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2021-05-05

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Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies

2021-05-06

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PayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours

2021-06-25

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2021-06-10

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Hillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People

2021-06-12

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2021-06-10

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[Movement] Retailer sector rose, Macy's rose more than 7%

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23:13","market":"us","language":"zh","title":"[Movement] Retailer sector rose, Macy's rose more than 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1153822469","media":"老虎资讯综合","summary":"6月9日，美股零售商板块盘中走高，梅西百货涨超7%，狄乐百货、诺德斯特龙涨超2%。据成交数据显示，不久前有共38万股多笔大单买入梅西百货。\n6月7日梅西百货公布财报，公告显示公司2022财年第一财季归","content":"<p>On June 9th, the U.S. retailer sector rose intraday,<a href=\"https://laohu8.com/S/M\">Macy's</a>rose by more than 7%,<a href=\"https://laohu8.com/S/DDS\">Dile Department Store</a>、<a href=\"https://laohu8.com/S/JWN\">Nordstrom</a>It rose more than 2%. 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According to the transaction data, a total of 380,000 shares were bought in Macy's not long ago.</p><p>On June 7th, Macy's announced its financial report, which showed that the company's net profit attributable to common shareholders of the parent company in the first fiscal quarter of fiscal 2022 was USD 103 million, a year-on-year increase of 102.88%; Operating income was $4.865 billion, up 54.54% year over year.</p><p><img src=\"https://static.tigerbbs.com/90867583067b4e9e8da34b59d8cfeefd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dff4f51380338d4e15eb6131b46e8f8","relate_stocks":{"M":"梅西百货"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153822469","content_text":"6月9日，美股零售商板块盘中走高，梅西百货涨超7%，狄乐百货、诺德斯特龙涨超2%。据成交数据显示，不久前有共38万股多笔大单买入梅西百货。\n6月7日梅西百货公布财报，公告显示公司2022财年第一财季归属于母公司普通股股东净利润为1.03亿美元，同比增长102.88%；营业收入为48.65亿美元，同比上涨54.54%。","news_type":1,"symbols_score_info":{"M":0.9}},"isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189645621,"gmtCreate":1623260852463,"gmtModify":1704199650975,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189645621","repostId":"1155033069","repostType":4,"repost":{"id":"1155033069","kind":"news","pubTimestamp":1623306885,"share":"https://ttm.financial/m/news/1155033069?lang=en_US&edition=fundamental","pubTime":"2021-06-10 14:34","market":"us","language":"zh","title":"Hillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People","url":"https://stock-news.laohu8.com/highlight/detail?id=1155033069","media":"投资人","summary":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；","content":"<p><b>01 Four Turns in Life</b></p><p>I experienced four turning points in becoming an investor.</p><p>First, I almost failed the junior high school examination from primary school. Because my academic performance was relatively poor at that time, the minimum admission score for junior high school examination in primary school was 140 points, and I got 141 points, just one point more. I've probably only been working on it since my sophomore year of high school; It was the first time I started to feel like I had to work hard and was particularly impressed.</p><p>Second, I think it is studying at Renmin University. Now I have made many very good friends when I was studying at the National People's Congress. Among them, some of them are friends, some are deep partners, and some are engaged in some public welfare undertakings together.</p><p>Third, I work for the Yale University Endowment. In the torturous process of finding a job, I rediscovered myself, and what kind of person I worked with in my first job. I think these two things have a great impact on me. In fact, I had to do it as a last resort when I first joined the Yale Foundation internship. I looked for several other job opportunities, but they were all turned down.</p><p>Fourth, it is to start a business. Between working for a company or starting a business, I choose to start a business. At that time, my job was relatively good, and I had a good relationship with John Thain, the CEO of the New York Stock Exchange at the time, so he appointed me as the first NYSE representative in China. This is a very good development opportunity, and I can completely continue to do it, but then I decided to start a business. In 2005, I founded Hillhouse Capital.</p><p><b>02 Do things well</b></p><p>Now I often think about it again and again, and I find that my biggest characteristic is to love tossing, not satisfied with the status quo, and love to challenge myself. Today, the scale of the company is so large, but I always say within the company that starting a business for a second time and starting a business forever. Just as I like adventurous sports, I also love to toss in my career. In addition, I am never satisfied with the status quo. Some people may think that if you have tens of billions of dollars in funds, it is enough to collect management fees, so you don't have to toss so much. But I'm not willing to do this. If you want to do it, you have to do it your best, or you don't do it.</p><p>I feel that my thinking is quite thorough and comprehensive, and I like to examine and ponder a lot of things repeatedly. I like to plan in advance. In fact, before starting a business, I started planning very early. First, I went to work in the fund, and then I went to other institutions. These institutions often sent me back to China, giving me a time transition zone to consider and arrange my affairs, and every step was more solid.</p><p>In fact, it is very important to choose what kind of people to do things with. I am very picky about this, and I like to find people to work with who are based on long-term trust and are familiar with. The core colleagues around me are either classmates of the National People's Congress or former colleagues. My career was first started with such a small group of friends.</p><p><b>03 I admire two people the most</b></p><p>There are two people I admire the most, one is Buffett and the other is Svensson. I have the opportunity to get into close contact with these two people. I admire Buffett most for his investment ability. In addition, I also admire him as a person with strong empathy. English is empathy. I quite like this kind of empathetic person; Empathy allows him to better understand young people, people who are different from him, and management. So today I often talk to my manager about the need for empathy, which I learned from him.</p><p>Buffett was always able to think from someone else's point of view. For example, suppose that from a strict point of view, there is a management who is not the best, but he can always stand from someone else's point of view, assume that he is in that environment, and analyze whether the situation is caused by these or those reasons. He is not only standing from his own perspective, only from the perspective of the investor. I don't think it's easy to think from someone else's perspective, because everyone is used to thinking from their own perspective.</p><p>I think this empathy is a very good quality for investment, life, even family and interpersonal relationships. I also often communicate with young children and ask them to think about, what is it like if you think about it from someone else's perspective? Empathy is very important and can help to relate better to people.</p><p>Speaking of Svenson, one of the things I admire most about him is that he has a very strong sense of morality and responsibility. Suffice to say, he's the best combination of fiduciary duty and intellectual honesty I've ever met. These two people will always be my role models and the people I admire the most.</p><p>Swenson also taught me many things, such as long-term value investing, institutional investing, asset allocation, understanding of risk, and so on. Many Chinese companies, such as Social Security and CIC, regard his book as a must-read. I think these methods can promote the institutionalization of investment in China; It is helpful to think about institutionalization and build a system. However, for example, there are many restrictions on how to apply effective borders in China, so many things need to be done well if we want to better combine with China's situation.</p><p><b>04 3 Opportunities for the Future</b></p><p>For the Internet/mobile Internet, I think there are many opportunities, and it is very important to integrate the whole industrial chain. But I am more optimistic about Internet finance, using the Internet to combine the whole financial industry chain and financial products, from insurance, mortgage loans to consumer finance. A lot of the combined stuff is just beginning now, and there are many opportunities to come.</p><p>Our Qingliu Capital has invested in several companies in this area. For example, like 51 credit card, which is like Mint in the United States, it manages everyone's financial management and credit cards. We're just starting to invest in this, and I'm sure there's a lot more down there.</p><p>For investment opportunities in the next five years, I am optimistic about innovation, second about the huge consumption opportunities brought by the middle class, and third about the financial and asset management industries. The current demand is far from being met, especially for asset management. I think there will be many good business models.</p><p><b>05 Everybody Can Fight</b></p><p>Some people say that I am not only a successful investor, but also an excellent leader. But I feel that these two characters are different and often have contradictions. A good investor should have a strong ability to question, and a good manager should have stronger affinity and management ability.</p><p>My leadership style is influenced by two aspects, one is the ancient Chinese culture, especially Lao-Zhuang philosophy; The second is Internet thinking and Internet spirit.</p><p>From the perspective of Chinese philosophy, it is more like Lao Tzu's \"ruling by doing nothing\". From the perspective of real organizational behavior, I believe in a subversion brought by the Internet model, which I call the decentralized management model. Like fighting at the front line, I think, like Ren Zhengfei, it is the people who hear the sound of artillery that should make decisions, rather than the people who hear the sound of artillery that have to call the company commander, then the battalion commander, and then the battalion commander to call the regiment commander before making decisions. Decentralized decision-making mode can greatly improve the combat capability of squad leaders and soldiers in the front line.</p><p>The second is to significantly reduce the hierarchy of the company. There are very few levels in our company. I am one tier, six partners are one tier, and all employees are one tier. There is only a layer of partners between each employee and me. In this way, the hierarchy is greatly reduced. At the same time, each employee is carefully selected. \"Decentralization\" plus \"reduction of levels\", and strive to make everyone able to fight.</p><p>But I also encounter a lot of challenges in the management process. First, temptation. China has many things to do. How can we choose the one that suits ourselves in temptation? \"Weak water is three thousand, but take a ladle\"; Second, the challenge is the cultivation of talents. The process has taken longer than I thought, but we have now touched a good path. People have to spend energy choosing, and after picking in, they have to spend a lot of time carving according to high-house culture and values. Curiosity, honesty and independence are the corporate culture of Hillhouse Capital.</p><p>Whenever I have time, I have to go to exercise, such as surfing and snowboarding, which are more able to fully express my personality and require full concentration in sports. Like you are on a snowy mountain, what else can you think of? I often go surfing in summer, three or four times a week, going out at eight o'clock, coming back at nine o'clock to take a shower, and going to work at nine thirty, it is easy in summer, and I go skiing in winter.</p><p><b>06 Zhang Lei's Investment Philosophy</b></p><p>Hillhouse Capital represents a very different investment institution, covering the earliest venture capital to private equity investment to listed company investment and merger investment after listing. We are the only institution in China that is doing things in the whole industry chain, which is actually uncommon in the world.</p><p>Because there is no distinction between private equity and listed company equity in the United States, the best, most successful and biggest equity industry chain is actually in the United States. For example, Buffett buys both Coca-Cola (45.430, +0.80%) shares and listed company shares, and does venture capital or even private equity investment by himself. In essence, this is how investment should be done, not framing whether to make venture capital or listed equity investment.</p><p>In fact, in the ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the format of equity, but what kind of business model and what kind of people there are. In the internal training of Hillhouse Capital, the first lecture is people and business. What kind of people and business model do we want to invest in? The combination of people and business is the first criterion for us to choose a company.</p><p>Why can't most people in this standard do it? Some people say I either do venture capital or do listed equity investment. I think there is the only belief, which is the first principle of our investment. What is it? We don't have to do anything. You don't have to do anything. This is our first philosophical idea of investing. When you say you don't need to do anything, you have the opportunity to do what you think is most important. We all practice this principle in the process of investing.