largely wound down, but a few potentially market-moving results are still on tap. Traders will get figures from headliners including Best Buy (BBY), HP (HPQ), Big Lots (BIG), Chewy (CHWY), Lululemon Athletica (LULU), and Broadcom (AVGO).—Economic CalendarMonday:Dallas Fed Manufacturing Activity, August (-12.7 expected, -22.6 during prior month)Tuesday: FHFA House Pricing Index, month-over-month, June (0.8% expected, 1.4% during prior month);House Price Purchasing Index, quarter-over-quarter, Q2 (4.6% during prior quarter);S&P CoreLogic Case-Shiller 20-City Composite, month-over-month, June (0.90% expected, 1.32% during prior month);S&P CoreLogic Case-Shiller 20-City Composite, year-over-year, June (19.20% expected, 20.50% during prior month);S&P CoreLogic Case-Shiller U.S. National Home Price Index, year-over-year, June (19.75% during prior month);Conference Board Consumer Confidence, August (97.7 expected, 95.7 during prior month);JOLTS Job openings, July (10.475 million expected, 10.698 million during prior month)Wednesday: MBA Mortgage Applications, week ended August 26 (-1.2% during prior week);ADP Employment Change, August (300,000 expected);MNI Chicago PMI, August (52.5 expected, 52.1 during prior month)Thursday: Challenger Job Cuts, year-over-year, August (36.3% during prior month);Initial Jobless Claims, week ended August 27 (249,000 expected, 243,000 during prior week);Continuing Claims, week ended August 20 (1.450 million expected, 1.415 million during prior week);Nonfarm Productivity, Q1 final (-7.5% expected, 7.5% during prior month);S&P Global U.S. Composite PMI, August final (51.3 expected, 51.3 during prior month);Construction Spending, month-over-month, July (-0.1% expected, -1.1% during prior month);ISM Manufacturing, August (52.0 expected, 52.8 during prior month);ISM Prices Paid, March (60.0 during prior month);ISM New Orders, August (48.0 during prior month);ISM Employment, August (49.9 during prior month);WARDS Total Vehicle Sales, August (13.50 million expected, 13.35 million prior month)Friday: Nonfarm Payrolls, August (300,000 expected, 528,000 during prior month);Unemployment Rate, August (3.5% expected, 3.5% during prior month);Average Hourly Earnings, month-over-month, August (0.4% expected, 0.5% during prior month);Average Hourly Earnings, year-over-year, August (5.2% expected, 5.2% prior month);Average Weekly Hours All Employees, August (34.6 expected, 34.6 during prior month);Labor Force Participation Rate, August (62.2% expected, 62.1% during prior month);Underemployment Rate, August (6.7% during prior month);Factory Orders, July (0.2% expected, 2.0% during prior month);Durable Goods Orders, July final (0.0% expected, 0.0% during prior month);Durables excluding transportation, July final (0.3% expected, 0.3% during prior month);Non-defense capital goods orders excluding aircraft, July final (0.4% during prior month);Non-defense capital goods shipments excluding aircraft, July final (0.7% during prior month)—Earnings Calendar:Monday: Catalent(CTLT),SelectQuote(SLQT)Tuesday: Best Buy(BBY),HP(HPQ),Ambarella(AMBA),Baidu(BIDU),Big Lots(BIG),Chewy(CHWY)Conn's(CONN),CrowdStrike(CRWD),Hewlett Packard Enterprise(HPE),Photronics(PLAB)Wednesday:Anaplan(PLAN),Cooper(COO),DesignerBrands(DBI),Donaldson(DCI),FiveBelow(FIVE),MongoDB(MDB),Okta(OKTA),PureStorage(PSTG),Semtech(SMTC),VeevaSystems(VEEV),Vera Bradley(VRA)Thursday: LululemonAthletica(LULU),Broadcom(AVGO),CampbellSoup(CPB),Ciena(CIEN),Genesco(GCO),Hormel Foods(HRL),JOANN(JOAN),Ollie’s Bargain Outlet(OLLI),SecureWorks(SCWX),Signet Jewelers(SIG),Sportsman's Warehouse(SPWH),Toro(TTC),Weibo(WB)Friday:No notable reports scheduled for release.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994402673,"gmtCreate":1661664744695,"gmtModify":1676536558283,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"J","listText":"J","text":"J","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994402673","repostId":"1161837457","repostType":4,"repost":{"id":"1161837457","kind":"news","pubTimestamp":1661645647,"share":"https://ttm.financial/m/news/1161837457?lang=en_US&edition=fundamental","pubTime":"2022-08-28 08:14","market":"us","language":"en","title":"Nvidia: Guidance Is A Game-Changer","url":"https://stock-news.laohu8.com/highlight/detail?id=1161837457","media":"Seeking Alpha","summary":"SummaryMassive slowdown in the Gaming business is affecting Nvidia’s revenue prospects.Revenue guida","content":"<html><head></head><body><p>Summary</p><ul><li>Massive slowdown in the Gaming business is affecting Nvidia’s revenue prospects.</li><li>Revenue guidance for FQ3 was a real shocker as the outlook underperformed estimates by $1.0B.</li><li>Nvidia’s FY 2023 revenue estimates are set for a major downward revision.</li></ul><p>Nvidia (NASDAQ:NVDA) finally released highly anticipated earnings for its second fiscal quarter of FY 2023. Part of the earnings report card was the outlook for Nvidia&#39;s third fiscal quarter, which was significantly worse than expected. Nvidia is seeing a massiveslowdown in its Gaming business due to weakening demand and pricing for graphics processing units which have supported the chip maker&#39;s results last year. Because of the size of the expected revenue drop-off in FQ3&#39;23, Nvidia&#39;s shares are likely set to correct further to the downside!</p><p><b>Nvidia&#39;s FQ2&#39;23 earnings card was as expected</b></p><p>Nvidia&#39;s second quarter results largely conformed with the release of preliminary results from the beginning of August. Nvidia guided for $6.7B in FQ2 revenues due to a 33% year-over-year top line decrease in the Gaming segment. Actual revenues for Nvidia&#39;s FQ2&#39;23 were indeed $6.7B, showing 3% growth year-over-year, but also a 19% drop-off compared to FQ1. Unfortunately, Nvidia&#39;s gross margins collapsed in the second fiscal quarter to 45.9%, showing a decrease of 21.1 PP quarter-over-quarter. The drop in revenues and gross margins was overwhelmingly caused by the Gaming segment which reported, as expected, a 44% quarter-over-quarter drop in revenues due toweakening demand for GPUs and declining pricing strengthfor Nvidia&#39;s graphic cards. Weakening pricing for GPUsalso affected AMDin the last quarter, but Nvidia is more reliant on GPU sales than AMD and therefore more affected than its rival by the slowdown in the industry.</p><p><img src=\"https://static.tigerbbs.com/9690c900cda9585b16d72361723e11ca\" tg-width=\"909\" tg-height=\"274\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Nvidia: Final FQ2&#39;23 Results</p><p>Nvidia&#39;s Data Center revenues soared 61% year-over-year to $3.8B in FQ2 due to growing customer uptake of Nvidia&#39;s computing platforms that support data analysis and allow for the managing and scaling of artificial intelligence applications. Nvidia&#39;s Data Center business, because of the slowdown in the GPU segment, pulled ahead of Nvidia&#39;s Gaming segment regarding revenue generation in FQ2.</p><p>While Nvidia&#39;s Gaming business saw the biggest slowdown, the firm&#39;s &#39;OEM and Other&#39; business -- which includes the sale of dedicated cryptocurrency mining processors/CMPs -- also slumped. Nvidia&#39;s CMPs are used by cryptocurrency miners to validate transactions for proof of work cryptocurrencies like Ethereum (ETH-USD).</p><p>Nvidia doesn&#39;t break out how much of its OEM revenues are related to CMP sales, but crashing cryptocurrency prices in 2022 have not been good for business, obviously. Nvidia generated just $140M of OEM and Other revenues in FQ2, showing a decline of 66% year-over-year, due chiefly to decelerating demand for dedicated cryptocurrency mining processors. For those reasons, I don&#39;t see Nvidia developing its CMP business into a multi-billion dollar revenue opportunity, aspredicted previously, in the near term.</p><p><img src=\"https://static.tigerbbs.com/021fa94ce8462c4eecb6cdfc173dd154\" tg-width=\"1058\" tg-height=\"578\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Nvidia: Segment Revenue Trends</p><p><b>Nightmarish guidance</b></p><p>The most important piece of new information in Nvidia&#39;s release was the outlook for FQ3. Nvidia expects revenues of $5.90B plus or minus $118M, which would mark another 12% quarter-over-quarter decrease in consolidated revenues, which comes on top of the 19% quarter-over-quarter drop in revenues in FQ2. On an annualized basis, FQ3 revenues are down 29% compared to the beginning of the year, which marks a massive slowdown in Nvidia&#39;s business. The revenue downgrade for FQ3 occurred as Nvidia expects the Gaming industry to adjust to lower GPU demand and work throughhigh inventory levels. Nvidia&#39;s revenue guidance of $5.9B for FQ3 compares to aconsensus FQ3 estimate of $6.9B, meaning actual guidance was a massive $1.0B below the most recent revenue prediction.</p><p>I expected a sequential down-turn in revenues, led by Gaming, and projected FQ3 revenues to be between $6.0B to $6.2B, which reflected a sequential decline of up to 10%. Apparently, the situation in the Gaming industry is even more serious for Nvidia than expected, and it will affect how the market generates revenue estimates and values the stock going forward.</p><h3>My expectations for Nvidia going forward</h3><p>I expect Nvidia to continue to expand its Data Center business as demand for cloud computing, AI applications and hyper-scale platforms is only going to grow. However, I expect growth in this segment to be overshadowed by continual declines and pricing weakness in the Gaming segment. Worldwide PC shipments are expected to decline 9.5% (according toGartner) in 2022, but I believe the drop could be even larger if a deeper US recession were to bite.</p><p>Since there is no short-term solution to getting rid of high inventories in the PC industry, I expect pricing weakness in the GPU market to weigh on Nvidia&#39;s revenue potential. I also expect the pricing trend for both NVIDIA&#39;s GeForce RTX 30 and AMD&#39;s Radeon RX 6000 to remain negative, with larger discounts to the manufacturer&#39;s suggested retail price possible. Nvidia&#39;s RTX 30 GPU was available at a 9% discount to MSRP in July. Given the high inventory levels in the PC market paired with a drop-off in GPU demand, I expect Nvidia&#39;s flagship graphics card to trade at even higher discount to the MSRP going forward.