ZarNaing personal page - To The Moon

ZarNaing

ZarNaing

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2024-01-27

$Gatos Silver, Inc.(GATO)$ praying

2023-12-14

$Gatos Silver, Inc.(GATO)$ silver precious metals

2021-12-25

$Tiger Brokers(TIGR)$Please revive

2022-11-20

Thanks

Sorry, the original content has been removed

2023-01-11

Thanks

Sorry, the original content has been removed

2023-01-04

2022-12-11

Tgvbb

A Look Back at Cathie Wood's Disastrous Year

2022-11-04

Thanka

Sorry, the original content has been removed

2022-11-16

2022-11-27

Thanks

Here's Why We Think SPY And QQQ Risks Are Skewed To The Downside

2023-01-05

Thanks

3 Dow Stocks Down 30% to 55% That Are Screaming Buys for 2023

2022-11-10

2022-09-11

Nice

How a CEO Rescued a Big Bet on Big Oil; "There Were a Lot of Doubters"

2023-12-14

$Grab Holdings(GRAB)$ sadly this is now stuck

2022-12-29

$Grab Holdings(GRAB)$

2022-11-28

2022-10-17

$Grab Holdings(GRAB)$

2022-09-26

Sad

Tech Stocks Face Another 10% Drop or More as Strong Dollar Hits Profits

2022-04-15

$Tesla Motors(TSLA)$Hope to go down further so I can buy more

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> praying","listText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> praying","text":"$Gatos Silver, Inc.(GATO)$ praying","images":[{"img":"https://community-static.tradeup.com/news/722bd3b9f7dec4fc62d1fb521569db4e","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/267453622722696","isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251998385758488,"gmtCreate":1702556913461,"gmtModify":1702556917376,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> silver precious metals","listText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> silver precious metals","text":"$Gatos Silver, Inc.(GATO)$ silver precious metals","images":[{"img":"https://community-static.tradeup.com/news/9370a43b58ef10eb4db5f99377c4b88c","width":"1080","height":"1819"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251998385758488","isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251998847123656,"gmtCreate":1702556869881,"gmtModify":1702556873500,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$ </a> sadly this is now stuck","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$ </a> sadly this is now stuck","text":"$Grab Holdings(GRAB)$ sadly this is now stuck","images":[{"img":"https://community-static.tradeup.com/news/19c39503f8f8d6cb99185fed2a171992","width":"1080","height":"1918"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251998847123656","isVote":1,"tweetType":1,"viewCount":731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":235050619363552,"gmtCreate":1698418217408,"gmtModify":1698418221879,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"Sharing for infoyhhhjj","listText":"Sharing for infoyhhhjj","text":"Sharing for infoyhhhjj","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/235050619363552","isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9942820379,"gmtCreate":1681184553591,"gmtModify":1681184557036,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942820379","repostId":"9942863243","repostType":1,"repost":{"id":9942863243,"gmtCreate":1681181995782,"gmtModify":1681183234773,"author":{"id":"9000000000000641","authorId":"9000000000000641","name":"CyrilDavy","avatar":"https://static.tigerbbs.com/fd67ba4a6ca5ca66b27af6afcce989dc","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000641","authorIdStr":"9000000000000641"},"themes":[],"title":"Hold on RIOT for blast off","htmlText":"<a href=\"https://ttm.financial/S/RIOT\">$Riot Blockchain, Inc.(RIOT)$</a> All you have to do is look at the \"statistics\" page to see that RIOT has a stock share float of 154.43 million; and it has been that way for a while. That is actually a small number. Compare it to the other stocks in your own portfolio, and see for yourself. Conditions are ripening for bitcoin, gold and silver.for those shorts who sold in the hopes it will drop further to buy cheaper. your window of opportunity to ride back on the train will be departing. dont time the market. time in the market is a better alternative. plus you pay long term capital gains tax if you do. good luck. Hold on RIOT for blast offSpace Rocket GIF","listText":"<a href=\"https://ttm.financial/S/RIOT\">$Riot Blockchain, Inc.(RIOT)$</a> All you have to do is look at the \"statistics\" page to see that RIOT has a stock share float of 154.43 million; and it has been that way for a while. That is actually a small number. Compare it to the other stocks in your own portfolio, and see for yourself. Conditions are ripening for bitcoin, gold and silver.for those shorts who sold in the hopes it will drop further to buy cheaper. your window of opportunity to ride back on the train will be departing. dont time the market. time in the market is a better alternative. plus you pay long term capital gains tax if you do. good luck. Hold on RIOT for blast offSpace Rocket GIF","text":"$Riot Blockchain, Inc.(RIOT)$ All you have to do is look at the \"statistics\" page to see that RIOT has a stock share float of 154.43 million; and it has been that way for a while. That is actually a small number. Compare it to the other stocks in your own portfolio, and see for yourself. Conditions are ripening for bitcoin, gold and silver.for those shorts who sold in the hopes it will drop further to buy cheaper. your window of opportunity to ride back on the train will be departing. dont time the market. time in the market is a better alternative. plus you pay long term capital gains tax if you do. good luck. Hold on RIOT for blast offSpace Rocket GIF","images":[{"img":"https://community-static.tradeup.com/news/29548c6366e558fe10b438bbfd9dc5ce","width":"480","height":"270"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942863243","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943692255,"gmtCreate":1679393131978,"gmtModify":1679393138386,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"This week is bullish #spy","listText":"This week is bullish #spy","text":"This week is bullish #spy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943692255","isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949385267,"gmtCreate":1678368858259,"gmtModify":1678368861889,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949385267","repostId":"9949386553","repostType":1,"repost":{"id":9949386553,"gmtCreate":1678368421873,"gmtModify":1678368795178,"author":{"id":"9000000000000185","authorId":"9000000000000185","name":"moonzo","avatar":"https://static.tigerbbs.com/d051d261da8127d971fe6c05affb8562","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000185","authorIdStr":"9000000000000185"},"themes":[],"htmlText":"Mara strengthening their balance sheet is a huge plus. Hash increasing is a huge plus. What we can’t control are the global macroeconomics and inflation. Can’t control crypto failures. I think Fred is really doing all he can to further us along. It’s going to get ugly before we see Powells rate increases make any difference. Possibly 12 months of more pain. I’m going to add small amounts all year and wait it out. I remain bullish on Mara’s future.<a href=\"https://ttm.financial/S/MARA\">$Marathon Digital Holdings Inc(MARA)$</a> <v-v data-views=\"1\"></v-v>","listText":"Mara strengthening their balance sheet is a huge plus. Hash increasing is a huge plus. What we can’t control are the global macroeconomics and inflation. Can’t control crypto failures. I think Fred is really doing all he can to further us along. It’s going to get ugly before we see Powells rate increases make any difference. Possibly 12 months of more pain. I’m going to add small amounts all year and wait it out. I remain bullish on Mara’s future.<a href=\"https://ttm.financial/S/MARA\">$Marathon Digital Holdings Inc(MARA)$</a> <v-v data-views=\"1\"></v-v>","text":"Mara strengthening their balance sheet is a huge plus. Hash increasing is a huge plus. What we can’t control are the global macroeconomics and inflation. Can’t control crypto failures. I think Fred is really doing all he can to further us along. It’s going to get ugly before we see Powells rate increases make any difference. Possibly 12 months of more pain. I’m going to add small amounts all year and wait it out. I remain bullish on Mara’s future.$Marathon Digital Holdings Inc(MARA)$","images":[{"img":"https://community-static.tradeup.com/news/5d5429fa90d662daa5d208223356b7ee","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949386553","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949385873,"gmtCreate":1678368845392,"gmtModify":1678368849153,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"nice day","listText":"nice day","text":"nice day","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949385873","repostId":"9949386905","repostType":1,"repost":{"id":9949386905,"gmtCreate":1678368260608,"gmtModify":1678368270569,"author":{"id":"9000000000000450","authorId":"9000000000000450","name":"NormaHansen","avatar":"https://static.tigerbbs.com/190c480144551a8d6ba305539b5ededa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000450","authorIdStr":"9000000000000450"},"themes":[],"title":"RIGL institutional owners may be pleased with recent gains after 45% loss over the past year","htmlText":"Source: ShutterstockKey InsightsGiven the large stake in the stock by institutions, <a href=\"https://ttm.financial/S/RIGL\">$Rigel Pharmaceuticals(RIGL)$</a> price might be vulnerable to their trading decisions51% of the business is held by the top 13 shareholdersInsiders have been selling latelyA look at the shareholders of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) can tell us which group is most powerful. With 54% stake, institutions possess the maximum shares in the company. Put another way, the group faces the maximum upside potential (or downside risk).Last week's US$31m market cap gain would probably be appreciated by institutional investors, especially after a year of 45% losses.In the chart below, zoom in on the different ownership groups of Rigel Pharmaceuticals.NasdaqGS:RIGL Owner","listText":"Source: ShutterstockKey InsightsGiven the large stake in the stock by institutions, <a href=\"https://ttm.financial/S/RIGL\">$Rigel Pharmaceuticals(RIGL)$</a> price might be vulnerable to their trading decisions51% of the business is held by the top 13 shareholdersInsiders have been selling latelyA look at the shareholders of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) can tell us which group is most powerful. With 54% stake, institutions possess the maximum shares in the company. Put another way, the group faces the maximum upside potential (or downside risk).Last week's US$31m market cap gain would probably be appreciated by institutional investors, especially after a year of 45% losses.In the chart below, zoom in on the different ownership groups of Rigel Pharmaceuticals.NasdaqGS:RIGL Owner","text":"Source: ShutterstockKey InsightsGiven the large stake in the stock by institutions, $Rigel Pharmaceuticals(RIGL)$ price might be vulnerable to their trading decisions51% of the business is held by the top 13 shareholdersInsiders have been selling latelyA look at the shareholders of Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) can tell us which group is most powerful. With 54% stake, institutions possess the maximum shares in the company. Put another way, the group faces the maximum upside potential (or downside risk).Last week's US$31m market cap gain would probably be appreciated by institutional investors, especially after a year of 45% losses.In the chart below, zoom in on the different ownership groups of Rigel Pharmaceuticals.NasdaqGS:RIGL Owner","images":[{"img":"https://community-static.tradeup.com/news/aa61b6b3255e512d35706e36b23b2373","width":"-1","height":"-1"},{"img":"https://community-static.tradeup.com/news/05abbcbfa729241f425ca5d5c1e93ea5","width":"-1","height":"-1"},{"img":"https://community-static.tradeup.com/news/368df9c5d22080ce2bb78346ed6ef1da","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949386905","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957311756,"gmtCreate":1676992202076,"gmtModify":1676992205062,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"nixe","listText":"nixe","text":"nixe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957311756","repostId":"9957310476","repostType":1,"repost":{"id":9957310476,"gmtCreate":1676991277095,"gmtModify":1676991282813,"author":{"id":"3479274799087381","authorId":"3479274799087381","name":"sunshineboy","avatar":"https://static.tigerbbs.com/288a954613733fd61b9f74bb255f34f4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3479274799087381","authorIdStr":"3479274799087381"},"themes":[],"title":"Bridgewater Associates Adds Position into JPM","htmlText":"$(Bridgewater Associates)$ just released its Q413F filing, which showed Ray Dalio's company buying a significant amount of JPMorgan Chase &amp; Co.,&nbsp;<a href=\"https://ttm.financial/S/JPM\">$JPMorgan Chase(JPM)$</a> stock in the quarter.&nbsp;&nbsp;<a href=\"https://ttm.financial/S/JPM\">$JPMorgan Chase(JPM)$</a> was analyzed by 31 analysts. The buy consensus is at 77%. So analysts seem to be mildly confident about.&nbsp;Bridgewater Associates&nbsp;has&nbsp;made&nbsp;the&nbsp;right&nbsp;decision!","listText":"$(Bridgewater Associates)$ just released its Q413F filing, which showed Ray Dalio's company buying a significant amount of JPMorgan Chase &amp; Co.,&nbsp;<a href=\"https://ttm.financial/S/JPM\">$JPMorgan Chase(JPM)$</a> stock in the quarter.&nbsp;&nbsp;<a href=\"https://ttm.financial/S/JPM\">$JPMorgan Chase(JPM)$</a> was analyzed by 31 analysts. The buy consensus is at 77%. So analysts seem to be mildly confident about.&nbsp;Bridgewater Associates&nbsp;has&nbsp;made&nbsp;the&nbsp;right&nbsp;decision!","text":"$(Bridgewater Associates)$ just released its Q413F filing, which showed Ray Dalio's company buying a significant amount of JPMorgan Chase & Co., $JPMorgan Chase(JPM)$ stock in the quarter. $JPMorgan Chase(JPM)$ was analyzed by 31 analysts. The buy consensus is at 77%. So analysts seem to be mildly confident about. Bridgewater Associates has made the right decision!","images":[{"img":"https://community-static.tradeup.com/news/019faca19b06a85af0fb2fdab0dd4f5b","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957310476","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954894637,"gmtCreate":1676196005829,"gmtModify":1676196014640,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"shady","listText":"shady","text":"shady","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954894637","repostId":"9954178753","repostType":1,"repost":{"id":9954178753,"gmtCreate":1676169862873,"gmtModify":1676170109582,"author":{"id":"4101948424484190","authorId":"4101948424484190","name":"Success88","avatar":"https://static.itradeup.com/news/4408e1a22d73e99adb53aa65dde8ad91","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4101948424484190","authorIdStr":"4101948424484190"},"themes":[],"title":"Parliament Tin Pei Ling Join Grab ","htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v> SINGAPORE - Member of Parliament Tin Pei Ling will switch to a new job scope at Grab Singapore following the public outcry that accompanied her appointment as its director of public affairs and policy last week. Her role has been changed to one involving corporate development, said the ride-hailing and technology company in a statement on Friday. “Her duties will include realising synergies across our investments and acquisitions, as well as supporting strategy development,” said a company spokesman. “In her new role, Pei Ling will not be involved in public affairs and policy work in Singapore, nor will she represent Grab in public policy discussions with Singapore government officials.” The c","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v> SINGAPORE - Member of Parliament Tin Pei Ling will switch to a new job scope at Grab Singapore following the public outcry that accompanied her appointment as its director of public affairs and policy last week. Her role has been changed to one involving corporate development, said the ride-hailing and technology company in a statement on Friday. “Her duties will include realising synergies across our investments and acquisitions, as well as supporting strategy development,” said a company spokesman. “In her new role, Pei Ling will not be involved in public affairs and policy work in Singapore, nor will she represent Grab in public policy discussions with Singapore government officials.” The c","text":"$Grab Holdings(GRAB)$ SINGAPORE - Member of Parliament Tin Pei Ling will switch to a new job scope at Grab Singapore following the public outcry that accompanied her appointment as its director of public affairs and policy last week. Her role has been changed to one involving corporate development, said the ride-hailing and technology company in a statement on Friday. “Her duties will include realising synergies across our investments and acquisitions, as well as supporting strategy development,” said a company spokesman. “In her new role, Pei Ling will not be involved in public affairs and policy work in Singapore, nor will she represent Grab in public policy discussions with Singapore government officials.” The c","images":[{"img":"https://community-static.tradeup.com/news/14e3ad0906e1aa625c7958357b294d6c","width":"1179","height":"1089"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954178753","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954089186,"gmtCreate":1675838721545,"gmtModify":1675838725206,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"thanksl","listText":"thanksl","text":"thanksl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954089186","repostId":"9954080916","repostType":1,"repost":{"id":9954080916,"gmtCreate":1675838233136,"gmtModify":1675838236955,"author":{"id":"3479274799416327","authorId":"3479274799416327","name":"marketpre","avatar":"https://static.tigerbbs.com/3bdd403049856caa030d5acaf3e72506","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3479274799416327","authorIdStr":"3479274799416327"},"themes":[],"htmlText":"Bidirectional video today is awesome! ENPH continues to amaze me with the quality of their products and their vision with regard to the energy market as a whole and alternative energy in particular. I’ll have IQ8+’s up on our new detached garage this month and plan to add another EV to the one we currently own and will be purchasing the ENPH charger just as soon as she’s available. Keep killing it ENPH!$4 swing pre market. Hold on - gonna be a wild ride. I do admit that I now see what I did not. I replaced a furnace, blower and AC this weekend. Heat pump made most sense…but, only if I’d had solar. So, solar for in home low energy electric home climate systems, electric car, etc. That is the home of the future. That’s where we go.<a href=\"https://ttm.financial/S/ENPH\">$Enphase Energy(ENPH)$</a>","listText":"Bidirectional video today is awesome! ENPH continues to amaze me with the quality of their products and their vision with regard to the energy market as a whole and alternative energy in particular. I’ll have IQ8+’s up on our new detached garage this month and plan to add another EV to the one we currently own and will be purchasing the ENPH charger just as soon as she’s available. Keep killing it ENPH!$4 swing pre market. Hold on - gonna be a wild ride. I do admit that I now see what I did not. I replaced a furnace, blower and AC this weekend. Heat pump made most sense…but, only if I’d had solar. So, solar for in home low energy electric home climate systems, electric car, etc. That is the home of the future. That’s where we go.<a href=\"https://ttm.financial/S/ENPH\">$Enphase Energy(ENPH)$</a>","text":"Bidirectional video today is awesome! ENPH continues to amaze me with the quality of their products and their vision with regard to the energy market as a whole and alternative energy in particular. I’ll have IQ8+’s up on our new detached garage this month and plan to add another EV to the one we currently own and will be purchasing the ENPH charger just as soon as she’s available. Keep killing it ENPH!$4 swing pre market. Hold on - gonna be a wild ride. I do admit that I now see what I did not. I replaced a furnace, blower and AC this weekend. Heat pump made most sense…but, only if I’d had solar. So, solar for in home low energy electric home climate systems, electric car, etc. That is the home of the future. That’s where we go.$Enphase Energy(ENPH)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954080916","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951826763,"gmtCreate":1673451883052,"gmtModify":1676538839374,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951826763","repostId":"1178965236","repostType":4,"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9959167135,"gmtCreate":1672932002328,"gmtModify":1676538759621,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9959167135","repostId":"2301300462","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950705545,"gmtCreate":1672828259288,"gmtModify":1676538743577,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$PayPal(PYPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9950705545","isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9950611656,"gmtCreate":1672743559576,"gmtModify":1676538729160,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"thabks","listText":"thabks","text":"thabks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950611656","repostId":"9950896875","repostType":1,"repost":{"id":9950896875,"gmtCreate":1672712079797,"gmtModify":1703733615768,"author":{"id":"3527667621665671","authorId":"3527667621665671","name":"Daily_Discussion","avatar":"https://community-static.tradeup.com/news/6973ef3354e752778088dfd8ca725c82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667621665671","authorIdStr":"3527667621665671"},"themes":[],"title":"🚀Key events in the coming week, share your trading plans!","htmlText":"Hi, Tigers!Welcome to&nbsp;Daily Discussion! This is the place for you to share your trading ideas and win coins!<a href=\"https://ttm.financial/RN?name=RNTheme&amp;page=/theme/special/discussion&amp;rndata={&quot;themeId&quot;:&quot;470d3ab575ca43caaed8156645b7ccbe&quot;,&quot;type&quot;:3}\" target=\"_blank\">Click here to join the Topic &amp; Win coins &gt;&gt;</a>[Rewards]You will be given&nbsp;100 Tiger Coins according to the quality &amp; original of the post(NOTE: Comments posted under this article WILL NOT be counted)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.You will be given&nbsp;10 Tiger coins&nbsp;if you tag more than 3 friends in the comment areaMeanwhile, we will be listing the stocks mentioned by those selected Tigers for your","listText":"Hi, Tigers!Welcome to&nbsp;Daily Discussion! This is the place for you to share your trading ideas and win coins!