</p><p>The scale and return of our global investment are also very high. Many people know that I am a Yale genre, and many people know that Yale Investment Fund has given me the idea of how to invest. I gained a deep understanding of investing when translating \"The Path to Innovation for Institutional Investors\". In fact, I have worked in many industries before, and I didn't find what I wanted to do until later.</p><p>The most difficult thing about investing in China is that the market is very impetuous. Every day, people tell you what is happening in the market again. How do I stay calm in an impetuous market? It is my first investment philosophy, \"govern the country with righteousness, use troops with strangeness, and use strangeness with righteousness.\" When you can be \"righteous\", you can withstand all kinds of temptations and challenges.</p><p>Why use odd? One would rather be conventional failure than unconventional success. Why? Not willing to break the routine to make mistakes. At this time, all kinds of people can't break through all kinds of restrictions to \"use strangeness\" after \"keeping upright\". If your ideas are different from others, you can go out of your own path.</p><p>When investing in China, it is more important to know how much you can hold in your bowl. So the second point I want to talk about is, \"Weak water is three thousand, but take a ladle\". Your daily effort is to make your ladle bigger, firmer and deeper, instead of eating all the dishes in the pot and on the table all day long. There is such a theorem in investment. Chinese and Western cultures are the same. To foreigners, it is a piece of mine. Will you be anxious if you can't invest in something good that others have invested in? If you have this philosophical support, you will find the piece of mine, something you think makes sense.</p><p>You can only focus on making your stuff right when you only keep a low profile. You were very high-profile in your early years, and in God's words, \"if you want to perish it first, you must make it mad first\". Be low-key and make a good investment in a down-to-earth manner. Really good resources, really good investors and good investment projects will gradually find you.</p><p>The most dangerous thing in this business is that you are driven by money. Either you earn a lot of money quickly, and you don't know what to do, or you haven't earned any money and are in a hurry, and you don't know what to do, so driving for money is the most dangerous idea. Money is not important, it is the last one nature income and cannot be a goal, you are definitely for a passion that takes you down.</p><p>We are an \"outlier\", have independent thinking, don't care about the market, don't care about other investment institutions.</p>","source":"lsy1585022731199","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>Hillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nHillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资人</strong><span class=\"h-time small\">2021-06-10 14:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>01 Four Turns in Life</b></p><p>I experienced four turning points in becoming an investor.</p><p>First, I almost failed the junior high school examination from primary school. Because my academic performance was relatively poor at that time, the minimum admission score for junior high school examination in primary school was 140 points, and I got 141 points, just one point more. I've probably only been working on it since my sophomore year of high school; It was the first time I started to feel like I had to work hard and was particularly impressed.</p><p>Second, I think it is studying at Renmin University. Now I have made many very good friends when I was studying at the National People's Congress. Among them, some of them are friends, some are deep partners, and some are engaged in some public welfare undertakings together.</p><p>Third, I work for the Yale University Endowment. In the torturous process of finding a job, I rediscovered myself, and what kind of person I worked with in my first job. I think these two things have a great impact on me. In fact, I had to do it as a last resort when I first joined the Yale Foundation internship. I looked for several other job opportunities, but they were all turned down.</p><p>Fourth, it is to start a business. Between working for a company or starting a business, I choose to start a business. At that time, my job was relatively good, and I had a good relationship with John Thain, the CEO of the New York Stock Exchange at the time, so he appointed me as the first NYSE representative in China. This is a very good development opportunity, and I can completely continue to do it, but then I decided to start a business. In 2005, I founded Hillhouse Capital.</p><p><b>02 Do things well</b></p><p>Now I often think about it again and again, and I find that my biggest characteristic is to love tossing, not satisfied with the status quo, and love to challenge myself. Today, the scale of the company is so large, but I always say within the company that starting a business for a second time and starting a business forever. Just as I like adventurous sports, I also love to toss in my career. In addition, I am never satisfied with the status quo. Some people may think that if you have tens of billions of dollars in funds, it is enough to collect management fees, so you don't have to toss so much. But I'm not willing to do this. If you want to do it, you have to do it your best, or you don't do it.</p><p>I feel that my thinking is quite thorough and comprehensive, and I like to examine and ponder a lot of things repeatedly. I like to plan in advance. In fact, before starting a business, I started planning very early. First, I went to work in the fund, and then I went to other institutions. These institutions often sent me back to China, giving me a time transition zone to consider and arrange my affairs, and every step was more solid.</p><p>In fact, it is very important to choose what kind of people to do things with. I am very picky about this, and I like to find people to work with who are based on long-term trust and are familiar with. The core colleagues around me are either classmates of the National People's Congress or former colleagues. My career was first started with such a small group of friends.</p><p><b>03 I admire two people the most</b></p><p>There are two people I admire the most, one is Buffett and the other is Svensson. I have the opportunity to get into close contact with these two people. I admire Buffett most for his investment ability. In addition, I also admire him as a person with strong empathy. English is empathy. I quite like this kind of empathetic person; Empathy allows him to better understand young people, people who are different from him, and management. So today I often talk to my manager about the need for empathy, which I learned from him.</p><p>Buffett was always able to think from someone else's point of view. For example, suppose that from a strict point of view, there is a management who is not the best, but he can always stand from someone else's point of view, assume that he is in that environment, and analyze whether the situation is caused by these or those reasons. He is not only standing from his own perspective, only from the perspective of the investor. I don't think it's easy to think from someone else's perspective, because everyone is used to thinking from their own perspective.</p><p>I think this empathy is a very good quality for investment, life, even family and interpersonal relationships. I also often communicate with young children and ask them to think about, what is it like if you think about it from someone else's perspective? Empathy is very important and can help to relate better to people.</p><p>Speaking of Svenson, one of the things I admire most about him is that he has a very strong sense of morality and responsibility. Suffice to say, he's the best combination of fiduciary duty and intellectual honesty I've ever met. These two people will always be my role models and the people I admire the most.</p><p>Swenson also taught me many things, such as long-term value investing, institutional investing, asset allocation, understanding of risk, and so on. Many Chinese companies, such as Social Security and CIC, regard his book as a must-read. I think these methods can promote the institutionalization of investment in China; It is helpful to think about institutionalization and build a system. However, for example, there are many restrictions on how to apply effective borders in China, so many things need to be done well if we want to better combine with China's situation.</p><p><b>04 3 Opportunities for the Future</b></p><p>For the Internet/mobile Internet, I think there are many opportunities, and it is very important to integrate the whole industrial chain. But I am more optimistic about Internet finance, using the Internet to combine the whole financial industry chain and financial products, from insurance, mortgage loans to consumer finance. A lot of the combined stuff is just beginning now, and there are many opportunities to come.</p><p>Our Qingliu Capital has invested in several companies in this area. For example, like 51 credit card, which is like Mint in the United States, it manages everyone's financial management and credit cards. We're just starting to invest in this, and I'm sure there's a lot more down there.</p><p>For investment opportunities in the next five years, I am optimistic about innovation, second about the huge consumption opportunities brought by the middle class, and third about the financial and asset management industries. The current demand is far from being met, especially for asset management. I think there will be many good business models.</p><p><b>05 Everybody Can Fight</b></p><p>Some people say that I am not only a successful investor, but also an excellent leader. But I feel that these two characters are different and often have contradictions. A good investor should have a strong ability to question, and a good manager should have stronger affinity and management ability.</p><p>My leadership style is influenced by two aspects, one is the ancient Chinese culture, especially Lao-Zhuang philosophy; The second is Internet thinking and Internet spirit.</p><p>From the perspective of Chinese philosophy, it is more like Lao Tzu's \"ruling by doing nothing\". From the perspective of real organizational behavior, I believe in a subversion brought by the Internet model, which I call the decentralized management model. Like fighting at the front line, I think, like Ren Zhengfei, it is the people who hear the sound of artillery that should make decisions, rather than the people who hear the sound of artillery that have to call the company commander, then the battalion commander, and then the battalion commander to call the regiment commander before making decisions. Decentralized decision-making mode can greatly improve the combat capability of squad leaders and soldiers in the front line.</p><p>The second is to significantly reduce the hierarchy of the company. There are very few levels in our company. I am one tier, six partners are one tier, and all employees are one tier. There is only a layer of partners between each employee and me. In this way, the hierarchy is greatly reduced. At the same time, each employee is carefully selected. \"Decentralization\" plus \"reduction of levels\", and strive to make everyone able to fight.</p><p>But I also encounter a lot of challenges in the management process. First, temptation. China has many things to do. How can we choose the one that suits ourselves in temptation? \"Weak water is three thousand, but take a ladle\"; Second, the challenge is the cultivation of talents. The process has taken longer than I thought, but we have now touched a good path. People have to spend energy choosing, and after picking in, they have to spend a lot of time carving according to high-house culture and values. Curiosity, honesty and independence are the corporate culture of Hillhouse Capital.</p><p>Whenever I have time, I have to go to exercise, such as surfing and snowboarding, which are more able to fully express my personality and require full concentration in sports. Like you are on a snowy mountain, what else can you think of? I often go surfing in summer, three or four times a week, going out at eight o'clock, coming back at nine o'clock to take a shower, and going to work at nine thirty, it is easy in summer, and I go skiing in winter.</p><p><b>06 Zhang Lei's Investment Philosophy</b></p><p>Hillhouse Capital represents a very different investment institution, covering the earliest venture capital to private equity investment to listed company investment and merger investment after listing. We are the only institution in China that is doing things in the whole industry chain, which is actually uncommon in the world.</p><p>Because there is no distinction between private equity and listed company equity in the United States, the best, most successful and biggest equity industry chain is actually in the United States. For example, Buffett buys both Coca-Cola (45.430, +0.80%) shares and listed company shares, and does venture capital or even private equity investment by himself. In essence, this is how investment should be done, not framing whether to make venture capital or listed equity investment.</p><p>In fact, in the ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the format of equity, but what kind of business model and what kind of people there are. In the internal training of Hillhouse Capital, the first lecture is people and business. What kind of people and business model do we want to invest in? The combination of people and business is the first criterion for us to choose a company.</p><p>Why can't most people in this standard do it? Some people say I either do venture capital or do listed equity investment. I think there is the only belief, which is the first principle of our investment. What is it? We don't have to do anything. You don't have to do anything. This is our first philosophical idea of investing. When you say you don't need to do anything, you have the opportunity to do what you think is most important. We all practice this principle in the process of investing.