</p><p>Because of the headwinds in the Gaming business, I expect Nvidia to generate about $27B in full-year revenues in FY 2023 (down from $28B), which means the chip maker could see no year-over-year growth whatsoever this year.</p><p><img src=\"https://static.tigerbbs.com/297c23d10b4798c94de6cfa3ff793b91\" tg-width=\"1280\" tg-height=\"802\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>NVDA Revenue (Quarterly YoY Growth) data by YCharts</p><p><b>Estimate and valuation risk</b></p><p>Nvidia&#39;s revenue estimates are now going to reset after the chip maker submitted a seriously bad guidance for its third fiscal quarter. As analysts incorporate Nvidia&#39;s FQ3&#39;23 revenue guidance into their projections, Nvidia is likely going to see a massive, broad-based reduction for its FY 2023 revenue predictions. Since lofty revenue expectations have been used to justify Nvidia&#39;s generous valuation, a reset of expectations has the potential to drive a downward revaluation of Nvidia&#39;s shares.</p><p>Nvidia&#39;s shares dropped 4.6% after regular trading yesterday and, I believe, the drop does not accurately reflect the seriousness of the sequential revenue downgrade. Nvidia currently has a P-S ratio of 12.2x, and if revenue estimates continue to fall, the valuation factor may even increase.</p><p><img src=\"https://static.tigerbbs.com/92263effbea15a27a9d0154ceff211d1\" tg-width=\"1280\" tg-height=\"852\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>NVDA Revenue Estimates for Current Fiscal Yeardata by YCharts</p><p><b>Other risks/considerations with Nvidia</b></p><p>I see two big risks for Nvidia at this point in time. The first one is that the slowdown in the GPU market may last for quite some time, meaning Nvidia may have to deal with slowing Gaming segment revenues for more than just one more quarter. This is because thePC market is in a declinewhich affects the shipment of Nvidia&#39;s GPUs. Secondly, revenue and earnings estimates, especially after the nightmarish guidance for FQ3&#39;23, will reflect a reset of growth expectations which in itself could lead Nvidia&#39;s shares into a new down-leg.</p><p><b>Final thoughts</b></p><p>Shares of Nvidia dropped 4.6% after the market closed, but I believe the sharpness of the expected revenue decline in FQ3 is not accurately reflected in this drop. The guidance truly is a game-changer because Nvidia&#39;s period of hyper-growth is ending.</p><p>Nvidia&#39;s outlook for FQ3&#39;23 revenues was $1.0B below expectations and the company is going through a major post-pandemic reset in the GPU market… which could affect Nvidia&#39;s valuation much more severely going forward. As estimates correct to the downside, Nvidia&#39;s valuation is set to experience more pressure!</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia: Guidance Is A Game-Changer</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\">\nNvidia: Guidance Is A Game-Changer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-28 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4537353-nvidia-nvda-guidance-game-changer><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryMassive slowdown in the Gaming business is affecting Nvidia’s revenue prospects.Revenue guidance for FQ3 was a real shocker as the outlook underperformed estimates by $1.0B.Nvidia’s FY 2023 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4537353-nvidia-nvda-guidance-game-changer\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4537353-nvidia-nvda-guidance-game-changer","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161837457","content_text":"SummaryMassive slowdown in the Gaming business is affecting Nvidia’s revenue prospects.Revenue guidance for FQ3 was a real shocker as the outlook underperformed estimates by $1.0B.Nvidia’s FY 2023 revenue estimates are set for a major downward revision.Nvidia (NASDAQ:NVDA) finally released highly anticipated earnings for its second fiscal quarter of FY 2023. Part of the earnings report card was the outlook for Nvidia's third fiscal quarter, which was significantly worse than expected. Nvidia is seeing a massiveslowdown in its Gaming business due to weakening demand and pricing for graphics processing units which have supported the chip maker's results last year. Because of the size of the expected revenue drop-off in FQ3'23, Nvidia's shares are likely set to correct further to the downside!Nvidia's FQ2'23 earnings card was as expectedNvidia's second quarter results largely conformed with the release of preliminary results from the beginning of August. Nvidia guided for $6.7B in FQ2 revenues due to a 33% year-over-year top line decrease in the Gaming segment. Actual revenues for Nvidia's FQ2'23 were indeed $6.7B, showing 3% growth year-over-year, but also a 19% drop-off compared to FQ1. Unfortunately, Nvidia's gross margins collapsed in the second fiscal quarter to 45.9%, showing a decrease of 21.1 PP quarter-over-quarter. The drop in revenues and gross margins was overwhelmingly caused by the Gaming segment which reported, as expected, a 44% quarter-over-quarter drop in revenues due toweakening demand for GPUs and declining pricing strengthfor Nvidia's graphic cards. Weakening pricing for GPUsalso affected AMDin the last quarter, but Nvidia is more reliant on GPU sales than AMD and therefore more affected than its rival by the slowdown in the industry.Nvidia: Final FQ2'23 ResultsNvidia's Data Center revenues soared 61% year-over-year to $3.8B in FQ2 due to growing customer uptake of Nvidia's computing platforms that support data analysis and allow for the managing and scaling of artificial intelligence applications. Nvidia's Data Center business, because of the slowdown in the GPU segment, pulled ahead of Nvidia's Gaming segment regarding revenue generation in FQ2.While Nvidia's Gaming business saw the biggest slowdown, the firm's 'OEM and Other' business -- which includes the sale of dedicated cryptocurrency mining processors/CMPs -- also slumped. Nvidia's CMPs are used by cryptocurrency miners to validate transactions for proof of work cryptocurrencies like Ethereum (ETH-USD).Nvidia doesn't break out how much of its OEM revenues are related to CMP sales, but crashing cryptocurrency prices in 2022 have not been good for business, obviously. Nvidia generated just $140M of OEM and Other revenues in FQ2, showing a decline of 66% year-over-year, due chiefly to decelerating demand for dedicated cryptocurrency mining processors. For those reasons, I don't see Nvidia developing its CMP business into a multi-billion dollar revenue opportunity, aspredicted previously, in the near term.Nvidia: Segment Revenue TrendsNightmarish guidanceThe most important piece of new information in Nvidia's release was the outlook for FQ3. Nvidia expects revenues of $5.90B plus or minus $118M, which would mark another 12% quarter-over-quarter decrease in consolidated revenues, which comes on top of the 19% quarter-over-quarter drop in revenues in FQ2. On an annualized basis, FQ3 revenues are down 29% compared to the beginning of the year, which marks a massive slowdown in Nvidia's business. The revenue downgrade for FQ3 occurred as Nvidia expects the Gaming industry to adjust to lower GPU demand and work throughhigh inventory levels. Nvidia's revenue guidance of $5.9B for FQ3 compares to aconsensus FQ3 estimate of $6.9B, meaning actual guidance was a massive $1.0B below the most recent revenue prediction.I expected a sequential down-turn in revenues, led by Gaming, and projected FQ3 revenues to be between $6.0B to $6.2B, which reflected a sequential decline of up to 10%. Apparently, the situation in the Gaming industry is even more serious for Nvidia than expected, and it will affect how the market generates revenue estimates and values the stock going forward.My expectations for Nvidia going forwardI expect Nvidia to continue to expand its Data Center business as demand for cloud computing, AI applications and hyper-scale platforms is only going to grow. However, I expect growth in this segment to be overshadowed by continual declines and pricing weakness in the Gaming segment. Worldwide PC shipments are expected to decline 9.5% (according toGartner) in 2022, but I believe the drop could be even larger if a deeper US recession were to bite.Since there is no short-term solution to getting rid of high inventories in the PC industry, I expect pricing weakness in the GPU market to weigh on Nvidia's revenue potential. I also expect the pricing trend for both NVIDIA's GeForce RTX 30 and AMD's Radeon RX 6000 to remain negative, with larger discounts to the manufacturer's suggested retail price possible. Nvidia's RTX 30 GPU was available at a 9% discount to MSRP in July. Given the high inventory levels in the PC market paired with a drop-off in GPU demand, I expect Nvidia's flagship graphics card to trade at even higher discount to the MSRP going forward.Because of the headwinds in the Gaming business, I expect Nvidia to generate about $27B in full-year revenues in FY 2023 (down from $28B), which means the chip maker could see no year-over-year growth whatsoever this year.NVDA Revenue (Quarterly YoY Growth) data by YChartsEstimate and valuation riskNvidia's revenue estimates are now going to reset after the chip maker submitted a seriously bad guidance for its third fiscal quarter. As analysts incorporate Nvidia's FQ3'23 revenue guidance into their projections, Nvidia is likely going to see a massive, broad-based reduction for its FY 2023 revenue predictions. Since lofty revenue expectations have been used to justify Nvidia's generous valuation, a reset of expectations has the potential to drive a downward revaluation of Nvidia's shares.Nvidia's shares dropped 4.6% after regular trading yesterday and, I believe, the drop does not accurately reflect the seriousness of the sequential revenue downgrade. Nvidia currently has a P-S ratio of 12.2x, and if revenue estimates continue to fall, the valuation factor may even increase.NVDA Revenue Estimates for Current Fiscal Yeardata by YChartsOther risks/considerations with NvidiaI see two big risks for Nvidia at this point in time. The first one is that the slowdown in the GPU market may last for quite some time, meaning