<a href=\"https://ttm.financial/RN?name=RNTheme&amp;page=/theme/special/discussion&amp;rndata={&quot;themeId&quot;:&quot;470d3ab575ca43caaed8156645b7ccbe&quot;,&quot;type&quot;:3}\" target=\"_blank\">Click here to join the Topic &amp; Win coins &gt;&gt;</a>[Rewards]You will be given&nbsp;100 Tiger Coins according to the quality &amp; original of the post(NOTE: Comments posted under this article WILL NOT be counted)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.You will be given&nbsp;10 Tiger coins&nbsp;if you tag more than 3 friends in the comment areaMeanwhile, we will be listing the stocks mentioned by those selected Tigers for your","text":"Hi, Tigers!Welcome to Daily Discussion! This is the place for you to share your trading ideas and win coins!Click here to join the Topic & Win coins >>[Rewards]You will be given 100 Tiger Coins according to the quality & original of the post(NOTE: Comments posted under this article WILL NOT be counted) 2.You will be given 10 Tiger coins if you tag more than 3 friends in the comment areaMeanwhile, we will be listing the stocks mentioned by those selected Tigers for your","images":[{"img":"https://community-static.tradeup.com/news/e961ee203328d401936b5a8ebda60e0e","width":"-1","height":"-1"},{"img":"https://community-static.tradeup.com/news/ad16a787c27f16953771ed23665d7ecc","width":"-1","height":"-1"},{"img":"https://community-static.tradeup.com/news/3e12665002e514bc4ba1ae67c8dd1a09","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9950896875","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9924446191,"gmtCreate":1672320906213,"gmtModify":1676538671660,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Grab Holdings(GRAB)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9924446191","isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925346881,"gmtCreate":1671937933944,"gmtModify":1676538613304,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Grab Holdings(GRAB)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925346881","isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9922166398,"gmtCreate":1671719877714,"gmtModify":1676538581736,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"thanks","listText":"thanks","text":"thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922166398","repostId":"9922187842","repostType":1,"repost":{"id":9922187842,"gmtCreate":1671718890386,"gmtModify":1676538581487,"author":{"id":"4099364351782360","authorId":"4099364351782360","name":"CYberviRus","avatar":"https://community-static.tradeup.com/news/01a9dd052e60cc14e090e6a5b7323791","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4099364351782360","authorIdStr":"4099364351782360"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AMC\">$AMC Entertainment(AMC)$&nbsp;</a><v-v data-views=\"0\"></v-v> AMC Entertainment (AMC) announced that it will not&nbsp;acquire some Cineworld theaters in the US and Europe.&nbsp; On the other hand,&nbsp;AMC Entertainment announces that they&nbsp;will be&nbsp;raising $110 million in new equity capital by selling&nbsp;its preferred stock (APE) at an average price of 66 cents per share&nbsp;to Antara Capital. Look like financial issue, bearish for now.&nbsp;","listText":"<a href=\"https://ttm.financial/S/AMC\">$AMC Entertainment(AMC)$&nbsp;</a><v-v data-views=\"0\"></v-v> AMC Entertainment (AMC) announced that it will not&nbsp;acquire some Cineworld theaters in the US and Europe.&nbsp; On the other hand,&nbsp;AMC Entertainment announces that they&nbsp;will be&nbsp;raising $110 million in new equity capital by selling&nbsp;its preferred stock (APE) at an average price of 66 cents per share&nbsp;to Antara Capital. Look like financial issue, bearish for now.&nbsp;","text":"$AMC Entertainment(AMC)$ AMC Entertainment (AMC) announced that it will not acquire some Cineworld theaters in the US and Europe. On the other hand, AMC Entertainment announces that they will be raising $110 million in new equity capital by selling its preferred stock (APE) at an average price of 66 cents per share to Antara Capital. Look like financial issue, bearish for now.","images":[{"img":"https://community-static.tradeup.com/news/80f9d6b646043431ce25a6ecb966b713","width":"1080","height":"2069"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9922187842","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926457441,"gmtCreate":1671617668184,"gmtModify":1676538564660,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Grab Holdings(GRAB)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926457441","isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9928679029,"gmtCreate":1671278750661,"gmtModify":1676538518937,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581507356092469","authorIdStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Palantir Technologies Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9928679029","isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":267453622722696,"gmtCreate":1706327480840,"gmtModify":1706327484736,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> praying","listText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> praying","text":"$Gatos Silver, Inc.(GATO)$ praying","images":[{"img":"https://community-static.tradeup.com/news/722bd3b9f7dec4fc62d1fb521569db4e","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/267453622722696","isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":251998385758488,"gmtCreate":1702556913461,"gmtModify":1702556917376,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> silver precious metals","listText":"<a href=\"https://ttm.financial/S/GATO\">$Gatos Silver, Inc.(GATO)$ </a> silver precious metals","text":"$Gatos Silver, Inc.(GATO)$ silver precious metals","images":[{"img":"https://community-static.tradeup.com/news/9370a43b58ef10eb4db5f99377c4b88c","width":"1080","height":"1819"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251998385758488","isVote":1,"tweetType":1,"viewCount":949,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9009079747,"gmtCreate":1640399344577,"gmtModify":1676533519465,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger 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09:21","market":"us","language":"en","title":"A Look Back at Cathie Wood's Disastrous Year","url":"https://stock-news.laohu8.com/highlight/detail?id=1151053281","media":"TheStreet","summary":"What went right and what (mostly) went wrong for the prominent asset manager Cathie Wood at Ark Investment.","content":"<html><head></head><body><p>Celebrity money manager Cathie Wood, chief executive of Ark Investment Management, has offered plenty of interesting ideas about the economy and stock market this year.</p><p>But for her clients, Mama Cathie, as her fans call her, hasn’t delivered much in the way of returns. Indeed Ark’s exchange-traded funds have generated sharp losses in 2022.</p><p>Wood argues that the drops in price of her young, disruptive technology stocks merely provide buying opportunities.</p><p>Surely she’s right that many tech stocks will eventually rebound. How much they rise and whether the rebound includes her holdings are open questions.</p><p>The five biggest positions in Wood’s flagship Ark Innovation ETF, starting at the top, are</p><ul><li>Zoom Video Communications ZM</li><li>Tesla TSLA</li><li>Exact Sciences EXAS</li><li>Roku ROKU</li><li>Block SQ.</li></ul><p>As for her musings in 2022, Wood said in January that bitcoin is headed to $1 million by 2030. That represents a factor of more than 600 from the recent price of $1,640.</p><p>Wood could be right. Nobody knows what will happen in the next eight years. But given that bitcoin has dropped 65% year to date, it’s not exactly rushing toward Wood’s target.</p><h2>Recession and Deflation</h2><p>She has argued throughout the year that we’re already in a recession and that we’re suffering from deflation rather than the inflation shown by government indicators.</p><p>Excess inventories at retailers, contracting fiscal and monetary policyand an inverted yield curve point to an economic downturn, she says. An inverted yield curve occurs when short-term Treasury yields exceed long-term yields, which is the opposite of normal.</p><p>Looking at inflation, the government reported that consumer prices jumped 7.7% in the 12 months through October. That’s a lagging indicator, Wood says. She says commodity prices are the best indicator of inflation, particularly gold. The precious metal has slid 10% since March 11.</p><p>Given her view that we’re experiencing a recession and deflation, it’s not surprising that Wood thinks the Federal Reserve is overdoing it on interest-rate increases.</p><p>The Fed seems focused on two lagging indicators: inflation and employment, Wood said. “Both have been sending conflicting signals and should be calling into question the Fed’s unanimous call for higher interest rates.”</p><p>Wood’s view on the Fed is outside the mainstream consensus. But at least one prominent figure agrees with her. That’s Tesla and Twitter Chief Executive Elon Musk, who says the Fed should be cutting interest rates.</p><h2>Weak Returns</h2><p>Whether her views on these issues are right or wrong, Wood’s investment performance has been subpar this year.</p><p>Ark Innovation ETF has dropped 63% so far in 2022, and is down 78% from its February 2021 peak. Wood has defended her strategy by noting that she has a five-year investment horizon.</p><p>Up to May 9 the fund’s five-year return beat that of the S&amp;P 500. But the five-year annualized return of Ark Innovation totaled only 0.01% through Dec. 7, off from 10.26% for the S&amp;P 500.</p><p>The fund’s performance also doesn’t come close to Wood’s goal for annualized returns of 15% over five-year periods.</p><p>But the $6.8 billion fund’s subpar returns haven’t pushed investors away. Ark Innovation has registered a net inflow of $1.5 billion from investors year to date, according to ETF research firm VettaFi.</p><p>You might wonder why so many investors have stuck with Wood, despite her mediocre returns. The fact that she had one spectacular year certainly helps. Ark Innovation ETF more than doubled (up 153%) in 2020.</p><p>Also, Wood has become something of a rock star in the investment world, appearing frequently in the media. She explains financial concepts in ways that even novice investors can understand.</p><p>Still, Wood has her detractors. On March 29, Morningstar analyst Robby Greengold issued a scathing critique of Ark Innovation.</p><p>“ARKK shows few signs of improving its risk management or ability to successfully navigate the challenging territory it explores,” he wrote.</p><p>Wood countered Greengold’s points in an interview with Magnifi Media by Tifin. “I do know there are companies like that one [Morningstar] that do not understand what we&#39;re doing,” she said.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Look Back at Cathie Wood's Disastrous Year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Look Back at Cathie Wood's Disastrous Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-11 09:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/cathie-wood-ideas-big-losses><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Celebrity money manager Cathie Wood, chief executive of Ark Investment Management, has offered plenty of interesting ideas about the economy and stock market this year.But for her clients, Mama Cathie...</p>\n\n<a href=\"https://www.thestreet.com/investing/cathie-wood-ideas-big-losses\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKW":"ARK Next Generation Internet ETF","ARKK":"ARK Innovation ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKF":"ARK Fintech Innovation ETF","ARKG":"ARK Genomic Revolution ETF"},"source_url":"https://www.thestreet.com/investing/cathie-wood-ideas-big-losses","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151053281","content_text":"Celebrity money manager Cathie Wood, chief executive of Ark Investment Management, has offered plenty of interesting ideas about the economy and stock market this year.But for her clients, Mama Cathie, as her fans call her, hasn’t delivered much in the way of returns. Indeed Ark’s exchange-traded funds have generated sharp losses in 2022.Wood argues that the drops in price of her young, disruptive technology stocks merely provide buying opportunities.Surely she’s right that many tech stocks will eventually rebound. How much they rise and whether the rebound includes her holdings are open questions.The five biggest positions in Wood’s flagship Ark Innovation ETF, starting at the top, areZoom Video Communications ZMTesla TSLAExact Sciences EXASRoku ROKUBlock SQ.As for her musings in 2022, Wood said in January that bitcoin is headed to $1 million by 2030. That represents a factor of more than 600 from the recent price of $1,640.Wood could be right. Nobody knows what will happen in the next eight years. But given that bitcoin has dropped 65% year to date, it’s not exactly rushing toward Wood’s target.Recession and DeflationShe has argued throughout the year that we’re already in a recession and that we’re suffering from deflation rather than the inflation shown by government indicators.Excess inventories at retailers, contracting fiscal and monetary policyand an inverted yield curve point to an economic downturn, she says. An inverted yield curve occurs when short-term Treasury yields exceed long-term yields, which is the opposite of normal.Looking at inflation, the government reported that consumer prices jumped 7.7% in the 12 months through October. That’s a lagging indicator, Wood says. She says commodity prices are the best indicator of inflation, particularly gold. The precious metal has slid 10% since March 11.Given her view that we’re experiencing a recession and deflation, it’s not surprising that Wood thinks the Federal Reserve is overdoing it on interest-rate increases.The Fed seems focused on two lagging indicators: inflation and employment, Wood said. “Both have been sending conflicting signals and should be calling into question the Fed’s unanimous call for higher interest rates.”Wood’s view on the Fed is outside the mainstream consensus. But at least one prominent figure agrees with her. That’s Tesla and Twitter Chief Executive Elon Musk, who says the Fed should be cutting interest rates.Weak ReturnsWhether her views on these issues are right or wrong, Wood’s investment performance has been subpar this year.Ark Innovation ETF has dropped 63% so far in 2022, and is down 78% from its February 2021 peak. Wood has defended her strategy by noting that she has a five-year investment horizon.Up to May 9 the fund’s five-year return beat that of the S&P 500. But the five-year annualized return of Ark Innovation totaled only 0.01% through Dec. 7, off from 10.26% for the S&P 500.The fund’s performance also doesn’t come close to Wood’s goal for annualized returns of 15% over five-year periods.But the $6.8 billion fund’s subpar returns haven’t pushed investors away. Ark Innovation has registered a net inflow of $1.5 billion from investors year to date, according to ETF research firm VettaFi.You might wonder why so many investors have stuck with Wood, despite her mediocre returns. The fact that she had one spectacular year certainly helps. Ark Innovation ETF more than doubled (up 153%) in 2020.Also, Wood has become something of a rock star in the investment world, appearing frequently in the media. She explains financial concepts in ways that even novice investors can understand.Still, Wood has her detractors. On March 29, Morningstar analyst Robby Greengold issued a scathing critique of Ark Innovation.“ARKK shows few signs of improving its risk management or ability to successfully navigate the challenging territory it explores,” he wrote.Wood countered Greengold’s points in an interview with Magnifi Media by Tifin. “I do know there are companies like that one [Morningstar] that do not understand what we're doing,” she said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9984149707,"gmtCreate":1667575059909,"gmtModify":1676537939998,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"Thanka","listText":"Thanka","text":"Thanka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9984149707","repostId":"1136620356","repostType":4,"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963377911,"gmtCreate":1668609240333,"gmtModify":1676538084149,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$PayPal(PYPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9963377911","isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966815085,"gmtCreate":1669480485548,"gmtModify":1676538200769,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9966815085","repostId":"1110767793","repostType":4,"repost":{"id":"1110767793","kind":"news","pubTimestamp":1669522613,"share":"https://ttm.financial/m/news/1110767793?lang=&edition=fundamental","pubTime":"2022-11-27 12:16","market":"us","language":"en","title":"Here's Why We Think SPY And QQQ Risks Are Skewed To The Downside","url":"https://stock-news.laohu8.com/highlight/detail?id=1110767793","media":"Seeking Alpha","summary":"SummaryEquities have been on a gradual climb since the beginning of the fourth quarter, with the SPY","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Equities have been on a gradual climb since the beginning of the fourth quarter, with the SPY up 13% and QQQ up 8% QTD.</li><li>There has also been some cautious optimism among investors on signs of easing inflation and the Fed&#39;s consideration for a moderation in the pace of coming rate hikes.</li><li>However, company fundamentals that were previously resilient are now just starting to show the first signs of cracks, while continued borrowing cost increases will only weigh on valuations further.</li><li>The following deep dive analysis will walk through past economic cycles, valuation theory, and recent economic data to gauge where Fed policy might be headed and the related implications on SPY and QQQ valuations as we head into the new year.</li></ul><p>The S&amp;P 500 (NYSEARCA: SPY/SP500) has gradually climbed more than 12% since the fourth quarter began, and closed at a two-month high during Wednesday&#39;s (November 23) session after a flurry of economic data released in recent weeks pointed to easing price pressures and market slowdown that could harbinger a dovish Fed policy stance over coming months. October CPI and PPI showed a stronger reduction in prices than expected, while recent data on jobless claims, retail sales, and business activity also pointed to a slowdown in demand, especially for discretionary goods.</p><p>Despite hawkish commentary from Fed officials still, investors are responding positively to remarks that the pace of rate hikes might be moderating from the recent slew of jumbo 75 bps increases. This has compounded market optimism on a potential shift on the Fed&#39;s policy tightening trajectory to a more dovish stance, with investors&#39; now focusing more on a potential slowdown in the pace of coming rate hikes than where the terminal rate might land (i.e. when the Fed might actually pivot).</p><p>But from a valuation and fundamental perspective, continued rate hikes are poised to squeeze multiples further into contraction, while ensuing deteriorating of financial conditions put corporate earnings at risk. With slowing demand, and mounting macroeconomic uncertainties over the Fed&#39;s tightening trajectory, when inflation would peak, and whether a recession is imminently still at large, volatility will likely continue to overpower markets. While it is difficult to gauge when exactly markets might bottom as macro deterioration gains momentum, the following analysis will turn to past tightening cycles and inflation environments, as well as basic valuation theory to explore where the market climate stands today and what to potentially expect over coming months.</p><p><b>Recent Economic Overview</b></p><p>The drumbeat for moderating inflation grew after CPI and PPI figures came in lower than expected. October CPI rose7.7% y/yand 0.4% m/m (core +6.3% y/y, +0.3% m/m), marking the &#34;smallest annual advance since the start of the year&#34; and coming in under economist estimates of 7.9% y/y and 0.6% m/m. U.S. PPI also eased in October, advancing 8% y/y(core +6.7% y/) and 0.2% m/m (core 0% m/m) compared with economist estimates of 8.3% y/y and 0.4% m/m. The back-to-back indication of easing price pressures pushed the S&amp;P 500 higher in early November, as markets saw it as an encouraging sign that the Fed might resort to less aggressive tightening in the months ahead and potentially achieve a soft-landing that could be beneficial to the valuation of risky assets that have been roiled across the board this year.</p><p>But investors were quickly sent back to the sidelines after stronger-than-expectedU.S. retail sales data for October indicated that the economy was still running hot, while Fed officials rushed to warn markets that &#34;inflation remains much too high for comfort&#34; and there is &#34;still a long way to go&#34; on keeping decades-high price increases under control. But a deeper look into the drivers of retail sales increases would suggest that consumer purchasing power is starting to feel the pinch of both rising inflation and interest rates, and the volume of sales is likely deteriorating too since the October figure of 1.3% is not adjusted for inflation.</p><p>As discussed in one of our recent coverages, the biggest driver of October&#39;s retail sales growth was on basic necessities like food and energy. Meanwhile, spending on discretionary goods like consumer electronics and apparel saw a marked decline, indicating that consumer purchasing power is waning on the back of surging inflation and tightening financial conditions:</p><blockquote>Meanwhile, retailers of discretionary goods such as apparel, consumer electronics, and sporting goods saw a sales decline of more than 2% over the same period. The results imply continued weakening in consumer purchasing power as inflationary pressures persist, while retailers of discretionary goods are looking to lure buyers ahead of the holiday shopping season with price cuts and steep discounts in an attempt to clear inventories.