</p><p>The scale and return of our global investment are also very high. Many people know that I am a Yale genre, and many people know that Yale Investment Fund has given me the idea of how to invest. I gained a deep understanding of investing when translating \"The Path to Innovation for Institutional Investors\". In fact, I have worked in many industries before, and I didn't find what I wanted to do until later.</p><p>The most difficult thing about investing in China is that the market is very impetuous. Every day, people tell you what is happening in the market again. How do I stay calm in an impetuous market? It is my first investment philosophy, \"govern the country with righteousness, use troops with strangeness, and use strangeness with righteousness.\" When you can be \"righteous\", you can withstand all kinds of temptations and challenges.</p><p>Why use odd? One would rather be conventional failure than unconventional success. Why? Not willing to break the routine to make mistakes. At this time, all kinds of people can't break through all kinds of restrictions to \"use strangeness\" after \"keeping upright\". If your ideas are different from others, you can go out of your own path.</p><p>When investing in China, it is more important to know how much you can hold in your bowl. So the second point I want to talk about is, \"Weak water is three thousand, but take a ladle\". Your daily effort is to make your ladle bigger, firmer and deeper, instead of eating all the dishes in the pot and on the table all day long. There is such a theorem in investment. Chinese and Western cultures are the same. To foreigners, it is a piece of mine. Will you be anxious if you can't invest in something good that others have invested in? If you have this philosophical support, you will find the piece of mine, something you think makes sense.</p><p>You can only focus on making your stuff right when you only keep a low profile. You were very high-profile in your early years, and in God's words, \"if you want to perish it first, you must make it mad first\". Be low-key and make a good investment in a down-to-earth manner. Really good resources, really good investors and good investment projects will gradually find you.</p><p>The most dangerous thing in this business is that you are driven by money. Either you earn a lot of money quickly, and you don't know what to do, or you haven't earned any money and are in a hurry, and you don't know what to do, so driving for money is the most dangerous idea. Money is not important, it is the last one nature income and cannot be a goal, you are definitely for a passion that takes you down.</p><p>We are an \"outlier\", have independent thinking, don't care about the market, don't care about other investment institutions.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q\">投资人</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/890dd2dfb205aa8aa1d140672304b3c8","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155033069","content_text":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；这是我第一次开始感觉要努力，印象特别深。\n第二，我觉得是在人民大学读书。现在我交的很多很好的朋友还都是当年在人大读书的时候认识的，他们当中，现在有的是朋友，有的是关系很深的合作伙伴，有的还一起从事一些公益性事业。\n第三，我在耶鲁大学捐赠基金工作。在找工作这个煎熬的过程使自己重新发现了自己，再加上第一份工作中跟什么样的人工作，我觉得这两件事对我影响比较大，其实刚进耶鲁基金实习工作是不得已而为之。找了好几个别的工作机会，都被拒绝了。\n第四，就是创业。在为公司打工还是创业两者之间，我选择创业。当时我的工作比较不错，而且和当时的纽约证券交易所CEO，John Thain, 关系很好，所以他委派我担任中国地区第一任NYSE的代表。这是非常好的发展机会，我完全可以继续做下去，但后来我还是决定创业，在2005年我创建了高瓴资本。\n02 做事就要做好\n现在我经常会反复考虑，我发现自己最大特点就是爱折腾，不满足现状，爱挑战自己。今天公司规模已经这么大了，但是我总在公司内部说二次创业，永远创业。这就像我喜欢具有冒险精神的运动一样，在事业方面我也是爱折腾。此外，我从来不满足于现状，可能有些人会觉得你有几百亿美元基金，收管理费就够了，不用那么折腾。但我不愿意这样，要做就要做到最好，要么就不做。\n我觉得自己思考问题还算比较彻底全面，喜欢把很多事情反复地去推敲和琢磨。我很喜欢提早计划，其实创业之前我很早就开始计划，先到基金工作，然后到别的机构，这些机构经常派我回中国，给了我一个时间过渡区来考虑和安排我的事情，每一步走得比较扎实。\n其实，选择和什么样的人一起做事情非常重要。我对这一点非常挑剔，我喜欢找基于长期信任的、熟悉的人一起工作。我身边的核心同事，要么是当年人大的同学，要么就是以前的同事。我的事业最早就是这么一小撮朋友一起做起来的。\n03 最佩服两个人\n我最佩服的人有两个，一个是巴菲特，一个是史文森。这两个人我都有机会比较近距离的接触，我最佩服巴菲特是他的投资能力，另外我也十分佩服他是一个具有强烈同理心的人，英文就是empathy。我很喜欢这种有同理心的人；同理心能使他更好地去了解年轻人，了解和他不一样的人，了解管理层。所以今天我经常和我的管理人员说需要有同理心，这点我从他身上学到的。\n巴菲特总是能站在别人的角度想问题。打个比方，假设从严格的角度来讲，有个管理层不是做到最优秀的，但他总能站在别人的角度，假设自己处在那个环境下，分析这个情况是由于这些或者那些原因造成的。他不是只站在自己的角度，只站在投资者的角度。我觉得站在别人的角度想很不容易，因为每个人都习惯从自己的角度思考问题。\n我觉得这个同理心对于投资，人生，甚至家庭、人际关系，都是一个非常好的品质。我也经常和小孩子交流，让他们想想，如果你站在别人的角度上想，是什么样的？同理心非常重要，可以帮助更好地与人产生共鸣。\n说到史文森，我最佩服他的一点就是，他有非常强烈的道德感、责任感。可以这么说，他是我见过的把fiduciary duty和intellectual honesty结合得最好的一个人。这两个人永远都是是我的楷模，是我最佩服的人。\n史文森还教会了我很多东西，比如长期价值投资，机构投资，资产配置，对风险的理解等等。中国很多公司，比如社保、中投都把他的书当做必读物。我认为这些方法能推动投资在中国的机构化；对机构化的思考问题，体系搭建都是有帮助的。但比如说有效边界，怎么把它运用过来，在中国是有很多限制条件的，所以若要更好地跟中国状况相结合，还需要做好很多事情。\n04 未来的3个机遇\n对于互联网/移动互联网来说，我觉得机遇很多，把整个产业链整合是很重要的一块。但我更看好互联网金融，利用互联网把整个金融产业链、金融的产品，从保险、抵押贷款、到消费金融都结合在一起。很多结合的东西现在只是刚刚开始，还有很多机会在后面。\n我们旗下的清流资本已经投资了好几个这方面的公司。比如像51信用卡，这是像美国的Mint，把大家的理财、信用卡都管理起来。我们才刚刚开始这方面的投资，我相信下面还有很多。\n未来5年的投资机遇，我第一是看好创新，第二是看好中产阶级带来的巨大消费机会，第三是看好金融和资产管理行业，现在的需求远远没有被满足，尤其是资产管理，我觉得会有很多好的商业模式出来。\n05 每个人都能战斗\n有人说我不但是成功的投资者，也是优秀的领导者。但我觉得这两个角色是不一样的，经常有矛盾。一个好的投资者要有强烈的质疑能力，一个好的管理者要有更强大的亲和力与管理能力。\n我的领导风格受两个方面的影响，一是中国古代文化，尤其是老庄哲学；二是互联网思维、互联网精神。\n从中国哲学的角度来讲，比较像是老子的“无为而治”。而从真正的组织行为学来讲，我相信的是互联网模式带来的一种颠覆，我称之为去中心化的管理模式。像在前线打仗，我觉得像任正非而言，应该是听到炮声的人去做决策，而不是听到炮声的人要打电话给连长、再打给营长、营长再打给团长再做决策。去中心化决策模式能大幅度地提升在前线的班长和战士的作战能力。\n第二是大幅度减少公司的层级。我们公司的层级非常少，我是一层，六个合伙人是一层，所有的员工是一层。每个员工和我之间只有合伙人一层。这样的话就大幅度地消减层级。同时，精挑细选每一个员工。“去中心化”加“消减层级”，争取让每一个人都能够战斗。\n但是在管理过程中我也会遇到很多挑战。第一，诱惑。中国有很多事情可以做，我们怎么在诱惑中选取适合自己的，“弱水三千，但取一瓢”；第二，挑战是人才的培养。这个过程比我想象的要漫长，但我们现在摸到了好途径。人要花精力挑选，挑进来之后也要花很多时间按照高瓴文化和价值观来雕琢。好奇、诚实、独立是高瓴资本的企业文化。\n一有时间我还要去运动一下，像冲浪、单板滑雪，都是比较能够充分张扬个性，并且要求在运动中全神贯注。就像你在雪山上，能想什么别的？我夏天经常去冲浪，一周三四次，八点钟出去、九点钟回来洗个澡、九点半去上班，夏天很容易，冬天就去滑雪。\n06 张磊的投资哲学\n高瓴资本代表了一个非常不一样的投资机构，涵盖了最早期风险投资到私募股权投资再到上市公司投资以及上市以后的兼并投资。我们是全中国唯一在做全产业链事情的机构，这实际上在世界上也是不常见的。\n因为在美国完全不分私募股权和上市公司股权，股权全产业链做得最好最成功最大的实际上在美国，像Buffett既买可口可乐（45.430，+0.80%）股票，买上市公司股票，又自己去做风险投资甚至去做私募股权投资。本质上，投资就应该是这么做的，不要框定是做风险投资还是做上市股权投资。\n实际上，在风云变幻的中国，一年相当于西方的十年二十年，其中最重要的不是股权的format，最重要的是一种什么样的商业模式，有什么样的人。在高瓴资本内部培训中，第一讲就是人与生意，我们要投资什么样的人，要投资什么样的生意模式，人与生意的组合是我们选公司的第一个标准。\n为什么这种标准中大部分的人不能做到？有人说我要么做风险投资，要么做上市股权投资。我觉得有唯一一个belief，就是我们投资的第一原则，是什么呢？是We don‘t have to do anything．你不需要做任何事情，这是我们投资的第一个哲学思想，当你说自己不需要做任何事情时，就有机会做自己认为最重要的事情，我们在投资的过程中都在实践这一原则。\n我们在全球投资的规模和回报也是很靠前的，很多人知道我是耶鲁流派的，很多人知道耶鲁投资基金给了我怎么投资的想法。在翻译《机构投资者的创新之路》时，我对投资有了很深的理解。其实之前我做过很多行业，直到后期才找到我想干的事。\n在中国做投资最难的一点就是市场很浮躁，每天都有人告诉你市场上又发生了什么事情。我如何在浮躁的市场上保持冷静？就是我的第一个投资哲学，“以正治国，以奇用兵，守正用奇。”当你能够做到“正”你就能经得起各种各样的诱惑与挑战。\n为什么要用奇呢？一个人宁愿很conventional failure，也不愿unconventional success，为什么呢？不愿意打破常规去犯错误，这时候各种各样的人，在“守正”之后不能突破各种各样的限制去“用奇”，你的想法如果和别人不一样就可以走出一条自己的道路。\n在中国做投资，知道自己碗里能装多少东西更重要。所以我要讲的第二点就是，“弱水三千，但取一瓢”。你每天的功夫就是要把你的这一瓢做得更大更结实更深，而不是整天壶里的和桌上的菜都要喝掉吃掉。投资里面有这样一个定理，中西文化是相同的，跟老外讲就是a piece of mine，看到别人投了很好的东西你投不到你是不是会着急。你有这个哲学支撑就会找到the piece of mine，something you think make sense。\n当你只有低调的时候才能专心致志地把自己的东西做好。你在早年时就非常高调，拿上帝的话说就是“欲先使其灭亡，必先使其疯狂”。要低调，踏踏实实的做好投资，真正好的资源，真正好的投资人，好的投资项目会逐渐找到你的。\n在这个行业里最危险的事情就是，你是被钱驱动的。要么你很快就挣了很多钱，你不知道干什么，要么你一直没挣到钱很着急，你也不知道要干什么，所以为钱驱动是一个最最dangerous的想法。钱并不重要，是最后的一个nature income，不能成为一个目标，你肯定是为了一个passion，带着你走下来。\n我们是一个“异类”，有独立的思考，不在乎市场，不在乎别的投资机构。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105003759,"gmtCreate":1620257576971,"gmtModify":1704340790377,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/105003759","repostId":"1145881706","repostType":4,"repost":{"id":"1145881706","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620256293,"share":"https://ttm.financial/m/news/1145881706?lang=en_US&edition=fundamental","pubTime":"2021-05-06 07:11","market":"us","language":"zh","title":"PayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours","url":"https://stock-news.laohu8.com/highlight/detail?id=1145881706","media":"老虎资讯综合","summary":"5月6日，在线支付服务商Paypal周三盘后公布了该公司第一季度财报。财报显示，第一季度营收60.3亿美元，市场预期59.04亿美元，去年同期46.18亿美元；第一季度净利润10.97亿美元，市场预期净利润7.95亿美元，去年同期净利润0.84亿美元；第一季度每股盈利0.92美元，市场预期0.65美元，去年同期0.07美元。在截至3月31日的这一财季，PayPal的净利润为10.97亿美元，比上年同期的8400万美元增长1206%；每股摊薄收益为0.92美元，比去年同期的0.07美元增长1200%。","content":"<p>On May 6, online payment service Paypal reported its first-quarter earnings after the bell on Wednesday. According to the financial report, the revenue in the first quarter was USD 6.03 billion, with the market expectation of USD 5.904 billion and USD 4.618 billion in the same period last year; Net profit in the first quarter was USD 1.097 billion, the market expected net profit of USD 795 million, and net profit of USD 84 million in the same period last year; Q1 earnings of $0.92 per share compared to market estimates of $0.65 and $0.07 in the year-ago quarter.</p><p><img src=\"https://static.tigerbbs.com/b310be06ef646365a11b0ad68717cf98\" tg-width=\"838\" tg-height=\"638\"></p><p><b>Financial Performance and Operating Metrics:</b></p><p>In the fiscal quarter ended March 31, PayPal's net income was $1.097 billion, up 1206% from $84 million in the same period last year; Diluted earnings per share were $0.92, up 1200% from $0.07 in the year-ago quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), PayPal's adjusted net income in the first quarter was $1.455 billion, up 85% from $786 million in the prior-year quarter; Adjusted earnings of $1.22 per share increased 84% from $0.66 in the prior-year quarter and beat analysts' expectations. According to data provided by Yahoo Finance, an average of 38 analysts had expected PayPal to earn $1.01 per share in the first quarter.</p><p>PayPal's net revenue in the first quarter was $6.033 billion, an increase of 31% from $4.618 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 29%. This performance also exceeded analysts' expectations. According to data provided by Yahoo Finance, 36 analysts had expected PayPal's first-quarter revenue to reach $5.9 billion on average.</p><p>PayPal's first-quarter total payment volume (TPV) was $285.447 billion, up 50% from $190.567 billion in the same period last year, and up 46% year-over-year excluding the impact of exchange rate movements.</p><p>PayPal's total operating expenses in the first quarter were $4.991 billion, compared to $4.220 billion a year earlier. Of these, transaction expenses were $2.275 billion, compared to $1.739 billion in the same period last year; Trading and loan losses were $273 million, compared to $591 million a year earlier; Customer support and operating expenses were $518 million, compared to $399 million a year earlier; Sales and marketing expenses were $602 million, compared to $371 million in the prior-year quarter; Technology and development spending was $741 million, compared to $605 million a year earlier; General and administrative expenses were $524 million, compared to $486 million a year earlier; Restructuring and other expenses were $58 million, compared to $29 million a year earlier.</p><p>PayPal's first-quarter operating profit was $104.2 billion, compared to $398 million in the year-ago quarter; Operating margin was 17.3%, up 865 basis points compared to 8.6% in the year-ago quarter. Non-GAAP, PayPal's adjusted operating profit was $1.673 billion in the first quarter, compared to $908 million in the year-ago quarter; Adjusted operating margin was 27.7%, up 807 basis points from 19.7% in the year-ago quarter.</p><p>PayPal's cash flow from business operating activities in the first quarter was US$1.758 billion, an increase of 24% compared with US$1.421 billion in the same period last year; Free cash flow was $1,537 million, up 27% compared to $1,215 million in the prior-year quarter. As of December 31, 2021, PayPal held total cash and cash equivalents and non-equity investments of $19.1 billion and total liabilities of $8.9 billion. PayPal's effective tax rate in the first quarter was-25.8%, down 93.9 percentage points from 68.1% in the same period last year; Non-GAAP, PayPal's effective tax rate was 10.4% in the first quarter, down 2.0 percentage points from 12.4% a year earlier. PayPal returned $1.3 billion in cash to shareholders in the first quarter in the form of repurchases of approximately 5.3 million shares of common stock.</p><p>PayPal added 14.5 million net new active accounts in the first quarter, an increase of 21% compared with the same period last year, and the total active accounts reached 392 million. In the first quarter, PayPal processed 4.4 billion transactions, up 34% year-over-year. Over the past 12 months, PayPal processed 42.2 transactions per active account, up 7% year-on-year.</p><p><b>Performance Outlook:</b></p><p>PayPal expects the company's net revenue to reach $6.25 billion in the second quarter of fiscal 2021, a year-over-year increase of 19%, excluding the impact of exchange rate changes, a year-over-year increase of 17%, exceeding expectations; Diluted earnings per share are expected to reach $0.76, compared to $1.29 in the year-ago quarter; Non-GAAP adjusted earnings per share are expected to reach $1.12, up 5% year-over-year and also beat expectations. The second-quarter EPS outlook includes an expected net unrealized gain of approximately $0.58 per share from PayPal's strategic portfolio; Non-GAAP performance estimates for the second quarter reflect an adjustment of approximately $525 million, including an estimated equity compensation expense of approximately $400 million and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 35 analysts had expected PayPal's second-quarter revenue to reach $6.16 billion on average, and 37 analysts had expected PayPal's second-quarter earnings per share to reach $1.1 on average.</p><p>PayPal expects that the company's net revenue will reach $25.75 billion for the full year of fiscal 2021, a year-on-year increase of 20%. Excluding the impact of exchange rate changes, it will increase by 18.5% year-on-year, slightly exceeding expectations; Diluted earnings per share are expected to reach $3.33; Non-GAAP adjusted earnings per share are expected to reach $4.70, up 21% year-over-year and also beat expectations. Included in the fiscal 2021 EPS outlook is an expected net unrealized gain of approximately $1.24 per share from PayPal's strategic portfolio; Non-GAAP performance expectations for fiscal 2021 reflect approximately $2.21 billion in adjustments, including an estimated equity compensation expense of approximately $1.7 billion and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 47 analysts had expected PayPal's full-year revenue to reach $25.71 billion on average, and 47 analysts had expected PayPal's full-year earnings per share to reach $4.57 on average.