Nvidia may have to deal with slowing Gaming segment revenues for more than just one more quarter. This is because thePC market is in a declinewhich affects the shipment of Nvidia's GPUs. Secondly, revenue and earnings estimates, especially after the nightmarish guidance for FQ3'23, will reflect a reset of growth expectations which in itself could lead Nvidia's shares into a new down-leg.Final thoughtsShares of Nvidia dropped 4.6% after the market closed, but I believe the sharpness of the expected revenue decline in FQ3 is not accurately reflected in this drop. The guidance truly is a game-changer because Nvidia's period of hyper-growth is ending.Nvidia's outlook for FQ3'23 revenues was $1.0B below expectations and the company is going through a major post-pandemic reset in the GPU market… which could affect Nvidia's valuation much more severely going forward. As estimates correct to the downside, Nvidia's valuation is set to experience more pressure!","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994146424,"gmtCreate":1661582290571,"gmtModify":1676536546536,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3548659340886358","authorIdStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994146424","repostId":"1180024105","repostType":4,"repost":{"id":"1180024105","kind":"news","pubTimestamp":1661579226,"share":"https://ttm.financial/m/news/1180024105?lang=en_US&edition=fundamental","pubTime":"2022-08-27 13:47","market":"us","language":"en","title":"Tesla Ramping Up Fast: Giga Berlin Shooting For 2,000 Model Y A Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1180024105","media":"InsideEVs","summary":"When Tesla opened its newest factories in Germany and Texas, it was clear it would be a long time before the factories could ramp up significantly. In fact, Tesla provided its annual production and de","content":"<html><head></head><body><p>When Tesla opened its newest factories in Germany and Texas, it was clear it would be a long time before the factories could ramp up significantly. In fact, Tesla provided its annual production and delivery estimates stating that it wasn&#39;t counting on Giga Berlin or Giga Texas to make a monumental impact since Giga Shanghai and Tesla&#39;s Fremont factory are cranking out EVs at an increasing speed.</p><p>Nonetheless, Tesla already hit the milestone of 1,000 Model Y crossovers produced per week in Berlin by June 2022. The same goal was achieved at Giga Texas much more recently. At any rate, new reports are suggesting that Tesla is hoping to produce 2,000 Model Y per week in the near future. As we previously reported, the goal is for the Tesla factory in Germany to reach a run rate of 3,000 EVs per week by this October 2022.</p><p>Keep in mind that Tesla&#39;s CEO Elon Musk has been raving about the Model Y since he first unveiled it. Musk has gone so far as to say that it will eventually be the best-selling vehicle across the globe, and it&#39;s already making notable strides.</p><p>With two factories making Model Y crossovers in the US for the local market, as well as a factory in China producing the electric crossover for local and global consumption, Tesla is already proving that it can begin to chip away at the high demand by reducing Model Y delivery times. Now, focusing on the European market seems paramount.</p><p>The new 2,000-Model-Y-per-week goal was reported by Teslarati based on details from the German publication TeslaMag.de. The article cites reports suggesting that Tesla aims to achieve the goal sometime in September 2022.</p><p>If the EV maker can pull it off, it will have doubled its production capacity in just a few months. Adding another 1,000 EVs produced per week in another month or so doesn&#39;t seem impossible, but we&#39;ll have to wait and see how the ramp-up to 2,000 progresses before we speculate about when Tesla might actually hit 3,000.</p><p>It&#39;s important to note that even though Tesla just recently opened Giga Berlin, it has already carried out some upgrades to speed up production. The same has been true of Giga Shanghai and Giga Texas.</p><p>Tesla continues to prove that it can increase its production speed at factories across the globe and that the upgrades are actually making a notable impact. This helps to make it more clear that those same strategies and upgrades may have a similar impact at each of Tesla&#39;s factories.</p><p>Looking further out, Tesla executive Drew Baglino noted during the company&#39;s Q2 2022 earning conference call that Giga Berlin could reach a run rate of as many as 5,000 Model Y SUVs per week by the end of 2022.</p></body></html>","source":"lsy1638513147814","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Ramping Up Fast: Giga Berlin Shooting For 2,000 Model Y A Week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Ramping Up Fast: Giga Berlin Shooting For 2,000 Model Y A Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-27 13:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://insideevs.com/news/606719/tesla-ramping-fast-giga-berlin-report-2000-week/><strong>InsideEVs</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When Tesla opened its newest factories in Germany and Texas, it was clear it would be a long time before the factories could ramp up significantly. In fact, Tesla provided its annual production and ...</p>\n\n<a href=\"https://insideevs.com/news/606719/tesla-ramping-fast-giga-berlin-report-2000-week/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://insideevs.com/news/606719/tesla-ramping-fast-giga-berlin-report-2000-week/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180024105","content_text":"When Tesla opened its newest factories in Germany and Texas, it was clear it would be a long time before the factories could ramp up significantly. In fact, Tesla provided its annual production and delivery estimates stating that it wasn't counting on Giga Berlin or Giga Texas to make a monumental impact since Giga Shanghai and Tesla's Fremont factory are cranking out EVs at an increasing speed.Nonetheless, Tesla already hit the milestone of 1,000 Model Y crossovers produced per week in Berlin by June 2022. The same goal was achieved at Giga Texas much more recently. At any rate, new reports are suggesting that Tesla is hoping to produce 2,000 Model Y per week in the near future. As we previously reported, the goal is for the Tesla factory in Germany to reach a run rate of 3,000 EVs per week by this October 2022.Keep in mind that Tesla's CEO Elon Musk has been raving about the Model Y since he first unveiled it. Musk has gone so far as to say that it will eventually be the best-selling vehicle across the globe, and it's already making notable strides.With two factories making Model Y crossovers in the US for the local market, as well as a factory in China producing the electric crossover for local and global consumption, Tesla is already proving that it can begin to chip away at the high demand by reducing Model Y delivery times. Now, focusing on the European market seems paramount.The new 2,000-Model-Y-per-week goal was reported by Teslarati based on details from the German publication TeslaMag.de. The article cites reports suggesting that Tesla aims to achieve the goal sometime in September 2022.If the EV maker can pull it off, it will have doubled its production capacity in just a few months. Adding another 1,000 EVs produced per week in another month or so doesn't seem impossible, but we'll have to wait and see how the ramp-up to 2,000 progresses before we speculate about when Tesla might actually hit 3,000.It's important to note that even though Tesla just recently opened Giga Berlin, it has already carried out some upgrades to speed up production. The same has been true of Giga Shanghai and Giga Texas.Tesla continues to prove that it can increase its production speed at factories across the globe and that the upgrades are actually making a notable impact. This helps to make it more clear that those same strategies and upgrades may have a similar impact at each of Tesla's factories.Looking further out, Tesla executive Drew Baglino noted during the company's Q2 2022 earning conference call that Giga Berlin could reach a run rate of as many as 5,000 Model Y SUVs per week by the end of 2022.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9040700711,"gmtCreate":1655697946033,"gmtModify":1676535688414,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"J","listText":"J","text":"J","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040700711","repostId":"1177872379","repostType":4,"repost":{"id":"1177872379","kind":"news","pubTimestamp":1655697066,"share":"https://ttm.financial/m/news/1177872379?lang=en_US&edition=fundamental","pubTime":"2022-06-20 11:51","market":"hk","language":"en","title":"Alibaba Is Cheaper Than Ever","url":"https://stock-news.laohu8.com/highlight/detail?id=1177872379","media":"Seeking Alpha","summary":"SummaryAlibaba's annual operating cash flow has increased more than tenfold since 2013, surpassing t","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Alibaba&#39;s annual operating cash flow has increased more than tenfold since 2013, surpassing the $20 billion mark. Yet, the share price hasn&#39;t gone anywhere.</li><li>Moreover, Alibaba&#39;s cash balance has increased more than tenfold, from $5.3 billion in 2013 to more than $70 billion today. Yet, as mentioned above, the share price hasn&#39;t moved.</li><li>As a result, Alibaba&#39;s cash position now reflects ~25% of its market cap. This anomaly cannot last much longer, especially since the Chinese tech crackdown is finally easing.</li><li>Alibaba is dirt cheap, trading less than 50 cents on the dollar, and the company has authorized the biggest buyback in its history. The market will eventually come to its senses.</li><li>Alibaba, as a brand, ranks in the top 10 list globally, surpassing the likes of McDonald&#39;s, Tesla and Coca-Cola.</li></ul><p>Alibaba (NYSE:BABA) (OTCPK:BABAF) has essentially given up all of its gains since its IPO in 2014. In other words, Alibaba has been &#39;dead money&#39; for almost a decade. However, unlike its share price, fundamentally, Alibaba has made remarkable progress on multiple fronts. Most notably, Alibaba has turned into a cash flow machine, with cash from operations increasing tenfold since its IPO, which in turn has led to a soaring cash balance, making the company cash rich.