</blockquote><blockquote>Source: &#34;2 Retail Stocks to Watch After Retail Sales Rose in October - We are Watching Amazon and Apple&#34;</blockquote><p>The shift in consumer behavior in response to mounting macroeconomic uncertainties ahead is also telling of the impending demand slowdown over the coming months. Consumer credit card debt is fast approaching the pre-pandemic peak of $916 billion as of the end of September, and the continuation of this trend is further corroborated by recent observations by retailer Macy&#39;s (M), which saw its customers &#34;building larger balances on credit cards&#34;. The latest data shows that Americans&#39; credit card debt has increased by 15% y/y, the fastest pace in two decades while card borrowing costs topped 19%, a level not seen in 40 years.</p><p>The impending slowdown in demand and spending is further supported by the recent rise in jobless claims and contraction in business activity. U.S. jobless claims topped 240,000 during the week ended November 19th, topping consensus estimates of 225,000 and up from 17,000 in the prior week. The jump was the highest in months, a potential sign that the labor market might be cooling as a result of recent mass layoffs across big tech, though economists are also cautioning effects of seasonal attrition, which introduces a &#34;great deal of volatility into this data&#34;. The U.S. job market has remained stubbornly resilient despite the Fed&#39;s implementation of aggressive tools to slow the economy this year, with the jobless rate still at a 50-year low of3.7%:</p><blockquote>Tech companies represent about 2% of all employment in the country, said Richardson. That compares with 11% for the leisure and hospitality industry, which is still struggling to hire workers, she added.</blockquote><blockquote>Source:Bloomberg</blockquote><blockquote>The broad takeaway is a job market that&#39;s cooling albeit not very quickly. That lines up with Jerome Powell&#39;s characterization earlier this week, when the Fed chair acknowledged conditions haven&#39;t softened yet in an &#34;obvious&#34; way and said the central bank is eyeing a higher peak interest rate than it was two months ago.</blockquote><blockquote>Source:Bloomberg</blockquote><p>But added softness in business activity indicates that even &#34;some of the more resilient parts of the economy&#34; are undoubtedly showing cracks as a result of the Fed&#39;s aggressive policy stance deployed this year. The S&amp;P Global Flash U.S. Composite PMI, which measures activity across the American private sector, saw a &#34;solid contraction&#34; this month. The index reached the &#34;second lowest level&#34; since the onset of the pandemic and imitates the dire business environment in 2009. Managers reported slowing demand and new orders due to the effects of &#34;rising interest rates, economic uncertainty and the lingering effects of still elevated inflation&#34;. Consistent with commentary gathered in the latest third quarter earnings season, promotional offers are gaining momentum across suppliers, factories and service providers to &#34;help boost flagging sales&#34;, which is poised to weigh on private sector earnings over coming months.</p><p>Although easing inflationary pressures is a welcomed sight, recent data points to rapid unravelling of an economy that is likely headed towards recession. Minutes from the FOMC meeting in November indicated that policymakers are now seeing a 50/50 risk of recession within the next year, compared with a more aggressive forecast of65%on Wall Street and as much as100%by a Bloomberg Economics model.</p><p><b>What the Fed Says</b></p><p>Amidst the paradox between recent market optimism and a rapidly deteriorating macro backdrop, the Federal Reserve is sticking to its hawkish policy stance in hopes of preventing an unravelling of the work done to date to quell inflation. Recall Fed Chair Jerome Powell&#39;s stern remarks on managing market expectations during the post-meeting conference in November:</p><blockquote>CHRISTOPHER RUGABER. Great, and just a quick follow. It looks like stock and bond markets are reacting positively to your announcement so far. Is that something you wanted to see? Is that a problem or what-how that might affect your future policy to see this positive reaction?</blockquote><blockquote>CHAIR POWELL. We&#39;re not targeting any one or two particular things. Our message should be-what I&#39;m trying to do is make sure that our message is clear, which is that we think we have a ways to go, we have some ground to cover with interest rates before we get to, before we get to that level of interest rates that we think is sufficiently restrictive…If you look at the-I have a table of the last 12 months of 12-month readings, and there&#39;s really no pattern there. We&#39;re exactly where we were a year ago. So I would also say, it&#39;s premature to discuss pausing. And it&#39;s not something that we&#39;re thinking about. That&#39;s really not a conversation to be had now. We have a ways to go. And the last thing I&#39;ll say is that I would want people to understand our commitment to getting this done and to not making the mistake of not doing enough or the mistake of withdrawing our strong policy and doing that too soon. So those-I control those messages, and that&#39;s my job.</blockquote><blockquote>Source:Transcript of Chair Powell&#39;s Press Conference, November 2, 2022</blockquote><p>And the same policy stance has been proclaimed unanimously across commentary from Fed officials as of late, with many sticking to the narrative that there is still &#34;a long way to go&#34; when it comes to quelling inflation. Despite acknowledging that the &#34;lags with which monetary policy affects economic activity and inflation&#34; are now materializing, which draws the need to start considering a slowdown in the pace of rate hikes, policymakers remain fixed on tightening policy into restrictive territory, nonetheless. The hawkish commentary maintained indicates that &#34;the Fed is likely to lean against easing financial conditions&#34; despite recent data supporting that the economy is slowing. Specifically, a slowing economy is what the Fed essentially wants to ensure inflation is reined in. The intention of continued hawkishness is to prevent markets from mistaking any potential near-term deceleration in the pace of rate increases with a reversal of the economy&#39;s current slowdown.:</p><blockquote>The big picture illustrates that the Fed intends to slow down in order to allow more time for lags to operate and cumulative tightening to date to show up in the data. The hawkish talk from Chair Powell and many Fed officials subsequently is likely intended to provide air cover for the slowing to take place without an excessive easing of financial conditions.</blockquote><blockquote>Source:Bloomberg</blockquote><p><b>What the Past Says</b></p><p>While continued market volatility in the near-term is almost certain, when the market might bottom remains a big question mark. The Fed&#39;s monetary policy tightening campaign implemented this year is the most aggressive in 40-years, but the economy&#39;s relative resilience this time around when compared to the past suggests that some macroeconomic factors have inevitably changed.</p><p>For instance, technology plays a bigger role in today&#39;s economic development, while simpler factors like consumer behavior and the social construct&#39;s role in the global macro economy have also evolved significantly in the past decade alone. The recent COVID pandemic and the ensuing disruptions to businesses and global supply chains has also injected further complexity into today&#39;s macroeconomic conditions compared to past economic downturns, inflationary environments, and monetary policy tightening cycles. Yet, there are also many overlapping similarities between today&#39;s inflationary environment and monetary policy tightening cycles compared to ones in the past that could potentially shed some light on where the economy stands today and what potentially lies ahead.</p><p><b>The &#34;Global Recession&#34; in the 1970s to 1980s</b></p><p><b>Context</b>. Inflation reached double-digits in the U.S. and across major economies during the 1980s. Similar to today&#39;s situation, soaring food and energy prices were culprit to runaway inflation at the time. The back-to-back energy crisis stemming from the Arab oil embargo in the early 1970s and the Iranian Revolution later the same decade, which resulted in a rapid decline in supplies, pushed oil prices up by as much as fourfold at the time.</p><p>Inflation topped 12% in 1974 with the Fed funds rate rising from 7% to 16% by early 1975, pushing the economy into recession. A stark Fed pivot followed with the Fed funds rate cut to 5.25% by April 1975, causing inflation to return while growth remained stagnate. By the time the second energy crisis came around, accommodative policies were deployed by the Fed in hopes of countering unemployment, but backfired by worsening the pace of price increases - inflation rose from below 5% in early 1976 prior to the second energy crisis resulting from the Iranian Revolution, to 7% by 1979. The Federal Funds Rate was pushed from 6.9% to 10% over the same period in hopes of stamping out inflationary pressure without &#34;stifling fragile economic growth&#34; at the time, but to no avail, which led to an extended period of stagflation instead and pushed the economy into recession again.</p><p><b>Timeline of quantitative tightening</b>. The so-called &#34;stop-go policy&#34; during the 1970s came to an end when Paul Volcker took office as Fed Chair in 1979. Volcker made quelling inflation a priority, &#34;even if it came at the detriment of short-term employment&#34;. To some extent, this is similar to Fed Chair Powell&#39;s commitment to arresting decades-high inflation &#34;even if doing so risks an economic downturn&#34;.</p><p>Inflation had already entered double-digits at 11% when Volcker became Fed Chair, while America&#39;s jobless rate was inching close to 6% near the end of the 1970s. Fed rate hikes continued, pushing the economy into deep recession by 1982 with the unemployment rate reaching 11%. Over a three-year span, the Volker-led Fed pushed its benchmark rate as high as 20% and stayed in the double-digit range until inflation had fallen to 5% by late 1982. The Fed pivoted then with rates declining to single-digits, alleviating unemployment from the peak of 11% to 8% by 1983.</p><p><b>S&amp;P 500 Bottom</b>. The S&amp;P 500 traded at single-digit(7.4x to 9.0x) estimated earnings when Volcker led an aggressive quantitative tightening cycle, which was reflective of the lower value of future cash flows. The market subsequently recovered when it became structurally clear that double-digit inflation was put away for good in the latter half of the 1980s.</p><p><b>Policy mistakes</b>. The stop-go monetary policy implemented in the 1970s has been largely viewed as a policy mistake today:</p><blockquote>In the 1970s, the Fed pursued what economists would call &#34;stop-go&#34; monetary policy, which alternated between fighting high unemployment and high inflation. During the &#34;go&#34; periods, the Fed lowered interest rates to loosen the money supply and target lower unemployment. During the &#34;stop&#34; periods, when inflation mounted, the Fed would raise interest rates to reduce inflationary pressure.</blockquote><blockquote>Source:Federal Reserve History</blockquote><p>The on-and-off tightening eventually let inflation and unemployment run loose through the decade. Today, Fed Chair Powell looks to be taking a page from the 1970s on managing risks of runaway inflation, cautioning against a premature loosening of monetary policies even if economic recession is becoming a certain possibility.</p><blockquote>We are not trying to provoke, and I don&#39;t think we will need to provoke, a recession,&#34; Powell said at a hearing before the U.S. Senate Banking Committee, although he acknowledged that a recession was &#34;certainly a possibility&#34; and events in the last few months around the world had made it more difficult to reduce inflation without causing one</blockquote><blockquote>Source:Reuters</blockquote><p><b>Greenspan Tightening 1999 to 2000</b></p><p><b>Context.</b> The Federal Reserve had resorted to monetary easing in 1998 as a pre-emptive measure to shore up U.S. growth&#34;in the face of economic turmoil overseas&#34; at the time, even though unemployment was at a historical low rate of 4.5%. But by 1999, it was clear the U.S. economy was booming, exhibiting a combination of robust consumer demand and job market, while inflation remained in check. This led the Fed to reverse courseunder Alan Greenspan leadership, and aboard a rate hike cycle that consisted of a 175 bps increases in 1999 from 4.75% to 6.5% by mid-2000.</p><p><b>Timeline of quantitative tightening.</b> The 1999 tightening cycle was largely viewed as the Fed&#39;s intention to &#34;protect consumers and financial markets from something it has yet to see - a substantial rise in inflationary pressures&#34;. Inflation was largely flat at the time, while GDP growth almos thalved from 4.3% in the first quarter to 2.3% in the second quarter at the time.</p><p>By mid-2000, the Fed funds rate had reached 6.5%. Coinciding with the dotcom bubble burst that led to severe market instability, fears that continued tightening would slow the U.S. economy into recession had escalated. A Fed pivot ensued with rates cutting back to the 3% range, followed by further reductions in 2001 after the 9-11 World Trade Center terrorist attack that took the Fed funds rate to the 1% range.</p><p><b>S&amp;P 500 Bottom.</b> Over the course of the Greenspan-led &#34;flip-flop on interest rates&#34; between 1999 and 2001, stocks actually sold off even when the Fed pivoted to monetary easing. The selloff continued into late 2002 to levels not seen since 1998.</p><p>Market instability was marked by a combination of lofty valuations in internet stocks that fell to shambles after a slew of fraudulent reporting (cue Enron) and bankruptcies surfaced, underscoring rapid erosion of investors&#39; confidence. The 9-11 terrorist attack also escalated uncertainties over the U.S. economic outlook at the time, adding pressure to the market downturn at the time. The S&amp;P 500 bottomed by late 2002, trading at double-digit (~30x) estimated earnings - a stark contrast to observations in the 1980s - which was consistent with record-low borrowing costs at the time.</p><p><b>Policy mistakes.</b> The low interest rates embraced by Greenspan to arrest market instability and declines was largely known as the &#34;Greenspan put&#34;, which is viewed today as a key factor that led the run-up to the 2008 housing market collapse. The Greenspan put instilled a mentality that the Fed would restore market stability in the event of declines - essentially, moral hazard - which caused &#34;excessive risk-taking in stock markets&#34;. This eventually led to high-flying valuations, particularly in internet stocks, that crashed in the 2000s. Similar happened again when financial markets collapsed in 2008.</p><p><b>The &#34;Great Recession&#34; of 2007 to 2009 and the 2008 Financial Crisis</b></p><p><b>Context.</b> Rate hikes resumed under Greenspan&#39;s leadership in 2004 when GDP growth was pushing 4% while inflation was at 2.7% and unemployment at 5.4%, showing signs of an overheating economy. Interest rates rose from 1.0% to 5.25% over the course of 17 incremental hikes between 2004 and 2006, when inflation surpassed 3%.</p><p>By 2007, GDP growth had fallen to 2%, and deteriorated rapidly to 0.1% the following year with unemployment surpassing 7% and inflation pushing 4%. The U.S. economy had effectively entered recession at the time, with unemployment reaching 10% by late 2009 fuelled by the housing bubble burst in 2008 (i.e. 2008 financial crisis). The S&amp;P 500 fell 57% over the same period, wiping out close to$15 trillion in American&#39;s net worth.</p><p><b>Timeline of quantitative tightening.</b> The 2004 to 2006 tightening cycle peaked with the Fed funds rate at 5.25%, but was insufficient in stamping out inflation and keeping unemployment at bay. This effectively drove the U.S. economy into recession by 2007, with a combination of fiscal and monetary policy easing implemented under the leadership of then-president George W. Bush and then-Fed-Chair Ben Bernanke with aims of shoring up the economy. The 2008 financial crisis ensuing from the housing bubble burst that left &#34;trillions of dollars of worthless investments in subprime mortgages&#34; also compounded pains.</p><p>By the end of 2008, the Fed funds rate had already been cut to the0% to 0.25%range to stem the economy from unravelling further. The FOMC had intended to keep the Fed funds rate &#34;at exceptionally low levels for some time and then for an extended period&#34; at the time, and the near-zero range eventually held until 2015. Monetary policy under Bernanke&#39;s leadership was focused on the &#34;use [of the FOMC&#39;s] policy statement to provide forward guidance for the federal funds rate&#34;, which helped manage market&#39;s understanding of economic and financial conditions during the Great Recession.</p><p>The Fed also implemented &#34;large scale asset purchase&#34; (&#34;LSAP&#34;) programs at the time to ensure &#34;longer-term public and private borrowing rates&#34; were kept at low levels in alignment with the near-zero Fed funds rate. This included the Fed&#39;s buyback of mortgage-backed securities (&#34;MBS&#34;) and Treasuries at the time to &#34;reduce the cost and increase the availability of credit for home purchases&#34; - a detrimental corner of the market during the financial crisis. The LSAP program is also similar to the MBS and Treasury buybacks implemented by the Fed at the onset of the COVID pandemic in2020to &#34;help ensure chaotic markets function properly [and] ensure credit flows to corporations as well as state and local governments&#34;.</p><p><b>S&amp;P 500 Bottom.</b> The S&amp;P 500 fell 57% between October 2007 and March 2009, though the economy remained weak with unemployment still on the run towards 9.5% in June 2009 before peaking at 10% in October 2009. The index was trading at more than 70x estimated earnings at its trough in March 2009, which was consistent with the hit on corporate fundamental performance across the board, as well as record-low borrowing costs at the 0% to 0.25% range. The valuation multiple moderated to the 20x-range of forward earnings by 2010 as corporate fundamentals started to recover, while the Fed funds rate was held steady at the near-zero range.</p><p><b>Policy mistakes.</b> As discussed in the earlier section, the housing bubble burst that also contributed to the Global Recession from 2007 to 2009 was likely partially driven by market moral hazard instilled by the Greenspan put. Recall that Bernanke also sought to rapid rate cuts between 2007 and 2008 in response to deteriorating macro conditions and the sliding market, adopting a similar strategy as Greenspan that &#34;may have been a catalyst contributing to the conditions of the 2008 financial crisis&#34;.</p><p>However, Bernanke&#39;s subsequent adherence to low interest rates for an extended period, as well as bank bailouts that cost as much as$700 billion, and other monetary easing policies such as the LSAP program ($1.75 trillion) was key to the long, yet stable market recovery in the years that followed.</p><p><b>The COVID Pandemic</b></p><p><b>Context.</b> Fed rate hikes resumed in 2015 under Fed Chair Janet Yellen after economic growth showed an extended period of stabilization in the 2% range, while inflation was flat with unemployment at 5%. The hikes continued even after Jerome Powell took over as Fed Chair in 2018 until the Fed funds rate reached 2.5% by the end of the same year.</p><p><b>Timeline of quantitative tightening.</b> The Federal Reserve resumed monetary policy tightening in 2015 upon evidence of &#34;improvement in the labor market [and reasonable confidence] that inflation would move back to its 2% objective over the medium term&#34;. As mentioned in the earlier section, unemployment had fallen to 5% in 2015 from the peak of 10% during late 2009. The intention was to pursue rate hikes while also maintaining an accommodative policy stance to &#34;support further improvement in labor market conditions and a return to 2% inflation&#34;.</p><p>The Fed pivoted to rate cuts by the summer of 2019 after the global equity market lost close to $7 trillion of its value by the end of 2018. However, GDP maintained at the 2%-range at the time, while unemployment was at 3.5% and inflation inched up to 1.9%, which stoked concerns of an eventual economic downturn. Rates were cut from the peak of 2.5% in late 2018 to 1.75% by late 2019. Rapid easing took place with rates sliding to the 0% to 0.25% range at the onset of the COVID pandemic in March 2020.</p><p><b>S&amp;P 500 Bottom.</b> More than $7 trillion in global market value was lost in 2018, with the S&amp;P 500 giving up close to 10% of its value (or almost 18% from the 2018 peak in September) before finding bottom near year-end. The index was trading at about 20x forward earnings at the time, which was consistent with rising, yet still low, interest rates at the time, relative to past financial crises.</p><p><b>Policy mistakes</b>. Market critics have viewed the 2015 rate hike cycle as &#34;premature&#34;, given inflation was still struggling to climb back towards the 2% Fed target at the time. It was not until 2018 when inflation topped 2%, which also coincided with market&#39;s negative reaction to rising borrowing costs following the preceding years of a near-zero Fed funds rate.</p><p><b>What Exactly is Valuation Composed of?</b></p><p>Before drawing on past economic cycles to gauge forward expectations, we turn to basic valuation theory to understand the interaction between key driving factors, including interest rates, inflation, unemployment and GDP. Most of the time, when we think of valuation, we think of the fundamental leg (e.g. growth, earnings, cash flows, etc.) and the valuation multiple (which is influenced by cost of capital / discount rate). But in economic theory, valuation can also be split into the following two components: steady-state firm value + future value creation.</p><p><b>Steady-State Firm Value</b></p><p>The steady-state value is defined as the value of the firm when &#34;NOPAT (net operating profit after tax) is sustainable indefinitely and incremental investments will neither add, nor subtract, value&#34;. This does not necessarily mean the point at which a company grows at 0% forever, but rather the point of growth that stays constant regardless of whether incremental investments are made (i.e. it could be a steady-state perpetual growth or declining rate).