</p><p>PayPal expects the company's net new active accounts to be between 52 million and 55 million for the full year of fiscal 2021, and expects total payments to grow by 30% year-over-year for the full year.</p><p>Paypal's shares rose more than 4% after hours after the earnings report, and the company's shares closed down 1.1% at $247.4 on Wednesday.</p><p><img src=\"https://static.tigerbbs.com/66cc879026e08bd5e63401804a1e1ced\" tg-width=\"1302\" tg-height=\"833\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nPayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-06 07:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 6, online payment service Paypal reported its first-quarter earnings after the bell on Wednesday. According to the financial report, the revenue in the first quarter was USD 6.03 billion, with the market expectation of USD 5.904 billion and USD 4.618 billion in the same period last year; Net profit in the first quarter was USD 1.097 billion, the market expected net profit of USD 795 million, and net profit of USD 84 million in the same period last year; Q1 earnings of $0.92 per share compared to market estimates of $0.65 and $0.07 in the year-ago quarter.</p><p><img src=\"https://static.tigerbbs.com/b310be06ef646365a11b0ad68717cf98\" tg-width=\"838\" tg-height=\"638\"></p><p><b>Financial Performance and Operating Metrics:</b></p><p>In the fiscal quarter ended March 31, PayPal's net income was $1.097 billion, up 1206% from $84 million in the same period last year; Diluted earnings per share were $0.92, up 1200% from $0.07 in the year-ago quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), PayPal's adjusted net income in the first quarter was $1.455 billion, up 85% from $786 million in the prior-year quarter; Adjusted earnings of $1.22 per share increased 84% from $0.66 in the prior-year quarter and beat analysts' expectations. According to data provided by Yahoo Finance, an average of 38 analysts had expected PayPal to earn $1.01 per share in the first quarter.</p><p>PayPal's net revenue in the first quarter was $6.033 billion, an increase of 31% from $4.618 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 29%. This performance also exceeded analysts' expectations. According to data provided by Yahoo Finance, 36 analysts had expected PayPal's first-quarter revenue to reach $5.9 billion on average.</p><p>PayPal's first-quarter total payment volume (TPV) was $285.447 billion, up 50% from $190.567 billion in the same period last year, and up 46% year-over-year excluding the impact of exchange rate movements.</p><p>PayPal's total operating expenses in the first quarter were $4.991 billion, compared to $4.220 billion a year earlier. Of these, transaction expenses were $2.275 billion, compared to $1.739 billion in the same period last year; Trading and loan losses were $273 million, compared to $591 million a year earlier; Customer support and operating expenses were $518 million, compared to $399 million a year earlier; Sales and marketing expenses were $602 million, compared to $371 million in the prior-year quarter; Technology and development spending was $741 million, compared to $605 million a year earlier; General and administrative expenses were $524 million, compared to $486 million a year earlier; Restructuring and other expenses were $58 million, compared to $29 million a year earlier.</p><p>PayPal's first-quarter operating profit was $104.2 billion, compared to $398 million in the year-ago quarter; Operating margin was 17.3%, up 865 basis points compared to 8.6% in the year-ago quarter. Non-GAAP, PayPal's adjusted operating profit was $1.673 billion in the first quarter, compared to $908 million in the year-ago quarter; Adjusted operating margin was 27.7%, up 807 basis points from 19.7% in the year-ago quarter.</p><p>PayPal's cash flow from business operating activities in the first quarter was US$1.758 billion, an increase of 24% compared with US$1.421 billion in the same period last year; Free cash flow was $1,537 million, up 27% compared to $1,215 million in the prior-year quarter. As of December 31, 2021, PayPal held total cash and cash equivalents and non-equity investments of $19.1 billion and total liabilities of $8.9 billion. PayPal's effective tax rate in the first quarter was-25.8%, down 93.9 percentage points from 68.1% in the same period last year; Non-GAAP, PayPal's effective tax rate was 10.4% in the first quarter, down 2.0 percentage points from 12.4% a year earlier. PayPal returned $1.3 billion in cash to shareholders in the first quarter in the form of repurchases of approximately 5.3 million shares of common stock.</p><p>PayPal added 14.5 million net new active accounts in the first quarter, an increase of 21% compared with the same period last year, and the total active accounts reached 392 million. In the first quarter, PayPal processed 4.4 billion transactions, up 34% year-over-year. Over the past 12 months, PayPal processed 42.2 transactions per active account, up 7% year-on-year.</p><p><b>Performance Outlook:</b></p><p>PayPal expects the company's net revenue to reach $6.25 billion in the second quarter of fiscal 2021, a year-over-year increase of 19%, excluding the impact of exchange rate changes, a year-over-year increase of 17%, exceeding expectations; Diluted earnings per share are expected to reach $0.76, compared to $1.29 in the year-ago quarter; Non-GAAP adjusted earnings per share are expected to reach $1.12, up 5% year-over-year and also beat expectations. The second-quarter EPS outlook includes an expected net unrealized gain of approximately $0.58 per share from PayPal's strategic portfolio; Non-GAAP performance estimates for the second quarter reflect an adjustment of approximately $525 million, including an estimated equity compensation expense of approximately $400 million and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 35 analysts had expected PayPal's second-quarter revenue to reach $6.16 billion on average, and 37 analysts had expected PayPal's second-quarter earnings per share to reach $1.1 on average.</p><p>PayPal expects that the company's net revenue will reach $25.75 billion for the full year of fiscal 2021, a year-on-year increase of 20%. Excluding the impact of exchange rate changes, it will increase by 18.5% year-on-year, slightly exceeding expectations; Diluted earnings per share are expected to reach $3.33; Non-GAAP adjusted earnings per share are expected to reach $4.70, up 21% year-over-year and also beat expectations. Included in the fiscal 2021 EPS outlook is an expected net unrealized gain of approximately $1.24 per share from PayPal's strategic portfolio; Non-GAAP performance expectations for fiscal 2021 reflect approximately $2.21 billion in adjustments, including an estimated equity compensation expense of approximately $1.7 billion and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 47 analysts had expected PayPal's full-year revenue to reach $25.71 billion on average, and 47 analysts had expected PayPal's full-year earnings per share to reach $4.57 on average.</p><p>PayPal expects the company's net new active accounts to be between 52 million and 55 million for the full year of fiscal 2021, and expects total payments to grow by 30% year-over-year for the full year.</p><p>Paypal's shares rose more than 4% after hours after the earnings report, and the company's shares closed down 1.1% at $247.4 on Wednesday.</p><p><img src=\"https://static.tigerbbs.com/66cc879026e08bd5e63401804a1e1ced\" tg-width=\"1302\" tg-height=\"833\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f3d6910b39b74c9e31da213a675621c","relate_stocks":{"PYPL":"PayPal"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145881706","content_text":"5月6日，在线支付服务商Paypal周三盘后公布了该公司第一季度财报。财报显示，第一季度营收60.3亿美元，市场预期59.04亿美元，去年同期46.18亿美元；第一季度净利润10.97亿美元，市场预期净利润7.95亿美元，去年同期净利润0.84亿美元；第一季度每股盈利0.92美元，市场预期0.65美元，去年同期0.07美元。\n\n财务业绩和运营指标：\n在截至3月31日的这一财季，PayPal的净利润为10.97亿美元，比上年同期的8400万美元增长1206%；每股摊薄收益为0.92美元，比去年同期的0.07美元增长1200%。不计入某些一次性项目（不按照美国通用会计准则），PayPal第一季度调整后净利润为14.55亿美元，与上年同期的7.86亿美元相比增长85%；调整后每股收益为1.22美元，与上年同期的0.66美元相比增长84%，超出分析师预期。据雅虎财经频道提供的数据显示，38名分析师此前平均预期PayPal第一季度每股收益将达1.01美元。\nPayPal第一季度净营收为60.33亿美元，比上年同期的46.18亿美元增长31%，不计入汇率变动的影响为同比增长29%，这一业绩也超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期PayPal第一季度营收将达59亿美元。\nPayPal第一季度总支付额（TPV）为2854.47亿美元，比去年同期的1905.67亿美元增长50%，不计入汇率变动的影响为同比增长46%。\nPayPal第一季度总运营支出为49.91亿美元，相比之下上年同期为42.20亿美元。其中，交易支出为22.75亿美元，相比之下上年同期为17.39亿美元；交易和贷款损失为2.73亿美元，相比之下上年同期为5.91亿美元；客户支持和运营支出为5.18亿美元，相比之下上年同期为3.99亿美元；销售和营销支出为6.02亿美元，相比之下上年同期为3.71亿美元；技术和开发支出为7.41亿美元，相比之下上年同期为6.05亿美元；总务和行政支出为5.24亿美元，相比之下上年同期为4.86亿美元；重组及其他支出为5800万美元，相比之下上年同期为2900万美元。\nPayPal第一季度运营利润为1042亿美元，相比之下去年同期的运营利润为3.98亿美元；运营利润率为17.3%，与去年同期的8.6%相比上升865个基点。不按照美国通用会计准则，PayPal第一季度调整后运营利润为16.73亿美元，相比之下去年同期为9.08亿美元；调整后运营利润率为27.7%，与去年同期的19.7%相比上升807个基点。\nPayPal第一季度来自于业务运营活动的现金流为17.58亿美元，与上年同期的14.21亿美元相比增长24%；自由现金流为15.37亿美元，与上年同期的12.15亿美元相比增长27%。截至2021年12月31日，PayPal持有的现金和现金等价物以及非股权投资总额为191亿美元，总负债为89亿美元。PayPal第一季度有效税率为-25.8%，与上年同期的68.1%相比下降93.9个百分点；不按照美国通用会计准则，PayPal第一季度有效税率为10.4%，与去年同期的12.4%相比下降2.0个百分点。PayPal在第一季度中通过回购约530万股普通股的形式向股东返还了13亿美元现金。\nPayPal第一季度净新增活跃账户为1450万个，与去年同期相比增长21%，总活跃账户达到了3.92亿个。在第一季度中，PayPal处理的交易量达到了44亿次，同比增长34%。在过去12个月时间里，PayPal的每活跃账户交易处理量为42.2次，同比增长7%。\n业绩展望：\nPayPal预计，2021财年第二季度该公司净营收将达62.5亿美元，同比增长19%，不计入汇率变动的影响为同比增长17%，超出预期；每股摊薄收益预计将达0.76美元，相比之下去年同期为1.29美元；不按照美国通用会计准则的调整后每股收益预计将达1.12美元，同比增长5%，也超出预期。第二季度每股收益展望中包含了一笔约为每股0.58美元的预期净未实现收益，这项收益来自于PayPal的战略投资组合；第二季度不按照美国通用会计准则的业绩预期反映了约5.25亿美元的调整，其中包括预计约为4亿美元的股权奖励支出及其相关工资税。据雅虎财经频道统计的数据显示，35名分析师此前平均预期PayPal第二季度营收将达61.6亿美元，37名分析师此前平均预期PayPal第二季度每股收益将达1.1美元。\nPayPal预计，2021财年全年该公司净营收将达257.5亿美元，同比增长20%，不计入汇率变动的影响为同比增长18.5%，略微超出预期；每股摊薄收益预计将达3.33美元；不按照美国通用会计准则的调整后每股收益预计将达4.70美元，同比增长21%，也超出预期。2021财年每股收益展望中包含了一笔约为每股1.24美元的预期净未实现收益，这项收益来自于PayPal的战略投资组合；2021财年不按照美国通用会计准则的业绩预期反映了约22.1亿美元的调整，其中包括预计约为17亿美元的股权奖励支出及其相关工资税。据雅虎财经频道统计的数据显示，47名分析师此前平均预期PayPal全年营收将达257.1亿美元，47名分析师此前平均预期PayPal全年每股收益将达4.57美元。\nPayPal预计，2021财年全年该公司的净新增活跃账户将在5200万到5500万个之间，并预计全年总支付额将同比增长30%。\n财报公布后，Paypal股价盘后涨超4%，该公司股价周三收跌1.1%，报247.4美元。","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106788526,"gmtCreate":1620146181365,"gmtModify":1704339362754,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/106788526","repostId":"1165060549","repostType":4,"repost":{"id":"1165060549","kind":"news","pubTimestamp":1620138566,"share":"https://ttm.financial/m/news/1165060549?lang=en_US&edition=fundamental","pubTime":"2021-05-04 22:29","market":"other","language":"zh","title":"Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies","url":"https://stock-news.laohu8.com/highlight/detail?id=1165060549","media":"https://xnews.jin10.com/details/74004","summary":"周二早盘时段，加密货币市场风云突变。","content":"<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum currently in circulation is about $367 billion, and the market cap of Bitcoin is $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis pointed out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>","source":"jssj","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>Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nDogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">https://xnews.jin10.com/details/74004</strong><span class=\"h-time small\">2021-05-04 22:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum currently in circulation is about $367 billion, and the market cap of Bitcoin is $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis pointed out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74004\">https://xnews.jin10.com/details/74004</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85a6242e0dc4c2f503045ad6689cd0a7","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://xnews.jin10.com/details/74004","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165060549","content_text":"周二早盘时段，加密货币市场风云突变，比特币短线跳水1100美元；以太坊短线走低160美元。周二美盘初，狗狗币和以太坊一片红火。周二凌晨大涨超10%后，狗狗币日内暴涨超50%，站上0.6美元/枚；以太坊日内转涨，涨破3500美元/枚，续刷历史新高；而比特币再次失守55000美元/枚，短线下挫600美元。统计数据显示，2021年迄今，以太坊累计涨幅已超过325%，比特币总值也翻了一番。根据CoinMarketCap的数据，目前所有流通中的以太坊的总价值约为3670亿美元，比特币的市值为1.1万亿美元。而Coingecko数据显示，狗狗币市值现已超越瑞波币市值，位列第四。狗狗币市值现报689.42亿美元，XRP市值现报670.26亿美元。财经网站Fxstreet分析师Lorenzo Stroe指出，狗狗币的价格创下了历史新高，未来也没有遇到重大阻力，冲上1美元/枚的计划似乎不可阻挡。加密货币爱好者再次对狗狗币产生了极大兴趣，并将其价格推至新高。上周，加入狗狗币网络的新地址数量显著增加了30%。类似地，活跃地址的数量也出现了44%的上升，这表明投资者正在以当前的价格购买狗狗币。然而，尽管有马斯克这个幕后推手在背后疯狂助力，狗狗币体量上依然无法和比特币、以太坊抗衡。数据显示，截至目前，全球加密货币总值约为2.3万亿美元，其中比特币和以太坊市值占加密货币总值的三分之二。分析指出，以太坊今年的上涨势头之所以能力压比特币，主要归功于其需求的激增——以太坊现在是很多企业、富豪购买不可替代币（NFT）的首选加密货币。随着以太坊的大热，有外媒分析称：比特币在整个加密货币市场中的主导地位正在下降。数据跟踪公司CoinGecko的最新统计显示，比特币目前占加密货币总市值的46%左右，低于今年年初的约70%，以太坊的占比则上升至15%。从数据可以看出，虽然比特币虽然仍是市值最高的加密货币，但其他代币的强劲发展势头，正在吸引越来越多的资本入场。Oanda高级市场分析师Edward Moya在上周五的一份报告中写道：“以太坊正在崛起，似乎没有什么阻碍它的发展。目前的市场份额分布也反映了加密货币领域4月份的洗牌，比特币尚未收复其在4月中旬创下的近64870美元纪录后加速下滑的全部失地，而以太坊和狗狗币则继续大幅上扬。”当然了，市场上还存在一些分歧的声音。有加密货币的支持者认为，投资者对各种代币越来越放心，而批评者则认为，该行业可能处于各国政府经济刺激措施引发的非理性狂热之中。值得一提的是，加密货币交易所Coinbase Global Inc.上个月在美国上市仿佛是一个最新迹象：加密货币在未来，将面临高波动和监管强化的双重挑战。