</p><p>The main reason why Alibaba has entered severely distressed territory is due to the crisis around Chinese tech companies; the so-called &#39;China&#39;s tech crackdown&#39;. The good news is that this crackdown seems to be easing. The first positive signs were reported last month and just yesterday Reuters reported that China&#39;s central bank has apparentlyacceptedAnt Group&#39;s application to set up a financial holding company, which is seen as a key step to revive Jack Ma&#39;s fintech business stock market debut. This created enthusiasm, with Alibaba&#39;s share price jumping as much as 10%. However, shortly thereafter, Alibaba pared its gains as Chinese state media denied the Reuters report that the PBOC accepted Ant&#39;s application. In any event, it seems that we are amidst a positive sentiment shift, after years of pain, and this is already starting to be reflected in Alibaba&#39;s share price. So far this year, the general market indices are in severe turmoil, but Alibaba is faring somewhat better. Specifically, on a YTD basis, Alibaba is down &#39;only&#39; ~14%, outperforming the major US indices, with the tech-heavy Nasdaq being by far the worst performer, down almost 31%.</p><p><img src=\"https://static.tigerbbs.com/e0aaaa8416a2f128caa44f636a83ce1a\" tg-width=\"635\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Before we go into more detail to illustrate Alibaba&#39;s substantial progress since its IPO, it is important to note the following. Even though Alibaba has faced (and will likely continue to face) various macro and regulatory headwinds, it remains one of the world&#39;s leading brands. Based on data fromKantar BrandZ, Alibaba ranks in the top 10 list globally surpassing brands of the likes of McDonald&#39;s (MCD), Tesla (TSLA), Coca-Cola (KO) and NIKE (NKE). This is quite an achievement.</p><p><b>The World&#39;s Most Valuable Brands in 2021</b></p><p><img src=\"https://static.tigerbbs.com/76fab964f57c0f70c87f43d8ffe61974\" tg-width=\"640\" tg-height=\"324\" referrerpolicy=\"no-referrer\"/></p><p>Visual Capitalist</p><p>As per thelatest earnings release<i>,</i>Alibaba&#39;s financial performance remains impressive, despite reporting a single-digit increase in its fourth-quarter revenue, its slowest growth yet amid COVID-19 outbreaks. Revenue increased 9% as a result of lower demand due to COVID-19 outbreaks in March and logistics and supply chain disruptions at its core e-commerce platforms (Tmall and Taobao). That said, Alibaba’s sales growth still exceeded analyst estimates. Eventually, supply chain disruptions and COVID-19 lockdowns will ease and Alibaba&#39;s growth will accelerate.</p><p>Looking at the bigger picture, Alibaba is a much stronger company compared to its IPO days. Specifically, annual cash flow from operations surpassed the market $20 billion mark in 2018 and has remained above that level ever since.</p><p><b>Alibaba: Annual Cash Flow from Operations</b><img src=\"https://static.tigerbbs.com/afba1957e435da89228d501a1a15e39f\" tg-width=\"640\" tg-height=\"196\" referrerpolicy=\"no-referrer\"/></p><p>Seeking Alpha</p><p>Alibaba reached its peak annual cash flow from operations in 2021, surpassing $35 billion. I have little doubt that we will be breaking new records in the coming years, once things calm down a little. To put things into perspective, annual operating cash flow was just $2.3 billion in 2013. It is fair to say that the progress that has been made over the past decade is remarkable. What is also remarkable is the growing cash balance (i.e. Total Cash &amp; Short Term Investments), which exceeds $70 billion, and is also hovering around record high levels.</p><p><b>Alibaba: Total Cash And Short Term Investments</b><img src=\"https://static.tigerbbs.com/07dcc29bc2e191b1f712e2af79a263ce\" tg-width=\"640\" tg-height=\"198\" referrerpolicy=\"no-referrer\"/></p><p>Seeking Alpha</p><p>To put things into perspective, the cash balance was only $5.4 billion in 2013 and, due to strong operating cash flow, it surpassed the $70 billion mark in 2021, and has remained above that level ever since. This is a really nice position to be in.</p><p>Despite outstanding overall progress since the IPO, including the above-mentioned impressive financial results, the market cap has fallen to below $300 billion, and is hovering around record low levels. Looking at it differently,<b>Alibaba&#39;s cash position now reflects ~25% of its market cap</b>. I don&#39;t believe this anomaly will last for too long, and investors who accumulate at today&#39;s depressed prices stand to benefit tremendously, once the dust settles. It is a matter of when, not if. That said, it doesn&#39;t mean that it will be a smooth ride going forward. Yes, Alibaba is like a coil spring, but it can most certainly drop further. After all, market sentiment is terrible right now, and for good reasons. High inflation, interest rate hikes, the war in Ukraine and supply chain disruptions are amongst the biggest factors contributing to the market turmoil. As a value investor, the sell off has not made Alibaba a riskier investment. In contrast, investors can now buy one dollar for even less, which in a way makes Alibaba less risky. Based on Alibaba&#39;s massive cash pile and strong ongoing cash flow generation, I estimate that Alibaba is currently trading well below 50 cents on the dollar. Also, as long as the share price remains flattish, the discount to fair value will widen even more, as the cash balance will keep on increasing, all else constant, therefore adding to Alibaba&#39;s wealth. Also, it is important to note that Alibaba is better diversified compared to its IPO days. Don&#39;t discount its 1 billion global active consumers (spread across many online brands), high-margin cloud business and growing brick-and-mortar empire. My bet is that, over the next decade, Alibaba will be a much bigger company and even more diversified. However, even if Alibaba doesn&#39;t grow at all, it still is cheap today. I always stress test my investments, trying to be as prudent as possible. To this end, I assume the following scenario for Alibaba.</p><ul><li>Investment horizon of 10 years</li><li>average annual run rate in operating cash flow of $20-$25 billion (this is almost $10 billion less than the peak level experienced in 2021)</li><li>a static world, with zero growth; this means that over the next decade operating cash flow will remain constant at $20-$25 billion annually, and this cash will not be reinvested i.e. it will simply be accumulated on the balance sheet (in other words, zero revenue growth, zero innovation, zero M&amp;A activity, zero share buybacks, etc.).</li></ul></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Is Cheaper Than Ever</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\">\nAlibaba Is Cheaper Than Ever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-20 11:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4519179-alibaba-stock-cheaper-than-ever-baba-babaf><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAlibaba's annual operating cash flow has increased more than tenfold since 2013, surpassing the $20 billion mark. Yet, the share price hasn't gone anywhere.Moreover, Alibaba's cash balance has ...</p>\n\n<a href=\"https://seekingalpha.com/article/4519179-alibaba-stock-cheaper-than-ever-baba-babaf\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4519179-alibaba-stock-cheaper-than-ever-baba-babaf","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177872379","content_text":"SummaryAlibaba's annual operating cash flow has increased more than tenfold since 2013, surpassing the $20 billion mark. Yet, the share price hasn't gone anywhere.Moreover, Alibaba's cash balance has increased more than tenfold, from $5.3 billion in 2013 to more than $70 billion today. Yet, as mentioned above, the share price hasn't moved.As a result, Alibaba's cash position now reflects ~25% of its market cap. This anomaly cannot last much longer, especially since the Chinese tech crackdown is finally easing.Alibaba is dirt cheap, trading less than 50 cents on the dollar, and the company has authorized the biggest buyback in its history. The market will eventually come to its senses.Alibaba, as a brand, ranks in the top 10 list globally, surpassing the likes of McDonald's, Tesla and Coca-Cola.Alibaba (NYSE:BABA) (OTCPK:BABAF) has essentially given up all of its gains since its IPO in 2014. In other words, Alibaba has been 'dead money' for almost a decade. However, unlike its share price, fundamentally, Alibaba has made remarkable progress on multiple fronts. Most notably, Alibaba has turned into a cash flow machine, with cash from operations increasing tenfold since its IPO, which in turn has led to a soaring cash balance, making the company cash rich.The main reason why Alibaba has entered severely distressed territory is due to the crisis around Chinese tech companies; the so-called 'China's tech crackdown'. The good news is that this crackdown seems to be easing. The first positive signs were reported last month and just yesterday Reuters reported that China's central bank has apparentlyacceptedAnt Group's application to set up a financial holding company, which is seen as a key step to revive Jack Ma's fintech business stock market debut. This created enthusiasm, with Alibaba's share price jumping as much as 10%. However, shortly thereafter, Alibaba pared its gains as Chinese state media denied the Reuters report that the PBOC accepted Ant's application. In any event, it seems that we are amidst a positive sentiment shift, after years of pain, and this is already starting to be reflected in Alibaba's share price. So far this year, the general market indices are in severe turmoil, but Alibaba is faring somewhat better. Specifically, on a YTD basis, Alibaba is down 'only' ~14%, outperforming the major US indices, with the tech-heavy Nasdaq being by far the worst performer, down almost 31%.Data by YChartsBefore we go into more detail to illustrate Alibaba's substantial progress since its IPO, it is important to note the following. Even though Alibaba has faced (and will likely continue to face) various