</p><p><img src=\"https://static.tigerbbs.com/578dbfd401111f95b82426bc244ff6c8\" tg-width=\"640\" tg-height=\"67\" referrerpolicy=\"no-referrer\"/></p><p>Steady-State Value Formula (Valuation Theory)</p><p>One way to depict steady-state value is via the steady-state firm value P/E ratio, which is defined as 1 divided by cost of capital:</p><blockquote>A company can continue to grow earnings as it invests at the cost of capital. It will just fail to create value, and hence should trade at its steady-state worth. We can readily translate from the steady-state value to a steady-state price-earnings multiple, which is the reciprocal of the cost of [capital].</blockquote><blockquote>Source:Credit Suisse</blockquote><p>The intuition is to find the valuation multiple (i.e. P/E ratio, in this case) reflective of the point at which continued investments at the cost of capital will continue to drive earnings growth, but not necessarily yield any incremental value creation, and hence stay at a steady-state of &#34;1&#34;.</p><p>To gauge where the market&#39;s steady-state value might be headed, we turn to key driving factor, cost of capital. Cost of capital is essentially the borrowing cost, which can be benchmarked against the Fed funds rate. Based on an understanding of past economic cycles, the Federal Reserve today is likely leaning towards the Volcker era, with a sprinkle of Bernanke.</p><p>What this means is that the Fed&#39;s commitment to taming inflation - even if it comes at the cost of some near-term economic pain - will eventually lead to more rate hikes in coming months, especially as inflation today remains far from the 2% target. This is consistent with the growing drumbeat of calls by Fed officials to raise rates into &#34;restrictive territory&#34; and holding it there until there is structural evidence inflation is back on track towards the committee&#39;s target range. To prevent further policy mistakes (we say &#34;further&#34; since the whole &#34;transitory inflation&#34; narrative last year obviously did not work out), responding to recent signs of slowing demand with a Fed pivot is essentially off the table, as implementing such as policy would likely be begging for a repeat of the &#34;stop-go&#34; disaster in the 1970s before Volcker. At best, the Fed will likely stick to what it has been doing at recent meetings - setting clean and clear forward expectations for markets like Bernanke had. In today&#39;s case, this means there will be more tightening in financial conditions that could potentially push the terminal rate higher, while keeping in mind of the &#34;effects of lags in monetary policy&#34; and start considering a moderation in the pace of coming rate hikes.</p><p>Traders are largely expecting a moderation in the pace of rate hikes from the jumbo 75 bps seen over the summer and fall, to a half-point increase at the coming December meeting, which would bring the Fed funds rate range from the current 3.75% to 4%, to 4.25% to 4.5%. The terminal rate is expected to reach 5% to 5.25%based on current prices on 1H23 Fed swaps. Substituting the estimated terminal rate of about 5% plus an additional percentage point to account for forward market risk premium (reflective of difference between 1-year Treasury yield of about 4.75% today and the current Fed funds rate range of 3.75% and 4%) as proxy for market cost of capital in gauging the steady-state firm value P/E ratio would yield about 17x. The S&amp;P 500, which can be viewed as a proxy for the weighted average of its constituents&#39; respective valuations, currently trades at about 20x estimated earnings. If market steady-state firm value is to be adjusted as a result of continued Fed policy tightening, the S&amp;P 500 could potentially move another leg lower by as much as 15% between now and when the Fed funds rate peaks in the current tightening cycle, which is estimated to occur by mid-2023.</p><p>But there are a myriad of other factors that could impact where the so-called steady-state firm value is headed as Fed tightening continues over coming months, including economic growth and investor sentiment on a broader basis. This is consistent with the observation discussed in earlier sections that market bottomed in March 2009 even though the economy continued to deteriorate with unemployment hitting trough at 10% seven months later in October 2009. This could both be reflective of the fact that market is forward looking (or priced at estimated earnings and forward macro expectations) and/or the lag effect in which monetary policy works, among other factors. What this essentially means is that while rate hikes are expected to peak by mid-2023, it does not necessarily mean that is also when the market will bottom. But nonetheless, even if it is almost impossible to gauge the exact timing, it is more likely that not that the market is skewed towards further downside risks through the first quarter of 2023 at the minimum.</p><p>In addition to the steady-state P/E ratio method, the Gordon growth model is another way to gauge steady-state firm value.</p><p><img src=\"https://static.tigerbbs.com/97b0f365e67a424db79cb49516d8b5f7\" tg-width=\"640\" tg-height=\"74\" referrerpolicy=\"no-referrer\"/></p><p>Gordon Growth Model (Valuation Theory)</p><p>The key assumption here other than cost of capital is GDP growth. GDP growth is typically used as a key benchmark to gauge the implied perpetual growth of a company, with addition consideration of the maturity of its industry as well as other company-specific factors such as market leadership, competitive advantages, and/or market share:</p><blockquote>Companies operating in industries that are higher growth in nature are typically valued at a perpetual growth rate closer to or more than GDP, given their greater contributions to economic growth. Alternatively, companies operating in lower growth and/or mature industries are typically allocated a lower perpetual growth rate.</blockquote><blockquote>Source: &#34;Shorting Tesla: Bridging Lofty Valuations to Economics&#34;</blockquote><p>As discussed in the earlier section, demand is likely to show a marked slowdown in coming months as consumer purchasing power wanes, especially if unemployment worsens, which will lead to further deteriorating in economic growth. Even though the labor market has remained largely resilient despite the recent slew of high-paid tech layoffs (accounts foronly ~2%of total U.S. employment), consumer weakness is expected to tame demand further and eventually hit corporate earnings, potentially resulting in more cost-driven job cuts. This is further corroborated by the gradual uptick in recent jobless claimsas well as jobless rate to &#34;3.7%from a more than five-decade low&#34;. This means GDP is likely to slow as interest rates increase, widening the spread between cost of capital and growth in the denominator of the Gordon growth model, and inadvertently, diminishing the steady-state firm value.</p><p><b>Future Value Creation Premium</b></p><p>The future value creation premium accounts for the incremental value that additional investments at the cost of capital would earn (i.e. return on capital), and also takes into consideration the time period in which this value-creating opportunity would last.</p><p><img src=\"https://static.tigerbbs.com/08bfdfec8d89633ac41365f0fcd39554\" tg-width=\"640\" tg-height=\"48\" referrerpolicy=\"no-referrer\"/></p><p>Future Value Creation Formula (Valuation Theory)</p><p>This is essentially a premium to the steady-state firm value, and explains the lofty valuations relative to broader markets observed in certain stocks, such as Apple(AAPL), Tesla(TSLA) and Snowflake(SNOW), today. Admittedly, these companies have either or all of outperforming balance sheets, profit margins, and/or growth prospects relative to peers, but not all are valued in proportion to the mean growth-valuation ratio observed among their respective peer groups.</p><p>In addition to the &#34;competitive advantage period&#34;, which measures the anticipated time period in which the added value-creating opportunity would last, key assumptions in deriving future value creation premium is return on capital and cost of capital. And return on capital can be substituted by anticipated economic expansion, or GDP growth - when the economy is good, growth and profit margins will likely perform better, and vice versa. But as discussed in the earlier section, GDP growth is likely skewed to the downside within the foreseeable future as demand continues to slow and profit margins get squeezed as a result of high input costs, and near-term requirements for more-than-usual promotional offers to offload excess product inventories.</p><p>Paired with the anticipation for greater increases to the cost of capital as a result of Fed hawkishness that will more likely than not continue for a while longer, the cost-return spread in the numerator of the future value creation component of valuation is poised to narrow. And as cost of capital continues to increase, the denominator will also expand, hence diminishing the future value creation component of broader market valuations, which corroborates the expectation for more downside potential within the near-term.</p><p><b>Implications for the S&amp;P 500 and Nasdaq 100 - Is the Bottom Near?</b></p><p>Based on valuation theory, and the anticipation for sustained hawkish Fed sentiment drawn from historical observations, the broader market is likely to see further volatility ahead as valuations adjust to rising rates and declining demand. While the timing at which markets will bottom remains uncertain, we are of the view that company fundamentals are only just starting to feel the impact of consumer weakness, which points to further value erosion through 1H23.</p><p>Specifically, consumer spending has remained resilient through the first half of 2022 despite deteriorating sentiment due to surging inflation and rising borrowing costs. But headed into the first half of the fourth quarter, declining business activity and warnings of a marked slowdown among consumer-centric industries such as retail underscore that waning consumer sentiment is now really materializing into real weakness. This is further supported by the consistent drop in American household savings and rise in credit card debt, among other observations, discussed earlier on in this analysis.</p><p>And a specific note to the tech-heavy Nasdaq 100 (NASDAQ: QQQ/NDX), constituents&#39; valuations are likely to be hit harder compared to those in the S&amp;P 500 given their cash flows are further out (with some still in pre-revenue phase and/or unprofitable) from realization and subject to a heavier discount as costs of capital increase. The index also consists of constituents with some of the biggest valuation premiums given lofty forward growth expectations previously priced in that may not materialize as expected within the foreseeable future, thus pointing to greater vulnerability to downside risks ahead.</p><p>And given risks of further macro deterioration are now skewed higher with recent economic data pointing to a moderation in the labor market, while monetary policy tightening continues to flow through different corners of the economy, the ensuing rise in the likelihood of a recession will likely take the market a leg lower through the first half of 2023, even if we start to see structural easing in price pressures.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's Why We Think SPY And QQQ Risks Are Skewed To The Downside</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's Why We Think SPY And QQQ Risks Are Skewed To The Downside\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-27 12:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4560523-heres-why-we-think-spy-and-qqq-risks-are-skewed-to-the-downside><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryEquities have been on a gradual climb since the beginning of the fourth quarter, with the SPY up 13% and QQQ up 8% QTD.There has also been some cautious optimism among investors on signs of ...</p>\n\n<a href=\"https://seekingalpha.com/article/4560523-heres-why-we-think-spy-and-qqq-risks-are-skewed-to-the-downside\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4560523-heres-why-we-think-spy-and-qqq-risks-are-skewed-to-the-downside","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110767793","content_text":"SummaryEquities have been on a gradual climb since the beginning of the fourth quarter, with the SPY up 13% and QQQ up 8% QTD.There has also been some cautious optimism among investors on signs of easing inflation and the Fed's consideration for a moderation in the pace of coming rate hikes.However, company fundamentals that were previously resilient are now just starting to show the first signs of cracks, while continued borrowing cost increases will only weigh on valuations further.The following deep dive analysis will walk through past economic cycles, valuation theory, and recent economic data to gauge where Fed policy might be headed and the related implications on SPY and QQQ valuations as we head into the new year.The S&P 500 (NYSEARCA: SPY/SP500) has gradually climbed more than 12% since the fourth quarter began, and closed at a two-month high during Wednesday's (November 23) session after a flurry of economic data released in recent weeks pointed to easing price pressures and market slowdown that could harbinger a dovish Fed policy stance over coming months. October CPI and PPI showed a stronger reduction in prices than expected, while recent data on jobless claims, retail sales, and business activity also pointed to a slowdown in demand, especially for discretionary goods.Despite hawkish commentary from Fed officials still, investors are responding positively to remarks that the pace of rate hikes might be moderating from the recent slew of jumbo 75 bps increases. This has compounded market optimism on a potential shift on the Fed's policy tightening trajectory to a more dovish stance, with investors' now focusing more on a potential slowdown in the pace of coming rate hikes than where the terminal rate might land (i.e. when the Fed might actually pivot).But from a valuation and fundamental perspective, continued rate hikes are poised to squeeze multiples further into contraction, while ensuing deteriorating of financial conditions put corporate earnings at risk. With slowing demand, and mounting macroeconomic uncertainties over the Fed's tightening trajectory, when inflation would peak, and whether a recession is imminently still at large, volatility will likely continue to overpower markets. While it is difficult to gauge when exactly markets might bottom as macro deterioration gains momentum, the following analysis will turn to past tightening cycles and inflation environments, as well as basic valuation theory to explore where the market climate stands today and what to potentially expect over coming months.Recent Economic OverviewThe drumbeat for moderating inflation grew after CPI and PPI figures came in lower than expected. October CPI rose7.7% y/yand 0.4% m/m (core +6.3% y/y, +0.3% m/m), marking the \"smallest annual advance since the start of the year\" and coming in under economist estimates of 7.9% y/y and 0.6% m/m. U.S. PPI also eased in October, advancing 8% y/y(core +6.7% y/) and 0.2% m/m (core 0% m/m) compared with economist estimates of 8.3% y/y and 0.4% m/m. The back-to-back indication of easing price pressures pushed the S&P 500 higher in early November, as markets saw it as an encouraging sign that the Fed might resort to less aggressive tightening in the months ahead and potentially achieve a soft-landing that could be beneficial to the valuation of risky assets that have been roiled across the board this year.But investors were quickly sent back to the sidelines after stronger-than-expectedU.S. retail sales data for October indicated that the economy was still running hot, while Fed officials rushed to warn markets that \"inflation remains much too high for comfort\" and there is \"still a long way to go\" on keeping decades-high price increases under control. But a deeper look into the drivers of retail sales increases would suggest that consumer purchasing power is starting to feel the pinch of both rising inflation and interest rates, and the volume of sales is likely deteriorating too since the October figure of 1.3% is not adjusted for inflation.As discussed in one of our recent coverages, the biggest driver of October's retail sales growth was on basic necessities like food and energy. Meanwhile, spending on discretionary goods like consumer electronics and apparel saw a marked decline, indicating that consumer purchasing power is waning on the back of surging inflation and tightening financial conditions:Meanwhile, retailers of discretionary goods such as apparel, consumer electronics, and sporting goods saw a sales decline of more than 2% over the same period. The results imply continued weakening in consumer purchasing power as inflationary pressures persist, while retailers of discretionary goods are looking to lure buyers ahead of the holiday shopping season with price cuts and steep discounts in an attempt to clear inventories.Source: \"2 Retail Stocks to Watch After Retail Sales Rose in October - We are Watching Amazon and Apple\"The shift in consumer behavior in response to mounting macroeconomic uncertainties ahead is also telling of the impending demand slowdown over the coming months. Consumer credit card debt is fast approaching the pre-pandemic peak of $916 billion as of the end of September, and the continuation of this trend is further corroborated by recent observations by retailer Macy's (M), which saw its customers \"building larger balances on credit cards\". The latest data shows that Americans' credit card debt has increased by 15% y/y, the fastest pace in two decades while card borrowing costs topped 19%, a level not seen in 40 years.The impending slowdown in demand and spending is further supported by the recent rise in jobless claims and contraction in business activity. U.S. jobless claims topped 240,000 during the week ended November 19th, topping consensus estimates of 225,000 and up from 17,000 in the prior week. The jump was the highest in months, a potential sign that the labor market might be cooling as a result of recent mass layoffs across big tech, though economists are also cautioning effects of seasonal attrition, which introduces a \"great deal of volatility into this data\". The U.S. job market has remained stubbornly resilient despite the Fed's implementation of aggressive tools to slow the economy this year, with the jobless rate still at a 50-year low of3.7%:Tech companies represent about 2% of all employment in the country, said Richardson. That compares with 11% for the leisure and hospitality industry, which is still struggling to hire workers, she added.Source:BloombergThe broad takeaway is a job market that's cooling albeit not very quickly. That lines up with Jerome Powell's characterization earlier this week, when the Fed chair acknowledged conditions haven't softened yet in an \"obvious\" way and said the central bank is eyeing a higher peak interest rate than it was two months ago.Source:BloombergBut added softness in business activity indicates that even \"some of the more resilient parts of the economy\" are undoubtedly showing cracks as a result of the Fed's aggressive policy stance deployed this year. The S&P Global Flash U.S. Composite PMI, which measures activity across the American private sector, saw a \"solid contraction\" this month. The index reached the \"second lowest level\" since the onset of the pandemic and imitates the dire business environment in 2009. Managers reported slowing demand and new orders due to the effects of \"rising interest rates, economic uncertainty and the lingering effects of still elevated inflation\". Consistent with commentary gathered in the latest third quarter earnings season, promotional offers are gaining momentum across suppliers, factories and service providers to \"help boost flagging sales\", which is poised to weigh on private sector earnings over coming months.Although easing inflationary pressures is a welcomed sight, recent data points to rapid unravelling of an economy that is likely headed towards recession. Minutes from the FOMC meeting in November indicated that policymakers are now seeing a 50/50 risk of recession within the next year, compared with a more aggressive forecast of65%on Wall Street and as much as100%by a Bloomberg Economics model.What the Fed SaysAmidst the paradox between recent market optimism and a rapidly deteriorating macro backdrop, the Federal Reserve is sticking to its hawkish policy stance in hopes of preventing an unravelling of the work done to date to quell inflation. Recall Fed Chair Jerome Powell's stern remarks on managing market expectations during the post-meeting conference in November:CHRISTOPHER RUGABER. Great, and just a quick follow. It looks like stock and bond markets are reacting positively to your announcement so far. Is that something you wanted to see? Is that a problem or what-how that might affect your future policy to see this positive reaction?CHAIR POWELL. We're not targeting any one or two particular things. Our message should be-what I'm trying to do is make sure that our message is clear, which is that we think we have a ways to go, we have some ground to cover with interest rates before we get to, before we get to that level of interest rates that we think is sufficiently restrictive…If you look at the-I have a table of the last 12 months of 12-month readings, and there's really no pattern there. We're exactly where we were a year ago. So I would also say, it's premature to discuss pausing. And it's not something that we're thinking about. That's really not a conversation to be had now. We have a ways to go. And the last thing I'll say is that I would want people to understand our commitment to getting this done and to not making the mistake of not doing enough or the mistake of withdrawing our strong policy and doing that too soon. So those-I control those messages, and that's my job.Source:Transcript of Chair Powell's Press Conference, November 2, 2022And the same policy stance has been proclaimed unanimously across commentary from Fed officials as of late, with many sticking to the narrative that there is still \"a long way to go\" when it comes to quelling inflation. Despite acknowledging that the \"lags