但不可否认的是，越来越多的投资者正在拥抱这个行业。","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":106788526,"gmtCreate":1620146181365,"gmtModify":1704339362754,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/106788526","repostId":"1165060549","repostType":4,"repost":{"id":"1165060549","kind":"news","pubTimestamp":1620138566,"share":"https://ttm.financial/m/news/1165060549?lang=en_US&edition=fundamental","pubTime":"2021-05-04 22:29","market":"other","language":"zh","title":"Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies","url":"https://stock-news.laohu8.com/highlight/detail?id=1165060549","media":"https://xnews.jin10.com/details/74004","summary":"周二早盘时段，加密货币市场风云突变。","content":"<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum currently in circulation is about $367 billion, and the market cap of Bitcoin is $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis pointed out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>","source":"jssj","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>Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nDogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">https://xnews.jin10.com/details/74004</strong><span class=\"h-time small\">2021-05-04 22:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum currently in circulation is about $367 billion, and the market cap of Bitcoin is $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis pointed out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74004\">https://xnews.jin10.com/details/74004</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85a6242e0dc4c2f503045ad6689cd0a7","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://xnews.jin10.com/details/74004","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165060549","content_text":"周二早盘时段，加密货币市场风云突变，比特币短线跳水1100美元；以太坊短线走低160美元。周二美盘初，狗狗币和以太坊一片红火。周二凌晨大涨超10%后，狗狗币日内暴涨超50%，站上0.6美元/枚；以太坊日内转涨，涨破3500美元/枚，续刷历史新高；而比特币再次失守55000美元/枚，短线下挫600美元。统计数据显示，2021年迄今，以太坊累计涨幅已超过325%，比特币总值也翻了一番。根据CoinMarketCap的数据，目前所有流通中的以太坊的总价值约为3670亿美元，比特币的市值为1.1万亿美元。而Coingecko数据显示，狗狗币市值现已超越瑞波币市值，位列第四。狗狗币市值现报689.42亿美元，XRP市值现报670.26亿美元。财经网站Fxstreet分析师Lorenzo Stroe指出，狗狗币的价格创下了历史新高，未来也没有遇到重大阻力，冲上1美元/枚的计划似乎不可阻挡。加密货币爱好者再次对狗狗币产生了极大兴趣，并将其价格推至新高。上周，加入狗狗币网络的新地址数量显著增加了30%。类似地，活跃地址的数量也出现了44%的上升，这表明投资者正在以当前的价格购买狗狗币。然而，尽管有马斯克这个幕后推手在背后疯狂助力，狗狗币体量上依然无法和比特币、以太坊抗衡。数据显示，截至目前，全球加密货币总值约为2.3万亿美元，其中比特币和以太坊市值占加密货币总值的三分之二。分析指出，以太坊今年的上涨势头之所以能力压比特币，主要归功于其需求的激增——以太坊现在是很多企业、富豪购买不可替代币（NFT）的首选加密货币。随着以太坊的大热，有外媒分析称：比特币在整个加密货币市场中的主导地位正在下降。数据跟踪公司CoinGecko的最新统计显示，比特币目前占加密货币总市值的46%左右，低于今年年初的约70%，以太坊的占比则上升至15%。从数据可以看出，虽然比特币虽然仍是市值最高的加密货币，但其他代币的强劲发展势头，正在吸引越来越多的资本入场。Oanda高级市场分析师Edward Moya在上周五的一份报告中写道：“以太坊正在崛起，似乎没有什么阻碍它的发展。目前的市场份额分布也反映了加密货币领域4月份的洗牌，比特币尚未收复其在4月中旬创下的近64870美元纪录后加速下滑的全部失地，而以太坊和狗狗币则继续大幅上扬。”当然了，市场上还存在一些分歧的声音。有加密货币的支持者认为，投资者对各种代币越来越放心，而批评者则认为，该行业可能处于各国政府经济刺激措施引发的非理性狂热之中。值得一提的是，加密货币交易所Coinbase Global Inc.上个月在美国上市仿佛是一个最新迹象：加密货币在未来，将面临高波动和监管强化的双重挑战。但不可否认的是，越来越多的投资者正在拥抱这个行业。","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105003759,"gmtCreate":1620257576971,"gmtModify":1704340790377,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/105003759","repostId":"1145881706","repostType":4,"repost":{"id":"1145881706","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620256293,"share":"https://ttm.financial/m/news/1145881706?lang=en_US&edition=fundamental","pubTime":"2021-05-06 07:11","market":"us","language":"zh","title":"PayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours","url":"https://stock-news.laohu8.com/highlight/detail?id=1145881706","media":"老虎资讯综合","summary":"5月6日，在线支付服务商Paypal周三盘后公布了该公司第一季度财报。财报显示，第一季度营收60.3亿美元，市场预期59.04亿美元，去年同期46.18亿美元；第一季度净利润10.97亿美元，市场预期净利润7.95亿美元，去年同期净利润0.84亿美元；第一季度每股盈利0.92美元，市场预期0.65美元，去年同期0.07美元。在截至3月31日的这一财季，PayPal的净利润为10.97亿美元，比上年同期的8400万美元增长1206%；每股摊薄收益为0.92美元，比去年同期的0.07美元增长1200%。","content":"<p>On May 6, online payment service Paypal reported its first-quarter earnings after the bell on Wednesday. According to the financial report, the revenue in the first quarter was USD 6.03 billion, with the market expectation of USD 5.904 billion and USD 4.618 billion in the same period last year; Net profit in the first quarter was USD 1.097 billion, the market expected net profit of USD 795 million, and net profit of USD 84 million in the same period last year; Q1 earnings of $0.92 per share compared to market estimates of $0.65 and $0.07 in the year-ago quarter.</p><p><img src=\"https://static.tigerbbs.com/b310be06ef646365a11b0ad68717cf98\" tg-width=\"838\" tg-height=\"638\"></p><p><b>Financial Performance and Operating Metrics:</b></p><p>In the fiscal quarter ended March 31, PayPal's net income was $1.097 billion, up 1206% from $84 million in the same period last year; Diluted earnings per share were $0.92, up 1200% from $0.07 in the year-ago quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), PayPal's adjusted net income in the first quarter was $1.455 billion, up 85% from $786 million in the prior-year quarter; Adjusted earnings of $1.22 per share increased 84% from $0.66 in the prior-year quarter and beat analysts' expectations. According to data provided by Yahoo Finance, an average of 38 analysts had expected PayPal to earn $1.01 per share in the first quarter.</p><p>PayPal's net revenue in the first quarter was $6.033 billion, an increase of 31% from $4.618 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 29%. This performance also exceeded analysts' expectations. According to data provided by Yahoo Finance, 36 analysts had expected PayPal's first-quarter revenue to reach $5.9 billion on average.</p><p>PayPal's first-quarter total payment volume (TPV) was $285.447 billion, up 50% from $190.567 billion in the same period last year, and up 46% year-over-year excluding the impact of exchange rate movements.</p><p>PayPal's total operating expenses in the first quarter were $4.991 billion, compared to $4.220 billion a year earlier. Of these, transaction expenses were $2.275 billion, compared to $1.739 billion in the same period last year; Trading and loan losses were $273 million, compared to $591 million a year earlier; Customer support and operating expenses were $518 million, compared to $399 million a year earlier; Sales and marketing expenses were $602 million, compared to $371 million in the prior-year quarter; Technology and development spending was $741 million, compared to $605 million a year earlier; General and administrative expenses were $524 million, compared to $486 million a year earlier; Restructuring and other expenses were $58 million, compared to $29 million a year earlier.</p><p>PayPal's first-quarter operating profit was $104.2 billion, compared to $398 million in the year-ago quarter; Operating margin was 17.3%, up 865 basis points compared to 8.6% in the year-ago quarter. Non-GAAP, PayPal's adjusted operating profit was $1.673 billion in the first quarter, compared to $908 million in the year-ago quarter; Adjusted operating margin was 27.7%, up 807 basis points from 19.7% in the year-ago quarter.</p><p>PayPal's cash flow from business operating activities in the first quarter was US$1.758 billion, an increase of 24% compared with US$1.421 billion in the same period last year; Free cash flow was $1,537 million, up 27% compared to $1,215 million in the prior-year quarter. As of December 31, 2021, PayPal held total cash and cash equivalents and non-equity investments of $19.1 billion and total liabilities of $8.9 billion. PayPal's effective tax rate in the first quarter was-25.8%, down 93.9 percentage points from 68.1% in the same period last year; Non-GAAP, PayPal's effective tax rate was 10.4% in the first quarter, down 2.0 percentage points from 12.4% a year earlier. PayPal returned $1.3 billion in cash to shareholders in the first quarter in the form of repurchases of approximately 5.3 million shares of common stock.</p><p>PayPal added 14.5 million net new active accounts in the first quarter, an increase of 21% compared with the same period last year, and the total active accounts reached 392 million. In the first quarter, PayPal processed 4.4 billion transactions, up 34% year-over-year. Over the past 12 months, PayPal processed 42.2 transactions per active account, up 7% year-on-year.</p><p><b>Performance Outlook:</b></p><p>PayPal expects the company's net revenue to reach $6.25 billion in the second quarter of fiscal 2021, a year-over-year increase of 19%, excluding the impact of exchange rate changes, a year-over-year increase of 17%, exceeding expectations; Diluted earnings per share are expected to reach $0.76, compared to $1.29 in the year-ago quarter; Non-GAAP adjusted earnings per share are expected to reach $1.12, up 5% year-over-year and also beat expectations. The second-quarter EPS outlook includes an expected net unrealized gain of approximately $0.58 per share from PayPal's strategic portfolio; Non-GAAP performance estimates for the second quarter reflect an adjustment of approximately $525 million, including an estimated equity compensation expense of approximately $400 million and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 35 analysts had expected PayPal's second-quarter revenue to reach $6.16 billion on average, and 37 analysts had expected PayPal's second-quarter earnings per share to reach $1.1 on average.</p><p>PayPal expects that the company's net revenue will reach $25.75 billion for the full year of fiscal 2021, a year-on-year increase of 20%. Excluding the impact of exchange rate changes, it will increase by 18.5% year-on-year, slightly exceeding expectations; Diluted earnings per share are expected to reach $3.33; Non-GAAP adjusted earnings per share are expected to reach $4.70, up 21% year-over-year and also beat expectations. Included in the fiscal 2021 EPS outlook is an expected net unrealized gain of approximately $1.24 per share from PayPal's strategic portfolio; Non-GAAP performance expectations for fiscal 2021 reflect approximately $2.21 billion in adjustments, including an estimated equity compensation expense of approximately $1.7 billion and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 47 analysts had expected PayPal's full-year revenue to reach $25.71 billion on average, and 47 analysts had expected PayPal's full-year earnings per share to reach $4.57 on average.</p><p>PayPal expects the company's net new active accounts to be between 52 million and 55 million for the full year of fiscal 2021, and expects total payments to grow by 30% year-over-year for the full year.</p><p>Paypal's shares rose more than 4% after hours after the earnings report, and the company's shares closed down 1.1% at $247.4 on Wednesday.</p><p><img src=\"https://static.tigerbbs.com/66cc879026e08bd5e63401804a1e1ced\" tg-width=\"1302\" tg-height=\"833\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nPayPal's first-quarter net profit jumped 1,206% year-on-year, and shares rose more than 4% after hours\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-06 07:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 6, online payment service Paypal reported its first-quarter earnings after the bell on Wednesday. According to the financial report, the revenue in the first quarter was USD 6.03 billion, with the market expectation of USD 5.904 billion and USD 4.618 billion in the same period last year; Net profit in the first quarter was USD 1.097 billion, the market expected net profit of USD 795 million, and net profit of USD 84 million in the same period last year; Q1 earnings of $0.92 per share compared to market estimates of $0.65 and $0.07 in the year-ago quarter.</p><p><img src=\"https://static.tigerbbs.com/b310be06ef646365a11b0ad68717cf98\" tg-width=\"838\" tg-height=\"638\"></p><p><b>Financial Performance and Operating Metrics:</b></p><p>In the fiscal quarter ended March 31, PayPal's net income was $1.097 billion, up 1206% from $84 million in the same period last year; Diluted earnings per share were $0.92, up 1200% from $0.07 in the year-ago quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), PayPal's adjusted net income in the first quarter was $1.455 billion, up 85% from $786 million in the prior-year quarter; Adjusted earnings of $1.22 per share increased 84% from $0.66 in the prior-year quarter and beat analysts' expectations. According to data provided by Yahoo Finance, an average of 38 analysts had expected PayPal to earn $1.01 per share in the first quarter.</p><p>PayPal's net revenue in the first quarter was $6.033 billion, an increase of 31% from $4.618 billion in the same period last year. Excluding the impact of exchange rate changes, it was a year-on-year increase of 29%. This performance also exceeded analysts' expectations. According to data provided by Yahoo Finance, 36 analysts had expected PayPal's first-quarter revenue to reach $5.9 billion on average.</p><p>PayPal's first-quarter total payment volume (TPV) was $285.447 billion, up 50% from $190.567 billion in the same period last year, and up 46% year-over-year excluding the impact of exchange rate movements.</p><p>PayPal's total operating expenses in the first quarter were $4.991 billion, compared to $4.220 billion a year earlier. Of these, transaction expenses were $2.275 billion, compared to $1.739 billion in the same period last year; Trading and loan losses were $273 million, compared to $591 million a year earlier; Customer support and operating expenses were $518 million, compared to $399 million a year earlier; Sales and marketing expenses were $602 million, compared to $371 million in the prior-year quarter; Technology and development spending was $741 million, compared to $605 million a year earlier; General and administrative expenses were $524 million, compared to $486 million a year earlier; Restructuring and other expenses were $58 million, compared to $29 million a year earlier.</p><p>PayPal's first-quarter operating profit was $104.2 billion, compared to $398 million in the year-ago quarter; Operating margin was 17.3%, up 865 basis points compared to 8.6% in the year-ago quarter. Non-GAAP, PayPal's adjusted operating profit was $1.673 billion in the first quarter, compared to $908 million in the year-ago quarter; Adjusted operating margin was 27.7%, up 807 basis points from 19.7% in the year-ago quarter.</p><p>PayPal's cash flow from business operating activities in the first quarter was US$1.758 billion, an increase of 24% compared with US$1.421 billion in the same period last year; Free cash flow was $1,537 million, up 27% compared to $1,215 million in the prior-year quarter. As of December 31, 2021, PayPal held total cash and cash equivalents and non-equity investments of $19.1 billion and total liabilities of $8.9 billion. PayPal's effective tax rate in the first quarter was-25.8%, down 93.9 percentage points from 68.1% in the same period last year; Non-GAAP, PayPal's effective tax rate was 10.4% in the first quarter, down 2.0 percentage points from 12.4% a year earlier. PayPal returned $1.3 billion in cash to shareholders in the first quarter in the form of repurchases of approximately 5.3 million shares of common stock.