macro and regulatory headwinds, it remains one of the world's leading brands. Based on data fromKantar BrandZ, Alibaba ranks in the top 10 list globally surpassing brands of the likes of McDonald's (MCD), Tesla (TSLA), Coca-Cola (KO) and NIKE (NKE). This is quite an achievement.The World's Most Valuable Brands in 2021Visual CapitalistAs per thelatest earnings release,Alibaba's financial performance remains impressive, despite reporting a single-digit increase in its fourth-quarter revenue, its slowest growth yet amid COVID-19 outbreaks. Revenue increased 9% as a result of lower demand due to COVID-19 outbreaks in March and logistics and supply chain disruptions at its core e-commerce platforms (Tmall and Taobao). That said, Alibaba’s sales growth still exceeded analyst estimates. Eventually, supply chain disruptions and COVID-19 lockdowns will ease and Alibaba's growth will accelerate.Looking at the bigger picture, Alibaba is a much stronger company compared to its IPO days. Specifically, annual cash flow from operations surpassed the market $20 billion mark in 2018 and has remained above that level ever since.Alibaba: Annual Cash Flow from OperationsSeeking AlphaAlibaba reached its peak annual cash flow from operations in 2021, surpassing $35 billion. I have little doubt that we will be breaking new records in the coming years, once things calm down a little. To put things into perspective, annual operating cash flow was just $2.3 billion in 2013. It is fair to say that the progress that has been made over the past decade is remarkable. What is also remarkable is the growing cash balance (i.e. Total Cash & Short Term Investments), which exceeds $70 billion, and is also hovering around record high levels.Alibaba: Total Cash And Short Term InvestmentsSeeking AlphaTo put things into perspective, the cash balance was only $5.4 billion in 2013 and, due to strong operating cash flow, it surpassed the $70 billion mark in 2021, and has remained above that level ever since. This is a really nice position to be in.Despite outstanding overall progress since the IPO, including the above-mentioned impressive financial results, the market cap has fallen to below $300 billion, and is hovering around record low levels. Looking at it differently,Alibaba's cash position now reflects ~25% of its market cap. I don't believe this anomaly will last for too long, and investors who accumulate at today's depressed prices stand to benefit tremendously, once the dust settles. It is a matter of when, not if. That said, it doesn't mean that it will be a smooth ride going forward. Yes, Alibaba is like a coil spring, but it can most certainly drop further. After all, market sentiment is terrible right now, and for good reasons. High inflation, interest rate hikes, the war in Ukraine and supply chain disruptions are amongst the biggest factors contributing to the market turmoil. As a value investor, the sell off has not made Alibaba a riskier investment. In contrast, investors can now buy one dollar for even less, which in a way makes Alibaba less risky. Based on Alibaba's massive cash pile and strong ongoing cash flow generation, I estimate that Alibaba is currently trading well below 50 cents on the dollar. Also, as long as the share price remains flattish, the discount to fair value will widen even more, as the cash balance will keep on increasing, all else constant, therefore adding to Alibaba's wealth. Also, it is important to note that Alibaba is better diversified compared to its IPO days. Don't discount its 1 billion global active consumers (spread across many online brands), high-margin cloud business and growing brick-and-mortar empire. My bet is that, over the next decade, Alibaba will be a much bigger company and even more diversified. However, even if Alibaba doesn't grow at all, it still is cheap today. I always stress test my investments, trying to be as prudent as possible. To this end, I assume the following scenario for Alibaba.Investment horizon of 10 yearsaverage annual run rate in operating cash flow of $20-$25 billion (this is almost $10 billion less than the peak level experienced in 2021)a static world, with zero growth; this means that over the next decade operating cash flow will remain constant at $20-$25 billion annually, and this cash will not be reinvested i.e. it will simply be accumulated on the balance sheet (in other words, zero revenue growth, zero innovation, zero M&A activity, zero share buybacks, etc.).","news_type":1,"symbols_score_info":{"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095621423,"gmtCreate":1644901854497,"gmtModify":1676533974031,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095621423","repostId":"2211507773","repostType":4,"repost":{"id":"2211507773","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1644879690,"share":"https://ttm.financial/m/news/2211507773?lang=en_US&edition=fundamental","pubTime":"2022-02-15 07:01","market":"us","language":"en","title":"US Stocks-The S&P 500 Ends down as Russia-Ukraine Tensions Heat Up","url":"https://stock-news.laohu8.com/highlight/detail?id=2211507773","media":"Reuters","summary":"The S&P 500 index closed modestly lower on Monday, largely recovering from a sharp sell-off, as U.S.","content":"<html><head></head><body><p>The S&amp;P 500 index closed modestly lower on Monday, largely recovering from a sharp sell-off, as U.S. plans to close its Kyiv embassy in Ukraine sent simmering geopolitical tensions to a boil.</p><p>All three major U.S. stock indexes dropped sharply after U.S. Secretary of State Antony Blinken announced the relocation of U.S. diplomatic operations to western Ukraine, in a possible sign of an imminent Russian invasion.</p><p>Adding to uncertainty, Ukraine President Volodymyr Zelenskiy said Wednesday would be the day of the attack. Ukrainian officials later said Zelenskiy was not predicting an attack on that day but responding with skepticism to foreign media reports.</p><p>By the closing bell, the Dow Jones Industrial Average joined the S&amp;P 500 in negative territory, while the Nasdaq Composite Index    ended essentially unchanged.</p><p>Ongoing concerns over aggressive policy from the Federal Reserve also have contributed to recent market volatility.</p><p>&#34;There&#39;s a lot of cross currents, a lot of potential negatives in the markets,&#34; said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.</p><p>France&#39;s foreign minister said everything was in place for a Russian attack and that Europe was ready to impose massive sanctions if it happened.</p><p>Geopolitical anxieties have been simmering in recent weeks as negotiators scrambled to find a diplomatic path forward as Russia amassed troops along the Ukrainian border.</p><p>Still, market fallout due to geopolitical turmoil tends to be fleeting, according to historical data.</p><p>&#34;History actually tells investors that military and terrorist strikes tend to have short-lived shocks because they do not result in global recession,&#34; said Sam Stovall, chief investment strategist of CFRA Research in New York.</p><p>Adding to the uncertainty were increasingly hawkish comments from St. Louis Federal Reserve President James Bullard. He reiterated his call for a faster rake hike timeline and said the central bank&#39;s &#34;credibility is on the line&#34; in its battle against rising prices.</p><p>Recent data showed U.S. inflation at its hottest level in decades, ratcheting up concerns that the Fed could begin hiking key interest rates more aggressively than many had anticipated.</p><p>&#34;The market is being felled by a combination punch, with Bullard&#39;s comments as well as increased rhetoric about the imminent invasion by Russia,&#34; Stovall added.</p><p>The Dow Jones Industrial Average    fell 171.89 points, or 0.49%, to 34,566.17; the S&amp;P 500    lost 16.97 points, or 0.38%, at 4,401.67; and the Nasdaq Composite    dropped 0.24 points, or 0%, to 13,790.92.</p><p>Ten of the 11 major sectors in the S&amp;P 500 closed in negative territory, with energy stocks suffering the largest percentage drop. Consumer discretionary and communications services were the only gainers.</p><p>Fourth-quarter earnings season is approaching the home stretch, with 358 of the companies in the S&amp;P 500 having reported. Of those, 78% have beat consensus estimates, according to Refinitiv data.</p><p>Nvidia Corp and Walmart Inc are among the high profile companies posting results this week.</p><p>Tesla Inc advanced 1.8% after Chinese auto industry authorities announced the electric car maker sold nearly 60,000 China-made vehicles in January.</p><p>Drugmaker Biohaven shares rose 2.2% following positive topline trial results in the migraine treatment rimegepant. Pfizer Inc acquired the overseas marketing rights to the drug in November.</p><p>But Pfizer dropped 1.9%, joining other COVID vaccine makers in the red.</p><p>Moderna Inc tumbled 11.7% and Johnson &amp; Johnson dipped 1.3%. Novavax Inc, which on Monday submitted an application to Switzerland&#39;s drugs regulator for approval of its COVID vaccine, dropped 11.4%.</p><p>Declining issues outnumbered advancers on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 2.17-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted <a href=\"https://laohu8.com/S/AONE.U\">one</a> new 52-week high and 18 new lows; the Nasdaq Composite recorded 24 new highs and 246 new lows.</p><p>Volume on U.S. exchanges was 11.32 billion shares, compared with the 12.67 billion average over the last 20 trading days.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Stocks-The S&P 500 Ends down as Russia-Ukraine Tensions Heat Up</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Stocks-The S&P 500 Ends down as Russia-Ukraine Tensions Heat Up\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-02-15 07:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The S&amp;P 500 index closed modestly lower on Monday, largely recovering from a sharp sell-off, as U.S. plans to close its Kyiv embassy in Ukraine sent simmering geopolitical tensions to a boil.</p><p>All three major U.S. stock indexes dropped sharply after U.S. Secretary of State Antony Blinken announced the relocation of U.S. diplomatic operations to western Ukraine, in a possible sign of an imminent Russian invasion.