with which monetary policy affects economic activity and inflation\" are now materializing, which draws the need to start considering a slowdown in the pace of rate hikes, policymakers remain fixed on tightening policy into restrictive territory, nonetheless. The hawkish commentary maintained indicates that \"the Fed is likely to lean against easing financial conditions\" despite recent data supporting that the economy is slowing. Specifically, a slowing economy is what the Fed essentially wants to ensure inflation is reined in. The intention of continued hawkishness is to prevent markets from mistaking any potential near-term deceleration in the pace of rate increases with a reversal of the economy's current slowdown.:The big picture illustrates that the Fed intends to slow down in order to allow more time for lags to operate and cumulative tightening to date to show up in the data. The hawkish talk from Chair Powell and many Fed officials subsequently is likely intended to provide air cover for the slowing to take place without an excessive easing of financial conditions.Source:BloombergWhat the Past SaysWhile continued market volatility in the near-term is almost certain, when the market might bottom remains a big question mark. The Fed's monetary policy tightening campaign implemented this year is the most aggressive in 40-years, but the economy's relative resilience this time around when compared to the past suggests that some macroeconomic factors have inevitably changed.For instance, technology plays a bigger role in today's economic development, while simpler factors like consumer behavior and the social construct's role in the global macro economy have also evolved significantly in the past decade alone. The recent COVID pandemic and the ensuing disruptions to businesses and global supply chains has also injected further complexity into today's macroeconomic conditions compared to past economic downturns, inflationary environments, and monetary policy tightening cycles. Yet, there are also many overlapping similarities between today's inflationary environment and monetary policy tightening cycles compared to ones in the past that could potentially shed some light on where the economy stands today and what potentially lies ahead.The \"Global Recession\" in the 1970s to 1980sContext. Inflation reached double-digits in the U.S. and across major economies during the 1980s. Similar to today's situation, soaring food and energy prices were culprit to runaway inflation at the time. The back-to-back energy crisis stemming from the Arab oil embargo in the early 1970s and the Iranian Revolution later the same decade, which resulted in a rapid decline in supplies, pushed oil prices up by as much as fourfold at the time.Inflation topped 12% in 1974 with the Fed funds rate rising from 7% to 16% by early 1975, pushing the economy into recession. A stark Fed pivot followed with the Fed funds rate cut to 5.25% by April 1975, causing inflation to return while growth remained stagnate. By the time the second energy crisis came around, accommodative policies were deployed by the Fed in hopes of countering unemployment, but backfired by worsening the pace of price increases - inflation rose from below 5% in early 1976 prior to the second energy crisis resulting from the Iranian Revolution, to 7% by 1979. The Federal Funds Rate was pushed from 6.9% to 10% over the same period in hopes of stamping out inflationary pressure without \"stifling fragile economic growth\" at the time, but to no avail, which led to an extended period of stagflation instead and pushed the economy into recession again.Timeline of quantitative tightening. The so-called \"stop-go policy\" during the 1970s came to an end when Paul Volcker took office as Fed Chair in 1979. Volcker made quelling inflation a priority, \"even if it came at the detriment of short-term employment\". To some extent, this is similar to Fed Chair Powell's commitment to arresting decades-high inflation \"even if doing so risks an economic downturn\".Inflation had already entered double-digits at 11% when Volcker became Fed Chair, while America's jobless rate was inching close to 6% near the end of the 1970s. Fed rate hikes continued, pushing the economy into deep recession by 1982 with the unemployment rate reaching 11%. Over a three-year span, the Volker-led Fed pushed its benchmark rate as high as 20% and stayed in the double-digit range until inflation had fallen to 5% by late 1982. The Fed pivoted then with rates declining to single-digits, alleviating unemployment from the peak of 11% to 8% by 1983.S&P 500 Bottom. The S&P 500 traded at single-digit(7.4x to 9.0x) estimated earnings when Volcker led an aggressive quantitative tightening cycle, which was reflective of the lower value of future cash flows. The market subsequently recovered when it became structurally clear that double-digit inflation was put away for good in the latter half of the 1980s.Policy mistakes. The stop-go monetary policy implemented in the 1970s has been largely viewed as a policy mistake today:In the 1970s, the Fed pursued what economists would call \"stop-go\" monetary policy, which alternated between fighting high unemployment and high inflation. During the \"go\" periods, the Fed lowered interest rates to loosen the money supply and target lower unemployment. During the \"stop\" periods, when inflation mounted, the Fed would raise interest rates to reduce inflationary pressure.Source:Federal Reserve HistoryThe on-and-off tightening eventually let inflation and unemployment run loose through the decade. Today, Fed Chair Powell looks to be taking a page from the 1970s on managing risks of runaway inflation, cautioning against a premature loosening of monetary policies even if economic recession is becoming a certain possibility.We are not trying to provoke, and I don't think we will need to provoke, a recession,\" Powell said at a hearing before the U.S. Senate Banking Committee, although he acknowledged that a recession was \"certainly a possibility\" and events in the last few months around the world had made it more difficult to reduce inflation without causing oneSource:ReutersGreenspan Tightening 1999 to 2000Context. The Federal Reserve had resorted to monetary easing in 1998 as a pre-emptive measure to shore up U.S. growth\"in the face of economic turmoil overseas\" at the time, even though unemployment was at a historical low rate of 4.5%. But by 1999, it was clear the U.S. economy was booming, exhibiting a combination of robust consumer demand and job market, while inflation remained in check. This led the Fed to reverse courseunder Alan Greenspan leadership, and aboard a rate hike cycle that consisted of a 175 bps increases in 1999 from 4.75% to 6.5% by mid-2000.Timeline of quantitative tightening. The 1999 tightening cycle was largely viewed as the Fed's intention to \"protect consumers and financial markets from something it has yet to see - a substantial rise in inflationary pressures\". Inflation was largely flat at the time, while GDP growth almos thalved from 4.3% in the first quarter to 2.3% in the second quarter at the time.By mid-2000, the Fed funds rate had reached 6.5%. Coinciding with the dotcom bubble burst that led to severe market instability, fears that continued tightening would slow the U.S. economy into recession had escalated. A Fed pivot ensued with rates cutting back to the 3% range, followed by further reductions in 2001 after the 9-11 World Trade Center terrorist attack that took the Fed funds rate to the 1% range.S&P 500 Bottom. Over the course of the Greenspan-led \"flip-flop on interest rates\" between 1999 and 2001, stocks actually sold off even when the Fed pivoted to monetary easing. The selloff continued into late 2002 to levels not seen since 1998.Market instability was marked by a combination of lofty valuations in internet stocks that fell to shambles after a slew of fraudulent reporting (cue Enron) and bankruptcies surfaced, underscoring rapid erosion of investors' confidence. The 9-11 terrorist attack also escalated uncertainties over the U.S. economic outlook at the time, adding pressure to the market downturn at the time. The S&P 500 bottomed by late 2002, trading at double-digit (~30x) estimated earnings - a stark contrast to observations in the 1980s - which was consistent with record-low borrowing costs at the time.Policy mistakes. The low interest rates embraced by Greenspan to arrest market instability and declines was largely known as the \"Greenspan put\", which is viewed today as a key factor that led the run-up to the 2008 housing market collapse. The Greenspan put instilled a mentality that the Fed would restore market stability in the event of declines - essentially, moral hazard - which caused \"excessive risk-taking in stock markets\". This eventually led to high-flying valuations, particularly in internet stocks, that crashed in the 2000s. Similar happened again when financial markets collapsed in 2008.The \"Great Recession\" of 2007 to 2009 and the 2008 Financial CrisisContext. Rate hikes resumed under Greenspan's leadership in 2004 when GDP growth was pushing 4% while inflation was at 2.7% and unemployment at 5.4%, showing signs of an overheating economy. Interest rates rose from 1.0% to 5.25% over the course of 17 incremental hikes between 2004 and 2006, when inflation surpassed 3%.By 2007, GDP growth had fallen to 2%, and deteriorated rapidly to 0.1% the following year with unemployment surpassing 7% and inflation pushing 4%. The U.S. economy had effectively entered recession at the time, with unemployment reaching 10% by late 2009 fuelled by the housing bubble burst in 2008 (i.e. 2008 financial crisis). The S&P 500 fell 57% over the same period, wiping out close to$15 trillion in American's net worth.Timeline of quantitative tightening. The 2004 to 2006 tightening cycle peaked with the Fed funds rate at 5.25%, but was insufficient in stamping out inflation and keeping unemployment at bay. This effectively drove the U.S. economy into recession by 2007, with a combination of fiscal and monetary policy easing implemented under the leadership of then-president George W. Bush and then-Fed-Chair Ben Bernanke with aims of shoring up the economy. The 2008 financial crisis ensuing from the housing bubble burst that left \"trillions of dollars of worthless investments in subprime mortgages\" also compounded pains.By the end of 2008, the Fed funds rate had already been cut to the0% to 0.25%range to stem the economy from unravelling further. The FOMC had intended to keep the Fed funds rate \"at exceptionally low levels for some time and then for an extended period\" at the time, and the near-zero range eventually held until 2015. Monetary policy under Bernanke's leadership was focused on the \"use [of the FOMC's] policy statement to provide forward guidance for the federal funds rate\", which helped manage market's understanding of economic and financial conditions during the Great Recession.The Fed also implemented \"large scale asset purchase\" (\"LSAP\") programs at the time to ensure \"longer-term public and private borrowing rates\" were kept at low levels in alignment with the near-zero Fed funds rate. This included the Fed's buyback of mortgage-backed securities (\"MBS\") and Treasuries at the time to \"reduce the cost and increase the availability of credit for home purchases\" - a detrimental corner of the market during the financial crisis. The LSAP program is also similar to the MBS and Treasury buybacks implemented by the Fed at the onset of the COVID pandemic in2020to \"help ensure chaotic markets function properly [and] ensure credit flows to corporations as well as state and local governments\".S&P 500 Bottom. The S&P 500 fell 57% between October 2007 and March 2009, though the economy remained weak with unemployment still on the run towards 9.5% in June 2009 before peaking at 10% in October 2009. The index was trading at more than 70x estimated earnings at its trough in March 2009, which was consistent with the hit on corporate fundamental performance across the board, as well as record-low borrowing costs at the 0% to 0.25% range. The valuation multiple moderated to the 20x-range of forward earnings by 2010 as corporate fundamentals started to recover, while the Fed funds rate was held steady at the near-zero range.Policy mistakes. As discussed in the earlier section, the housing bubble burst that also contributed to the Global Recession from 2007 to 2009 was likely partially driven by market moral hazard instilled by the Greenspan put. Recall that Bernanke also sought to rapid rate cuts between 2007 and 2008 in response to deteriorating macro conditions and the sliding market, adopting a similar strategy as Greenspan that \"may have been a catalyst contributing to the conditions of the 2008 financial crisis\".However, Bernanke's subsequent adherence to low interest rates for an extended period, as well as bank bailouts that cost as much as$700 billion, and other monetary easing policies such as the LSAP program ($1.75 trillion) was key to the long, yet stable market recovery in the years that followed.The COVID PandemicContext. Fed rate hikes resumed in 2015 under Fed Chair Janet Yellen after economic growth showed an extended period of stabilization in the 2% range, while inflation was flat with unemployment at 5%. The hikes continued even after Jerome Powell took over as Fed Chair in 2018 until the Fed funds rate reached 2.5% by the end of the same year.Timeline of quantitative tightening. The Federal Reserve resumed monetary policy tightening in 2015 upon evidence of \"improvement in the labor market [and reasonable confidence] that inflation would move back to its 2% objective over the medium term\". As mentioned in the earlier section, unemployment had fallen to 5% in 2015 from the peak of 10% during late 2009. The intention was to pursue rate hikes while also maintaining an accommodative policy stance to \"support further improvement in labor market conditions and a return to 2% inflation\".The Fed pivoted to rate cuts by the summer of 2019 after the global equity market lost close to $7 trillion of its value by the end of 2018. However, GDP maintained at the 2%-range at the time, while unemployment was at 3.5% and inflation inched up to 1.9%, which stoked concerns of an eventual economic downturn. Rates were cut from the peak of 2.5% in late 2018 to 1.75% by late 2019. Rapid easing took place with rates sliding to the 0% to 0.25% range at the onset of the COVID pandemic in March 2020.S&P 500 Bottom. More than $7 trillion in global market value was lost in 2018, with the S&P 500 giving up close to 10% of its value (or almost 18% from the 2018 peak in September) before finding bottom near year-end. The index was trading at about 20x forward earnings at the time, which was consistent with rising, yet still low, interest rates at the time, relative to past financial crises.Policy mistakes. Market critics have viewed the 2015 rate hike cycle as \"premature\", given inflation was still struggling to climb back towards the 2% Fed target at the time. It was not until 2018 when inflation topped 2%, which also coincided with market's negative reaction to rising borrowing costs following the preceding years of a near-zero Fed funds rate.What Exactly is Valuation Composed of?Before drawing on past economic cycles to gauge forward expectations, we turn to basic valuation theory to understand the interaction between key driving factors, including interest rates, inflation, unemployment and GDP. Most of the time, when we think of valuation, we think of the fundamental leg (e.g. growth, earnings, cash flows, etc.) and the valuation multiple (which is influenced by cost of capital / discount rate). But in economic theory, valuation can also be split into the following two components: steady-state firm value + future value creation.Steady-State Firm ValueThe steady-state value is defined as the value of the firm when \"NOPAT (net operating profit after tax) is sustainable indefinitely and incremental investments will neither add, nor subtract, value\". This does not necessarily mean the point at which a company grows at 0% forever, but rather the point of growth that stays constant regardless of whether incremental investments are made (i.e. it could be a steady-state perpetual growth or declining rate).Steady-State Value Formula (Valuation Theory)One way to depict steady-state value is via the steady-state firm value P/E ratio, which is defined as 1 divided by cost of capital:A company can continue to grow earnings as it invests at the cost of capital. It will just fail to create value, and hence should trade at its steady-state worth. We can readily translate from the steady-state value to a steady-state price-earnings multiple, which is the reciprocal of the cost of [capital].Source:Credit SuisseThe intuition is to find the valuation multiple (i.e. P/E ratio, in this case) reflective of the point at which continued investments at the cost of capital will continue to drive earnings growth, but not necessarily yield any incremental value creation, and hence stay at a steady-state of \"1\".To gauge where the market's steady-state value might be headed, we turn to key driving factor, cost of capital. Cost of capital is essentially the borrowing cost, which can be benchmarked against the Fed funds rate. Based on an understanding of past economic cycles, the Federal Reserve today is likely leaning towards the Volcker era, with a sprinkle of Bernanke.What this means is that the Fed's commitment to taming inflation - even if it comes at the cost of some near-term economic pain - will eventually lead to more rate hikes in coming months, especially as inflation today remains far from the 2% target. This is consistent with the growing drumbeat of calls by Fed officials to raise rates into \"restrictive territory\" and holding it there until there is structural evidence inflation is back on track towards the committee's target range. To prevent further policy mistakes (we say \"further\" since the whole \"transitory inflation\" narrative last year obviously did not work out), responding to recent signs of slowing demand with a Fed pivot is essentially off the table, as implementing such as policy would likely be begging for a repeat of the \"stop-go\" disaster in the 1970s before Volcker. At best, the Fed will likely stick to what it has been doing at recent meetings - setting clean and clear forward expectations for markets like Bernanke had. In today's case, this means there will be more tightening in financial conditions that could potentially push the terminal rate higher, while keeping in mind of the \"effects of lags in monetary policy\" and start considering a moderation in the pace of coming rate hikes.Traders are largely expecting a moderation in the pace of rate hikes from the jumbo 75 bps seen over the summer and fall, to a half-point increase at the coming December meeting, which would bring the Fed funds rate range from the current 3.75% to 4%, to 4.25% to 4.5%. The terminal rate is expected to reach 5% to 5.25%based on current prices on 1H23 Fed swaps. Substituting the estimated terminal rate of about 5% plus an additional percentage point to account for forward market risk premium (reflective of difference between 1-year Treasury yield of about 4.75% today and the current Fed funds rate range of 3.75% and 4%) as proxy for market cost of capital in gauging the steady-state firm value P/E ratio would yield about 17x. The S&P 500, which can be viewed as a proxy for the weighted average of its constituents' respective valuations, currently trades at about 20x estimated earnings. If market steady-state firm value is to be adjusted as a result of continued Fed policy tightening, the S&P 500 could potentially move another leg lower by as much as 15% between now and when the Fed funds rate peaks in the current tightening cycle, which is estimated to occur by mid-2023.But there are a myriad of other factors that could impact where the so-called steady-state firm value is headed as Fed tightening continues over coming months, including economic growth and investor sentiment on a broader basis. This is consistent with the observation discussed in earlier sections that market bottomed in March 2009 even though the economy continued to deteriorate with unemployment hitting trough at 10% seven months later in October 2009. This could both be reflective of the fact that market is forward looking (or priced at estimated earnings and forward macro expectations) and/or the lag effect in which monetary policy works, among other factors. What this essentially means is that while rate hikes are expected to peak by mid-2023, it does not necessarily mean that is also when the market will bottom. But nonetheless, even if it is almost impossible to gauge the exact timing, it is more likely that not that the market is skewed towards further downside risks through the first quarter of 2023 at the minimum.In addition to the steady-state P/E ratio method, the Gordon growth model is another way to gauge steady-state firm value.Gordon Growth Model (Valuation Theory)The key assumption here other than cost of capital is GDP growth. GDP growth is typically used as a key benchmark to gauge the implied perpetual growth of a company, with addition consideration of the maturity of its industry as well as other company-specific factors such as market leadership, competitive advantages, and/or market share:Companies operating in industries that are higher growth in nature are typically valued at a perpetual growth rate closer to or more than GDP, given their greater contributions to economic growth. Alternatively, companies operating in lower growth and/or mature industries are typically allocated a lower perpetual growth rate.Source: \"Shorting Tesla: Bridging Lofty Valuations to Economics\"As discussed in the earlier section, demand is likely to show a marked slowdown in coming months as consumer purchasing power wanes, especially if unemployment worsens, which will lead to further deteriorating in economic growth. Even though the labor market has remained largely resilient despite the recent slew of high-paid tech layoffs (accounts foronly ~2%of total U.S. employment), consumer weakness is expected to tame demand further and eventually hit corporate earnings, potentially resulting in more cost-driven job cuts. This is further corroborated by the gradual uptick in recent jobless claimsas well as jobless rate to \"3.7%from a more than five-decade low\". This means GDP is likely to slow as interest rates increase, widening the