</p><p>PayPal added 14.5 million net new active accounts in the first quarter, an increase of 21% compared with the same period last year, and the total active accounts reached 392 million. In the first quarter, PayPal processed 4.4 billion transactions, up 34% year-over-year. Over the past 12 months, PayPal processed 42.2 transactions per active account, up 7% year-on-year.</p><p><b>Performance Outlook:</b></p><p>PayPal expects the company's net revenue to reach $6.25 billion in the second quarter of fiscal 2021, a year-over-year increase of 19%, excluding the impact of exchange rate changes, a year-over-year increase of 17%, exceeding expectations; Diluted earnings per share are expected to reach $0.76, compared to $1.29 in the year-ago quarter; Non-GAAP adjusted earnings per share are expected to reach $1.12, up 5% year-over-year and also beat expectations. The second-quarter EPS outlook includes an expected net unrealized gain of approximately $0.58 per share from PayPal's strategic portfolio; Non-GAAP performance estimates for the second quarter reflect an adjustment of approximately $525 million, including an estimated equity compensation expense of approximately $400 million and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 35 analysts had expected PayPal's second-quarter revenue to reach $6.16 billion on average, and 37 analysts had expected PayPal's second-quarter earnings per share to reach $1.1 on average.</p><p>PayPal expects that the company's net revenue will reach $25.75 billion for the full year of fiscal 2021, a year-on-year increase of 20%. Excluding the impact of exchange rate changes, it will increase by 18.5% year-on-year, slightly exceeding expectations; Diluted earnings per share are expected to reach $3.33; Non-GAAP adjusted earnings per share are expected to reach $4.70, up 21% year-over-year and also beat expectations. Included in the fiscal 2021 EPS outlook is an expected net unrealized gain of approximately $1.24 per share from PayPal's strategic portfolio; Non-GAAP performance expectations for fiscal 2021 reflect approximately $2.21 billion in adjustments, including an estimated equity compensation expense of approximately $1.7 billion and its associated payroll taxes. According to the statistics of Yahoo Finance Channel, 47 analysts had expected PayPal's full-year revenue to reach $25.71 billion on average, and 47 analysts had expected PayPal's full-year earnings per share to reach $4.57 on average.</p><p>PayPal expects the company's net new active accounts to be between 52 million and 55 million for the full year of fiscal 2021, and expects total payments to grow by 30% year-over-year for the full year.</p><p>Paypal's shares rose more than 4% after hours after the earnings report, and the company's shares closed down 1.1% at $247.4 on Wednesday.</p><p><img src=\"https://static.tigerbbs.com/66cc879026e08bd5e63401804a1e1ced\" tg-width=\"1302\" tg-height=\"833\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f3d6910b39b74c9e31da213a675621c","relate_stocks":{"PYPL":"PayPal"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145881706","content_text":"5月6日，在线支付服务商Paypal周三盘后公布了该公司第一季度财报。财报显示，第一季度营收60.3亿美元，市场预期59.04亿美元，去年同期46.18亿美元；第一季度净利润10.97亿美元，市场预期净利润7.95亿美元，去年同期净利润0.84亿美元；第一季度每股盈利0.92美元，市场预期0.65美元，去年同期0.07美元。\n\n财务业绩和运营指标：\n在截至3月31日的这一财季，PayPal的净利润为10.97亿美元，比上年同期的8400万美元增长1206%；每股摊薄收益为0.92美元，比去年同期的0.07美元增长1200%。不计入某些一次性项目（不按照美国通用会计准则），PayPal第一季度调整后净利润为14.55亿美元，与上年同期的7.86亿美元相比增长85%；调整后每股收益为1.22美元，与上年同期的0.66美元相比增长84%，超出分析师预期。据雅虎财经频道提供的数据显示，38名分析师此前平均预期PayPal第一季度每股收益将达1.01美元。\nPayPal第一季度净营收为60.33亿美元，比上年同期的46.18亿美元增长31%，不计入汇率变动的影响为同比增长29%，这一业绩也超出分析师预期。据雅虎财经频道提供的数据显示，36名分析师此前平均预期PayPal第一季度营收将达59亿美元。\nPayPal第一季度总支付额（TPV）为2854.47亿美元，比去年同期的1905.67亿美元增长50%，不计入汇率变动的影响为同比增长46%。\nPayPal第一季度总运营支出为49.91亿美元，相比之下上年同期为42.20亿美元。其中，交易支出为22.75亿美元，相比之下上年同期为17.39亿美元；交易和贷款损失为2.73亿美元，相比之下上年同期为5.91亿美元；客户支持和运营支出为5.18亿美元，相比之下上年同期为3.99亿美元；销售和营销支出为6.02亿美元，相比之下上年同期为3.71亿美元；技术和开发支出为7.41亿美元，相比之下上年同期为6.05亿美元；总务和行政支出为5.24亿美元，相比之下上年同期为4.86亿美元；重组及其他支出为5800万美元，相比之下上年同期为2900万美元。\nPayPal第一季度运营利润为1042亿美元，相比之下去年同期的运营利润为3.98亿美元；运营利润率为17.3%，与去年同期的8.6%相比上升865个基点。不按照美国通用会计准则，PayPal第一季度调整后运营利润为16.73亿美元，相比之下去年同期为9.08亿美元；调整后运营利润率为27.7%，与去年同期的19.7%相比上升807个基点。\nPayPal第一季度来自于业务运营活动的现金流为17.58亿美元，与上年同期的14.21亿美元相比增长24%；自由现金流为15.37亿美元，与上年同期的12.15亿美元相比增长27%。截至2021年12月31日，PayPal持有的现金和现金等价物以及非股权投资总额为191亿美元，总负债为89亿美元。PayPal第一季度有效税率为-25.8%，与上年同期的68.1%相比下降93.9个百分点；不按照美国通用会计准则，PayPal第一季度有效税率为10.4%，与去年同期的12.4%相比下降2.0个百分点。PayPal在第一季度中通过回购约530万股普通股的形式向股东返还了13亿美元现金。\nPayPal第一季度净新增活跃账户为1450万个，与去年同期相比增长21%，总活跃账户达到了3.92亿个。在第一季度中，PayPal处理的交易量达到了44亿次，同比增长34%。在过去12个月时间里，PayPal的每活跃账户交易处理量为42.2次，同比增长7%。\n业绩展望：\nPayPal预计，2021财年第二季度该公司净营收将达62.5亿美元，同比增长19%，不计入汇率变动的影响为同比增长17%，超出预期；每股摊薄收益预计将达0.76美元，相比之下去年同期为1.29美元；不按照美国通用会计准则的调整后每股收益预计将达1.12美元，同比增长5%，也超出预期。第二季度每股收益展望中包含了一笔约为每股0.58美元的预期净未实现收益，这项收益来自于PayPal的战略投资组合；第二季度不按照美国通用会计准则的业绩预期反映了约5.25亿美元的调整，其中包括预计约为4亿美元的股权奖励支出及其相关工资税。据雅虎财经频道统计的数据显示，35名分析师此前平均预期PayPal第二季度营收将达61.6亿美元，37名分析师此前平均预期PayPal第二季度每股收益将达1.1美元。\nPayPal预计，2021财年全年该公司净营收将达257.5亿美元，同比增长20%，不计入汇率变动的影响为同比增长18.5%，略微超出预期；每股摊薄收益预计将达3.33美元；不按照美国通用会计准则的调整后每股收益预计将达4.70美元，同比增长21%，也超出预期。2021财年每股收益展望中包含了一笔约为每股1.24美元的预期净未实现收益，这项收益来自于PayPal的战略投资组合；2021财年不按照美国通用会计准则的业绩预期反映了约22.1亿美元的调整，其中包括预计约为17亿美元的股权奖励支出及其相关工资税。据雅虎财经频道统计的数据显示，47名分析师此前平均预期PayPal全年营收将达257.1亿美元，47名分析师此前平均预期PayPal全年每股收益将达4.57美元。\nPayPal预计，2021财年全年该公司的净新增活跃账户将在5200万到5500万个之间，并预计全年总支付额将同比增长30%。\n财报公布后，Paypal股价盘后涨超4%，该公司股价周三收跌1.1%，报247.4美元。","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122219581,"gmtCreate":1624622329443,"gmtModify":1703841935215,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122219581","repostId":"2146026823","repostType":4,"isVote":1,"tweetType":1,"viewCount":3666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189645621,"gmtCreate":1623260852463,"gmtModify":1704199650975,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189645621","repostId":"1155033069","repostType":4,"repost":{"id":"1155033069","kind":"news","pubTimestamp":1623306885,"share":"https://ttm.financial/m/news/1155033069?lang=en_US&edition=fundamental","pubTime":"2021-06-10 14:34","market":"us","language":"zh","title":"Hillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People","url":"https://stock-news.laohu8.com/highlight/detail?id=1155033069","media":"投资人","summary":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；","content":"<p><b>01 Four Turns in Life</b></p><p>I experienced four turning points in becoming an investor.</p><p>First, I almost failed the junior high school examination from primary school. Because my academic performance was relatively poor at that time, the minimum admission score for junior high school examination in primary school was 140 points, and I got 141 points, just one point more. I've probably only been working on it since my sophomore year of high school; It was the first time I started to feel like I had to work hard and was particularly impressed.</p><p>Second, I think it is studying at Renmin University. Now I have made many very good friends when I was studying at the National People's Congress. Among them, some of them are friends, some are deep partners, and some are engaged in some public welfare undertakings together.</p><p>Third, I work for the Yale University Endowment. In the torturous process of finding a job, I rediscovered myself, and what kind of person I worked with in my first job. I think these two things have a great impact on me. In fact, I had to do it as a last resort when I first joined the Yale Foundation internship. I looked for several other job opportunities, but they were all turned down.</p><p>Fourth, it is to start a business. Between working for a company or starting a business, I choose to start a business. At that time, my job was relatively good, and I had a good relationship with John Thain, the CEO of the New York Stock Exchange at the time, so he appointed me as the first NYSE representative in China. This is a very good development opportunity, and I can completely continue to do it, but then I decided to start a business. In 2005, I founded Hillhouse Capital.</p><p><b>02 Do things well</b></p><p>Now I often think about it again and again, and I find that my biggest characteristic is to love tossing, not satisfied with the status quo, and love to challenge myself. Today, the scale of the company is so large, but I always say within the company that starting a business for a second time and starting a business forever. Just as I like adventurous sports, I also love to toss in my career. In addition, I am never satisfied with the status quo. Some people may think that if you have tens of billions of dollars in funds, it is enough to collect management fees, so you don't have to toss so much. But I'm not willing to do this. If you want to do it, you have to do it your best, or you don't do it.</p><p>I feel that my thinking is quite thorough and comprehensive, and I like to examine and ponder a lot of things repeatedly. I like to plan in advance. In fact, before starting a business, I started planning very early. First, I went to work in the fund, and then I went to other institutions. These institutions often sent me back to China, giving me a time transition zone to consider and arrange my affairs, and every step was more solid.</p><p>In fact, it is very important to choose what kind of people to do things with. I am very picky about this, and I like to find people to work with who are based on long-term trust and are familiar with. The core colleagues around me are either classmates of the National People's Congress or former colleagues. My career was first started with such a small group of friends.</p><p><b>03 I admire two people the most</b></p><p>There are two people I admire the most, one is Buffett and the other is Svensson. I have the opportunity to get into close contact with these two people. I admire Buffett most for his investment ability. In addition, I also admire him as a person with strong empathy. English is empathy. I quite like this kind of empathetic person; Empathy allows him to better understand young people, people who are different from him, and management. So today I often talk to my manager about the need for empathy, which I learned from him.</p><p>Buffett was always able to think from someone else's point of view. For example, suppose that from a strict point of view, there is a management who is not the best, but he can always stand from someone else's point of view, assume that he is in that environment, and analyze whether the situation is caused by these or those reasons. He is not only standing from his own perspective, only from the perspective of the investor. I don't think it's easy to think from someone else's perspective, because everyone is used to thinking from their own perspective.</p><p>I think this empathy is a very good quality for investment, life, even family and interpersonal relationships. I also often communicate with young children and ask them to think about, what is it like if you think about it from someone else's perspective? Empathy is very important and can help to relate better to people.</p><p>Speaking of Svenson, one of the things I admire most about him is that he has a very strong sense of morality and responsibility. Suffice to say, he's the best combination of fiduciary duty and intellectual honesty I've ever met. These two people will always be my role models and the people I admire the most.</p><p>Swenson also taught me many things, such as long-term value investing, institutional investing, asset allocation, understanding of risk, and so on. Many Chinese companies, such as Social Security and CIC, regard his book as a must-read. I think these methods can promote the institutionalization of investment in China; It is helpful to think about institutionalization and build a system. However, for example, there are many restrictions on how to apply effective borders in China, so many things need to be done well if we want to better combine with China's situation.</p><p><b>04 3 Opportunities for the Future</b></p><p>For the Internet/mobile Internet, I think there are many opportunities, and it is very important to integrate the whole industrial chain. But I am more optimistic about Internet finance, using the Internet to combine the whole financial industry chain and financial products, from insurance, mortgage loans to consumer finance. A lot of the combined stuff is just beginning now, and there are many opportunities to come.</p><p>Our Qingliu Capital has invested in several companies in this area. For example, like 51 credit card, which is like Mint in the United States, it manages everyone's financial management and credit cards. We're just starting to invest in this, and I'm sure there's a lot more down there.</p><p>For investment opportunities in the next five years, I am optimistic about innovation, second about the huge consumption opportunities brought by the middle class, and third about the financial and asset management industries. The current demand is far from being met, especially for asset management. I think there will be many good business models.</p><p><b>05 Everybody Can Fight</b></p><p>Some people say that I am not only a successful investor, but also an excellent leader. But I feel that these two characters are different and often have contradictions. A good investor should have a strong ability to question, and a good manager should have stronger affinity and management ability.</p><p>My leadership style is influenced by two aspects, one is the ancient Chinese culture, especially Lao-Zhuang philosophy; The second is Internet thinking and Internet spirit.</p><p>From the perspective of Chinese philosophy, it is more like Lao Tzu's \"ruling by doing nothing\". From the perspective of real organizational behavior, I believe in a subversion brought by the Internet model, which I call the decentralized management model. Like fighting at the front line, I think, like Ren Zhengfei, it is the people who hear the sound of artillery that should make decisions, rather than the people who hear the sound of artillery that have to call the company commander, then the battalion commander, and then the battalion commander to call the regiment commander before making decisions. Decentralized decision-making mode can greatly improve the combat capability of squad leaders and soldiers in the front line.