</p><p>Adding to uncertainty, Ukraine President Volodymyr Zelenskiy said Wednesday would be the day of the attack. Ukrainian officials later said Zelenskiy was not predicting an attack on that day but responding with skepticism to foreign media reports.</p><p>By the closing bell, the Dow Jones Industrial Average joined the S&amp;P 500 in negative territory, while the Nasdaq Composite Index    ended essentially unchanged.</p><p>Ongoing concerns over aggressive policy from the Federal Reserve also have contributed to recent market volatility.</p><p>&#34;There&#39;s a lot of cross currents, a lot of potential negatives in the markets,&#34; said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.</p><p>France&#39;s foreign minister said everything was in place for a Russian attack and that Europe was ready to impose massive sanctions if it happened.</p><p>Geopolitical anxieties have been simmering in recent weeks as negotiators scrambled to find a diplomatic path forward as Russia amassed troops along the Ukrainian border.</p><p>Still, market fallout due to geopolitical turmoil tends to be fleeting, according to historical data.</p><p>&#34;History actually tells investors that military and terrorist strikes tend to have short-lived shocks because they do not result in global recession,&#34; said Sam Stovall, chief investment strategist of CFRA Research in New York.</p><p>Adding to the uncertainty were increasingly hawkish comments from St. Louis Federal Reserve President James Bullard. He reiterated his call for a faster rake hike timeline and said the central bank&#39;s &#34;credibility is on the line&#34; in its battle against rising prices.</p><p>Recent data showed U.S. inflation at its hottest level in decades, ratcheting up concerns that the Fed could begin hiking key interest rates more aggressively than many had anticipated.</p><p>&#34;The market is being felled by a combination punch, with Bullard&#39;s comments as well as increased rhetoric about the imminent invasion by Russia,&#34; Stovall added.</p><p>The Dow Jones Industrial Average    fell 171.89 points, or 0.49%, to 34,566.17; the S&amp;P 500    lost 16.97 points, or 0.38%, at 4,401.67; and the Nasdaq Composite    dropped 0.24 points, or 0%, to 13,790.92.</p><p>Ten of the 11 major sectors in the S&amp;P 500 closed in negative territory, with energy stocks suffering the largest percentage drop. Consumer discretionary and communications services were the only gainers.</p><p>Fourth-quarter earnings season is approaching the home stretch, with 358 of the companies in the S&amp;P 500 having reported. Of those, 78% have beat consensus estimates, according to Refinitiv data.</p><p>Nvidia Corp and Walmart Inc are among the high profile companies posting results this week.</p><p>Tesla Inc advanced 1.8% after Chinese auto industry authorities announced the electric car maker sold nearly 60,000 China-made vehicles in January.</p><p>Drugmaker Biohaven shares rose 2.2% following positive topline trial results in the migraine treatment rimegepant. Pfizer Inc acquired the overseas marketing rights to the drug in November.</p><p>But Pfizer dropped 1.9%, joining other COVID vaccine makers in the red.</p><p>Moderna Inc tumbled 11.7% and Johnson &amp; Johnson dipped 1.3%. Novavax Inc, which on Monday submitted an application to Switzerland&#39;s drugs regulator for approval of its COVID vaccine, dropped 11.4%.</p><p>Declining issues outnumbered advancers on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 2.17-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted <a href=\"https://laohu8.com/S/AONE.U\">one</a> new 52-week high and 18 new lows; the Nasdaq Composite recorded 24 new highs and 246 new lows.</p><p>Volume on U.S. exchanges was 11.32 billion shares, compared with the 12.67 billion average over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4534":"瑞士信贷持仓",".IXIC":"NASDAQ Composite","SPY":"标普500ETF","BK4504":"桥水持仓",".SPX":"S&P 500 Index","BK4559":"巴菲特持仓",".DJI":"道琼斯","BK4550":"红杉资本持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2211507773","content_text":"The S&P 500 index closed modestly lower on Monday, largely recovering from a sharp sell-off, as U.S. plans to close its Kyiv embassy in Ukraine sent simmering geopolitical tensions to a boil.All three major U.S. stock indexes dropped sharply after U.S. Secretary of State Antony Blinken announced the relocation of U.S. diplomatic operations to western Ukraine, in a possible sign of an imminent Russian invasion.Adding to uncertainty, Ukraine President Volodymyr Zelenskiy said Wednesday would be the day of the attack. Ukrainian officials later said Zelenskiy was not predicting an attack on that day but responding with skepticism to foreign media reports.By the closing bell, the Dow Jones Industrial Average joined the S&P 500 in negative territory, while the Nasdaq Composite Index    ended essentially unchanged.Ongoing concerns over aggressive policy from the Federal Reserve also have contributed to recent market volatility.\"There's a lot of cross currents, a lot of potential negatives in the markets,\" said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.France's foreign minister said everything was in place for a Russian attack and that Europe was ready to impose massive sanctions if it happened.Geopolitical anxieties have been simmering in recent weeks as negotiators scrambled to find a diplomatic path forward as Russia amassed troops along the Ukrainian border.Still, market fallout due to geopolitical turmoil tends to be fleeting, according to historical data.\"History actually tells investors that military and terrorist strikes tend to have short-lived shocks because they do not result in global recession,\" said Sam Stovall, chief investment strategist of CFRA Research in New York.Adding to the uncertainty were increasingly hawkish comments from St. Louis Federal Reserve President James Bullard. He reiterated his call for a faster rake hike timeline and said the central bank's \"credibility is on the line\" in its battle against rising prices.Recent data showed U.S. inflation at its hottest level in decades, ratcheting up concerns that the Fed could begin hiking key interest rates more aggressively than many had anticipated.\"The market is being felled by a combination punch, with Bullard's comments as well as increased rhetoric about the imminent invasion by Russia,\" Stovall added.The Dow Jones Industrial Average    fell 171.89 points, or 0.49%, to 34,566.17; the S&P 500    lost 16.97 points, or 0.38%, at 4,401.67; and the Nasdaq Composite    dropped 0.24 points, or 0%, to 13,790.92.Ten of the 11 major sectors in the S&P 500 closed in negative territory, with energy stocks suffering the largest percentage drop. Consumer discretionary and communications services were the only gainers.Fourth-quarter earnings season is approaching the home stretch, with 358 of the companies in the S&P 500 having reported. Of those, 78% have beat consensus estimates, according to Refinitiv data.Nvidia Corp and Walmart Inc are among the high profile companies posting results this week.Tesla Inc advanced 1.8% after Chinese auto industry authorities announced the electric car maker sold nearly 60,000 China-made vehicles in January.Drugmaker Biohaven shares rose 2.2% following positive topline trial results in the migraine treatment rimegepant. Pfizer Inc acquired the overseas marketing rights to the drug in November.But Pfizer dropped 1.9%, joining other COVID vaccine makers in the red.Moderna Inc tumbled 11.7% and Johnson & Johnson dipped 1.3%. Novavax Inc, which on Monday submitted an application to Switzerland's drugs regulator for approval of its COVID vaccine, dropped 11.4%.Declining issues outnumbered advancers on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 2.17-to-1 ratio favored decliners.The S&P 500 posted one new 52-week high and 18 new lows; the Nasdaq Composite recorded 24 new highs and 246 new lows.Volume on U.S. exchanges was 11.32 billion shares, compared with the 12.67 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":1,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":864,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9035795872,"gmtCreate":1647671325493,"gmtModify":1676534257845,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035795872","repostId":"2220777059","repostType":4,"isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039950471,"gmtCreate":1645891911539,"gmtModify":1676534073028,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039950471","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=en_US&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155780057,"gmtCreate":1625453580879,"gmtModify":1703742009758,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155780057","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9078036130,"gmtCreate":1657593105121,"gmtModify":1676536031899,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"M","listText":"M","text":"M","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9078036130","repostId":"2250961053","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9041619720,"gmtCreate":1656041024560,"gmtModify":1676535757114,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9041619720","repostId":"1140503177","repostType":4,"isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053009612,"gmtCreate":1654444148636,"gmtModify":1676535448702,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053009612","repostId":"2240759268","repostType":4,"repost":{"id":"2240759268","kind":"news","pubTimestamp":1654395636,"share":"https://ttm.financial/m/news/2240759268?lang=en_US&edition=fundamental","pubTime":"2022-06-05 10:20","market":"us","language":"en","title":"Should Investors Be Worried About Tesla?","url":"https://stock-news.laohu8.com/highlight/detail?id=2240759268","media":"Motley Fool","summary":"The electric car maker's stock is falling, and the company is laying off employees.","content":"<div>\n<p>KEY POINTSThis isn't the electric car maker's first rodeo when it comes to layoffs.The move could make Tesla more nimble.Management plans to keep all factory workers.Shares of Tesla were slammed on ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/04/should-investors-be-worried-about-tesla/\">Source Link</a>\n\n</div>\n","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>Should Investors Be Worried About Tesla?