spread between cost of capital and growth in the denominator of the Gordon growth model, and inadvertently, diminishing the steady-state firm value.Future Value Creation PremiumThe future value creation premium accounts for the incremental value that additional investments at the cost of capital would earn (i.e. return on capital), and also takes into consideration the time period in which this value-creating opportunity would last.Future Value Creation Formula (Valuation Theory)This is essentially a premium to the steady-state firm value, and explains the lofty valuations relative to broader markets observed in certain stocks, such as Apple(AAPL), Tesla(TSLA) and Snowflake(SNOW), today. Admittedly, these companies have either or all of outperforming balance sheets, profit margins, and/or growth prospects relative to peers, but not all are valued in proportion to the mean growth-valuation ratio observed among their respective peer groups.In addition to the \"competitive advantage period\", which measures the anticipated time period in which the added value-creating opportunity would last, key assumptions in deriving future value creation premium is return on capital and cost of capital. And return on capital can be substituted by anticipated economic expansion, or GDP growth - when the economy is good, growth and profit margins will likely perform better, and vice versa. But as discussed in the earlier section, GDP growth is likely skewed to the downside within the foreseeable future as demand continues to slow and profit margins get squeezed as a result of high input costs, and near-term requirements for more-than-usual promotional offers to offload excess product inventories.Paired with the anticipation for greater increases to the cost of capital as a result of Fed hawkishness that will more likely than not continue for a while longer, the cost-return spread in the numerator of the future value creation component of valuation is poised to narrow. And as cost of capital continues to increase, the denominator will also expand, hence diminishing the future value creation component of broader market valuations, which corroborates the expectation for more downside potential within the near-term.Implications for the S&P 500 and Nasdaq 100 - Is the Bottom Near?Based on valuation theory, and the anticipation for sustained hawkish Fed sentiment drawn from historical observations, the broader market is likely to see further volatility ahead as valuations adjust to rising rates and declining demand. While the timing at which markets will bottom remains uncertain, we are of the view that company fundamentals are only just starting to feel the impact of consumer weakness, which points to further value erosion through 1H23.Specifically, consumer spending has remained resilient through the first half of 2022 despite deteriorating sentiment due to surging inflation and rising borrowing costs. But headed into the first half of the fourth quarter, declining business activity and warnings of a marked slowdown among consumer-centric industries such as retail underscore that waning consumer sentiment is now really materializing into real weakness. This is further supported by the consistent drop in American household savings and rise in credit card debt, among other observations, discussed earlier on in this analysis.And a specific note to the tech-heavy Nasdaq 100 (NASDAQ: QQQ/NDX), constituents' valuations are likely to be hit harder compared to those in the S&P 500 given their cash flows are further out (with some still in pre-revenue phase and/or unprofitable) from realization and subject to a heavier discount as costs of capital increase. The index also consists of constituents with some of the biggest valuation premiums given lofty forward growth expectations previously priced in that may not materialize as expected within the foreseeable future, thus pointing to greater vulnerability to downside risks ahead.And given risks of further macro deterioration are now skewed higher with recent economic data pointing to a moderation in the labor market, while monetary policy tightening continues to flow through different corners of the economy, the ensuing rise in the likelihood of a recession will likely take the market a leg lower through the first half of 2023, even if we start to see structural easing in price pressures.","news_type":1},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9959167135,"gmtCreate":1672932002328,"gmtModify":1676538759621,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9959167135","repostId":"2301300462","repostType":4,"repost":{"id":"2301300462","kind":"highlight","pubTimestamp":1673019010,"share":"https://ttm.financial/m/news/2301300462?lang=&edition=fundamental","pubTime":"2023-01-06 23:30","market":"us","language":"en","title":"3 Dow Stocks Down 30% to 55% That Are Screaming Buys for 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2301300462","media":"Motley Fool","summary":"The new year could be a happier one for shareholders of these three Dow stocks.","content":"<html><head></head><body><p>The <b>Dow Jones Industrial Average</b> finished 2022 down nearly 9%. It delivered a worse negative return only six times over the past 50 years.</p><p>Several members of the blue chip index experienced especially sharp sell-offs. But that doesn&#39;t mean that better days aren&#39;t on the way. Here are three Dow stocks down 30% to 55% that are screaming buys for 2023.</p><h2>1. Apple</h2><p><b>Apple</b> held up better than most tech stocks throughout much of 2022. However, gravity kicked in during the latter part of the year. Apple&#39;s shares are now down around 30% below the peak level from late 2021.</p><p>The biggest problems for Apple relate to macroeconomic issues. High inflation, rising interest rates, and supply chain constraints (all aftereffects of the COVID-19 pandemic) are key factors behind the company&#39;s slowing growth rate.</p><p>But it would be a huge mistake to write off Apple&#39;s prospects. Wall Street certainly hasn&#39;t. The consensus 12-month price target for the stock is nearly 40% higher than the current share price.</p><p>Analysts no doubt like Apple&#39;s valuation after its steep decline. They almost certainly love the stickiness of the company&#39;s iPhone ecosystem. What really makes Apple stock a screaming buy, though, are the growth opportunities that the company could have in new areas, including augmented reality and digital advertising. The latter appears to be on track to become a $10 billion business for Apple even sooner than expected.</p><h2>2. Microsoft</h2><p><b>Microsoft</b> stock is currently 33% below the high set in late 2021. The tech giant started off last year with its shares declining. The downward trajectory continued throughout most of 2022.</p><p>This dismal performance last year stemmed in large part from a slump in worldwide PC shipments. Microsoft generates a significant portion of its total revenue from selling Windows operating systems and other PC software.</p><p>However, many analysts think that Microsoft could make a major comeback in the new year. The consensus Wall Street price target for the stock reflects an upside potential in the ballpark of 30%.</p><p>This bullish view appears to be justified. Microsoft&#39;s cloud hosting business continues to gain momentum. Sales for its cloud-based productivity software are growing. The company is making an important move into the advertising technology market. It shouldn&#39;t take much good news for Microsoft stock to return to its winning ways in 2023.</p><h2>3. Disney</h2><p>It wouldn&#39;t be surprising if Mickey Mouse isn&#39;t as cheerful as he&#39;s been in the past. Shares of <b>Walt</b> <b>Disney</b> plunged in 2022, marking the second consecutive year of declines. The stock is now down 55% below its previous high.</p><p>Disney&#39;s troubles are due in part to the overall economy. Investors also lost enthusiasm for the company&#39;s streaming business as it continues to rack up big losses.</p><p>There&#39;s some disagreement on Wall Street about how Disney will perform in 2023. Half of the analysts surveyed by Refinitiv in January recommend buying Disney, with most of the others recommending holding the stock. However, the average price target still reflects an upside potential of nearly 40%.</p><p>Disney&#39;s new ad-supported model for Disney+ could jump-start its biggest growth engine in 2023 and beyond. The company also has several likely blockbuster movies on the way this year, including <i>Guardians of the Galaxy Vol. 3</i> and a live-action version of <i>The Little Mermaid</i>. Look for Disney&#39;s stock performance to avoid a third year of disappointment.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Dow Stocks Down 30% to 55% That Are Screaming Buys for 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Dow Stocks Down 30% to 55% That Are Screaming Buys for 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-06 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/01/05/3-dow-stocks-down-screaming-buys-for-2023/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Dow Jones Industrial Average finished 2022 down nearly 9%. It delivered a worse negative return only six times over the past 50 years.Several members of the blue chip index experienced especially ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/01/05/3-dow-stocks-down-screaming-buys-for-2023/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","AAPL":"苹果","DIS":"迪士尼"},"source_url":"https://www.fool.com/investing/2023/01/05/3-dow-stocks-down-screaming-buys-for-2023/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2301300462","content_text":"The Dow Jones Industrial Average finished 2022 down nearly 9%. It delivered a worse negative return only six times over the past 50 years.Several members of the blue chip index experienced especially sharp sell-offs. But that doesn't mean that better days aren't on the way. Here are three Dow stocks down 30% to 55% that are screaming buys for 2023.1. AppleApple held up better than most tech stocks throughout much of 2022. However, gravity kicked in during the latter part of the year. Apple's shares are now down around 30% below the peak level from late 2021.The biggest problems for Apple relate to macroeconomic issues. High inflation, rising interest rates, and supply chain constraints (all aftereffects of the COVID-19 pandemic) are key factors behind the company's slowing growth rate.But it would be a huge mistake to write off Apple's prospects. Wall Street certainly hasn't. The consensus 12-month price target for the stock is nearly 40% higher than the current share price.Analysts no doubt like Apple's valuation after its steep decline. They almost certainly love the stickiness of the company's iPhone ecosystem. What really makes Apple stock a screaming buy, though, are the growth opportunities that the company could have in new areas, including augmented reality and digital advertising. The latter appears to be on track to become a $10 billion business for Apple even sooner than expected.2. MicrosoftMicrosoft stock is currently 33% below the high set in late 2021. The tech giant started off last year with its shares declining. The downward trajectory continued throughout most of 2022.This dismal performance last year stemmed in large part from a slump in worldwide PC shipments. Microsoft generates a significant portion of its total revenue from selling Windows operating systems and other PC software.However, many analysts think that Microsoft could make a major comeback in the new year. The consensus Wall Street price target for the stock reflects an upside potential in the ballpark of 30%.This bullish view appears to be justified. Microsoft's cloud hosting business continues to gain momentum. Sales for its cloud-based productivity software are growing. The company is making an important move into the advertising technology market. It shouldn't take much good news for Microsoft stock to return to its winning ways in 2023.3. DisneyIt wouldn't be surprising if Mickey Mouse isn't as cheerful as he's been in the past. Shares of Walt Disney plunged in 2022, marking the second consecutive year of declines. The stock is now down 55% below its previous high.Disney's troubles are due in part to the overall economy. Investors also lost enthusiasm for the company's streaming business as it continues to rack up big losses.There's some disagreement on Wall Street about how Disney will perform in 2023. Half of the analysts surveyed by Refinitiv in January recommend buying Disney, with most of the others recommending holding the stock. However, the average price target still reflects an upside potential of nearly 40%.Disney's new ad-supported model for Disney+ could jump-start its biggest growth engine in 2023 and beyond. The company also has several likely blockbuster movies on the way this year, including Guardians of the Galaxy Vol. 3 and a live-action version of The Little Mermaid. Look for Disney's stock performance to avoid a third year of disappointment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960116831,"gmtCreate":1668093835123,"gmtModify":1676538012050,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/PYPL\">$PayPal(PYPL)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$PayPal(PYPL)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9960116831","isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932107521,"gmtCreate":1662887268563,"gmtModify":1676537158194,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9932107521","repostId":"2266817381","repostType":2,"repost":{"id":"2266817381","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1662861434,"share":"https://ttm.financial/m/news/2266817381?lang=&edition=fundamental","pubTime":"2022-09-11 09:57","market":"us","language":"en","title":"How a CEO Rescued a Big Bet on Big Oil; \"There Were a Lot of Doubters\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2266817381","media":"Dow Jones","summary":"Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oi","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/be5cb2e717152d9e61504d0803ac3654\" tg-width=\"1278\" tg-height=\"1278\" referrerpolicy=\"no-referrer\"/>Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief ExecutiveVicki Hollubwas fending off activist investorCarl Icahn, who controlled two board seats.</p><p>Two years later, the company has emerged as the top performer in the S&amp;P 500, and Ms. Hollub has traded Mr. Icahn, who sold all of his Occidental shares in March, for Warren Buffett, whoseBerkshire Hathaway Inc. now owns more than 20% of the company.</p><p>It was touch and go for a time. Months before the pandemic took hold, she implemented widespread layoffs. To stave off bankruptcy after oil prices collapsed in 2020, she slashed spending and nearly eliminated Occidental’s once-sacrosanct dividend—“the biggest and toughest decision that I made and I’ve ever made in my career,” she said in an interview.</p><p>Her 2019 acquisition of rival Anadarko Petroleum Corp., which Mr. Icahn called a “disaster,” has given Occidental the dominant position in the largest U.S. shale-oil field, the Permian Basin. Lifted by climbing oil prices, Occidental generated a record $4.35 billion in free cash flow and $3.7 billion in profit in the second quarter. It has cut its debt to $22 billion from nearly $36 billion a year ago.</p><p><img src=\"https://static.tigerbbs.com/61847881fba325e1dc5c7ed3280e29db\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/>Oil-and-gas producers have reported banner profits this year, even as a global energy crisis sparked by Russia’s invasion of Ukraine has threatened to derail European industries, left the U.K. facing its worst economic crisis since the 1970s and forced the Netherlands, Germany and India to rely heavily on coal to make up for a dearth of natural gas.</p><p>But Ms. Hollub, the first woman to be CEO of a major U.S. oil company, says she doesn’t feel vindicated. “I just feel relief,” she said. “There were a lot of doubters.”</p><p>Mr. Buffett has publicly lauded Ms. Hollub’s leadership. After she detailed the company’s future plans for analysts in February, Mr. Buffett told his own shareholders, “What Vicki Hollub was saying made nothing but sense.” Last month, Berkshire received regulatory approval to buy up to 50% of the oil company’s shares, spurring speculation it might seek to purchase all of Occidental.</p><p>Mr. Buffett declined to comment for this story. Ms. Hollub said she has “tremendous respect” for Mr. Buffett, adding that “he will be very beneficial for us as we go forward.” She declined to discuss the possibility of Berkshire purchasing the entire company.</p><p>Some former investors remain skeptical, saying a spike in oil prices has rescued the company, not Ms. Hollub.</p><p>“I have nothing personal against Vicki,” Mr. Icahn said in an interview. “However, that will never change my mind that she should not have made a bet-the-company investment by way of overpaying for Anadarko.”</p><p>A University of Alabama graduate, Ms. Hollub joined Occidental in 1982 and soon found herself running operations in Russia and Venezuela. She almost got laid off in 2003, butTodd Stevens, an executive at the company who had followed her rise, arranged for her to lead a team evaluating acreage in Colorado, said Mr. Stevens, who has since left.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf58d7d767a23cfb352e019504bafa44\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Equipment used to process carbon dioxide, crude oil and water at an Occidental Petroleum project in Hobbs, N.M.PHOTO:ERNEST SCHEYDER/REUTERS</span></p><p>Ms. Hollub became known as a hard worker, once spending three weeks straightening out operations at a new gas field’s first well, said Donnie Enns, a former geophysicist who worked under her. “Nobody worked harder than Vicki,” he said. She also found time to run an office March Madness basketball pool.</p><p>After being named CEO of the company in 2016, Ms. Hollub departed from her predecessor’s preference for low-risk, “bolt-on” transactions. A little over a year into the job, she started courting Anadarko, an oil producer of comparable size, for a deal.</p><p>She outflanked largerChevronCorp. in a bidding war that riveted the oil patch, offering $5 billion more than her rival for Anadarko and its prized assets in the epicenter of U.S. shale production. Yet victory came at a steep cost.</p><p>Some of Occidental’s largest shareholders decried the deal—especially a pricey loan from Mr. Buffett in the form of $10 billion in preferred stock paying 8% annually in dividends, or $800 million. Ms. Hollub negotiated the funding at the eleventh hour after meeting with the financier in Omaha, Neb. Mr. Icahn, who first bought stock as the Anadarko bidding war came to a close, wrote to Occidental shareholders that “Buffett figuratively took her to the cleaners.”</p><p>Ms. Hollub acknowledged the deal damaged the company’s standing with some investors. “I was never offended at the fact that our shareholders were skeptical,” she said.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58cf5cd81991220ec1f42821cee2554b\" tg-width=\"639\" tg-height=\"959\" referrerpolicy=\"no-referrer\"/><span>Vicki Hollub said she never doubted the wisdom of the Anadarko acquisition.PHOTO:ANGELA OWENS/THE WALL STREET JOURNAL</span></p><p>But she said she never doubted the wisdom of the acquisition, even after it sparked an investor revolt that created an opportunity for Mr. Icahn.</p><p>Central to Ms. Hollub’s strategy was building on Occidental’s already-large position in the oil-rich Permian of West Texas and New Mexico. She believed purchasing and drilling a huge swath of new acreage, much of it near the company’s existing assets, would give Occidental economies of scale and allow it to outperform Permian rivals. Occidental, she said, was one of the most technologically advanced drillers in the field; it would turn Anadarko’s undeveloped assets into oil-gushing wells.</p><p>By the end of 2019, the oil producer said it was making progress on its merger goals. It had divested itself of more than $6 billion in assets, including stakes in a liquefied natural gas export project in Mozambique and in a Houston-based pipeline company. Occidental recorded single-day and monthly production records in the Permian and other oil fields. Occidental announced its 182nd consecutive quarterly dividend, which Ms. Hollub noted at the time that “few other companies can claim.”</p><p>Ms. Hollub believed the merger was on track, but investors remained skeptical. From the time of Occidental’s counteroffer for Anadarko in April 2019 to February 2020 Occidental’s stock fell around 35%. Then the global pandemic took hold.</p><p>As billions of people around the world began to lock down, demand for oil plummeted. In the spring, oil prices reached historic lows, briefly turning negative for the first time ever as traders paid counterparties to take oil off their hands. Falling demand for their product hammered oil-and-gas companies, forcing dozens into bankruptcy.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9090db9eab1ac4c91bd5b1b441d26206\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Gasoline prices sank in April 2020 after the global pandemic caused oil prices to drop below zero.PHOTO:FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p>Every day, Ms. Hollub would drive to Occidental’s Houston offices in her red Jeep Wrangler, said Glenn Vangolen, a former senior vice president at Occidental and close adviser to the CEO. Mondays and Fridays, she and her lieutenants would mask up and gather in a conference room to discuss operations. Her office was spartan—a mostly bare room, except for a TV playing business news on mute, and a plush stuffed version of a costumed elephant, the Alabama Crimson Tide’s mascot, Mr. Vangolen said.</p><p>Occidental was in a worse situation than many of its peers: At the end of 2019, its long-term debt of about $39 billion was equivalent to roughly four times its earnings, excluding interest, taxes and other accounting items, quadruple the ratio from a year earlier, S&amp;P Capital IQ data show. The divestitures it had planned on to pay it down were no longer viable as assets were losing value.</p><p>Ms. Hollub said that Occidental made a lot of the difficult decisions before the pandemic to mitigate the downside risks of the Anadarko acquisition, including hedging a portion of its oil production and bumping its line of credit to $5 billion. But the company still faced painful months ahead as it had barely enough cash on hand to meet debt maturities coming due in 2021 and was later forced to hire restructuring advisers.