</p><p>The second is to significantly reduce the hierarchy of the company. There are very few levels in our company. I am one tier, six partners are one tier, and all employees are one tier. There is only a layer of partners between each employee and me. In this way, the hierarchy is greatly reduced. At the same time, each employee is carefully selected. \"Decentralization\" plus \"reduction of levels\", and strive to make everyone able to fight.</p><p>But I also encounter a lot of challenges in the management process. First, temptation. China has many things to do. How can we choose the one that suits ourselves in temptation? \"Weak water is three thousand, but take a ladle\"; Second, the challenge is the cultivation of talents. The process has taken longer than I thought, but we have now touched a good path. People have to spend energy choosing, and after picking in, they have to spend a lot of time carving according to high-house culture and values. Curiosity, honesty and independence are the corporate culture of Hillhouse Capital.</p><p>Whenever I have time, I have to go to exercise, such as surfing and snowboarding, which are more able to fully express my personality and require full concentration in sports. Like you are on a snowy mountain, what else can you think of? I often go surfing in summer, three or four times a week, going out at eight o'clock, coming back at nine o'clock to take a shower, and going to work at nine thirty, it is easy in summer, and I go skiing in winter.</p><p><b>06 Zhang Lei's Investment Philosophy</b></p><p>Hillhouse Capital represents a very different investment institution, covering the earliest venture capital to private equity investment to listed company investment and merger investment after listing. We are the only institution in China that is doing things in the whole industry chain, which is actually uncommon in the world.</p><p>Because there is no distinction between private equity and listed company equity in the United States, the best, most successful and biggest equity industry chain is actually in the United States. For example, Buffett buys both Coca-Cola (45.430, +0.80%) shares and listed company shares, and does venture capital or even private equity investment by himself. In essence, this is how investment should be done, not framing whether to make venture capital or listed equity investment.</p><p>In fact, in the ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the format of equity, but what kind of business model and what kind of people there are. In the internal training of Hillhouse Capital, the first lecture is people and business. What kind of people and business model do we want to invest in? The combination of people and business is the first criterion for us to choose a company.</p><p>Why can't most people in this standard do it? Some people say I either do venture capital or do listed equity investment. I think there is the only belief, which is the first principle of our investment. What is it? We don't have to do anything. You don't have to do anything. This is our first philosophical idea of investing. When you say you don't need to do anything, you have the opportunity to do what you think is most important. We all practice this principle in the process of investing.</p><p>The scale and return of our global investment are also very high. Many people know that I am a Yale genre, and many people know that Yale Investment Fund has given me the idea of how to invest. I gained a deep understanding of investing when translating \"The Path to Innovation for Institutional Investors\". In fact, I have worked in many industries before, and I didn't find what I wanted to do until later.</p><p>The most difficult thing about investing in China is that the market is very impetuous. Every day, people tell you what is happening in the market again. How do I stay calm in an impetuous market? It is my first investment philosophy, \"govern the country with righteousness, use troops with strangeness, and use strangeness with righteousness.\" When you can be \"righteous\", you can withstand all kinds of temptations and challenges.</p><p>Why use odd? One would rather be conventional failure than unconventional success. Why? Not willing to break the routine to make mistakes. At this time, all kinds of people can't break through all kinds of restrictions to \"use strangeness\" after \"keeping upright\". If your ideas are different from others, you can go out of your own path.</p><p>When investing in China, it is more important to know how much you can hold in your bowl. So the second point I want to talk about is, \"Weak water is three thousand, but take a ladle\". Your daily effort is to make your ladle bigger, firmer and deeper, instead of eating all the dishes in the pot and on the table all day long. There is such a theorem in investment. Chinese and Western cultures are the same. To foreigners, it is a piece of mine. Will you be anxious if you can't invest in something good that others have invested in? If you have this philosophical support, you will find the piece of mine, something you think makes sense.</p><p>You can only focus on making your stuff right when you only keep a low profile. You were very high-profile in your early years, and in God's words, \"if you want to perish it first, you must make it mad first\". Be low-key and make a good investment in a down-to-earth manner. Really good resources, really good investors and good investment projects will gradually find you.</p><p>The most dangerous thing in this business is that you are driven by money. Either you earn a lot of money quickly, and you don't know what to do, or you haven't earned any money and are in a hurry, and you don't know what to do, so driving for money is the most dangerous idea. Money is not important, it is the last one nature income and cannot be a goal, you are definitely for a passion that takes you down.</p><p>We are an \"outlier\", have independent thinking, don't care about the market, don't care about other investment institutions.</p>","source":"lsy1585022731199","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>Hillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nHillhouse Capital Zhang Lei: Life Experience Four Turns, Most Admire Two People\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投资人</strong><span class=\"h-time small\">2021-06-10 14:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>01 Four Turns in Life</b></p><p>I experienced four turning points in becoming an investor.</p><p>First, I almost failed the junior high school examination from primary school. Because my academic performance was relatively poor at that time, the minimum admission score for junior high school examination in primary school was 140 points, and I got 141 points, just one point more. I've probably only been working on it since my sophomore year of high school; It was the first time I started to feel like I had to work hard and was particularly impressed.</p><p>Second, I think it is studying at Renmin University. Now I have made many very good friends when I was studying at the National People's Congress. Among them, some of them are friends, some are deep partners, and some are engaged in some public welfare undertakings together.</p><p>Third, I work for the Yale University Endowment. In the torturous process of finding a job, I rediscovered myself, and what kind of person I worked with in my first job. I think these two things have a great impact on me. In fact, I had to do it as a last resort when I first joined the Yale Foundation internship. I looked for several other job opportunities, but they were all turned down.</p><p>Fourth, it is to start a business. Between working for a company or starting a business, I choose to start a business. At that time, my job was relatively good, and I had a good relationship with John Thain, the CEO of the New York Stock Exchange at the time, so he appointed me as the first NYSE representative in China. This is a very good development opportunity, and I can completely continue to do it, but then I decided to start a business. In 2005, I founded Hillhouse Capital.</p><p><b>02 Do things well</b></p><p>Now I often think about it again and again, and I find that my biggest characteristic is to love tossing, not satisfied with the status quo, and love to challenge myself. Today, the scale of the company is so large, but I always say within the company that starting a business for a second time and starting a business forever. Just as I like adventurous sports, I also love to toss in my career. In addition, I am never satisfied with the status quo. Some people may think that if you have tens of billions of dollars in funds, it is enough to collect management fees, so you don't have to toss so much. But I'm not willing to do this. If you want to do it, you have to do it your best, or you don't do it.</p><p>I feel that my thinking is quite thorough and comprehensive, and I like to examine and ponder a lot of things repeatedly. I like to plan in advance. In fact, before starting a business, I started planning very early. First, I went to work in the fund, and then I went to other institutions. These institutions often sent me back to China, giving me a time transition zone to consider and arrange my affairs, and every step was more solid.</p><p>In fact, it is very important to choose what kind of people to do things with. I am very picky about this, and I like to find people to work with who are based on long-term trust and are familiar with. The core colleagues around me are either classmates of the National People's Congress or former colleagues. My career was first started with such a small group of friends.</p><p><b>03 I admire two people the most</b></p><p>There are two people I admire the most, one is Buffett and the other is Svensson. I have the opportunity to get into close contact with these two people. I admire Buffett most for his investment ability. In addition, I also admire him as a person with strong empathy. English is empathy. I quite like this kind of empathetic person; Empathy allows him to better understand young people, people who are different from him, and management. So today I often talk to my manager about the need for empathy, which I learned from him.</p><p>Buffett was always able to think from someone else's point of view. For example, suppose that from a strict point of view, there is a management who is not the best, but he can always stand from someone else's point of view, assume that he is in that environment, and analyze whether the situation is caused by these or those reasons. He is not only standing from his own perspective, only from the perspective of the investor. I don't think it's easy to think from someone else's perspective, because everyone is used to thinking from their own perspective.</p><p>I think this empathy is a very good quality for investment, life, even family and interpersonal relationships. I also often communicate with young children and ask them to think about, what is it like if you think about it from someone else's perspective? Empathy is very important and can help to relate better to people.</p><p>Speaking of Svenson, one of the things I admire most about him is that he has a very strong sense of morality and responsibility. Suffice to say, he's the best combination of fiduciary duty and intellectual honesty I've ever met. These two people will always be my role models and the people I admire the most.</p><p>Swenson also taught me many things, such as long-term value investing, institutional investing, asset allocation, understanding of risk, and so on. Many Chinese companies, such as Social Security and CIC, regard his book as a must-read. I think these methods can promote the institutionalization of investment in China; It is helpful to think about institutionalization and build a system. However, for example, there are many restrictions on how to apply effective borders in China, so many things need to be done well if we want to better combine with China's situation.</p><p><b>04 3 Opportunities for the Future</b></p><p>For the Internet/mobile Internet, I think there are many opportunities, and it is very important to integrate the whole industrial chain. But I am more optimistic about Internet finance, using the Internet to combine the whole financial industry chain and financial products, from insurance, mortgage loans to consumer finance. A lot of the combined stuff is just beginning now, and there are many opportunities to come.</p><p>Our Qingliu Capital has invested in several companies in this area. For example, like 51 credit card, which is like Mint in the United States, it manages everyone's financial management and credit cards. We're just starting to invest in this, and I'm sure there's a lot more down there.</p><p>For investment opportunities in the next five years, I am optimistic about innovation, second about the huge consumption opportunities brought by the middle class, and third about the financial and asset management industries. The current demand is far from being met, especially for asset management. I think there will be many good business models.</p><p><b>05 Everybody Can Fight</b></p><p>Some people say that I am not only a successful investor, but also an excellent leader. But I feel that these two characters are different and often have contradictions. A good investor should have a strong ability to question, and a good manager should have stronger affinity and management ability.</p><p>My leadership style is influenced by two aspects, one is the ancient Chinese culture, especially Lao-Zhuang philosophy; The second is Internet thinking and Internet spirit.