</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; 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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\">\nShould Investors Be Worried About Tesla?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-05 10:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/06/04/should-investors-be-worried-about-tesla/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThis isn't the electric car maker's first rodeo when it comes to layoffs.The move could make Tesla more nimble.Management plans to keep all factory workers.Shares of Tesla were slammed on ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/04/should-investors-be-worried-about-tesla/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2022/06/04/should-investors-be-worried-about-tesla/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2240759268","content_text":"KEY POINTSThis isn't the electric car maker's first rodeo when it comes to layoffs.The move could make Tesla more nimble.Management plans to keep all factory workers.Shares of Tesla were slammed on Friday, falling more than 9%. The growth stock's slide came as Tesla CEO Elon Musk expressed concerns about the economy in an email to employees, according to Reuters. In addition, Musk said the electric car company plans to cut about 10% of its workforce.This news comes at a bleak time for the economy and a difficult few months for Tesla. Regulation in China relating to policies aimed to curb the spread of COVID-19 in the region have negatively impacted the automaker's supply chain in 2022, including leading to periods of paused and limited production at the company's important factory in Shanghai.Given all that is going on, should investors be worried about Tesla?Don't forget: Sales are soaringWhile it's possible that Tesla's second quarter may be faring worse than expected, there's still a good chance that things are rosy compared to how many other companies are getting along during these challenging times. For instance, Tesla's Q1 production and deliveries soared 69% and 68%, respectively. Furthermore, management said it expected production to grow 50% or more for the full year despite the challenges it was facing from limited production in China and production constraints from some of its suppliers.In addition, Tesla has been raking in massive amounts of free cash flow. In Q1 2022, free cash flow was $2.2 billion -- up 660% year over year. Net income was $3.3 billion, representing more than a sixfold increase. Financials like this help companies get through difficult times and detours.Given the automaker's recent momentum and management's commentary about its full-year expectations at the time of its Q1 update, any worse-than-expected performance from Tesla will likely be far from a poor or even mediocre business outcome. Indeed, the company will likely grow much faster than all other major automakers in 2022 -- even in a tumultuous economic environment.TESLA FACTORY. IMAGE SOURCE: THE MOTLEY FOOL.Tesla has done layoffs beforeIt's also worth noting that Tesla is no stranger to layoffs. The company laid off employees back in 2019 amid its Model 3 production ramp-up. It was able to keep up extraordinary growth rates despite reducing its headcount by about 7%.While it is unfortunate for those employees who are losing their jobs, the reality is that companies can become bloated over time when it comes to headcount. From time to time, therefore, it may make sense for a company to reassess which jobs are the most essential and which ones may not be necessary.Given how well Tesla's last layoffs went, there's a good chance that this one could positively impact the company as well.Tesla will leave production headcount untouchedFinally -- and most importantly -- investors should keep in mind that this is a strategic layoff, leaving some important departments untouched.\"Note, this does not apply to anyone actually building cars, battery packs or installing solar,\" Musk wrote in the purported email to employees.This is critical because Tesla has remained supply constrained. In other words, demand continues to exceed supply; so the company's bottleneck at the moment is vehicle production.Overall, this strategic headcount reduction is likely good news for Tesla investors as it may make the company more nimble at a time of uncertainty. While headcount reductions don't make sense for every industry or for every company, it will likely prove to be a good decision for a capital-intensive business like Tesla in a highly competitive industry.","news_type":1,"symbols_score_info":{"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9094898550,"gmtCreate":1645104521314,"gmtModify":1676533997326,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094898550","repostId":"1148361873","repostType":4,"repost":{"id":"1148361873","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645102836,"share":"https://ttm.financial/m/news/1148361873?lang=en_US&edition=fundamental","pubTime":"2022-02-17 21:00","market":"us","language":"en","title":"Pre-Bell｜Futures Slip on Heightening Ukraine Tensions; Palantir Plunged 11% After Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1148361873","media":"Tiger Newspress","summary":"U.S. stock index futures slid on Thursday after reports of clashes in eastern Ukraine kept investors","content":"<html><head></head><body><p>U.S. stock index futures slid on Thursday after reports of clashes in eastern Ukraine kept investors on edge, while weekly jobless claims data was awaited for clues on a labor market recovery.</p><p><b>Market Snapshot</b></p><p>At 8 a.m. ET, Dow e-minis were down 72 points, or 0.21%, S&amp;P 500 e-minis were down 12.5 points, or 0.28%, and Nasdaq 100 e-minis were down 52 points, or 0.36%.</p><p><img src=\"https://static.tigerbbs.com/8ca2b353d140b7b34de6561d8e82af5a\" tg-width=\"819\" tg-height=\"275\" width=\"100%\" height=\"auto\"/></p><p><b>Pre-Market Movers</b></p><p><a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a> (WMT) – Walmart stock rose 2.9% in the premarket after the retail giant reported better-than-expected quarterly results. Walmart earned an adjusted $1.53 per share, 3 cents above estimates, issued an upbeat forecast, and announced a dividend hike.</p><p><a href=\"https://laohu8.com/S/AN\">AutoNation</a> (AN) – The auto retailer earned an adjusted $5.76 per share for the fourth quarter, beating the consensus estimate of $4.96. Revenue was also above estimates, driven by a 55% surge in used vehicle sales. AutoNation shares jumped 3% in premarket trading.</p><p><a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a> (DASH) – DoorDash soared 24.1% in premarket trading after the food delivery service issued an upbeat outlook for the current quarter. Doordash reported a fourth-quarter loss but saw a 69% surge in revenue for 2021 even as restaurants reopened for dine-in service.</p><p><a href=\"https://laohu8.com/S/CSCO\">Cisco</a> (CSCO) – Cisco beat estimates by 3 cents with adjusted quarterly earnings of 84 cents per share. The networking equipment and software maker also reported better-than-expected revenue and issued an upbeat full-year forecast as it sees particularly strong demand from cloud computing companies. Cisco rose 3.5% in the premarket.</p><p><a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) – Nvidia reported adjusted quarterly earnings of $1.32 per share, 10 cents above estimates. The graphics chip maker also reported better-than-expected revenue for the quarter and gave an upbeat outlook. However, the stock came under pressure on concerns about flat profit margins and its exposure to the cryptocurrency market. Nvidia was down 2.5% in premarket action.</p><p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) – The software platform provider’s stock slid 11% in premarket trading after quarterly earnings fell short of forecasts. Palantir’s adjusted profit of 2 cents per share was half of what analysts predicted, although revenue exceeded forecasts.</p><p><a href=\"https://laohu8.com/S/TRIP\">TripAdvisor</a> (TRIP) – Tripadvisor tumbled in the premarket after reporting an unexpected quarterly loss and revenue that fell short of analyst forecasts. The travel review site operator said it expects significant improvement in the travel market this year after what it called “unexpected periods of virus resurgence” in 2021. Shares tumbled 7.9% in premarket trading.</p><p><a href=\"https://laohu8.com/S/FSLY\">Fastly, Inc.</a> (FSLY) – Fastly shares plummeted 31.9% in the premarket after the internet content delivery company gave lower-than-expected 2022 guidance. Fastly reported a narrower-than-expected fourth-quarter loss and revenue that came in above consensus estimates.</p><p><a href=\"https://laohu8.com/S/HAS\">Hasbro</a> (HAS) – Hasbro rallied 4% in premarket trading after activist investor Alta Fox Capital Management nominated five directors to the toy maker’s board. Alta Fox is pushing for Hasbro to spin off its fast-growing games unit.</p><p><a href=\"https://laohu8.com/S/CAKE\">Cheesecake Factory</a> (CAKE) – The restaurant operator’s shares jumped 4% in the premarket even though earnings came in below forecasts. A revenue beat was negated by increased input costs, but Cheesecake Factory is planning a price hike in new menus now being printed and said it may lift prices further later this year.</p><p><b>Market News</b></p><p>Details about former U.S. President Donald Trump&#39;s new social media app are trickling out as about 500 beta testers have begun using an early version of “Truth Social,” two sources told Reuters.</p><p>Tower Semiconductor on Thursday reported a higher than expected rise in quarterly profit, days after Intel Corp said it planned to buy the Israeli chipmaker.</p><p>Fintech company Circle Internet Financial said on Thursday it was valued at $9 billion under new deal terms for its merger with blank-check firm Concord Acquisition Corp.</p><p>Israeli enterprise software provider Nice expects double-digit growth taking revenue above $2 billion for 2022, it said as it reported a higher than expected increase in quarterly net profit on Thursday.