</p><p>Ms. Hollub moved to cut her executives’ salaries—including her own by 81%—offer employees voluntary buy-outs, slash expenses in the oil patch and cancel employee perks. She also cut the dividend, which rankled investors.</p><p>Mr. Icahn amplified his calls for Ms. Hollub’s ouster and said he would seek to replace the entire board of directors at the company’s annual meeting. As the oil producer’s stock plunged to under $10 from around $45 before the pandemic, Mr. Icahn—facing paper losses of about $1 billion—doubled down on his shares, boosting his stake to roughly 10% from about 2%.</p><p>After a price war between Russia and Saudi Arabia caused oil prices to plunge below $25 a barrel in March, Occidental reached a settlement with Mr. Icahn. The deal gave board seats to two of his deputies and added another director, required Occidental to create an oversight committee that must be informed of any offers to acquire the company or its assets, and replaced the board chairman withStephen Chazen, Ms. Hollub’s predecessor as CEO.</p><p>Mr. Icahn’s camp pushed for Occidental to give its shareholders warrants that could allow them to buy discounted shares in the future. After he prevailed, Mr. Icahn received roughly 11 million warrants initially and bought more when they were worth around $3.</p><p>Mr. Vangolen said Mr. Icahn’s demand for warrants was part of the investor’s “raider playbook,” which he described as “trying to extract as much cash out of the business as you can before you bail.”</p><p>Mr. Icahn said that all the shareholders who rode the stock down deserved something for their loyalty.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3af2c050a88b00dd9846de958b65be1b\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>A crude oil pump jack in the Permian Basin in Loving County, Texas.PHOTO:ANGUS MORDANT/REUTERS</span></p><p>As the pandemic dragged on, Occidental logged a roughly $14.8 billion loss for 2020, its largest on record, according to S&amp;P Capital IQ data. Still, it continued to whittle down its mammoth debt, closing around $2.5 billion in asset sales at the end of 2020. Anadarko’s assets, meanwhile, were starting to shine, with production in the Permian reaching the high end of company estimates.</p><p>Even as Ms. Hollub wrestled with Mr. Icahn, she was building a relationship with Mr. Buffett.</p><p>In 2020, she traveled to Omaha to discuss Occidental&#39;s long-term strategy with Mr. Buffett, according to a person familiar with the meeting. The investor expressed a strong interest in the company&#39;s goal to become a leader in carbon capture, this person said.</p><p>Occidental says it has no plans to stop producing oil but also aims to be a leader in &#34;carbon management.&#34; It wants to develop 70 plants by 2035 to suck carbon dioxide out of the air, store it in the ground and sell carbon credits to businesses seeking to offset their own emissions -- a technology still in its commercial infancy that received a boost thanks to tax credits included in the climate package President Biden signed into law last month. The company also plans to use the gas to squeeze more oil from underground.</p><p>Then, in late February of this year, Russia invaded Ukraine.</p><p>The war propelled oil prices to their highest level in years, with Brent crude oil topping $120 in March, translating into a windfall for oil companies. In the first quarter of the year, Occidental made roughly $4.9 billion in profit, its highest quarterly earnings on record, according to S&amp;P Capital IQ.</p><p>The company now holds the most acreage across the Permian, with leases covering about 2.8 million net acres, according to data firm Enverus. Its domestic oil output in the second quarter of this year was up roughly 80% compared with before it acquired Anadarko, Occidental reported.</p><p>As Occidental&#39;s stock rose above $50 a share in March, Mr. Icahn sold his common stake. The investor&#39;s two representatives on Occidental&#39;s board also resigned, as was required by the settlement agreement. Mr. Icahn made over $1.5 billion on his investment and still holds some warrants, according to public filings and people familiar with the matter.</p><p>As Mr. Icahn got out of the stock, Mr. Buffett bought in. In May, Berkshire reported it had purchased roughly $8 billion worth of shares.</p><p>Mr. Icahn said that Mr. Buffett&#39;s investment could be ill-timed. &#34;I respect Buffett a lot but I think buying this stock at this level is obviously not like buying warrants at $3,&#34; he said. &#34;I made a great deal of money on my investment in Occidental, especially with the warrants, and activism worked in that regard,&#34; he said.</p><p>Ms. Hollub and Mr. Buffett have developed a personal relationship and the two talk periodically, said Mr. Vangolen. Ms. Hollub said in an interview she had no personal relationship with Mr. Icahn when he was an investor, and that he turned out not to be the kind of long-term shareholder the company prizes.</p><p>Mr. Icahn&#39;s retort: &#34;She came very close to not being a long-term shareholder also, because her ill-timed investment put the company on the brink of bankruptcy.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How a CEO Rescued a Big Bet on Big Oil; \"There Were a Lot of Doubters\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow a CEO Rescued a Big Bet on Big Oil; \"There Were a Lot of Doubters\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-09-11 09:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><img src=\"https://static.tigerbbs.com/be5cb2e717152d9e61504d0803ac3654\" tg-width=\"1278\" tg-height=\"1278\" referrerpolicy=\"no-referrer\"/>Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief ExecutiveVicki Hollubwas fending off activist investorCarl Icahn, who controlled two board seats.</p><p>Two years later, the company has emerged as the top performer in the S&amp;P 500, and Ms. Hollub has traded Mr. Icahn, who sold all of his Occidental shares in March, for Warren Buffett, whoseBerkshire Hathaway Inc. now owns more than 20% of the company.</p><p>It was touch and go for a time. Months before the pandemic took hold, she implemented widespread layoffs. To stave off bankruptcy after oil prices collapsed in 2020, she slashed spending and nearly eliminated Occidental’s once-sacrosanct dividend—“the biggest and toughest decision that I made and I’ve ever made in my career,” she said in an interview.</p><p>Her 2019 acquisition of rival Anadarko Petroleum Corp., which Mr. Icahn called a “disaster,” has given Occidental the dominant position in the largest U.S. shale-oil field, the Permian Basin. Lifted by climbing oil prices, Occidental generated a record $4.35 billion in free cash flow and $3.7 billion in profit in the second quarter. It has cut its debt to $22 billion from nearly $36 billion a year ago.</p><p><img src=\"https://static.tigerbbs.com/61847881fba325e1dc5c7ed3280e29db\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/>Oil-and-gas producers have reported banner profits this year, even as a global energy crisis sparked by Russia’s invasion of Ukraine has threatened to derail European industries, left the U.K. facing its worst economic crisis since the 1970s and forced the Netherlands, Germany and India to rely heavily on coal to make up for a dearth of natural gas.</p><p>But Ms. Hollub, the first woman to be CEO of a major U.S. oil company, says she doesn’t feel vindicated. “I just feel relief,” she said. “There were a lot of doubters.”</p><p>Mr. Buffett has publicly lauded Ms. Hollub’s leadership. After she detailed the company’s future plans for analysts in February, Mr. Buffett told his own shareholders, “What Vicki Hollub was saying made nothing but sense.” Last month, Berkshire received regulatory approval to buy up to 50% of the oil company’s shares, spurring speculation it might seek to purchase all of Occidental.</p><p>Mr. Buffett declined to comment for this story. Ms. Hollub said she has “tremendous respect” for Mr. Buffett, adding that “he will be very beneficial for us as we go forward.” She declined to discuss the possibility of Berkshire purchasing the entire company.</p><p>Some former investors remain skeptical, saying a spike in oil prices has rescued the company, not Ms. Hollub.</p><p>“I have nothing personal against Vicki,” Mr. Icahn said in an interview. “However, that will never change my mind that she should not have made a bet-the-company investment by way of overpaying for Anadarko.”</p><p>A University of Alabama graduate, Ms. Hollub joined Occidental in 1982 and soon found herself running operations in Russia and Venezuela. She almost got laid off in 2003, butTodd Stevens, an executive at the company who had followed her rise, arranged for her to lead a team evaluating acreage in Colorado, said Mr. Stevens, who has since left.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf58d7d767a23cfb352e019504bafa44\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Equipment used to process carbon dioxide, crude oil and water at an Occidental Petroleum project in Hobbs, N.M.PHOTO:ERNEST SCHEYDER/REUTERS</span></p><p>Ms. Hollub became known as a hard worker, once spending three weeks straightening out operations at a new gas field’s first well, said Donnie Enns, a former geophysicist who worked under her. “Nobody worked harder than Vicki,” he said. She also found time to run an office March Madness basketball pool.</p><p>After being named CEO of the company in 2016, Ms. Hollub departed from her predecessor’s preference for low-risk, “bolt-on” transactions. A little over a year into the job, she started courting Anadarko, an oil producer of comparable size, for a deal.</p><p>She outflanked largerChevronCorp. in a bidding war that riveted the oil patch, offering $5 billion more than her rival for Anadarko and its prized assets in the epicenter of U.S. shale production. Yet victory came at a steep cost.</p><p>Some of Occidental’s largest shareholders decried the deal—especially a pricey loan from Mr. Buffett in the form of $10 billion in preferred stock paying 8% annually in dividends, or $800 million. Ms. Hollub negotiated the funding at the eleventh hour after meeting with the financier in Omaha, Neb. Mr. Icahn, who first bought stock as the Anadarko bidding war came to a close, wrote to Occidental shareholders that “Buffett figuratively took her to the cleaners.”</p><p>Ms. Hollub acknowledged the deal damaged the company’s standing with some investors. “I was never offended at the fact that our shareholders were skeptical,” she said.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58cf5cd81991220ec1f42821cee2554b\" tg-width=\"639\" tg-height=\"959\" referrerpolicy=\"no-referrer\"/><span>Vicki Hollub said she never doubted the wisdom of the Anadarko acquisition.PHOTO:ANGELA OWENS/THE WALL STREET JOURNAL</span></p><p>But she said she never doubted the wisdom of the acquisition, even after it sparked an investor revolt that created an opportunity for Mr. Icahn.</p><p>Central to Ms. Hollub’s strategy was building on Occidental’s already-large position in the oil-rich Permian of West Texas and New Mexico. She believed purchasing and drilling a huge swath of new acreage, much of it near the company’s existing assets, would give Occidental economies of scale and allow it to outperform Permian rivals. Occidental, she said, was one of the most technologically advanced drillers in the field; it would turn Anadarko’s undeveloped assets into oil-gushing wells.</p><p>By the end of 2019, the oil producer said it was making progress on its merger goals. It had divested itself of more than $6 billion in assets, including stakes in a liquefied natural gas export project in Mozambique and in a Houston-based pipeline company. Occidental recorded single-day and monthly production records in the Permian and other oil fields. Occidental announced its 182nd consecutive quarterly dividend, which Ms. Hollub noted at the time that “few other companies can claim.”</p><p>Ms. Hollub believed the merger was on track, but investors remained skeptical. From the time of Occidental’s counteroffer for Anadarko in April 2019 to February 2020 Occidental’s stock fell around 35%. Then the global pandemic took hold.</p><p>As billions of people around the world began to lock down, demand for oil plummeted. In the spring, oil prices reached historic lows, briefly turning negative for the first time ever as traders paid counterparties to take oil off their hands. Falling demand for their product hammered oil-and-gas companies, forcing dozens into bankruptcy.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9090db9eab1ac4c91bd5b1b441d26206\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>Gasoline prices sank in April 2020 after the global pandemic caused oil prices to drop below zero.PHOTO:FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p>Every day, Ms. Hollub would drive to Occidental’s Houston offices in her red Jeep Wrangler, said Glenn Vangolen, a former senior vice president at Occidental and close adviser to the CEO. Mondays and Fridays, she and her lieutenants would mask up and gather in a conference room to discuss operations. Her office was spartan—a mostly bare room, except for a TV playing business news on mute, and a plush stuffed version of a costumed elephant, the Alabama Crimson Tide’s mascot, Mr. Vangolen said.</p><p>Occidental was in a worse situation than many of its peers: At the end of 2019, its long-term debt of about $39 billion was equivalent to roughly four times its earnings, excluding interest, taxes and other accounting items, quadruple the ratio from a year earlier, S&amp;P Capital IQ data show. The divestitures it had planned on to pay it down were no longer viable as assets were losing value.</p><p>Ms. Hollub said that Occidental made a lot of the difficult decisions before the pandemic to mitigate the downside risks of the Anadarko acquisition, including hedging a portion of its oil production and bumping its line of credit to $5 billion. But the company still faced painful months ahead as it had barely enough cash on hand to meet debt maturities coming due in 2021 and was later forced to hire restructuring advisers.</p><p>Ms. Hollub moved to cut her executives’ salaries—including her own by 81%—offer employees voluntary buy-outs, slash expenses in the oil patch and cancel employee perks. She also cut the dividend, which rankled investors.</p><p>Mr. Icahn amplified his calls for Ms. Hollub’s ouster and said he would seek to replace the entire board of directors at the company’s annual meeting. As the oil producer’s stock plunged to under $10 from around $45 before the pandemic, Mr. Icahn—facing paper losses of about $1 billion—doubled down on his shares, boosting his stake to roughly 10% from about 2%.</p><p>After a price war between Russia and Saudi Arabia caused oil prices to plunge below $25 a barrel in March, Occidental reached a settlement with Mr. Icahn. The deal gave board seats to two of his deputies and added another director, required Occidental to create an oversight committee that must be informed of any offers to acquire the company or its assets, and replaced the board chairman withStephen Chazen, Ms. Hollub’s predecessor as CEO.</p><p>Mr. Icahn’s camp pushed for Occidental to give its shareholders warrants that could allow them to buy discounted shares in the future. After he prevailed, Mr. Icahn received roughly 11 million warrants initially and bought more when they were worth around $3.</p><p>Mr. Vangolen said Mr. Icahn’s demand for warrants was part of the investor’s “raider playbook,” which he described as “trying to extract as much cash out of the business as you can before you bail.”</p><p>Mr. Icahn said that all the shareholders who rode the stock down deserved something for their loyalty.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3af2c050a88b00dd9846de958b65be1b\" tg-width=\"1260\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>A crude oil pump jack in the Permian Basin in Loving County, Texas.PHOTO:ANGUS MORDANT/REUTERS</span></p><p>As the pandemic dragged on, Occidental logged a roughly $14.8 billion loss for 2020, its largest on record, according to S&amp;P Capital IQ data. Still, it continued to whittle down its mammoth debt, closing around $2.5 billion in asset sales at the end of 2020. Anadarko’s assets, meanwhile, were starting to shine, with production in the Permian reaching the high end of company estimates.</p><p>Even as Ms. Hollub wrestled with Mr. Icahn, she was building a relationship with Mr. Buffett.</p><p>In 2020, she traveled to Omaha to discuss Occidental&#39;s long-term strategy with Mr. Buffett, according to a person familiar with the meeting. The investor expressed a strong interest in the company&#39;s goal to become a leader in carbon capture, this person said.</p><p>Occidental says it has no plans to stop producing oil but also aims to be a leader in &#34;carbon management.&#34; It wants to develop 70 plants by 2035 to suck carbon dioxide out of the air, store it in the ground and sell carbon credits to businesses seeking to offset their own emissions -- a technology still in its commercial infancy that received a boost thanks to tax credits included in the climate package President Biden signed into law last month. The company also plans to use the gas to squeeze more oil from underground.</p><p>Then, in late February of this year, Russia invaded Ukraine.</p><p>The war propelled oil prices to their highest level in years, with Brent crude oil topping $120 in March, translating into a windfall for oil companies. In the first quarter of the year, Occidental made roughly $4.9 billion in profit, its highest quarterly earnings on record, according to S&amp;P Capital IQ.</p><p>The company now holds the most acreage across the Permian, with leases covering about 2.8 million net acres, according to data firm Enverus. Its domestic oil output in the second quarter of this year was up roughly 80% compared with before it acquired Anadarko, Occidental reported.</p><p>As Occidental&#39;s stock rose above $50 a share in March, Mr. Icahn sold his common stake. The investor&#39;s two representatives on Occidental&#39;s board also resigned, as was required by the settlement agreement. Mr. Icahn made over $1.5 billion on his investment and still holds some warrants, according to public filings and people familiar with the matter.</p><p>As Mr. Icahn got out of the stock, Mr. Buffett bought in. In May, Berkshire reported it had purchased roughly $8 billion worth of shares.</p><p>Mr. Icahn said that Mr. Buffett&#39;s investment could be ill-timed. &#34;I respect Buffett a lot but I think buying this stock at this level is obviously not like buying warrants at $3,&#34; he said. &#34;I made a great deal of money on my investment in Occidental, especially with the warrants, and activism worked in that regard,&#34; he said.</p><p>Ms. Hollub and Mr. Buffett have developed a personal relationship and the two talk periodically, said Mr. Vangolen. Ms. Hollub said in an interview she had no personal relationship with Mr. Icahn when he was an investor, and that he turned out not to be the kind of long-term shareholder the company prizes.</p><p>Mr. Icahn&#39;s retort: &#34;She came very close to not being a long-term shareholder also, because her ill-timed investment put the company on the brink of bankruptcy.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2266817381","content_text":"Occidental Petroleum Corp. entered the thick of the pandemic among the worst prepared of its U.S. oil-and-gas peers. Struggling with debt from an ill-timed $38 billion deal, Chief ExecutiveVicki Hollubwas fending off activist investorCarl Icahn, who controlled two board seats.Two years later, the company has emerged as the top performer in the S&P 500, and Ms. Hollub has traded Mr. Icahn, who sold all of his Occidental shares in March, for Warren Buffett, whoseBerkshire Hathaway Inc. now owns more than 20% of the company.It was touch and go for a time. Months before the pandemic took hold, she implemented widespread layoffs. To stave off bankruptcy after oil prices collapsed in 2020, she slashed spending and nearly eliminated Occidental’s once-sacrosanct dividend—“the biggest and toughest decision that I made and I’ve ever made in my career,” she said in an interview.Her 2019 acquisition of rival Anadarko Petroleum Corp., which Mr. Icahn called a “disaster,” has given Occidental the dominant position in the largest U.S. shale-oil field, the Permian Basin. Lifted by climbing oil prices, Occidental generated a record $4.35 billion in free cash flow and $3.7 billion in profit in the second quarter. It has cut its debt to $22 billion from nearly $36 billion a year ago.Oil-and-gas producers have reported banner profits this year, even as a global energy crisis sparked by Russia’s invasion of Ukraine has threatened to derail European industries, left the U.K. facing its worst economic crisis since the 1970s and forced the Netherlands, Germany and India to rely heavily on coal to make up for a dearth of natural gas.But Ms. Hollub, the first woman to be CEO of a major U.S. oil company, says she doesn’t feel vindicated. “I just feel relief,” she said. “There were a lot of doubters.”Mr. Buffett has publicly lauded Ms. Hollub’s leadership. After she detailed the company’s future plans for analysts in February, Mr. Buffett told his own shareholders, “What Vicki Hollub was saying made nothing but sense.” Last month, Berkshire received regulatory approval to buy up to 50% of the oil company’s shares, spurring speculation it might seek to purchase all of Occidental.Mr. Buffett declined to comment for this story. Ms. Hollub said she has “tremendous respect” for Mr. Buffett, adding that “he will be very beneficial for us as we go forward.” She declined to discuss the possibility of Berkshire purchasing the entire company.Some former investors remain skeptical, saying a spike in oil prices has rescued the company, not Ms. Hollub.