</p><p>From the perspective of Chinese philosophy, it is more like Lao Tzu's \"ruling by doing nothing\". From the perspective of real organizational behavior, I believe in a subversion brought by the Internet model, which I call the decentralized management model. Like fighting at the front line, I think, like Ren Zhengfei, it is the people who hear the sound of artillery that should make decisions, rather than the people who hear the sound of artillery that have to call the company commander, then the battalion commander, and then the battalion commander to call the regiment commander before making decisions. Decentralized decision-making mode can greatly improve the combat capability of squad leaders and soldiers in the front line.</p><p>The second is to significantly reduce the hierarchy of the company. There are very few levels in our company. I am one tier, six partners are one tier, and all employees are one tier. There is only a layer of partners between each employee and me. In this way, the hierarchy is greatly reduced. At the same time, each employee is carefully selected. \"Decentralization\" plus \"reduction of levels\", and strive to make everyone able to fight.</p><p>But I also encounter a lot of challenges in the management process. First, temptation. China has many things to do. How can we choose the one that suits ourselves in temptation? \"Weak water is three thousand, but take a ladle\"; Second, the challenge is the cultivation of talents. The process has taken longer than I thought, but we have now touched a good path. People have to spend energy choosing, and after picking in, they have to spend a lot of time carving according to high-house culture and values. Curiosity, honesty and independence are the corporate culture of Hillhouse Capital.</p><p>Whenever I have time, I have to go to exercise, such as surfing and snowboarding, which are more able to fully express my personality and require full concentration in sports. Like you are on a snowy mountain, what else can you think of? I often go surfing in summer, three or four times a week, going out at eight o'clock, coming back at nine o'clock to take a shower, and going to work at nine thirty, it is easy in summer, and I go skiing in winter.</p><p><b>06 Zhang Lei's Investment Philosophy</b></p><p>Hillhouse Capital represents a very different investment institution, covering the earliest venture capital to private equity investment to listed company investment and merger investment after listing. We are the only institution in China that is doing things in the whole industry chain, which is actually uncommon in the world.</p><p>Because there is no distinction between private equity and listed company equity in the United States, the best, most successful and biggest equity industry chain is actually in the United States. For example, Buffett buys both Coca-Cola (45.430, +0.80%) shares and listed company shares, and does venture capital or even private equity investment by himself. In essence, this is how investment should be done, not framing whether to make venture capital or listed equity investment.</p><p>In fact, in the ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the format of equity, but what kind of business model and what kind of people there are. In the internal training of Hillhouse Capital, the first lecture is people and business. What kind of people and business model do we want to invest in? The combination of people and business is the first criterion for us to choose a company.</p><p>Why can't most people in this standard do it? Some people say I either do venture capital or do listed equity investment. I think there is the only belief, which is the first principle of our investment. What is it? We don't have to do anything. You don't have to do anything. This is our first philosophical idea of investing. When you say you don't need to do anything, you have the opportunity to do what you think is most important. We all practice this principle in the process of investing.</p><p>The scale and return of our global investment are also very high. Many people know that I am a Yale genre, and many people know that Yale Investment Fund has given me the idea of how to invest. I gained a deep understanding of investing when translating \"The Path to Innovation for Institutional Investors\". In fact, I have worked in many industries before, and I didn't find what I wanted to do until later.</p><p>The most difficult thing about investing in China is that the market is very impetuous. Every day, people tell you what is happening in the market again. How do I stay calm in an impetuous market? It is my first investment philosophy, \"govern the country with righteousness, use troops with strangeness, and use strangeness with righteousness.\" When you can be \"righteous\", you can withstand all kinds of temptations and challenges.</p><p>Why use odd? One would rather be conventional failure than unconventional success. Why? Not willing to break the routine to make mistakes. At this time, all kinds of people can't break through all kinds of restrictions to \"use strangeness\" after \"keeping upright\". If your ideas are different from others, you can go out of your own path.</p><p>When investing in China, it is more important to know how much you can hold in your bowl. So the second point I want to talk about is, \"Weak water is three thousand, but take a ladle\". Your daily effort is to make your ladle bigger, firmer and deeper, instead of eating all the dishes in the pot and on the table all day long. There is such a theorem in investment. Chinese and Western cultures are the same. To foreigners, it is a piece of mine. Will you be anxious if you can't invest in something good that others have invested in? If you have this philosophical support, you will find the piece of mine, something you think makes sense.</p><p>You can only focus on making your stuff right when you only keep a low profile. You were very high-profile in your early years, and in God's words, \"if you want to perish it first, you must make it mad first\". Be low-key and make a good investment in a down-to-earth manner. Really good resources, really good investors and good investment projects will gradually find you.</p><p>The most dangerous thing in this business is that you are driven by money. Either you earn a lot of money quickly, and you don't know what to do, or you haven't earned any money and are in a hurry, and you don't know what to do, so driving for money is the most dangerous idea. Money is not important, it is the last one nature income and cannot be a goal, you are definitely for a passion that takes you down.</p><p>We are an \"outlier\", have independent thinking, don't care about the market, don't care about other investment institutions.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q\">投资人</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/890dd2dfb205aa8aa1d140672304b3c8","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155033069","content_text":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；这是我第一次开始感觉要努力，印象特别深。\n第二，我觉得是在人民大学读书。现在我交的很多很好的朋友还都是当年在人大读书的时候认识的，他们当中，现在有的是朋友，有的是关系很深的合作伙伴，有的还一起从事一些公益性事业。\n第三，我在耶鲁大学捐赠基金工作。在找工作这个煎熬的过程使自己重新发现了自己，再加上第一份工作中跟什么样的人工作，我觉得这两件事对我影响比较大，其实刚进耶鲁基金实习工作是不得已而为之。找了好几个别的工作机会，都被拒绝了。\n第四，就是创业。在为公司打工还是创业两者之间，我选择创业。当时我的工作比较不错，而且和当时的纽约证券交易所CEO，John Thain, 关系很好，所以他委派我担任中国地区第一任NYSE的代表。这是非常好的发展机会，我完全可以继续做下去，但后来我还是决定创业，在2005年我创建了高瓴资本。\n02 做事就要做好\n现在我经常会反复考虑，我发现自己最大特点就是爱折腾，不满足现状，爱挑战自己。今天公司规模已经这么大了，但是我总在公司内部说二次创业，永远创业。这就像我喜欢具有冒险精神的运动一样，在事业方面我也是爱折腾。此外，我从来不满足于现状，可能有些人会觉得你有几百亿美元基金，收管理费就够了，不用那么折腾。但我不愿意这样，要做就要做到最好，要么就不做。\n我觉得自己思考问题还算比较彻底全面，喜欢把很多事情反复地去推敲和琢磨。我很喜欢提早计划，其实创业之前我很早就开始计划，先到基金工作，然后到别的机构，这些机构经常派我回中国，给了我一个时间过渡区来考虑和安排我的事情，每一步走得比较扎实。\n其实，选择和什么样的人一起做事情非常重要。我对这一点非常挑剔，我喜欢找基于长期信任的、熟悉的人一起工作。我身边的核心同事，要么是当年人大的同学，要么就是以前的同事。我的事业最早就是这么一小撮朋友一起做起来的。\n03 最佩服两个人\n我最佩服的人有两个，一个是巴菲特，一个是史文森。这两个人我都有机会比较近距离的接触，我最佩服巴菲特是他的投资能力，另外我也十分佩服他是一个具有强烈同理心的人，英文就是empathy。我很喜欢这种有同理心的人；同理心能使他更好地去了解年轻人，了解和他不一样的人，了解管理层。所以今天我经常和我的管理人员说需要有同理心，这点我从他身上学到的。\n巴菲特总是能站在别人的角度想问题。打个比方，假设从严格的角度来讲，有个管理层不是做到最优秀的，但他总能站在别人的角度，假设自己处在那个环境下，分析这个情况是由于这些或者那些原因造成的。他不是只站在自己的角度，只站在投资者的角度。我觉得站在别人的角度想很不容易，因为每个人都习惯从自己的角度思考问题。\n我觉得这个同理心对于投资，人生，甚至家庭、人际关系，都是一个非常好的品质。我也经常和小孩子交流，让他们想想，如果你站在别人的角度上想，是什么样的？同理心非常重要，可以帮助更好地与人产生共鸣。\n说到史文森，我最佩服他的一点就是，他有非常强烈的道德感、责任感。可以这么说，他是我见过的把fiduciary duty和intellectual honesty结合得最好的一个人。这两个人永远都是是我的楷模，是我最佩服的人。\n史文森还教会了我很多东西，比如长期价值投资，机构投资，资产配置，对风险的理解等等。中国很多公司，比如社保、中投都把他的书当做必读物。我认为这些方法能推动投资在中国的机构化；对机构化的思考问题，体系搭建都是有帮助的。但比如说有效边界，怎么把它运用过来，在中国是有很多限制条件的，所以若要更好地跟中国状况相结合，还需要做好很多事情。\n04 未来的3个机遇\n对于互联网/移动互联网来说，我觉得机遇很多，把整个产业链整合是很重要的一块。但我更看好互联网金融，利用互联网把整个金融产业链、金融的产品，从保险、抵押贷款、到消费金融都结合在一起。很多结合的东西现在只是刚刚开始，还有很多机会在后面。\n我们旗下的清流资本已经投资了好几个这方面的公司。比如像51信用卡，这是像美国的Mint，把大家的理财、信用卡都管理起来。我们才刚刚开始这方面的投资，我相信下面还有很多。\n未来5年的投资机遇，我第一是看好创新，第二是看好中产阶级带来的巨大消费机会，第三是看好金融和资产管理行业，现在的需求远远没有被满足，尤其是资产管理，我觉得会有很多好的商业模式出来。\n05 每个人都能战斗\n有人说我不但是成功的投资者，也是优秀的领导者。但我觉得这两个角色是不一样的，经常有矛盾。一个好的投资者要有强烈的质疑能力，一个好的管理者要有更强大的亲和力与管理能力。\n我的领导风格受两个方面的影响，一是中国古代文化，尤其是老庄哲学；二是互联网思维、互联网精神。\n从中国哲学的角度来讲，比较像是老子的“无为而治”。而从真正的组织行为学来讲，我相信的是互联网模式带来的一种颠覆，我称之为去中心化的管理模式。像在前线打仗，我觉得像任正非而言，应该是听到炮声的人去做决策，而不是听到炮声的人要打电话给连长、再打给营长、营长再打给团长再做决策。去中心化决策模式能大幅度地提升在前线的班长和战士的作战能力。\n第二是大幅度减少公司的层级。我们公司的层级非常少，我是一层，六个合伙人是一层，所有的员工是一层。每个员工和我之间只有合伙人一层。这样的话就大幅度地消减层级。同时，精挑细选每一个员工。“去中心化”加“消减层级”，争取让每一个人都能够战斗。\n但是在管理过程中我也会遇到很多挑战。第一，诱惑。中国有很多事情可以做，我们怎么在诱惑中选取适合自己的，“弱水三千，但取一瓢”；第二，挑战是人才的培养。这个过程比我想象的要漫长，但我们现在摸到了好途径。人要花精力挑选，挑进来之后也要花很多时间按照高瓴文化和价值观来雕琢。好奇、诚实、独立是高瓴资本的企业文化。\n一有时间我还要去运动一下，像冲浪、单板滑雪，都是比较能够充分张扬个性，并且要求在运动中全神贯注。就像你在雪山上，能想什么别的？我夏天经常去冲浪，一周三四次，八点钟出去、九点钟回来洗个澡、九点半去上班，夏天很容易，冬天就去滑雪。\n06 张磊的投资哲学\n高瓴资本代表了一个非常不一样的投资机构，涵盖了最早期风险投资到私募股权投资再到上市公司投资以及上市以后的兼并投资。我们是全中国唯一在做全产业链事情的机构，这实际上在世界上也是不常见的。\n因为在美国完全不分私募股权和上市公司股权，股权全产业链做得最好最成功最大的实际上在美国，像Buffett既买可口可乐（45.430，+0.80%）股票，买上市公司股票，又自己去做风险投资甚至去做私募股权投资。本质上，投资就应该是这么做的，不要框定是做风险投资还是做上市股权投资。\n实际上，在风云变幻的中国，一年相当于西方的十年二十年，其中最重要的不是股权的format，最重要的是一种什么样的商业模式，有什么样的人。在高瓴资本内部培训中，第一讲就是人与生意，我们要投资什么样的人，要投资什么样的生意模式，人与生意的组合是我们选公司的第一个标准。\n为什么这种标准中大部分的人不能做到？有人说我要么做风险投资，要么做上市股权投资。我觉得有唯一一个belief，就是我们投资的第一原则，是什么呢？是We don‘t have to do anything．你不需要做任何事情，这是我们投资的第一个哲学思想，当你说自己不需要做任何事情时，就有机会做自己认为最重要的事情，我们在投资的过程中都在实践这一原则。\n我们在全球投资的规模和回报也是很靠前的，很多人知道我是耶鲁流派的，很多人知道耶鲁投资基金给了我怎么投资的想法。在翻译《机构投资者的创新之路》时，我对投资有了很深的理解。其实之前我做过很多行业，直到后期才找到我想干的事。\n在中国做投资最难的一点就是市场很浮躁，每天都有人告诉你市场上又发生了什么事情。我如何在浮躁的市场上保持冷静？就是我的第一个投资哲学，“以正治国，以奇用兵，守正用奇。”当你能够做到“正”你就能经得起各种各样的诱惑与挑战。\n为什么要用奇呢？一个人宁愿很conventional failure，也不愿unconventional success，为什么呢？不愿意打破常规去犯错误，这时候各种各样的人，在“守正”之后不能突破各种各样的限制去“用奇”，你的想法如果和别人不一样就可以走出一条自己的道路。\n在中国做投资，知道自己碗里能装多少东西更重要。所以我要讲的第二点就是，“弱水三千，但取一瓢”。你每天的功夫就是要把你的这一瓢做得更大更结实更深，而不是整天壶里的和桌上的菜都要喝掉吃掉。投资里面有这样一个定理，中西文化是相同的，跟老外讲就是a piece of mine，看到别人投了很好的东西你投不到你是不是会着急。你有这个哲学支撑就会找到the piece of mine，something you think make sense。\n当你只有低调的时候才能专心致志地把自己的东西做好。你在早年时就非常高调，拿上帝的话说就是“欲先使其灭亡，必先使其疯狂”。要低调，踏踏实实的做好投资，真正好的资源，真正好的投资人，好的投资项目会逐渐找到你的。\n在这个行业里最危险的事情就是，你是被钱驱动的。要么你很快就挣了很多钱，你不知道干什么，要么你一直没挣到钱很着急，你也不知道要干什么，所以为钱驱动是一个最最dangerous的想法。钱并不重要，是最后的一个nature income，不能成为一个目标，你肯定是为了一个passion，带着你走下来。\n我们是一个“异类”，有独立的思考，不在乎市场，不在乎别的投资机构。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186674335,"gmtCreate":1623498023127,"gmtModify":1704205132777,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/186674335","repostId":"1159028389","repostType":2,"isVote":1,"tweetType":1,"viewCount":2449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189645706,"gmtCreate":1623260928205,"gmtModify":1704199651630,"author":{"id":"3572270355848461","authorId":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572270355848461","idStr":"3572270355848461"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189645706","repostId":"1153822469","repostType":4,"repost":{"id":"1153822469","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623251595,"share":"https://ttm.financial/m/news/1153822469?lang=en_US&edition=fundamental","pubTime":"2021-06-09 23:13","market":"us","language":"zh","title":"[Movement] Retailer sector rose, Macy's rose more than 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1153822469","media":"老虎资讯综合","summary":"6月9日，美股零售商板块盘中走高，梅西百货涨超7%，狄乐百货、诺德斯特龙涨超2%。据成交数据显示，不久前有共38万股多笔大单买入梅西百货。\n6月7日梅西百货公布财报，公告显示公司2022财年第一财季归","content":"<p>On June 9th, the U.S. retailer sector rose intraday,<a href=\"https://laohu8.com/S/M\">Macy's</a>rose by more than 7%,<a href=\"https://laohu8.com/S/DDS\">Dile Department Store</a>、<a href=\"https://laohu8.com/S/JWN\">Nordstrom</a>It rose more than 2%. According to the transaction data, a total of 380,000 shares were bought in Macy's not long ago.</p><p>On June 7th, Macy's announced its financial report, which showed that the company's net profit attributable to common shareholders of the parent company in the first fiscal quarter of fiscal 2022 was USD 103 million, a year-on-year increase of 102.88%; Operating income was $4.865 billion, up 54.54% year over year.</p><p><img src=\"https://static.tigerbbs.com/90867583067b4e9e8da34b59d8cfeefd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Movement] Retailer sector rose, Macy's rose more than 7%</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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Movement] Retailer sector rose, Macy's rose more than 7%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-09 23:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 9th, the U.S. retailer sector rose intraday,<a href=\"https://laohu8.com/S/M\">Macy's</a>rose by more than 7%,<a href=\"https://laohu8.com/S/DDS\">Dile Department Store</a>、<a href=\"https://laohu8.com/S/JWN\">Nordstrom</a>It rose more than 2%. According to the transaction data, a total of 380,000 shares were bought in Macy's not long ago.</p><p>On June 7th, Macy's announced its financial report, which showed that the company's net profit attributable to common shareholders of the parent company in the first fiscal quarter of fiscal 2022 was USD 103 million, a year-on-year increase of 102.88%; Operating income was $4.865 billion, up 54.54% year over year.</p><p><img src=\"https://static.tigerbbs.com/90867583067b4e9e8da34b59d8cfeefd\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dff4f51380338d4e15eb6131b46e8f8","relate_stocks":{"M":"梅西百货"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153822469","content_text":"6月9日，美股零售商板块盘中走高，梅西百货涨超7%，狄乐百货、诺德斯特龙涨超2%。据成交数据显示，不久前有共38万股多笔大单买入梅西百货。\n6月7日梅西百货公布财报，公告显示公司2022财年第一财季归属于母公司普通股股东净利润为1.03亿美元，同比增长102.88%；营业收入为48.65亿美元，同比上涨54.54%。","news_type":1,"symbols_score_info":{"M":0.9}},"isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}