</p><p>The National Highway Traffic Safety Administration (NHTSA) said Thursday it is opening a formal investigation into 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pre-Bell｜Futures Slip on Heightening Ukraine Tensions; Palantir Plunged 11% After Earnings</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPre-Bell｜Futures Slip on Heightening Ukraine Tensions; Palantir Plunged 11% After Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-17 21:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stock index futures slid on Thursday after reports of clashes in eastern Ukraine kept investors on edge, while weekly jobless claims data was awaited for clues on a labor market recovery.</p><p><b>Market Snapshot</b></p><p>At 8 a.m. ET, Dow e-minis were down 72 points, or 0.21%, S&amp;P 500 e-minis were down 12.5 points, or 0.28%, and Nasdaq 100 e-minis were down 52 points, or 0.36%.</p><p><img src=\"https://static.tigerbbs.com/8ca2b353d140b7b34de6561d8e82af5a\" tg-width=\"819\" tg-height=\"275\" width=\"100%\" height=\"auto\"/></p><p><b>Pre-Market Movers</b></p><p><a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a> (WMT) – Walmart stock rose 2.9% in the premarket after the retail giant reported better-than-expected quarterly results. Walmart earned an adjusted $1.53 per share, 3 cents above estimates, issued an upbeat forecast, and announced a dividend hike.</p><p><a href=\"https://laohu8.com/S/AN\">AutoNation</a> (AN) – The auto retailer earned an adjusted $5.76 per share for the fourth quarter, beating the consensus estimate of $4.96. Revenue was also above estimates, driven by a 55% surge in used vehicle sales. AutoNation shares jumped 3% in premarket trading.</p><p><a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a> (DASH) – DoorDash soared 24.1% in premarket trading after the food delivery service issued an upbeat outlook for the current quarter. Doordash reported a fourth-quarter loss but saw a 69% surge in revenue for 2021 even as restaurants reopened for dine-in service.</p><p><a href=\"https://laohu8.com/S/CSCO\">Cisco</a> (CSCO) – Cisco beat estimates by 3 cents with adjusted quarterly earnings of 84 cents per share. The networking equipment and software maker also reported better-than-expected revenue and issued an upbeat full-year forecast as it sees particularly strong demand from cloud computing companies. Cisco rose 3.5% in the premarket.</p><p><a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) – Nvidia reported adjusted quarterly earnings of $1.32 per share, 10 cents above estimates. The graphics chip maker also reported better-than-expected revenue for the quarter and gave an upbeat outlook. However, the stock came under pressure on concerns about flat profit margins and its exposure to the cryptocurrency market. Nvidia was down 2.5% in premarket action.</p><p><a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> (PLTR) – The software platform provider’s stock slid 11% in premarket trading after quarterly earnings fell short of forecasts. Palantir’s adjusted profit of 2 cents per share was half of what analysts predicted, although revenue exceeded forecasts.</p><p><a href=\"https://laohu8.com/S/TRIP\">TripAdvisor</a> (TRIP) – Tripadvisor tumbled in the premarket after reporting an unexpected quarterly loss and revenue that fell short of analyst forecasts. The travel review site operator said it expects significant improvement in the travel market this year after what it called “unexpected periods of virus resurgence” in 2021. Shares tumbled 7.9% in premarket trading.</p><p><a href=\"https://laohu8.com/S/FSLY\">Fastly, Inc.</a> (FSLY) – Fastly shares plummeted 31.9% in the premarket after the internet content delivery company gave lower-than-expected 2022 guidance. Fastly reported a narrower-than-expected fourth-quarter loss and revenue that came in above consensus estimates.</p><p><a href=\"https://laohu8.com/S/HAS\">Hasbro</a> (HAS) – Hasbro rallied 4% in premarket trading after activist investor Alta Fox Capital Management nominated five directors to the toy maker’s board. Alta Fox is pushing for Hasbro to spin off its fast-growing games unit.</p><p><a href=\"https://laohu8.com/S/CAKE\">Cheesecake Factory</a> (CAKE) – The restaurant operator’s shares jumped 4% in the premarket even though earnings came in below forecasts. A revenue beat was negated by increased input costs, but Cheesecake Factory is planning a price hike in new menus now being printed and said it may lift prices further later this year.</p><p><b>Market News</b></p><p>Details about former U.S. President Donald Trump&#39;s new social media app are trickling out as about 500 beta testers have begun using an early version of “Truth Social,” two sources told Reuters.</p><p>Tower Semiconductor on Thursday reported a higher than expected rise in quarterly profit, days after Intel Corp said it planned to buy the Israeli chipmaker.</p><p>Fintech company Circle Internet Financial said on Thursday it was valued at $9 billion under new deal terms for its merger with blank-check firm Concord Acquisition Corp.</p><p>Israeli enterprise software provider Nice expects double-digit growth taking revenue above $2 billion for 2022, it said as it reported a higher than expected increase in quarterly net profit on Thursday.</p><p>The National Highway Traffic Safety Administration (NHTSA) said Thursday it is opening a formal investigation into 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148361873","content_text":"U.S. stock index futures slid on Thursday after reports of clashes in eastern Ukraine kept investors on edge, while weekly jobless claims data was awaited for clues on a labor market recovery.Market SnapshotAt 8 a.m. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 12.5 points, or 0.28%, and Nasdaq 100 e-minis were down 52 points, or 0.36%.Pre-Market MoversWal-Mart (WMT) – Walmart stock rose 2.9% in the premarket after the retail giant reported better-than-expected quarterly results. Walmart earned an adjusted $1.53 per share, 3 cents above estimates, issued an upbeat forecast, and announced a dividend hike.AutoNation (AN) – The auto retailer earned an adjusted $5.76 per share for the fourth quarter, beating the consensus estimate of $4.96. Revenue was also above estimates, driven by a 55% surge in used vehicle sales. AutoNation shares jumped 3% in premarket trading.DoorDash, Inc. (DASH) – DoorDash soared 24.1% in premarket trading after the food delivery service issued an upbeat outlook for the current quarter. Doordash reported a fourth-quarter loss but saw a 69% surge in revenue for 2021 even as restaurants reopened for dine-in service.Cisco (CSCO) – Cisco beat estimates by 3 cents with adjusted quarterly earnings of 84 cents per share. The networking equipment and software maker also reported better-than-expected revenue and issued an upbeat full-year forecast as it sees particularly strong demand from cloud computing companies. Cisco rose 3.5% in the premarket.NVIDIA Corp (NVDA) – Nvidia reported adjusted quarterly earnings of $1.32 per share, 10 cents above estimates. The graphics chip maker also reported better-than-expected revenue for the quarter and gave an upbeat outlook. However, the stock came under pressure on concerns about flat profit margins and its exposure to the cryptocurrency market. Nvidia was down 2.5% in premarket action.Palantir Technologies Inc. (PLTR) – The software platform provider’s stock slid 11% in premarket trading after quarterly earnings fell short of forecasts. Palantir’s adjusted profit of 2 cents per share was half of what analysts predicted, although revenue exceeded forecasts.TripAdvisor (TRIP) – Tripadvisor tumbled in the premarket after reporting an unexpected quarterly loss and revenue that fell short of analyst forecasts. The travel review site operator said it expects significant improvement in the travel market this year after what it called “unexpected periods of virus resurgence” in 2021. Shares tumbled 7.9% in premarket trading.Fastly, Inc. (FSLY) – Fastly shares plummeted 31.9% in the premarket after the internet content delivery company gave lower-than-expected 2022 guidance. Fastly reported a narrower-than-expected fourth-quarter loss and revenue that came in above consensus estimates.Hasbro (HAS) – Hasbro rallied 4% in premarket trading after activist investor Alta Fox Capital Management nominated five directors to the toy maker’s board. Alta Fox is pushing for Hasbro to spin off its fast-growing games unit.Cheesecake Factory (CAKE) – The restaurant operator’s shares jumped 4% in the premarket even though earnings came in below forecasts. A revenue beat was negated by increased input costs, but Cheesecake Factory is planning a price hike in new menus now being printed and said it may lift prices further later this year.Market NewsDetails about former U.S. President Donald Trump's new social media app are trickling out as about 500 beta testers have begun using an early version of “Truth Social,” two sources told Reuters.Tower Semiconductor on Thursday reported a higher than expected rise in quarterly profit, days after Intel Corp said it planned to buy the Israeli chipmaker.Fintech company Circle Internet Financial said on Thursday it was valued at $9 billion under new deal terms for its merger with blank-check firm Concord Acquisition Corp.Israeli enterprise software provider Nice expects double-digit growth taking revenue above $2 billion for 2022, it said as it reported a higher than expected increase in quarterly net profit on Thursday.The National Highway Traffic Safety Administration (NHTSA) said Thursday it is opening a formal investigation into 416,000 Tesla vehicles over reports of unexpected brake activation tied to its driver assistance system Autopilot.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832518860,"gmtCreate":1629666182850,"gmtModify":1676530086560,"author":{"id":"3548659340886358","authorId":"3548659340886358","name":"老木不朽","avatar":"https://static.tigerbbs.com/5b7c249f8702df4b6d4a8a6346ce6b5d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3548659340886358","idStr":"3548659340886358"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/832518860","repostId":"1133515985","repostType":4,"isVote":1,"tweetType":1,"viewCount":731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}