“I have nothing personal against Vicki,” Mr. Icahn said in an interview. “However, that will never change my mind that she should not have made a bet-the-company investment by way of overpaying for Anadarko.”A University of Alabama graduate, Ms. Hollub joined Occidental in 1982 and soon found herself running operations in Russia and Venezuela. She almost got laid off in 2003, butTodd Stevens, an executive at the company who had followed her rise, arranged for her to lead a team evaluating acreage in Colorado, said Mr. Stevens, who has since left.Equipment used to process carbon dioxide, crude oil and water at an Occidental Petroleum project in Hobbs, N.M.PHOTO:ERNEST SCHEYDER/REUTERSMs. Hollub became known as a hard worker, once spending three weeks straightening out operations at a new gas field’s first well, said Donnie Enns, a former geophysicist who worked under her. “Nobody worked harder than Vicki,” he said. She also found time to run an office March Madness basketball pool.After being named CEO of the company in 2016, Ms. Hollub departed from her predecessor’s preference for low-risk, “bolt-on” transactions. A little over a year into the job, she started courting Anadarko, an oil producer of comparable size, for a deal.She outflanked largerChevronCorp. in a bidding war that riveted the oil patch, offering $5 billion more than her rival for Anadarko and its prized assets in the epicenter of U.S. shale production. Yet victory came at a steep cost.Some of Occidental’s largest shareholders decried the deal—especially a pricey loan from Mr. Buffett in the form of $10 billion in preferred stock paying 8% annually in dividends, or $800 million. Ms. Hollub negotiated the funding at the eleventh hour after meeting with the financier in Omaha, Neb. Mr. Icahn, who first bought stock as the Anadarko bidding war came to a close, wrote to Occidental shareholders that “Buffett figuratively took her to the cleaners.”Ms. Hollub acknowledged the deal damaged the company’s standing with some investors. “I was never offended at the fact that our shareholders were skeptical,” she said.Vicki Hollub said she never doubted the wisdom of the Anadarko acquisition.PHOTO:ANGELA OWENS/THE WALL STREET JOURNALBut she said she never doubted the wisdom of the acquisition, even after it sparked an investor revolt that created an opportunity for Mr. Icahn.Central to Ms. Hollub’s strategy was building on Occidental’s already-large position in the oil-rich Permian of West Texas and New Mexico. She believed purchasing and drilling a huge swath of new acreage, much of it near the company’s existing assets, would give Occidental economies of scale and allow it to outperform Permian rivals. Occidental, she said, was one of the most technologically advanced drillers in the field; it would turn Anadarko’s undeveloped assets into oil-gushing wells.By the end of 2019, the oil producer said it was making progress on its merger goals. It had divested itself of more than $6 billion in assets, including stakes in a liquefied natural gas export project in Mozambique and in a Houston-based pipeline company. Occidental recorded single-day and monthly production records in the Permian and other oil fields. Occidental announced its 182nd consecutive quarterly dividend, which Ms. Hollub noted at the time that “few other companies can claim.”Ms. Hollub believed the merger was on track, but investors remained skeptical. From the time of Occidental’s counteroffer for Anadarko in April 2019 to February 2020 Occidental’s stock fell around 35%. Then the global pandemic took hold.As billions of people around the world began to lock down, demand for oil plummeted. In the spring, oil prices reached historic lows, briefly turning negative for the first time ever as traders paid counterparties to take oil off their hands. Falling demand for their product hammered oil-and-gas companies, forcing dozens into bankruptcy.Gasoline prices sank in April 2020 after the global pandemic caused oil prices to drop below zero.PHOTO:FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGESEvery day, Ms. Hollub would drive to Occidental’s Houston offices in her red Jeep Wrangler, said Glenn Vangolen, a former senior vice president at Occidental and close adviser to the CEO. Mondays and Fridays, she and her lieutenants would mask up and gather in a conference room to discuss operations. Her office was spartan—a mostly bare room, except for a TV playing business news on mute, and a plush stuffed version of a costumed elephant, the Alabama Crimson Tide’s mascot, Mr. Vangolen said.Occidental was in a worse situation than many of its peers: At the end of 2019, its long-term debt of about $39 billion was equivalent to roughly four times its earnings, excluding interest, taxes and other accounting items, quadruple the ratio from a year earlier, S&P Capital IQ data show. The divestitures it had planned on to pay it down were no longer viable as assets were losing value.Ms. Hollub said that Occidental made a lot of the difficult decisions before the pandemic to mitigate the downside risks of the Anadarko acquisition, including hedging a portion of its oil production and bumping its line of credit to $5 billion. But the company still faced painful months ahead as it had barely enough cash on hand to meet debt maturities coming due in 2021 and was later forced to hire restructuring advisers.Ms. Hollub moved to cut her executives’ salaries—including her own by 81%—offer employees voluntary buy-outs, slash expenses in the oil patch and cancel employee perks. She also cut the dividend, which rankled investors.Mr. Icahn amplified his calls for Ms. Hollub’s ouster and said he would seek to replace the entire board of directors at the company’s annual meeting. As the oil producer’s stock plunged to under $10 from around $45 before the pandemic, Mr. Icahn—facing paper losses of about $1 billion—doubled down on his shares, boosting his stake to roughly 10% from about 2%.After a price war between Russia and Saudi Arabia caused oil prices to plunge below $25 a barrel in March, Occidental reached a settlement with Mr. Icahn. The deal gave board seats to two of his deputies and added another director, required Occidental to create an oversight committee that must be informed of any offers to acquire the company or its assets, and replaced the board chairman withStephen Chazen, Ms. Hollub’s predecessor as CEO.Mr. Icahn’s camp pushed for Occidental to give its shareholders warrants that could allow them to buy discounted shares in the future. After he prevailed, Mr. Icahn received roughly 11 million warrants initially and bought more when they were worth around $3.Mr. Vangolen said Mr. Icahn’s demand for warrants was part of the investor’s “raider playbook,” which he described as “trying to extract as much cash out of the business as you can before you bail.”Mr. Icahn said that all the shareholders who rode the stock down deserved something for their loyalty.A crude oil pump jack in the Permian Basin in Loving County, Texas.PHOTO:ANGUS MORDANT/REUTERSAs the pandemic dragged on, Occidental logged a roughly $14.8 billion loss for 2020, its largest on record, according to S&P Capital IQ data. Still, it continued to whittle down its mammoth debt, closing around $2.5 billion in asset sales at the end of 2020. Anadarko’s assets, meanwhile, were starting to shine, with production in the Permian reaching the high end of company estimates.Even as Ms. Hollub wrestled with Mr. Icahn, she was building a relationship with Mr. Buffett.In 2020, she traveled to Omaha to discuss Occidental's long-term strategy with Mr. Buffett, according to a person familiar with the meeting. The investor expressed a strong interest in the company's goal to become a leader in carbon capture, this person said.Occidental says it has no plans to stop producing oil but also aims to be a leader in \"carbon management.\" It wants to develop 70 plants by 2035 to suck carbon dioxide out of the air, store it in the ground and sell carbon credits to businesses seeking to offset their own emissions -- a technology still in its commercial infancy that received a boost thanks to tax credits included in the climate package President Biden signed into law last month. The company also plans to use the gas to squeeze more oil from underground.Then, in late February of this year, Russia invaded Ukraine.The war propelled oil prices to their highest level in years, with Brent crude oil topping $120 in March, translating into a windfall for oil companies. In the first quarter of the year, Occidental made roughly $4.9 billion in profit, its highest quarterly earnings on record, according to S&P Capital IQ.The company now holds the most acreage across the Permian, with leases covering about 2.8 million net acres, according to data firm Enverus. Its domestic oil output in the second quarter of this year was up roughly 80% compared with before it acquired Anadarko, Occidental reported.As Occidental's stock rose above $50 a share in March, Mr. Icahn sold his common stake. The investor's two representatives on Occidental's board also resigned, as was required by the settlement agreement. Mr. Icahn made over $1.5 billion on his investment and still holds some warrants, according to public filings and people familiar with the matter.As Mr. Icahn got out of the stock, Mr. Buffett bought in. In May, Berkshire reported it had purchased roughly $8 billion worth of shares.Mr. Icahn said that Mr. Buffett's investment could be ill-timed. \"I respect Buffett a lot but I think buying this stock at this level is obviously not like buying warrants at $3,\" he said. \"I made a great deal of money on my investment in Occidental, especially with the warrants, and activism worked in that regard,\" he said.Ms. Hollub and Mr. Buffett have developed a personal relationship and the two talk periodically, said Mr. Vangolen. Ms. Hollub said in an interview she had no personal relationship with Mr. Icahn when he was an investor, and that he turned out not to be the kind of long-term shareholder the company prizes.Mr. Icahn's retort: \"She came very close to not being a long-term shareholder also, because her ill-timed investment put the company on the brink of bankruptcy.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":251998847123656,"gmtCreate":1702556869881,"gmtModify":1702556873500,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$ </a> sadly this is now stuck","listText":"<a 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Holdings(GRAB)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9989139405","isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911878890,"gmtCreate":1664183279910,"gmtModify":1676537404879,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"Sad","listText":"Sad","text":"Sad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911878890","repostId":"1131898269","repostType":4,"repost":{"id":"1131898269","kind":"news","pubTimestamp":1664268427,"share":"https://ttm.financial/m/news/1131898269?lang=&edition=fundamental","pubTime":"2022-09-27 16:47","market":"us","language":"en","title":"Tech Stocks Face Another 10% Drop or More as Strong Dollar Hits Profits","url":"https://stock-news.laohu8.com/highlight/detail?id=1131898269","media":"Bloomberg","summary":"The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur","content":"<html><head></head><body><p>The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur a more than 10% plunge in the Nasdaq 100.</p><p>More than two-thirds of 914 respondents in the MLIV Pulse survey think profits of the technology companies will disappoint the market throughout 2022. Firms including Alphabet Inc.’s Google are at risk of advertisers cutting spending as the global economy struggles, while streaming services including Netflix Inc. face an exodus of price-sensitive subscribers with consumers tightening their belts.</p><p><img src=\"https://static.tigerbbs.com/9086cdd8783179a78c942507cfca6fec\" tg-width=\"642\" tg-height=\"253\" referrerpolicy=\"no-referrer\"/>The Nasdaq 100 is down about 31% so far this year, wiping trillions of dollars in market value, as investors reassess the post-pandemic value of many business models. Interest-rate hikes are hitting stocks and diminishing the value of their future earnings. Inflation is driving up costs, while a stronger dollar is weighing on profits and the threat of recession is growing. Retailers such as Amazon.com Inc. are finding some their direct responses to the Covid-19 pandemic — such as massive investments in warehouses and workers to pack products in them — are coming back to bite them.</p><p>Apple Inc. said it will raise the price of its App Store purchases across Asia and countries that use the euro, as the value of foreign currencies collapses relative to the dollar. Microsoft Corp. lowered its forecast because of the currency’s strength in June. And in July, Sony Group Corp. warned investors about the impact of the global economic slowdown, especially in Europe, and the adverse effects of the strong dollar on its financial results. The Bloomberg dollar index, which tracks greenback’s performance against 10 leading global currencies, has set new record since those announcements were made.</p><p>Tech’s earnings are projected to lag the S&amp;P 500 in the third and fourth quarters. Info tech’s earnings per share are estimated to fall 6.6% year-over-year in the third quarter, compared to a 3.2% gain for the overall S&amp;P 500, according to Bloomberg Intelligence data. The Nasdaq 100’s 12-month forward EPS has dropped about 2.9% since June 1, compared to a 0.8% drop for the S&amp;P 500.</p><p>Meanwhile, retail and professional investors are also bearish on the metaverse. More than 70% of MLIV Pulse respondents said they knew what the metaverse was but that it won&#39;t change the way they interact with people and businesses over the next two years. The sentiment sits awkwardly with how Mark Zuckerberg described the metaverse’s potential. It’s “the next frontier,” he said when the billionaire changed his company’s name from Facebook to Meta Platforms Inc.</p><p>His company said that investments in Reality Labs, the Meta division that makes hardware such as virtual-reality headsets, reduced operating profit by $10 billion in 2021. Computer-graphics chipmaker Nvidia Corp. wants its Omniverse platform to power some of the underlying framework for the metaverse, as does software-maker Unity Software Inc. Innumerable technology companies, both massive and minuscule, have big ambitions for the metaverse. Yet despite the grand promise from industry leaders, MLIV respondents are muted in their enthusiasm for its potential.</p><p><img src=\"https://static.tigerbbs.com/96ca59e248884093b17984a6e64babdb\" tg-width=\"674\" tg-height=\"423\" referrerpolicy=\"no-referrer\"/>On the bright side, technology companies that focus on sustainable and power-efficient products are likely to benefit from the unprecedented energy crisis in the wake of Russia’s invasion of Ukraine. After Russia restricted natural gas supplies to heavily-reliant neighbors, electricity prices surged to record levels, and governments are fighting off a potential economic collapse.</p><p>Investors see high power bills and scarcity of fuels boosting the development of green solutions. Retail players were the most optimistic, with 63% of respondents saying they believed a gas-and-oil crisis would encourage the development of sustainable electronics. Sixty percent of professional respondents agreed.</p><p>“If we had invested more in energy efficiency, and invested more in renewable energy, then we would be in a better position,” Rachel Kyte, the dean of the Fletcher School at Tufts University, said in a Bloomberg TV interview.</p><p><img src=\"https://static.tigerbbs.com/307d806237fb58d1cb9dd2e8abda803b\" tg-width=\"635\" tg-height=\"336\" referrerpolicy=\"no-referrer\"/>“The nearly 5x surge in European gas prices over the past 12 months is providing a nice tailwind for clean energy equipment suppliers with companies like SolarEdge or Enphase on track to boost sales by more than 50% this year,” said Bloomberg Intelligence Senior Clean Energy Analyst Rob Barnett.</p><p>Respondents are somewhat more sanguine when it comes to their positioning. About a third said they planned to increase their exposure to tech stocks, just under a third said they’d reduce it, and the rest said they’d hold steady over the next six months. Tech remains attractive on some metrics, such as the current price-to-earnings ratio compared to its 10-year average, while companies like Apple are still big cash generators. More generally, it’s hard to avoid tech — the S&amp;P 500’s biggest sector by far at almost 27%.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech Stocks Face Another 10% Drop or More as Strong Dollar Hits Profits</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTech Stocks Face Another 10% Drop or More as Strong Dollar Hits Profits\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-27 16:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-09-25/nasdaq-100-faces-10-drop-as-inflation-hits-tech-profits><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur a more than 10% plunge in the Nasdaq 100.More than two-thirds of 914 respondents in the MLIV Pulse ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-09-25/nasdaq-100-faces-10-drop-as-inflation-hits-tech-profits\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2022-09-25/nasdaq-100-faces-10-drop-as-inflation-hits-tech-profits","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131898269","content_text":"The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur a more than 10% plunge in the Nasdaq 100.More than two-thirds of 914 respondents in the MLIV Pulse survey think profits of the technology companies will disappoint the market throughout 2022. Firms including Alphabet Inc.’s Google are at risk of advertisers cutting spending as the global economy struggles, while streaming services including Netflix Inc. face an exodus of price-sensitive subscribers with consumers tightening their belts.The Nasdaq 100 is down about 31% so far this year, wiping trillions of dollars in market value, as investors reassess the post-pandemic value of many business models. Interest-rate hikes are hitting stocks and diminishing the value of their future earnings. Inflation is driving up costs, while a stronger dollar is weighing on profits and the threat of recession is growing. Retailers such as Amazon.com Inc. are finding some their direct responses to the Covid-19 pandemic — such as massive investments in warehouses and workers to pack products in them — are coming back to bite them.Apple Inc. said it will raise the price of its App Store purchases across Asia and countries that use the euro, as the value of foreign currencies collapses relative to the dollar. Microsoft Corp. lowered its forecast because of the currency’s strength in June. And in July, Sony Group Corp. warned investors about the impact of the global economic slowdown, especially in Europe, and the adverse effects of the strong dollar on its financial results. The Bloomberg dollar index, which tracks greenback’s performance against 10 leading global currencies, has set new record since those announcements were made.Tech’s earnings are projected to lag the S&P 500 in the third and fourth quarters. Info tech’s earnings per share are estimated to fall 6.6% year-over-year in the third quarter, compared to a 3.2% gain for the overall S&P 500, according to Bloomberg Intelligence data. The Nasdaq 100’s 12-month forward EPS has dropped about 2.9% since June 1, compared to a 0.8% drop for the S&P 500.Meanwhile, retail and professional investors are also bearish on the metaverse. More than 70% of MLIV Pulse respondents said they knew what the metaverse was but that it won't change the way they interact with people and businesses over the next two years. The sentiment sits awkwardly with how Mark Zuckerberg described the metaverse’s potential. It’s “the next frontier,” he said when the billionaire changed his company’s name from Facebook to Meta Platforms Inc.His company said that investments in Reality Labs, the Meta division that makes hardware such as virtual-reality headsets, reduced operating profit by $10 billion in 2021. Computer-graphics chipmaker Nvidia Corp. wants its Omniverse platform to power some of the underlying framework for the metaverse, as does software-maker Unity Software Inc. Innumerable technology companies, both massive and minuscule, have big ambitions for the metaverse. Yet despite the grand promise from industry leaders, MLIV respondents are muted in their enthusiasm for its potential.On the bright side, technology companies that focus on sustainable and power-efficient products are likely to benefit from the unprecedented energy crisis in the wake of Russia’s invasion of Ukraine. After Russia restricted natural gas supplies to heavily-reliant neighbors, electricity prices surged to record levels, and governments are fighting off a potential economic collapse.Investors see high power bills and scarcity of fuels boosting the development of green solutions. Retail players were the most optimistic, with 63% of respondents saying they believed a gas-and-oil crisis would encourage the development of sustainable electronics. Sixty percent of professional respondents agreed.“If we had invested more in energy efficiency, and invested more in renewable energy, then we would be in a better position,” Rachel Kyte, the dean of the Fletcher School at Tufts University, said in a Bloomberg TV interview.“The nearly 5x surge in European gas prices over the past 12 months is providing a nice tailwind for clean energy equipment suppliers with companies like SolarEdge or Enphase on track to boost sales by more than 50% this year,” said Bloomberg Intelligence Senior Clean Energy Analyst Rob Barnett.Respondents are somewhat more sanguine when it comes to their positioning. About a third said they planned to increase their exposure to tech stocks, just under a third said they’d reduce it, and the rest said they’d hold steady over the next six months. Tech remains attractive on some metrics, such as the current price-to-earnings ratio compared to its 10-year average, while companies like Apple are still big cash generators. More generally, it’s hard to avoid tech — the S&P 500’s biggest sector by far at almost 27%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":63,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9089610842,"gmtCreate":1649986885398,"gmtModify":1676534622544,"author":{"id":"3581507356092469","authorId":"3581507356092469","name":"ZarNaing","avatar":"https://static.tigerbbs.com/79d952595eebae7246a8cf6ffc0054af","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581507356092469","idStr":"3581507356092469"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>Hope to go down further so I can buy more","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>Hope to go down further so I can buy more","text":"$Tesla Motors(TSLA)$Hope to go down further so I can buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089610842","isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}